11-K 1 amp401kplan123123.htm 11-K Document




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 

FORM 11-K

    ý    ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the year ended December 31, 2023
 
Or

    o    TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934


For the Transition Period from __________________ to __________________


Commission file number 1-32525





A.    Full title of the plan and the address of the plan, if different from that of the issuer named below:
AMERIPRISE FINANCIAL 401(k) PLAN

 
B.    Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
AMERIPRISE FINANCIAL, INC.
360 Ameriprise Financial Center
Minneapolis, MN 55474














Ameriprise Financial 401(k) Plan
 Financial Statements and Supplemental Schedule
 
December 31, 2023 and 2022
with Report of Independent Registered Public Accounting Firm



Ameriprise Financial 401(k) Plan
Form 11-K


INDEX
Report of Independent Registered Public Accounting Firm
Financial Statements
Statements of Net Assets Available for Benefits as of December 31, 2023 and 2022
Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2023 and 2022
Notes to Financial Statements
Supplemental Schedule
Schedule H, Line 4a — Schedule of Delinquent Participant Contributions as of and for the year ended December 31, 2023
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) as of December 31, 2023
Signature
Exhibit Index




Report of Independent Registered Public Accounting Firm

To the Administrator and Plan Participants of Ameriprise Financial 401(k) Plan

Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of Ameriprise Financial 401(k) Plan (the “Plan”) as of December 31, 2023 and 2022 and the related statement of changes in net assets available for benefits for the years then ended, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2023 and 2022, and the changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s 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 Plan 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 financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the 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 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 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 financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information
The supplemental Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2023 and Schedule H, Line 4a – Schedule of Delinquent Participant Contributions as of and for the year ended December 31, 2023 have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedules are the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedules reconcile to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedules are fairly stated, in all material respects, in relation to the financial statements as a whole.



/s/ PricewaterhouseCoopers LLP
Minneapolis, Minnesota
June 20, 2024

We have served as the Plan’s auditor since 2012.

1

Ameriprise Financial 401(k) Plan
Statements of Net Assets Available for Benefits
 December 31,
20232022
Assets
  
Cash
$77,081 $77,157 
Investments at fair value
2,997,677,026 2,479,440,517 
Investments at contract value
143,799,501 169,191,423 
Receivables:
 
Accrued income70,281 72,981 
Due from broker3,244,442 1,513,924 
Employer contributions4,941,089 5,264,099 
Participant loans29,980,596 27,590,582 
Total assets3,179,790,016 2,683,150,683 
Liabilities
 
Due to broker
5,213,476 1,678,912 
Net assets available for benefits at end of year
$3,174,576,540 $2,681,471,771 
See Notes to Financial Statements.

2

Ameriprise Financial 401(k) Plan
Statements of Changes in Net Assets Available for Benefits
 Years Ended December 31,
20232022
Additions:
Contributions: 
Employer, net of forfeitures$65,539,012 $63,306,817 
Participant129,188,950 124,145,197 
Participant rollovers9,278,010 9,047,985 
Total contributions204,005,972 196,499,999 
Investment income:
   Interest5,255,602 2,332,311 
   Dividends19,024,861 20,091,957 
   Net realized/unrealized appreciation (depreciation)492,751,477 (477,127,245)
Total investment income (loss)517,031,940 (454,702,977)
Other income63,022 73,421 
Interest on participant loans1,325,844 1,020,379 
Total additions722,426,778 (257,109,178)
Deductions:
Administrative expenses1,500,014 1,514,054 
Withdrawal payments227,821,995 211,257,555 
Total deductions229,322,009 212,771,609 
Net increase (decrease) in net assets available for benefits493,104,769 (469,880,787)
Net assets available for benefits at beginning of year2,681,471,771 3,151,352,558 
Net assets available for benefits at end of year$3,174,576,540 $2,681,471,771 
See Notes to Financial Statements.

3

Ameriprise Financial 401(k) Plan
Notes to Financial Statements
December 31, 2023
1.  Description of the Plan
General
The Ameriprise Financial 401(k) Plan (the “Plan”), which became effective October 1, 2005, is a defined contribution plan. Under the terms of the Plan, certain regular full-time and part-time employees of Ameriprise Financial, Inc. and its participating subsidiaries (the “Company”) can make contributions to the Plan and are eligible to receive Company contributions beginning with the pay period in which they complete 60 days of service.
The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The following is not a comprehensive description of the Plan, and therefore, does not include all situations and limitations covered by the Plan. Participants should refer to the Plan document for more complete information.
Recordkeeping and Trustee of Plan Assets
Alight Solutions is the Plan’s recordkeeper, including the self-directed brokerage account. Principal Custody Solutions is the Plan’s trustee. The Plan is administered by the Ameriprise Financial Employee Benefits Administration Committee (“EBAC”). The Ameriprise Financial 401(k) Investment Committee (“KIC”) selects and monitors the investment options offered to participants under the Plan and oversees matters related to Plan investments (excluding the Ameriprise Financial Stock Fund and investments selected by participants under the self-directed brokerage account). Members of the EBAC and KIC are appointed by fiduciaries as specified in the Plan.
Contributions
Elective Contributions
Each pay period, eligible participants may make pretax and/or Roth 401(k) contributions (up to 80% of eligible compensation), and after-tax contributions (up to 10% of eligible compensation) or a combination of any of the three, not to exceed 80% of their eligible compensation to the Plan through payroll deductions. The Internal Revenue Code of 1986, as amended (the “Code”), imposes a limitation on participants’ pretax and Roth contributions to plans that are qualified under Code Section 401(k) and other specified tax favored plans. This limit was $22,500 and $20,500 for 2023 and 2022, respectively for employees under age 50. For employees age 50 and older the limit was $30,000 and $27,000 for 2023 and 2022, respectively. The Plan complied with nondiscrimination requirements under the Code for both 2023 and 2022.
Fixed Match Contributions
The Company matches 100% of the first 5% of eligible compensation an employee contributes on a pretax and/or Roth 401(k) basis for each pay period. At the end of each year, the Company completes a fixed match true-up for qualifying participants to ensure the fixed match contribution provided by the Company is equal to the lesser of 5% of eligible compensation or the participants’ annual deferral rate average. Participants must be employed on the last business day of the Plan year or have terminated employment, generally due to retirement (at or after age 65), disability (as defined in the Plan), transfer to Franchise Advisor role or death to receive a true-up contribution.
The Company provides a Company Base Contribution of 2% of eligible compensation each pay period for certain employees not eligible to participate in the Ameriprise Financial Retirement Plan. The Company Base Contribution is invested based on the employee’s elections or a default fund if no elections are made and eligible employees are not required to elect to save their own money to receive this contribution.
Limit on Contributions
For purposes of the Plan, eligible compensation is a participant’s regular cash compensation up to $330,000 and $305,000 for 2023 and 2022, respectively, before tax deductions and certain other withholdings. Eligible compensation for all employees includes performance related cash bonuses, overtime, commissions and certain other amounts in addition to regular earnings.
Rollover Contributions
A rollover is a transfer to the Plan of a qualified distribution in accordance with the provisions of the Plan. Rollovers into the Plan are not eligible for Company match contributions.
Vesting
Participants are immediately vested in their pretax, Roth 401(k), after-tax, and rollover contributions and any income and appreciation on such contributions. Company contributions are vested on a five-year graded schedule of 20% per year of service with the Company or if the participant attains age 65 as an active employee, becomes disabled or deceased while employed.
Forfeitures
Forfeitures are transferred to a forfeiture account, which is maintained for the benefit of the Plan as a whole and is not attributable to any given participant. The balance of the forfeiture account may be used to pay plan expenses, offset the Company’s obligation to fund Company contributions to the plan or restore previously forfeited balances for rehires. At December 31, 2023 and 2022, the
4

Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2023

forfeiture account totaled $33,722 and $118,115, respectively. Forfeitures used totaled $2,297,555 and $2,074,206 for 2023 and 2022, respectively. Forfeitures generated for the plan years ended December 31, 2023 and 2022 were $2,213,162 and $2,074,091, respectively.
Tax Status
As long as the Plan remains qualified and tax exempt, amounts invested in the Plan through participant and Company contributions and rollovers, as well as any income and appreciation on such amounts, are not subject to federal income tax until distributed to the participant. See Note 8 for additional information on the Plan’s tax status.
Distributions and Withdrawals
If employment ends, participants are eligible to receive a distribution of their vested account balance. Participants (or their beneficiaries) may elect to receive their accounts as a single lump-sum distribution in cash, whole shares of common stock, mutual fund shares held under the self-directed brokerage account, or a combination of cash and shares. Partial payments may be available to participants who meet certain requirements set forth in the Plan document. The Plan will pay out vested balances of $5,000 or less as a lump sum payment within 60 days of termination of employment. Balances of less than $1,000 will be paid directly to the participant and balances of $1,000 to $5,000 will be rolled over to a safe harbor IRA. Terminated participants with balances greater than $5,000 can defer payment until age 72. Effective March 2024, the de minimus force-out threshold increased and vested balances up to $7,000 will be distributed as a lump sum payment within 60 days of termination of employment. Balances up to $1,000 will be paid directly to the participant and balances of $1,000 to $7,000 will be rolled over to a safe harbor individual retirement account. Terminated participants with balances greater than $7,000 can defer payment until age 73.
Participants may be eligible to request an in-service withdrawal of all or a portion of their vested account balance subject to limitations under the terms of the Plan and certain tax penalties imposed by the Code. Participants may elect to receive their withdrawal in cash, whole shares of common stock, mutual fund shares held under the self-directed brokerage account, or a combination of cash and shares.
Loan Program
Participants may borrow from their fund accounts a minimum of $500 and up to a maximum of the lesser of $50,000 or 50% of their vested account balance. The administrative loan origination fee of $75 per loan is paid by the participant and is deducted from the proceeds of the loan. Loan terms range up to 59 months unless the loan is used towards the purchase of a primary residence in which case the loan terms can range up to 359 months. The loans are secured by the balance in the participant’s account and bear a fixed interest rate of the prime rate as reported in the Wall Street Journal on the 15th of the month before the date the loan is originated. Principal and interest payments are deducted automatically from the participant’s pay each period.
If the participant’s employment with the Company ends for any reason, and their Plan loan is current, the Plan allows the participant to make repayment arrangements with the Plan’s Administrative Delegate before their loan would otherwise default. If so requested, upon the participant’s termination, the participant’s loan will be re-amortized to a monthly repayment schedule.
If the participant’s employment with the Company ends for any reason, and they have a Plan loan, they have the option to continue to make loan payments or pay off the loan in full within 90 days in order to prevent a default and acceleration due to non-payment. If the outstanding loan is not paid in full within 90 days from separation from service or an alternative arrangement is not made, the loan will automatically be foreclosed and the amount outstanding will be immediately deducted from the benefit payable to the plan participant from the Plan. The amount deducted will be treated as a distribution to that participant regardless of whether they elected to receive a distribution of their vested Plan account. Unless the outstanding loan amount was previously taxed as a “deemed distribution,” the participant will then be responsible for any income taxes on the amount of the outstanding loan balance and possibly a 10% additional Internal Revenue Service (“IRS”) penalty tax that applies to early distributions.
Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their accounts.
2.  Significant Accounting Policies
Basis of Accounting
The accompanying financial statements have been prepared on the accrual basis of accounting.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
5

Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2023

Plan Fees and Expenses
Administrative expenses, which may include recordkeeping, participant servicing, legal fees, trustee fees, loan origination fees, fees incurred within the self-directed brokerage account and investment consulting fees, among other expenses, are paid by Plan participants and recorded as incurred, unless paid by the Company. The Company currently pays a portion of the administrative expenses, including fees of the auditors, legal fees and certain investment managers.
Fees paid to investment managers are paid from the fees associated with the investment options offered by the Plan, unless paid by the Company. In addition, expenses related to the investment of the Plan funds, for example, brokerage commissions, stock transfer or other taxes and charges incurred for the purchase or sale of the funds’ investments, as opposed to administrative expenses, are generally paid by the Plan participants out of the applicable investment. Fees paid out of an investment reduce the return of that investment.
A flat fee of $21 per quarter is charged to participant accounts with a balance of $5,000 or more (including loan balances). It is deducted proportionately from the participant’s investment options on a quarterly basis. The fee is deposited in the dedicated expense account and may be used to pay eligible administrative expenses of the Plan. As permitted under U.S. Securities and Exchange Commission rule 12b-1, mutual funds or share classes are assessed a fee to help cover the costs associated with marketing and selling the fund (“12b-1 fees”). The 12b-1 fees may also be used to cover shareholder servicing expenses. The only 12b-1 fees incurred are on certain self-directed brokerage funds.
Other Income
Other income includes a rebate of a portion of revenue sharing payments made to the Plan from a portion of the 12b-1 fees incurred from certain funds within the self-directed brokerage account. These payments are deposited in the dedicated expense account and may be used to pay eligible administrative expenses of the Plan. Other income is recorded when earned.
Valuation of Investments and Income Recognition
Investments are reported at fair value, with the exception of fully benefit-responsive investment contracts which are reported at contract value. See Note 4 and Note 5 for the Plan’s accounting policies related to the fully benefit-responsive investment contracts and the valuation of investments, respectively.
Purchases and sales of securities are reflected on a trade-date basis. The cost of securities sold is determined using the average cost method. Dividend income is recorded on the ex-dividend date. Interest income is recorded as earned. As required by the Plan, all dividend and interest income is reinvested into the same investment funds in which the dividends and interest arose. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold as well as the change in fair value of assets.
Participant Loans
Participant loans are measured at their unpaid principal balance plus any accrued but unpaid interest, which is a reasonable estimate of fair value due to restrictions on the transfers of these loans. Interest income on participant loans is recorded when it is earned. 
Withdrawal Payments 
Withdrawal payments are recorded when paid. 
3.  Investments
Investment Elections
A participant may currently elect to invest contributions in any combination of investment funds in increments of 1% and change investment elections for future contributions or transfer existing account balances on any business day the New York Stock Exchange is open. Investment funds may impose redemption restrictions.
Investment Options
A summary of investment options as of December 31, 2023 and 2022 is set forth below.
Mutual Funds
As of December 31, 2023, the John Hancock Disciplined Value Mid Cap Fund R6 is the only mutual fund in the plan. As of December 31, 2022, mutual funds included the John Hancock Disciplined Value Mid Cap Fund R6 and the Allspring Small Company Growth R6 fund.
Collective Investment Funds
The Collective Investment Funds include various investment options as follows: VOYA Target Solution Trust Funds, Victory Small Cap Value Collective Fund (75), Boston Partners Large Cap Value Equity CIT (Class F), Wellington Trust NA CIF II Growth 2, GQG Partners International Equity CIT Fund (Class C), Columbia Trust Contrarian Core Fund, Columbia Trust Total Return Bond A Fund, BlackRock Equity Index Fund, BlackRock Russell 2500 Index Fund, BlackRock MSCI ACWI ex-US Index Fund, BlackRock US Debt Index Fund and Peregrine Small Cap Growth CIT Fund.
6

Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2023


Collective investment funds allow for daily redemptions but may require advance notice in certain circumstances. There were no unfunded commitments for the Collective Investment Funds as of December 31, 2023 and 2022.
Separate Managed Account
The Congress Mid Cap Growth Fund is a separate account managed by Congress Asset Management Company. The fund invests at least 80% of its net assets in equity securities of mid-capitalization companies. The remaining 20% of its net assets can be invested in equity securities of small-capitalization and large-capitalization companies.
Ameriprise Financial Stock Fund
The Ameriprise Financial Stock Fund is an Employee Stock Ownership Plan (“ESOP”) that invests primarily in the Company’s common stock, purchased in either the open market or directly from the Company, and in cash or short-term cash equivalents.
Self-Directed Brokerage Account
The Plan’s self-directed brokerage option gives participants the choice to invest in more than 14,000 mutual funds including exchange-traded funds and closed-ended mutual funds. Ameriprise Financial, Inc. was formerly a wholly owned subsidiary of American Express Company (“American Express”). On September 30, 2005, Ameriprise Financial, Inc. spun-off from American Express. As a result, American Express common stock was an investment option as specified by the Plan. Employees had the option to transfer the value of the American Express common stock to another investment in the Plan or transfer it to the self-directed brokerage option. American Express common stock may be held in the self-directed brokerage account on a hold or sell basis only and, with the exception of reinvestment of dividends, new purchases are not allowed.
Income Fund
The Income Fund is a stable value separately managed account which invests primarily in various book value wrap contracts with varying maturities, sizes and yields, offered by insurance companies, banks or financial institutions, which are backed by fixed income securities issued by the U.S. government and its agencies. See Note 4 for a more comprehensive discussion of book value wrap contracts. Ameriprise Trust Company is the investment manager for the Income Fund. The Income Fund also invests in the Columbia Trust Government Money Market Fund (which invests primarily in short-term debt instruments issued by the U.S. government and its agencies). The investment objective of the Income Fund is to preserve principal and income, while maximizing current income. There is no assurance that the Income Fund will meet its objective.
4.  Book Value Wrap Contracts
Book value wrap contracts are fully benefit-responsive synthetic guaranteed investment contracts and comprised of both an investment and a contractual component. The investment component consists of a portfolio of actively managed fixed income securities and of units of a money market collective investment fund, referred to as the Covered Assets, which may be owned by the Income Fund. The Covered Assets include U.S. government and agency bonds and mortgage backed securities issued or guaranteed by the U.S. government. The Income Fund enters into book value wrap contracts (the contractual component) with third parties, generally insurance companies, banks or financial institutions, to underwrite the performance of the Covered Assets from the risk of adverse interest rate movements. Under these contracts, the third party is obligated to provide sufficient funds to cover participant benefit withdrawals and certain types of investment transfers regardless of the market value of the Covered Assets. While the contracts are designed to protect the Income Fund against interest rate risk, the Income Fund is still exposed to risk if issuers of Covered Assets default on payment of interest or principal or upon the occurrence of certain events, described below, involving the Income Fund, its plan sponsor or its investment manager.
Fully benefit-responsive book value wrap contracts held by a separately managed account created for a defined contribution plan are reported at contract value. Contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive book value wrap contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. Contract value represents the face amount of the contract plus accrued interest at the contract rate.
Certain events may limit the ability of the Income Fund to transact at contract value with the book value wrap contract issuers for participant benefit payments or investment transfers. Possible events include a transfer from the Income Fund in violation of the equity wash required by the book value wrap contracts. An equity wash restriction prohibits money from being moved directly from the Income Fund to the self-directed brokerage account, without first being invested in another investment fund for 90 days. After the 90 days, the assets may be transferred from the other investment fund to the self-directed brokerage account. Other possible events include participant-directed withdrawals that occur due to a plan sponsor-initiated event, such as the implementation of an early retirement program or facility closing, of which the book value wrap contract issuer has not been made aware, or a request by the trustee to terminate a contract at market value. While these events are not probable, it is possible that they could occur.
7

Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2023

Certain events may allow the book value wrap contract issuer to terminate a book value wrap contract and settle at the market value of the Covered Assets, as opposed to contract value. These events may include the termination of the Plan or the Trust holding the Income Fund assets, the replacement of the trustee of the Income Fund without the consent of the book value wrap contract issuer, a change in the investment guidelines, administration or policies of the Income Fund that may cause a material adverse effect on the book value wrap contract issuer, a breach of the contract terms by a counterparty, a legal or regulatory event such as a ruling by a regulatory agency governing the Income Fund, its investment manager or the book value wrap contract issuer that may cause material adverse effect to a party under the book value wrap contract, or the failure of the Trust to be tax-exempt under the Internal Revenue Code.
5.  Fair Value Measurements
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
The Plan categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Plan’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are defined as follows:
Level 1    Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.
Level 2    Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.
Level 3    Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
The following tables present the balances of assets measured at fair value on a recurring basis:
 December 31, 2023
Level 1Level 2Level 3Total
Investments    
Mutual funds$77,565,528 $— $— $77,565,528 
Ameriprise Financial common shares412,794,686 — — 412,794,686 
Self-directed brokerage account
447,832,133 — — 447,832,133 
Common stock
110,344,415 9,097,590 — 119,442,005 
Collective investment funds measured at net asset value (“NAV”) (1)
1,940,042,674 
Total investments at fair value$1,048,536,762 $9,097,590 $— $2,997,677,026 
 December 31, 2022
Level 1Level 2Level 3Total
Investments    
Mutual funds$130,266,946 $— $— $130,266,946 
Ameriprise Financial common shares351,762,162 — — 351,762,162 
Self-directed brokerage account391,101,202 — — 391,101,202 
Common stock
96,333,250 5,999,660 — 102,332,910 
Collective investment funds measured at NAV (1)
1,503,977,297 
Total investments at fair value$969,463,560 $5,999,660 $— $2,479,440,517 
(1) Amounts are comprised of investments measured at fair value using NAV (or its equivalent) as a practical expedient and have not been classified within the fair value hierarchy.
Determination of Fair Value
The Plan uses valuation techniques consistent with the market approach to measure the fair value of its assets. The Plan’s market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. The Plan maximizes the use of observable inputs and minimizes the use of unobservable inputs. All other assets of the Plan are valued using NAV.
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.
8

Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2023

Investments
Mutual Funds
The fair value of the John Hancock Disciplined Value Mid Cap Fund R6 and the Allspring Small Company Growth R6 fund is determined by the NAV which represents the exit price. The fair value is classified as Level 1 as the funds are traded in active markets and quoted prices are available.
Ameriprise Financial Common Shares
The fair value of Ameriprise Financial, Inc. common shares is determined using quoted prices in active markets and is classified as Level 1.
Self-Directed Brokerage Account
Actively traded money market funds are measured at NAV and classified as Level 1. The fair value of common stock and exchange-traded funds are determined using quoted prices in active markets and are classified as Level 1. The fair value of mutual funds is determined by the NAV which represents the exit price. Mutual funds are classified as Level 1 as they are traded in active markets and quoted prices are available.
Common Stock
The fair value of common stock classified as Level 1 is determined using quoted prices in active markets and the fair value of common stock classified as Level 2 is determined based on a market approach using observable inputs.
Collective Investment Funds
The fair value of collective investment funds is determined by the NAV of the funds. The NAV is used as a practical expedient and represents the exit price for the funds. These funds are excluded from classification in the fair value hierarchy. Collective investment funds are traded in principal-to-principal markets with little publicly released pricing information.
6.  Transactions with Parties-in-Interest
The Plan allows for transactions with certain parties who may perform services or have fiduciary responsibilities to the Plan. Parties-in-interest include the Company, the trustee of the Plan assets (Principal Custody Solutions) and the Plan’s recordkeeper (Alight Solutions). Transactions involving funds managed by the Company, trustee and recordkeeper are considered party-in-interest transactions. These transactions, based on customary and reasonable rates, are not, however, considered prohibited transactions under Section 408(b) of ERISA and the regulations promulgated thereunder.

The Columbia Trust collective funds are maintained by Ameriprise Trust Company, a Minnesota-chartered trust company, and distributed by Columbia Management Investment Distributors, Inc., member FINRA. Ameriprise Trust Company serves as trustee and offers investment management and related services to these collective funds. Columbia Management Investment Advisers, LLC provides investment advice for certain of these funds in a subadvisory capacity. These companies are wholly-owned subsidiaries of Ameriprise Financial, Inc.
The total fair value of Ameriprise Financial, Inc.’s common stock held by plan participants was $412,794,686 and $351,762,162 as of December 31, 2023 and 2022, respectively. The total fair value of the investment options, excluding the self-directed brokerage account, managed by subsidiaries of Ameriprise Financial, Inc. was $343,180,052 and $271,837,529 as of December 31, 2023 and 2022, respectively. The investments at contract value managed by subsidiaries of Ameriprise Financial, Inc. was $143,799,501 and $169,191,423 as of December 31, 2023 and 2022, respectively. As investment manager, these subsidiaries earn annual management fees ranging from 0.15% to 0.33% of the amounts invested in the collective investment funds. Fees incurred for investment management services for the Income Fund, excluding fees associated with wrap contracts which are paid by the Plan, are paid directly by the Company. Fees paid by the Plan for investment management services are included as a reduction of the return earned on each collective investment fund. Participant loans also qualify as party-in-interest transactions and are secured by the vested balances in participant accounts.
See Note 2 for more information on Plan fees and expenses.
7.  Risks and Uncertainties
The Plan invests in various investment securities, which are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investments, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits. 
9

Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2023

8.  Income Tax Status
The Plan received a favorable determination letter from the IRS dated September 7, 2017 indicating that the Plan is qualified under the Code, the related trust established under the Plan is tax-exempt and the Plan satisfies the requirement of Code Section 4975(e)(7). The Plan has been amended after the period covered by the determination letter. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Company believes the Plan, as amended, is currently designed and operated in compliance with the applicable requirements of the Code, and therefore the Plan and the related trust are intended to be qualified and tax-exempt, and the Plan is intended to satisfy the requirements of Code Section 4975(e)(7). The IRS no longer issues determination letters to qualified plans on a five-year cycle to evidence compliance with IRS rules.
There are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the Plan’s financial statements. The Plan is subject to routine audits by tax jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan believes it is no longer subject to income tax examinations for years prior to 2020.
9.  Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of amounts reported in the financial statements to amounts reported on Form 5500:
 December 31,
20232022
Net assets available for benefits per the financial statements
$3,174,576,540 $2,681,471,771 
Deemed distributions of participant loans
(221,358)(188,247)
Difference between contract value and fair value of fully benefit-responsive investment contracts
(10,883,954)(13,045,526)
Net assets available for benefits per Form 5500
$3,163,471,228 $2,668,237,998 
 Years Ended December 31,
20232022
Net increase (decrease) in net assets available for benefits per the financial statements$493,104,769 $(469,880,787)
Change in deemed distributions of participant loans
(33,111)5,552 
Change in difference between contract value and fair value of fully benefit-responsive investment contracts
2,161,572 (13,066,284)
Net income (loss) per Form 5500$495,233,230 $(482,941,519)
10.  Subsequent Events
The Company evaluated events or transactions that occurred after the statement of net assets available for benefits date for potential recognition or disclosure through the date the financial statements were issued. The annual fixed match true-up contribution of $4,941,089 for the 2023 plan year, which is recorded as an Employer contributions receivable as of December 31, 2023, was posted to participant accounts on January 20, 2024.
As of March 25,2024, the Income Fund separately managed account was transferred in-kind to the Columbia Trust Stable High Quality Income Fund which is a collective investment fund managed by the Ameriprise Trust Company. The new investment has the same objective and is structured and managed in a similar way to the separate account.
10



Ameriprise Financial 401(k) Plan
SUPPLEMENTAL SCHEDULES

11
Ameriprise Financial 401(k) Plan
Schedule H, Line 4a — Schedule of Delinquent Participant Contributions
As Of And For The Year Ended December 31, 2023
Participant Contributions Transferred Late to PlanTotal that Constitute Nonexempt Prohibited TransactionsTotal Fully Corrected Under VFCP and PTE 2002-51
$85 $— 
Check Here If Late Participant Loan Payments IncludedContributions Not CorrectedContributions Corrected Outside VFCPContributions Pending Correction in VFCP
☐$— $— $— $85 
12

Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year)
December 31, 2023
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
 
Mutual Funds —
 
John Hancock Disciplined Value Mid Cap Fund R62,834,997 77,565,528 
 Total Mutual Funds 77,565,528 
 Collective Investment Funds — 
GQG Partners International Equity (Class C)8,790,885 131,423,726 
*Columbia Trust Contrarian Core Fund20,513,255 223,799,616 
*Columbia Trust Gov Money Market Fund9,881,122 9,881,122 
*Columbia Trust Total Return Fund I9,538,268 109,499,314 
Peregrine Commingled Invt Trust
5,650,964 78,265,845 
Boston Partners Large Cap Value Equity CIT (Class D)3,655,161 127,272,720 
Victory Small Cap Value Collective Fund (75)1,823,503 89,217,259 
VOYA Target Solution Trust Income (Class 4)2,481,163 43,841,187 
VOYA Target Solution Trust 2025 (Class 4)2,736,218 62,328,673 
VOYA Target Solution Trust 2030 (Class 4)4,063,194 101,004,698 
VOYA Target Solution Trust 2035 (Class 4)3,608,047 96,490,975 
VOYA Target Solution Trust 2040 (Class 4)3,144,228 90,750,677 
VOYA Target Solution Trust 2045 (Class 4)2,757,071 83,180,895 
VOYA Target Solution Trust 2050 (Class 4)1,703,247 51,491,022 
VOYA Target Solution Trust 2055 (Class 4)1,054,516 32,005,023 
VOYA Target Solution Trust 2060 (Class 4)873,793 18,872,965 
VOYA Target Solution Trust 2065 (Class 4)512,669 6,920,651 
Wellington Trust NA CIF II Growth 26,886,066 190,055,433 
BlackRock US Equity Index Fund12,641,958 287,015,433 
BlackRock Russell 2500 Index Fund1,282,971 37,130,214 
BlackRock MSCI ACWI ex-US Index Fund2,377,040 34,992,401 
BlackRock US Debt Index Fund1,987,840 23,549,541 
*Principal/BlackRock Short-Term Investment Fund11,053,284 11,053,284 
 Total Collective Investment Funds1,940,042,674 
Common Stock — 
Avery Dennison Corp
15,000 3,032,400 
Booz Allen Hamilton Holding Co25,000 3,197,750 
Bruker Corporation
35,000 2,571,800 
Brown & Brown Inc.
30,000 2,133,300 
BJ’s Wholesale Club Holdings, Inc.
35,000 2,333,100 
Charles River Laboratories11,000 2,600,400 
Church & Dwight Inc32,500 3,073,200 
Championx Corp
100,000 2,921,000 
Cooper Cos Inc Com New7,500 2,838,300 
Copart Inc Com89,000 4,361,000 
Crane Holdings Co
35,000 4,134,900 
Deckers Outdoor Corp5,000 3,342,150 
Diodes Inc35,000 2,818,200 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options  13

Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year)
December 31, 2023
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
Darden Restaurants Inc
20,000 3,286,000 
Emcor Group Inc Com
17,500 3,770,025 
Entegris Inc25,000 2,995,500 
Fabrinet
13,000 2,474,290 
Factset Resh Sys Inc Com
7,000 3,339,350 
Hologic Inc Com
32,500 2,322,125 
Keysight Technologies Inc17,500 2,784,075 
Mettler-Toledo International Inc2,000 2,425,920 
Monolithic Pwr Sys Inc Com
7,000 4,415,460 
Nvent Electric PLC
60,000 3,545,400 
Paycom Software Inc12,500 2,584,000 
Perficient Inc
37,500 2,468,250 
Pool Corporation7,500 2,990,325 
Qualys Inc17,500 3,434,900 
Raymond James Financial Inc20,000 2,230,000 
Resmed Inc14,000 2,408,280 
Saia Inc Com9,000 3,943,980 
SPS Commerce Inc
15,000 2,907,600 
Steris Plc14,000 3,077,900 
Sun Cmntys Inc Com17,500 2,338,875 
Take-Two Interactive Software17,500 2,816,625 
Teledyne Technologies Inc7,000 3,124,030 
Ulta Beauty, Inc6,500 3,184,935 
Valvoline Inc
65,000 2,442,700 
Watts Water Technologies Inc
16,000 3,333,440 
West Pharmaceutical Services Inc
8,500 2,993,020 
Willscot Mobile Mini Holdings
55,000 2,447,500 
Total Common Stock119,442,005 
 Ameriprise Financial Stock Fund — 
*Ameriprise Financial, Inc. Common Shares1,086,788 412,794,686 
 Total Ameriprise Financial Stock Fund412,794,686 
***Self-Directed Brokerage Account 447,832,133 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options  14
Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2023
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
*Columbia Trust Gov Money Market Fund32,326,593 32,326,593 
 U.S. Government and Agency Securities —
FFCB 4.750% 05/28/2026
2,350,000 2,377,003 
FGOLD 15YR 4.000% 02/01/2025283 280 
FGOLD 15YR 4.000% 02/01/20251,918 1,894 
FGOLD 15YR 4.000% 03/01/2025484 479 
FGOLD 15YR 4.000% 06/01/2025833 824 
FGOLD 15YR 4.000% 07/01/20251,004 992 
FGOLD 15YR 3.500% 08/01/20255,877 5,720 
FGOLD 15YR 4.000% 08/01/20256,206 6,128 
FGOLD 15YR 3.500% 09/01/20253,805 3,749 
FGOLD 15YR 3.500% 10/01/2025415 409 
FGOLD 15YR 3.500% 10/01/202516,938 16,683 
FGOLD 15YR 3.500% 10/01/20253,093 3,046 
FGOLD 15YR 4.000% 10/01/2025144 141 
FGOLD 15YR 4.000% 10/01/2025713 704 
FGOLD 15YR 3.000% 11/01/20251,069 1,048 
FGOLD 15YR 3.000% 11/01/2025376 368 
FGOLD 15YR 3.500% 11/01/20252,822 2,777 
FGOLD 15YR 3.500% 11/01/202513,523 13,310 
FGOLD 15YR 3.500% 12/01/20252,632 2,590 
FGOLD 15YR 3.500% 12/01/202535,478 34,917 
FGOLD 15YR 3.500% 12/01/202547 47 
FGOLD 15YR 3.500% 12/01/20251,013 997 
FGOLD 15YR 3.500% 12/01/20253,491 3,435 
FGOLD 15YR 3.500% 02/01/20261,509 1,485 
FGOLD 15YR 3.500% 03/01/20261,934 1,902 
FGOLD 15YR 3.500% 03/01/20264,255 4,147 
FGOLD 15YR 4.000% 03/01/2026360 356 
FGOLD 15YR 3.500% 04/01/20265,744 5,646 
FGOLD 15YR 3.500% 05/01/2026242 238 
FGOLD 15YR 4.000% 05/01/20267,197 7,110 
FGOLD 15YR 3.500% 06/01/202617,754 17,458 
FGOLD 15YR 4.000% 06/01/20265,746 5,672 
FGOLD 15YR 3.500% 07/01/20262,542 2,488 
FGOLD 15YR 3.500% 07/01/20263,149 3,092 
FGOLD 15YR 3.500% 07/01/202627,381 26,875 
FGOLD 15YR 3.500% 07/01/20261,880 1,849 
FGOLD 15YR 3.000% 08/01/20262,430 2,372 
FGOLD 15YR 3.500% 08/01/2026904 887 
FGOLD 15YR 3.500% 08/01/202613,923 13,661 
FGOLD 15YR 3.500% 08/01/20266,730 6,610 
FGOLD 15YR 3.000% 09/01/202616,988 16,580 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options  15
Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2023
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
FGOLD 15YR 3.500% 09/01/2026612 595 
FGOLD 15YR 3.500% 09/01/2026717 703 
FGOLD 15YR 3.500% 09/01/20261,695 1,663 
FGOLD 15YR 3.000% 10/01/2026848 827 
FGOLD 15YR 3.000% 10/01/20261,937 1,888 
FGOLD 15YR 3.000% 11/01/202613,652 13,317 
FGOLD 15YR 3.000% 12/01/202650,552 49,266 
FGOLD 15YR 3.000% 01/01/202728,933 28,184 
FGOLD 15YR 3.000% 02/01/20278,592 8,369 
FGOLD 15YR 3.000% 03/01/20271,054 1,026 
FGOLD 15YR 3.000% 01/01/203260,503 57,974 
FGOLD 15YR 3.000% 01/01/203278,293 75,154 
FGOLD 15YR 3.000% 04/01/2032235,416 225,509 
FGOLD 15YR 3.500% 05/01/2032132,474 129,039 
FGOLD 15YR 3.000% 01/01/2033110,436 105,297 
FGOLD 15YR 3.000% 03/01/2033225,589 215,649 
FGOLD 15YR GIANT 5.000% 03/01/20252,189 2,204 
FGOLD 15YR GIANT 4.000% 05/01/20255,901 5,827 
FGOLD 15YR GIANT 4.000% 07/01/20251,882 1,859 
FGOLD 15YR GIANT 3.500% 11/01/20253,918 3,827 
FGOLD 15YR GIANT 3.500% 12/01/2025457 450 
FGOLD 15YR GIANT 4.000% 12/01/20252,993 2,957 
FGOLD 15YR GIANT 3.500% 04/01/20264,131 4,063 
FGOLD 15YR GIANT 4.000% 05/01/2026511 502 
FGOLD 15YR GIANT 3.500% 07/01/20264,543 4,460 
FGOLD 15YR GIANT 3.500% 07/01/20265,324 5,227 
FGOLD 15YR GIANT 4.000% 07/01/20265,963 5,865 
FGOLD 15YR GIANT 4.000% 07/01/202613,871 13,694 
FGOLD 15YR GIANT 3.500% 08/01/20262,940 2,886 
FGOLD 15YR GIANT 3.500% 09/01/20265,388 5,298 
FGOLD 15YR GIANT 3.000% 11/01/202642,271 41,216 
FGOLD 15YR GIANT 3.000% 12/01/202615,502 15,130 
FGOLD 15YR GIANT 4.000% 12/01/202613,904 13,735 
FGOLD 15YR GIANT 4.000% 12/01/20262,176 2,148 
FGOLD 15YR GIANT 3.000% 01/01/20271,118 1,089 
FGOLD 15YR GIANT 3.500% 01/01/202729,708 28,934 
FGOLD 15YR GIANT 3.000% 09/01/20274,267 4,157 
FGOLD 15YR GIANT 3.500% 06/01/202919,479 18,994 
FGOLD 15YR GIANT 3.500% 07/01/202958,880 57,403 
FGOLD 15YR GIANT 3.500% 08/01/20294,083 3,980 
FGOLD 15YR GIANT 3.500% 11/01/20296,330 6,168 
FGOLD 15YR GIANT 3.500% 11/01/202990,510 88,194 
FGOLD 15YR GIANT 3.500% 12/01/2029128,066 124,805 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options  16
Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2023
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
FGOLD 15YR GIANT 3.500% 03/01/203016,220 15,803 
FGOLD 15YR GIANT 3.500% 04/01/203043,797 42,755 
FGOLD 15YR GIANT 3.000% 07/01/2030108,599 104,531 
FGOLD 15YR GIANT 3.000% 09/01/203096,133 92,493 
FGOLD 15YR GIANT 3.000% 10/01/203052,602 50,566 
FGOLD 15YR GIANT 3.000% 12/01/2030197,530 189,868 
FGOLD 15YR GIANT 3.000% 02/01/2031144,398 138,602 
FGOLD 15YR GIANT 3.000% 03/01/203197,902 93,911 
FGOLD 15YR GIANT 3.000% 05/01/2031230,920 221,663 
FGOLD 15YR GIANT 3.000% 09/01/2031144,000 138,231 
FGOLD 15YR GIANT 3.000% 01/01/2032256,523 245,796 
FGOLD 15YR GIANT 3.000% 03/01/2032432,928 415,579 
FGOLD 15YR GIANT 3.500% 08/01/2032234,365 228,725 
FGOLD 15YR GIANT 3.000% 04/01/20336,775 6,433 
FGOLD 15YR GIANT 3.500% 08/01/203372,583 71,356 
FGOLD 15YR GIANT 3.500% 11/01/20337,749 7,618 
FGOLD 15YR GIANT 3.500% 12/01/203356,092 55,143 
FGOLD 15YR GIANT 3.500% 02/01/203476,085 75,170 
FHLB 2.750% 12/13/20242,625,000 2,574,924 
FHLB 2.375% 03/14/20252,325,000 2,261,896 
FHLB 2.125% 12/11/20263,525,000 3,325,702 
FHLMC 0.375% 09/23/20254,825,000 4,504,922 
FHLMC 15YR UMBS 3.000% 12/01/2034300,159 284,674 
FHLMC 15YR UMBS 3.000% 12/01/2034402,625 380,491 
FHLMC 15YR UMBS 2.000% 08/01/20351,363,919 1,230,387 
FHLMC 15YR UMBS 2.000% 08/01/20351,486,769 1,341,215 
FHLMC 15YR UMBS MIRROR 3.000% 03/01/2031210,217 201,429 
FHLMC 15YR UMBS MIRROR 2.500% 07/01/203295,266 89,567 
FHLMC 15YR UMBS MIRROR 2.500% 11/01/2032205,631 192,904 
FHLMC 15YR UMBS MIRROR 2.500% 05/01/2033217,801 202,686 
FHLMC 15YR UMBS MIRROR 3.000% 04/01/203461,931 58,738 
FHLMC 15YR UMBS SUPER 3.000% 01/01/2034132,366 126,033 
FHLMC 15YR UMBS SUPER 2.500% 08/01/2034339,184 315,620 
FHLMC 15YR UMBS SUPER 2.500% 10/01/203453,707 49,975 
FHLMC 15YR UMBS SUPER 2.500% 12/01/2034261,932 243,730 
FHLMC 15YR UMBS SUPER 2.000% 06/01/2035314,507 282,762 
FHLMC 15YR UMBS SUPER 2.000% 09/01/20351,118,946 1,009,404 
FHLMC 15YR UMBS SUPER 2.000% 10/01/20351,191,188 1,074,563 
FHLMC 15YR UMBS SUPER 3.500% 06/01/2037
772,439 743,364 
FHLMC 15YR UMBS SUPER 4.000% 08/01/2037
32,528 31,909 
FHLMC 15YR UMBS SUPER 4.500% 11/01/2037
391,257 389,086 
FHLMC 15YR UMBS SUPER 5.000% 12/01/2037
1,021,671 1,027,590 
FHLMC 15YR UMBS SUPER 5.000% 07/01/2038
439,345 441,828 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options  17
Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2023
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
FHLMC 15YR UMBS SUPER 5.500% 11/01/2038
667,234 676,765 
FHLMC 5/1 HYBRID ARM 5.890% 12/01/2036 VARIABLE
15,601 15,902 
FHLMC REFERENCE NOTE 1.500% 02/12/20255,325,000 5,141,375 
FHLMC_K038 3.389% 03/25/2024977,602 972,865 
FHLMC_K040 2.768% 04/25/202460,343 59,848 
FHLMC_K040 3.241% 09/25/2024320,000 315,174 
FHLMC_K041 3.171% 10/25/20241,088,251 1,069,826 
FHLMC_K044 2.811% 01/25/2025
782,369 764,473 
FHLMC_K045 3.023% 01/25/2025
1,030,733 1,008,197 
FHLMC_K047 3.329% 05/25/2025795,000 778,355 
FHLMC_K048 3.284% 06/25/2025
435,313 425,751 
FHLMC_K050 2.802% 01/25/2025316,826 311,970 
FHLMC_K050 3.334% 08/25/202540,000 39,058 
FHLMC_K052 3.151% 11/25/2025700,000 680,997 
FHLMC_K053 2.995% 12/25/2025
555,000 537,521 
FHLMC_K056 2.525% 05/25/2026
2,675,000 2,556,264 
FHLMC_K078 3.854% 06/25/2028
750,000 734,148 
FHLMC_K092 3.125% 10/25/2028333,279 322,787 
FHLMC_K728 3.064% 08/25/202433,935 33,411 
FHLMC_K729 3.136% 10/25/202455,000 54,087 
FHLMC_K730 3.590% 01/25/2025380,397 374,514 
FHLMC_K736 1.895% 06/25/2025243,059 238,934 
FHLMC_T-13 6.085% 09/25/202926 25 
FHMS_17-K066 2.797% 12/25/2026419,960 407,293 
FNMA 0.625% 04/22/20257,825,000 7,433,466 
FNMA 15YR 5.000% 02/01/2024266 265 
FNMA 15YR 4.500% 05/01/202419 19 
FNMA 15YR 4.500% 05/01/2024392 390 
FNMA 15YR 4.000% 09/01/20242,540 2,505 
FNMA 15YR 4.500% 10/01/20242,507 2,493 
FNMA 15YR 4.500% 12/01/20241,736 1,727 
FNMA 15YR 4.000% 02/01/202520 19 
FNMA 15YR 4.500% 02/01/20254,779 4,752 
FNMA 15YR 4.000% 04/01/2025817 806 
FNMA 15YR 4.000% 04/01/2025960 948 
FNMA 15YR 4.500% 04/01/2025911 906 
FNMA 15YR 4.000% 05/01/20254,933 4,875 
FNMA 15YR 4.000% 06/01/20259,447 9,333 
FNMA 15YR 4.000% 06/01/2025874 862 
FNMA 15YR 4.000% 07/01/2025875 864 
FNMA 15YR 4.500% 07/01/2025119 118 
FNMA 15YR 5.000% 07/01/20251,516 1,525 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options  18
Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2023
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
FNMA 15YR 3.500% 09/01/20254,788 4,711 
FNMA 15YR 4.000% 09/01/20252,901 2,864 
FNMA 15YR 4.000% 09/01/2025219 216 
FNMA 15YR 3.500% 10/01/202513,399 13,175 
FNMA 15YR 3.500% 10/01/20252,335 2,296 
FNMA 15YR 3.500% 10/01/2025127 125 
FNMA 15YR 3.500% 10/01/20257,756 7,626 
FNMA 15YR 3.500% 10/01/202526,119 25,689 
FNMA 15YR 3.500% 10/01/202516,997 16,724 
FNMA 15YR 3.500% 10/01/202524,035 23,649 
FNMA 15YR 3.500% 11/01/2025214 210 
FNMA 15YR 3.500% 11/01/202513,360 13,130 
FNMA 15YR 3.500% 11/01/20251,495 1,457 
FNMA 15YR 3.500% 11/01/20251,336 1,313 
FNMA 15YR 3.500% 11/01/202513,208 12,981 
FNMA 15YR 3.500% 12/01/20253,189 3,135 
FNMA 15YR 3.500% 12/01/20253,572 3,509 
FNMA 15YR 3.500% 12/01/20257,038 6,917 
FNMA 15YR 3.500% 01/01/20267,600 7,465 
FNMA 15YR 3.500% 01/01/2026544 535 
FNMA 15YR 3.500% 01/01/20266,755 6,637 
FNMA 15YR 3.500% 01/01/2026844 829 
FNMA 15YR 3.500% 01/01/202612,971 12,744 
FNMA 15YR 3.500% 02/01/2026150 147 
FNMA 15YR 3.500% 02/01/202619,417 19,072 
FNMA 15YR 3.500% 02/01/20263,383 3,324 
FNMA 15YR 3.500% 02/01/20267,885 7,745 
FNMA 15YR 3.500% 02/01/20261,983 1,948 
FNMA 15YR 3.500% 02/01/202627,189 26,706 
FNMA 15YR 4.000% 02/01/20262,394 2,362 
FNMA 15YR 3.500% 03/01/202644,672 43,878 
FNMA 15YR 3.500% 03/01/20262,279 2,237 
FNMA 15YR 3.500% 03/01/202652 51 
FNMA 15YR 3.500% 04/01/2026134 131 
FNMA 15YR 3.500% 04/01/20262,768 2,717 
FNMA 15YR 3.500% 04/01/202612,027 11,806 
FNMA 15YR 3.500% 05/01/20261,743 1,710 
FNMA 15YR 3.500% 06/01/2026499 486 
FNMA 15YR 3.500% 07/01/2026
863 846 
FNMA 15YR 3.500% 08/01/20265,782 5,669 
FNMA 15YR 3.500% 08/01/2026665 652 
FNMA 15YR 3.500% 08/01/20264,669 4,592 
FNMA 15YR 4.000% 08/01/20261,330 1,313 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options  19
Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2023
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
FNMA 15YR 3.500% 09/01/20262,592 2,541 
FNMA 15YR 3.500% 09/01/20263,243 3,177 
FNMA 15YR 3.500% 09/01/202622,030 21,581 
FNMA 15YR 3.500% 10/01/202685,565 83,867 
FNMA 15YR 3.500% 10/01/20265,973 5,812 
FNMA 15YR 3.500% 10/01/202631,033 30,407 
FNMA 15YR 3.500% 10/01/2026198 194 
FNMA 15YR 3.500% 11/01/2026181 177 
FNMA 15YR 3.500% 11/01/20264,359 4,267 
FNMA 15YR 3.500% 11/01/202649,773 48,754 
FNMA 15YR 4.000% 11/01/202611,091 10,941 
FNMA 15YR 3.500% 01/01/202725,312 24,779 
FNMA 15YR 3.500% 01/01/20276,305 6,189 
FNMA 15YR 3.500% 04/01/20275,131 5,018 
FNMA 15YR 3.500% 06/01/202780 79 
FNMA 15YR 3.500% 06/01/202711,038 10,844 
FNMA 15YR 3.500% 08/01/202716,713 16,330 
FNMA 15YR 4.000% 09/01/20274,810 4,740 
FNMA 15YR 3.500% 09/01/20283,348 3,282 
FNMA 15YR 3.500% 10/01/202844,628 43,555 
FNMA 15YR 3.500% 11/01/202845,078 44,035 
FNMA 15YR 3.500% 12/01/202831,298 30,568 
FNMA 15YR 3.500% 12/01/20284,110 4,010 
FNMA 15YR 3.500% 01/01/20291,706 1,665 
FNMA 15YR 4.000% 01/01/202910,739 10,534 
FNMA 15YR 4.000% 01/01/202910,739 10,534 
FNMA 15YR 4.000% 01/01/202910,739 10,534 
FNMA 15YR 4.000% 01/01/202910,739 10,534 
FNMA 15YR 3.000% 02/01/2029128,621 124,088 
FNMA 15YR 3.500% 02/01/20293,699 3,605 
FNMA 15YR 3.500% 02/01/202974,496 72,611 
FNMA 15YR 3.500% 06/01/202941,156 40,074 
FNMA 15YR 3.500% 07/01/202940,459 39,474 
FNMA 15YR 3.500% 07/01/202914,629 14,256 
FNMA 15YR 3.500% 08/01/202988,222 85,892 
FNMA 15YR 3.500% 08/01/2029108,931 106,082 
FNMA 15YR 3.000% 09/01/202943,366 41,833 
FNMA 15YR 3.500% 09/01/2029182,475 177,654 
FNMA 15YR 3.500% 09/01/202955,871 54,552 
FNMA 15YR 3.500% 10/01/202920,213 19,791 
FNMA 15YR 3.500% 12/01/202910,268 9,992 
FNMA 15YR 3.000% 01/01/203034,492 33,224 
FNMA 15YR 3.500% 01/01/203078,337 76,228 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options  20
Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2023
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
FNMA 15YR 3.000% 02/01/203085,459 82,124 
FNMA 15YR 3.500% 02/01/203045,379 43,671 
FNMA 15YR 3.500% 04/01/203029,370 28,640 
FNMA 15YR 3.500% 04/01/203028,412 27,700 
FNMA 15YR 3.000% 06/01/2030128,800 123,780 
FNMA 15YR 3.500% 06/01/203050,008 48,784 
FNMA 15YR 3.000% 07/01/203024,973 24,005 
FNMA 15YR 3.000% 10/01/203094,962 91,242 
FNMA 15YR 3.000% 10/01/2030115,949 111,363 
FNMA 15YR 3.000% 10/01/2030115,541 111,012 
FNMA 15YR 3.000% 11/01/203065,992 63,324 
FNMA 15YR 3.000% 01/01/203171,374 68,529 
FNMA 15YR 3.000% 02/01/203111,917 11,423 
FNMA 15YR 3.000% 02/01/2031172,825 165,663 
FNMA 15YR 3.000% 02/01/2031163,028 156,753 
FNMA 15YR 3.500% 02/01/203168,963 67,234 
FNMA 15YR 3.000% 03/01/2031321,519 308,818 
FNMA 15YR 3.000% 03/01/203123,936 23,011 
FNMA 15YR 3.000% 04/01/203154,433 52,179 
FNMA 15YR 3.000% 04/01/20317,809 7,483 
FNMA 15YR 3.000% 04/01/2031114,559 109,814 
FNMA 15YR 3.000% 05/01/203197,474 93,437 
FNMA 15YR 3.000% 08/01/20314,579 4,389 
FNMA 15YR 3.000% 09/01/2031215,052 206,235 
FNMA 15YR 3.000% 10/01/203162,998 60,391 
FNMA 15YR 3.000% 11/01/2031264,032 252,790 
FNMA 15YR 3.000% 11/01/2031142,575 136,504 
FNMA 15YR 3.000% 01/01/2032164,794 157,691 
FNMA 15YR 3.500% 02/01/2032102,198 99,598 
FNMA 15YR 3.000% 04/01/2032123,934 118,344 
FNMA 15YR 3.000% 06/01/203269,734 66,551 
FNMA 15YR 3.000% 07/01/2032139,480 133,036 
FNMA 15YR 3.000% 07/01/2032144,433 137,931 
FNMA 15YR 3.500% 08/01/2032117,547 114,544 
FNMA 15YR 3.000% 09/01/2032541,043 516,689 
FNMA 15YR 3.500% 12/01/2032177,927 173,087 
FNMA 15YR 3.000% 01/01/2033294,689 281,316 
FNMA 15YR 2.500% 02/01/2033421,591 396,492 
FNMA 15YR 3.000% 03/01/203384,495 80,557 
FNMA 15YR 3.500% 08/01/203344,290 43,481 
FNMA 15YR 3.000% 09/01/2033192,836 183,605 
FNMA 15YR 3.500% 09/01/2033304,530 298,972 
FNMA 15YR 3.000% 11/01/2033240,112 228,615 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options  21
Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2023
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
FNMA 15YR 3.000% 11/01/2033148,276 141,177 
FNMA 15YR 3.000% 01/01/2034297,081 282,855 
FNMA 15YR 3.500% 01/01/2034162,197 159,236 
FNMA 15YR 3.000% 02/01/2034110,591 104,890 
FNMA 15YR 3.500% 02/01/203413,854 13,601 
FNMA 15YR 3.500% 04/01/2034161,621 158,273 
FNMA 15YR 3.000% 06/01/2034132,127 125,315 
FNMA 30YR 7.000% 07/01/20282,777 2,865 
FNMA 30YR 6.000% 11/01/20283,913 3,975 
FNMA 30YR 6.500% 04/01/20325,624 5,859 
FNMA 30YR 6.500% 04/01/20322,851 2,978 
FNMA 10/1 HYBRID ARM 6.069% 12/01/2033 VARIABLE
312 315 
FNMA 10/1 HYBRID ARM 5.795% 10/01/2034 VARIABLE
573 579 
FNMA 15YR UMBS 3.000% 07/01/2034190,850 181,009 
FNMA 15YR UMBS 2.500% 08/01/2034238,746 221,924 
FNMA 15YR UMBS 3.000% 08/01/203415,610 14,805 
FNMA 15YR UMBS 2.500% 09/01/203483,694 77,879 
FNMA 15YR UMBS 2.500% 10/01/2034465,151 432,833 
FNMA 15YR UMBS 2.500% 12/01/2034164,771 153,321 
FNMA 15YR UMBS 3.000% 12/01/2034352,133 333,969 
FNMA 15YR UMBS 2.500% 02/01/2035237,023 219,828 
FNMA 15YR UMBS 2.000% 05/01/2035962,815 868,582 
FNMA 15YR UMBS 2.500% 05/01/2035858,289 798,636 
FNMA 15YR UMBS 2.000% 07/01/2035902,079 811,023 
FNMA 15YR UMBS 2.000% 08/01/20351,228,289 1,108,035 
FNMA 15YR UMBS 4.000% 08/01/2037835,531 823,612 
FNMA 15YR UMBS 3.500% 09/01/2037
693,624 667,516 
FNMA 15YR UMBS 4.500% 11/01/2037397,845 395,647 
FNMA 15YR UMBS 5.000% 11/01/20373,488,634 3,508,348 
FNMA 15YR UMBS 4.500% 12/01/2037405,415 403,165 
FNMA 15YR UMBS 5.000% 12/01/2037430,924 433,803 
FNMA 15YR UMBS 5.000% 12/01/20371,005,495 1,011,177 
FNMA 15YR UMBS 4.500% 04/01/2038
2,875,792 2,859,833 
FNMA 15YR UMBS 5.000% 07/01/2038
678,647 682,482 
FNMA 15YR UMBS SUPER 4.000% 03/01/2035
634,271 626,582 
FNMA 15YR UMBS SUPER 2.000% 09/01/20351,385,991 1,250,308 
FNMA 15YR UMBS SUPER 2.500% 04/01/20371,441,219 1,326,737 
FNMA 15YR UMBS SUPER 4.000% 09/01/2037607,003 595,733 
FNMA 6M LIBOR ARM 5.165% 11/01/2032 VARIABLE
4,148 4,110 
FNMA 6M LIBOR ARM 5.665% 12/01/2032 VARIABLE
8,663 8,536 
FNMA 6M LIBOR ARM 5.831% 03/01/2034 VARIABLE
13,216 13,244 
FNMA 6M LIBOR ARM 5.919% 09/01/2035 VARIABLE
16,082 16,201 
FNMA 7/1 HYBRID ARM 5.918% 01/01/2034 VARIABLE
5,562 5,533 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options  22
Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2023
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
FNMA 7/1 HYBRID ARM 6.245% 03/01/2036 VARIABLE
2,250 2,294 
FNMA MEGA 15YR REMIC-BACKED 3.500% 11/01/202522,745 22,354 
FNMA_03-W11 6.720% 06/25/2033 VARIABLE
92 92 
U.S. TREASURY NOTE 2.875% 04/30/2029
19,700,000 18,747,320 
UMBS 15YR TBA (REG B) 2.000% 01/18/2039
1,925,000 1,725,582 
UMBS 15YR TBA (REG B) 2.500% 01/18/2039
1,350,000 1,243,582 
UMBS 15YR TBA (REG B) 3.000% 01/18/2039
12,575,000 11,855,376 
UMBS 15YR TBA (REG B) 3.500% 01/18/2039
9,050,000 8,711,686 
UMBS 15YR TBA (REG B) 4.000% 01/18/2039
3,100,000 3,041,391 
UMBS 15YR TBA (REG B) 4.500% 01/18/2039
2,450,000 2,437,750 
UMBS 15YR TBA (REG B) 5.000% 01/18/2039
1,450,000 1,458,609 
UMBS 15YR TBA (REG B) 6.000% 01/18/2039
675,000 690,161 
Total underlying investments supporting synthetic guaranteed investment contracts 163,824,115 
*Loans to Participants —  
 Various Loans, 3.25% — 9.5% due through 2053  29,980,596 
 Less: Deemed distributions  (221,358)
 Net participant loans  29,759,238 
      
 
Assets Held at End of Year
   $3,191,260,379 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options  23

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Employee Benefits Administration Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
 

AMERIPRISE FINANCIAL, INC.
(Registrant)
Date:June 20, 2024By/s/ Michelle Rudlong
Michelle Rudlong
Delegate
Employee Benefits Administration Committee


24

EXHIBIT INDEX

Exhibit        Description
23    Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm.

25