10-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM	10-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, 2021
OR
	☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from_______________________to_______________________

Commission File No. 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 Center	Minneapolis	Minnesota	55474
(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: None

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 ☐ No ☒

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 ☐ No ☒

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 ☒ 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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes ☐ No ☒

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 25, 2022
	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

PART I
	Item 1. Business	3
	Item 1A. Risk Factors	5
	Item 1B. Unresolved Staff Comments	11
	Item 2. Properties	11
	Item 3. Legal Proceedings	11
	Item 4. Mine Safety Disclosures	11
PART II
	Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	11
	Item 6. [Reserved]	11
	Item 7. Management’s Narrative Analysis	12
	Item 7A. Quantitative and Qualitative Disclosures About Market Risk	13
	Item 8. Financial Statements and Supplementary Data	14
	Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	14
	Item 9A. Controls and Procedures	14
	Item 9B. Other Information	15
	Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	15
PART III
	Item 10. Directors, Executive Officers and Corporate Governance	15
	Item 11. Executive Compensation	15
	Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	15
	Item 13. Certain Relationships and Related Transactions, and Director Independence	15
	Item 14. Principal Accountant Fees and Services	15
PART IV
	Item 15. Exhibits and Financial Statement Schedules	16
	Item 16. Form 10-K Summary	17
	Signatures	18
	Index to Consolidated Financial Statements and Schedules	F-1

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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”), a Delaware corporation, owns 100% of the outstanding voting securities of ACC. Ameriprise Financial and its predecessor companies have a more than 125-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 over 10,000 advisors. AFS is registered as a broker-dealer in all 50 states, the District of Columbia and Puerto Rico.

To ACC’s knowledge, ACC is the largest issuer of face-amount certificates in the United States. However, ACC’s certificate products compete with many other banking and investment products offered by banks, savings and loan associations, asset managers, broker-dealers and others, which may be viewed by potential clients as offering a comparable or superior combination of safety and return on investment. In particular, some of ACC’s products are designed to be competitive with the types of investments offered by banks and thrifts. Since ACC’s face-amount certificates are securities, their offer and sale are subject to regulation under federal and state securities laws. ACC’s certificates are backed by ACC’s qualified assets on deposit and are not insured by any governmental agency or other entity.

ACC’s future profitability is dependent upon changes in the economic, credit and equity environments, as well as the competitive environment.

Products

As of the date of this report, ACC offered the following four different 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 3 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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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 0.25% for new sales.

•Intended to help clients save systematically and may compete with passbook savings and NOW accounts.

•Ten year maturity.

4.    Ameriprise Stock Market Certificate

•Single payment certificate with terms of 52, 104 and 156 weeks that offer the certificate product owner the opportunity to have all or part of the certificate product returns tied to the stock market performance, up to a maximum return, as measured by a broad stock market index, with return of principal guaranteed by ACC. The owner can also choose to earn a fixed rate of interest after the first term.

•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 and maximum return rates at least monthly to respond to marketplace changes.

•Certain banks offer certificates of deposit that have features similar to this certificate.

•The rate of interest is calculated in whole or in part based on any upward movement in a broad-based stock market index up to a maximum return, where the maximum is a fixed rate for a given term, but can be changed at ACC’s discretion for subsequent terms.

•Fifteen year maturity for certificates with terms of 52 and 156 weeks and fourteen year maturity for certificates with terms of 104 weeks.

Effective April 1, 2020, the Ameriprise Step-Up Rate Certificate (“SRC”) was closed to new sales.

Within the specified maturity periods, most certificates have interest crediting rate terms ranging from three to forty-eight months. Interest crediting rates are subject to change and certificate product owners can surrender their certificates without penalty at the end of a term. Currently offered ACC certificates (listed above), as well as certain certificates previously issued by ACC (not listed above), contain renewal features which enable certificate owners to renew their certificate term until certificate maturity. Accordingly, certificate products that are currently outstanding in their renewal periods or are exercised for renewal in the future are, and continue to be, liabilities of ACC until their redemption or maturity, whether or not such certificates are available for new sales. ACC guarantees the return of principal, as well as interest once it has been credited, less any penalties that apply, for each of the certificates offered.

Distribution and Marketing Channels

ACC’s certificates are offered solely by AFS and sold pursuant to a distribution agreement which is subject to annual review and approval by ACC’s Board of Directors, including a majority of the directors who are not “interested persons” of AFS or ACC as that term is defined in the 1940 Act. The distribution agreement provides for the payment of distribution fees to AFS for services provided. The distribution agreement with AFS can be terminated by either party on sixty days’ written notice.

Asset Management

ACC has retained Columbia Management Investment Advisers, LLC (“CMIA”), a wholly owned subsidiary of Ameriprise Financial, to manage ACC’s investment portfolio under an investment management agreement, which is subject to annual review and approval by ACC’s Board of Directors, including a majority of the directors who are not “interested persons” of AFS, CMIA or ACC. This investment management agreement with CMIA can be terminated by either party on sixty days’ written notice.

Regulation

ACC is required to maintain cash and “qualified assets” meeting the standards of Section 28(b) of the 1940 Act, as modified by an exemptive order of the Securities and Exchange Commission (“SEC”). The amortized cost of such investments must be at least equal to ACC’s net liabilities on all outstanding face-amount certificates plus $250,000. ACC’s qualified assets consist of cash equivalents, residential mortgage backed securities, syndicated loans and commercial mortgage loans, U.S. government and government agency securities, municipal bonds, corporate bonds, equity 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

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compliance with this condition, qualified assets are valued in accordance with the provisions of Minnesota Statutes where such provisions are applicable.

ACC has also entered into a written understanding with the Minnesota Department of Commerce that ACC will maintain capital equal to at least 5% of the assets of ACC (less outstanding certificate loans). To the extent that payment of a dividend would decrease this ratio below the required 5%, payment of a dividend would be restricted. When computing its capital for these purposes, ACC values its assets on the basis of statutory accounting for insurance companies rather than U.S. generally accepted accounting principles (“GAAP”). ACC is subject to examination and supervision by the Minnesota Department of Commerce (Banking Division) and the SEC.

Following conversion of ACC’s affiliate Ameriprise National Trust Bank into a federal savings bank (“Ameriprise Bank”), Ameriprise Financial continued to be subject to ongoing supervision by the Board of Governors for the Federal Reserve System (“FRB”). FRB regulation and supervisory oversight of Ameriprise Financial includes examinations, regular financial reporting, and prudential standards, such as capital, liquidity, risk management and parameters for business conduct and internal governance. In order to maintain Ameriprise Financial’s permission under applicable bank holding company laws and regulations to engage in business activities other than banking or activities closely related to banking, each of Ameriprise Financial and Ameriprise Bank, as Ameriprise’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 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

The COVID-19 pandemic creates significant risks and uncertainties for ACC’s business.

The coronavirus disease 2019 (“COVID-19”) pandemic has presented ongoing significant economic and societal disruption and unpredictability, which has affected ACC’s business and operating environment driven by a low interest rate environment, volatility and changes in the equity markets and potential associated implications to client behavior. While portions of world economies have been differently impacted by the pandemic, COVID-19 continues its ongoing impact and has been occurring in multiple waves, so there are still no reliable estimates of how long the implications from the pandemic will last, the effects current and other new variants will ultimately have, how many people are likely to be affected by it, or its impact on the overall economy. There is still significant uncertainty around the extent to which the COVID-19 pandemic will continue to impact ACC’s business, results of operations, and financial condition, which depends on current and future developments, including the ultimate scope, duration and severity of the pandemic, success of worldwide vaccination efforts, multiple mutations of COVID-19 or similar diseases, the effectiveness of ACC’s office reopenings, the additional measures that may be taken by various governmental authorities in response to the outbreak (such as legislative action, stimulus, quarantines and travel restrictions, effectiveness of health care, and new or interim regulation), the actions of other third parties in response to the pandemic, and the possible further impacts on the global economy. It is unclear if the current economic situation will stabilize, so ACC seeks to effectively manage its risks, but ACC’s ability to do so is subject to the inherent limitations of obtaining timely, reliable analysis in an ever-changing situation. No assurance can be given that the steps ACC and its affiliates have taken will continue to be effective or appropriate.

The ongoing COVID-19 pandemic impacted, and will likely continue to impact, ACC. Consumer demand, client investing decisions in light of ongoing economic uncertainty, investment income, owned asset values, and other financial assumptions and reserve calculations have been, and may further be, negatively impacted from a decline and volatility of asset prices, sustained reduction in interest rates, widening of credit spreads, credit deterioration, decreased liquidity in trading markets and other economic and market effects of the global pandemic. ACC and its affiliates continue to actively monitor the potential direct and indirect impacts that the COVID-19 pandemic may have on its business. If these conditions continue or worsen, ACC could continue to experience volatility and uncertainty in volumes, uncertainty in availability and price levels of financial assets and hedges, changes in client activity and fees, new constraints and costs of capital, and demand for ACC’s products and services and other impacts on ACC’s financial position.

COVID-19 has had wide-reaching impacts, making many decisions, interactions and transactions more complex. The COVID-19 pandemic also affects the ability of ACC and its affiliates’ suppliers, distributors, vendors and other counterparties to provide products and services or otherwise fulfill their commitments to ACC and its affiliates.

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ACC’s financial condition and results of operations may be adversely affected by market fluctuations and by economic, political and other factors.

ACC’s financial condition and results of operations may be materially affected by market fluctuations and by economic and other factors. Such factors, which can be global, regional, national or local in nature, include: (i) the COVID-19 pandemic, or any variation thereof (ii) political, social, economic and market conditions; (iii) the availability and cost of capital; (iv) the level and volatility of equity prices, commodity prices and interest rates, currency values and other market indices; (v) technological changes and events; (vi) U.S. and foreign government fiscal and tax policies; (vii) U.S. and foreign government ability, real or perceived, to avoid defaulting on government securities; (viii) the availability and cost of credit; (ix) the ongoing inflationary environment; (x) investor sentiment and confidence in the financial markets; (xi) terrorism and armed conflicts; and (xii) natural disasters such as weather catastrophes and widespread health emergencies. 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.

ACC’s investment products are sensitive to interest rate fluctuations and ACC’s future costs associated with such variations may differ from its historical costs. During periods of increasing market interest rates, ACC may offer higher crediting rates on existing face-amount certificates to remain competitive with other products in the market. Because returns 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 as certificate holders seek to shift assets to products with perceived or actual 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. Increases in crediting rates, as well as surrenders and withdrawals, could have an adverse effect on ACC’s financial condition and results of operations.

During periods of falling interest rates or stagnancy of 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.

Downturns and volatility in equity 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.

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.”

Business 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 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

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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.

The elimination of LIBOR may adversely affect the interest rates on, and value of, certain derivatives and floating rate securities ACC holds, the activities ACC conducts, and any other assets or liabilities, the value of which is tied to LIBOR.

The elimination of LIBOR and transition to alternative reference rates may have an adverse impact on the value of, return on and trading markets for a broad array of financial products, including any LIBOR-based securities, loans and derivatives that are included in ACC’s financial assets and liabilities. U.S. Dollar LIBOR is anticipated to be phased out by June 30, 2023, and replaced by the Secured Overnight Financing Rate, and all other LIBOR currencies were phased out by December 31, 2021. There will continue to be work required to transition to the new benchmark rates for U.S. Dollar LIBOR. In addition, LIBOR may perform differently during the phase-out period than in the past which could result in lower interest payments and a reduction in the value of certain assets. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on various derivatives, floating rate securities and other securities ACC holds, the activities ACC conducts and any other assets or liabilities (as well as contractual rights and obligations), the value of which is tied to LIBOR. The value or profitability of these products and instruments, and ACC’s costs of operations, may be adversely affected until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

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.

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, 2021, commercial mortgage loans and private placement fixed income securities that have been categorized as illiquid represented approximately 2% 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.

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 vary 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.

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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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 income statement charges for the period in which it makes the determination. Such a determination could adversely affect ACC’s financial condition and results of operations.

Operational 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 and/or have greater financial resources.

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 these 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.

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, cybersecurity, or other security breaches (including attempted or inadvertent breaches) resulting in improper disclosure of client or employee personal 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 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. 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 errors can occur in ACC’s business. ACC and its affiliates cannot always deter 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 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.

ACC may face direct or indirect effects of or responses to climate change.

Climate change may increase the severity and frequency of catastrophes, or adversely affect ACC’s investment portfolio or investor sentiment. Climate change may increase 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. ACC cannot predict the long-term impacts from climate change or related regulation.

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.

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Changes in corporate tax laws and regulations and changes in the interpretation of such laws and regulations, as well as adverse determinations regarding the application of such laws and regulations, could adversely affect ACC’s earnings.

ACC is subject to the income tax laws of the U.S., its states and municipalities. ACC must make judgments and interpretations about the application of these inherently complex tax laws when determining the provision for income taxes and must also make estimates about when in the future certain items affect taxable income in the various tax jurisdictions. In addition, changes to the Internal Revenue Code, administrative rulings or court decisions could increase ACC’s provision for income taxes and reduce ACC’s earnings.

Many of the products that ACC or Ameriprise Financial and its affiliates issue or on which these businesses are based receive favorable treatment under current U.S. federal income or estate tax law. Changes in U.S. federal income or estate tax law could reduce or eliminate the tax advantages of certain of Ameriprise Financial’s products and thus make such products or ACC’s products less attractive to clients or cause a change in client demand and activity.

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 (such as COVID-19) and man-made disasters, including acts of terrorism, riots, civil unrest including large-scale protests, insurrections and military actions, could adversely affect the results of operations or financial condition of ACC. Such disasters and catastrophes may impact ACC directly by damaging its facilities, preventing service providers or employees of its affiliates from performing their roles or otherwise disturbing its ordinary business operations. These impacts could be particularly severe to the extent they affect access to physical facilities or the physical well-being of large numbers of employees of ACC’s affiliates, ACC’s computer-based data processing, transmission, storage and retrieval systems and destroy or release valuable data. Such disasters and catastrophes may also impact ACC indirectly by changing the condition and behaviors of its customers, business counterparties and regulators, as well as by causing declines or volatility in the economic and financial markets, which could in turn have an adverse effect on ACC’s investment portfolio.

ACC cannot predict the impact that changing climate conditions may have on the frequency and severity of natural disasters or on overall economic stability and sustainability. As such, ACC cannot be sure that its actions to identify and mitigate the risks associated with such disasters and catastrophes will be effective.

ACC’s operational systems and networks 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 technology systems and networks to process, transmit and store information, including clients’, employees’ and advisors’ personal information, as well as proprietary information, and to conduct many business activities and transactions. Maintaining the security and integrity of this information and these systems and networks, and appropriately responding to any cybersecurity and privacy incidents (including attempts), is critical to the success of ACC’s business operations, including ACC’s reputation, to the retention of AFS’s advisors and clients, and to the protection of ACC’s proprietary information and clients’ personal information. To date, ACC has not experienced any material breaches of or interference with its centrally controlled systems and networks. However, ACC and its affiliates routinely face and address such evolving threats and have been able to detect and respond to these incidents to date without a material loss of client financial assets or information through the use of ongoing monitoring and continual improvement of ACC’s security capabilities and incident response manual.

Employees of ACC’s affiliates, as well as service providers, have also been threatened by, among others, phishing and spear phishing scams, social engineering attacks, account takeovers, introductions of malware, attempts at electronic break-ins, and the submission of fraudulent payment requests. The number of attempted phishing attacks has increased substantially every year, which is expected to continue. 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, employee, contractor and vendor information, and to respond to cybersecurity incidents. ACC’s affiliates have established policies and implemented such technical and operational measures and have in place policies that require AFS’s franchisee advisors who control locally their own technology operations to do the same. Changes in ACC’s business or technological advancements may also require corresponding changes in ACC’s systems, networks and data security and response measures. While accessing ACC and its affiliates products and services, ACC’s customers may use computers and other devices that sit outside of ACC and its affiliates security control environment. In addition, the ever-increasing reliance on technology systems and networks and the occurrence and potential adverse impact of attacks on such systems and networks (including in recent well-publicized security breaches at other companies), both generally and in the financial services industry, have enhanced government and regulatory scrutiny of the measures taken by companies to protect against cybersecurity threats. As these threats, and government and regulatory oversight of associated risks, continue to evolve, ACC may be required to expend additional resources to enhance or expand upon the technical and operational security and response measures ACC and its affiliates currently maintain.

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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 will not be subject to successful attacks, breaches or interference. Nor can ACC be certain that AFS franchise advisors will comply with ACC and its affiliates policies and procedures in this regard, or that clients will engage in safe and secure online practices. Furthermore, human error occurs from time to time and such mistakes can lead to the inadvertent disclosure of sensitive information. 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 or 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 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 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 employee error or malfeasance, interference by third parties, including hackers, ACC’s implementation of new technology, or maintenance of existing technology. ACC’s financial, accounting, 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.

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, 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 employee and 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. Substantial risk and uncertainties are associated with the introduction of new products and services, including the implementation of new and appropriate operational controls and procedures, shifting client and market preferences, the introduction of competing products or services and compliance with regulatory requirements.

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.

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Changes in and the adoption of accounting standards could have a material impact on ACC’s financial statements

ACC’s accounting policies are fundamental to how it records and reports its financial condition and results of operations. ACC prepares its financial statements in accordance with U.S. generally accepted accounting principles.It is possible that accounting changes could have a material effect on ACC’s financial condition and results of operations. The Financial Accounting Standards Board, the SEC and other regulators often change the financial accounting and reporting standards governing the preparation of ACC’s financial statements. These changes are difficult to predict and could impose additional governance, internal control and disclosure demands. In some cases, ACC could be required to apply a new or revised standard retrospectively, resulting in restating prior period financial statements.

Item 1B. Unresolved Staff Comments

None.

Item 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 13 to ACC’s 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.

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 (in millions): 

	Dividends to Ameriprise Financial		Return of Capital to Ameriprise Financial		Receipt of Capital from Ameriprise Financial
For the year ended December 31, 2021
March 30, 2021	$	27.0	$	—	$	—
June 29, 2021	33.0		—		—
September 29, 2021	—		35.0		—
December 29, 2021	10.0		4.0		—
Total	$	70.0	$	39.0	$	—
For the year ended December 31, 2020
March 13, 2020	$	32.0	$	—	$	—
March 31, 2020	—		—		10.0
September 29, 2020	15.0		—		—
December 29, 2020	35.0		—		—
Total	$	82.0	$	—	$	10.0

Restriction on ACC’s present or future ability to pay dividends to Ameriprise Financial:

Appropriated retained earnings resulting from the pre-declaration of additional credits to ACC’s certificate product owners are not available for the payment of dividends by ACC. In addition, ACC will discontinue issuance of certificates subject to the pre-declaration of additional credits and will make no further pre-declaration as to outstanding certificates if at any time the calculation of ACC’s capital and unappropriated retained earnings should be less than 5% of certificate reserves (less outstanding certificate loans).

Item 6. [Reserved]

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Item 7. Management’s Narrative Analysis

The following information should be read in conjunction with the accompanying consolidated financial statements and related notes included elsewhere in this report. The following discussion may contain forward-looking statements that reflect Ameriprise Certificate Company’s (“ACC’s”) plans, estimates and beliefs. ACC’s 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 the heading “Forward-Looking Statements” and elsewhere in this report, particularly in Part 1 - Item 1A - “Risk Factors.” Management’s narrative analysis is presented pursuant to General Instructions I(2)(a) of Form 10-K in lieu of Management’s Discussion and Analysis of financial condition and results of operations.

Recent Developments Regarding the COVID-19 Pandemic

The COVID-19 pandemic has presented ongoing significant economic and societal disruption and market unpredictability, which has affected ACC’s business and operating environment driven by a low interest rate environment and volatility and changes in the equity markets and the potential associated implications to client behavior. COVID-19 continues its ongoing impact and has been occurring in multiple waves, so there are still no reliable estimates of how long the implications from the pandemic will last, the effects current and other new variants will ultimately have, how many people are likely to be affected by it, or its impact on the overall economy. There is still significant uncertainty around the extent to which the COVID-19 pandemic will continue to impact our business, results of operations and financial condition, which depends on current and future developments, including the ultimate scope, duration and severity of the pandemic, success of worldwide vaccination efforts, multiple mutations of COVID-19 or similar diseases, the effectiveness of our office reopenings, the additional measures that may be taken by various governmental authorities in response to the outbreak, the actions of third parties in response to the pandemic, and the possible further impacts on the global economy. Given the ongoing impact of the pandemic, financial results may not be comparable to previous years and the results presented in this report may not necessarily be indicative of future operating results. For further information regarding the impact of the COVID-19 pandemic, and any potentially material effects, see Part 1 - Item 1A “Risk Factors” in this report.

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 decreased $4.2 million, or 14%, for 2021 compared the prior year primarily due to lower investment income, partially offset by lower net provision for certificate reserves, investment expenses and tax expense.

Investment income decreased $67.6 million, or 50%, for 2021 compared to the prior year reflecting a decrease in the average invested asset yield and lower average investment balances.

Investment expenses decreased $14.1 million, or 33%, for 2021 compared to the prior year primarily due to volume-driven decreases in distribution, investment advisory, and transfer agent fees.

Net provision for certificate reserves decreased $46.9 million, or 83%, for 2021 compared to the prior year primarily due to lower average client crediting rates as well as lower average certificate balances.

The effective tax rate was 24.1% for 2021 compared to 23.9% for the prior year.

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. Companies are not permitted to use market prices that are the result of a forced liquidation or distressed sale. ACC includes actual market prices or observable inputs in its fair value measurements to the extent available. Non-binding broker quotes are obtained when quotes from third-party 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” and similar expressions

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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 financial condition and results of operations, 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 commercial mortgage and asset backed securities and U.S. government and corporate debt securities to provide its certificate owners with a competitive rate of return on their certificates while managing risk. These investments provide ACC with a historically dependable and targeted margin between the interest rate earned on investments and the interest rate credited to certificate owners’ accounts. ACC does not invest in securities to generate short-term trading profits for its own account.

To evaluate interest rate and equity price risk, ACC performs sensitivity testing which measures the impact on pretax income from the sources listed below for a 12 month period following a hypothetical 100 basis point increase in interest rates and a hypothetical 10% decline in equity prices. The interest rate risk test assumes a sudden 100 basis point parallel shift in the yield curve, with rates then staying at those levels for the next 12 months. The equity price risk test assumes a sudden 10% drop in equity prices, with equity prices then staying at those levels for the next 12 months. In estimating the values of stock market certificates, ACC assumes no change in implied market volatility despite the 10% drop in equity prices.

The following tables present ACC’s estimate of the pretax impact of these hypothetical market movements as of December 31, 2021:

Interest Rate Increase 100 Basis Points	Interest Rate Exposure to Pretax Income
	Before Hedge Impact		Hedge Impact	Net Impact
	(in thousands)
Certificates	$	13,849	N/A	$	13,849
N/A  Not Applicable

Equity Price Decline 10%	Equity Price Exposure to Pretax Income
	Before Hedge Impact		Hedge Impact		Net Impact
	(in thousands)
Certificates	$	150	$	(183)	$	(33)

The above results compare to an estimated positive impact to pretax income of $15.4 million related to a 100 basis point increase in interest rates and an estimated negative impact of $81 thousand related to a 10% equity price decline as of December 31, 2020. The change in the impact from a 100 basis point increase in interest rates compared to the prior year was primarily driven by a shorter duration asset portfolio and higher expected prepayments given the decline in Treasury rates in 2020.

Actual results could differ materially from those illustrated above as they are based on a number of estimates and assumptions. These include assuming that implied market volatility does not change when equity prices fall by 10%, the composition of invested assets and liabilities does not change in the 12 month period following the hypothetical market decline and that the 100 basis point increase in interest rates is a parallel shift in the yield curve. Furthermore, ACC has not tried to anticipate actions management might take to increase revenues or reduce expenses in these scenarios.

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The selection of a 100 basis point interest rate increase and 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 may 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 48 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, 2021. ACC had $5.0 billion in reserves included in Certificate reserves as of December 31, 2021 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 weeks, 104 weeks 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 $290.4 million in reserves included in Certificate reserves as of December 31, 2021 to cover the liabilities associated with these products.

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 immaterial and not currently hedged.

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 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 upon default. 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 SEC regulations, including controls and procedures designed to ensure that this information is accumulated and communicated to ACC’s management, including its Chief Executive Officer and Chief 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

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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 Chief Executive Officer and Chief 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 Chief Executive Officer and Chief Financial Officer have concluded that ACC’s disclosure controls and procedures were effective at a reasonable level of assurance as of December 31, 2021.

Changes in Internal Control over Financial Reporting

There have not been any changes in ACC’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth fiscal quarter of the year to which this report relates that have materially affected, or are reasonably likely to materially affect, ACC’s internal control over financial reporting.

Item 9B. Other Information

None.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

None.

PART III

Item 10. Directors, Executive Officers and Corporate Governance

Item omitted pursuant to General Instructions (I)(2)(c) of Form 10-K.

Item 11. Executive Compensation

Item omitted pursuant to General Instructions (I)(2)(c) of Form 10-K.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item omitted pursuant to General Instructions (I)(2)(c) of Form 10-K.

Item 13. Certain Relationships and Related Transactions, and Director Independence

Item omitted pursuant to General Instructions (I)(2)(c) of Form 10-K.

Item 14. Principal Accountant Fees and Services

The Board of Directors of ACC, at the recommendation of its Audit Committee, has appointed PricewaterhouseCoopers LLP (“PwC”) as independent registered public accountants to audit the Consolidated Financial Statements of ACC for the years ended December 31, 2021 and 2020.

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 $130,500 and $123,000 for 2021 and 2020, respectively.

Audit-Related Fees, Tax Fees, All Other Fees

ACC was not billed by PwC for any fees for audit-related services, tax fees or any other fees for 2021 or 2020.

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 2021 and 2020, 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.

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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:

Exhibit	Description
3(a)	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.
3(b)	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.
10(a)	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.
10(b)	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.
10(c)	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.
10(d)	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.
10(e)	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.
10(f)	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.
10(g)	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.
10(h)	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.
10(i)	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.
10(j)	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.
10(k)	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.
10(l)	Federal Income Tax Sharing Agreement between or among Ameriprise Financial, Inc. and certain subsidiaries, including the Registrant, effective December 10, 2013 filed electronically on or about February 23, 2018 as Exhibit 10(l) to Registrant’s Form 10-K is incorporated by reference.

    16

Exhibit	Description
10(m)	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.
10(n)	Agreement between Ameriprise Bank, FSB and Ameriprise Certificate Company (certain Ameriprise Rewards Fulfillment Services), dated December 1, 2019 filed electronically on or about February 26, 2020 as Exhibit 10(n) to Registrant’s Form 10-K is incorporated by reference.
10(o)	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.
10(p)	Amendment to the Federal Income Tax Sharing Agreement between or among Ameriprise Financial, Inc. and certain subsidiaries, including the Registrant, effective October 9, 2020, filed electronically on or about February 24, 2021 as Exhibit 10(p) to Registrant’s Form 10-K is incorporated by reference.
14(a)	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.
14(b)*	Code of Ethics adopted under Rule 17j-1 for Registrant’s investment adviser, dated December 2021.
14(c)*	Code of Ethics under Rule 17j-1 for Registrant’s underwriter, as revised November 1, 2021.
24*	Directors’ Power of Attorney, dated September 1, 2021.
31.1*	Certification of Abu M. Arif pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.
31.2*	Certification of James R. Hill pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.
32*	Certification of Abu M. Arif and James R. Hill 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.

    17

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 25, 2022	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 25, 2022	By	/s/ Abu M. Arif
			Abu M. Arif Director, President and Chief Executive Officer (Principal Executive Officer)

Date:	February 25, 2022	By	/s/ James R. Hill
			James R. Hill Vice President and Chief Financial Officer (Principal Financial Officer)

Date:	February 25, 2022	By	/s/ Brian Granger
			Brian Granger Vice President, Controller and Chief Accounting Officer

Date:	February 25, 2022	By	/s/ Ronald L. Guzior*
			Ronald L. Guzior Director

Date:	February 25, 2022	By	/s/ Karen M. Bohn*
			Karen M. Bohn Director

Date:	February 25, 2022	By	/s/ Lorna P. Gleason*
			Lorna P. Gleason Director

Date:	February 25, 2022	By	/s/ Robert McReavy*
			Robert McReavy Director

*By	/s/ Abu M. Arif
	Abu M. Arif

* Executed by Abu M. Arif pursuant to a Power of Attorney, dated September 1, 2021 filed electronically herewith as Exhibit 24 to Registrant’s Form 10-K.

    18

Ameriprise Certificate Company

Index to Consolidated Financial Statements and Schedules

Consolidated Financial Statements:

	Page
Part I. Financial Information
Report of Independent Registered Public Accounting Firm (PCAOB Firm ID 238)	F-2
Consolidated Statements of Operations — Years Ended December 31, 2021, 2020 and 2019	F-3
Consolidated Statements of Comprehensive Income — Years Ended December 31, 2021, 2020 and 2019	F-4
Consolidated Balance Sheets — December 31, 2021 and 2020	F-5
Consolidated Statements of Shareholder’s Equity — Years Ended December 31, 2021, 2020 and 2019	F-7
Consolidated Statements of Cash Flows — Years Ended December 31, 2021, 2020 and 2019	F-8
Notes to Consolidated Financial Statements	F-9
1. Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements	F-9
2. Deposit of Assets and Maintenance of Qualified Assets	F-13
3. Investments	F-14
4. Financing Receivables	F-16
5. Certificate Reserves	F-20
6. Regulation and Dividend Restrictions	F-21
7. Related Party Transactions	F-21
8. Fair Values of Assets and Liabilities	F-22
9. Offsetting Assets and Liabilities	F-27
10. Derivatives and Hedging Activities	F-28
11. Shareholder’s Equity	F-29
12. Income Taxes	F-29
13. Contingencies	F-30
Part II. Consolidated Financial Schedules
I. Investments in Securities of Unaffiliated Issuers — December 31, 2021 and 2020	F-32
III. Mortgage Loans on Real Estate and Interest Earned on Mortgages — Years Ended December 31, 2021, 2020 and 2019	F-90
V. Qualified Assets on Deposit — December 31, 2021 and 2020	F-95
VI. Certificate Reserves — Years Ended December 31, 2021, 2020 and 2019	F-96
VII. Valuation and Qualifying Accounts — Years Ended December 31, 2021, 2020 and 2019	F-113

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, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021 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, 2021 by correspondence with the custodian. 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 Certain Level 2 and Level 3 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, 2021, the total fair value of available-for-sale securities was $4,729 million, which includes $3,429 million of level 2 and level 3 securities. Management determines the fair value of available-for-sale securities based on quoted prices in active markets, when available. If quoted prices are not available, management obtains the fair value from either third-party pricing services, non-binding broker quotes, or other model-based valuation techniques.

The principal considerations for our determination that performing procedures relating to the valuation of certain level 2 and level 3 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 included the involvement 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 certain level 2 and level 3 available-for-sale securities. These procedures also included, among others (i) developing an independent range of prices for a sample of the securities by obtaining independent pricing from third party vendors, when available, and comparing management’s estimate to the independent range of prices to evaluate the reasonableness of management’s estimate, and/or (ii) for a sample of securities, professionals with specialized skill and knowledge were used to assist in developing an independent range of prices and comparing management’s estimate to the independently developed range, which involved independently developing assumptions based on available market inputs. The procedures also included testing the completeness and accuracy of data provided by management.

/s/ PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 25, 2022

We have served as the Company’s auditor since 2010.

F-2

Ameriprise Certificate Company

Consolidated Statements of Operations

	Years Ended December 31,
	2021		2020		2019
	(in thousands)
Investment Income:
Interest income:
Available-for-Sale securities	$	59,409	$	123,900	$	212,395
Commercial mortgage loans and syndicated loans	8,116		9,780		11,804
Cash and cash equivalents	612		2,289		10,593
Certificate loans	8		12		12
Dividends	1		—		1
Other	394		205		97
Total investment income	68,540		136,186		234,902
Investment Expenses:
Ameriprise Financial and affiliated company fees:
Distribution	6,805		16,778		20,381
Investment advisory and services	13,790		16,672		17,933
Transfer agent	6,957		8,390		8,996
Depository	90		94		100
Other	717		485		440
Total investment expenses	28,359		42,419		47,850
Net investment income before provision for certificate reserves and income taxes	40,181		93,767		187,052
Provision for Certificate Reserves:
According to the terms of the certificates:
Provision for certificate reserves	249		417		574
Interest on additional credits	1		1		1
Additional credits/interest authorized by ACC	10,031		56,845		129,356
Total provision for certificate reserves before reserve recoveries	10,281		57,263		129,931
Reserve recoveries from terminations prior to maturity	(760)		(874)		(924)
Net provision for certificate reserves	9,521		56,389		129,007
Net investment income before income taxes	30,660		37,378		58,045
Income tax expense	7,467		8,984		13,908
Net investment income, after-tax	23,193		28,394		44,137
Net realized gain (loss) on investments:
Securities of unaffiliated issuers before income taxes	2,598		1,349		(279)
Income tax expense (benefit)	545		283		(59)
Net realized gain (loss) on investments, after-tax	2,053		1,066		(220)
Net income	$	25,246	$	29,460	$	43,917

See Notes to Consolidated Financial Statements.

F-3

Ameriprise Certificate Company

Consolidated Statements of Comprehensive Income

	Years Ended December 31,
	2021		2020		2019
	(in thousands)
Net income	$	25,246	$	29,460	$	43,917
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period	(16,097)		22,763		46,247
Reclassification of net (gains) losses on securities included in net income	(863)		(2,330)		(153)
Total other comprehensive income (loss), net of tax	(16,960)		20,433		46,094
Total comprehensive income (loss)	$	8,286	$	49,893	$	90,011

See Notes to Consolidated Financial Statements.

F-4

Ameriprise Certificate Company

Consolidated Balance Sheets

	December 31,
	2021		2020
	(in thousands, except share data)
ASSETS
Qualified Assets
Investments in unaffiliated issuers:
Cash and cash equivalents	$	689,792	$	562,652
Available-for-Sale securities:
Fixed maturities, at fair value (amortized cost: 2021, $4,710,303; 2020, $6,334,451)	4,728,811		6,375,260
Commercial mortgage loans and syndicated loans, at cost (allowance for credit losses: 2021, $1,518; 2020, $3,190; fair value: 2021, $223,495; 2020, $274,739)	221,569		269,540
Equity securities, at fair value (cost: 2021, nil; 2020, $115)	—		56
Certificate loans – secured by certificate reserves, at cost, which approximates fair value	83		212
Total investments	5,640,255		7,207,720
Receivables:
Dividends and interest	5,159		8,420
Receivables from brokers, dealers and clearing organizations	4,920		7,519
Other receivables	403		360
Total receivables	10,482		16,299
Derivative assets	44,135		66,663
Total qualified assets	5,694,872		7,290,682
Other Assets:
Taxes receivable from parent	50		—
Due from related party	23		74
Total other assets	73		74
Total assets	$	5,694,945	$	7,290,756
See Notes to Consolidated Financial Statements.

F-5

Ameriprise Certificate Company

Consolidated Balance Sheets (continued)
	December 31,
	2021		2020
	(in thousands, except share data)
LIABILITIES AND SHAREHOLDER’S EQUITY
Liabilities
Certificate reserves
Installment certificates:
Reserves to mature	$	6,112	$	6,016
Fully paid certificates:
Reserves to mature	5,290,301		6,746,568
Additional credits and accrued interest	3,647		7,447
Due to unlocated certificate holders	429		400
Total certificate reserves	5,300,489		6,760,431
Accounts payable and accrued liabilities:
Due to related party	1,958		1,056
Taxes payable to parent	373		810
Payables to brokers, dealers and clearing organizations	7,862		10,256
Total accounts payable and accrued liabilities	10,193		12,122
Derivative liabilities	41,470		59,924
Deferred taxes, net	4,557		8,242
Other liabilities	18,206		29,293
Total liabilities	5,374,915		6,870,012
Shareholder’s Equity
Common shares ($10 par value, 150,000 shares authorized and issued)	1,500		1,500
Additional paid-in capital	302,709		341,700
Retained earnings:
Appropriated for pre-declared additional credits and interest	—		21
Appropriated for additional interest on advance payments	15		15
Unappropriated	70		44,812
Accumulated other comprehensive income (loss), net of tax	15,736		32,696
Total shareholder’s equity	320,030		420,744
Total liabilities and shareholder’s equity	$	5,694,945	$	7,290,756

See Notes to Consolidated Financial Statements.

F-6

Ameriprise Certificate Company

Consolidated Statements of Shareholder’s Equity

	Number of Outstanding Shares	Common Shares		Additional Paid-In Capital		Retained Earnings						Accumulated Other Comprehensive Income (Loss), Net of Tax		Total
						Appropriated for Pre-Declared Additional Credits and Interest		Appropriated for Additional Interest on Advance Payments		Unappropriated
	(in thousands, except share data)
Balance at January 1, 2019	150,000	$	1,500	$	285,017	$	910	$	15	$	155,251	$	(33,831)	$	408,862
Correction of the misclassification (1)	—	—		42,183		—		—		(29,482)		—		12,701
Cumulative effect of adoption of premium amortization on purchased callable debt securities guidance	—	—		—		—		—		(107)		—		(107)
Net income	—	—		—		—		—		43,917		—		43,917
Other comprehensive income (loss), net of tax	—	—		—		—		—		—		46,094		46,094
Transfer to unappropriated from appropriated	—	—		—		(589)		—		589		—		—
Dividend to parent	—	—		—		—		—		(73,701)		—		(73,701)
Receipt of capital from parent	—	—		4,500		—		—		—		—		4,500
Balance at December 31, 2019	150,000	1,500		331,700		321		15		96,467		12,263		442,266
Cumulative effect of adoption of current expected credit losses guidance	—	—		—		—		—		585		—		585
Net income	—	—		—		—		—		29,460		—		29,460
Other comprehensive income (loss), net of tax	—	—		—		—		—		—		20,433		20,433
Transfer to unappropriated from appropriated	—	—		—		(300)		—		300		—		—
Dividend to parent	—	—		—		—		—		(82,000)		—		(82,000)
Receipt of capital from parent	—	—		10,000		—		—		—		—		10,000
Balance at December 31, 2020	150,000	1,500		341,700		21		15		44,812		32,696		420,744
Net income	—	—		—		—		—		25,246		—		25,246
Other comprehensive income (loss), net of tax	—	—		—		—		—		—		(16,960)		(16,960)
Transfer to unappropriated from appropriated	—	—		—		(21)		—		21		—		—
Dividend to parent	—	—		—		—		—		(70,009)		—		(70,009)
Return of capital to parent	—	—		(38,991)		—		—		—		—		(38,991)
Balance at December 31, 2021	150,000	$	1,500	$	302,709	$	—	$	15	$	70	$	15,736	$	320,030

(1) See Note 1 for more information.

See Notes to Consolidated Financial Statements.

F-7

Ameriprise Certificate Company

Consolidated Statements of Cash Flows

	Years Ended December 31,
	2021		2020		2019
	(in thousands)
Cash Flows from Operating Activities
Net income	$	25,246	$	29,460	$	43,917
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of premiums, accretion of discounts, net	2,382		(8,838)		(32,856)
Deferred income tax expense (benefit)	1,657		2,626		(2,716)
Net realized (gain) loss on Available-for-Sale securities	(1,093)		(2,950)		(194)
Other net realized (gain) loss	167		662		473
Provision for credit losses	(1,672)		939		—
Changes in operating assets and liabilities:
Dividends and interest receivable	4,560		25,092		45,114
Certificate reserves, net	(3,032)		(4,999)		8,744
Taxes payable to/receivable from parent, net	(487)		1,277		1,264
Derivatives, net of collateral	224		7		434
Other liabilities	(7,237)		(13,453)		9,862
Other receivables	(43)		(142)		(36)
Payables to brokers, dealers and clearing organizations	—		—		(21,451)
Other, net	1,055		(1,936)		(132)
Net cash provided by (used in) operating activities	21,727		27,745		52,423
Cash Flows from Investing Activities
Available-for-Sale securities:
Sales	—		—		9,689
Maturities, redemptions and calls	4,637,978		4,779,020		5,305,739
Purchases	(3,015,291)		(3,798,529)		(4,929,747)
Commercial mortgage loans and syndicated loans:
Sales, maturities and repayments	74,945		40,759		52,826
Purchases and fundings	(26,486)		(41,761)		(64,456)
Equity securities:
Sales	48		113		—
Certificate loans, net	129		4		27
Net cash provided by (used in) investing activities	1,671,323		979,606		374,078
Cash Flows from Financing Activities
Payments from certificate holders and other additions	2,733,012		4,259,469		5,110,412
Certificate maturities and cash surrenders	(4,189,922)		(5,016,362)		(5,488,797)
Capital contribution from parent	—		10,000		4,500
Dividend to parent	(70,009)		(82,000)		(73,701)
Return of capital to parent	(38,991)		—		—
Net cash provided by (used in) financing activities	(1,565,910)		(828,893)		(447,586)
Net increase (decrease) in cash and cash equivalents	127,140		178,458		(21,085)
Cash and cash equivalents at beginning of period	562,652		384,194		405,279
Cash and cash equivalents at end of period	$	689,792	$	562,652	$	384,194
Supplemental disclosures including non-cash transactions:
Cash paid (received) for income taxes	$	7,054	$	5,558	$	15,133
Cash paid for interest	14,721		63,532		131,930

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, 2021, ACC offered four different certificate products to the public. 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 term’s end 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 (only one 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 may have occurred after the balance sheet date for potential recognition or disclosure through the date the financial statements were issued. No subsequent events or transactions were identified.

Basis of Financial Statement Presentation

The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). ACC uses the consolidation method of accounting for its wholly owned subsidiary, Investors Syndicate Development Corp.

In 2019, ACC recorded a $723 thousand decrease to net provision for certificate reserves for an out-of-period correction related to Stock Market Certificate (“SMC”) embedded derivatives. The impact to prior period financial statements was not material.

Prior to 2019, ACC had an agreement with Ameriprise Financial to settle with cash the change in its deferred federal income taxes on a quarterly basis. In 2019, it was determined that the cash settlements should have been reflected as a capital contribution for cash receipts from Ameriprise Financial and a dividend for cash payments to Ameriprise Financial. The deferred federal income taxes should have remained on ACC’s Consolidated Balance Sheet as the related assets and liabilities remained on ACC’s Consolidated Balance Sheet. ACC’s Consolidated Balance Sheet as of December 31, 2019 was adjusted to reflect the cumulative amount of cash receipts from and cash payments to Ameriprise Financial for the settlement of deferred federal income taxes as contributions and dividends, respectively. The correction of the misclassification resulted in a $42.2 million increase to additional paid-in capital and a $42.2 million decrease to retained earnings as of December 31, 2019. ACC’s payment of $12.7 million to Ameriprise Financial in 2019 was reflected as a dividend and was included in the $42.2 million decrease to retained earnings. The impact to prior period financial statements was not material.

Amounts Based on Estimates and Assumptions

Accounting estimates are an integral part of the Consolidated Financial Statements. In part, they are based upon assumptions concerning future events. Among the more significant are those that relate to investment securities valuation and the recognition of credit losses or impairments and income taxes and the recognition of deferred tax assets and liabilities. These accounting estimates reflect the best judgment of management and actual results could differ.

Interest Income

Interest income is accrued as earned using the effective interest method, which makes an adjustment of the yield for security premiums and discounts on all performing fixed maturity securities classified as Available-for-Sale so that the related security or loan recognizes a constant rate of return on the outstanding balance throughout its term. When actual prepayments differ significantly from originally anticipated prepayments, the retrospective effective yield is recalculated to reflect actual payments to date and updated future payment assumptions and a catch-up adjustment is recorded in the current period. In addition, the new effective yield, which reflects anticipated future payments, is used prospectively. Realized gains and losses on securities are recognized using the specific identification method on a trade date basis.

Cash and Cash Equivalents

ACC has defined cash equivalents as highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less.

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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 (made a decision to sell) or (ii) it is more likely than not that ACC will be required to sell the security before its anticipated recovery. If either of these conditions exist, ACC recognizes an impairment by reducing the book value of the security for the difference between the investment’s amortized cost and its fair value with a corresponding charge to earnings. Subsequent increases in the fair value of Available-for-Sale securities that occur in periods after a write-down has occurred are recorded as unrealized gains in other comprehensive income (loss) (“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. However, for Available-for-Sale securities that recognized an impairment prior to January 1, 2020 by reducing the book value of the security, the difference between the new amortized cost basis and the improved cash flows expected to be collected is accreted as interest income.

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 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.

Equity Securities

Equity securities are recorded at fair value with changes in fair value reflected in Net realized gain (loss) on investments.

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. Prior to January 1, 2020, the allowance for credit losses was based on an incurred loss model that did not require estimating expected credit losses over the expected life of the asset. 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.

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The allowance for credit losses for commercial mortgage loans and syndicated loans utilizes a probability of default and loss severity approach to estimate lifetime expected credit losses. Actual historical default and loss severity data for each type of commercial loan is adjusted for current conditions and reasonable and supportable forecasts of future economic conditions to develop the probability of default and loss severity assumptions that are applied to the amortized cost basis of the loans over the expected life of each portfolio. The allowance for credit losses on commercial mortgage loans and syndicated loans is recorded through provisions charged to Net realized gain (loss) on investments and is reduced/increased by net charge-offs/recoveries.

Management determines the adequacy of the allowance for credit losses based on the overall loan portfolio composition, recent and historical loss experience, and other pertinent factors, including when applicable, internal risk ratings, loan-to-value (“LTV”) ratios, and occupancy rates, along with reasonable and supportable forecasts of economic and market conditions. This evaluation is inherently subjective as it requires estimates, which may be susceptible to significant change. While ACC may attribute portions of the allowance to specific loan pools as part of the allowance estimation process, the entire allowance is available to absorb losses expected over the life of the loan portfolio.

Certificate Loans

Certificate loans are recorded within Investments in unaffiliated issuers. When originated, the loan balances do not exceed the cash surrender value of the underlying products. As there is minimal risk of loss related to certificate loans, ACC does not record an allowance for credit losses.

Interest income is accrued as earned on the unpaid principal balances of the loans. Interest income recognized on certificate loans is recorded in Investment income.

See Note 4 for additional information on financing receivables.

Nonaccrual Loans

Commercial mortgage loans and syndicated loans are placed on nonaccrual status when either the collection of interest or principal has become 90 days past due or is otherwise considered doubtful of collection. Interest payments received on loans on nonaccrual status are generally applied to principal unless the remaining principal balance has been determined to be fully collectible. Management has elected to exclude accrued interest in its measurement of the allowance for credit losses for commercial mortgage loans and syndicated loans.

Restructured Loans

A loan is classified as a restructured loan when ACC makes certain concessionary modifications to contractual terms for borrowers experiencing financial difficulties. When the interest rate, minimum payments, and/or due dates have been modified in an attempt to make the loan more affordable to a borrower experiencing financial difficulties, the modification is considered a troubled debt restructuring. Modifications to loan terms do not automatically result in troubled debt restructurings (“TDRs”). Per the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus, modifications made on a good faith basis in response to the coronavirus disease 2019 (“COVID-19”) pandemic to borrowers who were not more than 30 days past due as of December 31, 2019, such as payment deferrals, extensions of repayment terms, fee waivers, or delays in payment that are not significant to the unpaid principal value of the loan, are not considered TDRs. Generally, performance prior to the restructuring or significant events that coincide with the restructuring 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 restructuring 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 selling costs. 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

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less than accumulated investment certificate reserves prior to maturity dates. Cash surrender values on certificates allowing for no surrender charge are equal to certificate reserves. The payment distribution, reserve accumulation rates, cash surrender values, reserve values and other matters are governed by the 1940 Act.

Certain certificates offer a return based on the relative change in a stock market index. The certificates with an equity-based return contain embedded derivatives, which are carried at fair value within Certificate reserves. The fair values of these embedded derivatives incorporate current market data inputs. Changes in fair value are reflected within Provision for certificate reserves.

Derivatives and Hedging Activities

Derivative instruments, consisting of options and futures contracts, if any, are classified in the Consolidated Balance Sheets at fair value. The fair value of ACC’s derivative instruments is determined using either market quotes or valuation models that are based upon the net present value of estimated future cash flows and incorporate current market observable inputs to the extent available. The accounting for the change in the fair value of the derivative instrument depends on its intended use and the resulting hedge designation, if any. For derivative instruments that do not qualify for hedge accounting or are not designated as accounting hedges, changes in fair value are recognized in current period earnings. ACC’s policy is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement.

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.

ACC’s provision for income taxes represents the net amount of income taxes that ACC expects to pay or to receive from various taxing jurisdictions in connection with its operations. ACC provides for income taxes based on amounts that ACC believes it will ultimately owe taking into account the recognition and measurement for uncertain tax positions. Inherent in the provision for income taxes are estimates and judgments regarding the tax treatment of certain items.

In connection with the provision for income taxes, ACC’s Consolidated Financial Statements reflect certain amounts related to deferred tax assets and liabilities, which result from temporary differences between the assets and liabilities measured for financial statement purposes versus the assets and liabilities measured for tax return purposes.

ACC is required to establish a valuation allowance for any portion of the deferred tax assets that management believes will not be realized. Significant judgment is required in determining if a valuation allowance should be established, and the amount of such allowance if required. Factors used in making this determination include estimates relating to the performance of the business. Consideration is given to, among other things in making this determination: (i) future taxable income exclusive of reversing temporary differences and carryforwards; (ii) future reversals of existing taxable temporary differences; (iii) taxable income in prior carryback years; and (iv) tax planning strategies. Based on analysis of ACC’s tax positions, 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 December 31, 2021.

Recent Accounting Pronouncements

Adoption of New Accounting Standards

Income Taxes – Simplifying the Accounting for Income Taxes

In December 2019, the Financial Accounting Standards Board (“FASB”) updated the accounting standards to simplify the accounting for income taxes. The update eliminates certain exceptions to: (1) accounting principles related to intra-period tax allocation to be applied on a prospective basis, (2) deferred tax liabilities related to outside basis differences to be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption, and (3) year-to-date losses in interim periods to be applied on a prospective basis. The update also amends existing guidance related to situations when an entity receives: (1) a step-up in the tax basis of goodwill to be applied on a prospective basis, (2) an allocation of income tax expense when members of a consolidated tax filing group issue separate financial statements to be applied on a retrospective basis for all periods presented, (3) interim recognition of enactment of tax laws or rate changes to be applied on a prospective basis, and (4) franchise taxes and other taxes partially based on income to be applied on a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The standard is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. ACC adopted the standard on January 1, 2021. The adoption of this standard had no impact on ACC’s consolidated results of operations and financial condition.

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Future Adoption of New Accounting Standards

Reference Rate Reform – Expedients for Contract Modifications

In March 2020, the FASB updated the accounting standards to provide optional expedients and exceptions for applying GAAP to contracts, hedging or other transactions that are affected by reference rate reform (i.e., the elimination of LIBOR). The following expedients are provided for modified contracts whose reference rate is changed: (1) receivables and debt contracts are accounted for prospectively by adjusting the effective interest rate, (2) leases are accounted for as a continuation of the existing contracts with no reassessments of the lease classification and discount rate or remeasurements of lease payments that otherwise would be required, and (3) an entity is not required to reassess its original conclusion about whether that contract contains an embedded derivative that is clearly and closely related to the economic characteristics and risks of the host contract. The amendments in this update were effective upon issuance and must be elected prior to December 31, 2022. When elected, the optional expedients for contract modifications must be applied consistently for all eligible contracts or eligible transactions. In January 2021, FASB updated the standard to allow an entity to elect to apply the treatment under the original guidance to derivative instruments that use an interest rate for margining, discounting or contract price alignment that will be modified due to reference rate reform but did not qualify under the original guidance. The Company has not yet applied any of the optional expedients. The adoption of the standard is not expected to have an impact on ACC’s consolidated results of operations and financial condition.

2. Deposit of Assets and Maintenance of Qualified Assets

Under the provisions of its certificates and the 1940 Act, ACC was required to have cash and “qualified assets” (as defined in Section 28(b) of the 1940 Act, as modified by an exemptive order of the SEC) in the amount of $5.3 billion and $6.8 billion as of December 31, 2021 and 2020, respectively. ACC reported Qualified Assets of $5.7 billion and $7.2 billion as of December 31, 2021 and 2020, respectively. Qualified Assets excluded net unrealized pretax gains on Available-for-Sale securities of $18.5 million and $40.8 million as of December 31, 2021 and 2020, respectively. Additionally, Qualified Assets excluded payables to brokers, dealers and clearing organizations of $7.9 million and $10.3 million as of December 31, 2021 and 2020, respectively.

Qualified Assets are valued in accordance with such provisions of Minnesota Statutes as are applicable to investments of life insurance companies. These values are the same as financial statement carrying values, except for debt securities classified as Available-for-Sale and all marketable equity securities, which are carried at fair value in the Consolidated Financial Statements but are valued at either amortized cost, market value or par value based on the state requirements for qualified asset and deposit maintenance purposes.

Pursuant to provisions of the certificates, the 1940 Act, the Depository and Custodial Agreement and requirements of various states, Qualified Assets of ACC were deposited as follows:

	December 31, 2021
	Deposits		Required Deposits		Excess
	(in thousands)
Deposits to meet certificate liability requirements:
Pennsylvania and New Jersey (at market value)	$	250	$	130	$	120
Texas and Illinois (at par value)	156		150		6
Custodian	5,603,782		5,301,158		302,624
Total	$	5,604,188	$	5,301,438	$	302,750

	December 31, 2020
	Deposits		Required Deposits		Excess
	(in thousands)
Deposits to meet certificate liability requirements:
Pennsylvania and New Jersey (at market value)	$	269	$	130	$	139
Texas and Illinois (at par value)	213		150		63
Custodian	7,147,906		6,763,328		384,578
Total	$	7,148,388	$	6,763,608	$	384,780

The assets on deposit with the Custodian (or its subcustodian) as of December 31, 2021 and 2020 consisted of securities and other loans having a deposit value of $4.8 billion and $6.5 billion, respectively, mortgage loans on real estate of $115.9 million and $122.3 million, respectively, and other investments of $672.3 million and $544.3 million, respectively. There were $7.9 million and $10.0 million of payables to brokers, dealers and clearing organizations related to these assets on deposit as of December 31, 2021 and 2020, respectively.

Ameriprise Trust Company (“ATC”) is the Custodian for ACC. ATC has appointed JPMorgan Chase Bank, N.A. as its subcustodian. See Note 7 for information on related party transactions.

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3. Investments

Investments in unaffiliated issuers were as follows:

	December 31,
	2021		2020
	(in thousands)
Available-for-Sale securities: Fixed maturities, at fair value (allowance for credit losses: 2021 and 2020, nil; amortized cost: 2021, $4,710,303; 2020, $6,334,451)	$	4,728,811	$	6,375,260
Commercial mortgage loans and syndicated loans, at cost (allowance for credit losses: 2021, $1,518; 2020, $3,190; fair value: 2021, $223,495; 2020, $274,739)	221,569		269,540
Equity securities, at fair value (cost: 2021, nil; 2020, $115)	—		56
Certificate loans — secured by certificate reserves, at cost, which approximates fair value	83		212
Total	$	4,950,463	$	6,645,068

Available-for-Sale securities distributed by type were as follows:

Description of Securities	December 31, 2021
	Amortized  Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Residential mortgage backed securities	$	1,680,371	$	15,708	$	(2,531)	$	1,693,548
Corporate debt securities	51,201		849		—		52,050
Commercial mortgage backed securities	1,164,516		2,449		(1,036)		1,165,929
Asset backed securities	502,328		3,265		(333)		505,260
State and municipal obligations	11,954		94		(4)		12,044
U.S. government and agency obligations	1,299,933		64		(17)		1,299,980
Total	$	4,710,303	$	22,429	$	(3,921)	$	4,728,811

Description of Securities	December 31, 2020
	Amortized  Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Residential mortgage backed securities	$	2,496,350	$	35,943	$	(2,368)	$	2,529,925
Corporate debt securities	264,199		5,621		—		269,820
Commercial mortgage backed securities	1,475,446		7,150		(9,818)		1,472,778
Asset backed securities	626,777		4,778		(991)		630,564
State and municipal obligations	16,839		327		—		17,166
U.S. government and agency obligations	1,454,840		167		—		1,455,007
Total	$	6,334,451	$	53,986	$	(13,177)	$	6,375,260

As of December 31, 2021 and 2020, accrued interest of $4.2 million and $7.4 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 December 31, 2021 and 2020, investment securities with a fair value of $66 thousand and $242 thousand, respectively, were pledged to meet contractual obligations under derivative contracts.

As of December 31, 2021 and 2020, fixed maturity securities comprised approximately 84% and 88%, respectively, of ACC’s total investments. Rating agency designations are based on the availability of ratings from Nationally Recognized Statistical Rating Organizations (“NRSROs”), including Moody’s Investors Service (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”), and Fitch Ratings Ltd. (“Fitch”). ACC uses the median of available ratings from Moody’s, S&P and Fitch, or if fewer than three ratings are available, the lower rating is used. When ratings from Moody’s, S&P and Fitch are unavailable, as is the case for many private placement securities, ACC may utilize ratings from other NRSROs or rate the securities internally. As of both December 31, 2021 and 2020, no securities were internally rated by Columbia Management Investment Advisers, LLC (“CMIA”), an affiliate of ACC.

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A summary of fixed maturity securities by rating was as follows:

Ratings	December 31, 2021						December 31, 2020
	Amortized Cost		Fair Value		Percent of Total Fair Value		Amortized Cost		Fair Value		Percent of Total Fair Value
	(in thousands, except percentages)
AAA	$	4,556,729	$	4,570,394	97	%	$	5,774,067	$	5,803,399	91	%
AA	54,137		55,093		1		219,978		223,221		3
A	72,913		75,140		2		165,442		169,520		3
BBB	20,442		22,061		—		166,734		170,885		3
Below investment grade	6,082		6,123		—		8,230		8,235		—
Total fixed maturities	$	4,710,303	$	4,728,811	100	%	$	6,334,451	$	6,375,260	100	%

As of December 31, 2021 and 2020, approximately 30% and 34%, respectively, of securities rated AAA were GNMA, FNMA and FHLMC mortgage backed securities. As of December 31, 2021, ACC had eight commercial mortgage backed securities totaling $307.3 million and three asset backed securities totaling $119.9 million between 12% and 10% of total equity. As of December 31, 2020, there were no holdings greater than 10% of total equity.

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, 2021
	Less than 12 months					12 months or more					Total
	Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses
	(in thousands, except number of securities)
Residential mortgage backed securities	43	$	295,433	$	(1,733)	48	$	114,067	$	(798)	91	$	409,500	$	(2,531)
Commercial mortgage backed securities	25	538,380		(842)		3	55,352		(194)		28	593,732		(1,036)
Asset backed securities	5	117,631		(119)		5	92,986		(214)		10	210,617		(333)
State and municipal obligations	1	996		(4)		—	—		—		1	996		(4)
U.S. government and agency obligations	9	469,836		(17)		—	—		—		9	469,836		(17)
Total	83	$	1,422,276	$	(2,715)	56	$	262,405	$	(1,206)	139	$	1,684,681	$	(3,921)

Description of Securities	December 31, 2020
	Less than 12 months					12 months or more					Total
	Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses
	(in thousands, except number of securities)
Residential mortgage backed securities	49	$	144,057	$	(751)	56	$	317,650	$	(1,617)	105	$	461,707	$	(2,368)
Commercial mortgage backed securities	20	406,473		(4,810)		11	177,503		(5,008)		31	583,976		(9,818)
Asset backed securities	5	49,916		(214)		10	151,440		(777)		15	201,356		(991)
Total	74	$	600,446	$	(5,775)	77	$	646,593	$	(7,402)	151	$	1,247,039	$	(13,177)

As part of ACC’s ongoing monitoring process, management determined that the change in gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the year ended December 31, 2021 is primarily attributable to tightening of credit spreads. ACC did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors. ACC does not intend to sell these securities and does not believe that it is more likely than not that ACC will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. As of December 31, 2021 and 2020, approximately 97% and 96%, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.

There were no amounts recognized in the allowance for credit losses on Available-for-Sale securities for the years ended December 31, 2021 and 2020.

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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 impairments to credit losses.

The following table presents a rollforward of the net unrealized gains (losses) on Available-for-Sale securities included in AOCI:

	Net Unrealized Gains (Losses) on Securities		Deferred Income Tax		Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Gains  (Losses) on Securities
	(in thousands)
Balance at January 1, 2019	$	(46,958)	$	13,127	$	(33,833)
Net unrealized gains (losses) on securities arising during the period (1)	61,110		(14,863)		46,247
Reclassification of net (gains) losses on securities included in net income	(194)		41		(153)
Balance at December 31, 2019	13,958		(1,695)		12,263
Net unrealized gains (losses) on securities arising during the period (1)	29,802		(7,039)		22,763
Reclassification of net (gains) losses on securities included in net income	(2,950)		620		(2,330)
Balance at December 31, 2020	40,810		(8,114)		32,696
Net unrealized gains (losses) on securities arising during the period (1)	(21,208)		5,111		(16,097)
Reclassification of net (gains) losses on securities included in net income	(1,093)		230		(863)
Balance at December 31, 2021	$	18,509	$	(2,773)	$	15,736

(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.

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,
	2021		2020		2019
	(in thousands)
Gross realized gains	$	1,132	$	2,950	$	265
Gross realized losses	(39)		—		(71)
Total	$	1,093	$	2,950	$	194

Available-for-Sale securities by contractual maturity as of December 31, 2021 were as follows:

	Amortized Cost		Fair Value
	(in thousands)
Due within one year	$	1,328,615	$	1,328,968
Due after one year through five years	34,266		34,856
Due after five years through 10 years	207		250
	1,363,088		1,364,074
Residential mortgage backed securities	1,680,371		1,693,548
Commercial mortgage backed securities	1,164,516		1,165,929
Asset backed securities	502,328		505,260
Total	$	4,710,303	$	4,728,811

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage backed securities, commercial mortgage backed securities and asset backed securities are not due at a single maturity date. As such, these securities were not included in the maturities distribution.

4. Financing Receivables

Financing receivables are comprised of commercial loans and certificate loans. See Note 1 for information regarding ACC’s accounting policies related to loans and the allowance for loan losses.

F-16

Allowance for Credit Losses

The following tables present a rollforward of the allowance for credit losses for the year ended December 31:

	Commercial Loans
	(in thousands)
Balance, January 1, 2021	$	3,190
Provisions	(1,672)
Balance, December 31, 2021	$	1,518

	Commercial Loans
	(in thousands)
Balance, December 31, 2019 (1)	$	3,022
Cumulative effect of adoption of current expected credit losses guidance	(771)
Balance, January 1, 2020	2,251
Provisions	939
Balance, December 31, 2020	$	3,190

(1) Prior to January 1, 2020, the allowance for credit losses was based on an incurred loss model that did not require estimating expected credit losses over the expected life of the asset.

	Commercial Loans
	(in thousands)
Balance, January 1, 2019	$	3,120
Charge-offs	(98)
Balance, December 31, 2019	$	3,022

As of December 31, 2021 and 2020, accrued interest on commercial loans was $0.9 million and $1.0 million , respectively, and is recorded in receivables on the Consolidated Balance Sheets and excluded from the amortized cost basis of commercial loans.

Purchases and Sales

During the years ended December 31, 2021, 2020 and 2019, ACC purchased $11.2 million, $33.1 million and $40.3 million, respectively, of syndicated loans and sold $13.7 million, $4.3 million and $10.8 million, respectively, of syndicated loans.

ACC has not acquired any loans with deteriorated credit quality as of the acquisition date.

Credit Quality Information

Nonperforming loans were $1.1 million and $2.9 million as of December 31, 2021 and 2020, 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. Commercial mortgage loans which management has assigned its highest risk rating were nil as of both December 31, 2021 and 2020. 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. Total commercial mortgage loan modifications in 2020 due to the COVID-19 pandemic consisted of five loans with a total unpaid balance of $8.9 million. Modifications primarily consisted of short-term forbearance and interest only payments. As of December 31, 2020, all loans had returned to their normal payment schedules. There were no modifications due to COVID-19 during the year ended December 31, 2021. Total commercial mortgage loans past due were nil as of both December 31, 2021 and 2020.

F-17

The tables below present the amortized cost basis of commercial mortgage loans by year of origination and loan-to-value ratio:

	December 31, 2021
Loan-to-Value Ratio	2021		2020		2019		2018		2017		Prior		Total
	(in thousands)
> 100%	$	—	$	—	$	—	$	—	$	—	$	—	$	—
80% - 100%	—		—		—		—		—		—		—
60% - 80%	1,779		4,151		1,436		7,581		2,960		4,962		22,869
40% - 60%	5,429		3,000		10,788		—		7,614		7,833		34,664
< 40%	4,996		—		2,345		5,798		10,532		35,236		58,907
Total	$	12,204	$	7,151	$	14,569	$	13,379	$	21,106	$	48,031	$	116,440

	December 31, 2020
Loan-to-Value Ratio	2020		2019		2018		2017		2016		Prior		Total
	(in thousands)
> 100%	$	—	$	—	$	—	$	—	$	—	$	—	$	—
80% - 100%	—		—		3,344		—		—		—		3,344
60% - 80%	4,237		13,002		—		3,050		—		3,657		23,946
40% - 60%	3,000		7,331		—		7,788		1,379		8,076		27,574
< 40%	—		1,531		11,004		11,430		5,564		38,857		68,386
Total	$	7,237	$	21,864	$	14,348	$	22,268	$	6,943	$	50,590	$	123,250

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.

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:

	Loans				Percentage
	December 31,				December 31,
	2021		2020		2021		2020
	(in thousands)
East North Central	$	11,166	$	8,926	10	%	7	%
East South Central	2,939		3,614		3		3
Middle Atlantic	15,581		13,211		13		11
Mountain	7,567		12,863		6		10
New England	6,766		6,983		6		6
Pacific	37,881		41,284		32		34
South Atlantic	19,574		17,550		17		14
West North Central	5,893		6,668		5		5
West South Central	9,073		12,151		8		10
	116,440		123,250		100	%	100	%
Less: allowance for loan losses	493		931
Total	$	115,947	$	122,319

F-18

Concentrations of credit risk of commercial mortgage loans by property type were as follows:

	Loans				Percentage
	December 31,				December 31,
	2021		2020		2021		2020
	(in thousands)
Apartments	$	32,457	$	33,460	28	%	27	%
Industrial	25,738		25,971		22		21
Mixed use	10,938		11,532		10		10
Office	16,470		14,332		14		12
Retail	28,026		37,307		24		30
Hotel	114		300		—		—
Other	2,697		348		2		—
	116,440		123,250		100	%	100	%
Less: allowance for loan losses	493		931
Total	$	115,947	$	122,319

Syndicated Loans

The recorded investment in syndicated loans as of December 31, 2021 and 2020 was $106.6 million and $149.5 million, respectively. ACC’s syndicated loan portfolio is diversified across industries and issuers. Total syndicated loans past due were nil and $0.8 million as of December 31, 2021 and 2020, 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.

The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating:

	December 31, 2021
Internal Risk Rating	2021		2020		2019		2018		2017		Prior		Total
	(in thousands)
Risk 5	$	—	$	—	$	1,149	$	340	$	—	$	—	$	1,489
Risk 4	—		—		—		—		959		2,491		3,450
Risk 3	—		—		4,202		4,806		4,777		4,700		18,485
Risk 2	3,688		4,606		7,215		9,109		11,048		8,000		43,666
Risk 1	4,432		2,755		3,320		7,807		12,429		8,813		39,556
Total	$	8,120	$	7,361	$	15,886	$	22,062	$	29,213	$	24,004	$	106,646

	December 31, 2020
Internal Risk Rating	2020		2019		2018		2017		2016		Prior		Total
	(in thousands)
Risk 5	$	—	$	—	$	266	$	—	$	—	$	786	$	1,052
Risk 4	—		—		977		2,148		—		2,317		5,442
Risk 3	—		1,935		2,231		6,309		3,145		6,543		20,163
Risk 2	6,970		14,516		16,643		17,946		3,338		10,397		69,810
Risk 1	3,443		7,109		12,260		14,796		5,535		9,870		53,013
Total	$	10,413	$	23,560	$	32,377	$	41,199	$	12,018	$	29,913	$	149,480

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.

Troubled Debt Restructurings

There were no loans accounted for as a troubled debt restructuring by ACC during the years ended December 31, 2021, 2020 and 2019. There are no material commitments to lend additional funds to borrowers whose loans have been restructured.

F-19

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, 2021
	Reserve Balance		Average Gross Accumulation Rates (3)		Average Additional Credit Rates (4)
	(in thousands, except percentages)
Installment certificates:
Reserves to mature:
Without guaranteed rates (1)	$	6,112	0.25	%	0.25	%
Fully paid certificates:
Reserves to mature:
With guaranteed rates	4,592		3.20	%	0.01	%
Without guaranteed rates (1)	5,012,286		0.10	%	0.10	%
Equity indexed (2)	273,423		N/A		N/A
Additional credits and accrued interest:
With guaranteed rates	20		3.06	%	—
Without guaranteed rates (1)	3,627		N/A		N/A
Due to unlocated certificate holders	429		N/A		N/A
Total	$	5,300,489

	December 31, 2020
	Reserve Balance		Average Gross Accumulation Rates (3)		Average Additional Credit Rates (4)
	(in thousands, except percentages)
Installment certificates:
Reserves to mature:
Without guaranteed rates (1)	$	6,016	0.51	%	0.51	%
Fully paid certificates:
Reserves to mature:
With guaranteed rates	5,377		3.18	%	0.01	%
Without guaranteed rates (1)	6,367,062		0.26	%	0.26	%
Equity indexed (2)	374,129		N/A		N/A
Additional credits and accrued interest:
With guaranteed rates	33		3.00	%	—
Without guaranteed rates (1)	7,414		N/A		N/A
Due to unlocated certificate holders	400		N/A		N/A
Total	$	6,760,431

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, 2021 and 2020 were $290.4 million and $397.1 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, 2021 and 2020.

(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, 2021 and 2020.

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, 2021 and 2020 was nil and $21 thousand, respectively, which reflects the difference between certificate reserves on these series, calculated on a statutory basis, and the reserves maintained per books.

F-20

The carrying amounts of net certificate reserves consisted of the following:

	December 31,
	2021		2020
	(in thousands)
Reserves with terms of one year or less	$	5,131,740	$	6,521,498
Other	168,749		238,933
Total certificate reserves	5,300,489		6,760,431
Unapplied certificate transactions	467		2,315
Certificate loans and accrued interest	(85)		(215)
Total	$	5,300,871	$	6,762,531

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 equivalents, syndicated loans, commercial mortgage loans, U.S. government and government agency securities, municipal bonds, corporate bonds, equity securities, equity index options and other securities meeting specified standards. So long as ACC wishes to rely on the SEC order, as a condition to the order, ACC has agreed to maintain an amount of unappropriated retained earnings and capital equal to at least 5% of certificate reserves (less outstanding certificate loans). To the extent that payment of a dividend would decrease the capital ratio below the required 5%, payment of a dividend would be restricted. In determining compliance with this condition, qualified assets are valued in accordance with the provisions of Minnesota Statutes where such provisions are applicable.

ACC has also entered into a written understanding with the Minnesota Department of Commerce that ACC will maintain capital equal to at least 5% of the assets of ACC (less outstanding certificate loans). To the extent that payment of a dividend would decrease this ratio below the required 5%, payment of a dividend would be restricted. When computing its capital for these purposes, ACC values its assets on the basis of statutory accounting for insurance companies rather than GAAP. ACC is subject to examination and supervision by the Minnesota Department of Commerce (Banking Division). ACC was in compliance with the capital requirements of the SEC and the Minnesota Department of Commerce during the years ended December 31, 2021 and 2020.

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 both years ended December 31, 2021 and 2020, 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.

F-21

•Ameriprise Installment Certificates have contractual distribution fee rates of 0.25% of all payments received on or after issue of the certificate until the certificate’s maturity date.

•Ameriprise Step-Up Rate Certificates have contractual distribution fee rates of 0.04% of the initial investment amount on the first day of the certificate’s term and 0.04% of the certificate’s reserve at the beginning of the second and subsequent quarters from issue date or at the end of the renewal grace period when the renewal corresponds with the quarterly reserve payment.

Investment Advisory and Services

CMIA provides investment advice, operational support and other administrative services to ACC. The agreement provides for a graduated scale of fees equal on an annual basis to 0.35% on the first $250 million of net invested assets of ACC (as defined in the agreement), 0.30% on the next $250 million, 0.25% on the next $500 million and 0.20% on the amount in excess of $1 billion. The fee is payable monthly in an amount equal to one-twelfth of each of the percentages set forth above.

The fee paid to CMIA for managing and servicing syndicated loans, which are excluded from the computation of net invested assets above, is equal to 0.35%. The fee is payable monthly and is equal to one-twelfth of 0.35%, computed each month on the basis of the loans amortized cost less the allowance for loan losses and payable for loans purchased as of the close of business on the last full business day of the preceding month.

Transfer Agent Fees

The basis of computing transfer agent fees paid or payable to Columbia Management Investment Services Corp. (“CMIS”) is under a Transfer Agent Agreement to maintain certificate owner accounts and records. ACC pays CMIS a monthly fee of one-twelfth of $30.00 per certificate account for this service in addition to certain out-of-pocket expenses.

Depository Fees

ATC has an agreement with a subcustodian to provide depository services for ACC’s assets. The depository fees paid to ATC are asset-based with additional charges for transactional custody fees charged by the subcustodian.

ACC’s fees payable for distribution, investment advisory, transfer agent and depository services are included in Due to related party. The fees ACC incurred for these services are included in Ameriprise Financial and affiliated company fees.

Dividends and Contributions

ACC received cash contributions of nil and $10.0 million from Ameriprise Financial during the years ended December 31, 2021 and 2020, 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 $70.0 million and $82.0 million to Ameriprise Financial during the years ended December 31, 2021 and 2020, respectively.

ACC returned contributed capital of $39.0 million and nil to Ameriprise Financial during the years ended December 31, 2021 and 2020, respectively. The payment to Ameriprise Financial was recognized as a reduction of additional paid-in capital as it was in excess of the amount of unappropriated retained earnings available to be paid as a dividend.

8. Fair Values of Assets and Liabilities

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability is not exchanged subject to a forced liquidation or distressed sale.

Valuation Hierarchy

ACC categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by ACC’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are defined as follows:

Level 1    Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.

Level 2    Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.

Level 3    Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

F-22

The following tables present the balances of assets and liabilities measured at fair value on a recurring basis:

	December 31, 2021
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents	$	—	$	672,275	$	—	$	672,275
Available-for-Sale securities:
Residential mortgage backed securities	—		1,693,548		—		1,693,548
Corporate debt securities	—		46,046		6,004		52,050
Commercial mortgage backed securities	—		1,165,929		—		1,165,929
Asset backed securities	—		500,369		4,891		505,260
State and municipal obligations	—		12,044		—		12,044
U.S. government and agency obligations	1,299,980		—		—		1,299,980
Total Available-for-Sale securities	1,299,980		3,417,936		10,895		4,728,811
Equity derivative contracts	—		44,135		—		44,135
Total assets at fair value	$	1,299,980	$	4,134,346	$	10,895	$	5,445,221
Liabilities
Stock market certificate embedded derivatives	$	—	$	3,853	$	—	$	3,853
Equity derivative contracts	3		41,467		—		41,470
Total liabilities at fair value	$	3	$	45,320	$	—	$	45,323

	December 31, 2020
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents	$	—	$	544,283	$	—	$	544,283
Available-for-Sale securities:
Residential mortgage backed securities	—		2,529,925		—		2,529,925
Corporate debt securities	—		263,763		6,057		269,820
Commercial mortgage backed securities	—		1,472,778		—		1,472,778
Asset backed securities	—		625,673		4,891		630,564
State and municipal obligations	—		17,166		—		17,166
U.S. government and agency obligations	1,455,007		—		—		1,455,007
Total Available-for-Sale securities	1,455,007		4,909,305		10,948		6,375,260
Equity securities	—		56		—		56
Equity derivative contracts	19		66,644		—		66,663
Total assets at fair value	$	1,455,026	$	5,520,288	$	10,948	$	6,986,262
Liabilities
Stock market certificate embedded derivatives	$	—	$	8,282	$	—	$	8,282
Equity derivative contracts	—		59,924		—		59,924
Total liabilities at fair value	$	—	$	68,206	$	—	$	68,206

F-23

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 Securities		Asset Backed Securities		Total
	(in thousands)
Balance, January 1, 2021	$	6,057	$	4,891	$	10,948
Total gains (losses) included in:
Net income	—		15		15		(1)
Other comprehensive income (loss)	(53)		(15)		(68)
Transfers into Level 3	3		—		3
Transfers out of Level 3	(3)		—		(3)
Balance, December 31, 2021	$	6,004	$	4,891	$	10,895
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2021	$	—	$	15	$	15	(1)
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2021	$	(53)	$	(15)	$	(68)

	Available-for-Sale Securities							Equity Securities
	Corporate Debt Securities		Asset Backed Securities		Total
	(in thousands)
Balance, January 1, 2020	$	14,270	$	4,834	$	19,104		$	72
Total gains (losses) included in:
Net income	(29)		26		(3)		(1)	—
Other comprehensive income (loss)	116		31		147			—
Sales	—		—		—			(113)
Settlements	(8,300)		—		(8,300)			—
Transfers into Level 3	—		—		—			113
Transfers out of Level 3	—		—		—			(72)
Balance, December 31, 2020	$	6,057	$	4,891	$	10,948		$	—
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2020	$	—	$	26	$	26	(1)	$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2020	$	116	$	31	$	147		$	—

	Available-for-Sale Securities											Equity Securities
	Residential Mortgage Backed Securities		Corporate Debt Securities		Commercial Mortgage Backed Securities		Asset Backed Securities		Total
	(in thousands)
Balance, January 1, 2019	$	62,588	$	41,842	$	19,787	$	—	$	124,217		$	—
Total gains (losses) included in:
Net income	21		(56)		—		17		(18)		(1)	(273)		(2)
Other comprehensive income (loss)	116		484		—		(11)		589			—
Purchases	72,883		—		—		—		72,883			—
Settlements	(6,881)		(28,000)		—		—		(34,881)			—
Transfers into Level 3	—		—		—		4,828		4,828			465
Transfers out of Level 3	(128,727)		—		(19,787)		—		(148,514)			(120)
Balance, December 31, 2019	$	—	$	14,270	$	—	$	4,834	$	19,104		$	72
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2019	$	—	$	(46)	$	—	$	17	$	(29)	(1)	$	(276)	(2)

(1) Included in Investment income.  

(2) Included in Net realized gain (loss) on investments before income taxes.

F-24

Securities transferred from Level 3 primarily represent securities with fair values that are obtained from a third-party pricing service with observable inputs. Securities transferred to Level 3 represent securities with fair values that are now based on a single non-binding broker quote.

The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by ACC or reasonably available to ACC of Level 3 assets:

	December 31, 2021
	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average
	(in thousands)
Corporate debt securities (private placements)	$	6,001	Discounted cash flow	Yield/spread to U.S. Treasuries	0.9%	0.9%

	December 31, 2020
	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average
	(in thousands)
Corporate debt securities (private placements)	$	6,054	Discounted cash flow	Yield/spread to U.S. Treasuries	1.1%	1.1%

The weighted average for the 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 table 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 and Equity Securities

When available, the fair value of securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from third-party pricing services, non-binding broker quotes, or other model-based valuation techniques.

Level 1 securities include U.S. Treasuries.

Level 2 securities include residential mortgage backed securities, corporate bonds, commercial mortgage backed securities, asset backed securities, state and municipal obligations and equity securities. The fair value of these Level 2 securities is based on a market approach with prices obtained from third-party pricing services. Observable inputs used to value these securities can include, but are not limited to, reported trades, benchmark yields, issuer spreads and non-binding broker quotes.

Level 3 securities include certain non-agency residential mortgage backed securities, corporate bonds, asset backed securities, commercial mortgage backed securities and equity 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.

In consideration of the above, 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

F-25

recording an appropriate fair value estimate. ACC also performs subsequent transaction testing. ACC performs annual due diligence of third-party pricing services. ACC’s due diligence procedures include assessing the vendor’s valuation qualifications, control environment, analysis of asset-class specific valuation methodologies, and understanding of sources of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. ACC also considers the results of its exception reporting controls and any resulting price challenges that arise.

Derivatives

Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is classified as Level 1. The fair value of derivatives that are traded in less active over-the-counter (“OTC”) markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include options. The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial as of December 31, 2021 and 2020. 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 various Black-Scholes calculations to determine the fair value of the embedded derivative liability associated with the provisions of its stock market certificates. The inputs to these calculations are primarily market observable and include interest rates, volatilities, and equity index levels. As a result, these measurements are classified as Level 2.

Derivatives

Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is classified as Level 1. The fair value of derivatives that are traded in less active OTC markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include options. The Company’s nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of December 31, 2021 and 2020. 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, 2021
	Carrying  Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(in thousands)
Financial Assets
Syndicated loans	$	105,622	$	—	$	99,691	$	4,703	$	104,394
Commercial mortgage loans	115,947		—		—		119,101		119,101
Certificate loans	83		—		83		—		83
Financial Liabilities
Certificate reserves	$	5,296,636	$	—	$	—	$	5,289,947	$	5,289,947

	December 31, 2020
	Carrying  Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(in thousands)
Financial Assets
Syndicated loans	$	147,221	$	—	$	139,180	$	7,838	$	147,018
Commercial mortgage loans	122,319		—		—		127,721		127,721
Certificate loans	212		—		212		—		212
Financial Liabilities
Certificate reserves	$	6,752,149	$	—	$	—	$	6,751,705	$	6,751,705

See Note 4 for additional information on syndicated, commercial mortgage and certificate loans. Certificate reserves represent customer deposits for fixed rate certificates and stock market certificates.

F-26

9. Offsetting Assets and Liabilities

Certain derivative instruments are eligible for offset in the Consolidated Balance Sheets. ACC’s derivative instruments are subject to master netting and collateral arrangements and qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. ACC’s policy is to recognize amounts subject to master netting arrangements on a gross basis in the Consolidated Balance Sheets.

The following tables present the gross and net information about ACC’s assets subject to master netting arrangements:

	December 31, 2021
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets				Net Amount
							Financial Instruments (1)		Cash Collateral
	(in thousands)
Derivatives:
OTC	$	44,135	$	—	$	44,135	$	(41,467)	$	(2,635)	$	33
Total	$	44,135	$	—	$	44,135	$	(41,467)	$	(2,635)	$	33

	December 31, 2020
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets				Net Amount
							Financial Instruments (1)		Cash Collateral
	(in thousands)
Derivatives:
OTC	$	66,644	$	—	$	66,644	$	(59,924)	$	(6,693)	$	27
Exchange-traded	19		—		19		—		—		19
Total	$	66,663	$	—	$	66,663	$	(59,924)	$	(6,693)	$	46

(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, 2021
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets				Net Amount
							Financial Instruments (1)		Cash Collateral
	(in thousands)
Derivatives:
OTC	$	41,467	$	—	$	41,467	$	(41,467)	$	—	$	—
Exchange-traded	3		—		3		—		—		3
Total	$	41,470	$	—	$	41,470	$	(41,467)	$	—	$	3

	December 31, 2020
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets				Net Amount
							Financial Instruments (1)		Cash Collateral
	(in thousands)
Derivatives:
OTC	$	59,924	$	—	$	59,924	$	(59,924)	$	—	$	—
Total	$	59,924	$	—	$	59,924	$	(59,924)	$	—	$	—

(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 in the Consolidated Balance Sheets are offset first by financial instruments that have the right of offset under master netting or similar arrangements, then any remaining amount is reduced by the amount of cash and securities collateral. The actual collateral may be greater than amounts presented in the tables.

When the fair value of collateral accepted by ACC is less than the amount due to ACC, there is a risk of loss if the counterparty fails to perform or provide additional collateral. To mitigate this risk, ACC monitors collateral values regularly and requires additional

F-27

collateral when necessary. When the value of collateral pledged by ACC declines, it may be required to post additional collateral.

Cash collateral accepted by ACC is reflected in Other liabilities. See Note 10 for additional disclosures related to ACC’s derivative instruments.

10. Derivatives and Hedging Activities

Derivative instruments enable ACC to manage its exposure to various market risks. The value of such instruments is derived from an underlying variable or multiple variables, including equity and interest rate indices or prices. ACC primarily enters into derivative agreements for risk management purposes related to ACC’s products.

ACC uses derivatives as economic hedges of equity risk related to Stock Market Certificates (“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, 2021						December 31, 2020
	Notional		Gross Fair Value				Notional		Gross Fair Value
			Assets		Liabilities				Assets		Liabilities
	(in thousands)
Derivatives not designated as hedging instruments
Equity contracts (1)	$	400,458	$	44,135	$	41,470	$	586,976	$	66,663	$	59,924
Embedded derivatives
Stock market certificates (2)	N/A		—		3,853		N/A		—		8,282
Total derivatives	$	400,458	$	44,135	$	45,323	$	586,976	$	66,663	$	68,206

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.

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,
		2021		2020		2019
		(in thousands)
Equity contracts
Stock market certificates	Net provision for certificate reserves	$	1,403	$	1,271	$	10,743
Stock market certificates embedded derivatives	Net provision for certificate reserves	(1,173)		(1,214)		(9,317)		(1)
Total		$	230	$	57	$	1,426

(1)This amount includes the impact of an out-of-period correction recorded in 2019. See Note 1 for more information.

Ameriprise SMC offers 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.

Ameriprise Step-Up Rate Certificates (“SRC”) offer the ability to step up to a higher crediting rate based upon the then-current rate for a new SRC with the same term. The SRC was closed to new sales effective April 1, 2020. ACC does not currently hedge the interest rate risk related to the SRC product. The SRC product contains an embedded derivative, which was not material as of both December 31, 2021 and 2020.

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

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are to require preapproval of counterparties and the use of master netting and collateral arrangements whenever practical. See Note 9 for additional information on ACC’s credit exposure related to derivative assets.

11. Shareholder’s Equity

The following table provides information related to amounts reclassified from AOCI for the years ended December 31:

Accumulated Other Comprehensive Income (Loss) Reclassification	Location of (Gain) Loss Recognized in Income	2021		2020		2019
		(in thousands)
Unrealized net (gains) losses on Available-for-Sale securities	Net realized gain (loss) on investments	$	(1,093)	$	(2,950)	$	(194)
Tax expense (benefit)	Income tax expense (benefit)	230		620		41
Net of tax		$	(863)	$	(2,330)	$	(153)

12. Income Taxes

The components of income tax provision were as follows:

	Years Ended December 31,
	2021		2020		2019
	(in thousands)
Current income tax:
Federal	$	5,738	$	5,576	$	14,167
State and local	617		1,065		2,398
Total current income tax	6,355		6,641		16,565
Deferred income tax:
Federal	1,397		2,188		(2,295)
State and local	260		438		(421)
Total deferred income tax	1,657		2,626		(2,716)
Total income tax provision	$	8,012	$	9,267	$	13,849

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,
	2021		2020		2019
Tax at U.S. statutory rate	21.0	%	21.0	%	21.0	%
Changes in taxes resulting from:
State income tax, net	2.1		3.0		2.7
Other	1.0		(0.1)		0.3
Income tax provision	24.1	%	23.9	%	24.0	%

In June 2019, ACC terminated its agreement with Ameriprise Financial to settle with cash the change in its deferred federal income taxes on a quarterly basis. The final settlement was paid during the second quarter of 2019 and effectively repaid all previous deferred federal income tax settlements that ACC had received. During the year ended December 31, 2019, ACC paid Ameriprise Financial $12.7 million for the settlement of deferred federal income taxes.

F-29

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, 2021 and 2020. The significant components of ACC’s deferred income tax assets and liabilities, which are included in Deferred taxes, net on the Consolidated Balance Sheets, were as follows:

	December 31,
	2021		2020
	(in thousands)
Deferred income tax assets:
Certificate reserves	$	1,057	$	2,526
Other	—		81
Total deferred income tax assets	1,057		2,607
Deferred income tax liabilities:
Investment unrealized gains, net	4,441		9,783
Investments, including bond discounts and premiums	1,173		1,066
Total deferred income tax liabilities	5,614		10,849
Net deferred income tax liabilities	$	4,557	$	8,242

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	2021		2020		2019
	(in thousands)
Balance at January 1	$	3,531	$	3,767	$	3,770
Additions based on tax positions related to the current year	316		167		715
Additions for tax positions of prior years	82		—		—
Reductions for tax positions of prior years	—		(194)		(718)
Reductions due to lapse of statute of limitations	(103)		(209)		—
Balance at December 31	$	3,826	$	3,531	$	3,767

If recognized, approximately $3.0 million, $2.8 million and $3.0 million, net of federal tax benefits, of the unrecognized tax benefits as of December 31, 2021, 2020 and 2019, 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 $1.8 million in the next 12 months primarily due to state exams.

ACC recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. ACC recognized increases of $102 thousand, $133 thousand and $156 thousand for interest and penalties for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021 and 2020, ACC had a payable of $615 thousand and $513 thousand, respectively, related to accrued interest and penalties.

ACC files income tax returns as part of its inclusion in the consolidated federal income tax returns of Ameriprise Financial in the U.S. federal jurisdiction and various state jurisdictions. The federal statute of limitations are closed on years through 2015, except for one issue for 2014 and 2015 which was claimed on amended returns. The Internal Revenue Service (“IRS”) is currently auditing Ameriprise Financial’s U.S. income tax returns for 2016 through 2020. Ameriprise Financial’s or its subsidiaries’, including ACC’s, state income tax returns are currently under examination by various jurisdictions for years ranging from 2015 through 2019.

13. 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 financial condition, results of operations 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 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, 2021

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

CASH EQUIVALENTS
CERTIFICATE OF DEPOSITS
AUSTRALIA AND NEW ZEALAND BANK	1/3/2022	0.001	%	$	50,000	$	50,000	$	50,000
CANADIAN IMPERIAL BANK	1/3/2022	0.001		50,000		50,000		50,000
TOTAL CERTIFICATE OF DEPOSITS						100,000		100,000
COMMERCIAL PAPER
AMERICAN ELECTRIC POWER COMPANY	1/10/2022	—		21,000		20,998		20,998
BALTIMORE GAS AND ELECTRIC CO	1/7/2022	—		48,000		47,998		47,998
CATERPILLAR FINANCIAL SERVICES	1/3/2022	—		21,100		21,100		21,100
DANAHER CORP	1/14/2022	—		50,000		49,995		49,995
DTE GAS CO	1/10/2022	—		29,000		28,998		28,998
DUKE ENERGY CORP	1/4/2022	—		50,000		49,999		49,999
DUKE ENERGY CORP	1/3/2022	—		43,500		43,500		43,500
DUKE ENERGY CORP	1/11/2022	—		30,000		29,998		29,998
EVERGY KANSAS CENTRAL INC	1/3/2022	—		20,000		20,000		20,000
EVERGY MISSOURI WEST INC	1/3/2022	—		15,500		15,500		15,500
EVERGY MISSOURI WEST INC	1/5/2022	—		8,000		8,000		8,000
EVERGY MISSOURI WEST INC	1/12/2022	—		40,000		39,996		39,996
EVERSOURCE ENERGY	1/4/2022	—		20,000		19,999		19,999
EVERSOURCE ENERGY	1/6/2022	—		25,700		25,699		25,699
MCKESSON CORP	1/3/2022	—		50,000		49,999		49,999
ONCOR ELECTRIC DELIVERY COMPANY	1/3/2022	—		15,000		15,000		15,000
PUBLIC SERVICE COMPANY OF COLORADO	1/6/2022	—		30,000		29,999		29,999
SOUTHERN COMPANY GAS CAPITAL	1/7/2022	—		10,000		10,000		10,000
SOUTHERN COMPANY GAS CAPITAL	1/14/2022	—		15,000		14,998		14,998
WEC ENERGY GROUP INC	1/6/2022	—		16,500		16,499		16,499
XCEL ENERGY INC	1/4/2022	—		14,000		14,000		14,000
TOTAL COMMERCIAL PAPER						572,275		572,275
TOTAL CASH EQUIVALENTS						672,275		672,275
FIXED MATURITIES
U.S. GOVERNMENT AND AGENCY OBLIGATIONS
UNITED STATES TREASURY BILL	1/27/2022	—		55,000		54,998		54,999
UNITED STATES TREASURY BILL	2/24/2022	—		100,000		99,992		99,995
UNITED STATES TREASURY BILL	3/24/2022	—		40,000		39,995		39,995
UNITED STATES TREASURY BILL	4/21/2022	—		50,000		49,991		49,990
UNITED STATES TREASURY BILL	6/16/2022	—		50,000		49,970		49,971
UNITED STATES TREASURY BILL	1/6/2022	—		75,000		74,999		75,000
UNITED STATES TREASURY BILL	1/13/2022	—		60,000		59,999		60,000
UNITED STATES TREASURY BILL	1/20/2022	—		60,000		59,998		59,999
UNITED STATES TREASURY BILL	2/3/2022	—		50,000		49,998		49,999
UNITED STATES TREASURY BILL	2/10/2022	—		60,000		59,996		59,998
UNITED STATES TREASURY BILL	2/17/2022	—		60,000		59,996		59,997
UNITED STATES TREASURY BILL	3/3/2022	—		60,000		59,994		59,995
UNITED STATES TREASURY BILL	3/10/2022	—		50,000		49,995		49,996
UNITED STATES TREASURY BILL	3/17/2022	—		60,000		59,994		59,994
UNITED STATES TREASURY BILL	3/31/2022	—		40,000		39,995		39,996
UNITED STATES TREASURY BILL	4/7/2022	—		40,000		39,994		39,993
UNITED STATES TREASURY BILL	4/14/2022	—		40,000		39,994		39,992

F-31

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2021

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

UNITED STATES TREASURY BILL	4/28/2022	—	50,000	49,990	49,988
UNITED STATES TREASURY BILL	5/26/2022	—	75,000	74,979	74,974
UNITED STATES TREASURY BILL	6/2/2022	—	75,000	74,971	74,967
UNITED STATES TREASURY BILL	6/9/2022	—	50,000	49,977	49,975
UNITED STATES TREASURY BILL	6/23/2022	—	50,000	49,961	49,961
UNITED STATES TREASURY BILL	6/30/2022	—	50,000	49,950	49,956
UNITED STATES TREASURY BOND	11/15/2028	5.250	200	207	250
TOTAL U. S. GOVERNMENT AND AGENCY OBLIGATIONS				1,299,933	1,299,980
STATE AND MUNICIPAL OBLIGATIONS
DALLAS FORT WORTH TEXAS INTL AIRPORT	11/1/2023	1.041	250	250	251
DALLAS FORT WORTH TEXAS INTL AIRPORT	11/1/2024	1.229	250	250	250
DALLAS FORT WORTH TEXAS INTL AIRPORT	11/1/2025	1.329	1,000	1,000	996
GREAT LAKES WATER AUTHORITY	7/1/2024	1.604	600	600	606
GREAT LAKES WATER AUTHORITY	7/1/2025	1.654	600	600	605
LONG ISLAND POWER AUTHORITY	3/1/2023	0.764	1,000	1,000	1,001
PORT AUTHORITY OF NEW YORK	7/1/2023	1.086	5,000	5,000	5,027
STATE OF CONNECTICUT	9/15/2022	3.471	2,000	2,000	2,040
STATE OF CONNECTICUT	7/1/2022	2.500	500	502	505
STATE OF CONNECTICUT	7/1/2023	2.000	750	752	763
TOTAL STATE AND MUNICIPAL OBLIGATIONS				11,954	12,044

RESIDENTIAL MORTGAGE BACKED SECURITIES
AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
FANNIE MAE 06-36 GF	5/25/2036	0.402	2,950	2,962	2,977
FANNIE MAE 07-46 FB	5/25/2037	0.472	793	795	798
FANNIE MAE 09-107 FL	2/25/2038	0.742	1,391	1,398	1,404
FANNIE MAE 13-2 KF	1/25/2037	0.282	4,415	4,406	4,415
FANNIE MAE AF-2015-22C	4/25/2045	0.449	7,947	7,921	7,926
FANNIE MAE AF-2015-42	6/25/2055	0.429	7,518	7,481	7,495
FANNIE MAE AF-2015-91	12/25/2045	0.469	7,830	7,798	7,840
FANNIE MAE FA-2015-4	2/25/2045	0.449	3,038	3,042	3,039
FANNIE MAE FW-2015-84	11/25/2045	0.449	8,343	8,333	8,322
FANNIE MAE 07-6	2/25/2037	0.552	4,831	4,839	4,883
FANNIE MAE 09-101	12/25/2039	0.942	6,358	6,448	6,523
FANNIE MAE 12-133	4/25/2042	0.352	3,587	3,576	3,579
FANNIE MAE 16-2	2/25/2056	0.579	2,607	2,605	2,625
FANNIE MAE 303970	9/1/2024	6.000	18	18	20
FANNIE MAE 545492	2/1/2022	5.500	—	—	—
FANNIE MAE 725558	6/1/2034	1.840	36	36	37
FANNIE MAE 725694	7/1/2034	1.508	107	105	107
FANNIE MAE 725719	7/1/2033	1.575	201	200	205
FANNIE MAE 735034	10/1/2034	1.785	1,995	2,090	2,078
FANNIE MAE 735702	7/1/2035	1.930	1,189	1,221	1,247
FANNIE MAE 794787	10/1/2034	1.710	48	48	49
FANNIE MAE 799733	11/1/2034	1.827	157	160	157
FANNIE MAE 801337	9/1/2034	1.732	1,101	1,155	1,144
FANNIE MAE 801917	10/1/2034	2.070	221	222	222
FANNIE MAE 804561	9/1/2034	2.094	191	191	195
FANNIE MAE 807219	1/1/2035	2.146	378	381	398

F-32

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2021

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

FANNIE MAE 809532	2/1/2035	2.063	148	149	154
FANNIE MAE 834552	8/1/2035	2.097	143	144	149
FANNIE MAE 889485	6/1/2036	1.961	1,398	1,419	1,463
FANNIE MAE 922674	4/1/2036	2.214	582	595	614
FANNIE MAE 968438	1/1/2038	1.905	950	996	982
FANNIE MAE 995123	8/1/2037	2.175	235	243	246
FANNIE MAE 995548	9/1/2035	1.838	604	617	631
FANNIE MAE 995604	11/1/2035	1.988	1,799	1,888	1,887
FANNIE MAE 995614	8/1/2037	1.084	350	368	353
FANNIE MAE AB5230	5/1/2027	2.500	3,069	3,106	3,188
FANNIE MAE AD0901	4/1/2040	2.099	1,354	1,436	1,419
FANNIE MAE AE0559	12/1/2034	1.914	1,617	1,691	1,687
FANNIE MAE AE0566	8/1/2035	2.035	1,386	1,451	1,453
FANNIE MAE AF-2016-11	3/25/2046	0.599	4,029	4,023	4,029
FANNIE MAE AF-2016-87	11/25/2046	0.499	5,440	5,438	5,425
FANNIE MAE AF-2016-88	12/25/2046	0.539	4,457	4,457	4,459
FANNIE MAE AF-2018-87	12/25/2048	0.399	15,598	15,537	15,572
FANNIE MAE AF-204620	11/15/2042	0.539	4,542	4,535	4,538
FANNIE MAE AL1037	1/1/2037	2.318	1,499	1,587	1,592
FANNIE MAE AL2269	10/1/2040	2.116	1,224	1,299	1,285
FANNIE MAE AL3935	9/1/2037	2.002	3,485	3,668	3,648
FANNIE MAE AL3961	2/1/2039	1.861	1,418	1,493	1,483
FANNIE MAE AL4100	9/1/2036	1.912	2,813	2,955	2,946
FANNIE MAE AL4110	3/1/2037	1.831	2,380	2,493	2,487
FANNIE MAE AL4114	2/1/2039	2.108	2,296	2,429	2,421
FANNIE MAE AO8746	8/1/2027	2.500	5,396	5,503	5,599
FANNIE MAE ARM 190726	3/1/2033	4.825	39	39	39
FANNIE MAE ARM 249907	2/1/2024	2.625	24	24	24
FANNIE MAE ARM 303259	3/1/2025	2.340	7	7	7
FANNIE MAE ARM 545786	6/1/2032	2.290	155	156	156
FANNIE MAE ARM 620293	1/1/2032	2.400	25	25	25
FANNIE MAE ARM 651629	8/1/2032	1.935	62	62	62
FANNIE MAE ARM 655646	8/1/2032	1.965	78	79	79
FANNIE MAE ARM 655798	8/1/2032	1.854	171	171	171
FANNIE MAE ARM 661349	9/1/2032	2.270	73	73	76
FANNIE MAE ARM 661744	10/1/2032	2.102	143	143	148
FANNIE MAE ARM 664750	10/1/2032	1.863	61	61	61
FANNIE MAE ARM 670731	11/1/2032	1.540	53	53	53
FANNIE MAE ARM 670779	11/1/2032	1.540	239	240	240
FANNIE MAE ARM 670890	12/1/2032	1.665	83	83	84
FANNIE MAE ARM 670912	12/1/2032	1.665	68	68	68
FANNIE MAE ARM 670947	12/1/2032	1.665	140	141	141
FANNIE MAE ARM 722779	9/1/2033	1.538	69	69	69
FANNIE MAE ARM 733525	8/1/2033	1.751	236	229	243
FANNIE MAE ARM 739194	9/1/2033	1.861	280	280	289

F-33

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2021

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

FANNIE MAE ARM 743256	10/1/2033	1.859	57	57	59
FANNIE MAE ARM 743856	11/1/2033	2.213	87	87	90
FANNIE MAE ARM 758873	12/1/2033	1.912	50	50	52
FANNIE MAE AS4507	2/1/2030	3.000	4,823	4,954	5,120
FANNIE MAE AS4878	4/1/2030	3.000	6,021	6,187	6,393
FANNIE MAE BE5622	1/1/2032	2.500	14,550	14,650	15,117
FANNIE MAE BK0933	7/1/2033	3.500	5,947	6,012	6,288
FANNIE MAE CA1265	2/1/2033	3.000	13,001	12,937	13,699
FANNIE MAE CA2283	8/1/2033	3.500	6,310	6,301	6,686
FANNIE MAE DF-2015-38	6/25/2055	0.409	12,253	12,176	12,292
FANNIE MAE DF-2017-16	3/25/2047	0.519	2,324	2,334	2,322
FANNIE MAE F-2019-31	7/25/2049	0.552	25,078	25,067	25,284
FANNIE MAE FA-2013-1	2/25/2043	0.452	5,290	5,307	5,316
FANNIE MAE FA-2015-55	8/25/2055	0.449	5,602	5,582	5,606
FANNIE MAE FA-204624	12/15/2038	0.549	13,454	13,432	13,450
FANNIE MAE FC-2017-51	7/25/2047	0.452	20,304	20,365	20,450
FANNIE MAE FC-2018-73	10/25/2048	0.402	27,044	26,971	27,167
FANNIE MAE FC-2019-76	12/25/2049	0.602	14,401	14,399	14,458
FANNIE MAE FK-2010-123	11/25/2040	0.552	5,969	6,022	6,023
FANNIE MAE FL-2017-4	2/25/2047	0.549	6,005	6,005	5,999
FANNIE MAE FM9247	11/1/2036	2.000	7,648	7,855	7,848
FANNIE MAE FT-2016-84	11/25/2046	0.602	8,296	8,374	8,380
FANNIE MAE GF-204639	3/15/2036	0.549	13,001	12,981	12,997
FANNIE MAE HYBRID ARM 566074	5/1/2031	2.400	163	163	164
FANNIE MAE HYBRID ARM 584507	6/1/2031	2.224	96	95	99
FANNIE MAE KF-2015-27	5/25/2045	0.402	7,282	7,261	7,333
FANNIE MAE MA1144	8/1/2027	2.500	2,582	2,636	2,672
FANNIE MAE MA3391	6/1/2033	3.000	7,012	6,948	7,367
FANNIE MAE WF-2016-68	10/25/2046	0.549	2,990	2,994	2,990
FANNIE MAE_15-50	7/25/2045	0.449	12,355	12,343	12,322
FANNIE MAE_15-93	8/25/2045	0.452	2,756	2,749	2,764
FANNIE MAE_16-11	3/25/2046	0.649	5,249	5,255	5,262
FANNIE MAE_CF-2019-33	7/25/2049	0.572	13,747	13,772	13,876
FANNIE MAE_FA-2020-47	7/25/2050	0.502	37,113	37,113	37,305
FANNIE MAE_YF-204979	6/25/2050	0.552	27,085	27,108	27,257
FREDDIE MAC 1H2520	6/1/2035	2.343	1,625	1,714	1,724
FREDDIE MAC 1N1474	5/1/2037	2.135	53	56	54
FREDDIE MAC 1Q1515	11/1/2038	2.005	6,267	6,604	6,590
FREDDIE MAC 1Q1540	6/1/2040	2.072	2,415	2,573	2,539
FREDDIE MAC 1Q1548	8/1/2038	2.028	2,603	2,734	2,737
FREDDIE MAC 1Q1572	5/1/2038	2.001	5,151	5,423	5,412
FREDDIE MAC 2A-AOT-76	10/25/2037	1.569	4,237	4,298	4,345
FREDDIE MAC 4159 FD	1/15/2043	0.460	4,443	4,458	4,473
FREDDIE MAC_4248	5/15/2041	0.560	6,598	6,608	6,677
FREDDIE MAC 4363 2014 FA	9/15/2041	0.101	1,853	1,857	1,847
FREDDIE MAC_4448	5/15/2040	0.419	5,049	5,024	5,025

F-34

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2021

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

FREDDIE MAC 4595	10/15/2037	0.649	3,924	3,924	3,926
FREDDIE MAC 781884	8/1/2034	2.250	196	198	205
FREDDIE MAC 848416	2/1/2041	2.245	2,622	2,735	2,724
FREDDIE MAC 848530	9/1/2039	2.029	1,374	1,447	1,443
FREDDIE MAC 848922	4/1/2037	2.067	1,958	2,077	2,056
FREDDIE MAC 849281	8/1/2037	2.358	2,988	3,169	3,167
FREDDIE MAC AF-204559	3/15/2042	0.599	5,331	5,315	5,329
FREDDIE MAC AF-204615	10/15/2038	0.449	2,780	2,773	2,817
FREDDIE MAC AF-204774	7/15/2042	0.399	5,373	5,369	5,439
FREDDIE MAC ARM 350190	5/1/2022	2.375	2	3	2
FREDDIE MAC ARM 780514	5/1/2033	2.375	94	96	98
FREDDIE MAC ARM 780845	9/1/2033	2.296	44	43	46
FREDDIE MAC ARM 780903	9/1/2033	2.338	90	89	94
FREDDIE MAC ARM 845154	7/1/2022	2.236	1	1	1
FREDDIE MAC ARM 845654	2/1/2024	2.454	25	26	26
FREDDIE MAC ARM 845730	11/1/2023	2.358	13	13	13
FREDDIE MAC ARM 845733	4/1/2024	2.374	17	17	17
FREDDIE MAC ARM 846702	10/1/2029	2.356	1	1	1
FREDDIE MAC C90581	8/1/2022	5.500	2	2	3
FREDDIE MAC C90582	9/1/2022	5.500	4	4	4
FREDDIE MAC F2-20350	9/15/2040	0.444	16,034	16,026	16,079
FREDDIE MAC F4-20328	2/15/2038	0.436	3,245	3,249	3,221
FREDDIE MAC FA-204547	9/15/2040	0.549	4,530	4,524	4,543
FREDDIE MAC FA-204822	5/15/2035	0.360	35,573	35,565	35,686
FREDDIE MAC FB-204495	11/15/2038	0.449	6,798	6,771	6,832
FREDDIE MAC FD-203928	9/15/2041	0.530	16,795	16,913	16,957
FREDDIE MAC FD-204301	7/15/2037	0.510	5,818	5,853	5,870
FREDDIE MAC FHLMC_5080	3/25/2051	0.270	22,077	22,077	21,932
FREDDIE MAC FL-204523	8/15/2038	0.449	5,022	4,997	5,018
FREDDIE MAC G16485	5/1/2033	3.000	8,634	8,577	9,075
FREDDIE MAC G30227	5/1/2023	5.500	43	43	47
FREDDIE MAC GF-204367	3/15/2037	0.449	8,950	8,937	8,915
FREDDIE MAC J32518	8/1/2030	3.000	6,373	6,552	6,703
FREDDIE MAC KF-204560	7/15/2040	0.649	6,658	6,651	6,724
FREDDIE MAC LF-204475	4/15/2040	0.409	1,696	1,696	1,690
FREDDIE MAC WF-204491	8/15/2039	0.419	3,277	3,276	3,263
FREDDIE MAC WF-204681	8/15/2033	0.449	17,011	17,014	17,229
FREDDIE MAC WF-204697	6/15/2038	0.449	11,643	11,648	11,788
FREDDIE MAC WF-204730	8/15/2038	0.449	23,164	23,060	23,220
FREDDIE MAC_JF-204981	6/25/2050	0.502	23,208	23,208	23,381
GINNIE MAE AF-2014-129	10/20/2041	0.399	3,057	3,054	3,082
GINNIE MAE AF-2014-94	11/20/2041	0.549	2,083	2,086	2,069
GINNIE MAE AF-2015-18	2/20/2040	0.429	5,754	5,762	5,751
GINNIE MAE AF-2018-168	12/20/2048	0.504	18,816	18,818	18,906
GINNIE MAE AF-2020-36	3/20/2050	0.554	34,126	34,165	34,189
GINNIE MAE FA-2014-43	3/20/2044	0.504	8,170	8,178	8,232
GINNIE MAE FA-2016-115	8/20/2046	0.504	18,259	18,359	18,395
GINNIE MAE FB-2013-151	2/20/2040	0.454	9,716	9,759	9,769
GINNIE MAE FC-2009-8	2/16/2039	1.008	7,243	7,422	7,376

F-35

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2021

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

GINNIE MAE FC-2018-67	5/20/2048	0.404	5,898	5,902	5,922
GINNIE MAE FD-2018-66	5/20/2048	0.354	4,393	4,393	4,392
GINNIE MAE II 082431	12/20/2039	2.125	2,101	2,181	2,192
GINNIE MAE II 082464	1/20/2040	2.000	799	855	838
GINNIE MAE II 082497	3/20/2040	2.000	1,439	1,523	1,504
GINNIE MAE II 082573	7/20/2040	1.625	1,891	1,956	1,967
GINNIE MAE II 082581	7/20/2040	1.625	2,562	2,737	2,666
GINNIE MAE II 082602	8/20/2040	1.625	4,660	4,984	4,846
GINNIE MAE II 082710	1/20/2041	2.000	1,476	1,533	1,546
GINNIE MAE II 082794	4/20/2041	1.875	2,393	2,546	2,500
GINNIE MAE II ARM 8157	3/20/2023	2.000	7	7	7
GINNIE MAE II ARM 8638	6/20/2025	1.875	21	21	22
GINNIE MAE LF-2015-82	4/20/2041	0.399	3,237	3,237	3,231
GINNIE MAE MF-2016-108	8/20/2046	0.399	669	666	670
TOTAL AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES				910,928	917,016

NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
ADJUSTABLE RATE MORTGAGE TRUST 04-2 6A1	2/25/2035	2.364	130	131	135
ANGEL OAK MORTGAGE TRUST A1-2021-8	11/25/2066	1.820	15,000	15,000	14,998
ANGEL OAK MORTGAGE TRUST A1-2018-3	9/25/2048	3.649	2,155	2,151	2,154
ANGEL OAK MORTGAGE TRUST A1-2019-1	11/25/2048	3.920	5,044	5,035	5,042
ANGEL OAK MORTGAGE TRUST A1-2020-3	4/25/2065	1.691	7,998	7,993	8,016
ANGEL OAK MORTGAGE TRUST A1-2020-5	5/25/2065	1.373	9,790	9,786	9,793
ANGEL OAK MORTGAGE TRUST A1A-2020-2	1/26/2065	2.531	2,914	2,942	2,944
APS RESECURITIZATION TRUST 1A-2016-3	11/27/2066	2.352	9,127	9,103	10,346
APS RESECURITIZATION TRUST 2A-2016-3	11/27/2046	2.352	6,332	6,313	7,748
ARROYO MORTGAGE TRUST A1-2019-1	1/25/2049	3.805	9,340	9,331	9,377
ARROYO MORTGAGE TRUST A1-2019-3	10/25/2048	2.962	6,079	6,075	6,126
BANK OF AMERICA FUNDING CORPORATION 7A1-2015-R4	11/27/2045	1.842	870	869	864
BANK OF AMERICA FUNDING CORPORATION A1-2016-R1	3/25/2040	2.500	733	732	732
BANK OF AMERICA MORTGAGE SECURITY 2004-E 2A6	6/25/2034	2.790	854	851	873
BAYVIEW OPPORTUNITY MASTER FUND A1-2017-RT1	3/28/2057	3.000	4,109	4,119	4,129
BAYVIEW OPPORTUNITY MASTER FUND A-2016-SPL1	4/28/2055	4.000	7,349	7,414	7,378
BAYVIEW OPPORTUNITY MASTER FUND A-2016-SPL2	6/28/2053	4.000	8,624	8,710	8,778
BAYVIEW OPPORTUNITY MASTER FUND A-2017-RT5	5/28/2069	3.500	10,643	10,744	10,774
BAYVIEW OPPORTUNITY MASTER FUND A-2017-RT6	10/28/2057	3.500	11,751	11,873	11,941
BAYVIEW OPPORTUNITY MASTER FUND A-2017-SPL1	10/28/2064	4.000	9,816	9,968	9,930
BAYVIEW OPPORTUNITY MASTER FUND A-2017-SPL2	6/28/2054	4.000	9,811	9,969	10,148
BAYVIEW OPPORTUNITY MASTER FUND A-2017-SPL3	11/28/2053	4.000	7,524	7,645	7,592
BAYVIEW OPPORTUNITY MASTER FUND A-2017-SPL4	1/28/2055	3.500	8,612	8,705	8,739
BAYVIEW OPPORTUNITY MASTER FUND A-2017-SPL5	6/28/2057	3.500	9,723	9,847	9,837
BRAVO RESIDENTIAL FUNDING TRUST A1-2019-NQM2	11/25/2059	2.748	7,655	7,650	7,722
BRAVO RESIDENTIAL FUNDING TRUST A1-2020-RPL1	5/26/2059	2.500	16,973	17,256	17,239
BUNKER HILL LOAN DEPOSITARY A1-2019-2	7/25/2049	2.879	9,586	9,579	9,611
BUNKER HILL LOAN DEPOSITARY A1-2019-3	11/25/2059	2.724	5,142	5,138	5,192
CENTEX HOME EQUITY 2003-A AF4	12/25/2031	4.250	640	637	646
CHASE MORTGAGE FINANCE 07-A1 1A5	2/25/2037	2.326	1,252	1,241	1,265

F-36

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2021

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

CITIGROUP MORTGAGE LOAN TRUST 1A1-2015-11	3/25/2035	2.550	2,093	2,094	2,075
CITIGROUP MORTGAGE LOAN TRUST 3A1-2015-5	8/25/2034	2.570	1,132	1,135	1,117
CITIGROUP MORTGAGE LOAN TRUST 4A1-2015-5	4/20/2035	2.528	519	519	518
CITIGROUP MORTGAGE LOAN TRUST A1-2015-PS1	9/25/2042	3.750	2,363	2,384	2,409
CITIGROUP MORTGAGE LOAN TRUST A1-2019-IMC1	7/25/2049	2.720	7,208	7,199	7,204
CITIGROUP MORTGAGE LOAN TRUST A4-2015-A	6/25/2058	4.250	21	21	22
COLT FUNDING LLC A1-2021-6	12/25/2066	1.907	26,000	26,000	26,049
COLT FUNDING LLC COLT_ A1-2020-2R	10/26/2065	1.325	9,147	9,144	9,155
COMMERCIAL TRUST CORPORATION A-2017-7	4/25/2057	3.000	3,347	3,349	3,378
COUNTRYWIDE HOME LOANS 03-46 4A1	1/19/2034	2.235	775	793	770
COUNTYWIDE ALTERNATIVE LOAN 04-33 2A1	12/25/2034	2.974	29	29	29
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES 04-AR3	4/25/2034	2.557	380	385	383
CREDIT SUISSE MORTGAGE CAPITAL 3A1-2015-7R	10/27/2036	0.242	1,674	1,666	1,668
CREDIT SUISSE MORTGAGE CAPITAL CLASS-20-125	7/25/2049	2.573	11,376	11,367	11,471
CREDIT SUISSE MORTGAGE CAPTIAL 1A1-2015-6R	7/27/2035	2.658	1,507	1,509	1,501
CREDIT SUISSE MORTGAGE CAPTIAL A1-2017-FHA1	4/25/2047	3.250	11,010	11,106	11,347
CREDIT SUISSE MORTGAGE TRUST A1-2017-RPL1	7/25/2057	2.750	10,597	10,583	10,789
CREDIT SUISSE MORTGAGE TRUST A1-2017-RPL3	8/1/2057	4.000	21,964	22,648	23,122
CREDIT SUISSE MORTGAGE TRUST A1-2019-NQM1	10/25/2059	2.656	2,471	2,469	2,489
CREDIT SUISSE MORTGAGE TRUST A1-2020-SPT1	4/25/2065	1.616	7,881	7,881	7,892
CSMC TRUST A1-2021-NQM8	10/25/2066	1.841	30,000	30,000	29,975
ELLINGTON FINANCIAL MORTGAGE A1-2019-2	11/25/2059	2.739	8,664	8,657	8,728
FIRST HORIZON ALTERNATIVE MORTGAGE 04-AA4 A1	10/25/2034	2.311	215	217	223
GMAC MORTGAGE CORPORATION LOAN 2004-AR2 3A	8/19/2034	3.134	224	225	216
GMAC MORTGAGE CORPORATION LOAN 2004-AR2 5A1	8/19/2034	2.806	134	134	129
GOLDMAN SACHS MORTGAGE SECURITIES CORPORATION 05-AR1 2A1	1/25/2035	2.578	716	718	716
GOLDMAN SACHS MORTGAGE SECURITIES CORPORATION A1A-2018-RPL	10/25/2057	3.750	7,439	7,365	7,618
GOVERNMENTAL COLLECTORS ASSOCIATION OF TEXAS A1-2019-NQM3	11/25/2059	2.686	6,703	6,698	6,761
HARBORVIEW MORTGAGE LOAN TRUST 04-10 4A	1/19/2035	2.393	147	148	148
HARBORVIEW MORTGAGE LOAN TRUST 04-7 3A1	11/19/2034	2.209	291	288	296
HARBORVIEW MORTGAGE LOAN TRUST 2004-1 4A	4/19/2034	2.334	134	135	139
HARBORVIEW MORTGAGE LOAN TRUST 2004-4 3A	6/19/2034	1.225	31	31	31
HARBORVIEW MORTGAGE LOAN TRUST 2004-6 5A	8/19/2034	2.351	108	107	107
HOMEWARD OPPORTUNITIES A1-2018-2	11/25/2058	3.985	7,844	7,833	7,887
IMPERIAL FUND MORTGAGE TRUST A1-2021-NQM4	1/25/2057	2.091	29,907	29,907	29,926
J.P. MORGAN MORTGAGE TRUST A11-2019-LTV	12/25/2049	1.002	673	673	673
MERRILL LYNCH MORTGAGE INVESTORS 03-A5 2A6A	8/25/2033	1.989	243	243	244
MERRILL LYNCH MORTGAGE INVESTORS 04-1 2A2	12/25/2034	2.052	135	135	134
MERRILL LYNCH MORTGAGE INVESTORS 05-A1 2A	12/25/2034	2.450	151	151	157
MERRILL LYNCH MORTGAGE INVESTORS 05-A2 A2	2/25/2035	2.838	495	495	495
METLIFE SECURITIZATION TRUST A-2017-1A	4/25/2055	3.000	7,540	7,581	7,680
METLIFE SECURITIZATION TRUST A-2018-1A	3/25/2057	3.750	7,156	7,157	7,377

F-37

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2021

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

MFA TRUST MFRA A1-2020-NQM3	1/26/2065	1.014	4,723	4,722	4,718
MFA TRUST MFRA 20-NQM3	10/25/2051	2.500	24,551	24,874	24,518
MILL CITY MORTGAGE LOAN TRUST A1-2016-1	4/25/2057	2.500	379	378	378
MILL CITY MORTGAGE LOAN TRUST A1-2017-1	11/25/2058	2.750	3,195	3,188	3,211
MILL CITY MORTGAGE LOAN TRUST A1-2017-2	7/25/2059	2.750	6,375	6,382	6,433
MILL CITY MORTGAGE LOAN TRUST A1-2017-3	1/25/2061	2.750	8,544	8,552	8,623
MILL CITY MORTGAGE LOAN TRUST A1-2018-3	8/25/2058	3.500	4,026	4,099	4,132
MILL CITY MORTGAGE LOAN TRUST A1-2019-1	10/25/2069	3.250	6,208	6,262	6,328
MILL CITY MORTGAGE TRUST A1-2019-GS1	7/25/2059	2.750	8,690	8,712	8,828
MORGAN STANLEY MORTGAGE LOAN 04-10AR A1	11/25/2034	3.436	231	232	238
MORGAN STANLEY MORTGAGE LOAN PT2A	11/25/2034	2.507	160	162	160
MORGAN STANLEY REREMIC TRUST 2A-2015-R7	6/26/2035	2.652	1,161	1,161	1,160
MORGAN STANLEY REREMIC TRUST 5A-2013-R9	6/26/2046	0.304	572	570	572
MORGAN STANLEY REREMIC TRUST A-2014-R7	1/26/2051	3.000	643	640	656
NATIONSTAR MORTGAGE LOAN TRUST A-2013-A	12/25/2052	3.750	749	761	759
NEW RESIDENTIAL MORTGAGE LOAN A1-2019-RPL3	7/25/2059	2.750	11,792	12,092	12,008
NEW RESIDENTIAL MORTGAGE LOAN TRSUT A1-2017-6A	8/27/2057	4.000	8,431	8,637	8,921
NEW RESIDENTIAL MORTGAGE LOAN TRUST A1-2016-1A	3/25/2056	3.750	5,452	5,564	5,754
NEW RESIDENTIAL MORTGAGE LOAN TRUST A1-2016-2	9/25/2056	3.750	9,989	10,328	10,549
NEW RESIDENTIAL MORTGAGE LOAN TRUST A1-2016-2A	11/26/2035	3.750	3,773	3,855	3,939
NEW RESIDENTIAL MORTGAGE LOAN TRUST A1-2016-4A	11/25/2056	3.750	10,910	11,204	11,607
NEW RESIDENTIAL MORTGAGE LOAN TRUST A1-2017-1A	2/25/2057	4.000	8,930	9,135	9,411
NEW RESIDENTIAL MORTGAGE LOAN TRUST A1-2017-3A	4/25/2057	4.000	11,368	11,681	11,915
NEW RESIDENTIAL MORTGAGE LOAN TRUST A1-2019-NQM4	9/25/2059	2.492	2,398	2,396	2,413
NEW RESIDENTIAL MORTGAGE LOAN TRUST A3-2014-3	11/25/2054	3.750	1,811	1,843	1,879
NEW RESIDENTIAL MORTGAGE LOAN TRUST A3-2017-2A	3/25/2057	4.000	10,823	11,140	11,389
NOMURA RESECURITIZATION TRUST 4A1-2015-4R	3/26/2037	3.135	92	92	92
OCEANVIEW MORTGAGE LOAN TRUST CLASS-20-676	5/28/2050	1.733	4,164	4,161	4,171
ONSLOW BAY FINANCIAL LLC 2A1A-2019-EX	10/25/2059	1.002	801	801	801
ONSLOW BAY FINANCIAL LLC OBX_2	9/25/2051	2.500	23,234	23,515	23,190
RESIDENTIAL MORTGAGE LOAN TRUST A1-2019-2	5/25/2059	2.913	6,758	6,751	6,753
RESIDENTIAL MORTGAGE LOAN TRUST A1-2019-3	9/25/2059	2.633	7,454	7,447	7,455
STAR A1-2020-3	4/25/2065	1.486	4,098	4,096	4,101
STARWOOD MORTGAGE RESIDENTIAL A1-202019-IN	9/27/2049	2.610	3,878	3,873	3,908
STRUCTURED ASSET INVESTMENT LOAN TRUST M1-2003-BC5	6/25/2033	1.214	1,476	1,438	1,484
STRUCTURED ASSET SECURITIES CORPORATION 03-24A 5A	7/25/2033	2.155	274	276	281
TOWD POINT MORTGAGE TRUST A1-2015-6	4/25/2055	3.500	119	119	119
TOWD POINT MORTGAGE TRUST A1-2016-2	8/25/2055	3.000	1,282	1,281	1,286
TOWD POINT MORTGAGE TRUST A1-2016-3	4/25/2056	2.250	918	916	918
TOWD POINT MORTGAGE TRUST A1-2017-3	7/25/2057	2.750	5,398	5,403	5,457
TOWD POINT MORTGAGE TRUST A1-2017-4	6/25/2057	2.750	8,034	8,053	8,154
TOWD POINT MORTGAGE TRUST A1-2019-HY1	10/25/2048	1.102	3,538	3,549	3,552
TOWD POINT MORTGAGE TRUST A4B-2015-3	3/25/2054	3.500	634	636	640
UWM MORTGAGE TRUST UWM_21-INV1	9/25/2051	2.500	24,712	25,148	24,679
VERUS SECURITIZATION TRUST A1-2021-7	10/25/2066	1.829	19,701	19,700	19,692
VERUS SECURITIZATION TRUST A1-2019-3	7/25/2059	2.784	6,480	6,474	6,502

F-38

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2021

(in thousands) 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 A1-2019-4	11/25/2059	2.642	3,944	3,940	3,975
VERUS SECURITIZATION TRUST A1-2019-INV3	11/25/2059	2.692	7,549	7,545	7,618
VERUS SECURITIZATION TRUST A1-2021-R1	10/25/2063	0.820	12,677	12,675	12,639
VISIO A1-2019-2	11/25/2054	2.722	22,121	22,014	22,463
WASHINGTON MUTUAL 03-AR6 A1	6/25/2033	2.561	366	365	363
WASHINGTON MUTUAL 04-AR10 A1A	7/25/2044	0.983	258	259	257
WASHINGTON MUTUAL 05-AR3 A2	3/25/2035	2.722	494	496	500
WASHINGTON MUTUAL 05-AR4 A5	4/25/2035	2.831	1,460	1,456	1,473
WELLS FARGO MORTGAGE BACKED SECURITY 04-K 2A6	7/25/2034	2.597	397	408	393
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES				769,443	776,532
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES				1,680,371	1,693,548

ASSET BACKED SECURITIES
APIDOS CLO APID_15-20A	7/16/2031	1.222	20,000	20,000	20,000
APIDOS CLO APID_20-33	10/24/2034	1.274	22,000	22,000	22,003
ARI FLEET LEASE TRUST_19 A2B-2019-A	11/15/2027	0.590	2,303	2,303	2,304
AVIS BUDGET RENTAL CAR FUNDING A-2017-1A	9/20/2023	3.070	8,020	8,025	8,122
BAIN CAPITAL CREDIT CLO BCC A1-2020-5A	1/20/2032	1.352	40,000	40,000	40,001
BALLYROCK A1-2018-1A	4/20/2031	1.132	40,000	40,000	39,898
BRAZOS HIGHER EDUCATION AUTHORITY A2-2010-1	2/25/2035	1.378	20,000	19,880	20,230
BROAD RIVER BSL FUNDING AR-2020-1A	7/20/2034	1.302	16,000	16,000	15,973
CARLYLE GLOBAL MARKET STRATEGIES A1RR-2013-4A	1/15/2031	1.122	19,710	19,710	19,674
CARLYLE GLOBAL MARKET STRATEGIES 20-143	10/15/2030	1.224	12,239	12,249	12,234
CARLYLE GLOBAL MARKET STRATEGIES A1R2-2014-1A	4/17/2031	1.092	29,909	29,097	29,859
CIFC FUNDING LTD_17-1A AR-2017-1A	4/23/2029	1.140	12,779	12,627	12,779
COLLEGE LOAN CORPORATION TRUST 02-2 A24	3/1/2042	1.503	10,000	8,974	9,903
DRYDEN SENIOR LOAN FUND A1-2018-55A	4/15/2031	1.144	12,000	12,000	12,002
EDUCATIONAL SERVICES OF AMERICA A-2012-2	4/25/2039	0.832	2,132	2,131	2,131
EDUCATIONAL SERVICES OF AMERICA A-2014-1	2/25/2039	0.802	6,278	6,217	6,259
EDUCATIONAL SERVICES OF AMERICA A-2014-3	2/25/2036	0.702	488	481	483
GOLDENTREE LOAN MANAGEMENT US	4/20/2034	1.202	16,750	16,750	16,686
NAVIENT STUDENT LOAN TRUST A2B-2018-DA	12/15/2059	0.910	8,426	8,403	8,419
HENDERSON RECEIVABLES LLC 10-3A A	12/15/2048	3.820	513	513	530
MADISON PARK FUNDING LTD A-2021-48A	4/19/2033	1.274	40,000	40,000	40,000
MAGNETITE CLO LIMITED MAGNE_20	7/25/2034	1.244	25,000	25,000	24,972
MAGNETITE CLO LTD A1R2-2012-7A	1/15/2028	0.924	12,992	12,798	13,003
MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORP. A1-2014-1	10/25/2035	0.783	3,859	3,803	3,868
MVW OWNER TRUST 16-1A	12/20/2033	2.250	2,819	2,810	2,838
NORTHSTAR EDUCATION FINANCE A3-2002-1	4/1/2042	3.513	5,000	4,778	4,891
OAKC 21-8A	1/18/2034	1.312	30,000	30,000	30,016
OZLM A1-2017-21A	1/20/2031	1.282	16,000	16,013	15,962
PALMER SQUARE LOAN FUNDING LTD A1-2020-1A	2/20/2028	0.960	11,603	11,430	11,613
RACE POINT CLO LTD_13-8A AR2-2013-8A	2/20/2030	1.200	13,823	13,823	13,823
RR LTD RRAM_21-19A	10/15/2035	1.264	15,000	15,000	15,007
SALLIE MAE 12-3 A	12/27/2038	0.742	5,200	5,229	5,217
SALLIE MAE A6-2006-2	1/25/2041	0.294	14,254	13,653	13,815
SMALL BUSINESS ADMINISTRATION 2002-20J	10/1/2022	4.750	28	28	28
SMB PRIVATE EDUCATION LOAN TRUST A2A-2017-B	10/15/2035	2.820	5,681	5,681	5,773

F-39

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2021

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

STUDENT LOAN TRUST A4A-2008-1	12/15/2032	1.811	2,820	2,845	2,856
VOI MORTGAGE LLC A-2016-A	7/20/2033	2.540	2,079	2,077	2,088
TOTAL ASSET BACKED SECURITIES				502,328	505,260

COMMERCIAL MORTGAGE BACKED SECURITIES
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
FANNIE MAE 06-M2 A2A	10/25/2032	5.271	1,496	1,539	1,610
FHLMC MULTIFAMILY STRUCTURED A-20K56	11/25/2028	0.662	21,386	21,583	21,496
FHLMC MULTIFAMILY STRUCTURED AFL-2020-KXO	3/25/2030	0.432	18,379	18,379	18,430
FHLMC MULTIFAMILY STRUCTURED AL-20K98	12/25/2030	0.272	25,000	25,000	25,000
FHLMC MULTIFAMILY STRUCTURED P AL-20KF88	9/25/2030	0.432	15,322	15,322	15,335
FHLMC MULTIFAMILY STRUCTURED P AL-20KF90	9/25/2030	0.432	16,129	16,129	16,309
FHLMC MULTIFAMILY STRUCTURED AS-20KF84	7/25/2030	0.370	14,387	14,387	14,412
FHLMC MULTIFAMILY STRUCTURED P AL-20KF86	8/25/2027	0.392	9,133	9,133	9,146
FREDDIE MAC A10-20KS10	10/25/2028	0.712	19,460	19,469	19,521
FREDDIE MAC A-20KBF2	10/25/2025	0.541	9,748	9,749	9,796
FREDDIE MAC A-20KF50	7/25/2028	0.501	4,275	4,278	4,295
FREDDIE MAC A-20KF52	9/25/2028	0.514	8,607	8,607	8,682
FREDDIE MAC A-20KF53	10/25/2025	0.484	11,333	11,333	11,362
FREDDIE MAC A-20KF54	11/25/2028	0.581	36,477	36,478	36,432
FREDDIE MAC A-20KF55	11/25/2025	0.612	34,608	34,640	34,693
FREDDIE MAC A-20KF57	12/25/2028	0.641	16,444	16,444	16,538
FREDDIE MAC A-20KF58	1/25/2026	0.602	32,807	32,850	32,945
FREDDIE MAC A-20KF59	2/25/2029	0.642	22,315	22,315	22,457
FREDDIE MAC A-20KF60	2/25/2026	0.592	23,559	23,590	23,645
FREDDIE MAC A-20KF61	3/25/2029	0.632	14,834	14,857	14,923
FREDDIE MAC AFL-20KSL1	11/25/2023	0.569	21,950	21,950	22,041
FREDDIE MAC AFLW-20KL3W	8/25/2025	0.551	14,865	14,882	14,934
FREDDIE MAC FHLMC_KF85	8/25/2030	0.402	14,065	14,065	14,093
FREMF MORTGAGE TRUST AS-20KF97	12/25/2030	0.300	10,572	10,572	10,559
GINNIE MAE 17-127	4/16/2052	2.500	5,845	5,818	5,920
GINNIE MAE 17-135	5/16/2049	2.200	15,028	14,949	15,180
GINNIE MAE 17-146	8/16/2047	2.200	6,199	6,176	6,258
GINNIE MAE 7-140	2/16/2059	2.500	6,692	6,663	6,803
GINNIE MAE A-2013-57	6/16/2037	1.350	582	580	583
GINNIE MAE AC-2013-13	4/16/2046	1.700	1,566	1,514	1,565
GINNIE MAE AC-2014-112	12/16/2040	1.900	37	37	37
GINNIE MAE AC-2015-98	4/16/2041	2.150	3,318	3,328	3,342
GINNIE MAE AD-2016-1829	11/16/2043	2.250	5,080	5,091	5,134
GINNIE MAE AG-2016-39	1/16/2043	2.300	4,593	4,602	4,640
GINNIE MAE AG-2017-171	10/16/2048	2.250	5,887	5,851	5,946
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES				472,160	474,062

NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
280 PARK AVENUE MORTGAGE TRUST 2017-A	9/15/2034	0.982	40,000	40,000	39,950
ASHFORD HOSPITALITY TRUST_A-2018-KEYS	6/15/2035	1.110	40,000	40,000	39,930
BANC OF AMERICA MERRILL LYNCH A-2018-DSNY	9/15/2034	0.960	33,350	33,291	33,304
BARCLAYS COMMERCIAL MORTGAGE A-2019-BWAY	11/15/2034	1.066	10,000	9,980	9,951
BFLD TRUST A-2019-DPLO	10/15/2034	1.200	28,000	27,981	27,966

F-40

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2021

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

BHMS MORTGAGE TRUST BHMS 18-ATLS	7/15/2035	1.360	40,000	40,000	39,975
BRAEMAR HOTELS & RESORTS TRUST A-2018-PRME	6/15/2035	0.930	19,768	19,766	19,727
BX COMMERCIAL MORTGAGE TRUST A-2019-ATL	10/15/2036	1.177	27,275	27,270	27,208
BX COMMERCIAL MORTGAGE TRUST A-2019-XL	10/15/2036	1.030	4,171	4,173	4,170
BX COMMERCIAL MORTGAGE TRUST B	9/15/2036	0.810	29,000	29,011	28,901
BX TRUST A-2018-GW	5/15/2035	0.909	38,592	38,561	38,519
BX TRUST_19-RP A-2019-RP	6/15/2034	1.155	13,832	13,824	13,787
CAMB COMMERCIAL MORTGAGE TRUST A-2019-LIFE	12/15/2037	1.180	15,000	15,000	15,001
CGDB COMMERCIAL MORTGAGE TRUST A-2019-MOB	11/15/2036	1.060	15,000	15,000	14,963
COLONY MORTGAGE CAPITAL LTD A-2019-IKPR	11/15/2038	1.239	20,000	19,938	19,988
COMM A-2019-521F	6/15/2034	1.010	16,510	16,511	16,423
COSMOPOLITAN HOTEL TRUST A-2017-CSMO	11/15/2036	1.040	39,690	39,677	39,667
DBGS MORTGAGE TRUST A-2018-5BP	6/15/2033	0.885	40,000	39,970	39,925
DBGS MORTGAGE TRUST A-2018-BIOD	5/15/2035	0.913	23,203	23,201	23,196
DBWF MORTGAGE TRUST A-2018-GLKS	12/19/2030	1.134	20,000	19,947	20,001
INVITATION HOMES TRUST A-2018-SFR1	3/17/2037	0.808	26,163	26,082	26,163
INVITATION HOMES TRUST A-2018-SFR2	6/17/2037	1.009	35,980	35,886	35,986
INVITATION HOMES TRUST A-2018-SFR3	7/17/2037	1.109	9,016	9,016	9,000
INVITATION HOMES TRUST A-2018-SFR4	1/17/2038	1.208	30,419	30,420	30,410
JP MORGAN CHASE COMMERCIAL MORTGAGE A-2018-ASH8	2/15/2035	1.059	11,398	11,397	11,376
MORGAN STANLEY CAPITAL TRUST MSC_18-BOP	8/15/2033	0.960	19,269	19,270	19,199
ONE NEW YORK PLAZA TRUST ONYP A-2020-1NYP	1/15/2036	1.060	18,200	18,200	18,189
UBS COMMERCIAL MORTGAGE TRUST A-2018-NYCH	2/15/2032	0.960	10,585	10,570	10,513
WELLS FARGO COMMERCIAL MORTGAGE TRUST_17-SMP	12/15/2034	0.985	18,500	18,414	18,479
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES				692,356	691,867
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES				1,164,516	1,165,929

CORPORATE DEBT SECURITIES
BANKING
WASHINGTON MUTUAL BANK/HENDERSON	6/15/2011	—	1,500	—	3	c,d
TOTAL BANKING				—	3
COMMUNICATIONS
SKY PLC	11/26/2022	3.125	5,000	4,998	5,107
TOTAL COMMUNICATIONS				4,998	5,107
CONSUMER NON CYCLICAL
ESSILOR INTERNATIONAL SA	1/5/2022	2.050	6,000	6,000	6,001
KROGER CO	8/1/2022	2.800	5,845	5,818	5,909
TOTAL CONSUMER NON CYCLICAL				11,818	11,910
ELECTRIC
AMERICAN ELECTRIC POWER COMPANY INC	10/1/2022	2.400	3,000	2,986	3,033
BERKSHIRE HATHAWAY INC	8/15/2023	3.375	14,195	14,351	14,668
CMS ENERGY CORPORATION	8/31/2024	3.125	10,250	10,461	10,689
DUKE ENERGY CORP	8/15/2022	3.050	3,053	3,040	3,082
EVERSOURCE ENERGY	3/15/2022	2.750	1,050	1,050	1,052
THE SOUTHERN COMPANY	3/30/2022	2.450	500	498	502
TOTAL ELECTRIC				32,386	33,026

F-41

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2021

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

INSURANCE
UNITEDHEALTH GROUP INC	3/15/2022	2.875	2,000	1,999	2,004
TOTAL INSURANCE				1,999	2,004
TOTAL CORPORATE DEBT SECURITIES				51,201	52,050
TOTAL FIXED MATURITIES				4,710,303	4,728,811

SYNDICATED LOANS
BASIC INDUSTRY
ASPLUNDH TREE EXPERT LLC	9/7/2027	1.840	866	864	864
AXALTA COATING SYSTEMS LTD	6/1/2024	1.882	1,206	1,203	1,203
CHEMOURS COMPANY	4/3/2025	1.850	1,847	1,847	1,847
ELEMENT SOLUTIONS INC	1/31/2026	2.090	975	973	973
FLINT GROUP GERMANY	9/21/2023	6.000	85	85	85
FLINT GROUP GERMANY	9/21/2023	6.000	515	512	512
HEXION HOLDINGS LLC	7/1/2026	3.640	489	485	485
INEOS LTD	3/29/2024	2.090	1,306	1,307	1,307
MESSER INDUSTRIE GMBH	3/2/2026	2.632	1,056	1,052	1,052
MINERALS TECHNOLOGIES INC.	2/14/2024	3.000	729	729	729
TRINSEO SA	9/6/2024	2.090	1,301	1,301	1,301
UNIVAR INC	6/3/2028	2.090	499	496	496
TOTAL BASIC INDUSTRY				10,854	10,854
BROKERAGE
CITADEL SECURITIES LP	2/2/2028	2.590	1,244	1,242	1,242
GREENHILL & CO INC	4/12/2024	3.340	489	488	488
LPL HOLDINGS INC TERM LOAN B1	11/12/2026	1.849	617	613	613
RUSSELL INVESTMENTS US INSTITUTE 2025 TERM LOAN	5/30/2025	4.500	1,339	1,339	1,339
TOTAL BROKERAGE				3,682	3,682
CAPITAL GOODS
ADVANCED DRAINAGE SYSTEMS INC	4/23/2028	2.340	384	382	382
ALBEA BEAUTY HOLDINGS	4/20/2024	4.000	229	228	228
ANCHOR GLASS CONTAINER CORP	12/7/2023	3.750	959	959	959
BERRY GLOBAL INC TERM LOAN Z	7/1/2026	1.864	968	967	967
DOOSAN INFRACORE CO LTD	5/18/2024	1.967	771	772	772
ENERGY SOLUTIONS LLC	5/12/2025	4.750	598	596	596
EWT HOLDINGS III CORP	3/12/2028	2.625	748	745	745
GFL ENVIRONMENTAL INC	5/30/2025	3.500	317	316	316
INGERSOLL RAND INC	3/1/2027	1.840	320	320	320
INGERSOLL-RAND SERVICES CO	3/1/2027	1.840	1,231	1,230	1,230
QUIKRETE HOLDINGS INC	2/1/2027	2.590	1,351	1,343	1,343
PRINTPACK HOLDINGS INC	7/26/2023	4.000	128	128	128
REYNOLDS CONSUMER PRODUCTS LLC	1/29/2027	1.840	238	237	237
TEREX CORP TERM LOAN B	1/31/2024	2.750	80	78	78
TRANSDIGM INC	12/9/2025	2.340	831	829	829

F-42

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2021

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

ZEKELMAN INDUSTRIES INC	1/24/2027	2.103	728	729	729
TOTAL CAPITAL GOODS				9,859	9,859
COMMUNICATIONS
ALTICE FRANCE SA	7/15/2025	2.879	955	954	954
CENTURYLINK INC	3/15/2027	2.340	1,228	1,228	1,228
CHARTER COMMUNICATIONS INC	4/30/2025	1.850	1,398	1,399	1,399
COGECO COMMUNICATIONS (USA) II LP	1/3/2025	2.090	1,353	1,352	1,352
CSC HOLDINGS LLC	7/17/2025	2.360	946	944	944
DIAMOND SPORTS GROUP LLC	8/24/2026	3.350	1,152	1,149	1,149
ENTRAVISION COMMUNICATIONS CORPORATION	11/30/2024	2.840	302	301	301
EW SCRIPPS CO TERM LOAN - B2	5/1/2026	3.313	494	484	484
GRAY TELEVISION INC	2/7/2024	2.599	278	278	278
HUBBARD RADIO LLC	3/28/2025	5.250	240	240	240
LEVEL 3 PARENT LLC	3/1/2027	1.840	337	337	337
LIONS GATE CAPITAL HOLDINGS LLC	3/22/2023	1.840	961	961	961
CSC HOLDINGS LLC	1/15/2026	2.360	973	954	954
LIONS GATE ENTERTAINMENT CORP	3/24/2025	2.340	802	802	802
NASCAR HOLDINGS INC	10/19/2026	2.590	338	337	337
NEXSTAR MEDIA GROUP INC	1/17/2024	2.340	308	308	308
SBA COMMUNICATIONS CORP	4/11/2025	1.850	1,230	1,226	1,226
SINCLAIR TELEVISION GROUP INC	4/1/2028	3.100	796	793	793
SINCLAIR TELEVISION GROUP INC	12/17/2026	3.590	988	968	968
TELESAT LLC	12/7/2026	2.900	814	812	812
VIRGIN MEDIA BRISTOL LLC	1/31/2028	2.610	1,000	1,001	1,001
TOTAL COMMUNICATIONS				16,828	16,828
CONSUMER CYCLICAL
1011778 BC UNLIMITED LIABILITY	11/19/2026	1.840	1,314	1,313	1,313
AMERICAN AXLE & MANUFACTURING TERM LOAN B	4/6/2024	3.000	1,066	1,060	1,060
ARISTOCRAT LEISURE LTD	10/19/2024	1.882	1,429	1,429	1,429
BJS WHOLESALE CLUB INC TERM LOAN B	2/3/2024	2.105	302	300	300
BURLINGTON COAT FACTORY	6/24/2028	2.100	926	922	922
CAESARS ENTERTAINMENT CORP	12/23/2024	2.840	1,072	1,068	1,068
CEDAR FAIR LP	4/13/2024	1.840	181	174	174
CINEWORLD FINANCE US INC	2/28/2025	3.500	341	340	340
FOUR SEASONS HOLDINGS INC	11/30/2023	2.090	1,447	1,444	1,444
GO DADDY INC	2/15/2024	1.840	931	930	930
HILTON WORLDWIDE HOLDINGS INC	6/22/2026	1.842	749	748	748
KAR AUCTION SERVICES INC	9/18/2026	2.375	735	734	734
KFC HOLDING CO	3/15/2028	1.854	1,044	1,044	1,044
METRO-GOLDWYN-MAYER INC	7/3/2025	2.600	1,360	1,353	1,353
NAI ENTERTAINMENT HOLDINGS LLC	5/8/2025	3.500	793	793	793
PCI GAMING AUTHORITY	5/29/2026	2.590	385	384	384
PENN NATIONAL GAMING INC	10/15/2025	3.000	1,112	1,110	1,110

F-43

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2021

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

PRIME SECURITY SERVICES	9/23/2026	3.500	889	883	883
QUALITY SOLUTIONS INTERNATIONAL LTD	8/21/2025	2.840	906	899	899
SCIENTIFIC GAMES CORP	8/14/2024	2.840	1,379	1,375	1,375
SEMINOLE TRIBE OF FLORIDA INC	7/8/2024	1.840	752	751	751
SIX FLAGS ENTERTAINMENT CORP	4/17/2026	1.850	760	760	760
WILLIAM MORRIS ENDEAVOR ENTERTAINMENT LLC	5/18/2025	2.850	895	893	893
WYNDHAM WORLDWIDE CORP	5/30/2025	1.840	970	970	970
TOTAL CONSUMER CYCLICAL				21,677	21,677
CONSUMER NON CYCLICAL
ARAMARK SERVICES INC	3/23/2028	2.590	1,012	1,007	1,007
B&G FOODS INC	10/10/2026	2.590	268	267	267
BAUSCH HEALTH COMPANIES INC	6/1/2025	3.090	372	371	371
CHANGE HEALTHCARE HOLDINGS LLC	3/1/2024	3.500	654	653	653
DAVITA INC	8/12/2026	1.840	735	734	734
ELANCO ANIMAL HEALTH INC	8/1/2027	1.849	700	697	697
ENERGIZER HOLDINGS INC	12/22/2027	2.750	414	412	412
GRIFOLS SA	11/15/2027	2.072	1,117	1,114	1,114
ICON LUXEMBOURG SARL LUX SARL	7/3/2028	3.000	454	452	452
INDIGO MERGER SUB INC	7/3/2028	3.000	113	113	113
IQVIA INC TERM LOAN - B3	6/11/2025	1.882	462	456	456
JBS SA	5/1/2026	2.092	559	558	558
ORGANON & CO	4/7/2028	3.500	397	395	395
PRESTIGE BRANDS INC	6/10/2028	2.500	417	415	415
SELECT MEDICAL CORPORATION	3/6/2025	2.350	1,248	1,244	1,244
US FOODS HOLDING CORP	8/30/2026	2.090	245	244	244
TOTAL CONSUMER NON CYCLICAL				9,132	9,132
ELECTRIC
ASTORIA ENERGY LLC TERM LOAN B	12/2/2027	4.500	1	1	1
CALPINE CONSTRUCTION FINANCE	1/15/2025	2.090	1,930	1,930	1,930
CALPINE CORP 2020 TERM LOAN	12/16/2027	2.590	326	323	323
CARROLL COUNTRY ENERGY LLC	2/16/2026	3.632	638	634	634
CPV SHORE HOLDINGS LLC	12/29/2025	3.850	650	646	646
EASTERN POWER LLC	10/2/2025	4.750	1,453	1,452	1,452
EDGEWATER GENERATION LLC	12/13/2025	3.840	1,015	1,013	1,013
EFS COGEN HOLDINGS I LLC NEW TERM LOAN 2020	10/1/2027	4.500	722	719	719
EXGEN RENEWABLES IV LLC TERM LOAN	12/15/2027	3.500	489	487	487
HELIX GEN FUNDING LLC	6/3/2024	4.750	840	839	839
INVENERGY CLEAN POWER LLC	8/28/2025	3.090	819	817	817
LMBE-MC HOLDCO II LLC	12/3/2025	5.000	591	589	589
VISTRA ENERGY CORP	12/31/2025	1.844	1,228	1,227	1,227
WEST DEPTFORD ENERGY HOLDINGS LLC	8/3/2026	3.840	1,171	1,168	1,168
TOTAL ELECTRIC				11,845	11,845

F-44

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2021

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

ENERGY
APERGY CORP	5/9/2025	2.625	838	839	839
BUCKEYE PARTNERS	11/1/2026	2.349	419	417	417
TRAVERSE MIDSTREAM PARTNERS	9/27/2024	5.250	662	661	661
TOTAL ENERGY				1,917	1,917
FINANCE COMPANY
AVOLON TLB BORROWER	1/15/2025	2.500	572	571	571
FINCO I LLC 2020 REPLACEMENT TERM LOAN	6/27/2025	2.590	1,075	1,075	1,075
FLEETCOR TECHNOLOGIES OPERATING	4/22/2028	1.840	998	991	991
HAINAN TRAFFIC ADMINISTRATION HOLDING CO LTD	2/12/2027	2.250	394	393	393
TOTAL FINANCE COMPANY				3,030	3,030
INSURANCE
ASURION LLC	11/3/2023	3.146	163	162	162
ASURION LLC	11/3/2024	3.090	411	410	410
ASURION LLC TERM LOAN B8	12/23/2026	3.354	470	467	467
TOTAL INSURANCE				1,039	1,039
OTHER FINANCIAL INSTITUTIONS
TRANSUNION	11/16/2026	1.840	1,010	1,009	1,009
TOTAL OTHER FINANCIAL INSTITUTIONS				1,009	1,009
OTHER INDUSTRY
API GROUP DE INC	10/1/2026	2.590	666	662	662
LIGHTSTONE HOLDCO LLC	1/30/2024	4.750	987	984	984
LIGHTSTONE HOLDCO LLC	1/30/2024	4.750	56	56	56
TOTAL OTHER INDUSTRY				1,702	1,702
REITS
RYMAN HOSPITALITY PROPERTIES	5/11/2024	2.100	746	745	745
TOTAL REITS				745	745
TECHNOLOGY
CARLYLE GROUP INC	4/16/2025	1.840	450	448	448
CELESTICA INC.	6/27/2025	2.217	928	926	926
COMMSCOPE HOLDING CO INC	4/6/2026	3.340	1,225	1,218	1,218
MA FINANCECO LLC	6/21/2024	2.840	156	156	156
MACDONALD DETTWILER AND ASSOCIATES LTD	10/4/2024	2.850	722	720	720
MKS INSTRUMENTS INC TERM LOAN B6	2/2/2026	1.840	493	490	490
NCR CORPORATION	8/28/2026	2.630	490	480	480
NIELSEN HOLDINGS PLC	10/4/2023	2.102	620	620	620
PLANTRONICS INC	7/2/2025	2.590	626	623	623
SABRE HOLDINGS CORPORATION	2/22/2024	2.090	1,078	1,072	1,072
SEATTLE SPINCO INC	6/21/2024	2.840	1,149	1,146	1,146

F-45

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2021

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

SS&C TECHNOLOGIES HOLDINGS INC	4/16/2025	1.840	365	363	363
TTM TECHNOLOGIES INC	9/28/2024	2.599	431	430	430
XPERI HOLDING CORP	6/8/2028	3.604	809	744	744
TOTAL TECHNOLOGY				9,436	9,436
TRANSPORTATION
AMERICAN AIRLINES GROUP INC	12/14/2023	2.110	960	959	959
AMERICAN AIRLINES GROUP INC	6/27/2025	1.842	941	940	940
UNITED AIRLINES INC	4/20/2028	4.500	369	367	367
UNITED CONTINENTAL HOLDINGS INC	2/23/2025	1.853	1,000	987	987
XPO LOGISTICS INC	12/30/2026	2.132	640	638	638
TOTAL TRANSPORTATION				3,891	3,891
TOTAL SYNDICATED LOANS BEFORE ALLOWANCE FOR LOAN LOSSES				106,646	106,646
ALLOWANCE FOR LOAN LOSSES				(1,024)	(1,024)
TOTAL SYNDICATED LOANS - NET				105,622	105,622

DERIVATIVES
PURCHASED OPTIONS
BNP SECURITIES	2/1/2022	—	405	405
BNP SECURITIES	3/29/2022	—	379	379
BNP SECURITIES	4/12/2022	—	371	371
BNP SECURITIES	4/19/2022	—	183	183
BNP SECURITIES	6/28/2022	—	359	359
BNP SECURITIES	9/20/2022	—	362	362
BNP SECURITIES	10/11/2022	—	358	358
BNP SECURITIES	11/1/2022	—	172	172
BNP SECURITIES	11/15/2022	—	335	335
BNP SECURITIES	2/7/2023	—	148	148
BNP SECURITIES	2/28/2023	—	180	180
BNP SECURITIES	3/28/2023	—	439	439
BNP SECURITIES	4/19/2022	—	202	202
BNP SECURITIES	4/18/2023	—	206	206
BNP SECURITIES	4/26/2022	—	190	190
BNP SECURITIES	4/25/2023	—	194	194
BNP SECURITIES	5/2/2023	—	194	194
BNP SECURITIES	5/16/2023	—	566	566
BNP SECURITIES	6/7/2022	—	157	157
BNP SECURITIES	8/16/2022	—	281	281
BNP SECURITIES	8/15/2023	—	149	149
BNP SECURITIES	8/22/2023	—	145	145
BNP SECURITIES	1/4/2022	1	1,039	1,039
BNP SECURITIES	1/11/2022	1	964	964
BNP SECURITIES	1/18/2022	1	967	967

F-46

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2021

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

BNP SECURITIES	1/17/2023	—	109	109
BNP SECURITIES	1/25/2022	1	826	826
BNP SECURITIES	1/23/2024	—	117	117
BNP SECURITIES	3/8/2022	1	809	809
BNP SECURITIES	3/15/2022	1	653	653
BNP SECURITIES	4/26/2022	1	506	506
BNP SECURITIES	5/10/2022	1	537	537
BNP SECURITIES	6/7/2022	1	497	497
BNP SECURITIES	6/21/2022	1	491	491
BNP SECURITIES	8/9/2022	1	446	446
BNP SECURITIES	8/23/2022	1	327	327
BNP SECURITIES	8/30/2022	1	356	356
BNP SECURITIES	9/20/2022	1	409	409
BNP SECURITIES	9/27/2022	1	413	413
BNP SECURITIES	10/11/2022	1	360	360
BNP SECURITIES	10/18/2022	1	287	287
BNP SECURITIES	10/25/2022	1	311	311
BNP SECURITIES	11/8/2022	1	227	227
BNP SECURITIES	11/15/2022	1	186	186
BNP SECURITIES	11/22/2022	1	268	268
BNP SECURITIES	11/29/2022	1	282	282
BNP SECURITIES	12/27/2022	—	137	137
CS INTERNATIONAL	2/15/2022	1	838	838
CS INTERNATIONAL	3/1/2022	1	811	811
CS INTERNATIONAL	4/12/2022	1	530	530
CS INTERNATIONAL	5/31/2022	1	446	446
CS INTERNATIONAL	12/13/2022	1	216	216
CS INTERNATIONAL	12/20/2022	1	259	259
WELLS FARGO BANK NA	1/4/2022	—	438	438
WELLS FARGO BANK NA	1/11/2022	—	431	431
WELLS FARGO BANK NA	1/18/2022	—	213	213
WELLS FARGO BANK NA	1/25/2022	—	425	425
WELLS FARGO BANK NA	2/8/2022	—	606	606
WELLS FARGO BANK NA	2/15/2022	—	397	397
WELLS FARGO BANK NA	2/22/2022	—	394	394
WELLS FARGO BANK NA	3/1/2022	—	197	197
WELLS FARGO BANK NA	3/8/2022	—	591	591
WELLS FARGO BANK NA	3/15/2022	—	193	193
WELLS FARGO BANK NA	3/22/2022	—	388	388
WELLS FARGO BANK NA	4/5/2022	1	941	941
WELLS FARGO BANK NA	4/26/2022	—	182	182
WELLS FARGO BANK NA	5/3/2022	—	376	376
WELLS FARGO BANK NA	5/10/2022	—	385	385
WELLS FARGO BANK NA	5/24/2022	—	391	391
WELLS FARGO BANK NA	5/31/2022	—	196	196

F-47

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2021

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

WELLS FARGO BANK NA	6/14/2022	—	369	369
WELLS FARGO BANK NA	6/21/2022	—	369	369
WELLS FARGO BANK NA	7/26/2022	—	176	176
WELLS FARGO BANK NA	8/16/2022	—	374	374
WELLS FARGO BANK NA	9/13/2022	—	177	177
WELLS FARGO BANK NA	9/27/2022	—	184	184
WELLS FARGO BANK NA	10/4/2022	—	376	376
WELLS FARGO BANK NA	10/25/2022	—	175	175
WELLS FARGO BANK NA	2/15/2022	—	139	139
WELLS FARGO BANK NA	2/14/2023	—	147	147
WELLS FARGO BANK NA	2/22/2022	—	163	163
WELLS FARGO BANK NA	3/8/2022	—	188	188
WELLS FARGO BANK NA	3/7/2023	—	191	191
WELLS FARGO BANK NA	3/22/2022	—	462	462
WELLS FARGO BANK NA	3/21/2023	—	464	464
WELLS FARGO BANK NA	5/9/2023	—	193	193
WELLS FARGO BANK NA	6/13/2023	—	171	171
WELLS FARGO BANK NA	6/21/2022	—	164	164
WELLS FARGO BANK NA	2/1/2022	1	848	848
WELLS FARGO BANK NA	2/8/2022	1	774	774
WELLS FARGO BANK NA	2/22/2022	1	979	979
WELLS FARGO BANK NA	2/21/2023	—	207	207
WELLS FARGO BANK NA	3/22/2022	1	783	783
WELLS FARGO BANK NA	3/29/2022	1	745	745
WELLS FARGO BANK NA	4/5/2022	1	578	578
WELLS FARGO BANK NA	4/19/2022	1	541	541
WELLS FARGO BANK NA	5/3/2022	1	593	593
WELLS FARGO BANK NA	5/17/2022	1	629	629
WELLS FARGO BANK NA	5/24/2022	1	519	519
WELLS FARGO BANK NA	6/14/2022	1	672	672
WELLS FARGO BANK NA	6/28/2022	1	467	467
WELLS FARGO BANK NA	7/5/2022	1	437	437
WELLS FARGO BANK NA	7/12/2022	1	371	371
WELLS FARGO BANK NA	7/11/2023	—	72	72
WELLS FARGO BANK NA	7/19/2022	1	515	515
WELLS FARGO BANK NA	7/26/2022	1	360	360
WELLS FARGO BANK NA	8/2/2022	1	402	402
WELLS FARGO BANK NA	8/16/2022	1	345	345
WELLS FARGO BANK NA	9/6/2022	1	361	361
WELLS FARGO BANK NA	9/13/2022	1	308	308
WELLS FARGO BANK NA	10/4/2022	1	361	361
WELLS FARGO BANK NA	11/1/2022	1	206	206
WELLS FARGO BANK NA	12/6/2022	1	237	237
TOTAL PURCHASED OPTIONS			44,135	44,135

F-48

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2021

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

WRITTEN OPTIONS
BNP SECURITIES	2/1/2022	—	(323)	(323)
BNP SECURITIES	3/29/2022	—	(304)	(304)
BNP SECURITIES	4/12/2022	—	(295)	(295)
BNP SECURITIES	4/19/2022	—	(145)	(145)
BNP SECURITIES	6/28/2022	—	(299)	(299)
BNP SECURITIES	9/20/2022	—	(323)	(323)
BNP SECURITIES	10/11/2022	—	(318)	(318)
BNP SECURITIES	11/1/2022	—	(152)	(152)
BNP SECURITIES	11/15/2022	—	(295)	(295)
BNP SECURITIES	2/7/2023	—	(127)	(127)
BNP SECURITIES	2/28/2023	—	(163)	(163)
BNP SECURITIES	3/28/2023	—	(420)	(420)
BNP SECURITIES	4/18/2023	—	(196)	(196)
BNP SECURITIES	4/19/2022	—	(197)	(197)
BNP SECURITIES	4/26/2022	—	(181)	(181)
BNP SECURITIES	4/25/2023	—	(177)	(177)
BNP SECURITIES	5/2/2023	—	(177)	(177)
BNP SECURITIES	5/16/2023	—	(531)	(531)
BNP SECURITIES	6/7/2022	—	(150)	(150)
BNP SECURITIES	8/15/2023	—	(143)	(143)
BNP SECURITIES	8/16/2022	—	(275)	(275)
BNP SECURITIES	8/22/2023	—	(138)	(138)
BNP SECURITIES	1/4/2022	(1)	(1,032)	(1,032)
BNP SECURITIES	1/11/2022	(1)	(957)	(957)
BNP SECURITIES	1/18/2022	(1)	(960)	(960)
BNP SECURITIES	1/17/2023	—	(107)	(107)
BNP SECURITIES	1/25/2022	(1)	(819)	(819)
BNP SECURITIES	1/23/2024	—	(113)	(113)
BNP SECURITIES	3/8/2022	(1)	(802)	(802)
BNP SECURITIES	3/15/2022	(1)	(646)	(646)
BNP SECURITIES	4/26/2022	(1)	(500)	(500)
BNP SECURITIES	5/10/2022	(1)	(531)	(531)
BNP SECURITIES	6/7/2022	(1)	(491)	(491)
BNP SECURITIES	6/21/2022	(1)	(485)	(485)
BNP SECURITIES	8/9/2022	(1)	(440)	(440)
BNP SECURITIES	8/23/2022	(1)	(322)	(322)
BNP SECURITIES	8/30/2022	(1)	(351)	(351)
BNP SECURITIES	9/20/2022	(1)	(404)	(404)
BNP SECURITIES	9/27/2022	(1)	(409)	(409)
BNP SECURITIES	10/11/2022	(1)	(356)	(356)
BNP SECURITIES	10/18/2022	(1)	(283)	(283)
BNP SECURITIES	10/25/2022	(1)	(307)	(307)
BNP SECURITIES	11/8/2022	(1)	(224)	(224)

F-49

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2021

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

BNP SECURITIES	11/15/2022	(1)	(183)	(183)
BNP SECURITIES	11/22/2022	(1)	(264)	(264)
BNP SECURITIES	11/29/2022	(1)	(278)	(278)
BNP SECURITIES	12/27/2022	—	(135)	(135)
CS INTERNATIONAL	2/15/2022	(1)	(830)	(830)
CS INTERNATIONAL	3/1/2022	(1)	(804)	(804)
CS INTERNATIONAL	4/12/2022	(1)	(524)	(524)
CS INTERNATIONAL	5/31/2022	(1)	(441)	(441)
CS INTERNATIONAL	12/13/2022	(1)	(213)	(213)
CS INTERNATIONAL	12/20/2022	(1)	(255)	(255)
WELLS FARGO BANK NA	1/4/2022	—	(361)	(361)
WELLS FARGO BANK NA	1/11/2022	—	(353)	(353)
WELLS FARGO BANK NA	1/18/2022	—	(174)	(174)
WELLS FARGO BANK NA	1/25/2022	—	(346)	(346)
WELLS FARGO BANK NA	2/8/2022	—	(483)	(483)
WELLS FARGO BANK NA	2/15/2022	—	(323)	(323)
WELLS FARGO BANK NA	2/22/2022	—	(320)	(320)
WELLS FARGO BANK NA	3/1/2022	—	(160)	(160)
WELLS FARGO BANK NA	3/8/2022	—	(480)	(480)
WELLS FARGO BANK NA	3/15/2022	—	(155)	(155)
WELLS FARGO BANK NA	3/22/2022	—	(314)	(314)
WELLS FARGO BANK NA	4/5/2022	(1)	(752)	(752)
WELLS FARGO BANK NA	4/26/2022	—	(146)	(146)
WELLS FARGO BANK NA	5/3/2022	—	(306)	(306)
WELLS FARGO BANK NA	5/10/2022	—	(317)	(317)
WELLS FARGO BANK NA	5/24/2022	—	(324)	(324)
WELLS FARGO BANK NA	5/31/2022	—	(162)	(162)
WELLS FARGO BANK NA	6/14/2022	—	(300)	(300)
WELLS FARGO BANK NA	6/21/2022	—	(300)	(300)
WELLS FARGO BANK NA	7/26/2022	—	(146)	(146)
WELLS FARGO BANK NA	8/16/2022	—	(322)	(322)
WELLS FARGO BANK NA	9/13/2022	—	(157)	(157)
WELLS FARGO BANK NA	9/27/2022	—	(164)	(164)
WELLS FARGO BANK NA	10/4/2022	—	(338)	(338)
WELLS FARGO BANK NA	10/25/2022	—	(155)	(155)
WELLS FARGO BANK NA	2/15/2022	—	(129)	(129)
WELLS FARGO BANK NA	2/14/2023	—	(129)	(129)
WELLS FARGO BANK NA	2/22/2022	—	(154)	(154)
WELLS FARGO BANK NA	3/8/2022	—	(179)	(179)
WELLS FARGO BANK NA	3/7/2023	—	(175)	(175)
WELLS FARGO BANK NA	3/22/2022	—	(447)	(447)
WELLS FARGO BANK NA	3/21/2023	—	(435)	(435)
WELLS FARGO BANK NA	5/9/2023	—	(176)	(176)
WELLS FARGO BANK NA	6/13/2023	—	(159)	(159)
WELLS FARGO BANK NA	6/21/2022	—	(158)	(158)

F-50

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2021

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

WELLS FARGO BANK NA	2/1/2022	(1)	(841)	(841)
WELLS FARGO BANK NA	2/8/2022	(1)	(767)	(767)
WELLS FARGO BANK NA	2/22/2022	(1)	(970)	(970)
WELLS FARGO BANK NA	2/21/2023	—	(202)	(202)
WELLS FARGO BANK NA	3/22/2022	(1)	(776)	(776)
WELLS FARGO BANK NA	3/29/2022	(1)	(738)	(738)
WELLS FARGO BANK NA	4/5/2022	(1)	(572)	(572)
WELLS FARGO BANK NA	4/19/2022	(1)	(535)	(535)
WELLS FARGO BANK NA	5/3/2022	(1)	(586)	(586)
WELLS FARGO BANK NA	5/17/2022	(1)	(622)	(622)
WELLS FARGO BANK NA	5/24/2022	(1)	(513)	(513)
WELLS FARGO BANK NA	6/14/2022	(1)	(665)	(665)
WELLS FARGO BANK NA	6/28/2022	(1)	(461)	(461)
WELLS FARGO BANK NA	7/5/2022	(1)	(431)	(431)
WELLS FARGO BANK NA	7/12/2022	(1)	(366)	(366)
WELLS FARGO BANK NA	7/11/2023	—	(70)	(70)
WELLS FARGO BANK NA	7/19/2022	(1)	(509)	(509)
WELLS FARGO BANK NA	7/26/2022	(1)	(355)	(355)
WELLS FARGO BANK NA	8/2/2022	(1)	(396)	(396)
WELLS FARGO BANK NA	8/16/2022	(1)	(340)	(340)
WELLS FARGO BANK NA	9/6/2022	(1)	(356)	(356)
WELLS FARGO BANK NA	9/13/2022	(1)	(304)	(304)
WELLS FARGO BANK NA	10/4/2022	(1)	(357)	(357)
WELLS FARGO BANK NA	11/1/2022	(1)	(203)	(203)
WELLS FARGO BANK NA	12/6/2022	(1)	(238)	(238)
TOTAL WRITTEN OPTIONS			(41,467)	(41,467)

FUTURES
S&P500 EMINI FUT Dec21	—	(3)		(3)
TOTAL FUTURES		(3)		(3)
TOTAL DERIVATIVES - NET		2,665		2,665
TOTAL INVESTMENTS IN CASH EQUIVALENTS, FIXED MATURITIES, EQUITY SECURITIES, SYNDICATED LOANS AND DERIVATIVES		$	5,490,865	$	5,509,373

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 $5.5 billion.

c) Securities written down due to other-than-temporary impairment related to credit losses.

d) Non-Income producing securities.

F-51

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers

December 31, 2020

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

CASH EQUIVALENTS
CERTIFICATE OF DEPOSITS
AUSTRALIA AND NEW ZEALAND BANK	1/4/2021	0.080	%	$	50,000	$	50,000	$	50,000
CANADIAN IMPERIAL BANK	1/4/2021	0.080		50,000		50,000		50,000
TOTAL CERTIFICATE OF DEPOSITS						100,000		100,000
COMMERCIAL PAPER
CENTERPOINT ENERGY INC	1/4/2021	—		50,000		49,999		49,999
CHEVRON CORP	1/13/2021	—		30,000		29,999		29,999
JM SMUCKER COMPANY	1/4/2021	—		19,900		19,900		19,900
MCKESSON CORP	1/4/2021	—		38,000		37,999		37,999
NOVARTIS FINANCE CORP	1/8/2021	—		25,000		24,999		24,999
NOVARTIS FINANCE CORP	1/11/2021	—		25,000		24,999		24,999
PACIFICORP	1/4/2021	—		18,900		18,900		18,900
PUBLIC SERVICE COMPANY OF COLORADO	1/6/2021	—		9,500		9,500		9,500
ROCHE HOLDINGS INC	1/12/2021	—		25,000		24,999		24,999
ROYAL BANK OF CANADA -NEW YORK	1/13/2021	—		50,000		49,998		49,998
THE TORONTO-DOMINION BANK	1/11/2021	—		20,000		19,999		19,999
THE TORONTO-DOMINION BANK	1/22/2021	—		30,000		29,996		29,996
TRAVELERS COMPANIES INC	1/4/2021	—		50,000		50,000		50,000
WESTPAC BANKING CORP	1/19/2021	—		50,000		49,996		49,996
WISCONSIN PUBLIC SERVICE CORPORATION	1/6/2021	—		3,000		3,000		3,000
TOTAL COMMERCIAL PAPER						444,283		444,283
TOTAL CASH EQUIVALENTS						544,283		544,283
FIXED MATURITIES
U.S. GOVERNMENT AND AGENCY OBLIGATIONS
UNITED STATES TREASURY BILL	3/25/2021	—		75,000		74,972		74,988
UNITED STATES TREASURY BILL	6/17/2021	—		75,000		74,971		74,972
UNITED STATES TREASURY BILL	1/7/2021	—		75,000		74,998		75,000
UNITED STATES TREASURY BILL	1/14/2021	—		60,000		59,997		60,000
UNITED STATES TREASURY BILL	1/21/2021	—		60,000		59,995		59,999
UNITED STATES TREASURY BILL	2/4/2021	—		110,000		109,989		109,994
UNITED STATES TREASURY BILL	2/11/2021	—		60,000		59,992		59,996
UNITED STATES TREASURY BILL	2/18/2021	—		60,000		59,991		59,995
UNITED STATES TREASURY BILL	3/4/2021	—		60,000		59,988		59,994
UNITED STATES TREASURY BILL	5/13/2021	—		50,000		49,980		49,986
UNITED STATES TREASURY BILL	5/27/2021	—		75,000		74,972		74,976
UNITED STATES TREASURY BILL	6/3/2021	—		75,000		74,971		74,975
UNITED STATES TREASURY BILL	6/10/2021	—		75,000		74,969		74,974
UNITED STATES TREASURY BILL	6/24/2021	—		125,000		124,945		124,951
UNITED STATES TREASURY BILL	7/1/2021	—		100,000		99,950		99,958
UNITED STATES TREASURY BILL	1/28/2021	—		210,000		209,976		209,991
UNITED STATES TREASURY BILL	2/25/2021	—		110,000		109,976		109,989
UNITED STATES TREASURY BOND	11/15/2028	5.250		200		208		269
TOTAL U. S. GOVERNMENT AND AGENCY OBLIGATIONS						1,454,840		1,455,007
STATE AND MUNICIPAL OBLIGATIONS
DALLAS FORT WORTH TEXAS INTL ARP	11/1/2023	1.041		250		250		253
DALLAS FORT WORTH TEXAS INTL ARP	11/1/2024	1.229		250		250		253

F-31

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

DALLAS FORT WORTH TEXAS INTL ARP	11/1/2025	1.329	1,000	1,000	1,009
FLORIDA ST MID-BAY BRIDGE AUTHORITY	10/1/2021	3.784	765	765	775
GREAT LAKES WATER AUTHORITY	7/1/2024	1.604	600	600	611
GREAT LAKES WATER AUTHORITY	7/1/2025	1.654	600	600	612
KENTUCKY ST PPTY & BLDGS COMMUNITY	5/1/2021	2.564	1,100	1,100	1,107
LONG ISLAND POWER AUTHORITY	3/1/2023	0.764	1,000	1,000	1,004
PORT AUTHORITY OF NEW YORK	7/1/2023	1.086	5,000	5,000	5,075
STATE OF CONNECTICUT	9/15/2021	4.000	3,000	3,014	3,073
STATE OF CONNECTICUT	9/15/2022	3.471	2,000	2,000	2,099
STATE OF CONNECTICUT	7/1/2022	2.500	500	506	516
STATE OF CONNECTICUT	7/1/2023	2.000	750	754	779
TOTAL STATE AND MUNICIPAL OBLIGATIONS				16,839	17,166

RESIDENTIAL MORTGAGE BACKED SECURITIES
AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
FANNIE MAE 06-36 GF	5/25/2036	0.448	3,407	3,419	3,428
FANNIE MAE 07-46 FB	5/25/2037	0.518	1,535	1,538	1,541
FANNIE MAE 09-107 FL	2/25/2038	0.798	1,559	1,564	1,572
FANNIE MAE 13-2 KF	1/25/2037	0.328	5,672	5,663	5,656
FANNIE MAE AF-2015-22C	4/25/2045	0.505	10,636	10,602	10,608
FANNIE MAE AF-2015-42	6/25/2055	0.485	9,874	9,824	9,837
FANNIE MAE AF-2015-91	12/25/2045	0.525	10,542	10,498	10,525
FANNIE MAE FA-2015-4	2/25/2045	0.505	4,250	4,256	4,252
FANNIE MAE FW-2015-84	11/25/2045	0.505	10,857	10,843	10,829
FANNIE MAE 07-6	2/25/2037	0.598	5,345	5,354	5,383
FANNIE MAE 09-101	12/25/2039	0.988	8,306	8,426	8,505
FANNIE MAE 12-133	4/25/2042	0.398	6,464	6,445	6,433
FANNIE MAE 16-2	2/25/2056	0.635	3,426	3,422	3,439
FANNIE MAE 303970	9/1/2024	6.000	39	39	44
FANNIE MAE 545492	2/1/2022	5.500	12	12	14
FANNIE MAE 725558	6/1/2034	2.464	41	41	42
FANNIE MAE 725694	7/1/2034	1.706	154	151	155
FANNIE MAE 725719	7/1/2033	1.888	231	231	236
FANNIE MAE 735034	10/1/2034	2.255	2,584	2,711	2,685
FANNIE MAE 735702	7/1/2035	2.668	1,702	1,748	1,779
FANNIE MAE 794787	10/1/2034	1.999	93	94	96
FANNIE MAE 799733	11/1/2034	2.018	174	176	174
FANNIE MAE 801337	9/1/2034	1.924	1,333	1,400	1,384
FANNIE MAE 801917	10/1/2034	2.320	242	243	244
FANNIE MAE 804561	9/1/2034	2.421	255	255	261
FANNIE MAE 807219	1/1/2035	2.313	786	792	823
FANNIE MAE 809532	2/1/2035	3.688	157	158	164
FANNIE MAE 834552	8/1/2035	2.481	202	203	211
FANNIE MAE 889485	6/1/2036	2.444	1,849	1,878	1,928
FANNIE MAE 922674	4/1/2036	3.276	721	737	760
FANNIE MAE 968438	1/1/2038	2.030	998	1,047	1,034
FANNIE MAE 995123	8/1/2037	3.097	633	654	669
FANNIE MAE 995548	9/1/2035	2.610	805	822	840
FANNIE MAE 995604	11/1/2035	2.496	2,551	2,681	2,666

F-32

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

FANNIE MAE 995614	8/1/2037	1.341	546	574	551
FANNIE MAE AB5230	5/1/2027	2.500	4,703	4,765	4,916
FANNIE MAE AD0901	4/1/2040	3.469	2,236	2,373	2,330
FANNIE MAE AE0559	12/1/2034	2.281	2,253	2,360	2,344
FANNIE MAE AE0566	8/1/2035	2.851	1,624	1,702	1,701
FANNIE MAE AF-2016-11	3/25/2046	0.655	5,453	5,445	5,456
FANNIE MAE AF-2016-87	11/25/2046	0.555	7,394	7,391	7,373
FANNIE MAE AF-2016-88	12/25/2046	0.595	5,900	5,900	5,903
FANNIE MAE AF-2018-87	12/25/2048	0.455	21,219	21,136	21,159
FANNIE MAE AF-204620	11/15/2042	0.595	6,312	6,302	6,303
FANNIE MAE AL1037	1/1/2037	3.176	1,813	1,923	1,908
FANNIE MAE AL2269	10/1/2040	2.656	1,963	2,084	2,053
FANNIE MAE AL3935	9/1/2037	2.619	4,441	4,681	4,647
FANNIE MAE AL3961	2/1/2039	3.086	1,951	2,057	2,026
FANNIE MAE AL4100	9/1/2036	2.529	3,731	3,925	3,885
FANNIE MAE AL4110	3/1/2037	2.270	3,073	3,223	3,198
FANNIE MAE AL4114	2/1/2039	3.056	3,999	4,233	4,216
FANNIE MAE AO8746	8/1/2027	2.500	8,602	8,789	8,992
FANNIE MAE ARM 190726	3/1/2033	4.825	48	49	48
FANNIE MAE ARM 249907	2/1/2024	4.000	64	64	64
FANNIE MAE ARM 303259	3/1/2025	3.359	9	9	9
FANNIE MAE ARM 545786	6/1/2032	2.665	168	168	167
FANNIE MAE ARM 620293	1/1/2032	2.400	28	27	28
FANNIE MAE ARM 651629	8/1/2032	2.292	107	107	107
FANNIE MAE ARM 655646	8/1/2032	2.340	87	87	87
FANNIE MAE ARM 655798	8/1/2032	2.111	204	204	205
FANNIE MAE ARM 661349	9/1/2032	2.270	78	78	82
FANNIE MAE ARM 661744	10/1/2032	2.195	174	175	181
FANNIE MAE ARM 664750	10/1/2032	2.113	66	66	66
FANNIE MAE ARM 670731	11/1/2032	1.665	188	188	189
FANNIE MAE ARM 670779	11/1/2032	1.700	258	259	260
FANNIE MAE ARM 670890	12/1/2032	1.665	91	92	92
FANNIE MAE ARM 670912	12/1/2032	1.665	96	96	96
FANNIE MAE ARM 670947	12/1/2032	1.665	158	159	158
FANNIE MAE ARM 694852	4/1/2033	3.315	179	181	179
FANNIE MAE ARM 722779	9/1/2033	2.225	162	162	163
FANNIE MAE ARM 733525	8/1/2033	2.047	313	302	323
FANNIE MAE ARM 739194	9/1/2033	2.113	384	385	398
FANNIE MAE ARM 743256	10/1/2033	2.109	61	61	64
FANNIE MAE ARM 743856	11/1/2033	2.213	93	93	97
FANNIE MAE ARM 758873	12/1/2033	1.982	54	53	55
FANNIE MAE AS4507	2/1/2030	3.000	6,198	6,381	6,626
FANNIE MAE AS4878	4/1/2030	3.000	7,588	7,816	8,112
FANNIE MAE BE5622	1/1/2032	2.500	20,582	20,730	21,512
FANNIE MAE BK0933	7/1/2033	3.500	9,487	9,593	10,062

F-33

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

FANNIE MAE CA1265	2/1/2033	3.000	19,280	19,184	20,548
FANNIE MAE CA2283	8/1/2033	3.500	11,089	11,073	11,886
FANNIE MAE DF-2015-38	6/25/2055	0.465	16,070	15,969	16,011
FANNIE MAE DF-2017-16	3/25/2047	0.575	3,695	3,710	3,691
FANNIE MAE F-2019-31	7/25/2049	0.598	34,960	34,944	35,166
FANNIE MAE FA-2013-1	2/25/2043	0.498	8,280	8,307	8,292
FANNIE MAE FA-2015-55	8/25/2055	0.505	7,296	7,269	7,282
FANNIE MAE FA-204624	12/15/2038	0.605	17,851	17,820	17,835
FANNIE MAE FC-2017-51	7/25/2047	0.498	27,646	27,729	27,746
FANNIE MAE FC-2018-73	10/25/2048	0.448	40,198	40,087	40,298
FANNIE MAE FC-2019-76	12/25/2049	0.648	22,709	22,704	22,835
FANNIE MAE FK-2010-123	11/25/2040	0.598	8,014	8,087	8,059
FANNIE MAE FL-2017-4	2/25/2047	0.605	8,103	8,103	8,099
FANNIE MAE FT-2016-84	11/25/2046	0.648	12,417	12,535	12,515
FANNIE MAE GF-204639	3/15/2036	0.605	17,486	17,458	17,471
FANNIE MAE HYBRID ARM 566074	5/1/2031	3.307	178	178	179
FANNIE MAE HYBRID ARM 584507	6/1/2031	2.599	104	104	109
FANNIE MAE KF-2015-27	5/25/2045	0.448	9,649	9,623	9,696
FANNIE MAE MA1144	8/1/2027	2.500	4,044	4,138	4,223
FANNIE MAE MA3391	6/1/2033	3.000	11,702	11,593	12,275
FANNIE MAE WF-2016-68	10/25/2046	0.605	4,164	4,170	4,164
FANNIE MAE_15-50	7/25/2045	0.505	16,394	16,378	16,348
FANNIE MAE_15-93	8/25/2045	0.498	6,032	6,018	6,039
FANNIE MAE_16-11	3/25/2046	0.705	6,702	6,711	6,717
FANNIE MAE_CF-2019-33	7/25/2049	0.618	20,445	20,484	20,568
FANNIE MAE_FA-2020-47	7/25/2050	0.548	68,689	68,689	69,122
FANNIE MAE_YF-204979	6/25/2050	0.598	41,074	41,114	41,327
FREDDIE MAC 4159 FD	1/15/2043	0.509	5,725	5,741	5,750
FREDDIE MAC 4363 2014 FA	9/15/2041	0.519	2,424	2,429	2,417
FREDDIE MAC FB-204495	11/15/2038	0.499	8,864	8,828	8,880
FREDDIE MAC LF-204475	4/15/2040	0.459	2,306	2,306	2,295
FREDDIE MAC WF-204491	8/15/2039	0.469	4,377	4,375	4,358
FREDDIE MAC 1H2520	6/1/2035	3.154	2,446	2,583	2,578
FREDDIE MAC 1N1474	5/1/2037	2.260	56	58	55
FREDDIE MAC 1Q1515	11/1/2038	3.013	8,772	9,251	9,200
FREDDIE MAC 1Q1540	6/1/2040	3.414	2,974	3,173	3,114
FREDDIE MAC 1Q1548	8/1/2038	3.133	3,990	4,192	4,187
FREDDIE MAC 1Q1572	5/1/2038	3.306	6,993	7,369	7,339
FREDDIE MAC 2A-AOT-76	10/25/2037	1.726	5,550	5,647	5,700
FREDDIE MAC 4595	10/15/2037	0.705	5,543	5,543	5,549
FREDDIE MAC 781884	8/1/2034	2.532	241	243	253
FREDDIE MAC 848416	2/1/2041	3.830	3,435	3,585	3,550
FREDDIE MAC 848530	9/1/2039	2.980	2,132	2,249	2,239
FREDDIE MAC 848922	4/1/2037	2.923	2,264	2,407	2,378
FREDDIE MAC 849281	8/1/2037	2.806	3,741	3,974	3,936
FREDDIE MAC AF-204559	3/15/2042	0.649	6,867	6,846	6,867
FREDDIE MAC AF-204615	10/15/2038	0.505	3,774	3,764	3,812

F-34

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

FREDDIE MAC AF-204774	7/15/2042	0.455	7,084	7,080	7,147
FREDDIE MAC ARM 350190	5/1/2022	2.750	7	7	7
FREDDIE MAC ARM 780514	5/1/2033	3.538	101	104	106
FREDDIE MAC ARM 780845	9/1/2033	2.466	66	64	69
FREDDIE MAC ARM 780903	9/1/2033	2.421	108	108	114
FREDDIE MAC ARM 845154	7/1/2022	2.522	7	7	7
FREDDIE MAC ARM 845654	2/1/2024	2.848	26	26	27
FREDDIE MAC ARM 845730	11/1/2023	2.768	34	34	35
FREDDIE MAC ARM 845733	4/1/2024	3.739	34	34	34
FREDDIE MAC ARM 846702	10/1/2029	3.101	4	4	4
FREDDIE MAC C90581	8/1/2022	5.500	11	11	12
FREDDIE MAC C90582	9/1/2022	5.500	14	14	16
FREDDIE MAC F2-20350	9/15/2040	0.503	21,350	21,339	21,276
FREDDIE MAC F4-20328	2/15/2038	0.499	4,266	4,270	4,234
FREDDIE MAC FA-204547	9/15/2040	0.605	5,871	5,864	5,888
FREDDIE MAC FA-204822	5/15/2035	0.409	47,322	47,310	47,436
FREDDIE MAC FD-203928	9/15/2041	0.579	21,592	21,747	21,712
FREDDIE MAC FD-204301	7/15/2037	0.559	7,590	7,637	7,638
FREDDIE MAC FL-204523	8/15/2038	0.499	7,306	7,268	7,300
FREDDIE MAC G16485	5/1/2033	3.000	13,933	13,840	14,629
FREDDIE MAC G30227	5/1/2023	5.500	92	93	103
FREDDIE MAC GF-204367	3/15/2037	0.505	11,885	11,867	11,836
FREDDIE MAC J32518	8/1/2030	3.000	9,135	9,405	9,749
FREDDIE MAC KF-204560	7/15/2040	0.699	8,902	8,893	8,966
FREDDIE MAC WF-204681	8/15/2033	0.505	21,747	21,751	21,955
FREDDIE MAC WF-204697	6/15/2038	0.505	14,916	14,924	15,051
FREDDIE MAC WF-204730	8/15/2038	0.505	30,897	30,757	31,011
FREDDIE MAC_4248	5/15/2041	0.609	8,676	8,689	8,744
FREDDIE MAC_4448	5/15/2040	0.475	6,906	6,872	6,873
FREDDIE MAC_JF-204981	6/25/2050	0.548	39,821	39,821	40,132
GINNIE MAE AF-2014-129	10/20/2041	0.455	4,110	4,106	4,129
GINNIE MAE AF-2014-94	11/20/2041	0.605	2,796	2,802	2,782
GINNIE MAE AF-2015-18	2/20/2040	0.485	7,547	7,558	7,538
GINNIE MAE AF-2018-168	12/20/2048	0.552	32,701	32,705	32,763
GINNIE MAE AF-2020-36	3/20/2050	0.602	52,001	52,075	52,149
GINNIE MAE FA-2014-43	3/20/2044	0.552	11,447	11,458	11,487
GINNIE MAE FA-2016-115	8/20/2046	0.552	25,984	26,128	26,075
GINNIE MAE FB-2013-151	2/20/2040	0.502	14,148	14,212	14,172
GINNIE MAE FC-2009-8	2/16/2039	1.053	9,322	9,556	9,472
GINNIE MAE FC-2018-67	5/20/2048	0.452	10,251	10,258	10,286
GINNIE MAE FD-2018-66	5/20/2048	0.402	6,109	6,109	6,092
GINNIE MAE II 082431	12/20/2039	3.125	2,713	2,817	2,832
GINNIE MAE II 082464	1/20/2040	3.000	1,086	1,163	1,134
GINNIE MAE II 082497	3/20/2040	3.000	1,823	1,932	1,902
GINNIE MAE II 082573	7/20/2040	2.250	2,454	2,539	2,565
GINNIE MAE II 082581	7/20/2040	2.250	3,744	4,003	3,913
GINNIE MAE II 082602	8/20/2040	2.250	6,052	6,480	6,324
GINNIE MAE II 082710	1/20/2041	3.000	2,122	2,205	2,215

F-35

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

GINNIE MAE II 082794	4/20/2041	2.875	3,239	3,450	3,374
GINNIE MAE II ARM 8157	3/20/2023	3.000	16	16	16
GINNIE MAE II ARM 8638	6/20/2025	2.875	33	33	34
GINNIE MAE LF-2015-82	4/20/2041	0.455	4,359	4,359	4,349
GINNIE MAE MF-2016-108	8/20/2046	0.455	1,100	1,095	1,098
TOTAL AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES				1,260,016	1,268,378

NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
ADJUSTABLE RATE MORTGAGE TRUST 04-2 6A1	2/25/2035	2.722	201	203	206
ANGEL OAK MORTGAGE TRUST A1-2018-2	7/27/2048	3.674	3,930	3,926	3,984
ANGEL OAK MORTGAGE TRUST A1-2018-3	9/25/2048	3.649	7,580	7,571	7,727
ANGEL OAK MORTGAGE TRUST A1-2019-1	11/25/2048	3.920	15,384	15,365	15,802
ANGEL OAK MORTGAGE TRUST A1-2020-3	4/25/2065	1.691	16,805	16,800	16,915
ANGEL OAK MORTGAGE TRUST A1-2020-5	5/25/2065	0.155	20,504	20,504	20,630
ANGEL OAK MORTGAGE TRUST A1A-2020-2	1/26/2065	2.531	5,630	5,706	5,788
APS RESECURITIZATION TRUST 1A-2016-3	11/27/2066	2.398	12,316	12,273	13,322
APS RESECURITIZATION TRUST 2A-2016-3	11/27/2046	2.398	9,266	9,228	10,365
ARROYO MORTGAGE TRUST A1-2019-1	1/25/2049	3.805	15,264	15,252	15,783
ARROYO MORTGAGE TRUST A1-2019-3	10/25/2048	2.962	11,593	11,588	11,879
BANK OF AMERICA FUNDING CORPORATION 7A1-2015-R4	11/27/2045	1.899	2,877	2,871	2,827
BANK OF AMERICA FUNDING CORPORATION A1-2016-R1	3/25/2040	2.500	6,994	6,972	6,990
BANK OF AMERICA MORTGAGE SECURITY 2004-E 2A6	6/25/2034	3.603	1,115	1,110	1,115
BAYVIEW OPPORTUNITY MASTER FUND A1-2017-RT1	3/28/2057	3.000	6,627	6,650	6,744
BAYVIEW OPPORTUNITY MASTER FUND A-2016-SPL1	4/28/2055	4.000	12,630	12,802	12,965
BAYVIEW OPPORTUNITY MASTER FUND A-2016-SPL2	6/28/2053	4.000	13,570	13,759	13,786
BAYVIEW OPPORTUNITY MASTER FUND A-2017-RT5	5/28/2069	3.500	16,575	16,799	17,045
BAYVIEW OPPORTUNITY MASTER FUND A-2017-RT6	10/28/2057	3.500	16,467	16,681	16,763
BAYVIEW OPPORTUNITY MASTER FUND A-2017-SPL1	10/28/2064	4.000	13,633	13,911	14,080
BAYVIEW OPPORTUNITY MASTER FUND A-2017-SPL2	6/28/2054	4.000	14,284	14,576	14,529
BAYVIEW OPPORTUNITY MASTER FUND A-2017-SPL3	11/28/2053	4.000	11,008	11,241	11,439
BAYVIEW OPPORTUNITY MASTER FUND A-2017-SPL4	1/28/2055	3.500	12,407	12,584	12,698
BAYVIEW OPPORTUNITY MASTER FUND A-2017-SPL5	6/28/2057	3.500	14,432	14,686	14,823
BCAP LLC TRUST 3A1-2014-RR2	9/26/2046	1.704	168	168	168
BRAVO RESIDENTIAL FUNDING TRUST A1-2019-NQM2	11/25/2059	2.748	16,453	16,445	16,991
BRAVO RESIDENTIAL FUNDING TRUST A1-2020-RPL1	5/26/2059	2.500	23,444	23,963	23,953
BUNKER HILL LOAN DEPOSITARY A1-2019-1	10/26/2048	3.613	14,615	14,604	14,903
BUNKER HILL LOAN DEPOSITARY A1-2019-2	7/25/2049	2.879	17,395	17,386	17,969
BUNKER HILL LOAN DEPOSITARY A1-2019-3	11/25/2059	2.724	11,185	11,180	11,471
CENTEX HOME EQUITY 2003-A AF4	12/25/2031	4.250	884	877	898
CHASE MORTGAGE FINANCE 07-A1 1A5	2/25/2037	3.195	1,857	1,840	1,844
CITIGROUP MORTGAGE LOAN TRUST 1A1-2014-11	10/25/2035	3.519	175	175	175
CITIGROUP MORTGAGE LOAN TRUST 1A1-2015-11	3/25/2035	2.879	4,769	4,779	4,699
CITIGROUP MORTGAGE LOAN TRUST 2A1-2015-9	2/25/2036	2.867	376	375	374
CITIGROUP MORTGAGE LOAN TRUST 3A1-2015-5	8/25/2034	2.977	2,542	2,555	2,499
CITIGROUP MORTGAGE LOAN TRUST 4A1-2015-5	4/20/2035	2.738	3,713	3,718	3,658
CITIGROUP MORTGAGE LOAN TRUST A1-2015-PS1	9/25/2042	3.750	4,432	4,477	4,568
CITIGROUP MORTGAGE LOAN TRUST A1-2019-IMC1	7/25/2049	2.720	19,997	19,977	20,390

F-36

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

CITIGROUP MORTGAGE LOAN TRUST A4-2015-A	6/25/2058	4.250	228	232	241
COLT FUNDING LLC A1-2019-1	3/25/2049	3.705	9,225	9,211	9,508
COLT FUNDING LLC COLT_ A1-2020-2R	10/26/2065	1.325	27,586	27,585	27,682
COLT FUNDING LLC_ A1-2019-3	8/25/2049	2.764	3,817	3,812	3,883
COMMERCIAL TRUST CORPORATION A-2017-7	4/25/2057	3.000	7,682	7,707	7,840
COUNTRYWIDE HOME LOANS 03-46 4A1	1/19/2034	2.688	1,224	1,254	1,214
COUNTYWIDE ALTERNATIVE LOAN 04-33 2A1	12/25/2034	3.028	52	53	53
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES 04-AR3	4/25/2034	2.979	813	824	806
CREDIT SUISSE MORTGAGE CAPITAL 3A1-2015-7R	10/27/2036	0.288	5,304	5,242	5,243
CREDIT SUISSE MORTGAGE CAPITAL CLASS-20-125	7/25/2049	2.573	26,704	26,688	27,340
CREDIT SUISSE MORTGAGE CAPTIAL 15A1-2014-11	1/27/2036	2.972	507	506	506
CREDIT SUISSE MORTGAGE CAPTIAL 1A1-2015-6R	7/27/2035	3.444	2,582	2,589	2,580
CREDIT SUISSE MORTGAGE CAPTIAL A1-2017-FHA1	4/25/2047	3.250	13,406	13,533	13,945
CREDIT SUISSE MORTGAGE TRUST A1-2017-RPL1	7/25/2057	2.750	14,756	14,739	15,177
CREDIT SUISSE MORTGAGE TRUST A1-2017-RPL3	8/1/2057	4.000	30,023	31,022	30,804
CREDIT SUISSE MORTGAGE TRUST A1-2019-NQM1	10/25/2059	2.656	6,786	6,784	6,960
CREDIT SUISSE MORTGAGE TRUST A1-2020-SPT1	4/25/2065	1.700	20,245	20,261	20,297
DEEPHAVEN RESIDENTIAL MORTGAGE A1-2017-1A	12/26/2046	2.725	1,997	1,994	2,003
DEEPHAVEN RESIDENTIAL MORTGAGE A1-2017-2A	6/25/2047	2.453	4,331	4,327	4,333
DEEPHAVEN RESIDENTIAL MORTGAGE A1-2017-3A	10/25/2047	2.577	1,375	1,373	1,390
DEEPHAVEN RESIDENTIAL MORTGAGE A1-2018-4A	10/25/2058	4.080	12,927	12,911	12,967
DEEPHAVEN RESIDENTIAL MORTGAGE A1-2019-1A	1/25/2059	3.743	11,366	11,354	11,558
ELLINGTON FINANCIAL MORTGAGE A1-2019-2	11/25/2059	2.739	18,090	18,082	18,409
FIRST HORIZON ALTERNATIVE MORTGAGE 04-AA4 A1	10/25/2034	2.417	313	317	317
GMAC MORTGAGE CORPORATION LOAN 2004-AR2 3A	8/19/2034	3.452	283	284	267
GMAC MORTGAGE CORPORATION LOAN 2004-AR2 5A1	8/19/2034	3.075	137	137	134
GOLDMAN SACHS MORTGAGE SECURITIES CORPORATION 05-AR1 2A1	1/25/2035	2.741	988	991	984
GOLDMAN SACHS MORTGAGE SECURITIES CORPORATION A1A-2018-RPL	10/25/2057	3.750	10,967	10,837	11,387
GOVERNMENTAL COLLECTORS ASSOCIATION OF TEXAS A1-2019-NQM2	9/25/2059	2.855	26,440	26,427	26,912
GOVERNMENTAL COLLECTORS ASSOCIATION OF TEXAS A1-2019-NQM3	11/25/2059	2.686	14,255	14,248	14,555
HARBORVIEW MORTGAGE LOAN TRUST 04-10 4A	1/19/2035	2.674	197	198	197
HARBORVIEW MORTGAGE LOAN TRUST 04-7 3A1	11/19/2034	2.582	390	388	390
HARBORVIEW MORTGAGE LOAN TRUST 2004-1 4A	4/19/2034	2.455	241	242	242
HARBORVIEW MORTGAGE LOAN TRUST 2004-4 3A	6/19/2034	1.281	36	36	37
HARBORVIEW MORTGAGE LOAN TRUST 2004-6 5A	8/19/2034	3.008	112	112	110
HOMEWARD OPPORTUNITIES A1-2018-2	11/25/2058	3.985	19,400	19,384	19,894
HOMEWARD OPPORTUNITIES FUND I A1-2018-1	6/25/2048	3.766	7,353	7,346	7,678
J.P. MORGAN MORTGAGE TRUST A11-2019-LTV	12/25/2049	1.048	4,047	4,047	4,047
JEFFERIES & CO A1-2015-R1	12/26/2036	0.290	562	560	559
MERRILL LYNCH MORTGAGE INVESTORS 03-A5 2A6A	8/25/2033	2.732	433	432	430
MERRILL LYNCH MORTGAGE INVESTORS 04-1 2A2	12/25/2034	2.529	171	171	167
MERRILL LYNCH MORTGAGE INVESTORS 05-A1 2A	12/25/2034	2.694	271	272	275
MERRILL LYNCH MORTGAGE INVESTORS 05-A2 A2	2/25/2035	3.640	640	640	644

F-37

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

METLIFE SECURITIZATION TRUST A-2017-1A	4/25/2055	3.000	11,696	11,778	12,318
METLIFE SECURITIZATION TRUST A-2018-1A	3/25/2057	3.750	10,832	10,841	11,678
MFA TRUST A1-2017-RPL1	2/25/2057	2.588	10,462	10,451	10,581
MFA TRUST MFRA_ A1-2020-NQM3	1/26/2065	1.014	9,602	9,602	9,586
MILL CITY MORTGAGE LOAN TRUST A1-2016-1	4/25/2057	2.500	4,698	4,703	4,753
MILL CITY MORTGAGE LOAN TRUST A1-2017-1	11/25/2058	2.750	11,236	11,207	11,408
MILL CITY MORTGAGE LOAN TRUST A1-2017-2	7/25/2059	2.750	13,343	13,392	13,579
MILL CITY MORTGAGE LOAN TRUST A1-2017-3	1/25/2061	2.750	15,394	15,431	15,792
MILL CITY MORTGAGE LOAN TRUST A1-2018-3	8/25/2058	3.500	6,000	6,142	6,353
MILL CITY MORTGAGE LOAN TRUST A1-2019-1	10/25/2069	3.250	8,313	8,400	8,773
MILL CITY MORTGAGE TRUST A1-2019-GS1	7/25/2059	2.750	12,274	12,320	12,756
MORGAN STANLEY MORTGAGE LOAN 04-10AR A1	11/25/2034	3.633	248	250	248
MORGAN STANLEY MORTGAGE LOAN PT2A	11/25/2034	2.761	250	254	249
MORGAN STANLEY REREMIC TRUST 2A-2014-R4	8/26/2034	3.108	1,748	1,750	1,740
MORGAN STANLEY REREMIC TRUST 2A-2015-R7	6/26/2035	3.325	2,303	2,305	2,304
MORGAN STANLEY REREMIC TRUST 3A-2014-R4	8/26/2034	3.127	1,529	1,531	1,527
MORGAN STANLEY REREMIC TRUST 5A-2013-R9	6/26/2046	0.352	2,228	2,209	2,216
MORGAN STANLEY REREMIC TRUST A-2014-R7	1/26/2051	3.000	4,755	4,713	5,021
NATIONSTAR MORTGAGE LOAN TRUST A-2013-A	12/25/2052	3.750	994	1,011	1,028
NEW RESIDENTIAL MORTGAGE LOAN A1-2019-RPL3	7/25/2059	2.750	15,266	15,719	16,047
NEW RESIDENTIAL MORTGAGE LOAN TRSUT A1-2017-6A	8/27/2057	4.000	11,295	11,592	12,009
NEW RESIDENTIAL MORTGAGE LOAN TRUST A1-2016-1A	3/25/2056	3.750	7,465	7,630	7,921
NEW RESIDENTIAL MORTGAGE LOAN TRUST A1-2016-2	9/25/2056	3.750	13,771	14,177	14,584
NEW RESIDENTIAL MORTGAGE LOAN TRUST A1-2016-2A	11/26/2035	3.750	5,297	5,388	5,618
NEW RESIDENTIAL MORTGAGE LOAN TRUST A1-2016-4A	11/25/2056	3.750	14,655	15,000	15,519
NEW RESIDENTIAL MORTGAGE LOAN TRUST A1-2017-1A	2/25/2057	4.000	12,112	12,381	13,091
NEW RESIDENTIAL MORTGAGE LOAN TRUST A1-2017-3A	4/25/2057	4.000	15,611	16,084	16,601
NEW RESIDENTIAL MORTGAGE LOAN TRUST A1-2019-NQM4	9/25/2059	2.492	6,182	6,179	6,310
NEW RESIDENTIAL MORTGAGE LOAN TRUST A3-2014-3	11/25/2054	3.750	2,373	2,418	2,524
NEW RESIDENTIAL MORTGAGE LOAN TRUST A3-2017-2A	3/25/2057	4.000	14,771	15,235	15,973
NOMURA RESECURITIZATION TRUST 1A1-2015-6R	4/26/2037	0.406	517	514	515
NOMURA RESECURITIZATION TRUST 3A1-2014-7R	1/26/2036	3.050	458	458	457
NOMURA RESECURITIZATION TRUST 4A1-2015-4R	3/26/2037	3.647	1,527	1,525	1,530
OCEANVIEW MORTGAGE LOAN TRUST CLASS-20-676	5/28/2050	1.733	7,863	7,861	7,899
ONSLOW BAY FINANCIAL 2A1A-2018-EX	4/25/2048	0.998	3,637	3,637	3,636
ONSLOW BAY FINANCIAL LLC 2A1A-2019-EX	10/25/2059	1.048	5,922	5,922	5,923
ONSLOW BAY FINANCIAL LLC 2A1A-2019-EX	1/25/2059	1.098	5,961	5,967	5,961
RBSSP RESECURITIZATION TRUST 12-6 8A1	4/26/2035	0.648	13	13	13
RBSSP RESECURITIZATION TRUST 19A1-2009-12	12/25/2035	2.454	923	923	925
RESIDENTIAL MORTGAGE LOAN TRUST A1-2019-1	10/25/2058	3.936	17,525	17,506	17,936
RESIDENTIAL MORTGAGE LOAN TRUST A1-2019-2	5/25/2059	2.913	18,587	18,578	18,912
RESIDENTIAL MORTGAGE LOAN TRUST A1-2019-3	9/25/2059	2.633	18,982	18,971	19,302
STAR A1-2020-3	4/25/2065	1.486	8,866	8,865	8,895
STARWOOD MORTGAGE RESIDENTIAL A1-2018-IMC2	10/25/2048	4.121	19,678	19,660	20,201
STARWOOD MORTGAGE RESIDENTIAL A1-202019-IN	9/27/2049	2.610	14,221	14,213	14,481
STRUCTURED ASSET INVESTMENT LOAN TRUST M1-2003-BC5	6/25/2033	1.273	2,198	2,146	2,199
STRUCTURED ASSET SECURITIES CORPORATION 03-24A 5A	7/25/2033	2.391	294	297	294

F-38

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

TOWD POINT MORTGAGE TRUST 1A12-2015-2	11/25/2060	2.750	510	508	511
TOWD POINT MORTGAGE TRUST A1-2015-4	4/25/2055	3.500	147	147	148
TOWD POINT MORTGAGE TRUST A1-2015-5	5/25/2055	3.500	1,883	1,887	1,898
TOWD POINT MORTGAGE TRUST A1-2015-6	4/25/2055	3.500	3,983	3,992	4,070
TOWD POINT MORTGAGE TRUST A1-2016-1	2/25/2055	3.500	3,823	3,834	3,874
TOWD POINT MORTGAGE TRUST A1-2016-2	8/25/2055	3.000	5,760	5,769	5,852
TOWD POINT MORTGAGE TRUST A1-2016-3	4/25/2056	2.250	8,063	8,051	8,139
TOWD POINT MORTGAGE TRUST A1-2017-3	7/25/2057	2.750	10,155	10,181	10,426
TOWD POINT MORTGAGE TRUST A1-2017-4	6/25/2057	2.750	12,540	12,584	12,983
TOWD POINT MORTGAGE TRUST A1-2019-HY1	10/25/2048	1.148	5,411	5,432	5,432
TOWD POINT MORTGAGE TRUST A1A-2015-3	3/25/2054	3.500	942	942	947
TOWD POINT MORTGAGE TRUST A1B-2015-3	3/25/2054	3.000	471	471	473
TOWD POINT MORTGAGE TRUST A4B-2015-3	3/25/2054	3.500	1,641	1,656	1,696
VERUS SECURITIZATION TRUST A1-2017-1A	1/25/2047	2.881	3,174	3,170	3,185
VERUS SECURITIZATION TRUST A1-2019-1	2/25/2059	3.836	11,687	11,673	11,747
VERUS SECURITIZATION TRUST A1-2019-3	7/25/2059	2.784	22,628	22,612	23,135
VERUS SECURITIZATION TRUST A1-2019-4	11/25/2059	2.642	12,768	12,760	13,053
VERUS SECURITIZATION TRUST A1-2019-INV3	11/25/2059	2.692	15,545	15,540	16,012
VERUS SECURITIZATION TRUST A1FL-2018-IN	10/25/2058	1.348	6,096	6,117	6,107
VISIO A1-2019-2	11/25/2054	2.722	33,223	33,040	33,837
WASHINGTON MUTUAL 03-AR6 A1	6/25/2033	3.102	472	471	481
WASHINGTON MUTUAL 04-AR10 A1A	7/25/2044	1.068	350	351	344
WASHINGTON MUTUAL 05-AR3 A2	3/25/2035	3.596	692	695	703
WASHINGTON MUTUAL 05-AR4 A5	4/25/2035	3.566	2,028	2,021	2,047
WELLS FARGO MORTGAGE BACKED SECURITY 04-K 2A6	7/25/2034	3.083	536	552	531
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES				1,236,334	1,261,547
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES				2,496,350	2,529,925

ASSET BACKED SECURITIES
APIDOS CLO APID_15-20A	7/16/2031	1.330	20,000	20,000	19,954
APIDOS CLO APID_20-33A	7/24/2031	1.915	22,000	22,000	22,068
ARI FLEET LEASE TRUST_19 A2B-2019-A	11/15/2027	0.639	6,153	6,153	6,159
AVIS BUDGET RENTAL CAR FUNDING A-2016-1A	6/20/2022	2.990	36,874	36,921	37,080
AVIS BUDGET RENTAL CAR FUNDING A-2016-2A	11/20/2022	2.720	38,000	37,953	38,498
AVIS BUDGET RENTAL CAR FUNDING A-2017-1A	9/20/2023	3.070	8,020	8,036	8,283
BAIN CAPITAL CREDIT CLO BCC_ A1-2020-5A	1/20/2032	1.438	40,000	40,000	40,012
BALLYROCK A1-2018-1A	4/20/2031	1.218	40,000	40,000	39,747
BRAZOS HIGHER EDUCATION AUTHORITY A2-2010-1	2/25/2035	1.407	20,000	19,856	20,182
BROAD RIVER_ A-2020-1A	4/20/2029	2.068	16,000	16,000	16,029
CARLYLE GLOBAL MARKET STRATEGIES 15-5A	1/20/2032	1.538	15,000	15,000	15,000
CARLYLE GLOBAL MARKET STRATEGIES 20-143	10/15/2030	1.337	12,239	12,250	12,188
CARLYLE GLOBAL MARKET STRATEGIES A1R-2013-1A	8/14/2030	1.441	19,823	19,823	19,816
CARLYLE GLOBAL MARKET STRATEGIES A1R2-2014-1A	4/17/2031	1.188	29,909	28,973	29,657
CARLYLE GLOBAL MARKET STRATEGIES A1RR-2013-4A	1/15/2031	1.230	19,710	19,710	19,554
CIFC FUNDING LTD_17-1A AR-2017-1A	4/23/2029	1.219	13,000	12,802	12,956
COLLEGE LOAN CORPORATION TRUST 02-2 A24	3/1/2042	1.544	10,000	8,847	9,899
DRYDEN SENIOR LOAN FUND A1-2017-47A	4/15/2028	1.477	21,700	21,742	21,701
DRYDEN SENIOR LOAN FUND A1-2018-55A	4/15/2031	1.257	12,000	12,000	11,953
EDUCATIONAL SERVICES OF AMERICA A-2012-2	4/25/2039	0.878	2,706	2,705	2,689
EDUCATIONAL SERVICES OF AMERICA A-2014-1	2/25/2039	0.848	8,122	8,035	8,074

F-39

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

EDUCATIONAL SERVICES OF AMERICA A-2014-3	2/25/2036	0.748	602	593	595
GOLDENTREE LOAN MANAGEMENT US A-2020-7A	4/20/2031	2.118	16,750	16,750	16,790
HENDERSON RECEIVABLES LLC 10-3A A	12/15/2048	3.820	653	653	685
HERTZ VEHICLE FINANCING LLC A-2015-3A	9/25/2021	2.670	4,324	4,324	4,333
HERTZ VEHICLE FINANCING LLC A-2016-2A	3/25/2022	2.950	7,414	7,413	7,420
HERTZ VEHICLE FINANCING LLC A-2016-4A	7/25/2022	2.650	1,704	1,701	1,708
MAGNETITE CLO LTD_ A-2020-26A	7/15/2030	1.987	24,000	24,000	24,078
MAGNETITE CLO LTD_A1R2-2012-7A	1/15/2028	1.037	13,250	13,001	13,167
MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORP. A1-2014-1	10/25/2035	0.828	4,442	4,372	4,416
MVW OWNER TRUST 16-1A	12/20/2033	2.250	4,385	4,367	4,333
NAVIENT STUDENT LOAN TRUST A2B-2018-DA	12/15/2059	0.959	11,177	11,141	11,014
NORTHSTAR EDUCATION FINANCE A3-2002-1	4/1/2042	2.195	5,000	4,763	4,891
OCTAGON INVESTMENT PARTNERS OCT30_17-1A	3/17/2030	1.538	6,900	6,900	6,900
OZLM A1-2017-21A	1/20/2031	1.368	16,000	16,015	15,949
PALMER SQUARE LOAN FUNDING LTD A1-2020-1A	2/20/2028	1.024	21,117	20,722	21,066
PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY WL 13-1A	11/25/2036	0.648	2,140	2,108	2,080
RACE POINT CLO LTD_13-8A AR2-2013-8A	2/20/2030	1.264	13,823	13,823	13,790
SALLIE MAE 11-2 A1	11/25/2027	0.748	239	239	239
SALLIE MAE 12-3 A	12/27/2038	0.798	5,657	5,689	5,625
SALLIE MAE A6-2006-2	1/25/2041	0.385	15,833	15,129	15,269
SBA TOWER TRUST C-2013-2	4/11/2023	3.722	2,815	2,802	2,889
SBA TOWER TRUST C-2017-1	4/11/2022	3.168	22,000	22,000	22,037
SIERRA RECEIVABLES FUNDING COMPANY A-2016-2A	7/20/2033	2.330	108	107	108
SIERRA RECEIVABLES FUNDING COMPANY A-2016-3A	10/20/2033	2.430	2,333	2,333	2,320
SMALL BUSINESS ADMINISTRATION 2002-20J	10/1/2022	4.750	63	63	64
SMB PRIVATE EDUCATION LOAN TRUST A2A-2017-B	10/15/2035	2.820	7,506	7,506	7,782
STUDENT LOAN TRUST A4A-2008-1	12/15/2032	1.817	3,389	3,423	3,459
TRIP RAIL MASTER FUNDING LLC A1-2017-1A	8/15/2047	2.709	2,399	2,399	2,402
VOI MORTGAGE LLC A-2016-A	7/20/2033	2.540	3,483	3,481	3,502
WELLS FARGO MORTGAGE BACKED SECURITY A-2013-A	3/15/2029	3.100	154	154	154
TOTAL ASSET BACKED SECURITIES				626,777	630,564

COMMERCIAL MORTGAGE BACKED SECURITIES
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
FANNIE MAE 06-M2 A2A	10/25/2032	5.271	1,750	1,809	1,992
FHLMC MULTIFAMILY STRUCTURED PASS THROUGH	7/25/2030	0.408	18,880	18,880	18,882
FHLMC MULTIFAMILY STRUCTURED PASS THROUGH	3/25/2030	0.478	20,516	20,516	20,582
FHLMC MULTIFAMILY STRUCTURED PASS THROUGH	11/25/2028	0.708	24,043	24,285	24,330
FHLMC MULTIFAMILY STRUCTURED P AL-20KF86	8/25/2027	0.438	15,249	15,249	15,287
FHLMC MULTIFAMILY STRUCTURED P AL-20KF88	9/25/2030	0.478	22,000	22,000	22,057
FHLMC MULTIFAMILY STRUCTURED P AL-20KF90	9/25/2030	0.478	19,000	19,000	19,004
FREDDIE MAC A10-20KS10	10/25/2028	0.763	19,460	19,469	19,545
FREDDIE MAC A-20KBF2	10/25/2025	0.593	23,306	23,306	23,420
FREDDIE MAC A-20KF50	7/25/2028	0.553	7,036	7,042	7,075
FREDDIE MAC A-20KF52	9/25/2028	0.573	13,181	13,181	13,314

F-40

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

FREDDIE MAC A-20KF53	10/25/2025	0.530	18,097	18,097	18,152
FREDDIE MAC A-20KF54	11/25/2028	0.633	53,752	53,754	54,068
FREDDIE MAC A-20KF55	11/25/2025	0.663	45,645	45,700	45,934
FREDDIE MAC A-20KF57	12/25/2028	0.693	28,095	28,095	28,268
FREDDIE MAC A-20KF58	1/25/2026	0.653	58,332	58,428	58,674
FREDDIE MAC A-20KF59	2/25/2029	0.693	25,429	25,429	25,582
FREDDIE MAC A-20KF60	2/25/2026	0.643	44,798	44,874	45,205
FREDDIE MAC A-20KF61	3/25/2029	0.683	21,137	21,176	21,371
FREDDIE MAC AFL-20KSL1	11/25/2023	0.610	22,000	22,000	22,095
FREDDIE MAC AFL-20W5FL	5/25/2025	0.373	1,786	1,786	1,786
FREDDIE MAC AFLW-20KL3W	8/25/2025	0.603	15,000	15,024	15,089
FREDDIE MAC FHLMC_KF85	8/25/2030	0.448	30,000	30,000	30,010
GINNIE MAE 11-165 A	10/16/2037	2.194	902	902	903
GINNIE MAE 13-141 A	6/16/2040	2.023	4,620	4,618	4,660
GINNIE MAE 13-146 AH	8/16/2040	2.000	2,160	2,160	2,177
GINNIE MAE 17-127	4/16/2052	2.500	13,723	13,651	14,315
GINNIE MAE 17-135	5/16/2049	2.200	17,955	17,847	18,388
GINNIE MAE 17-146	8/16/2047	2.200	17,596	17,507	18,084
GINNIE MAE 7-140	2/16/2059	2.500	12,430	12,370	12,972
GINNIE MAE A-2013-57	6/16/2037	1.350	1,214	1,209	1,218
GINNIE MAE AB-2013-194	5/16/2038	2.250	3,350	3,353	3,372
GINNIE MAE AB-2014-143	3/16/2040	2.500	688	692	693
GINNIE MAE AC-2013-13	4/16/2046	1.700	2,311	2,242	2,353
GINNIE MAE AC-2014-112	12/16/2040	1.900	1,322	1,327	1,331
GINNIE MAE AC-2014-143	3/16/2040	2.000	1,376	1,378	1,384
GINNIE MAE AC-2014-48	10/16/2041	1.900	1,139	1,140	1,141
GINNIE MAE AC-2014-70	4/16/2042	1.900	1,129	1,129	1,130
GINNIE MAE AC-2015-98	4/16/2041	2.150	6,963	7,011	7,071
GINNIE MAE AD-2014-9	9/16/2041	2.500	952	957	958
GINNIE MAE AD-2016-1829	11/16/2043	2.250	8,850	8,874	9,020
GINNIE MAE AG-2016-39	1/16/2043	2.300	8,963	8,985	9,169
GINNIE MAE AG-2017-171	10/16/2048	2.250	19,355	19,182	19,918
GINNIE MAE AN-2014-17	6/16/2048	2.374	1,780	1,791	1,837
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES				677,425	683,816

NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
280 PARK AVENUE MORTGAGE TRUST 2017-A	9/15/2034	1.026	40,000	40,000	40,000
ASHFORD HOSPITALITY TRUST_A-2018-KEYS	6/15/2035	1.159	40,000	40,000	38,138
BANC OF AMERICA MERRILL LYNCH A-2018-DSNY	9/15/2034	1.009	33,350	33,253	32,932
BARCLAYS COMMERCIAL MORTGAGE A-2019-BWAY	11/15/2034	1.115	10,000	9,970	9,756
BFLD TRUST A-2019-DPLO	10/15/2034	1.249	28,000	27,971	27,730
BHMS MORTGAGE TRUST BHMS_18-ATLS	7/15/2035	1.409	40,000	40,000	39,000
BRAEMAR HOTELS & RESORTS TRUST A-2018-PRME	6/15/2035	0.979	19,768	19,765	19,236
BX COMMERCIAL MORTGAGE TRUST A-2019-ATL	10/15/2036	1.227	27,275	27,268	26,446
BX COMMERCIAL MORTGAGE TRUST A-2019-XL	10/15/2036	1.079	4,746	4,751	4,750
BX TRUST A-2018-GW	5/15/2035	0.959	38,592	38,549	37,939
BX TRUST_19-RP A-2019-RP	6/15/2034	1.204	25,000	24,972	24,084
CAMB COMMERCIAL MORTGAGE TRUST A-2019-LIFE	12/15/2037	1.229	15,000	15,000	15,015
CGDB COMMERCIAL MORTGAGE TRUST A-2019-MOB	11/15/2036	1.109	15,000	15,000	14,855
COLONY MORTGAGE CAPITAL LTD A-2019-IKPR	11/15/2038	1.288	20,000	19,907	19,378

F-41

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

COMM_ A-2019-521F	6/15/2034	1.059	16,510	16,512	16,226
COSMOPOLITAN HOTEL TRUST A-2017-CSMO	11/15/2036	1.089	39,690	39,672	39,295
DBGS MORTGAGE TRUST A-2018-5BP	6/15/2033	0.804	40,000	39,960	39,926
DBGS MORTGAGE TRUST A-2018-BIOD	5/15/2035	0.962	23,203	23,200	23,204
DBUBS MORTGAGE TRUST 11-LC2 A1	7/10/2044	3.527	46	46	46
DBWF MORTGAGE TRUST A-2018-GLKS	12/19/2030	1.182	20,000	19,917	19,751
HOME PARTNERS OF AMERICA TRUST A-2017-1	7/17/2034	0.976	13,550	13,541	13,502
HOME PARTNERS OF AMERICA TRUST A-2018-1	7/17/2037	1.058	14,585	14,585	14,509
INVITATION HOMES TRUST A-2017-SFR2	12/17/2036	1.009	38,756	38,537	38,604
INVITATION HOMES TRUST A-2018-SFR1	3/17/2037	0.852	26,845	26,732	26,622
INVITATION HOMES TRUST A-2018-SFR2	6/17/2037	1.059	36,394	36,233	36,490
INVITATION HOMES TRUST A-2018-SFR3	7/17/2037	1.159	36,580	36,580	36,255
INVITATION HOMES TRUST A-2018-SFR4	1/17/2038	1.258	25,960	25,963	26,154
JP MORGAN CHASE COMMERCIAL MORTGAGE A-2018-ASH8	2/15/2035	0.959	11,398	11,397	10,834
MORGAN STANLEY CAPITAL I TRUST MSC_18-BOP	8/15/2033	1.009	19,269	19,269	19,033
ONE NEW YORK PLAZA TRUST ONYP_ A-2020-1NYP	1/15/2026	1.109	18,200	18,200	18,206
PROGRESS RESIDENTIAL TRUST A-2017-SFR1	8/17/2034	2.768	18,768	18,753	18,929
UBS COMMERCIAL MORTGAGE TRUST A-2018-NYCH	2/15/2032	1.009	12,186	12,182	12,085
UBS-CITIGROUP COMMERCIAL MORTGAGE TRUST 11-C1 AAB	1/10/2045	3.187	1,466	1,466	1,475
WELLS FARGO COMMERCIAL MORTGAGE TRUST AFL-2012-C7	6/15/2045	1.353	10,458	10,481	10,419
WELLS FARGO COMMERCIAL MORTGAGE TRUST_17-SMP	12/15/2034	0.909	18,500	18,389	18,138
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES				798,021	788,962
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES				1,475,446	1,472,778

CORPORATE DEBT SECURITIES
BANKING
WASHINGTON MUTUAL BANK/HENDERSON	6/15/2011	—	1,500	—	3	c,d
TOTAL BANKING				—	3
CAPITAL GOODS
GENERAL DYNAMICS CORPORATION	5/11/2021	3.000	14,905	14,892	15,048
NORTHROP GRUMMAN CORP	3/15/2021	3.500	5,000	5,010	5,031
NORTHROP GRUMMAN CORP	10/15/2022	2.550	16,643	16,417	17,283
TOTAL CAPITAL GOODS				36,319	37,362
COMMUNICATIONS
SKY PLC	11/26/2022	3.125	5,000	4,995	5,253
TOTAL COMMUNICATIONS				4,995	5,253
CONSUMER NON CYCLICAL
BECTON DICKINSON AND COMPANY	6/6/2022	2.894	21,318	21,536	22,003
CVS HEALTH CORPORATION	6/1/2021	2.125	17,075	17,049	17,173
ESSILOR INTERNATIONAL SA	1/5/2022	2.050	6,000	6,000	6,054
KROGER CO	8/1/2022	2.800	5,845	5,775	6,057
MOLSON COORS BREWING	7/15/2021	2.100	10,000	9,967	10,073
NESTLE SA	9/24/2021	3.100	33,700	33,953	34,313
SYSCO CORPORATION	7/15/2021	2.500	2,000	2,001	2,019
TOTAL CONSUMER NON CYCLICAL				96,281	97,692
ELECTRIC

F-42

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

AMERICAN ELECTRIC POWER COMPANY INC	10/1/2022	2.400	3,000	2,968	3,097
AMERICAN ELECTRIC POWER COMPANY INC	12/1/2021	3.650	10,316	10,316	10,626
BERKSHIRE HATHAWAY INC	8/15/2023	3.375	14,195	14,461	15,180
CMS ENERGY CORPORATION	8/31/2024	3.125	10,250	10,546	11,059
DUKE ENERGY CORP	8/15/2022	3.050	3,053	3,018	3,162
EMERA INCORPORATED	6/15/2021	2.700	20,495	20,396	20,656
EVERSOURCE ENERGY	3/15/2022	2.750	1,050	1,050	1,078
THE SOUTHERN COMPANY	3/30/2022	2.450	500	490	512
THE SOUTHERN COMPANY	7/1/2021	2.350	33,334	33,308	33,609
XCEL ENERGY INC	3/15/2021	2.400	4,325	4,315	4,335
TOTAL ELECTRIC				100,868	103,314
INSURANCE
UNITEDHEALTH GROUP INC	11/15/2021	3.375	20,000	20,031	20,347
UNITEDHEALTH GROUP INC	3/15/2022	2.875	2,000	1,986	2,049
TOTAL INSURANCE				22,017	22,396
NATURAL GAS
CENTERPOINT ENERGY INC	4/1/2023	3.550	3,563	3,719	3,800
TOTAL NATURAL GAS				3,719	3,800
TOTAL CORPORATE DEBT SECURITIES				264,199	269,820
TOTAL FIXED MATURITIES				6,334,451	6,375,260

EQUITY SECURITIES
CONGLOMERATES/DIVERSIFIED MFG
DAYCO LLC	10	115	56	d
TOTAL CONGLOMERATES/DIVERSIFIED MFG		115	56
TOTAL EQUITY SECURITIES		115	56

SYNDICATED LOANS
BASIC INDUSTRY
ALPHA 3 BV	1/31/2024	4.000	151	151	151
AXALTA COATING SYSTEMS LTD	6/1/2024	2.653	875	872	872
CHEMOURS COMPANY	4/3/2025	1.970	1,220	1,217	1,217
ELEMENT SOLUTIONS INC	1/31/2026	1.900	1,866	1,867	1,867
FLINT GROUP GERMANY	9/7/2021	2.146	985	982	982
FLINT GROUP GERMANY	9/7/2021	6.000	85	85	85
HEXION HOLDINGS LLC	7/1/2026	6.000	516	513	513
INEOS LTD	3/29/2024	3.730	493	488	488
KRATON CORP	3/8/2025	2.146	1,320	1,320	1,320
MESSER INDUSTRIE GMBH	3/2/2026	2.720	1,231	1,226	1,226
MINERALS TECHNOLOGIES INC.	2/13/2024	3.000	729	729	729
ORION ENGINEERED CARBONS	7/25/2024	2.220	802	803	803
TRINSEO SA	9/6/2024	2.146	1,315	1,314	1,314
UNIVAR INC	7/1/2024	2.396	543	541	541
TOTAL BASIC INDUSTRY				12,108	12,108
BROKERAGE

F-43

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

ALIXPARTNERS LLP	4/4/2024	2.646	970	974	974
CITADEL SECURITIES LP TERM LOAN B	2/27/2026	2.896	703	698	698
CRESTVIEW PARTNERS II GP LP	7/1/2026	2.734	609	604	604
GREENHILL & CO INC	4/12/2024	3.398	588	586	586
JEFFERIES FINANCIAL GROUP INC	6/1/2026	3.188	990	992	992
LPL HOLDINGS INC TERM LOAN B1	11/12/2026	1.898	623	618	618
RUSSELL INVESTMENTS US INSTITU 2025 TERM LOAN	5/30/2025	4.000	1,339	1,340	1,340
TOTAL BROKERAGE				5,812	5,812
CAPITAL GOODS
ADVANCED DRAINAGE SYSTEMS INC	7/31/2026	2.438	601	600	600
ALBEA BEAUTY HOLDINGS	4/22/2024	4.000	230	230	230
ALLNEX USA	9/13/2023	4.000	217	217	217
ALLNEX USA	9/13/2023	4.000	164	163	163
ALTRA INDUSTRIAL MOTION CORP	10/1/2025	2.146	989	987	987
ANCHOR GLASS CONTAINER CORP	12/7/2023	3.750	969	969	969
API GROUP DE INC	10/1/2026	2.646	696	691	691
BERRY GLOBAL INC	7/1/2026	2.149	1,086	1,084	1,084
COLUMBUS MCKINNON CORP TERM LOAN - INITIAL	1/31/2024	3.500	747	742	742
DOOSAN INFRACORE CO LTD	5/18/2024	1.970	788	789	789
ENERGY SOLUTIONS LLC	5/12/2025	4.750	635	633	633
EWT HOLDINGS III CORP	12/20/2024	2.646	751	750	750
GENERAC POWER SYSTEMS INC	12/13/2026	1.905	1,416	1,417	1,417
GFL ENVIRONMENTAL INC TERM LOAN - INCR	5/30/2025	4.000	319	318	318
INGERSOLL RAND INC	3/1/2027	1.896	323	323	323
INGERSOLL-RAND SERVICES CO	3/1/2027	2.146	1,244	1,242	1,242
PLASTIPAK HOLDINGS INC.	10/14/2024	2.650	945	946	946
PLY GEM MIDCO LLC	4/12/2025	3.904	196	195	195
PRINTPACK HOLDINGS INC	7/26/2023	4.000	130	130	130
QUIKRETE HOLDINGS INC	2/1/2027	2.646	1,365	1,356	1,356
REXNORD LLC	8/21/2024	1.896	900	895	895
REYNOLDS CONSUMER PRODUCTS LLC	1/29/2027	1.896	251	251	251
REYNOLDS GROUP HOLDINGS INC	2/5/2023	2.896	327	327	327
TEREX CORP TERM LOAN B	1/31/2024	2.750	249	242	242
TRANSDIGM INC	12/9/2025	2.396	839	838	838
UNITED RENTALS INC	10/31/2025	1.896	984	984	984
US ECOLOGY INC	11/2/2026	2.646	670	668	668
WILSONART LLC	12/19/2023	4.250	288	288	288
ZEKELMAN INDUSTRIES INC	1/20/2027	2.143	728	730	730
TOTAL CAPITAL GOODS				19,005	19,005
COMMUNICATIONS
ALTICE FRANCE SA	7/15/2025	2.896	965	964	964
CELLULAR SOUTH INC	5/24/2024	2.396	871	870	870
CENTURYLINK INC	3/15/2027	2.396	1,241	1,241	1,241

F-44

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

CHARTER COMMUNICATIONS INC	4/30/2025	1.900	1,413	1,414	1,414
COGECO COMMUNICATIONS (USA) II LP	1/3/2025	2.146	1,367	1,366	1,366
CSC HOLDINGS LLC	7/17/2025	2.409	956	953	953
CSC HOLDINGS LLC	1/15/2026	2.409	983	960	960
DIAMOND SPORTS GROUP LLC	8/24/2026	3.400	1,163	1,160	1,160
ENTRAVISION COMMUNICATIONS CORPORATION	11/30/2024	2.896	306	305	305
EW SCRIPPS CO TERM LOAN - B2	5/1/2026	2.646	499	488	488
GRAY TELEVISION INC	2/7/2024	2.405	278	278	278
HUBBARD RADIO LLC	3/28/2025	5.250	259	258	258
ION MEDIA NETWORKS INC	12/18/2024	3.188	1,290	1,291	1,291
LEVEL 3 PARENT LLC	3/1/2027	1.896	337	337	337
LIONS GATE ENTERTAINMENT CORP	3/24/2025	2.397	813	813	813
LIONS GATE ENTERTAINMENT CORP	3/22/2023	1.897	1,052	1,052	1,052
MEDIACOM COMMUNICATIONS CORPORATION	2/15/2024	1.850	427	426	426
NASCAR HOLDINGS INC	10/19/2026	2.896	451	449	449
NEXSTAR MEDIA GROUP INC	1/17/2024	2.395	396	396	396
NIELSEN HOLDINGS PLC	10/2/2023	2.146	1,029	1,028	1,028
SBA COMMUNICATIONS CORP	4/11/2025	1.900	1,243	1,238	1,238
SINCLAIR BROADCAST GROUP INC	1/3/2024	2.400	798	794	794
SOUTHWIRE CO	5/19/2025	1.896	1,246	1,244	1,244
TELESAT LLC	11/25/2026	2.900	993	990	990
TERRIER MEDIA BUYER INC	12/17/2026	4.396	998	974	974
UNIVISION HOLDINGS INC	3/15/2026	4.750	861	858	858
URBAN ONE INC	4/18/2023	5.000	500	498	498
VIRGIN MEDIA BRISTOL LLC	1/31/2028	2.659	1,000	1,001	1,001
TOTAL COMMUNICATIONS				23,646	23,646
CONSUMER CYCLICAL
1011778 BC UNLIMITED LIABILITY	11/19/2026	1.896	1,328	1,326	1,326
AMERICAN AXLE & MANUFACTURING TERM LOAN B	4/6/2024	3.000	458	449	449
ARISTOCRAT LEISURE LTD	10/19/2024	1.959	1,429	1,428	1,428
BJS WHOLESALE CLUB INC TERM LOAN B	2/3/2024	2.154	345	341	341
CAESARS ENTERTAINMENT CORP	12/23/2024	2.896	1,083	1,078	1,078
CCM MERGER TERM LOAN B	11/1/2025	4.500	222	218	218
CEDAR FAIR LP	4/13/2024	1.896	181	172	172
CINEWORLD FINANCE US INC	2/28/2025	2.769	345	344	344
CITYCENTER HOLDINGS LLC	4/18/2024	3.000	1,560	1,559	1,559
FOUR SEASONS HOLDINGS INC	11/30/2023	2.146	1,462	1,460	1,460
GO DADDY INC	2/15/2024	1.896	944	943	943
HANESBRANDS INC	12/13/2024	1.896	650	639	639
HARBOR FREIGHT TERM LOAN B	10/19/2027	4.000	499	491	491
HILTON WORLDWIDE HOLDINGS INC	6/22/2026	1.898	749	748	748
KAR AUCTION SERVICES INC	9/18/2026	2.438	743	741	741
KFC HOLDING CORPORATION	4/2/2025	1.908	1,343	1,345	1,345
METRO-GOLDWYN-MAYER INC	7/7/2025	2.650	1,374	1,366	1,366

F-45

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

MOHEGAN TRIBAL GAMING AUTHORITY	10/13/2023	6.375	633	629	629
NAI ENTERTAINMENT HOLDINGS LLC	5/8/2025	3.500	798	797	797
NAVISTAR INC	11/6/2024	3.660	742	744	744
PCI GAMING AUTHORITY	5/29/2026	2.646	395	394	394
PENN NATIONAL GAMING INC	10/15/2025	3.000	1,124	1,123	1,123
PRIME SECURITY SERVICES TOPCO PARENT LP	9/13/2026	4.250	894	886	886
QUALITY SOLUTIONS INTERNATIONAL LTD	8/21/2025	2.896	915	906	906
SCIENTIFIC GAMES CORP	8/14/2024	2.896	1,393	1,388	1,388
SEMINOLE TRIBE OF FLORIDA INC	7/8/2024	1.896	848	846	846
SERVICEMASTER GLOBAL HOLDINGS INC	10/31/2026	1.938	498	497	497
SIX FLAGS ENTERTAINMENT CORP	4/17/2026	1.900	760	760	760
WILLIAM MORRIS ENDEAVOR ENTERTAINMENT LLC	5/16/2025	2.900	904	902	902
WYNDHAM WORLDWIDE CORP	4/27/2025	1.896	980	979	979
TOTAL CONSUMER CYCLICAL				25,499	25,499
CONSUMER NON CYCLICAL
ARAMARK	3/28/2024	1.895	1,354	1,355	1,355
B&G FOODS INC	10/10/2026	2.646	268	267	267
BAUSCH HEALTH COMPANIES INC	6/1/2025	3.500	462	460	460
CATALENT INC	5/10/2026	3.250	493	491	491
CHANGE HEALTHCARE HOLDINGS LLC	3/1/2024	3.500	703	702	702
DAVITA INC	8/12/2026	1.896	743	741	741
ELANCO ANIMAL HEALTH INC	8/1/2027	1.905	708	704	704
ENDO INTERNATIONAL PLC	4/29/2024	5.000	266	265	265
ENERGIZER HOLDINGS INC TERM LOAN B - PHASE 1	12/16/2027	2.750	191	190	190
ENERGIZER HOLDINGS INC TERM LOAN B - PHASE 2	12/16/2027	2.750	226	225	225
GRIFOLS SA	11/15/2027	2.101	1,198	1,194	1,194
HCA HEALTHCARE INC	3/13/2025	1.896	414	414	414
IQVIA INC TERM LOAN - B3	6/6/2025	1.970	499	491	491
JAGUAR HOLDING COMPANY	8/18/2022	3.500	948	946	946
JBS SA	5/1/2026	2.146	566	565	565
MALLINCKRODT INTERNATIONAL	9/24/2024	5.500	787	786	786
MALLINCKRODT INTERNATIONAL	2/24/2025	5.750	266	266	266
PRESTIGE BRANDS INC TERM LOAN B4	1/26/2024	2.146	442	438	438
SELECT MEDICAL CORPORATION	3/6/2025	2.530	1,248	1,243	1,243
US FOODS HOLDING CORP	8/30/2026	2.146	248	246	246
US FOODS HOLDING CORPORATION	6/27/2023	1.896	1,414	1,413	1,413
TOTAL CONSUMER NON CYCLICAL				13,402	13,402
ELECTRIC
ASTORIA ENERGY LLC TERM LOAN B	12/2/2027	4.500	741	737	737
CALPINE CONSTRUCTION FINANCE	1/15/2025	2.146	1,950	1,951	1,951
CALPINE CORP 2020 TERM LOAN	12/16/2027	2.620	329	324	324
CARROLL COUNTRY ENERGY LLC	2/16/2026	3.720	672	667	667
CPV SHORE HOLDINGS LLC	12/29/2025	3.900	666	661	661

F-46

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

EASTERN POWER LLC	10/2/2025	4.750	1,453	1,453	1,453
EDGEWATER GENERATION LLC	12/13/2025	3.896	1,222	1,219	1,219
EFS COGEN HOLDINGS I LLC NEW TERM LOAN 2020	9/10/2027	4.500	750	746	746
EXGEN RENEWABLES IV LLC TERM LOAN	12/16/2027	3.750	500	498	498
HELIX GEN FUNDING LLC	6/3/2024	4.750	899	897	897
INVENERGY CLEAN POWER LLC	8/28/2025	3.146	861	859	859
LMBE-MC HOLDCO II LLC	11/26/2025	5.000	635	633	633
VISTRA ENERGY CORP	12/31/2025	1.897	1,242	1,241	1,241
WEST DEPTFORD ENERGY HOLDINGS LLC	8/26/2026	3.896	1,198	1,195	1,195
WG PARTNERS	11/15/2023	4.500	325	323	323
TOTAL ELECTRIC				13,404	13,404
ENERGY
APERGY CORP	5/9/2025	2.688	1,137	1,139	1,139
HERCULES MERGER SUB LLC	11/1/2026	2.905	423	421	421
TRAVERSE MIDSTREAM PARTNERS	9/27/2024	6.500	683	681	681
TOTAL ENERGY				2,241	2,241
FINANCE COMPANY
AVOLON TLB BORROWER	1/15/2025	2.500	572	571	571
CLIPPER ACQUISITIONS CORP TERM LOAN B	12/27/2024	1.902	919	917	917
FINCO I LLC 2020 REPLACEMENT TERM LOAN	6/27/2025	2.648	1,086	1,087	1,087
HAINAN TRAFFIC ADMINISTRATION HOLDING CO LTD	2/12/2027	2.250	398	397	397
TOTAL FINANCE COMPANY				2,972	2,972
INSURANCE
ASURION LLC	11/3/2023	3.146	201	200	200
ASURION LLC	11/29/2024	3.146	415	414	414
ASURION LLC TERM LOAN B8	12/23/2026	3.346	473	470	470
TOTAL INSURANCE				1,084	1,084
OTHER FINANCIAL INSTITUTIONS
TRANSUNION	11/16/2026	1.896	1,128	1,126	1,126
TOTAL OTHER FINANCIAL INSTITUTIONS				1,126	1,126
OTHER INDUSTRY
HAMILTON HOLDCO LLC	1/2/2027	3.460	1,474	1,475	1,475
LIGHTSTONE HOLDCO LLC	1/30/2024	4.750	987	983	983
LIGHTSTONE HOLDCO LLC	1/30/2024	4.750	56	55	55
TOTAL OTHER INDUSTRY				2,513	2,513
OTHER UTILITY
SANDY CREEK TERM LOAN	2/9/2021	5.000	818	818	818
TOTAL OTHER UTILITY				818	818

F-47

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

REITS
EXTENDED STAY AMERICA INC	9/18/2026	2.146	495	494	494
RYMAN HOSPITALITY PROPERTIES	5/11/2024	2.150	756	755	755
VICI PROPERTIES INC	12/20/2024	1.894	1,810	1,813	1,813
TOTAL REITS				3,062	3,062
TECHNOLOGY
CARLYLE GROUP INC	4/16/2025	1.896	587	583	583
CDW CORP	10/13/2026	1.900	959	959	959
CELESTICA INC.	6/27/2025	2.396	928	925	925
COMMSCOPE HOLDING CO INC	4/6/2026	3.396	1,238	1,229	1,229
DELL TECHNOLOGIES INC	9/19/2025	2.750	1,421	1,420	1,420
MA FINANCECO LLC	6/21/2024	2.896	160	159	159
MACDONALD DETTWILER AND ASSOCIATES LTD	10/4/2024	2.900	722	720	720
MKS INSTRUMENTS INC TERM LOAN B6	2/2/2026	1.896	499	495	495
NCR CORPORATION	8/28/2026	2.650	496	484	484
NEUSTAR	8/8/2024	4.500	174	172	172
ON SEMICONDUCTOR CORPORATION	9/16/2026	2.146	1,399	1,402	1,402
PERSPECTA INC	5/31/2025	2.396	1,006	1,005	1,005
PITNEY BOWES INC TERM LOAN B INCR	1/7/2025	5.650	494	481	481
PLANTRONICS INC	7/2/2025	2.646	687	683	683
SABRE HOLDINGS CORPORATION	2/22/2024	2.146	1,089	1,081	1,081
SCIENCE APPLICATIONS INTERNATIONAL CORP	10/31/2025	2.021	1,225	1,221	1,221
SEATTLE SPINCO INC	6/21/2024	2.896	1,177	1,172	1,172
SS&C TECHNOLOGIES HOLDINGS INC	4/16/2025	1.896	445	441	441
TTM TECHNOLOGIES INC	9/25/2024	2.655	431	429	429
VERINT SYSTEMS INC	6/28/2024	2.155	1,123	1,121	1,121
WESTERN DIGITAL CORPORATION	4/29/2023	1.896	1,110	1,109	1,109
XPERI HOLDING CORP	6/2/2025	4.146	988	903	903
TOTAL TECHNOLOGY				18,194	18,194
TRANSPORTATION
AMERICAN AIRLINES GROUP INC	12/14/2023	2.159	970	968	968
AMERICAN AIRLINES GROUP INC	6/27/2025	1.898	951	949	949
GENESEE & WYOMING INC	4/1/2024	1.895	1,550	1,547	1,547
UNITED CONTINENTAL HOLDINGS INC	2/23/2025	2.146	500	485	485
XPO LOGISTICS INC	12/30/2026	2.220	647	645	645
TOTAL TRANSPORTATION				4,594	4,594
TOTAL SYNDICATED LOANS BEFORE ALLOWANCE FOR LOAN LOSSES				149,480	149,480
ALLOWANCE FOR LOAN LOSSES				(2,259)	(2,259)
TOTAL SYNDICATED LOANS - NET				147,221	147,221

DERIVATIVES

F-48

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

PURCHASED OPTIONS
BNP SECURITIES	1/19/2021	1	458	458
BNP SECURITIES	2/2/2021	—	106	106
BNP SECURITIES	2/16/2021	—	208	208
BNP SECURITIES	2/23/2021	—	101	101
BNP SECURITIES	3/2/2021	—	103	103
BNP SECURITIES	3/30/2021	—	114	114
BNP SECURITIES	4/13/2021	—	105	105
BNP SECURITIES	4/27/2021	—	111	111
BNP SECURITIES	8/3/2021	—	93	93
BNP SECURITIES	8/10/2021	—	380	380
BNP SECURITIES	8/17/2021	—	93	93
BNP SECURITIES	9/28/2021	—	89	89
BNP SECURITIES	10/26/2021	—	221	221
BNP SECURITIES	11/2/2021	—	208	208
BNP SECURITIES	2/1/2022	—	214	214
BNP SECURITIES	3/30/2021	—	179	179
BNP SECURITIES	3/29/2022	—	193	193
BNP SECURITIES	4/13/2021	—	86	86
BNP SECURITIES	4/12/2022	—	187	187
BNP SECURITIES	4/19/2022	—	92	92
BNP SECURITIES	6/29/2021	—	246	246
BNP SECURITIES	6/28/2022	—	179	179
BNP SECURITIES	7/13/2021	—	79	79
BNP SECURITIES	9/20/2022	—	183	183
BNP SECURITIES	10/11/2022	—	179	179
BNP SECURITIES	11/1/2022	—	84	84
BNP SECURITIES	11/15/2022	—	162	162
BNP SECURITIES	11/30/2021	—	76	76
BNP SECURITIES	1/26/2021	2	777	777
BNP SECURITIES	2/9/2021	1	579	579
BNP SECURITIES	2/7/2023	—	65	65
BNP SECURITIES	3/2/2021	1	986	986
BNP SECURITIES	2/28/2023	—	91	91
BNP SECURITIES	3/30/2021	2	1,989	1,989
BNP SECURITIES	3/28/2023	—	247	247
BNP SECURITIES	4/6/2021	2	1,866	1,866
BNP SECURITIES	4/20/2021	2	1,640	1,640
BNP SECURITIES	4/19/2022	—	108	108
BNP SECURITIES	4/18/2023	—	112	112
BNP SECURITIES	4/27/2021	2	1,540	1,540
BNP SECURITIES	4/26/2022	—	97	97
BNP SECURITIES	4/25/2023	—	102	102
BNP SECURITIES	5/4/2021	2	1,626	1,626
BNP SECURITIES	5/2/2023	—	102	102

F-49

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

BNP SECURITIES	5/18/2021	2	1,453	1,453
BNP SECURITIES	5/16/2023	—	294	294
BNP SECURITIES	6/8/2021	2	969	969
BNP SECURITIES	6/7/2022	—	71	71
BNP SECURITIES	6/29/2021	1	989	989
BNP SECURITIES	7/6/2021	2	1,138	1,138
BNP SECURITIES	7/13/2021	2	941	941
BNP SECURITIES	8/10/2021	2	792	792
BNP SECURITIES	8/17/2021	2	729	729
BNP SECURITIES	8/16/2022	—	119	119
BNP SECURITIES	8/15/2023	—	67	67
BNP SECURITIES	8/24/2021	1	627	627
BNP SECURITIES	8/22/2023	—	63	63
BNP SECURITIES	9/14/2021	1	585	585
BNP SECURITIES	9/21/2021	1	781	781
BNP SECURITIES	10/5/2021	1	686	686
BNP SECURITIES	10/12/2021	1	501	501
BNP SECURITIES	10/19/2021	1	518	518
BNP SECURITIES	10/26/2021	1	616	616
BNP SECURITIES	11/9/2021	1	527	527
BNP SECURITIES	11/16/2021	1	399	399
BNP SECURITIES	12/14/2021	1	316	316
BNP SECURITIES	12/21/2021	1	292	292
BNP SECURITIES	12/28/2021	1	272	272
WELLS FARGO BANK NA	1/5/2021	—	100	100
WELLS FARGO BANK NA	1/12/2021	—	98	98
WELLS FARGO BANK NA	1/26/2021	—	93	93
WELLS FARGO BANK NA	2/9/2021	—	109	109
WELLS FARGO BANK NA	3/9/2021	—	198	198
WELLS FARGO BANK NA	3/16/2021	—	104	104
WELLS FARGO BANK NA	4/6/2021	—	110	110
WELLS FARGO BANK NA	4/20/2021	—	112	112
WELLS FARGO BANK NA	5/4/2021	—	109	109
WELLS FARGO BANK NA	5/11/2021	—	105	105
WELLS FARGO BANK NA	5/25/2021	—	107	107
WELLS FARGO BANK NA	6/1/2021	—	102	102
WELLS FARGO BANK NA	6/8/2021	—	99	99
WELLS FARGO BANK NA	6/15/2021	—	101	101
WELLS FARGO BANK NA	6/22/2021	—	105	105
WELLS FARGO BANK NA	6/29/2021	—	212	212
WELLS FARGO BANK NA	7/6/2021	—	98	98
WELLS FARGO BANK NA	7/13/2021	—	194	194
WELLS FARGO BANK NA	7/20/2021	—	96	96
WELLS FARGO BANK NA	7/27/2021	—	97	97
WELLS FARGO BANK NA	8/24/2021	—	90	90

F-50

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

WELLS FARGO BANK NA	8/31/2021	—	90	90
WELLS FARGO BANK NA	9/7/2021	—	274	274
WELLS FARGO BANK NA	9/14/2021	—	270	270
WELLS FARGO BANK NA	9/21/2021	—	178	178
WELLS FARGO BANK NA	10/5/2021	—	185	185
WELLS FARGO BANK NA	10/12/2021	—	198	198
WELLS FARGO BANK NA	10/19/2021	—	210	210
WELLS FARGO BANK NA	11/9/2021	—	214	214
WELLS FARGO BANK NA	11/16/2021	—	228	228
WELLS FARGO BANK NA	11/23/2021	—	111	111
WELLS FARGO BANK NA	11/30/2021	—	109	109
WELLS FARGO BANK NA	12/7/2021	—	230	230
WELLS FARGO BANK NA	12/14/2021	—	369	369
WELLS FARGO BANK NA	12/21/2021	—	563	563
WELLS FARGO BANK NA	12/28/2021	—	253	253
WELLS FARGO BANK NA	1/5/2021	—	236	236
WELLS FARGO BANK NA	1/4/2022	—	241	241
WELLS FARGO BANK NA	1/12/2021	—	115	115
WELLS FARGO BANK NA	1/11/2022	—	235	235
WELLS FARGO BANK NA	1/19/2021	—	112	112
WELLS FARGO BANK NA	1/18/2022	—	116	116
WELLS FARGO BANK NA	1/26/2021	—	223	223
WELLS FARGO BANK NA	1/25/2022	—	230	230
WELLS FARGO BANK NA	2/9/2021	—	405	405
WELLS FARGO BANK NA	2/8/2022	—	319	319
WELLS FARGO BANK NA	2/16/2021	—	195	195
WELLS FARGO BANK NA	2/15/2022	—	207	207
WELLS FARGO BANK NA	2/23/2021	—	192	192
WELLS FARGO BANK NA	2/22/2022	—	204	204
WELLS FARGO BANK NA	3/2/2021	—	97	97
WELLS FARGO BANK NA	3/1/2022	—	103	103
WELLS FARGO BANK NA	3/9/2021	—	97	97
WELLS FARGO BANK NA	3/8/2022	—	308	308
WELLS FARGO BANK NA	3/16/2021	—	93	93
WELLS FARGO BANK NA	3/15/2022	—	99	99
WELLS FARGO BANK NA	3/23/2021	—	188	188
WELLS FARGO BANK NA	3/22/2022	—	201	201
WELLS FARGO BANK NA	4/6/2021	—	89	89
WELLS FARGO BANK NA	4/5/2022	1	479	479
WELLS FARGO BANK NA	4/27/2021	—	83	83
WELLS FARGO BANK NA	4/26/2022	—	91	91
WELLS FARGO BANK NA	5/3/2022	—	192	192
WELLS FARGO BANK NA	5/11/2021	—	94	94
WELLS FARGO BANK NA	5/10/2022	—	200	200
WELLS FARGO BANK NA	5/24/2022	—	205	205

F-51

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

WELLS FARGO BANK NA	6/1/2021	—	97	97
WELLS FARGO BANK NA	5/31/2022	—	103	103
WELLS FARGO BANK NA	6/15/2021	—	173	173
WELLS FARGO BANK NA	6/14/2022	—	187	187
WELLS FARGO BANK NA	6/22/2021	—	174	174
WELLS FARGO BANK NA	6/21/2022	—	187	187
WELLS FARGO BANK NA	7/27/2021	—	79	79
WELLS FARGO BANK NA	7/26/2022	—	87	87
WELLS FARGO BANK NA	8/3/2021	—	182	182
WELLS FARGO BANK NA	8/16/2022	—	192	192
WELLS FARGO BANK NA	9/13/2022	—	88	88
WELLS FARGO BANK NA	9/27/2022	—	93	93
WELLS FARGO BANK NA	10/5/2021	—	91	91
WELLS FARGO BANK NA	10/4/2022	—	194	194
WELLS FARGO BANK NA	10/25/2022	—	86	86
WELLS FARGO BANK NA	1/5/2021	1	727	727
WELLS FARGO BANK NA	1/12/2021	1	617	617
WELLS FARGO BANK NA	1/19/2021	1	528	528
WELLS FARGO BANK NA	2/2/2021	2	703	703
WELLS FARGO BANK NA	2/16/2021	1	570	570
WELLS FARGO BANK NA	2/15/2022	—	57	57
WELLS FARGO BANK NA	2/14/2023	—	65	65
WELLS FARGO BANK NA	2/23/2021	1	892	892
WELLS FARGO BANK NA	2/22/2022	—	75	75
WELLS FARGO BANK NA	3/9/2021	2	1,316	1,316
WELLS FARGO BANK NA	3/8/2022	—	95	95
WELLS FARGO BANK NA	3/7/2023	—	100	100
WELLS FARGO BANK NA	3/23/2021	2	2,608	2,608
WELLS FARGO BANK NA	3/22/2022	—	265	265
WELLS FARGO BANK NA	3/21/2023	—	269	269
WELLS FARGO BANK NA	4/13/2021	2	1,563	1,563
WELLS FARGO BANK NA	5/11/2021	2	1,446	1,446
WELLS FARGO BANK NA	5/9/2023	—	102	102
WELLS FARGO BANK NA	5/25/2021	1	1,112	1,112
WELLS FARGO BANK NA	6/1/2021	2	1,433	1,433
WELLS FARGO BANK NA	6/15/2021	1	954	954
WELLS FARGO BANK NA	6/13/2023	—	84	84
WELLS FARGO BANK NA	6/22/2021	2	1,018	1,018
WELLS FARGO BANK NA	6/21/2022	—	77	77
WELLS FARGO BANK NA	7/20/2021	2	932	932
WELLS FARGO BANK NA	7/27/2021	2	927	927
WELLS FARGO BANK NA	8/3/2021	2	823	823
WELLS FARGO BANK NA	8/31/2021	1	467	467
WELLS FARGO BANK NA	9/7/2021	1	703	703
WELLS FARGO BANK NA	9/28/2021	1	656	656

F-52

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

WELLS FARGO BANK NA	11/2/2021	1	587	587
WELLS FARGO BANK NA	11/23/2021	1	383	383
WELLS FARGO BANK NA	11/30/2021	1	366	366
WELLS FARGO BANK NA	12/7/2021	1	341	341
TOTAL PURCHASED OPTIONS			66,645	66,645

WRITTEN OPTIONS
BNP SECURITIES	1/19/2021	(1)	(331)	(331)
BNP SECURITIES	2/2/2021	—	(82)	(82)
BNP SECURITIES	2/16/2021	—	(160)	(160)
BNP SECURITIES	2/23/2021	—	(77)	(77)
BNP SECURITIES	3/2/2021	—	(76)	(76)
BNP SECURITIES	3/30/2021	—	(89)	(89)
BNP SECURITIES	4/13/2021	—	(79)	(79)
BNP SECURITIES	4/27/2021	—	(80)	(80)
BNP SECURITIES	8/3/2021	—	(60)	(60)
BNP SECURITIES	8/10/2021	—	(247)	(247)
BNP SECURITIES	8/17/2021	—	(60)	(60)
BNP SECURITIES	9/28/2021	—	(56)	(56)
BNP SECURITIES	10/26/2021	—	(158)	(158)
BNP SECURITIES	11/2/2021	—	(145)	(145)
BNP SECURITIES	2/1/2022	—	(146)	(146)
BNP SECURITIES	3/30/2021	—	(140)	(140)
BNP SECURITIES	3/29/2022	—	(133)	(133)
BNP SECURITIES	4/13/2021	—	(66)	(66)
BNP SECURITIES	4/12/2022	—	(127)	(127)
BNP SECURITIES	4/19/2022	—	(62)	(62)
BNP SECURITIES	6/29/2021	—	(202)	(202)
BNP SECURITIES	6/28/2022	—	(132)	(132)
BNP SECURITIES	7/13/2021	—	(65)	(65)
BNP SECURITIES	9/20/2022	—	(152)	(152)
BNP SECURITIES	10/11/2022	—	(148)	(148)
BNP SECURITIES	11/1/2022	—	(68)	(68)
BNP SECURITIES	11/15/2022	—	(130)	(130)
BNP SECURITIES	11/30/2021	—	(66)	(66)
BNP SECURITIES	1/26/2021	(2)	(688)	(688)
BNP SECURITIES	2/9/2021	(1)	(503)	(503)
BNP SECURITIES	2/7/2023	—	(50)	(50)
BNP SECURITIES	3/2/2021	(1)	(933)	(933)
BNP SECURITIES	2/28/2023	—	(77)	(77)
BNP SECURITIES	3/30/2021	(2)	(1,951)	(1,951)
BNP SECURITIES	3/28/2023	—	(231)	(231)
BNP SECURITIES	4/6/2021	(2)	(1,826)	(1,826)
BNP SECURITIES	4/18/2023	—	(104)	(104)

F-53

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

BNP SECURITIES	4/19/2022	—	(104)	(104)
BNP SECURITIES	4/20/2021	(2)	(1,602)	(1,602)
BNP SECURITIES	4/27/2021	(2)	(1,478)	(1,478)
BNP SECURITIES	4/26/2022	—	(90)	(90)
BNP SECURITIES	4/25/2023	—	(88)	(88)
BNP SECURITIES	5/4/2021	(2)	(1,561)	(1,561)
BNP SECURITIES	5/2/2023	—	(88)	(88)
BNP SECURITIES	5/18/2021	(2)	(1,335)	(1,335)
BNP SECURITIES	5/16/2023	—	(265)	(265)
BNP SECURITIES	5/18/2021	—	(78)	(78)
BNP SECURITIES	6/8/2021	(2)	(936)	(936)
BNP SECURITIES	6/7/2022	—	(66)	(66)
BNP SECURITIES	6/29/2021	(1)	(961)	(961)
BNP SECURITIES	7/6/2021	(2)	(1,103)	(1,103)
BNP SECURITIES	7/13/2021	(2)	(927)	(927)
BNP SECURITIES	8/10/2021	(2)	(778)	(778)
BNP SECURITIES	8/15/2023	—	(61)	(61)
BNP SECURITIES	8/16/2022	—	(115)	(115)
BNP SECURITIES	8/17/2021	(2)	(716)	(716)
BNP SECURITIES	8/24/2021	(1)	(614)	(614)
BNP SECURITIES	8/22/2023	—	(58)	(58)
BNP SECURITIES	9/14/2021	(1)	(574)	(574)
BNP SECURITIES	9/21/2021	(1)	(773)	(773)
BNP SECURITIES	10/5/2021	(1)	(679)	(679)
BNP SECURITIES	10/12/2021	(1)	(495)	(495)
BNP SECURITIES	10/19/2021	(1)	(513)	(513)
BNP SECURITIES	10/26/2021	(1)	(610)	(610)
BNP SECURITIES	11/9/2021	(1)	(520)	(520)
BNP SECURITIES	11/16/2021	(1)	(394)	(394)
BNP SECURITIES	12/14/2021	(1)	(312)	(312)
BNP SECURITIES	12/21/2021	(1)	(288)	(288)
BNP SECURITIES	12/28/2021	(1)	(268)	(268)
WELLS FARGO BANK NA	1/5/2021	—	(76)	(76)
WELLS FARGO BANK NA	1/12/2021	—	(73)	(73)
WELLS FARGO BANK NA	1/26/2021	—	(68)	(68)
WELLS FARGO BANK NA	2/9/2021	—	(85)	(85)
WELLS FARGO BANK NA	3/9/2021	—	(145)	(145)
WELLS FARGO BANK NA	3/16/2021	—	(78)	(78)
WELLS FARGO BANK NA	4/6/2021	—	(84)	(84)
WELLS FARGO BANK NA	4/20/2021	—	(87)	(87)
WELLS FARGO BANK NA	5/4/2021	—	(79)	(79)
WELLS FARGO BANK NA	5/11/2021	—	(75)	(75)
WELLS FARGO BANK NA	5/25/2021	—	(78)	(78)
WELLS FARGO BANK NA	6/1/2021	—	(72)	(72)
WELLS FARGO BANK NA	6/8/2021	—	(65)	(65)

F-54

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

WELLS FARGO BANK NA	6/15/2021	—	(67)	(67)
WELLS FARGO BANK NA	6/22/2021	—	(71)	(71)
WELLS FARGO BANK NA	6/29/2021	—	(145)	(145)
WELLS FARGO BANK NA	7/6/2021	—	(65)	(65)
WELLS FARGO BANK NA	7/13/2021	—	(132)	(132)
WELLS FARGO BANK NA	7/20/2021	—	(63)	(63)
WELLS FARGO BANK NA	7/27/2021	—	(64)	(64)
WELLS FARGO BANK NA	8/24/2021	—	(57)	(57)
WELLS FARGO BANK NA	8/31/2021	—	(57)	(57)
WELLS FARGO BANK NA	9/7/2021	—	(175)	(175)
WELLS FARGO BANK NA	9/14/2021	—	(171)	(171)
WELLS FARGO BANK NA	9/21/2021	—	(113)	(113)
WELLS FARGO BANK NA	10/5/2021	—	(120)	(120)
WELLS FARGO BANK NA	10/12/2021	—	(134)	(134)
WELLS FARGO BANK NA	10/19/2021	—	(147)	(147)
WELLS FARGO BANK NA	11/9/2021	—	(152)	(152)
WELLS FARGO BANK NA	11/16/2021	—	(167)	(167)
WELLS FARGO BANK NA	11/23/2021	—	(80)	(80)
WELLS FARGO BANK NA	11/30/2021	—	(75)	(75)
WELLS FARGO BANK NA	12/7/2021	—	(162)	(162)
WELLS FARGO BANK NA	12/14/2021	—	(269)	(269)
WELLS FARGO BANK NA	12/21/2021	—	(327)	(327)
WELLS FARGO BANK NA	12/21/2021	—	(54)	(54)
WELLS FARGO BANK NA	12/28/2021	—	(188)	(188)
WELLS FARGO BANK NA	1/5/2021	—	(194)	(194)
WELLS FARGO BANK NA	1/4/2022	—	(175)	(175)
WELLS FARGO BANK NA	1/12/2021	—	(93)	(93)
WELLS FARGO BANK NA	1/11/2022	—	(168)	(168)
WELLS FARGO BANK NA	1/19/2021	—	(91)	(91)
WELLS FARGO BANK NA	1/18/2022	—	(82)	(82)
WELLS FARGO BANK NA	1/26/2021	—	(180)	(180)
WELLS FARGO BANK NA	1/25/2022	—	(163)	(163)
WELLS FARGO BANK NA	2/9/2021	—	(315)	(315)
WELLS FARGO BANK NA	2/8/2022	—	(218)	(218)
WELLS FARGO BANK NA	2/16/2021	—	(155)	(155)
WELLS FARGO BANK NA	2/15/2022	—	(147)	(147)
WELLS FARGO BANK NA	2/23/2021	—	(153)	(153)
WELLS FARGO BANK NA	2/22/2022	—	(144)	(144)
WELLS FARGO BANK NA	3/2/2021	—	(77)	(77)
WELLS FARGO BANK NA	3/1/2022	—	(73)	(73)
WELLS FARGO BANK NA	3/9/2021	—	(77)	(77)
WELLS FARGO BANK NA	3/8/2022	—	(218)	(218)
WELLS FARGO BANK NA	3/16/2021	—	(73)	(73)
WELLS FARGO BANK NA	3/15/2022	—	(69)	(69)
WELLS FARGO BANK NA	3/23/2021	—	(149)	(149)

F-55

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

WELLS FARGO BANK NA	3/22/2022	—	(141)	(141)
WELLS FARGO BANK NA	4/6/2021		(69)	(69)
WELLS FARGO BANK NA	4/5/2022	(1)	(329)	(329)
WELLS FARGO BANK NA	4/27/2021	—	(65)	(65)
WELLS FARGO BANK NA	4/26/2022	—	(63)	(63)
WELLS FARGO BANK NA	5/3/2022	—	(137)	(137)
WELLS FARGO BANK NA	5/11/2021	—	(76)	(76)
WELLS FARGO BANK NA	5/10/2022	—	(145)	(145)
WELLS FARGO BANK NA	5/24/2022	—	(151)	(151)
WELLS FARGO BANK NA	6/1/2021	—	(80)	(80)
WELLS FARGO BANK NA	5/31/2022	—	(76)	(76)
WELLS FARGO BANK NA	6/15/2021	—	(138)	(138)
WELLS FARGO BANK NA	6/14/2022	—	(132)	(132)
WELLS FARGO BANK NA	6/22/2021	—	(139)	(139)
WELLS FARGO BANK NA	6/21/2022	—	(133)	(133)
WELLS FARGO BANK NA	7/27/2021	—	(65)	(65)
WELLS FARGO BANK NA	7/26/2022	—	(63)	(63)
WELLS FARGO BANK NA	8/3/2021	—	(154)	(154)
WELLS FARGO BANK NA	8/16/2022	—	(151)	(151)
WELLS FARGO BANK NA	9/13/2022	—	(72)	(72)
WELLS FARGO BANK NA	9/27/2022	—	(78)	(78)
WELLS FARGO BANK NA	10/5/2021	—	(82)	(82)
WELLS FARGO BANK NA	10/4/2022	—	(163)	(163)
WELLS FARGO BANK NA	10/25/2022		(71)	(71)
WELLS FARGO BANK NA	1/5/2021	(1)	(647)	(647)
WELLS FARGO BANK NA	1/12/2021	(1)	(543)	(543)
WELLS FARGO BANK NA	1/19/2021	(1)	(459)	(459)
WELLS FARGO BANK NA	2/2/2021	(2)	(621)	(621)
WELLS FARGO BANK NA	2/16/2021	(1)	(510)	(510)
WELLS FARGO BANK NA	2/15/2022	—	(48)	(48)
WELLS FARGO BANK NA	2/14/2023	—	(51)	(51)
WELLS FARGO BANK NA	2/23/2021	(1)	(833)	(833)
WELLS FARGO BANK NA	2/22/2022	—	(67)	(67)
WELLS FARGO BANK NA	3/9/2021	(2)	(1,257)	(1,257)
WELLS FARGO BANK NA	3/8/2022	—	(86)	(86)
WELLS FARGO BANK NA	3/7/2023	—	(87)	(87)
WELLS FARGO BANK NA	3/23/2021	(2)	(2,540)	(2,540)
WELLS FARGO BANK NA	3/22/2022	—	(251)	(251)
WELLS FARGO BANK NA	3/21/2023	—	(244)	(244)
WELLS FARGO BANK NA	4/13/2021	(2)	(1,521)	(1,521)
WELLS FARGO BANK NA	5/11/2021	(2)	(1,388)	(1,388)
WELLS FARGO BANK NA	5/9/2023	—	(88)	(88)
WELLS FARGO BANK NA	5/25/2021	(1)	(1,083)	(1,083)
WELLS FARGO BANK NA	6/1/2021	(2)	(1,392)	(1,392)
WELLS FARGO BANK NA	6/15/2021	(1)	(925)	(925)

F-56

Ameriprise Certificate Company

Schedule I — Investments in Securities of Unaffiliated Issuers (continued)

December 31, 2020

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

WELLS FARGO BANK NA	6/13/2023	—	(74)	(74)
WELLS FARGO BANK NA	6/22/2021	(2)	(988)	(988)
WELLS FARGO BANK NA	6/21/2022	—	(72)	(72)
WELLS FARGO BANK NA	7/20/2021	(2)	(917)	(917)
WELLS FARGO BANK NA	7/27/2021	(2)	(913)	(913)
WELLS FARGO BANK NA	8/3/2021	(2)	(809)	(809)
WELLS FARGO BANK NA	8/31/2021	(1)	(456)	(456)
WELLS FARGO BANK NA	9/7/2021	(1)	(691)	(691)
WELLS FARGO BANK NA	9/28/2021	(1)	(650)	(650)
WELLS FARGO BANK NA	11/2/2021	(1)	(581)	(581)
WELLS FARGO BANK NA	11/23/2021	(1)	(378)	(378)
WELLS FARGO BANK NA	11/30/2021	(1)	(361)	(361)
WELLS FARGO BANK NA	12/7/2021	(1)	(336)	(336)
TOTAL WRITTEN OPTIONS			(59,924)	(59,924)

FUTURES
S&P 500 MINI FUTURES	3/19/2071	—	18		18
TOTAL FUTURES			18		18
TOTAL DERIVATIVES - NET			6,739		6,739
TOTAL INVESTMENTS IN CASH EQUIVALENTS, FIXED MATURITIES, EQUITY SECURITIES, SYNDICATED LOANS AND DERIVATIVES			$	7,032,809	$	7,073,559

NOTES

a) Cash equivalents are carried at amortized cost which approximates fair value. Fixed maturities and equity securities 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 $7.0 billion.

c) Securities written down due to other-than-temporary impairment related to credit losses (pre-2020 GAAP accounting guidance). No credit losses have occurred under the new Financial Instruments Credit Losses guidance that was effective January 1, 2020.

d) Non-Income producing securities.

F-57

Ameriprise Certificate Company

Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages

December 31, 2021    

(in thousands)

Part 1 - Mortgage loans on real estate at end of period Part 2 - Interest earned on mortgages							Carrying amount of mortgages (c)		Amount of principal unpaid at end of period				Amount of mortgages being foreclosed		Interest due and accrued at end of period		Average gross rate of interest on mortgages held at end of period (e)
Loan No.	Description (a)	Property Location		Number of loans	Prior liens (b)				Total		Subject to delinquent interest (d)
Other - liens on:
Apartment and business:
Under $500:
	121047366	Murray	UT	1	$	—	$	162	$	162	$	—	$	—	$	—	3.310	%
	121087290	Doraville	GA	1	—		144		144		—		—		1		5.770
	121087359	Apex	NC	1	—		47		47		—		—		—		3.520
	121087370	La Jolla	CA	1	—		114		114		—		—		—		3.260
	121087371	Bulverde	TX	1	—		403		403		—		—		1		3.000
Over $500:
	121047210	West Haven	CT	1	—		4,076		4,076		—		—		12		3.600
	121047262	Fargo	ND	1	—		3,306		3,306		—		—		15		5.440
	121047343	Durham	NC	1	—		1,133		1,133		—		—		3		3.500
	121047347	Lawrenceville	GA	1	—		1,426		1,426		—		—		5		3.970
	121047364	Kansas City	KS	1	—		908		908		—		—		3		3.420
	121047377	Cookeville	TN	1	—		581		581		—		—		2		3.500
	121047383	Las Vegas	NV	1	—		2,578		2,578		—		—		6		2.980
	121047385	Cicero	IL	1	—		2,960		2,960		—		—		9		3.850
	121047387	Washington Terrace	UT	1	—		2,177		2,177		—		—		5		3.020
	121047392	Philadelphia	PA	1	—		3,279		3,279		—		—		12		4.310
	121047393	Moore	SC	1	—		1,309		1,309		—		—		5		4.130
	121047398	Springfield	IL	1	—		968		968		—		—		4		4.390
	121047400	Pittsford	NY	1	—		1,377		1,377		—		—		5		4.070
	121047402	Miami	FL	1	—		1,436		1,436		—		—		4		3.750
	121047408	Wyomissing	PA	1	—		3,010		3,010		—		—		7		2.700
	121047410	Chicago	IL	1	—		2,779		2,779		—		—		6		2.500
	121087245	Southport	CT	1	—		2,690		2,690		—		—		9		4.010
	121087313	Orchard Park	NY	1	—		2,340		2,340		—		—		8		4.050
	121087327	Marietta	GA	1	—		2,152		2,152		—		—		7		3.820
	121087344	Norcross	GA	1	—		1,311		1,311		—		—		4		3.380
	121087349	Carlsbad	CA	1	—		2,131		2,131		—		—		5		3.000
	121087358	Philadelphia	PA	1	—		3,536		3,536		—		—		10		3.450
	121087360	Sun City Center	FL	1	—		3,746		3,746		—		—		10		3.300
	121087361	Oswego	OR	1	—		4,147		4,147		—		—		15		4.260
	121087362	Atlanta	GA	1	—		2,099		2,099		—		—		7		3.810
	121087365	Fairfax	VA	1	—		1,858		1,858		—		—		7		4.450
	121087369	Acworth	GA	1	—		1,134		1,134		—		—		3		3.550
	121087375	Florence	KY	1	—		854		854		—		—		2		3.040
	121087376	Sterling Heights	MI	1	—		1,458		1,458		—		—		4		3.620
	121087378	Pittsburgh	PA	1	—		2,041		2,041		—		—		6		3.690
	121087379	Euless	TX	1	—		1,333		1,333		—		—		4		3.700
	121087381	San Diego	CA	1	—		2,902		2,902		—		—		8		3.130
	121087382	San Diego	CA	1	—		2,775		2,775		—		—		7		3.090
	121087384	Culver City	CA	1	—		2,738		2,738		—		—		9		3.840
	121087386	Bellingham	WA	1	—		4,875		4,875		—		—		15		3.570
	121087388	Riverside	CA	1	—		1,277		1,277		—		—		3		3.270
	121087389	Palmdale	CA	1	—		1,724		1,724		—		—		5		3.270
	121087394	Richmond	TX	1	—		2,987		2,987		—		—		10		4.000
	121087395	San Francisco	CA	1	—		4,302		4,302		—		—		15		4.180

F-89

Ameriprise Certificate Company

Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages (continued)

December 31, 2021    

(in thousands)

Part 1 - Mortgage loans on real estate at end of period Part 2 - Interest earned on mortgages							Carrying amount of mortgages (c)		Amount of principal unpaid at end of period				Amount of mortgages being foreclosed		Interest due and accrued at end of period		Average gross rate of interest on mortgages held at end of period (e)
Loan No.	Description (a)	Property Location		Number of loans	Prior liens (b)				Total		Subject to delinquent interest (d)
	121087396	Seattle	WA	1	—		4,758		4,758		—		—		17		4.410
	121087397	Nashville	TN	1	—		1,503		1,503		—		—		5		4.350
	121087403	Houston	TX	1	—		4,350		4,350		—		—		13		3.470
	121087404	Blaine	MN	1	—		1,680		1,680		—		—		5		3.320
	121087405	Monroe	WA	1	—		4,151		4,151		—		—		12		3.390
	121087406	Kokomo	IN	1	—		3,000		3,000		—		—		7		3.000
	121087407	Victorville	CA	1	—		1,986		1,986		—		—		5		2.960
	121087409	Pompano Beach	FL	1	—		1,779		1,779		—		—		4		2.740
	121087411	Syracyse	UT	1	—		2,650		2,650		—		—		—		2.520
	Total Other			53	—		116,440		116,440		—		—		346		3.626
Unallocated Reserve for Losses							493
Total First Mortgage Loans on Real Estate				53	$	—	$	115,947	$	116,440	$	—	$	—	$	346	3.626	%

Part 3 - Location of mortgaged properties					Carrying amount of mortgages (c)		Amount of principal unpaid at end of period				Amount of mortgages being foreclosed
State in which mortgaged property is located		Number of loans	Prior liens (b)				Total		Subject to delinquent interest (d)
California	CA	9	$	—	$	19,949	$	19,949	$	—	$	—
Connecticut	CT	2	—		6,766		6,766		—		—
Florida	FL	3	—		6,961		6,961		—		—
Georgia	GA	6	—		8,265		8,265		—		—
Illinois	IL	3	—		6,708		6,708		—		—
Indiana	IN	1			3,000		3,000
Kansas	KS	1	—		907		907		—		—
Kentucky	KY	1	—		854		854		—		—
Michigan	MI	1	—		1,458		1,458		—		—
Minnesota	MN	1	—		1,680		1,680		—		—
North Carolina	NC	2	—		1,180		1,180		—		—
North Dakota	ND	1	—		3,306		3,306		—		—
Nevada	NV	1	—		2,578		2,578		—		—
New York	NY	2	—		3,717		3,717		—		—
Oregon	OR	1	—		4,147		4,147		—		—
Pennsylvania	PA	4	—		11,865		11,865		—		—
South Carolina	SC	1	—		1,309		1,309		—		—
Tennessee	TN	2	—		2,085		2,085		—		—
Texas	TX	4	—		9,073		9,073		—		—
Utah	UT	3	—		4,989		4,989		—		—
Virginia	VA	1	—		1,858		1,858		—		—
Washington	WA	3	—		13,785		13,785		—		—
Total		53	—		116,440		116,440		—		—
Unallocated Reserve for Losses					493
Total		53	$	—	$	115,947	$	116,440	$	—	$	—

NOTES:

(a) The classification “residential” includes single dwellings only. Residential multiple dwellings are included in “apartment and business”.

(b) Real estate taxes and easements, which in the opinion of ACC are not undue burden on the properties, have been excluded from the determination of “prior liens”.

(c) In this Schedule III, carrying amount of mortgage loans represents unpaid principal balances plus unamortized premiums less unamortized discounts and 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, 2021 are shown by type and class of loan.

F-90

Ameriprise Certificate Company

Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages

December 31, 2020    

(in thousands)

Part 1 - Mortgage loans on real estate at end of period Part 2 - Interest earned on mortgages							Carrying amount of mortgages (c)		Amount of principal unpaid at end of period				Amount of mortgages being foreclosed		Interest due and accrued at end of period		Average gross rate of interest on mortgages held at end of period (e)
Loan No.	Description (a)	Property Location		Number of loans	Prior liens (b)				Total		Subject to delinquent interest (d)
Other - liens on:
Apartment and business:
Under $500:
	121047366	Murray	UT	1	$	—	$	318	$	318	$	—	$	—	$	—	3.310	%
	121087290	Doraville	GA	1	—		378		378		—		—		2		5.770
	121087347	Lawrenceville	GA	1	—		58		58		—		—		—		4.650
	121087351	Gardena	CA	1	—		163		163		—		—		1		4.450
	121087359	Apex	NC	1	—		185		185		—		—		—		3.520
	121087370	La Jolla	CA	1	—		300		300		—		—		1		3.260
Over $500:
	121047210	West Haven	CT	1	—		4,212		4,212		—		—		13		3.600
	121047262	Fargo	ND	1	—		3,937		3,937		—		—		18		5.440
	121047343	Durham	NC	1	—		1,175		1,175		—		—		3		3.500
	121047364	Kansas City	KS	1	—		950		950		—		—		3		3.420
	121047377	Cookeville	TN	1	—		857		857		—		—		2		3.500
	121047383	Las Vegas	NV	1	—		2,551		2,551		—		—		7		3.340
	121047385	Cicero	IL	1	—		3,050		3,050		—		—		10		3.850
	121047387	Washington Terrace	UT	1	—		2,168		2,168		—		—		7		3.730
	121047392	Philadelphia	PA	1	—		3,344		3,344		—		—		12		4.310
	121047393	Moore	SC	1	—		1,517		1,517		—		—		5		4.130
	121047398	Springfield	IL	1	—		1,078		1,078		—		—		4		4.390
	121047399	Colorado Springs	CO	1	—		4,366		4,366		—		—		15		4.010
	121047400	Pittsford	NY	1	—		1,531		1,531		—		—		5		4.070
	121047402	Miami	FL	1	—		1,465		1,465		—		—		5		3.750
	121087245	Southport	CT	1	—		2,771		2,771		—		—		9		4.010
	121087313	Orchard Park	NY	1	—		2,458		2,458		—		—		8		4.050
	121087327	Marietta	GA	1	—		2,218		2,218		—		—		7		3.820
	121087344	Norcross	GA	1	—		1,390		1,390		—		—		4		3.380
	121087345	Henderson	NV	1	—		3,459		3,459		—		—		13		4.500
	121087349	Carlsbad	CA	1	—		2,177		2,177		—		—		5		3.000
	121087358	Philadelphia	PA	1	—		3,657		3,657		—		—		11		3.450
	121087360	Sun City Center	FL	1	—		3,842		3,842		—		—		11		3.300
	121087361	Oswego	OR	1	—		4,416		4,416		—		—		16		4.260
	121087362	Atlanta	GA	1	—		2,196		2,196		—		—		7		3.810
	121087365	Fairfax	VA	1	—		1,913		1,913		—		—		7		4.450
	121087369	Acworth	GA	1	—		1,214		1,214		—		—		4		3.550
	121087371	Bulverde	TX	1	—		588		588		—		—		1		3.000
	121087372	Brea	CA	1	—		2,885		2,885		—		—		7		3.000
	121087375	Florence	KY	1	—		1,077		1,077		—		—		3		3.040
	121087376	Sterling Heights	MI	1	—		1,798		1,798		—		—		5		3.620
	121087378	Pittsburgh	PA	1	—		2,222		2,222		—		—		7		3.690
	121087379	Euless	TX	1	—		1,380		1,380		—		—		4		3.700
	121087381	San Diego	CA	1	—		3,341		3,341		—		—		9		3.130
	121087382	San Diego	CA	1	—		3,263		3,263		—		—		8		3.090
	121087384	Culver City	CA	1	—		2,800		2,800		—		—		9		3.840
	121087386	Bellingham	WA	1	—		4,987		4,987		—		—		15		3.570
	121087388	Riverside	CA	1	—		1,467		1,467		—		—		4		3.270
	121087389	Palmdale	CA	1	—		1,980		1,980		—		—		5		3.270
	121087394	Richmond	TX	1	—		3,387		3,387		—		—		11		4.000
	121087395	San Francisco	CA	1	—		4,420		4,420		—		—		15		4.180
	121087396	Seattle	WA	1	—		4,847		4,847		—		—		18		4.410
	121087397	Nashville	TN	1	—		1,681		1,681		—		—		6		4.350

F-91

Ameriprise Certificate Company

Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages (continued)

December 31, 2020

(in thousands)

Part 1 - Mortgage loans on real estate at end of period Part 2 - Interest earned on mortgages							Carrying amount of mortgages (c)		Amount of principal unpaid at end of period				Amount of mortgages being foreclosed		Interest due and accrued at end of period		Average gross rate of interest on mortgages held at end of period (e)
Loan No.	Description (a)	Property Location		Number of loans	Prior liens (b)				Total		Subject to delinquent interest (d)
	121087401	Southlake	TX	1	—		2,324		2,324		—		—		8		4.030
	121087403	Houston	TX	1	—		4,472		4,472		—		—		13		3.470
	121087404	Blaine	MN	1	—		1,780		1,780		—		—		5		3.320
	121087405	Monroe	WA	1	—		4,237		4,237		—		—		12		3.390
	121087406	Kokomo	IN	1	—		3,000		3,000		—		—		8		3.000
	Total Other			53	—		123,250		123,250		—		—		388		3.782
Unallocated Reserve for Losses							931
Total First Mortgage Loans on Real Estate				53	$	—	$	122,319	$	123,250	$	—	$	—	$	388	3.782	%

Part 3 - Location of mortgaged properties					Carrying amount of mortgages (c)		Amount of principal unpaid at end of period				Amount of mortgages being foreclosed
State in which mortgaged property is located		Number of loans	Prior liens (b)				Total		Subject to delinquent interest (d)
California	CA	10	$	—	$	22,797	$	22,797	$	—	$	—
Colorado	CO	1	—		4,366		4,366		—		—
Connecticut	CT	2	—		6,983		6,983		—		—
Florida	FL	2	—		5,307		5,307		—		—
Georgia	GA	6	—		7,453		7,453		—		—
Illinois	IL	2	—		4,128		4,128		—		—
Indiana	IN	1	—		3,000		3,000		—		—
Kansas	KS	1	—		950		950		—		—
Kentucky	KY	1	—		1,077		1,077		—		—
Michigan	MI	1	—		1,798		1,798		—		—
Minnesota	MN	1	—		1,780		1,780		—		—
North Carolina	NC	2	—		1,360		1,360		—		—
North Dakota	ND	1	—		3,938		3,938		—		—
Nevada	NV	2	—		6,011		6,011		—		—
New York	NY	2	—		3,989		3,989		—		—
Oregon	OR	1	—		4,415		4,415		—		—
Pennsylvania	PA	3	—		9,223		9,223		—		—
South Carolina	SC	1	—		1,516		1,516		—		—
Tennessee	TN	2	—		2,538		2,538		—		—
Texas	TX	5	—		12,151		12,151		—		—
Utah	UT	2	—		2,486		2,486		—		—
Virginia	VA	1	—		1,913		1,913		—		—
Washington	WA	3	—		14,071		14,071		—		—
Total		53	—		123,250		123,250		—		—
Unallocated Reserve for Losses					931
Total		53	$	—	$	122,319	$	123,250	$	—	$	—

NOTES:

(a) The classification “residential” includes single dwellings only. Residential multiple dwellings are included in “apartment and business”.

(b) Real estate taxes and easements, which in the opinion of ACC are not undue burden on the properties, have been excluded from the determination of “prior liens”.

(c) In this Schedule III, carrying amount of mortgage loans represents unpaid principal balances plus unamortized premiums less unamortized discounts and reserve for loss.

(d) Interest in arrears for less than three months has been disregarded in computing the total amount of principal subject to delinquent interest. The amounts of mortgage loans being foreclosed are also included in amounts subject to delinquent interest.

(e) Information as to interest income by type and class of loan has been omitted because it is not readily available and the obtaining thereof would involve unreasonable effort and expense. In lieu thereof, the average gross interest rates (exclusive of amortization of discounts and premiums) on mortgage loans held as of December 31, 2020 are shown by type and class of loan.

F-92

Ameriprise Certificate Company

Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages

Years Ended December 31, 2021, 2020 and 2019

(in thousands)

The average gross interest rates on mortgage loans held as of December 31, 2021, 2020 and 2019 are summarized as follows:

	2021		2020		2019
Combined average	3.626	%	3.782	%	3.832	%

(f)  Following is a reconciliation of the carrying amount of mortgage loans for the years ended December 31, 2021, 2020 and 2019.

	2021		2020		2019
Balance at beginning of period	$	122,319	$	123,040	$	112,434
Additions during period:
Purchases and fundings	13,937		7,962		22,870
Impact of of change in accounting policies	—		1,608		—
Deductions during period:
Collections of principal	(20,747)		(10,096)		(12,264)
Provision for credit loss	438		(195)		—
Net additions (deductions)	(6,372)		(721)		10,606
Balance at end of period	$	115,947	$	122,319	$	123,040

(g) The aggregate cost of mortgage loans for federal income tax purposes as of December 31, 2021 was $116,440.

(h) As of December 31, 2021, an unallocated allowance for credit losses on first mortgage loans of $493 is recorded.

F-93

Ameriprise Certificate Company

Schedule V — Qualified Assets on Deposit

December 31, 2021 and 2020

(in thousands)

Name of Depositary	December 31, 2021
	Investment Securities		Mortgage 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	$	50	$	—	$	—	$	50
New Jersey - Commissioner of Banking and Insurance of New Jersey	52		—		—		52
Pennsylvania - Treasurer of the State of Pennsylvania	155		—		—		155
Texas - Treasurer of the State of Texas	108		—		—		108
Total State Deposits to meet requirements of statutes and agreements	365		—		—		365
Total Central Depository - Ameriprise Trust Company	5,382,213		115,947		105,622		5,603,782
Total Deposits	$	5,382,578	$	115,947	$	105,622	5,604,147
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.

Name of Depositary	December 31, 2020
	Investment Securities				Mortgage Loans (c)		Other (d)		Total
	Bonds and Notes (a)		Equity Securities (b)
Deposits with states or their depositories to meet requirements of statutes and agreements:
Illinois - Secretary of State of Illinois	$	50	$	—	$	—	$	—	$	50
New Jersey - Commissioner of Banking and Insurance of New Jersey	52		—		—		—		52
Pennsylvania - Treasurer of the State of Pennsylvania	156		—		—		—		156
Texas - Treasurer of the State of Texas	165		—		—		—		165
Total State Deposits to meet requirements of statutes and agreements	423		—		—		—		423
Total Central Depository - Ameriprise Trust Company	6,878,310		56		122,319		147,221		7,147,906
Total Deposits	$	6,878,733	$	56	$	122,319	$	147,221	7,148,329

NOTES:

(a)  Represents amortized cost of bonds, notes and cash equivalents.

(b)  Represents fair value of equity securities.

(c)  Represents unpaid principal balance of mortgage loans less unamortized discounts and reserve for losses.

(d)  Represents amortized cost of syndicated loans.

F-94

Ameriprise Certificate Company

Schedule VI — Certificate Reserves

Year Ended December 31, 2021

(in thousands)

Part 1 - Summary of Changes

Description	December 31, 2021
	Yield to maturity on an annual payment basis	Balance at beginning of period					Additions						Deductions						Balance at close of period
		No. of accounts with security holders	Amount of maturity value		Amount of reserves		Charged to profit and loss or income		Reserve payments by certificate holders		Charged to other accounts (per part 2)		Maturities		Cash surrenders prior to maturity		Credited to other accounts (per part 2)		No. of accounts with security holders	Amount of maturity value		Amount of reserves
Installment certificates:
Reserves to mature:
Inst I95		514	$	—	$	4,729	$	—	$	2,183	$	18	$	(453)	$	(1,669)	$	—	450	$	—	$	4,808
Inst-E		2	—		2		—		80		—		—		—		—		1	—		82
RP-Q-Installment		1	6		5		—		—		—		—		—		—		2	6		5
RP-Q-Flexible Payment		1	12		11		—		—		—		—		(11)		—		—	—		—
Inst-R		154	16,085		904		—		178		3		(84)		(205)		—		139	18,871		796
Inst-R-E		1	2,052		365		—		55		1		—		—		—		1	2,052		421
Total		673	18,155		6,016		—		2,496		22		(537)		(1,885)		—		593	20,929		6,112
Additional credits and accrued interest thereon:
Inst I95		—	—		—		18		—		—		—		—		(18)		—	—		—
Inst-E		—	—		—		—		—		—		—		—		—		—	—		—
Inst-R		—	—		—		3		—		—		—		—		(3)		—	—		—
Inst-R-E		—	—		—		1		—		—		—		—		(1)		—	—		—
Total		—	—		—		22		—		—		—		—		(22)		—	—		—
Res for accrued 3rd year 213 - Installment Prod only		—	—		—		—		—		—		—		—		—		—	—		—
Total		—	—		—		—		—		—		—		—		—		—	—		—
Total Installment Certificates		673	18,155		6,016		22		2,496		22		(537)		(1,885)		(22)		593	20,929		6,112
Single Pay - Non Qualified Certificates
Single - Payment certificates:
IC-Flexible Savings (Variable Term) - 165		76,211	2,016,223		2,173,581		—		457,271		5,534		(2,919)		(987,748)		—		56,831	1,587,640		1,645,719
IC - Stepup - 190		233	8,714		9,156		—		—		67		—		(2,589)		—		161	6,417		6,634
IC-Flexible Savings Emp (VT) - 166		—	—		—		—		—		—		—		—		—		—	—		—
Cash Reserve Variables PMT - 3mo. - 662		72,627	2,147,424		2,176,948		—		1,561,781		168		(1,912)		(1,841,893)		—		66,659	1,889,641		1,895,092
IC-Stock Market - 180		4,992	34,486		40,128		—		47		304		(1,527)		(11,611)		—		3,786	23,928		27,341
IC-MSC - 181		4,611	84,522		98,000		—		1,111		639		(2,610)		(23,893)		—		3,707	64,548		73,247
IC-Stock1 - 210		8,058	68,859		72,075		—		6,995		496		—		(24,070)		—		6,666	53,566		55,496
IC-Stock2 - 220		1,180	21,569		23,090		—		1,744		856		—		(9,681)		—		873	15,295		16,009
IC-Stock3 - 230		2,232	37,824		39,244		—		812		1,764		—		(12,471)		—		1,881	28,247		29,349
Total		170,144	4,419,621		4,632,222		—		2,029,761		9,828		(8,968)		(2,913,956)		—		140,564	3,669,282		3,748,887
Additional credits and accrued interest thereon:
IC-Flexible Savings		—	—		434		5,417		—		—		—		(183)		(5,535)		—	—		133
IC-Preferred Investors		—	—		—		—		—		—		—		—		—		—	—		—
IC-Stepup -190		—	—		5		95		—		—		—		(30)		(66)		—	—		4
Cash Reserve Variable Payment-3mo.		—	—		8		200		—		—		—		(32)		(168)		—	—		8
IC-Stk Mkt, 2004/16/31-4000/16		—	—		7		3		—		—		—		—		(8)		—	—		2
IC-Stock1 - 210		—	—		10		6		—		—		—		(1)		(12)		—	—		3
IC-Stock2 - 220		—	—		28		9		—		—		—		—		(32)		—	—		5
IC-Stock3 - 230		—	—		80		34		—		—		—		(1)		(63)		—	—		50
IC-MSC		—	—		2		9		—		—		—		—		(12)		—	—		(1)
Total		—	—		574		5,773		—		—		—		(247)		(5,896)		—	—		204
Accrued for additional credits to be allowed at next anniversaries:
SP 75		—	—		(1)		—		—		—		—		—		—		—	—		(1)

F-95

Ameriprise Certificate Company

Schedule VI — Certificate Reserves (continued)

Year Ended December 31, 2021

(in thousands)

Description	December 31, 2021
	Yield to maturity on an annual payment basis		Balance at beginning of period			Additions			Deductions			Balance at close of period
			No. of accounts with security holders	Amount of maturity value	Amount of reserves	Charged to profit and loss or income	Reserve payments by certificate holders	Charged to other accounts (per part 2)	Maturities	Cash surrenders prior to maturity	Credited to other accounts (per part 2)	No. of accounts with security holders	Amount of maturity value	Amount of reserves
IC-Stock			—	—	325	48	—	—	—	(2)	(295)	—	—	76
IC-Stock1 - 210			—	—	521	100	—	—	—	(33)	(484)	—	—	104
IC-Stock2 - 220			—	—	1,006	32	—	—	—	(5)	(824)	—	—	209
IC-Stock3 - 230			—	—	3,731	43	—	—	—	(11)	(1,702)	—	—	2,061
IC-Market Strategy Certificate - Part Int 2019/2102/4061			—	—	642	114	—	—	—	(18)	(628)	—	—	110
Total			—	—	6,224	337	—	—	—	(69)	(3,933)	—	—	2,559
Total Single Pay - Non Qualified Certificates			170,144	4,419,621	4,639,020	6,110	2,029,761	9,828	(8,968)	(2,914,272)	(9,829)	140,564	3,669,282	3,751,650
R-Series Single Pay - Qualified Certificates
R-77 - 910		3.5	3	12	24	—	—	1	—	—	—	3	12	25
R78 - 911		3.5	3	12	21	—	—	1	—	—	—	3	12	22
R-79 - 912		3.5	5	39	67	—	—	2	—	—	—	5	39	69
R-80 - 913		3.5	3	21	33	—	—	1	—	—	—	3	21	34
R-81 - 914		3.5	1	10	16	—	—	1	—	—	—	1	10	17
R-82A - 915		3.5	7	31	39	—	—	1	—	(3)	—	6	29	37
RP-Q - 916			26	34	109	—	—	—	—	(8)	—	25	33	101
R-II - 920		3.5	8	63	62	—	—	2	—	—	—	8	63	64
RP-Flexible Savings - 971			34,382	936,701	1,001,464	—	80,057	2,835	(538)	(400,932)	—	25,455	660,294	682,886
Cash Reserve RP-3 mo. - 972			32,551	948,775	982,065	—	600,338	68	(13)	(818,365)	—	29,957	762,247	764,093
RP-Flexible Savings Emp - 973			1	71	82	—	—	1	—	—	—	1	71	83
RP-Stock Market - 960			1,576	15,634	17,840	—	7	123	(258)	(4,614)	—	1,203	11,668	13,098
RP-Stepup - 940			197	6,000	6,441	—		73	—	(3,223)	—	107	3,119	3,291
RP-Stock1 - 941			3,096	33,363	34,836	—	3,105	259	—	(13,713)	—	2,314	23,580	24,487
RP-Stock2 - 942			821	12,977	13,559	—	1,892	462	—	(6,353)	—	569	9,218	9,560
RP-Stock3 - 943			1,441	22,569	23,205	—	437	1,084	—	(7,651)	—	1,208	16,422	17,075
Market Strategy Cert - 961			1,124	25,645	28,420	—	198	192	(39)	(7,481)	—	916	19,788	21,290
D-1 990-993			2	853	939	—	—	2	—	(94)	—	2	761	847
Total			75,247	2,002,810	2,109,222	—	686,034	5,108	(848)	(1,262,437)	—	61,786	1,507,387	1,537,079
Additional Interest on R-Series Single Payment Reserves:
R-77		3.5	—	—	—	1	—	—	—	—	(1)	—	—	—
R-78		3.5	—	—	—	1	—	—	—	—	(1)	—	—	—
R-79		3.5	—	—	—	2	—	—	—	—	(2)	—	—	—
R-80		3.5	—	—	—	1	—	—	—	—	(1)	—	—	—
R-81		3.5	—	—	—	1	—	—	—	—	(1)	—	—	—
R-82A		3.5	—	—	—	1	—	—	—	—	(1)	—	—	—
RP-Q			—	—	—	—	—	—	—	—	—	—	—	—
R-II		3.5	—	—	—	2	—	—	—	—	(2)	—	—	—
RP-Flexible Savings			—	—	213	2,699	—	—	—	(27)	(2,834)	—	—	51
RP-Stepup - 940			—	—	4	70	—	—	—	—	(73)	—	—	1
Cash Reserve RP-3 mo.			—	—	3	84	—	—	—	(15)	(69)	—	—	3
RP-Flexible Savings Emp			—	—	—	1	—	—	—	—	(1)	—	—	—
RP-Stock Market			—	—	3	1	—	—	—	—	(3)	—	—	1
RP-Stock1			—	—	7	5	—	—	—	—	(10)	—	—	2
RP-Stock2			—	—	17	5	—	—	—	—	(20)	—	—	2
RP-Stock3			—	—	31	13	—	—	—	—	(23)	—	—	21

F-96

Ameriprise Certificate Company

Schedule VI — Certificate Reserves (continued)

Year Ended December 31, 2021

(in thousands)

Description	December 31, 2021
	Yield to maturity on an annual payment basis		Balance at beginning of period					Additions						Deductions						Balance at close of period
			No. of accounts with security holders	Amount of maturity value		Amount of reserves		Charged to profit and loss or income		Reserve payments by certificate holders		Charged to other accounts (per part 2)		Maturities		Cash surrenders prior to maturity		Credited to other accounts (per part 2)		No. of accounts with security holders	Amount of maturity value		Amount of reserves
Market Strategy Cert			—	—		5		4		—		—		—		—		(7)		—	—		2
D-1 - 400			7	7		—		2		—		—		—		—		(2)		7	7		—
Total			7	7		283		2,893		—		—		—		(42)		(3,051)		7	7		83
Accrued for additional credits to be allowed at next anniversaries:
RP-Stock Market			—	—		116		24		—		—		—		—		(120)		—	—		20
RP-Stock1 - 941			—	—		255		43		—		—		—		(2)		(249)		—	—		47
RP-Stock2 - 942			—	—		564		19		—		—		—		—		(441)		—	—		142
RP-Stock3 - 943			—	—		2,358		29		—		—		—		—		(1,061)		—	—		1,326
Market Strategy Cert			—	—		184		33		—		—		—		(2)		(186)		—	—		29
Total			—	—		3,477		148		—		—		—		(4)		(2,057)		—	—		1,564
Total R-Series Single Pay - Qualified Certificates			75,254	2,002,817		2,112,982		3,041		686,034		5,108		(848)		(1,262,483)		(5,108)		61,793	1,507,394		1,538,726
Fully Paid Up Certificates
Additional credits and accrued interest thereon:
I-76		3.5	—	—		—		—		—		—		—		—		—		—	—		—
Total			—	—		—		—		—		—		—		—		—		—	—		—
Total Fully Paid-up Certificates			—	—		—		—		—		—		—		—		—		—	—		—
Optional Settlement Certificates
Other series and conversions from Single Payment Certificates		2.5-3 - 3-3.5	—	—		5,107		149		—		—		(615)		(324)		—		—	—		4,317
Series R-II & RP-2-84 - 88 -Prod 921		3.5	—	—		17		1		—		—		—		—		—		—	—		18
Series R-Installent (Prod 980, 981, 982)			—	—		—		—		—		—		—		—		—		—	—		—
Add’l credits and accrued int. thereon		2.5-3	—	—		32		1		—		—		(11)		(2)		—		—	—		20
Accrued for additional credits to be allowed at next anniversaries			—	—		—		—		—		—		—		—		(1)		—	—		(1)
Total Optional Settlement			—	—		5,156		151		—		—		(626)		(326)		(1)		—	—		4,354
Due to unlocated cert holders			—	—		400		—		—		611		—		—		(582)		—	—		429
Total Certificate Reserves (1)			246,071	$	6,440,593	$	6,763,574	$	9,324	$	2,718,291	$	15,569	$	(10,979)	$	(4,178,966)	$	(15,542)	202,950	$	5,197,605	$	5,301,271

(1) Total certificate reserves does not include Stock Market Certificates embedded derivatives of $3.9 million and $8.3 million or its intrinsic interest of $(4.6) million and $(11.4) million as of December 31, 2021 and 2020, respectively. These amounts are included in Total certificate reserves.

F-97

Ameriprise Certificate Company

Schedule VI — Certificate Reserves (continued)

Year Ended December 31, 2021

(in thousands)

Part 2 - Descriptions of Additions to Reserves Charged to

Other Accounts and Deductions from Reserves Credited to Other Accounts

	Year Ended December 31, 2021
Additional credits on installment certificates and accrued interest thereon:
Other additions represent:
Transfers from maturities to extended maturities, additional credits/interest and advance payments	$	22
Other deductions represent:
Transfers to reserves on a quarterly basis for Reserve Plus Flexible-Payment, IC-Q-Installment and R-Flexible-Payment	$	22
Optional settlement certificates:
Other deductions represent:
Transfers to reserves for additional credits and accrued interest thereon	$	1
Single-Payment certificates:
Other additions represent:
Flexible Savings	$	5,534
Stepup	67
Cash Reserve-3mo	168
Stock Market	304
IC-Stock1	496
IC-Stock2	856
IC-Stock3	1,764
Market Strategy	639
RP-Q	—
Cash Reserve-RP-3mo	68
Flexible Savings-RP	2,835
Stepup-RP	73
Flexible Savings-RP-Emp	1
Stock Market-RP	123
RP-Stock1	259
RP-Stock2	462
RP-Stock3	1,084
Market Strategy-RP	192
Transfers from accruals at anniversaries maintained in a separate reserve account	11
	$	14,936

F-98

Ameriprise Certificate Company

Schedule VI — Certificate Reserves (continued)

Year Ended December 31, 2021

(in thousands)

	Year Ended December 31, 2021
Other deductions represent:
Transfers to optional settlement reserves:
Single-Payment	$	4,155
Transfers to reserves for additional credits and accrued interest thereon	(11)
Flexible Savings	5,535
Stepup	66
Cash Reserve-3mo	168
Stock Market	8
Stock1	13
Stock2	32
Stock3	64
Market Strategy Cert	12
Cash Reserve-RP-3mo	69
Flexible Savings-RP	2,834
Stepup-RP	73
Flexible Savings-RP-Emp	1
Stock Market-RP	123
RP-Stock1	259
RP-Stock2	461
RP-Stock3	1,084
Transfers to Federal tax withholding	(9)
	$	14,937
Due to unlocated certificate holders:
Other additions represent:
Amounts equivalent to payments due certificates holders who could not be located	$	611
Other deductions represent:
Payments to certificate holders credited to cash	$	582

F-99

Ameriprise Certificate Company

Schedule VI — Certificate Reserves (continued)

Year Ended December 31, 2021

(in thousands)

Part 3 - Information Regarding Installment Certificates

MO’s Paid	Number of Accounts w/Certificate Holders		Amount of Maturity Value				Amount of Reserves				Deduction from Reserves Cash Surrenders Prior to Maturity Surrender		Other Deductions
	2020	2021	2020		2021		2020		2021		2021		2021
1-12	76	71	$	1,080	$	5,535	$	814	$	480	$	167	$	—
13-24	86	53	3,712		784		626		656		109		—
25-36	91	68	5,334		2,886		584		688		65		—
37-48	54	86	593		5,367		396		804		22		—
49-60	76	50	236		583		912		441		19		—
61-72	69	69	2,135		215		817		797		36		—
73-84	57	59	3,006		2,133		473		853		42		—
85-96	54	52	565		2,976		501		561		40		—
97-108	54	44	1,476		444		429		399		25		—
109-120	54	40	—		—		448		428		30		—
121-132	—	—	—		—		—		—		90		—
133-144	—	—	—		—		—		—		—		—
145-156	—	—	—		—		—		—		—		—
157-168	—	—	—		—		—		—		—		—
169-180	—	—	—		—		—		—		—		—
181-192	—	—	—		—		—		—		—		—
193-204	—	—	—		—		—		—		—		—
205-216	—	—	—		—		—		—		—		—
217-228	—	—	—		—		—		—		—		—
229-240	—	—	—		—		—		—		—		—
241-252	—	—	—		—		—		—		—		—
253-264	—	—	—		—		—		—		—		—
265-276	—	—	—		—		—		—		—		—
277-288	—	—	—		—		—		—		—		—
289-300	—	—	—		—		—		—		—		—
301-312	—	—	—		—		—		—		—		—
313-324	—	—	—		—		—		—		—		—
325-336	—	—	—		—		—		—		—		—
337-348	—	—	—		—		—		—		—		—
349-360	—	—	—		—		—		—		—		—
361-372	—	—	—		—		—		—		—		—
373-384	—	—	—		—		—		—		—		—
385-396	—	—	—		—		—		—		—		—
397-408	—	—	—		—		—		—		—		—
409-420	1	—	12		—		11		—		11		—
457-468	—	1	—		6		—		5		—		—
TOTAL - ALL SERIES	673	593	$	18,155	$	20,929	$	6,016	$	6,112	$	656	$	—

F-100

Ameriprise Certificate Company

Schedule VI — Certificate Reserves

Year Ended December 31, 2020    

(in thousands)

Part 1 - Summary of Changes

Description	December 31, 2020
	Yield to maturity on an annual payment basis	Balance at beginning of period					Additions						Deductions						Balance at close of period
		No. of accounts with security holders	Amount of maturity value		Amount of reserves		Charged to profit and loss or income		Reserve payments by certificate holders		Charged to other accounts (per part 2)		Maturities		Cash surrenders prior to maturity		Credited to other accounts (per part 2)		No. of accounts with security holders	Amount of maturity value		Amount of reserves
Installment certificates:
Reserves to mature:
22A		—	$	—	$	—	$	32	$	—	$	—	$	(32)	$	—	$	—	—	$	—	$	—
Inst I95		600	—		4,117		—		2,365		30		(412)		(1,371)		—		514	—		4,729
Inst-E		1	—		29		—		12		—		—		(39)		—		2	—		2
RP-Q-Installment		1	6		4		—		—		—		—		1		—		1	6		5
RP-Q-Flexible Payment		1	12		11		—		—		—		—		—		—		1	12		11
Inst-R		177	23,426		903		—		158		6		(38)		(125)		—		154	16,085		904
Inst-R-E		1	2,052		307		—		56		2		—		—		—		1	2,052		365
Total		781	25,496		5,371		32		2,591		38		(482)		(1,534)		—		673	18,155		6,016
Additional credits and accrued interest thereon:
Inst I95		—	—		—		30		—		—		—		—		(30)		—	—		—
Inst-E		—	—		—		—		—		—		—		—		—		—	—		—
Inst-R		—	—		—		6		—		—		—		—		(6)		—	—		—
Inst-R-E		—	—		—		2		—		—		—		—		(2)		—	—		—
Total		—	—		—		38		—		—		—		—		(38)		—	—		—
Total Installment Certificates		781	25,496		5,371		70		2,591		38		(482)		(1,534)		(38)		673	18,155		6,016
Single Pay - Non Qualified Certificates
Single - Payment certificates:
IC-Flexible Savings (Variable Term) - 165		103,136	2,885,658		2,986,294		—		530,119		27,892		(1,731)		(1,368,993)		—		76,211	2,016,223		2,173,581
IC - Stepup - 190		309	9,947		10,299		—		2,702		118		—		(3,963)		—		233	8,714		9,156
IC-Flexible Savings Emp (VT) - 166		—	—		—		—		—		—				—		—		—	—		—
Cash Reserve Variables PMT - 3mo. - 662		73,450	1,971,489		1,983,413		—		2,307,746		7,833		(1,823)		(2,120,221)		—		72,627	2,147,424		2,176,948
IC-Stock Market - 180		6,414	45,100		50,955		—		129		977		(1,629)		(10,304)		—		4,992	34,486		40,128
IC-MSC - 181		5,727	103,885		117,648		—		1,445		2,070		(3,373)		(19,790)		—		4,611	84,522		98,000
IC-Stock1 - 210		8,368	79,243		81,006		—		11,652		1,513		—		(22,096)		—		8,058	68,859		72,075
IC-Stock2 - 220		1,379	25,555		25,928		—		3,975		665		—		(7,478)		—		1,180	21,569		23,090
IC-Stock3 - 230		2,252	39,535		40,083		—		4,821		796		—		(6,456)		—		2,232	37,824		39,244
Total		201,035	5,160,412		5,295,626		—		2,862,589		41,864		(8,556)		(3,559,301)		—		170,144	4,419,621		4,632,222
Additional credits and accrued interest thereon:
IC-Flexible Savings		—	—		1,912		27,161		—		—		—		(744)		(27,895)		—	—		434
IC-Preferred Investors		—	—		—		—		—		—		—				—		—	—		—
IC-Stepup -190		—	—		7		139		—		—		—		(23)		(118)		—	—		5
Cash Reserve Variable Payment-3mo.		—	—		709		8,597		—		—		—		(1,487)		(7,811)		—	—		8
IC-Stk Mkt, 2004/16/31-4000/16		—	—		23		16		—		—		—		—		(32)		—	—		7
IC-Stock1 - 210		—	—		30		26		—		—		—		(2)		(44)		—	—		10
IC-Stock2 - 220		—	—		34		25		—		—		—		—		(31)		—	—		28
IC-Stock3 - 230		—	—		51		42		—		—		—		—		(13)		—	—		80
IC-MSC		—	—		20		48		—		—		—		(1)		(65)		—	—		2
Total		—	—		2,786		36,054		—		—		—		(2,257)		(36,009)		—	—		574
Accrued for additional credits to be allowed at next anniversaries:
SP 75		—	—		—		—		—		—		—		—		(1)		—	—		(1)
IC-Stock		—	—		1,285		(9)		—		—		—		(5)		(946)		—	—		325
IC-Stock1 - 210		—	—		1,958		123		—		—		—		(90)		(1,470)		—	—		521

F-101

Ameriprise Certificate Company

Schedule VI — Certificate Reserves (continued)

Year Ended December 31, 2020

(in thousands)

Description	December 31, 2020
	Yield to maturity on an annual payment basis		Balance at beginning of period			Additions			Deductions			Balance at close of period
			No. of accounts with security holders	Amount of maturity value	Amount of reserves	Charged to profit and loss or income	Reserve payments by certificate holders	Charged to other accounts (per part 2)	Maturities	Cash surrenders prior to maturity	Credited to other accounts (per part 2)	No. of accounts with security holders	Amount of maturity value	Amount of reserves
IC-Stock2 - 220			—	—	1,493	150	—	—	—	(3)	(634)	—	—	1,006
IC-Stock3 - 230			—	—	3,871	643	—	—	—	—	(783)	—	—	3,731
IC-Market Strategy Certificate - Part Int 2019/2102/4061			—	—	2,592	113	—	—	—	(59)	(2,004)	—	—	642
Total			—	—	11,199	1,020	—	—	—	(157)	(5,838)	—	—	6,224
Total Single Pay - Non Qualified Certificates			201,035	5,160,412	5,309,611	37,074	2,862,589	41,864	(8,556)	(3,561,715)	(41,847)	170,144	4,419,621	4,639,020
R-Series Single Pay - Qualified Certificates
R-77 - 910		3.5	3	12	23	—	—	1	—	—	—	3	12	24
R78 - 911		3.5	5	26	42	—	—	2	—	(23)	—	3	12	21
R-79 - 912		3.5	5	39	65	—	—	2	—		—	5	39	67
R-80 - 913		3.5	4	23	34	—	—	1	—	(2)	—	3	21	33
R-81 - 914		3.5	2	24	35	—	—	1	—	(20)	—	1	10	16
R-82A - 915		3.5	8	36	44	—	—	1	—	(6)	—	7	31	39
RP-Q - 916			30	38	116	—	—	—	—	(7)	—	26	34	109
R-II - 920		3.5	8	63	60	—	—	2	—	—	—	8	63	62
RP-Flexible Savings - 971			45,821	1,319,131	1,359,076	—	202,391	13,416	(1,288)	(572,131)	—	34,382	936,701	1,001,464
Cash Reserve RP-3 mo. - 972			29,471	689,732	693,653	—	1,116,296	2,800	(47)	(830,637)	—	32,551	948,775	982,065
RP-Flexible Savings Emp - 973			3	81	92	—	—	1	(11)		—	1	71	82
RP-Stock Market - 960			1,996	20,501	22,605	—	4	421	(342)	(4,848)	—	1,576	15,634	17,840
RP-Stepup - 940			283	9,619	9,899	—		126	—	(3,584)	—	197	6,000	6,441
RP-Stock1 - 941			3,358	39,055	39,869	—	5,858	788	—	(11,679)	—	3,096	33,363	34,836
RP-Stock2 - 942			920	15,618	15,824	—	2,635	442	—	(5,342)	—	821	12,977	13,559
RP-Stock3 - 943			1,410	24,569	24,908	—	2,905	520	—	(5,128)	—	1,441	22,569	23,205
Market Strategy Cert - 961			1,355	31,852	34,532	—	562	622	(351)	(6,945)	—	1,124	25,645	28,420
D-1 990-993			4	1,122	1,270	—	106	9	(59)	(387)	—	2	853	939
Total			84,686	2,151,541	2,202,147	—	1,330,757	19,155	(2,098)	(1,440,739)	—	75,247	2,002,810	2,109,222
Additional Interest on R-Series Single Payment Reserves:
R-77		3.5	—	—	—	1	—	—	—	—	(1)	—	—	—
R-78		3.5	—	—	—	1	—	—	—	—	(1)	—	—	—
R-79		3.5	—	—	—	2	—	—	—	—	(2)	—	—	—
R-80		3.5	—	—	—	1	—	—	—	—	(1)	—	—	—
R-81		3.5	—	—	—	1	—	—	—	—	(1)	—	—	—
R-82A		3.5	—	—	—	1	—	—	—	—	(1)	—	—	—
RP-Q			—	—	—	—	—	—	—	—	—	—	—	—
R-II		3.5	—	—	—	2	—	—	—	—	(2)	—	—	—
RP-Flexible Savings			—	—	876	12,899	—	—	—	(149)	(13,413)	—	—	213
RP-Stepup - 940			—	—	7	124	—	—	—	(1)	(126)	—	—	4
Cash Reserve RP-3 mo.			—	—	246	3,174	—	—	—	(616)	(2,801)	—	—	3
RP-Flexible Savings Emp			—	—	—	1	—	—	—	(1)	—	—	—	—
RP-Stock Market			—	—	9	7	—	—	—	—	(13)	—	—	3
RP-Stock1			—	—	22	23	—	—	—	—	(38)	—	—	7
RP-Stock2			—	—	18	15	—	—	—	—	(16)	—	—	17
RP-Stock3			—	—	18	16	—	—	—	—	(3)	—	—	31
Market Strategy Cert			—	—	21	23	—	—	—	—	(39)	—	—	5
D-1 - 400			7	7	—	10	—	—	—	—	(10)	7	7	—

F-102

Ameriprise Certificate Company

Schedule VI — Certificate Reserves (continued)

Year Ended December 31, 2020

(in thousands)

Description	December 31, 2020
	Yield to maturity on an annual payment basis		Balance at beginning of period					Additions						Deductions						Balance at close of period
			No. of accounts with security holders	Amount of maturity value		Amount of reserves		Charged to profit and loss or income		Reserve payments by certificate holders		Charged to other accounts (per part 2)		Maturities		Cash surrenders prior to maturity		Credited to other accounts (per part 2)		No. of accounts with security holders	Amount of maturity value		Amount of reserves
Total			7	7		1,217		16,301		—		—		—		(767)		(16,468)		7	7		283
Accrued for additional credits to be allowed at next anniversaries:
RP-Stock Market			—	—		555		(30)		—		—		—		(1)		(408)		—	—		116
RP-Stock1 - 941			—	—		954		56		—		—		—		(5)		(750)		—	—		255
RP-Stock2 - 942			—	—		913		80		—		—		—		(2)		(427)		—	—		564
RP-Stock3 - 943			—	—		2,487		388		—		—		—		—		(517)		—	—		2,358
Market Strategy Cert			—	—		748		26		—		—		—		(6)		(584)		—	—		184
Total			—	—		5,657		520		—		—		—		(14)		(2,686)		—	—		3,477
Total R-Series Single Pay - Qualified Certificates			84,693	2,151,548		2,209,021		16,821		1,330,757		19,155		(2,098)		(1,441,520)		(19,154)		75,254	2,002,817		2,112,982
Fully Paid Up Certificates
Additional credits and accrued interest thereon:
I-76		3.5	—	—		—		—		—		—		—		—		—		—	—		—
Total			—	—		—		—		—		—		—		—		—		—	—		—
Total Fully Paid-up Certificates			—	—		—		—		—		—		—		—		—		—	—		—
Optional Settlement Certificates
Other series and conversions from Single Payment Certificates		2.5-3 - 3-3.5	—	—		5,398		166		—		—		(363)		(94)		—		—	—		5,107
Series R-II & RP-2-84 - 88 -Prod 921		3.5	—	—		17		—		—		—		—				—		—	—		17
Series R-Installment (Prod 980, 981, 982)			—			—		—		—		—		—		—		—		—	—		—
Add’l credits and accrued int. thereon		2.5-3	—	—		41		1		—		—		(8)		(2)		—		—	—		32
Accrued for additional credits to be allowed at next anniversaries			—	—		—		1		—		—		—		—		(1)		—	—		—
Total Optional Settlement			—	—		5,456		168		—		—		(371)		(96)		(1)		—	—		5,156
Due to unlocated cert holders			—	—		439		—		—		1,125		—		—		(1,164)		—	—		400
Total Certificate Reserves (1)			286,509	$	7,337,456	$	7,529,898	$	54,133	$	4,195,937	$	62,182	$	(11,507)	$	(5,004,865)	$	(62,204)	246,071	$	6,440,593	$	6,763,574

(1) Total certificate reserves does not include Stock Market Certificates embedded derivatives of $8.3 million and $14.0 million or its intrinsic interest of $(11.4) million and $(21.6) million as of December 31, 2020 and 2019, respectively. These amounts are included in Total certificate reserves.

F-103

Ameriprise Certificate Company

Schedule VI — Certificate Reserves (continued)

Year Ended December 31, 2020

(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, 2020
Additional credits on installment certificates and accrued interest thereon:
Other additions represent:
Transfers from maturities to extended maturities, additional credits/interest and advance payments	$	38
Other deductions represent:
Transfers to reserves on a quarterly basis for Reserve Plus Flexible-Payment, IC-Q-Installment and R-Flexible-Payment	$	38
Optional settlement certificates:
Other deductions represent:
Transfers to reserves for additional credits and accrued interest thereon	$	1
Single-Payment certificates:
Other additions represent:
Flexible Savings	$	27,892
Stepup	118
Cash Reserve-3mo	7,833
Stock Market	977
IC-Stock1	1,513
IC-Stock2	665
IC-Stock3	796
Market Strategy	2,070
Cash Reserve-RP-3mo	2,800
Flexible Savings-RP	13,416
Stepup-RP	126
Flexible Savings-RP-Emp	1
Stock Market-RP	421
RP-Stock1	788
RP-Stock2	442
RP-Stock3	520
Market Strategy-RP	622
Transfers from accruals at anniversaries maintained in a separate reserve account	19
	$	61,019
	Year Ended December 31, 2020

F-104

Ameriprise Certificate Company

Schedule VI — Certificate Reserves (continued)

Year Ended December 31, 2020

(in thousands)

Other deductions represent:
Transfers to optional settlement reserves:
Single-Payment	$	6,493
Transfers to reserves for additional credits and accrued interest thereon	(19)
Flexible Savings	27,899
Stepup	118
Cash Reserve-3mo	7,813
Stock Market	33
Stock1	46
Stock2	31
Stock3	13
Market Strategy Cert	67
Cash Reserve-RP-3mo	2,801
Flexible Savings-RP	13,414
Stepup-RP	126
Flexible Savings-RP-Emp	1
Stock Market-RP	421
RP-Stock1	788
RP-Stock2	443
RP-Stock3	520
Transfers to Federal tax withholding	(7)
	$	61,001
Due to unlocated certificate holders:
Other additions represent:
Amounts equivalent to payments due certificates holders who could not be located	$	1,125
Other deductions represent:
Payments to certificate holders credited to cash	$	1,164

Part 3 - Information Regarding Installment Certificates

MO’s Paid	Number of Accounts w/Certificate Holders		Amount of Maturity Value				Amount of Reserves				Deduction from Reserves Cash Surrenders Prior to Maturity Surrender		Other Deductions
	2019	2020	2019		2020		2019		2020		2020		2020
1-12	103	76	$	7,557	$	1,081	$	468	$	814	$	—	$	—
13-24	113	86	7,289		3,713		457		626		22		—
25-36	63	91	653		5,335		337		585		32		—
37-48	86	54	322		594		682		397		41		—
49-60	72	76	2,135		237		713		912		23		—
61-72	66	70	3,075		2,135		530		817		7		—
73-84	62	57	2,377		3,006		480		473		34		—
85-96	72	54	1,908		566		611		501		35		—
97-108	72	54	162		1,476		584		430		35		—
109-120	70	54	—		—		493		449		96		—
121-132	—	—	—		—		—		—		139		—
133-144	—	—	—		—		—		—		—		—
145-156	—	—	—		—		—		—		—		—
157-168	—	—	—		—		—		—		—		—
169-180	—	—	—		—		—		—		—		—
181-192	—	—	—		—		—		—		—		—
193-204	—	—	—		—		—		—		—		—

F-105

Ameriprise Certificate Company

Schedule VI — Certificate Reserves (continued)

Year Ended December 31, 2020

(in thousands)

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	1	—	12		—		11		—		—		—
409-420	—	1	—		12		—		12		—		—
433-444	1	—	6		—		5		—		—		—
TOTAL - ALL SERIES	781	673	$	25,496	$	18,155	$	5,371	$	6,016	$	464	$	—

F-106

Ameriprise Certificate Company

Schedule VI — Certificate Reserves

Year Ended December 31, 2019

(in thousands)

Part 1 - Summary of Changes

Description	December 31, 2019
	Yield to maturity on an annual payment basis	Balance at beginning of period					Additions						Deductions						Balance at close of period
		No. of accounts with security holders	Amount of maturity value		Amount of reserves		Charged to profit and loss or income		Reserve payments by certificate holders		Charged to other accounts (per part 2)		Maturities		Cash surrenders prior to maturity		Credited to other accounts (per part 2)		No. of accounts with security holders	Amount of maturity value		Amount of reserves
Installment certificates:
Reserves to mature:
Inst I95		822	$	—	$	7,454	$	—	$	2,085	$	68	$	(2,849)	$	(2,641)	$	—	600	$	—	$	4,117
Inst-E		5	—		189		—		33		2		(15)		(180)		—		1	—		29
RP-Q-Installment		1	6		4		—		—		—		—		—		—		1	6		4
RP-Q-Flexible Payment		1	12		11		—		—		—		—		—		—		1	12		11
Inst-R		178	34,031		906		—		207		12		(67)		(155)		—		177	23,426		903
Inst-R-E		1	2,052		250		—		53		4		—		—		—		1	2,052		307
Total		1,008	36,101		8,814		—		2,378		86		(2,931)		(2,976)		—		781	25,496		5,371
Additional credits and accrued interest thereon:
Inst I95		—	—		—		68		—		—		—		—		(68)		—	—		—
Inst-E		—	—		—		2		—		—		—		—		(2)		—	—		—
Inst-R		—	—		—		12		—		—		—		—		(12)		—	—		—
Inst-R-E		—	—		—		4		—		—		—		—		(4)		—	—		—
Total		—	—		—		86		—		—		—		—		(86)		—	—		—
Total Installment Certificates		1,008	36,101		8,814		86		2,378		86		(2,931)		(2,976)		(86)		781	25,496		5,371
Single Pay - Non Qualified Certificates
Single - Payment certificates:
IC-Flexible Savings (Variable Term) - 165		107,778	3,398,323		3,479,056		—		1,125,339		63,704		(2,741)		(1,679,064)		—		103,136	2,885,658		2,986,294
IC - Stepup - 190		404	13,367		13,672		—		1,109		205		—		(4,687)		—		309	9,947		10,299
IC-Flexible Savings Emp (VT) - 166		1	1		3		—		—		—		(3)		—		—		—	—		—
Cash Reserve Variables PMT - 3mo. - 662		68,512	1,846,437		1,853,780		(6)		2,471,489		17,792		(1,361)		(2,358,281)		—		73,450	1,971,489		1,983,413
IC-Stock Market - 180		8,308	59,787		66,860		—		293		1,373		(2,744)		(14,827)		—		6,414	45,100		50,955
IC-MSC - 181		7,191	128,093		144,112		—		3,457		2,633		(4,105)		(28,449)		—		5,727	103,885		117,648
IC-Stock1 - 210		7,570	71,118		72,105		—		26,936		1,459		—		(19,494)		—		8,368	79,243		81,006
IC-Stock2 - 220		1,293	22,731		22,945		—		8,805		419		—		(6,241)		—		1,379	25,555		25,928
IC-Stock3 - 230		1,947	34,196		34,413		—		10,224		679		—		(5,233)		—		2,252	39,535		40,083
Total		203,004	5,574,053		5,686,946		(6)		3,647,652		88,264		(10,954)		(4,116,276)		—		201,035	5,160,412		5,295,626
Additional credits and accrued interest thereon:
IC-Flexible Savings		—	—		2,645		64,477		—		—		—		(1,495)		(63,715)		—	—		1,912
IC-Preferred Investors		—	—		1		—		—		—		—		(1)		—		—	—
IC-Stepup -190		—	—		8		205		—		—		—		(1)		(205)		—	—		7
Cash Reserve Variable Payment-3mo.		—	—		671		21,494		—		—		—		(3,667)		(17,789)		—	—		709
IC-Stk Mkt, 2004/16/31-4000/16		—	—		20		38		—		—		—		—		(35)		—	—		23
IC-Stock1 - 210		—	—		18		50		—		—		—		(2)		(36)		—	—		30
IC-Stock2 - 220		—	—		13		27		—		—		—		—		(6)		—	—		34
IC-Stock3 - 230		—	—		27		39		—		—		—		—		(15)		—	—		51
IC-MSC		—	—		23		96		—		—		—		—		(99)		—	—		20
Total		—	—		3,426		86,426		—		—		—		(5,166)		(81,900)		—	—		2,786

F-107

Ameriprise Certificate Company

Schedule VI — Certificate Reserves (continued)

Year Ended December 31, 2019

(in thousands)

Description	December 31, 2019
	Yield to maturity on an annual payment basis		Balance at beginning of period			Additions			Deductions			Balance at close of period
			No. of accounts with security holders	Amount of maturity value	Amount of reserves	Charged to profit and loss or income	Reserve payments by certificate holders	Charged to other accounts (per part 2)	Maturities	Cash surrenders prior to maturity	Credited to other accounts (per part 2)	No. of accounts with security holders	Amount of maturity value	Amount of reserves
Accrued for additional credits to be allowed at next anniversaries:
SP 75			—	—	(1)	—	—	—	—	—	—	—	—	(1)
IC-Stock			—	—	42	2,588	—	—	—	(8)	(1,338)	—	—	1,284
IC-Stock1 - 210			—	—	39	3,416	—	—	—	(74)	(1,423)	—	—	1,958
IC-Stock2 - 220			—	—	232	1,676	—	—	—	(2)	(413)	—	—	1,493
IC-Stock3 - 230			—	—	1,008	3,528	—	—	—	—	(664)	—	—	3,872
IC-Market Strategy Certificate - Part Int 2019/2102/4061			—	—	54	5,145	—	—	—	(71)	(2,536)	—	—	2,592
Total			—	—	1,374	16,353	—	—	—	(155)	(6,374)	—	—	11,198
Total Single Pay - Non Qualified Certificates			203,004	5,574,053	5,691,746	102,773	3,647,652	88,264	(10,954)	(4,121,597)	(88,274)	201,035	5,160,412	5,309,610
R-Series Single Pay - Qualified Certificates
R-77 - 910		3.5	3	12	23	—	—	—	—	—	—	3	12	23
R78 - 911		3.5	6	29	44	—	—	2	—	(4)	—	5	26	42
R-79 - 912		3.5	5	39	61	—	—	4	—	—	—	5	39	65
R-80 - 913		3.5	4	25	34	—	—	2	—	(2)	—	4	23	34
R-81 - 914		3.5	2	24	33	—	—	2	—	—	—	2	24	35
R-82A - 915		3.5	10	42	46	—	—	2	—	(4)	—	8	36	44
RP-Q - 916			33	41	124	—	—	1	—	(9)	—	30	38	116
R-II - 920		3.5	8	63	57	—	—	3	—	—	—	8	63	60
RP-Flexible Savings - 971			46,284	1,395,497	1,425,001	—	486,586	28,503	(337)	(580,677)	—	45,821	1,319,131	1,359,076
Cash Reserve RP-3 mo. - 972			25,482	602,887	605,092	—	813,679	5,723	(7)	(730,834)	—	29,471	689,732	693,653
RP-Flexible Savings Emp - 973			11	156	209	—	—	3	(28)	(92)	—	3	81	92
RP-Stock Market - 960			2,605	27,255	29,684	—	74	611	(482)	(7,282)	—	1,996	20,501	22,605
RP-Stepup - 940			351	11,447	11,682	—	1,416	185	—	(3,384)	—	283	9,619	9,899
RP-Stock1 - 941			3,033	33,745	34,182	—	14,774	727	—	(9,814)	—	3,358	39,055	39,869
RP-Stock2 - 942			772	13,765	13,898	—	5,244	221	—	(3,539)	—	920	15,618	15,824
RP-Stock3 - 943			1,218	21,964	22,077	—	6,026	503	—	(3,698)	—	1,410	24,569	24,908
Market Strategy Cert - 961			1,600	38,068	40,940	—	544	761	(295)	(7,418)	—	1,355	31,852	34,532
D-1 990-993			4	1,121	1,275	—	108	25	—	(138)	—	4	1,122	1,270
Total			81,431	2,146,180	2,184,462	—	1,328,451	37,278	(1,149)	(1,346,895)	—	84,686	2,151,541	2,202,147
Additional Interest on R-Series Single Payment Reserves:
R-77		3.5	—	—	2	—	—	—	—	—	(2)	—	—	—
R-78		3.5	—	—	2	—	—	—	—	—	(2)	—	—	—
R-79		3.5	—	—	2	—	—	—	—	—	(2)	—	—	—
R-80		3.5	—	—	—	1	—	—	—	—	(1)	—	—	—
R-81		3.5	—	—	1	1	—	—	—	—	(2)	—	—	—
R-82A		3.5	—	—	2	1	—	—	—	—	(3)	—	—	—
RP-Q			—	—	—	1	—	—	—	—	(1)	—	—	—
R-II		3.5	—	—	2	1	—	—	—	—	(3)	—	—	—
RP-Flexible Savings			—	—	1,073	28,625	—	—	—	(319)	(28,503)	—	—	876
RP-Stepup - 940			—	—	7	185	—	—	—	—	(185)	—	—	7
Cash Reserve RP-3 mo.			—	—	208	7,128	—	—	—	(1,367)	(5,723)	—	—	246
RP-Flexible Savings Emp			—	—	—	3	—	—	—	—	(3)	—	—	—
RP-Stock Market			—	—	10	15	—	—	—	(1)	(15)	—	—	9
RP-Stock1			—	—	12	39	—	—	—	(1)	(28)	—	—	22
RP-Stock2			—	—	10	16	—	—	—	—	(8)	—	—	18
RP-Stock3			—	—	12	16	—	—	—	—	(10)	—	—	18

F-108

Ameriprise Certificate Company

Schedule VI — Certificate Reserves (continued)

Year Ended December 31, 2019

(in thousands)

Description	December 31, 2019
	Yield to maturity on an annual payment basis		Balance at beginning of period					Additions					Deductions					Balance at close of period
			No. of accounts with security holders	Amount of maturity value		Amount of reserves		Charged to profit and loss or income		Reserve payments by certificate holders		Charged to other accounts (per part 2)	Maturities		Cash surrenders prior to maturity		Credited to other accounts (per part 2)	No. of accounts with security holders	Amount of maturity value		Amount of reserves
Market Strategy Cert			—	—		18		51		—		—	—		—		(48)	—	—		21
D-1 - 400			7	7		—		26		—		—	—		(1)		(25)	7	7		—
Total			7	7		1,361		36,109		—		—	—		(1,689)		(34,564)	7	7		1,217
Accrued for additional credits to be allowed at next anniversaries:
RP-Stock Market			—	—		3		1,149		—		—	—		(1)		(596)	—	—		555
RP-Stock1 - 941			—	—		38		1,627		—		—	—		(12)		(699)	—	—		954
RP-Stock2 - 942			—	—		119		1,007		—		—	—		—		(213)	—	—		913
RP-Stock3 - 943			—	—		751		2,229		—		—	—		—		(493)	—	—		2,487
Market Strategy Cert			—	—		15		1,455		—		—	—		(9)		(713)	—	—		748
Total			—	—		926		7,467		—		—	—		(22)		(2,714)	—	—		5,657
Total R-Series Single Pay - Qualified Certificates			81,438	2,146,187		2,186,749		43,576		1,328,451		37,278	(1,149)		(1,348,606)		(37,278)	84,693	2,151,548		2,209,021
Fully Paid Up Certificates
Additional credits and accrued interest thereon:
I-76		3.5	—	—		1		—		—		—	—		(1)		—	—	—		—
Total			—	—		1		—		—		—	—		(1)		(37,278)	—	—		—
Total Fully Paid-up Certificates			—	—		1		—		—		—	—		(1)		(37,278)	—	—		—
Optional Settlement Certificates
Other series and conversions from Single Payment Certificates		2.5-3 - 3-3.5	—	—		5,981		177		—		—	(489)		(271)		—	—	—		5,398
Series R-II & RP-2-84 - 88 -Prod 921		3.5	—	—		15		2		—		—	—		—		—	—	—		17
Series R-Installment (Prod 980, 981, 982)			—	—		2		—		—		—	—		(2)		—	—	—		—
Add’l credits and accrued int. thereon		2.5-3	—	—		60		—		—		—	(16)		(3)		—	—	—		41
Accrued for additional credits to be allowed at next anniversaries			—	—		—		1		—		—	—		—		(1)	—	—		—
Total Optional Settlement			—	—		6,058		180		—		—	(505)		(276)		(1)	—	—		5,456
Due to unlocated cert holders			—	—		234		—		—		431	—		—		(226)	—	—		439
Total Certificate Reserves (1)			285,450	$	7,756,341	$	7,893,602	$	146,615	$	4,978,481	195	$	(15,539)	$	(5,473,456)	(223)	286,509	$	7,337,456	$	7,529,897

(1) Total certificate reserves does not include Stock Market Certificates embedded derivatives of $14.0 million and $6.2 million or its intrinsic interest of $(21.6) million and $(7.8) million as of December 31, 2019 and 2018, respectively. These amounts are included in Total certificate reserves.

F-109

Ameriprise Certificate Company

Schedule VI — Certificate Reserves (continued)

Year Ended December 31, 2019

(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, 2019
Additional credits on installment certificates and accrued interest thereon:
Other additions represent:
Transfers from maturities to extended maturities, additional credits/interest and advance payments	$	86
Other deductions represent:
Transfers to reserves on a quarterly basis for Reserve Plus Flexible-Payment, IC-Q-Installment and R-Flexible-Payment	$	86
Optional settlement certificates:
Other deductions represent:
Transfers to reserves for additional credits and accrued interest thereon	$	1
Single-Payment certificates:
Other additions represent:
Flexible Savings	$	63,704
Stepup	205
Cash Reserve-3mo	17,792
Stock Market	1,373
IC-Stock1	1,459
IC-Stock2	419
IC-Stock3	679
Market Strategy	2,633
RP-Q	1
Cash Reserve-RP-3mo	5,723
Flexible Savings-RP	28,503
Stepup-RP	185
Flexible Savings-RP-Emp	3
Stock Market-RP	611
RP-Stock1	727
RP-Stock2	221
RP-Stock3	503
Market Strategy-RP	761
Transfers from accruals at anniversaries maintained in a separate reserve account	40
	$	125,542
Other deductions represent:
Transfers to optional settlement reserves:
Single-Payment	$	7,215
Transfers to reserves for additional credits and accrued interest thereon	(40)
Flexible Savings	63,725
Stepup	205
Cash Reserve-3mo	17,794
Stock Market	35
Stock1	38

F-110

Ameriprise Certificate Company

Schedule VI — Certificate Reserves (continued)

Year Ended December 31, 2019

(in thousands)

Stock2	6
Stock3	15
Market Strategy Cert	97
RP-Q	1
Cash Reserve-RP-3mo	5,723
Flexible Savings-RP	28,503
Stepup-RP	185
Flexible Savings-RP-Emp	3
Stock Market-RP	611
RP-Stock1	727
RP-Stock2	221
RP-Stock3	503
Transfers to Federal tax withholding	(15)
	$	125,552
Due to unlocated certificate holders:
Other additions represent:
Amounts equivalent to payments due certificates holders who could not be located	$	431
Other deductions represent:
Payments to certificate holders credited to cash	$	226
RP-Stock2	204
RP-Stock3	263
Transfers to Federal tax withholding	(10)
	$	163,225
Due to unlocated certificate holders:
Other additions represent:
Amounts equivalent to payments due certificates holders who could not be located	$	195
Other deductions represent:
Payments to certificate holders credited to cash	$	223

F-111

Ameriprise Certificate Company

Schedule VI — Certificate Reserves (continued)

Year Ended December 31, 2019

(in thousands)

Part 3 - Information Regarding Installment Certificates

MO’s Paid	Number of Accounts w/Certificate Holders		Amount of Maturity Value				Amount of Reserves				Deduction from Reserves Cash Surrenders Prior to Maturity Surrender		Other Deductions
	2018	2019	2018		2019		2018		2019		2019		2019
1-12	141	103	$	22,621	$	7,557	$	466	$	468	$	2	$	—
13-24	83	113	1,070		7,289		469		457		56		—
25-36	93	63	322		653		453		337		139		—
37-48	79	86	2,141		322		615		682		47		—
49-60	68	72	3,015		2,135		456		713		62		—
61-72	67	66	2,377		3,075		465		530		9		—
73-84	82	62	1,938		2,377		690		480		18		—
85-96	92	72	993		1,908		612		611		121		—
97-108	95	72	1,606		162		613		584		32		—
109-120	206	70	—		—		3,959		493		124		—
121-132	—	—	—		—		—		—		1,133		—
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	1	—	12		—		11		—		—		—
397-408	—	1	—		12		—		11		—		—
409-420	—	—	—		—		—		—		—		—
421-432	1	—	6		—		5		—		—		—
433-444	—	1	—		6		—		5		—		—
TOTAL - ALL SERIES	1,008	781	$	36,101	$	25,496	$	8,814	$	5,371	$	1,743	$	—

F-112

Ameriprise Certificate Company

Schedule VII — Valuation and Qualifying Accounts

Years Ended December 31, 2021, 2020 and 2019

(in thousands)

Reserves deducted from assets to which they apply	Year Ended December 31, 2021
	Balance at beginning of period (1)		Change in allowance/ writedowns from 2020 to 2021		Balance at end of period
Allowance for credit losses:
Conventional first mortgage loans and other loans	$	3,190	$	(1,672)	$	1,518

Reserves deducted from assets to which they apply	Year Ended December 31, 2020
	Balance at beginning of period (1)		Cumulative effect of adoption of current expected credit losses guidance		Change in allowance/ writedowns from 2019 to 2020		Balance at end of period
Allowance for losses:
Conventional first mortgage loans and other loans	$	3,022	$	(771)	$	939	$	3,190

Reserves deducted from assets to which they apply	Year Ended December 31, 2019
	Balance at beginning of period		Change in reserves/ writedowns from 2018 to 2019		Balance at end of period
Allowance for losses:
Conventional first mortgage loans and other loans	$	3,120	$	(98)	$	3,022

(1) Prior to January 1, 2020, the allowance for credit losses was based on an incurred loss model that did not require estimating expected credit losses over the expected life of the asset.

F-113

EX-14.B

COLUMBIA THREADNEEDLE INVESTMENTS GLOBAL PERSONAL ACCOUNT DEALING AND CODE OF ETHICS Policy Type Global Policy Last Review Date December 2021 Applicable Global Regulatory Authorities SEC Rule 204A-1 of the Advisers Act SEC Rule 17j-1 of the Investment Company Act FCA Rule Conduct of Business Sourcebook (COBS) 11.7 Securities and Futures Act MAS guidelines on Risk Management Practices-Internal Controls MAS Guidelines on Individual Accountability and Conduct Code of Conduct for Persons licensed by the Securities and Futures Commission Section 13 of the Bank Holding Company Act known as the “Volcker Rule” JFSA “Comprehensive Guideline for Supervision of Financial Instruments Business Operators, etc.” Japan Investment Advisors Association self-regulation Related Policies See Appendix C-Other Policies Applicable to Covered Persons Applicability and Scope All Covered Persons and certain household members, trusteeships and executorships of Covered Persons. See Appendix B-Entities That Have Adopted Policy

This document is current as of the last review date but subject to change thereafter. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. 1. POLICY STATEMENT 1.1. Keys Points Standard of Business Conduct: The conduct of personal dealings in investments by Covered Persons (See Appendix A-Definitions for Covered Persons definition) employed by or affiliated with the Ameriprise Global Asset Management Entities1 (the “Firms”) is a matter of the utmost importance to the organization, its clients, its regulators and to employees themselves. It is essential that the Firms appropriately manage access to privileged information concerning clients’ portfolios, the Firms’ trading intentions and trading activities, and that the Firms discharge their duties in a way that does not harm the interests of clients, the Firms or breach any legal or regulatory requirements. It is important that the Firms are not seen to act on privileged information for personal gain. Duty Owed to Clients: Various regulations applicable to the Firms impose a fiduciary duty to act in the exclusive best interest of their clients at all times recognizing their role as a “Trusted Adviser”. A number of specific obligations flow from the duty that is owed to clients, including: • To act solely in the best interests of clients at all times. • To make full and fair disclosure of all material facts, particularly where the Firms’ interests may conflict with those of its clients. • To act in a manner which satisfies the fiduciary duty owed to clients. • To refrain from favouring the interest of a particular client over the interests of another client. • To keep all information about clients (including former clients) confidential, including the client’s identity, client’s securities holdings information, and other non-public information. • To exercise a high degree of care to ensure that adequate and accurate representations and other information is presented appropriately. In connection with providing investment management services to clients, this includes prohibiting any activity which directly or indirectly: • Defrauds a client in any manner. • Misleads a client, including any statement that omits material facts. • Operates or would operate as a fraud or deceit on a client. • Functions as a manipulative practice with respect to a client. • Functions as a manipulative practice with respect to securities. Specifically, the fiduciary duty owed to clients means the following outcomes must be achieved: • To have a reasonable, independent basis for investment advice. • To ensure that investment advice is suitable to the client’s investment objectives, needs and circumstances. 1 See Appendix B-Entities That Have Adopted Policy

This document is current as of the last review date but subject to change thereafter. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. • To refrain from effecting Personal Securities Transactions inconsistent with clients’ interests. • To obtain best execution for clients’ securities transactions. Conflicts of Interest: All Covered Persons must be vigilant in terms of identifying circumstances that may present a conflict of interest. A conflict of interest is any situation that presents an incentive to act other than in the best interest of a client or without objectivity. A conflict of interest may arise, for example, when a Covered Person engages in a transaction that potentially favors: • The Firms’ interests over a client’s interest • The interest of a Covered Person over a client’s interest • One client’s interest over another client’s interest In addition to this Ameriprise Global Asset Management Personal Account Dealing and Code of Ethics Policy (“Policy”), the Firms have adopted various policies designed to prevent, or otherwise manage, conflicts of interest in contexts outside of personal trading. To effectively manage conflicts of interest, all Covered Persons must seek to prevent conflicts of interest, including the appearance of a conflict. The requirements set forth in this Policy do not identify all possible conflicts of interest that may arise in relation to personal transactions. Employees are encouraged to seek assistance from their local Compliance resources (see Appendix D-Resources) whenever they have any questions concerning obligations under the Policy, including conflicts of interest situations or concerns. Additional Standards of Conduct and Regulatory Requirements: Covered Persons must comply with other policies adopted by the individual Ameriprise Global Asset Management Entities that are intended to promote fair and ethical standards of business conduct and comply with related regulatory requirements, including the Ameriprise Financial Global Code of Conduct. (See Appendix C-Other Policies Applicable to Covered Persons).

This document is current as of the last review date but subject to change thereafter. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. 1.2. Specific Policy Requirements This Policy applies to all Covered Persons and certain household members, Trusteeships and Executorships of Covered Persons. Covered Persons include: • All Columbia Threadneedle employees and contractors, including employees of Columbia Wanger Asset Management (CWAM) and Lionstone. • Any other individual with a specific role (including working on a project) which compels Covered Person status due to access to proprietary information (e.g., holdings/transactions), such as the member of a staff group that provides ongoing audit, technology, finance, compliance, or legal support to Firms. • Any other persons that may be deemed appropriate by Compliance. Covered Securities Transactions/Accounts: This Policy governs a Covered Person’s personal securities transactions as well as those securities transactions in which a Covered Person is deemed to have a direct or indirect Beneficial Ownership (see Appendix A-Definitions for Beneficial Ownership definition) and over which a Covered Person exercises direct or indirect influence or control (“Affiliated Accounts”). An account generally is covered by this Policy if it is: • In the Covered Person’s name • In the name of the Covered Person’s spouse/partner and/or any financially dependent members of the Covered Person’s household, • Of a partnership in which the Covered Person or a member of his/her immediate family is a partner with direct or indirect investment discretion • Of a trust in which the Covered Person (or a member of his/her immediate family) is a beneficiary and a trustee with direct or indirect investment discretion • Of a closely held corporation in which the Covered Person or a member of his/her immediate family holds shares and have direct or indirect investment discretion It is the responsibility of the Covered Person to seek advice in the event that it is not clear whether certain personal securities transactions are covered by this Policy. Material Nonpublic Information: A Covered Person who is in possession of material nonpublic information (often referred to as “Inside Information”) about securities or financial instruments is prohibited from buying, selling, recommending or trading such securities or financial instruments. In addition, a Covered Person must not communicate or disclose such information to others who may misuse it. Material nonpublic information may include nonpublic information about a pooled investment vehicle (e.g., UCITS, open-end and closed-end mutual funds, and private funds) that are advised or sub-advised by the Firm. The Firms each have adopted specific policies that address these prohibitions, and set forth specific protocols for handling material nonpublic information (see Appendix C-Other Policies Applicable to Covered Persons)

This document is current as of the last review date but subject to change thereafter. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. Disclosure of Brokerage Accounts Covered Persons must promptly disclose their brokerage accounts to their Firm’s Compliance group and ensure that each broker-dealer with which he/she maintains an account sends to the Compliance group, as soon as practicable, copies of all confirmations of securities transactions and of all monthly, quarterly and annual account statements. In order to comply with regulatory expectations concerning the monitoring of trading activity within Covered Persons’ accounts, there are requirements on where brokerage accounts may be maintained for the trading of certain types of securities. Please refer to Appendix H – Limited Choice Policy for specific information by region. Notification of Brokerage Accounts Covered Persons must immediately report any brokerage accounts opened by completing the following steps: • Add the account to the PTA system using the “Add Brokerage Account” functionality. • Notify your broker of your association with Ameriprise Financial or Columbia Threadneedle. You are responsible for notifying your broker that you are affiliated with or employed by a broker/dealer and ensuring that Personal Trade Compliance is provided with duplicate statements and confirmations for your account(s). North America employees – any brokerage account outside of Limited Choice brokers (as listed in Appendix H) for example, a brokerage account holding mutual funds only, must be approved by Personal Trade Compliance prior to establishing the account in order to comply with FINRA rule 3210. UK/APAC employees – Employees are required to authorize the electronic feeds between the approved brokers listed in Appendix H and Columbia Threadneedle Investments. Personal Trading Restrictions Prohibition on “Front Running”: Covered Persons are prohibited from engaging in a Personal Securities Transaction that involves the purchase or sale of a Reportable Security when such Covered Person has knowledge that such security (1) is being considered for purchase or sale by a client account or (2) is being purchased or sold by a client account. Prior Approval (Pre-Clearance) of Personal Security Transactions: Covered Persons must obtain approval – often referred to as pre-clearance - from Compliance prior to effecting a securities trade in most categories of investments. This pre-clearance requirement extends to securities transactions in all accounts for which the Covered Person has Beneficial Ownership (see Appendix A-Definitions). If the Covered Person receives pre-clearance approval, it is valid only for the duration of the locally defined approval period; in North America preclearance is good only for the day it is granted, in EMEA/APAC preclearance is good for the day granted and until the end of the following business day. If a Covered Person does not effect the pre-cleared personal trade(s) within that locally approved time period, the Covered Person must request and obtain pre-clearance for the proposed personal trade(s) again before the trade(s) are effected. If the Covered Person does not receive pre-clearance approval, he/she must not effect the requested Personal Securities Transaction (but may request approval on a subsequent day). Covered Persons are required to obtain such pre-clearance approval for the majority of investments (e.g., stocks, bonds, Exchange Traded Funds (“ETFs”), closed-end funds). Please refer to Appendix E-Individual Security Requirements which identifies those categories of investments to which pre-clearance is or is not applicable.

This document is current as of the last review date but subject to change thereafter. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. Private Placements/Limited Offerings: Investments in private placement offerings require approval by the Compliance group (e.g., private placements, non-exchange traded REITs, hedge funds, fixed income new issues, unlisted structured products, non-charity crowdfunding, etc.). If approved, the approval is good for 90 days. Gifts and Charitable Donations: Approval is not necessary for a gift of securities to a Non-Profit Organization, but Compliance should be notified in advance and the Short-Term and 14-day Blackout rules do not apply. For gifting securities to a For-Profit Organization, individual, trust or other person or entity (other than a Non-Profit Organization), the pre-clearance requirement and 14-day Blackout rule do apply if you are purchasing the securities you intend to give. If the securities are already owned, the transfer of securities does not require pre-clearance. If you receive a gift of securities, you must update your holdings on PTA and no pre-clearance is required. Short-Term Trading Prohibition (30 Day Holding Period) Individual Securities at a Profit: Covered Persons are prohibited from engaging in short-term trading of Reportable Securities. This means that Covered Persons may not buy (or add to their existing position), then sell the same securities (or equivalent) within 30 calendar days if the trade would result in a gain. Covered Persons must wait until calendar day 31 (Trade Date + 30) to trade out of a position at a profit within the same account. Covered Funds and other Pooled Investment Vehicles: A Covered Person is prohibited from short term trading in any Covered Fund (e.g., mutual fund, SICAV, OEIC, or other pooled investment vehicle, see Appendix F-Covered Funds List) held for less than 30 calendar days, or a longer time if specified in the Covered Fund’s prospectus or similar disclosure document. Covered Persons are prohibited from engaging in market timing (short-term trading) in shares of any pooled investment vehicles and must comply with the holding period policy established by any prospectus. Transactions exempted from short-term trading prohibitions: Money market fund investments, automated investments and withdrawal programs, and Dividend Reinvestments are not subject to the 30-day holding period. Initial Public Offerings (“IPOs”) and Limited Offerings/Private Placements: • Equity IPOs in North America are prohibited including direct purchased programs. • Covered Persons are required to obtain pre-clearance approval to purchase IPOs or Limited Offerings/Private Placements, including additions to existing holdings but excluding capital calls for previously approved commitments. • Such approval will only be granted when 1) it is determined that the investment in a private fund (if a proprietary private fund) meets the applicable banking regulatory requirements2 and 2) it is established that there is no conflict or appearance of a conflict with any Client or other possible impropriety (such as where the Security in the Limited Offering is appropriate for purchase by a Client, or when his/her participation in the Limited Offering is suggested by a person who has a business relationship with any such Company or expects to establish such a relationship). • The 30-day holding period also applies to IPOs. 2 The review of applicability of banking requirements will occur during the subscription process.

This document is current as of the last review date but subject to change thereafter. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. Cryptocurrency3: Transactions: Transactions in cryptocurrency, such as Bitcoin, Ethereum, Lite Coin etc., do not require reporting. However, transactions in any publicly traded cryptocurrency tracker instrument, such as Grayscale’s Bitcoin Investment Trust (“GBTC”), require pre-clearance approval, must be held and traded at an approved broker (See Appendix H). Accounts: Cryptocurrency accounts are not reportable and must be at firms that offer ONLY cryptocurrency investments. Accounts at firms that also offer brokerage options are prohibited. Initial Coin Offerings (“ICOs”): Participation in ICOs is prohibited. Participation in Investment Clubs: No Covered Person may participate in private investment clubs or other similar groups. Derivatives: Covered Persons are strongly discouraged from investing in any form of derivative that could give rise to an open ended, unlimited liability. Most derivative trading is subject to pre-clearance requirements, option trading guidelines and the Short-Term Trading Prohibition. (See Appendix G-Options/Short Trading Guidelines). Frequent and Unusual Trading Activity: Compliance monitors patterns of personal trading activity and may require additional information from a Covered Person with respect to a specific trade or series of transactions. In addition, frequent personal trading activity is strongly discouraged. Although each situation is case specific, we generally review trading amounts over 25 trades per quarter for further analysis, which could result in corrective measures. Columbia Wanger Asset Management (CWAM) Specific Trading Restrictions: No CWAM Covered Person shall purchase any Reportable Security that is owned by a CWAM Client Account (excluding ETFs). 3 Personal Trade Compliance continues to monitor the evolving digital assets/cryptocurrency space and the impact on Covered Persons under the Policy. These requirements may change if regulatory guidance or rules should be provided. All Covered Persons are encouraged to contact Personal Trade Compliance prior to transacting in any form of digital assets/cryptocurrency to ensure compliance with the latest regulatory and firm guidance/requirements.

This document is current as of the last review date but subject to change thereafter. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. Additional Trading Restrictions for Investment Personnel Rules Applicable to Portfolio Managers and other Designated Covered Persons: 14 Day Blackout Period: Portfolio Managers (and other Covered Persons specifically identified by Compliance) are not permitted to transact in any security that is purchased or sold in a client account 7 calendar days before and 7 calendar days after a client account they manage trades in that same (or equivalent) security. This means a Portfolio Manager (and other Designated Covered Persons) must wait until calendar day 8 to trade the security. Application of this rule may be applied broader based on team function and location. Because it is a Portfolio Manager’s responsibility to put his/her client’s interests ahead of his/her own, he/she may not delay taking appropriate action for a client account in order to avoid potential adverse consequences in his/her personal account. In certain limited instances, Compliance, at their discretion, may determine that a trade should be deemed to have not caused a black out violation (e.g., unexpected significant client redemption or inflow triggering a sale or purchase in all securities held in the client portfolio). Rules Applicable to Research Analysts: Centralised Research Analysts (those who publish research for the use by Columbia Threadneedle) are prohibited from engaging in a personal securities transaction that involves securities issued by issuers on their Coverage List at the security (not issuer) level. This restriction includes securities convertible into, options on, and derivatives of, such securities. Embedded Research Analysts-should the analyst have access to place an order within a fund they will be subject to the same blackout period as a Portfolio Manager (see above). Rules Applicable to Trading Personnel: 3 Day Blackout Period: Traders are not permitted to transact in any security that is purchased or sold in a client account 3 calendar days after the client transaction. This means a Trader must wait until calendar day 4 to trade the security. Application of this rule may be adjusted based on team function and location. Rules applicable to Ameriprise Shares: All employees at band level 50 and above are subject to a blackout period of trading Ameriprise shares. The blackout occurs on the first calendar day of January, April, July, and October and lasts until one full trading day after the Ameriprise earnings for the preceding quarter are publicly released. During this period employees are restricted from trading any Ameriprise shares. All applicable employees will receive emails notifying of the start and end date of the blackout.

This document is current as of the last review date but subject to change thereafter. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. 1.3. Reporting Requirements Initial Holdings Report and Certification: Upon becoming a Covered Person under this Policy, one must disclose all securities holdings (as indicated in Appendix E-Individual Securities Requirements) in which they have Beneficial Ownership (as defined in Appendix A-Definitions). All brokerage accounts must be disclosed. All Covered Persons are notified of this requirement and are provided with a copy of this Policy when they first become subject to the Policy. This initial certification must be completed within 10 calendar days of becoming a Covered Person. This information must be current as of the date no more than 45 days prior to the date the person becomes a Covered Person. Annual Certification: Covered Persons are also required to complete an annual accounts and holdings certification. This certification allows the Covered Person to validate the Brokerage Accounts and certain securities holdings in which they have Beneficial Ownership (as defined in Appendix A-Definitions). Covered Persons also certify that they have received, read and understand the Policy. This information must be current as of a date no more than 45 days prior to the date the report was submitted. Quarterly Certification: On a quarterly basis, Covered Persons must also certify to securities transactions outside of a previously reported and approved Brokerage Account. The quarterly certification must be completed within 30 calendar days of the last day of the quarter. 1.4. Confidentiality All reports and other documents and information supplied by or on behalf of any Covered Person in accordance with the requirements of this Policy will be treated as confidential, but are subject to review as provided herein and in the procedures by Legal, Compliance and other involved departments of the Firms, by Personal Trading, senior management, by representatives relevant regulatory authority of the asset management business’ regulatory or self-regulatory authority, or otherwise as required by law, regulation, or court order. 1.5. Personal Data The collection and use of personal data for employees and clients located in EMEA by firms is subject to regulation to ensure the protection of data subjects; the firm sets out the general principles for handling personal data that must be followed by all staff within the EMEA Personal Data Policy. The firm has put in place comprehensive but proportionate governance measures to minimise the risk of breaches and uphold the protection of personal data. The relevant measures have been documented within this Policy.

This document is current as of the last review date but subject to change thereafter. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. 2. ADMINISTRATIVE REQUIREMENTS 2.1. Summary of Legal and Regulatory Requirements Regulatory rules require registered investment advisers and investment companies to adopt a code of ethics to; protect the firm’s clients, set forth standards of conduct, comply with applicable federal securities laws and address personal trading. SEC Rule 204A-1 under the Advisers Act (“Rule 204A-1”) requires each registered investment adviser to adopt a code of ethics that sets out standards of conduct expected of advisory personnel, safeguards material nonpublic information about client transactions and requires advisers’ “access persons” to report their personal securities transactions, including transactions in any mutual fund managed by the adviser. Rule 17j-1 makes it unlawful for any affiliated person of a fund or any affiliated person of its investment adviser or principal underwriter to engage in certain enumerated types of misconduct in connection with the purchase or sale by such person of a security held or to be acquired by the fund. Each fund and its investment adviser and principal underwriter are required to adopt a written code of ethics containing provisions reasonably necessary to prevent the specified types of misconduct, and to use reasonable diligence and institute procedures reasonably necessary to prevent violations of the code. FCA Rule COBS 11.7 requires a firm that conducts designated investment business to establish, implement and maintain adequate arrangements aimed at preventing certain activities (entering into certain personal transactions or advising anyone else to do so, or disclosing any non-public information) of any relevant person that may give rise to a conflict of interest, or who has access to inside information as defined in the Market Abuse Regulation3 or to other confidential information relating to clients or transactions with or for clients by virtue of an activity carried out by him on behalf of the firm. MAS Guidelines on Risk Management Practices – Internal Controls state that an institution should have adequate policies, procedures and controls to address conflict of interest situations. It should require employees to disclose such conflicts on a timely basis. These cases should be escalated to either the Board or senior management and disclosed to customers where relevant. MAS Guidelines on Individual Accountability and Conduct – the Board and senior management should ensure that a framework is in place to address the standards of conduct expected of all employees. This includes fair dealing (treating customers fairly) and management of conflicts of interest. Code of Conduct for Persons licensed by or registered with the Securities and Futures Commission – A licensed person should have a policy which has been communicated to employees in writing on whether employees are permitted to deal or trade for their own accounts. Transactions of employees’ accounts and related accounts should be reported to and actively monitored and procedures maintained to detect irregularities and ensure that the handling by the licensed or registered person of these transactions or orders is not prejudicial to the interests of their clients.

This document is current as of the last review date but subject to change thereafter. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. 2.2. Roles and Responsibilities/Supervision At least annually, each Chief Compliance Officer/Compliance Executive of the Ameriprise Global Asset Management Entities must review the adequacy of this Policy and the policies and procedures herein referenced. 2.3. Escalation for Non-Compliance The Firms have various resources for Covered Persons to raise compliance issues and concerns on a confidential basis (refer to Appendix D-Resources for a list of Compliance resources). In general, a Covered Person should first discuss a compliance issue with their supervisor, department head, Chief Compliance Officer, Compliance Executive, or other resource listed on Appendix D-Resources. In the event that a Covered Person does not feel comfortable discussing compliance issues through these channels, the employee may anonymously report suspected violations of law or company policy by contacting their local resources (refer to Appendix D-Resources). Employees are encouraged to report these questionable practices so that the Firms have an opportunity to address and resolve these issues before they become more significant regulatory or legal issues. Violations/Breaches of this Policy are taken seriously and may result in disciplinary actions and/or sanctions. Disciplinary actions could be up to and including termination of employment and sanctions will vary depending on local requirements or the circumstances (e.g., depending on the severity of the violation, if a record of previous violations exists, etc.). 2.4. Monitoring/Oversight Compliance is responsible for the daily monitoring of employee personal trading and applicable accounts through the usage of personal trading assistant. Escalation of matters are provided to appropriate local governance committee. 2.5. Disclosure Columbia Threadneedle must provide information that is material about it’s business practices to clients and/or regulatory agencies, including information about any conflicts of interests and the policies to address such conflicts. Practices related to this Policy are publicly disclosed in accordance to local rules and regulations. 2.6. Recordkeeping Each respective Compliance group is primarily responsible for maintaining records created with respect to this Policy and the procedures adopted to implement it. All records must be maintained for five years after the end of the fiscal year in which the documents were later of creation or last use, the first two years in an easily accessible place.

This document is current as of the last review date but subject to change thereafter. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. APPENDIX A-DEFINITIONS Beneficial Owner of an account or a security includes any person who, directly or indirectly, has or shares voting or investment power. For the purposes of the Code of Ethics, a beneficial owner includes accounts held in the name of you, your spouse/partner and/or any financially dependent members of your household.) In addition, you also have Beneficial Ownership if any of the individuals listed above: • Is a trustee or custodian for an account (e.g., for a child or parent) • Exercises discretion over an account via a power of attorney arrangement or as an executor of an estate after death • Has another arrangement where they give advice and also have a direct or indirect ownership (e.g., treasurer of an outside organization). Brokerage Account: A Brokerage Account is an account held at a licensed brokerage firm in which securities on the Securities Reporting List are bought and sold (e.g., stocks, bonds, futures, options, Covered Funds). This includes employer-sponsored incentive savings plans. Closed-End Funds: A closed-end fund is a publicly traded investment company that raises a fixed amount of capital through an (IPO. The fund is then structured, listed and traded like a stock on a stock exchange. Covered Funds: Closed-End Funds, ETFs and Open-Ended Funds for which a Columbia Threadneedle entity serves as an investment adviser or for which an affiliate of Columbia Management Investment Advisers, LLC serves as principal underwriter are considered “Covered Funds.” Covered Persons includes all Columbia Threadneedle employees and contractors, any other individual with a specific role (including working on a project) which compels Covered Person status due to access to proprietary information (e.g., holdings/transactions), such as the member of a staff group that provides ongoing audit, technology, finance, compliance, or legal support to Firms, and any other persons that may be deemed appropriate by Compliance. Private Funds: Private investment funds sponsored and managed by CMIA or other entities listed in Appendix B. Reportable Security “Reportable Security” includes all corporate securities, options on securities, warrants, rights, ETFs and municipal securities. “Reportable Security” excludes: direct obligations of the United States government; bankers’ acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; insurance company general accounts (short-term cash equivalent options of a variable life insurance policy); shares of a money market fund or other short-term income or short-term bond funds; shares of any open-end mutual fund, including any shares of a Reportable Fund; and futures and options on futures.

This document is current as of the last review date but subject to change thereafter. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. APPENDIX B-ENTITIIES THAT HAVE ADOPTED POLICY Ameriprise Certificate Company (ACC) Columbia Cent CLO Advisers, LLC (CCCA) Columbia Management Investment Advisers, LLC (CMIA) Columbia Management Investment Distributors, Inc. (CMID) Columbia Management Investment Services, Corp.(CMIS) Columbia Wanger Asset Management, LLC (CWAM) Lionstone Partners, LLC (Lionstone) The Threadneedle group of companies* * The Threadneedle group of companies comprises those companies whose holding company is TAM UK International Holdings Limited and Ameriprise Asset Management Holdings Singapore (PTE.) Limited.

This document is current as of the last review date but subject to change thereafter. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. APPENDIX C – OTHER POLICIES APPLICABLE TO COVERED PERSONS Ameriprise Financial Global Code of Conduct Ameriprise Handling Whistleblower Claims Policy Ameriprise Limited Choice Policy CTI NA Policy - Privacy and Information Security and Identity Theft Prevention Program Global Policy – Inside Information Global Policy - Portfolio Holdings Disclosure Policy Global Policy - Gifts and Entertainment Global Policy – Political Contributions Global Policy – Outside Activities and Family Relationships Threadneedle Other Conflicts of Interest Policies Applicable to Covered Persons: Threadneedle Market Abuse & Insider Dealing Policy Threadneedle Conflicts of Interest Policy Threadneedle Treating Customers Fairly Threadneedle Whistleblowing Policy

This document is current as of the last review date but subject to change thereafter. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. APPENDIX D –RESOURCES Compliance Resources Send email to Personal.Trading@ampf.com or call Personal Trading - 612-671-5196 Contact the Compliance Team if you are ever at doubt as to your obligations under this Policy. Whistleblowing Ameriprise Financial provides a dedicated resource through NAVEX Global (formerly known as Ethicspoint) (800-963-6395), a comprehensive and confidential reporting service for U.S. employees to report suspected fraud, abuse or other misconduct. EMEA employees, in accordance with the EMEA/APAC Whistleblowing Policy, may contact the following for reporting, investigating and remedying any wrongdoing in the workplace. Reporting Option Contact Email Contact Number (+44) Safecall 0800 915 1571 FCA whistleblowing line whistle@fca.gov.uk 020 7066 9200 Protect https://protect- advice.org.uk/advice-line/p 020 3117 2520 APAC employees, in accordance with the EMEA/APAC Whistleblowing Policy, may contact the Head of HR APAC, the Head of Legal or Compliance or Safecall (number noted above) for reporting, investigating and remedying any wrongdoing in the workplace.

This document is current as of the last review date but subject to change thereafter. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. APPENDIX E-INDIVIDUAL SECURITIES REQUIREMENTS Pre-clearance Requirements All securities held in brokerage accounts (including 401K Alight Financial self-directed brokerage accounts) are subject to prior approval (“pre-clearance”) under the Policy, including ETFs, Closed End Funds and publicly traded crypto-related securities, except those listed below: • Ameriprise Financial Stock4 (only) • Annuities and Life Insurance (where there is no specific investment exposure) • Bank products (checking/savings, CDs, etc.) • Currencies • Digital assets/cryptocurrencies • Debt securities issued by any government • Dividend Reinvestment Plans (DRIPS) • Futures • Money Market Funds • Non-Investment derivatives – sporting bets only • Open-End Mutual Funds • Columbia Threadneedle - EMEA Products* • Unit Investment Trusts (UITs) *Pre-clearance only required by FPDC/SPC members (applicable to EMEA only). Reporting Requirements Brokerage accounts All brokerage accounts, including the Alight 401(k) self-directed accounts, must be reported to Personal Trade Compliance through the PTA system. This reporting requirement applies even if the holdings in the account do not require reporting (See Holdings below). Holdings The following securities do not require reporting: • Ameriprise Financial Stock • Annuities (report only Covered Funds listed in Appendix F) • Bank products (checking/savings, CDs etc.) • Currencies • Debt securities issued by any government • 529 plans • Money Market Funds • Open-End Mutual Funds (report only Covered Funds listed in Appendix F) 4 Other rules, including blackout and holding periods, still apply and there can be no speculative trading in Ameriprise Financial Stock.

This document is current as of the last review date but subject to change thereafter. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. APPENDIX F-COVERED FUNDS LIST The Global Asset Management Personal Account Dealing and Code of Ethics Policy (“Policy”) speaks to certain rules concerning activity within Covered Funds. Closed-End Funds, ETFs and Mutual Funds for which Columbia Management Investment Advisers, LLC serves as an investment adviser or for which an affiliate of Columbia Management Investment Advisers, LLC serves as principal underwriter are considered “Covered Funds.” 5 The following is the list of Covered Funds as of December 2021: • All Columbia Mutual Funds (both retail and variable), including Columbia Acorn Funds, Wanger Funds, and Multi-Manager Funds offered through Ameriprise Financial advisory programs • All Columbia ETFs • All Columbia Threadneedle – EMEA and Asia Funds • Columbia Seligman Premium Technology Growth Fund, Inc. • Tri-Continental Corporation • BMO Disciplined International Fund, Mid-Cap Value Fund, Small-Cap Value Fund, Mid-Cap Growth Fund, Dividend Income Fund, Large Cap Value Fund, Low Volatility Equity Fund, Large Cap Growth Fund, Small-Cap Growth Fund Third-Party Funds Sub Advised by CMIA: • Destinations Large Cap Equity Fund • NVIT Columbia Overseas Value Fund • Pathway Large Cap Equity Fund • SA Columbia Focused Value Portfolio • VALIC Company I Capital Appreciation Fund • VY Columbia Contrarian Core Portfolio • VY Columbia Small Cap Value II Portfolio 5 Under the Volcker Rule, certain employee investments/holdings in proprietary funds may need to be reviewed to ensure that the holdings meet banking exclusions and exemptions requirements. Employees identified as “senior executive officers or directors” may need to provide holdings data for these funds on an ad hoc basis for analysis by the GCO.

This document is current as of the last review date but subject to change thereafter. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. APPENDIX G-OPTIONS/SHORT TRADING GUIDELINES Short Trading-General Guidelines Shorting individual securities is prohibited. Shorting broad-based market securities (ETFs) is permitted. Options Trading-General Guidelines All persons subject to the Policy should not deal in any form of derivative that could give rise to an open ended, unlimited liability. All Covered Persons must obtain pre-clearance via PTA prior to placing an options trade. Short term trading at a profit is prohibited under the code. Covered Persons may not trade options that will result in a gain if held less than 30 days. Covered Persons must wait trade date plus 30 days before closing the position at a profit. Acceptable Transactions • Options that have an expiration greater than 30 days and • Out of the money option contracts • In the money option contracts only if there is an underlying position held greater than 30 days Prohibited Transactions • Options that have an expiration within 30 days • In the money option contracts – unless there is a sufficient underlying position held greater than 30 days (100 shares per contract) • Buying and selling options contracts at a profit held less than 30 days Key Reminders Covered Persons are required to preclear the option ticker symbol (please use the new option symbology) and not the underlying ticker. Covered Persons are responsible for calculating the 30-day holding period (Trade date + 30 days), you must use the average cost method (PTA does not calculate the 30-day holding period). Receiving pre-clearance does not exclude you from other personal trading rules included in the Policy.

This document is current as of the last review date but subject to change thereafter. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. APPENDIX H-LIMITED CHOICE POLICY In order to comply with regulators expectations concerning the monitoring of trading activity within Covered Person accounts, Ameriprise Financial and Columbia Threadneedle Investments maintain a “limited choice” brokerage policy which dictates where certain types of securities must be held and traded. The types of securities that are subject to the Limited Choice Policy are specified in Appendix E- Individual Securities Requirements. Securities not subject to the Limited Choice Policy may be held in brokerage accounts and must meet certain requirements. See Notification of Brokerage Accounts in Section 1.2 of Policy. Securities subject to the Limited Choice Policy must be held, and trading must be conducted, through one of these brokers. Due to global availability of certain brokers and electronic feeds from those brokers, each region has specific requirements that must be followed for that region: • Ameriprise/Columbia Threadneedle North America - Ameriprise Financial Brokerage, Charles Schwab, Merrill Lynch • Columbia Threadneedle UK – Barclays, Hargreaves Lansdown, Interactive Brokers (Charles Schwab and Merrill Lynch – restricted to U.S based accounts only) • Columbia Threadneedle EMEA, excluding UK -. Employees of Columbia Threadneedle EMEA must report their broker accounts on PTA prior to trading and provide contract notes to Personal Trade Compliance as soon as practicable following execution of their trade. • Columbia Threadneedle APAC - Singapore employees are encouraged to use UOB and Interactive because they do provide electronic feeds. Employees of Columbia Threadneedle APAC must report their broker accounts on PTA prior to trading and provide contract notes (if not on an electronic feed) to Personal Trade Compliance as soon as practicable following execution of their trade. If you maintain a brokerage account outside of the approved brokers that holds securities subject to the Limited Choice policy, you have the following options: 1. You may transfer the subject holdings to a like-ownership account at one of the approved brokers for your region. See Notification of Brokerage Accounts in Section 1.2 of Policy. 2. You may liquidate the subject holdings (subject to the requirements in the Policy) and either hold the proceeds as cash or reinvest in non-subject securities. 3. You may apply for an exception. Contact Personal Trading for more information about what may be an allowable exception and what steps need to be taken to request an exception. An exception does not make you exempt from complying with all other requirements in Policy). Covered Persons must comply with the Limited Choice Policy requirements within 30 days of becoming a Covered Person.

EX-14.C

Global Code of Conduct OUR VALUES Respect Excellence Client-focused Integrity always Exhibit 14(c)

 2  CONTENTS | INTRODUCTION | REPORT YOUR CONCERNS | ETHICAL PRINCIPLES | NAVIGATE YOUR ETHICAL QUESTIONS | CONSEQUENCES FOR NON-COMPLIANCE | RESOURCES From our Chairman and Chief Executive Officer Our clients, advisors, employees, shareholders and regulators rightfully expect us to comply with federal, state, and local statues and regulations, and to treat our stakeholders with integrity. The success of Ameriprise depends on the trust and confidence we work diligently to earn every day. Our choices and actions matter. Ameriprise Financial has a proud, more than 125-year history as a successful, client- focused financial services firm. Our vision is to be the most respected and referred financial services brand. We can only achieve our vision if each of us does business the right way. We have thrived because of our deep commitment to our values (Client- focused; Integrity Always; Excellence in all we do; and Respect) and doing what is right for our clients, advisors, employees and shareholders. Your actions and decisions are critical to demonstrating how we operate and what we can achieve. Our Global Code of Conduct reinforces the core principles that guide our behavior at all times. It also identifies potential areas of ethical risk. Please read it carefully. If you observe misconduct, report it to your leader. We will not take action against anyone who reports what one believes in good faith to be misconduct. Our Board of Directors, Executive Leadership Team and I believe strongly in our Code of Conduct and continue to refine it as we evolve as a leading financial services firm. If you lead others, it is your responsibility to set the right example for behavior and conduct. And it’s up to each of us to ensure we treat colleagues and others with dignity and respect. Thank you for your continued commitment to our values and doing what is right by adhering to the principles in the Code. JAMES M. CRACCHIOLO CHAIRMAN AND CHIEF EXECUTIVE OFFICER

 3  CONTENTS | INTRODUCTION | REPORT YOUR CONCERNS | ETHICAL PRINCIPLES | NAVIGATE YOUR ETHICAL QUESTIONS | CONSEQUENCES FOR NON-COMPLIANCE | RESOURCES Contents • Introduction − Our Code applies to everyone .............. 4 • Report your concerns .................................. 6 • Our ethical principles − Obey the law and guard against criminal activity ................................... 7 − Do the right thing for the client ............ 9 − Conduct business ethically ................ 11 − Compete fairly in the marketplace ..... 13 − Protect the company’s reputation and assets ......................................... 15 − Safeguard and maintain accurate information .......................... 17 − Treat everyone with dignity and respect ....................................... 19 • Navigate your ethical questions ................ 21 • Consequences for non-compliance ........... 22 • Resources ................................................. 23

 4  CONTENTS | INTRODUCTION | REPORT YOUR CONCERNS | ETHICAL PRINCIPLES | NAVIGATE YOUR ETHICAL QUESTIONS | CONSEQUENCES FOR NON-COMPLIANCE | RESOURCES Our Global Code of Conduct applies to everyone at Ameriprise Financial All officers, employees, financial advisors and their staff must follow this Code. What you need to know We value ethics and integrity. We maintain an environment where compliance and adherence to the Code of Conduct is the norm. About the Code This Code is enterprise-wide and applies to everyone working for one of our business areas or affiliates. Commitment to the ethical principles helps ensure compliance with the Code. This Code applies even if you also adhere to another code of ethics or conduct within your business area. For U.S. employees and employee advisors, compliance with the Code is a condition of employment. For franchise advisors and their staff, compliance with the Code is required by the franchise agreement. Applicable company policies The Code requires you to comply with the provisions of other policies, codes of ethics and other business procedures to which you are subject. You must read and comply with the policies and procedures that apply to you. (See Page 23 for additional information.) This Code can’t cover every situation No code of conduct or ethics can anticipate all of the circumstances that you may encounter during your career. If the Code doesn’t address a specific situation, you are still obligated to act in an ethical and honest manner. Above all, seek guidance from your leader, manager or one of the provided resources (See list of resources on Page 6) before you act. Violations of the Code If you violate the Code, you will be subject to disciplinary action, including possible termination of your employment or franchise agreement. Disciplinary action will depend on the circumstances and will be consistent with the company’s policies and procedures. (See consequences for non-compliance on Page 22.) Waivers of the Code Only the Board of Directors of Ameriprise Financial, Inc. can grant a waiver of the Code of Conduct. We will promptly disclose to our shareholders any waivers granted to our executive officers and directors. Why ethics matter The culture of any company is determined by what its directors, officers and employees actually do rather than what they are supposed to do. It is simply about doing the right thing, day in and day out. We expect you to: Comply with the Code Act with integrity, due skill, care and diligence Follow all applicable laws, rules and regulations Be open and cooperative with our regulators Use your best judgment Ask for guidance before you act Report ethical concerns promptly Be an example of ethical behavior for your team Pay due regard to the interests of our clients and treat them fairly Observe proper standards of market conduct

 5  CONTENTS | INTRODUCTION | REPORT YOUR CONCERNS | ETHICAL PRINCIPLES | NAVIGATE YOUR ETHICAL QUESTIONS | CONSEQUENCES FOR NON-COMPLIANCE | RESOURCES I’m a contractor working on a three- month project. Since I’m not an employee, does the Code apply to me? Yes. Anyone doing business on behalf of Ameriprise Financial, RiverSource, Columbia Threadneedle Investments or any of our other subsidiaries is held accountable for reading, understanding and following the Code and all company policies applicable to his or her roles and responsibilities. When we refer to “Ameriprise” or our “company,” we mean all majority-owned businesses and entities of Ameriprise Financial, Inc. I discovered that my coworker is violating the Code by falsifying financial results. Do I have to report this? Yes. You will have violated the Code if you don’t report your concerns. As long as you act in good faith, you will be protected from retaliation. This important point is covered in more detail in the next section.

 6  CONTENTS | INTRODUCTION | REPORT YOUR CONCERNS | ETHICAL PRINCIPLES | NAVIGATE YOUR ETHICAL QUESTIONS | CONSEQUENCES FOR NON-COMPLIANCE | RESOURCES Report your concerns If you observe behavior that concerns you, or that you believe in good faith may be illegal or a violation of the Code, you are required to report the issue promptly. What you need to know We respond appropriately to all allegations by employees, suppliers, clients or contractors that the company or individuals are not meeting its legal, regulatory, ethical or financial obligations. We provide several reporting options for anyone who suspects breaches of the Code, our policies, regulations or the law. Whistleblower claims Acting ethically includes reporting misconduct. If you don’t report the misconduct of others, you are not acting ethically and will be held accountable. It may not be easy to report misconduct involving a colleague or friend, but that is what we expect you to do. You should, in good faith, report an alleged impropriety that prevents the company from meeting its regulatory and legal obligations or complying with generally accepted accounting principles. A whistleblower is an individual who lawfully makes any allegation of impropriety or discloses or provides information or assistance in connection with any governmental proceeding or inquiry. Acting in good faith means that you have a sincere belief that a reasonable person in the same situation with access to the same facts would also conclude there is a likelihood of misconduct. Non-retaliation We will not tolerate any retaliation against you if you report possible misconduct in good faith even if it turns out that no misconduct occurred. You won’t be fired, given a lower performance rating or demoted because you reported possible misconduct in good faith. Retaliating against a person who has reported a suspected violation is considered a violation of the Code. All reports are investigated, and your report will be treated confidentially to the extent allowed by law and company policy. If you believe you have been retaliated against, promptly contact any of the resources listed on this page. Leaders are responsible for properly reporting any allegations they become aware of. Why ethics matter Your diligence allows us to correct problems that may involve a violation of regulation, law or pose a risk to health, safety or the company’s reputation. We expect you to: Report unusual or suspicious activity, including activities that could be associated with financial crime, such as check fraud, market manipulation, money laundering or other possible ethical issues. Report concerns promptly to your leader, another trusted leader, Employee Relations, to one of the resources listed on page 23, or to the applicable ethics hotline: − Employee Relations Group Service Center – 1.877.267.4748 − Ethics Hotline – 1.800.963.6395 − Safe Call (EMEA and APAC) – +44 0800 915 1571

 7  CONTENTS | INTRODUCTION | REPORT YOUR CONCERNS | ETHICAL PRINCIPLES | NAVIGATE YOUR ETHICAL QUESTIONS | CONSEQUENCES FOR NON-COMPLIANCE | RESOURCES Obey the law and guard against criminal activity We comply with all laws and regulations that apply to our operations, including insider trading laws. What you need to know We obey the law in our professional lives just as we do in our personal lives. Being unaware that a law or regulation exists won’t excuse any violation you commit. We follow the advice of our legal and compliance professionals. We always cooperate fully and honestly with our regulatory agencies during examinations and inquiries. Comply with rules, regulations and laws Additional rules or regulations may apply to you in your home country or because of your specific job responsibilities. Each of us is responsible to know and follow the laws wherever we work. Fraud prevention Preventing fraud is a responsibility of everyone at Ameriprise, regardless of level. You have a duty to be mindful of potentially fraudulent activity and to report anything suspicious promptly. Fraud includes a wide variety of illegal acts, all characterized by the intent to deceive someone. Fraud can be committed to the detriment of the company, our clients, our shareholders or others, and can be carried out by people inside as well as outside of the company. Insider trading Insider trading is both illegal and unethical. Insider trading is the practice of buying or selling securities of any company, including Ameriprise Financial, when you are aware of material, non-public information about that company or its securities. If you are convicted of insider trading, you could be sentenced to years in prison. Personal trading Our personal trading rules, policies and procedures apply to everyone who is subject to this Code with few exceptions. These rules are derived from securities and investment laws, regulatory guidelines and other corporate policies. They aim to eliminate the appearance of conflict between the personal trading activities of our associates and our clients as well as the rest of the investing public. In addition to the general rules that apply broadly to individuals subject to the Code, more restrictive rules apply to certain persons based on their access to information and/or their job responsibilities. You are responsible for understanding the related company policies that apply to you. Why ethics matter Legal or regulatory violations can cost our shareholders millions of dollars in legal judgments, fines or penalties and lost clients. In some cases, you could also face fines, the loss of your job and even imprisonment. The company often sets a higher standard than what the law requires, so it is important to understand all policies that apply to you. We expect you to: Become familiar with the laws and regulations that apply to you and your job, including insider trading laws, which apply to everyone Complete all mandatory training, disclosures and other requirements related to your job Stay current on legal and regulatory developments you need to know Report suspected insider trading, market abuse or fraudulent activity promptly Protect our reputation

 8  CONTENTS | INTRODUCTION | REPORT YOUR CONCERNS | ETHICAL PRINCIPLES | NAVIGATE YOUR ETHICAL QUESTIONS | CONSEQUENCES FOR NON-COMPLIANCE | RESOURCES I told my spouse about a company that Ameriprise Financial is considering buying. Was that wrong? Yes. First, you should not share confidential business information with anyone unless it’s necessary to do your job. Second, if this is material, non- public information and your spouse trades in the stock of Ameriprise or the other company or shares the information with anyone else, you both could face prosecution for insider trading. Am I subject to blackout periods for trading in the company’s stock? It depends on your role within the company. The company’s Board of Directors, certain executive officers and other designated employees are subject to regular quarterly blackout periods, during which they are prohibited from executing transactions in Ameriprise Financial securities. The blackout periods generally begin on Jan. 1, April 1, July 1 and Oct. 1. The beginning date of each blackout period is fixed, regardless of whether that date happens to be a business day. Each blackout period ends one full business day after the public release of the last quarter’s earnings results. If you are subject to the blackout, you will receive emails telling you when it will begin and end.

 9  CONTENTS | INTRODUCTION | REPORT YOUR CONCERNS | ETHICAL PRINCIPLES | NAVIGATE YOUR ETHICAL QUESTIONS | CONSEQUENCES FOR NON-COMPLIANCE | RESOURCES Do the right thing for the client From initial contact with prospects, through our continued service of existing individual or institutional client and end-client accounts, we stand behind what we say and do. What you need to know We carefully consider the impact of our decisions on clients. We provide exceptional client service. We are committed to making full and fair disclosures. Standards of Conduct We conduct our business according to all applicable legal and professional standards of conduct. These standards of conduct may vary depending on our role or relationship with a client and may impose specific obligations on us, such as: acting as a fiduciary in the best interests of the client; not favoring the interests of one client over the interests of another client; or making recommendations that are suitable based on a client’s personal situation and risk tolerance. Regardless of our legal and professional obligations, we act honestly and in good faith with our clients. We want clients to be able to make informed decisions based on all the information necessary to understand the features and potential benefits and risks of our products and services. Full and fair disclosure You must make full and fair disclosure of all features, benefits, risks and fees of products or services sold or marketed to all clients and prospects, particularly where your interests may conflict with those of our clients. Full and fair disclosure applies to initial client communications as well as to subsequent recommendations. Your disclosures must be accurate, fair and balanced and presented in the proper context. Do not omit material facts or qualifications if the result would be misleading. Marketing, advertising and communications with the public Marketing, advertising and communications with the public, including clients, prospects, investors, analysts and the general public, must be truthful and accurate. You may not make exaggerated or misleading statements, regardless of whether the information is given directly or indirectly. You must answer all questions honestly and completely. In addition, the content must meet applicable regulatory and legal standards. When preparing advertising, marketing and communication for the public, you must ensure that required reviews and approvals are received prior to first use. Why ethics matter We maintain our clients’ loyalty and improve their experience by acting with integrity. Our first priority is the success of our clients. They have selected us to help them reach their financial goals and prepare for retirement on their terms. If we break that trust, our clients will leave us for other firms. We expect you to: Act in the best interest of clients Be truthful and accurate Never mislead a client or prospect Help clients and prospects understand our products and services Provide clients and prospects with all information they need to make an informed decision

 10  CONTENTS | INTRODUCTION | REPORT YOUR CONCERNS | ETHICAL PRINCIPLES | NAVIGATE YOUR ETHICAL QUESTIONS | CONSEQUENCES FOR NON-COMPLIANCE | RESOURCES My job doesn’t involve client contact. Recently, however, someone claiming to be a client was transferred to my number. She was upset about something, but I politely said I couldn’t help her and hung up. Was that wrong? Yes. In this situation, you should ask for the person’s name, address, telephone number and a brief description of the issue. After telling her you will find the right person to help her, talk to your leader about how to follow up. You should never try to answer a question if you are not qualified to do so, but each of us has a responsibility to do the right thing for our clients. We know that trust must be earned and are committed to making fair and accurate disclosures.

 11  CONTENTS | INTRODUCTION | REPORT YOUR CONCERNS | ETHICAL PRINCIPLES | NAVIGATE YOUR ETHICAL QUESTIONS | CONSEQUENCES FOR NON-COMPLIANCE | RESOURCES Conduct business ethically We have a duty to promote the interests of the company. That means we do not use the company’s property or information for our own benefit or to compete with the company. What you need to know We do not use company information and property for personal gain. We carefully monitor and control conflicts of interest. We do not give, solicit or accept gifts that could influence our business judgment. Conflicts of interest You may engage in an outside activity if it does not compete or conflict with the interests of the company or interfere with the responsibilities of your job or the company’s employees. A conflict of interest occurs when your private interests interfere in any way – or even appear to interfere – with the interests of a client or the company. A conflict of interest also arises when you or a member of your family receives improper personal benefits as a result of your position in the company. You must be especially sensitive to potential conflicts of interest when you are considering engaging in consulting or other outside activities that involve the skills and knowledge you use in your job. Simply reporting or disclosing an activity without first resolving possible conflicts of interest may result in a violation of the Code. You are prohibited from using your position with the company, or information acquired during your employment or relationship with the company, to advance your personal interests over the interests of clients or the company. Gifts or entertainment Generally, you may only accept gifts (including business-related meals or entertainment) if the value of the gift is not significant and the gift will not place you – or appear to place you – under any obligation to the donor. Before accepting a gift, you should ask yourself if the gift would appear significant to others or place you under any obligation. If the answer is yes, then you should not accept the gift. You may be subject to a specific policy and/or local market rules related to accepting or giving gifts over a certain dollar value. (Please refer to policies that apply to you.) Political contributions and involvement We respect your right to participate in the political process. However, because of U.S. campaign finance laws, you may not: use company funds or be reimbursed for a political contribution; allow a candidate or campaign to use company facilities or property; use work time or company equipment for political or campaign purposes; or allow your contribution of time or money to appear to be made with, or reimbursed by, company funds. Why ethics matter Employees, officers and directors owe a duty to the company to advance its legitimate interests. Your personal interests, whether you are focused on a promotion or earning more compensation, are never more important than the best interests of our clients or the company. We expect you to: Address conflicts of interest before you take any job action or engage in an outside business activity that may benefit you or your family – this applies to everyone, regardless of whether you are a registered person Avoid even the appearance of impropriety Comply with company policies related to outside business activities, political contributions and gifts and entertainment Advisors, registered persons and investment-access persons must file reports as required by applicable policies. All persons subject to the Code and located in the U.S. must seek guidance from the Corporate Secretary about potential conflicts of interest, whether involving gifts, vendor relationships, outside business activities, or other circumstances.

 12  CONTENTS | INTRODUCTION | REPORT YOUR CONCERNS | ETHICAL PRINCIPLES | NAVIGATE YOUR ETHICAL QUESTIONS | CONSEQUENCES FOR NON-COMPLIANCE | RESOURCES A client sent me a case of wine as a gift. I know that if I purchased the wine, it would be expensive. Can I accept this gift? If you are subject to a gift and entertainment policy, you may be required to decline the gift politely and return it. If you are a licensed person, you should seek advice from your registered principal or the Compliance Department. If you don’t know whether a gift policy applies to you, contact the Corporate Secretary or your local Compliance Department. Remember that you are never permitted to solicit a gift from a client, vendor or anyone else doing business with the company. Do I need to pre-clear my political contributions and political volunteer activities? If you are a financial advisor, you are subject to pre-clearance requirements. Otherwise, you need to refer to the Political Contributions policy to see if you are covered. Depending upon changes in your job or band level, you may become subject to pre-clearance in the future even if you are not covered now. Also, it's important to see if your current political contributions may affect your chances to apply for certain jobs in the future, due to the SEC’s pay-to-play rules.

 13  CONTENTS | INTRODUCTION | REPORT YOUR CONCERNS | ETHICAL PRINCIPLES | NAVIGATE YOUR ETHICAL QUESTIONS | CONSEQUENCES FOR NON-COMPLIANCE | RESOURCES Compete fairly in the marketplace We believe that everyone benefits from fair, free and open markets, and we compete fairly in the marketplace based on the merits of our products and services. What you need to know We must never offer, make or accept unlawful payments or gifts regardless of local business customs. We comply with all antitrust, anti-bribery, anti-corruption, monopoly and competition laws. Failure to comply can have serious consequences for the company and for you. Antitrust and competition law We prohibit agreements intended to limit competition. We expect you to avoid any agreement with a competitor to limit competition. When dealing with outside companies, including contractors and vendors, consider whether they are competing with Ameriprise Financial. The General Counsel’s Organization is available whenever you question the legality of a proposed activity or need further guidance. False or misleading statements about our competitors are contrary to our values and damage our reputation. Fair dealing All employees, officers and directors should deal fairly with our clients, investors, suppliers and competitors. We don’t take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any unfair practices. Non-retaliation An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that is made: in confidence to a Federal, State, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law; or in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal; and does not disclose the trade secret, except pursuant to court order. Why ethics matter We operate in a highly regulated industry and under intense media and public scrutiny. Regulators and prosecutors recognize the importance of a strong ethical and compliance culture. We expect you to: Deal fairly with clients, vendors, competitors and other employees Maintain the company’s confidential or proprietary information and trade secrets

 14  CONTENTS | INTRODUCTION | REPORT YOUR CONCERNS | ETHICAL PRINCIPLES | NAVIGATE YOUR ETHICAL QUESTIONS | CONSEQUENCES FOR NON-COMPLIANCE | RESOURCES I noticed that a contractor made a mistake in its invoice in our favor. What should I do? Call the contractor to discuss the invoice and confirm that we have been undercharged. If so, ask for a corrected invoice. I’m having a business lunch with an official of a foreign government at an inexpensive restaurant. I know that he is an avid golfer, so I plan to give him a box of golf balls as a small gesture of appreciation for meeting with me. What do I need to know? This legal area is complex, so seek advice from the General Counsel’s Organization before you give anything of value to a government official or anyone claiming to represent a government or a government- controlled entity. The United States Foreign Corrupt Practices Act and the UK Bribery Act impose severe penalties if you give anything of value to a government official. Many other countries are also enacting strict laws against bribery and corruption. In this case, even a modest meal and small gift can result in severe penalties for you and the company.

 15  CONTENTS | INTRODUCTION | REPORT YOUR CONCERNS | ETHICAL PRINCIPLES | NAVIGATE YOUR ETHICAL QUESTIONS | CONSEQUENCES FOR NON-COMPLIANCE | RESOURCES Protect the company’s reputation and assets We diligently safeguard the company’s reputation, its physical and intellectual property and all sensitive information. What you need to know We consider our reputation one of our most valuable assets. We protect our assets and use them for appropriate business purposes. Anti-money laundering and identity theft The company maintains policies and procedures to prevent and detect money laundering and identity theft. Suspicious activity takes many forms and is hard to define in absolute terms, however, common examples of “red flags” are included in the company’s related policies. If you ignore or choose not to report suspicious activity, both you and the company could be considered willfully blind and held liable for the criminal activity. Report concerns by submitting a Report of Unusual Activity, which can be found on Inside or the AdvisorCompass® site. BMO Global Asset Management EMEA team reports concerns to AML@bmogam.com. Company property Our company property, including equipment, supplies, systems and facilities, must only be used for valid business purposes. Theft, carelessness and waste have a direct impact on our profitability. If you suspect someone was involved in, or is attempting to cover up, the theft or misuse of company property, immediately report it to your local security personnel or to SecurityAMPF@ampf.com. Intellectual property Intellectual property is one of the most valuable assets of our company. Our logos and branding (e.g., trademarks, service marks) stand as a unique symbol of the quality, integrity and reliability that underlie all our products and services. Moreover, they serve to identify us to the world and set us apart from our competitors. The use of all logos and brand names, such as “Ameriprise Financial,” “RiverSource,” “Columbia Threadneedle Investments,” “Columbia Management” and “Threadneedle” must conform with company policy. We will also never knowingly infringe on the intellectual property rights of others. You are responsible for confirming that the use of any third-party intellectual property is approved and done with written permission. This includes, but is not limited to, computer programs, brands, logos and periodicals. Why ethics matter Our ability to attract and retain clients, advisors and employees depends on our reputation as an ethical, honest and law- abiding company. Anything that you do, whether at work or in your personal life, that damages our reputation is a serious matter. Be especially careful not to post or say anything on social media that could embarrass you or damage the reputation and brands we have worked so hard to establish. Remember that your obligation to comply with the Code doesn’t stop when you leave the office. We expect you to: Be alert to situations or actions that may be unethical or potentially damaging to the company’s reputation Watch for warning signs that may signal fraudulent activity and report any suspicious activity Use company property only for valid business purposes and with proper authorization Protect all company and client property and assets against theft or misuse

 16  CONTENTS | INTRODUCTION | REPORT YOUR CONCERNS | ETHICAL PRINCIPLES | NAVIGATE YOUR ETHICAL QUESTIONS | CONSEQUENCES FOR NON-COMPLIANCE | RESOURCES I hear leaders refer to enterprise risk management. What does it mean to me in my role? Like all financial services companies, we face various risks that could harm our company, clients and shareholders. We invest significant time and money to identify and manage these risks, but of course it’s impossible to eliminate many of them. Even if an event is completely out of our control, such as a natural disaster or act of terrorism, we need to anticipate it as much as possible and be able to respond effectively. Risks can become more serious over time and new risks are emerging constantly. Our Board of Directors and Executive Leadership Team are focused on risk management because it’s crucial to our continued success. We also have talented teams of officers and employees around the world who are devoted to risk management. To be truly effective in identifying, monitoring and managing risk, each of us must think and act like a risk manager. Regardless of your job or level of responsibility, we expect you to be part of our risk management program. Each of us is a risk manager.

 17  CONTENTS | INTRODUCTION | REPORT YOUR CONCERNS | ETHICAL PRINCIPLES | NAVIGATE YOUR ETHICAL QUESTIONS | CONSEQUENCES FOR NON-COMPLIANCE | RESOURCES Safeguard and maintain accurate information We diligently safeguard our clients’ personal information. We believe that accurate recordkeeping and reporting are essential to our reputation and credibility. What you need to know We comply with all laws and policies related to the collection, safeguarding and disclosure of client or sensitive information. Confidentiality and privacy We maintain the confidentiality of information entrusted to us. Confidential information includes all non-public information that might be of use to competitors or harmful to the company or its clients if released. We ensure only employees with a business need-to-know reason are allowed access to such data. Report privacy incidents or unauthorized access to sensitive information to Privacy.Swat.Team@ampf.com. Financial and business information Maintaining accurate and complete business and financial records, including financial statements and accounts, expense reports, time records and invoices, is not just the job of Accounting and Finance personnel. Always record and classify transactions in the proper accounting period and in the appropriate account and department. Never delay or accelerate the recording of revenue or expenses. Always support estimates and accruals with appropriate documentation based on your best judgment. Never falsify any document or distort the true nature of any transaction. Never enable another person’s efforts to evade taxes or subvert local currency laws. Only make payments to the person or firm that actually provided the goods or services. Records management We maintain appropriate books and records according to the law and our policies. We do not shred, destroy or alter documents that are related to any imminent or ongoing investigation, lawsuit, audit, examination or are required to be maintained for regulatory purposes. Signature issues and forgery Employees, advisors or staff may not copy, affix or trace a client’s signature or sign any document on behalf of a client, even if specifically asked to by the client. A signature is considered forged if it was signed by someone other than the person named, or that person’s legally authorized representative. Whenever a client signature is required, it must be an original signature of the client or his or her legally authorized representative. Why ethics matter Many data breaches and cybersecurity incidents are the result of employee mistakes or negligence. Carelessly clicking a link in an email or opening an attachment could result in a serious cybersecurity incident. You’ve probably read about incidents at other companies that have cost millions of dollars to resolve. You play a role in being attentive and doing everything you can to avoid one at Ameriprise. We expect you to: Protect the privacy, confidentiality and security of all client, employee, advisor and company information Keep accurate business and financial records Safeguard sensitive information from unauthorized disclosure Report financial and other business information truthfully, accurately and completely Maintain all business records in accordance with the company’s policies and procedures and regulatory requirements

 18  CONTENTS | INTRODUCTION | REPORT YOUR CONCERNS | ETHICAL PRINCIPLES | NAVIGATE YOUR ETHICAL QUESTIONS | CONSEQUENCES FOR NON-COMPLIANCE | RESOURCES A package mailed by a client containing a completed application and a check looked like it had been opened. Do I need to tell anyone about this? Yes. Even if nothing appeared to be missing, this is still a potential breach of the client’s privacy. Send an email to Privacy.Swat.Team@ampf.com, who will research and identify potential risk. Contact your leader, registered principal, the Employee Relations Group Service Center at 1.877. 267.4748, the Ethics Hotline at 1.800.963.6395 or Safe Call (EMEA and APAC) at +44 0800 915 1571 if you: Believe financial information or business records are not reported or maintained accurately and completely. Feel pressure to report inaccurate or incomplete financial or business information. Are asked to prepare or destroy documents in violation of company policy.

 19  CONTENTS | INTRODUCTION | REPORT YOUR CONCERNS | ETHICAL PRINCIPLES | NAVIGATE YOUR ETHICAL QUESTIONS | CONSEQUENCES FOR NON-COMPLIANCE | RESOURCES Treat everyone with dignity and respect We value our people, encourage their development and reward their performance. What you need to know We are good citizens in our communities. We make all reasonable efforts to maintain a safe and healthy work environment for our employees and visitors. We prohibit discrimination or harassment and welcome diversity. Equal employment opportunity Our employees, including financial advisors and leaders are responsible for complying with the company’s Equal Employment Opportunity Policy, Individual Treatment Policy and related policies, and anti-discrimination and anti-harassment laws. Leaders have the added responsibility of ensuring compliance with those policies and laws. Freedom from discrimination Our employees are prohibited from engaging in discrimination or harassment against any person on the grounds of race, color, religion, national origin, disability, age, sex, marital status, sexual orientation, gender identity, veteran status or citizenship. Each of us, particularly leaders, is responsible for creating and maintaining a work environment free of discrimination and harassment for our employees. Freedom from fear and violence in the workplace We prohibit the possession of weapons in our workplace or when conducting business on behalf of the company. You may not assist or permit others to possess weapons in the workplace. Importance of diversity We are committed to valuing and supporting diversity in the workplace and community. Employees, field members and staff represent many age groups, ethnicities, family structures, races, religions, sexual orientations, nationalities and mental and physical abilities. Non-retaliation We do not retaliate against or intimidate an individual who makes a complaint, assists in making a complaint or is a witness in an investigation. Our values and the law protect an individual who, in good faith, reports discrimination, harassment, threats of violence or any inappropriate behavior. Safety, health and the environment We make all reasonable efforts to provide and maintain a safe and healthy working environment for our employees and visitors. Why ethics matter We expect all employees and advisor to behave in a values-driven manner, which includes treating all people with dignity and respect. Discriminatory treatment and harassment are illegal and violate our company values. We encourage individuals to report any violations. We expect you to: Treat others the way you would like to be treated Be an example to the next generation of leaders Support a diverse and safe work environment Notify your local or onsite security personnel or local law enforcement immediately if you see anyone exhibiting threatening behavior or if there is a potentially dangerous situation at your workplace Report safety concerns to: Minneapolis – 1.612.671.2454 or 1.612.671.3333. United States – 1.800.455.5187 United Kingdom, European Union or India – 00.1.612.671.2454 or 00.1.612.671.3333.

 20  CONTENTS | INTRODUCTION | REPORT YOUR CONCERNS | ETHICAL PRINCIPLES | NAVIGATE YOUR ETHICAL QUESTIONS | CONSEQUENCES FOR NON-COMPLIANCE | RESOURCES A colleague in my department has been acting erratically lately. He complains that he has been treated unfairly at work and talks about “getting even” with people. What should I do? Call Security Services (or your local security personnel) or the Employee Relations Group Service Center immediately and explain the situation. You share the responsibility of helping the company maintain a safe environment for all of our employees and visitors. As long as you act in good faith, you will not face any retaliation for sharing your concerns.

 21  CONTENTS | INTRODUCTION | REPORT YOUR CONCERNS | ETHICAL PRINCIPLES | NAVIGATE YOUR ETHICAL QUESTIONS | CONSEQUENCES FOR NON-COMPLIANCE | RESOURCES Navigate your ethical questions Consider your actions carefully. Ask for guidance when you need it. What you need to know We make decisions with integrity. We expect our leaders to set an example of courteous and respectful behavior toward their team members and others. Related policies The Code of Conduct and the related policies cannot, and do not attempt to, address every possible situation or circumstance that you may encounter. You are responsible for becoming familiar with the Code of Conduct and related policies, adhering to the principles and rules stated in them and seeking advice and guidance when you are uncertain as to the proper course of action. If you are a leader Leaders at all levels are responsible for continually emphasizing integrity as a standard of performance for all employees, demonstrating how employees and others should be treated with dignity and respect and creating and maintaining a work environment free of discrimination and harassment. Leaders should always seek legal advice about the laws that may apply to a particular situation. Leaders are responsible for the health, safety and welfare of their departments, and everyone reporting or assigned to them, including visitors and contractors, regardless of their work location. If you are an individual contributor We expect all leaders to set the right ethical example for the company and its employees, regardless of how many people they lead. But even if you aren’t a leader, we expect you to be an example of this same honest and ethical behavior for others on your team. Remember that others may model their behavior based on yours, especially if you have more experience or have been with the company for a longer period of time. Never make jokes about complying with the law, our policies and procedures or the Code of Conduct. Never belittle anyone for asking what the right thing to do is. If someone on your team asks for your advice on how to handle an ethical question, encourage him or her to speak with your leader. Be supportive and remind the person that we have a strict policy against retaliation for reports made in good faith. How you behave and what you say matters. We expect you to: Be aware of the consequences of your actions Ask for guidance when you need it Ask yourself about a potential behavior or action: Is it consistent with the Code and other company policies? Is it ethical? Is it legal? Am I setting a good example? Will it put the company at undue risk? Will it reflect poorly on the company or me? Would I want to read about it in the news or on social media? How would I explain my actions to my colleagues, friends and family?

 22  CONTENTS | INTRODUCTION | REPORT YOUR CONCERNS | ETHICAL PRINCIPLES | NAVIGATE YOUR ETHICAL QUESTIONS | CONSEQUENCES FOR NON-COMPLIANCE | RESOURCES Consequences for non-compliance Remember that asking for guidance before you act may help you avoid disciplinary action for violating the Code or a law, rule or regulation. What you need to know We will not accept ignorance or oversight as excuses for behavior that violates the Code, related policies or any law or regulation. We retain the right to determine whether specific actions or behaviors violate the Code of Conduct. Violations of the Code Personal conduct that violates the Code includes, but is not limited to: Willful or negligent damage to company property or the property of others; Theft or dishonesty, including falsification of company records or furnishing false or incomplete information on expense forms, time records, employment applications or other documents related to your employment; Inappropriate behavior or personal attire that is unprofessional or embarrasses the company or its clients, including posting or transmitting offensive or inappropriate material on the internet or any social media site; Disruptive or offensive behavior while conducting company business, including insubordination, willful disregard of company policies or procedures, disrespect toward a client or potential client, a leader or member of management, or failure to perform work as required or assigned; and Violations of safety or health laws or regulations or engaging in conduct that creates a safety or health hazard. In addition, if you violate the law during the course of your employment you may be subject to criminal and civil penalties as well as payment of monetary damages to the company or third parties. Disciplinary action may also be taken against an employee or advisor who: Authorizes, directs, approves, participates in or encourages violations of the Code; Deliberately fails to report or conceals violations or deliberately withholds or misstates relevant information; Retaliates against any other employee because he or she reported a suspected violation in good faith; or Knew or should have known about a violation by people under his or her supervision and did not promptly report it. We expect you to: Talk to your leader about any situation that concerns you Reach out to any of the following global resources or those listed on page 23 for assistance: Your Human Resources business partner Employee Relations Group Service Center – ERGSC@ampf.com Executive Vice President, Human Resources – Kelli.A.Hunter@ampf.com General Counsel’s Organization – Karen.Wilson.Thissen@ampf.com Corporate Secretary’s Office – Wendy.Mahling@ampf.com

 23  CONTENTS | INTRODUCTION | REPORT YOUR CONCERNS | ETHICAL PRINCIPLES | NAVIGATE YOUR ETHICAL QUESTIONS | CONSEQUENCES FOR NON-COMPLIANCE | RESOURCES Resources Reach out to resources below or refer to related company policies, procedures or related resources to report concerns and for questions or additional information. What you need to know We provide the following reporting options for you to report ethical and other concerns: Employee Relations Group Service Center – ERGSC@ampf.com Ethics Hotline – 1.800.963.6395 Safe Call (EMEA and APAC) – +44 0800 915 1571 Executive Vice President, Human Resources – Kelli.A.Hunter@ampf.com General Counsel’s Organization – Karen.Wilson.Thissen@ampf.com Corporate Secretary’s Office – Wendy.Mahling@ampf.com General Auditor – Ryan.P.Burns@ampf.com Fraud and Whistleblower Oversight Committee – fwbcommitteereporting@ampf.com Personal Trading Compliance: Contact: personal.trading@ampf.com BMO Personal Trading Group – compliance.oversight@bmogam.com Report suspicious activity: Complete a Report of Unusual Activity located on your intranet. If the situation is urgent, call Suspicious Activity Hotline – 1.612.671.6166 For Columbia Threadneedle BMO team, contact AML@bmogam.com. Concerns may also be raised with certain regulators listed in the whistleblower policy applicable to your business area Commission de Surveillance du Secteur Financier – whistleblowing@cssf.lu FCA Whistleblowing (UK) – whistle@fca.gov.uk Protect (UK) – protect-advice.org.uk Dutch Authority for the Financial Markets – Information Line – info@afm.nl De Nederlandsche Bank Integrity Reporting Desk – meldpuntmisstanden@dnb.nl We expect you to: Report concerns to your leader or one of the resources listed on this page. Understand the policies and procedures that impact your job. You can search Inside, AdvisorCompass, Complisource or other company intranet systems for applicable policies.

Financial Planning | Retirement | Investments | Insurance Ameriprise Financial, Inc. Corporate Secretary’s Office 1098 Ameriprise Financial Center, Minneapolis, MN 55474 ameriprise.com Revised November 1, 2021 © Ameriprise Financial, Inc. All rights reserved. Notes This document does not create a contract of employment or a contract for any specific term or condition of employment between Ameriprise Financial and an employee. Except as provided otherwise by the laws of a foreign jurisdiction, the relationship between Ameriprise Financial and an employee is at-will, meaning that either the employee or the company may terminate it at any time for any reason, with or without advance notice or progressive disciplinary action. The company reserves the right to make changes in or discontinue company policies, compensation plans, benefits and programs as it deems appropriate and these changes may be implemented even if they have not been communicated in this (or by change to this) document or otherwise. If this document refers to any company benefit program, it describes only certain highlights of the company’s benefit program. It does not supersede the actual provisions of the applicable plan documents, which in all cases are the final authority. The applicable plan administrator has the sole authority and discretion to determining your eligibility to participate in the plan, interpret the plan documents and administer of the plans. Ameriprise Financial takes reasonable efforts to ensure the accuracy of the contents of policy documents and in the administration of its policies and programs. The company does not assume responsibility for consequential damages caused by administrative or clerical errors.

EX-24

AMERIPRISE CERTIFICATE COMPANY POWER OF ATTORNEY City of Minneapolis State of Minnesota Each of the undersigned as a director of Ameriprise Certificate Company, a face-amount certificate company registered under the Investment Company Act of 1940, hereby constitutes and appoints Abu M. Arif, Brian Granger, Jason Bartylla, Megan E. Garcy, Christopher O. Petersen and Paul B. Goucher or any one of them, as his or her attorney- in-fact and agent, to sign for him or her in his or her name, place and stead any and all registration statements and amendments thereto (with all exhibits and other documents required or desirable in connection therewith) that may be prepared from time to time in connection with said Company’s existing or future face-amount certificate products – whether pursuant to the requirements of the Securities Act of 1933, the Investment Company Act of 1940 or otherwise – and periodic and other reports, and amendments thereto, including those on Form 10-K, Form 10-Q and Form 8-K, as required pursuant to provisions of applicable federal securities laws, and any necessary or appropriate filings with states or other jurisdictions, and grants to any or all of them the full power and authority to do and perform each and every act required or necessary or appropriate in connection with such signatures or filings. Signed on this 1st day of September, 2021 /s/ Karen M. Bohn Karen M. Bohn /s/ Lorna P. Gleason Lorna P. Gleason /s/ Ronald L. Guzior Ronald L. Guzior /s/ Robert J. McReavy Robert J. McReavy

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Abu M. Arif, certify that:

1.    I have reviewed this Annual Report on Form 10-K of Ameriprise Certificate Company;

2.        Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.        Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.        The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	February 25, 2022	By	/s/ Abu M. Arif
			Abu M. Arif Chief Executive Officer

E-5

EX-31.2

Exhibit 31.2

CERTIFICATION

I, James R. Hill, certify that:

1.    I have reviewed this Annual Report on Form 10-K of Ameriprise Certificate Company;

2.        Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.        Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.        The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	February 25, 2022	By	/s/ James R. Hill
			James R. Hill Chief Financial Officer

E-6

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO18 U.S.C. SECTION 1350,AS ADOPTED PURSUANT TOSECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report on Form 10-K of Ameriprise Certificate Company (the “Company”) for the year ended December 31, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Abu M. Arif, as Chief Executive Officer of the Company, and James R. Hill, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	February 25, 2022	By	/s/ Abu M. Arif
			Abu M. Arif Chief Executive Officer

Date:	February 25, 2022	By	/s/ James R. Hill
			James R. Hill Chief Financial Officer

E-7