10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

x 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, 2014

OR

o 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 oNo x

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 oNo x

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 xNo o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).    Yes xNo o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.      [Not applicable]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

(Check one):Large Accelerated Filer oAccelerated Filer oNon-Accelerated Filer x    Smaller reporting company o

(Do not check if a smaller reporting company) 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes oNo x

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 27, 2015
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

TABLE OF CONTENTS

Item No.		Page
PART I
1.	Business	3
1A.	Risk Factors	5
1B.	Unresolved Staff Comments	10
2.	Properties	10
3.	Legal Proceedings	10
4.	Mine Safety Disclosures	10
PART II
5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	11
6.	Selected Financial Data	11
7.	Management’s Narrative Analysis	11
7A.	Quantitative and Qualitative Disclosures About Market Risk	12
8.	Financial Statements and Supplementary Data	14
9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	14
9A.	Controls and Procedures	14
9B.	Other Information	14
PART III
10.	Directors, Executive Officers and Corporate Governance	15
11.	Executive Compensation	15
12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	15
13.	Certain Relationships and Related Transactions, and Director Independence	15
14.	Principal Accounting Fees and Services	15
PART IV
15.	Exhibits and Financial Statement Schedules	16
	Signatures	17
	Index to Financial Statements and Schedules	F-1
	Exhibit Index	E-1

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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 more than 120 years of history providing clients with financial solutions.

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 by Ameriprise Financial Services, Inc. (“AFSI”), an affiliate of ACC. AFSI 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, mutual funds, 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. Unaffiliated third parties offer certain competing products which have demonstrated strong appeal to investors.

Products

As of the date of this report, ACC offers the following five 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 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 bears surrender charges for premature surrenders.

• 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.

3. Ameriprise Installment Certificate

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• Installment payment certificate that declares interest rates in advance for a three-month period.

• Currently sold without a sales charge.

• Currently bears surrender charges for premature surrenders.

• 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 a fixed rate of 0.55% for new sales.

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

• Ten year maturity.

4. Ameriprise Market Strategy Certificate

• Single payment certificate that also permits additional payments, with a flexible yield, that pays interest at a fixed rate or that offers the certificate product owner the opportunity to have all or part of the certificate product returns tied to fifty-two week stock market performance, up to a maximum return, as measured by a broad stock market index, for a series of fifty-two week terms starting every month or at intervals the certificate product owner selects.

• Currently sold without a sales charge.

• Currently bears surrender charges for premature surrenders.

• 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.

• Twenty year maturity.

5. Ameriprise Stock Market Certificate

• Single payment certificate that offers the certificate product owner the opportunity to have all or part of the certificate product returns tied to fifty-two week 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 bears surrender charges for premature surrenders.

• 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.

• Fourteen term maturity.

Within the specified maturity periods, most certificates have interest crediting rate terms ranging from three to thirty-six 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 AFSI and sold pursuant to a distribution agreement which is terminable on sixty days’ notice and is subject to annual approval by ACC’s Board of Directors, including a majority of the directors who are not “interested persons” of AFSI or ACC as that term is defined in the 1940 Act. The distribution agreement provides for the payment of distribution fees to AFSI for services provided.

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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 AFSI, 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, syndicated loans and commercial mortgage loans, U.S. government and government agency securities, municipal bonds, corporate bonds, common stocks, 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 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).

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. Based on information currently known, the following information identifies the material factors affecting ACC. 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.

Risks Relating to ACC’s Business

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, national or local in nature, include: political, social, economic and market conditions; the availability and cost of capital; the level and volatility of equity prices, commodity prices and interest rates, currency values and other market indices; technological changes and events; U.S. and foreign government fiscal and tax policies; U.S. and foreign government ability, real or perceived, to avoid defaulting on government securities, the availability and cost of credit; inflation; investor sentiment and confidence in the financial markets; terrorism events and armed conflicts; and 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 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

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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 invest 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.

Significant downturns and volatility in equity markets may 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 Form 10-K —“Quantitative and Qualitative Disclosures About Market Risk.”

Changes in the supervision and regulation of the financial industry could materially impact ACC’s results of operations, financial condition and liquidity.

The Dodd-Frank Act, enacted into law in 2010, called for sweeping changes in the supervision and regulation of the financial industry designed to provide for greater oversight of financial industry participants, reduce risk in banking practices and in securities and derivatives trading, enhance public company corporate governance practices and executive compensation disclosures, and provide greater protections to individual consumers and investors. Certain elements of the Dodd-Frank Act became effective immediately, though the details of certain provisions remain subject to additional studies and will not be known until final rules are adopted by applicable regulatory agencies. The full impact of the Dodd-Frank Act on ACC, the financial industry and the economy cannot be known until all such rules and regulations called for under the Dodd-Frank Act have been finalized, and, in some cases, implemented over time.

Accordingly, while certain elements of these reforms have yet to be finalized and implemented, the Dodd-Frank Act has impacted and is expected to further impact the manner in which ACC markets its products and services, manages itself and its operations and interacts with regulators, all of which could materially impact ACC’s results of operations, financial condition and liquidity. Moreover, to the extent the Dodd-Frank Act impacts the operations, financial condition, liquidity and capital requirements of unaffiliated financial institutions with whom ACC transacts business, those institutions may seek to pass on increased costs, reduce their capacity to transact, or otherwise present inefficiencies in their interactions with ACC.

It is uncertain whether the Dodd-Frank Act, the rules and regulations developed thereunder, or any future legislation designed to stabilize the financial markets, the economy generally, or provide better protections to consumers will have the desired effect. Any new legislation or regulatory changes could require ACC to change certain of ACC’s business practices, impose additional costs on ACC, or otherwise adversely affect ACC’s business operations, regulatory reporting relationships, results of operations or financial condition. Consequences may include substantially higher compliance costs as well as material effects on interest rates and foreign exchange rates, which could materially impact ACC’s investments, results of operations and liquidity in ways that ACC cannot predict.

Changes in and the adoption of accounting standards or inaccurate estimates or assumptions in applying accounting policies could have a material impact on ACC’s financial statements.

ACC's accounting policies and methods are fundamental to how ACC records and reports ACC's financial condition and results of operations. Some of these policies require use of estimates and assumptions that may affect the reported value of ACC's assets or liabilities and results of operations and are critical because they require management to make difficult, subjective, and complex judgments about matters that are inherently uncertain. If those assumptions, estimates or judgments were incorrectly made, ACC could be required to correct and restate prior period financial statements.

ACC prepares its financial statements in accordance with U.S. generally accepted accounting principles ("GAAP"). From time to time, the Financial Accounting Standards Board (“FASB”), the SEC, and other regulators may change the financial accounting and reporting standards governing the preparation of ACC’s financial statements. In some cases, ACC could be required to apply a new or revised standard retroactively, resulting in ACC restating prior period financial statements. These changes are difficult to predict, and could impose additional governance, internal controls and disclosure demands. It is possible that such changes could have a material adverse effect on ACC’s financial condition and results of operations.

Defaults in ACC’s fixed maturity securities portfolio could adversely affect ACC’s earnings.

Issuers of the fixed maturity securities owned by ACC may default on principal and interest payments. As of December 31, 2014, 6% of ACC’s invested assets had ratings below investment grade. Moreover, economic downturns and corporate malfeasance can increase the number of companies, including those with investment grade ratings, which could default on their debt obligations.

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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.

ACC invests a portion of its assets in privately placed fixed income securities and mortgage loans, which are relatively illiquid. ACC’s investment manager periodically reviews ACC’s private placement investments using adopted standards to categorize such investments as liquid or illiquid. As of December 31, 2014, mortgage loans and private placement fixed income securities that have been categorized as illiquid represented approximately 6% 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 these investments 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 and impairments taken on certain 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 and impairments 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. Such evaluations and assessments are revised as conditions change and new information becomes available. Management updates its evaluations regularly and reflects changes in allowances and impairments in operations as such evaluations are revised. Historical trends may not be indicative of future impairments or allowances.

The assessment of whether impairments have occurred is based on management’s case-by-case evaluation of the underlying reasons for the decline in fair value that considers a wide range of factors about the security issuer and 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.

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.

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 investment certificate reserves on the consolidated balance sheets. The fair values of these embedded derivatives incorporate current market data inputs. Changes in fair value are reflected in provision for certificate reserves within the consolidated statements of operations.

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.

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 or have greater financial resources.

ACC’s affiliated distributor may be unable to attract and retain financial advisors.

ACC is dependent on the financial advisors of AFSI 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 AFSI. The market for these financial

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advisors is extremely competitive, and there can be no assurance that AFSI 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 AFSI 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.

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 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. In addition, any changes to the laws and regulations applicable to ACC’s business, including incremental requirements, costs and risks imposed on ACC, may affect the operations and financial condition of ACC.

Damage to 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 and 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, technological, cyber-security, or other security breaches resulting in improper disclosure of client or employee personal information, unethical behavior and the misconduct of employees, AFSI’s advisors and counterparties. Negative perceptions or publicity regarding these matters could damage ACC’s or its affiliates’ reputation among existing and potential customers, investors, employees and affiliated advisors. 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.

ACC’s reputation is also dependent on our continued identification of and mitigation against conflicts of interest, including those relating to the activities of its affiliated entities. For example, conflicts may arise between ACC’s position as a manufacturer of certificate products and the position of an ACC affiliate, AFSI, as the distributor of these products. ACC and its affiliated entities have procedures and controls in place that are designed to address conflicts of interest. However, identifying and appropriately dealing with conflicts of interest is complex and ACC’s reputation could be damaged if it fails, or appears to fail, to deal appropriately with conflicts of interest. In addition, the SEC and other federal and state regulators have increased their scrutiny of potential conflicts of interest. It is possible that potential or perceived conflicts could give rise to litigation or enforcement actions. It is also possible that the regulatory scrutiny of, and litigation in connection with, conflicts of interest will make ACC’s clients less willing to enter into transactions in which such a conflict may occur, and will adversely affect ACC’s business.

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.

Changes in corporate tax laws and regulations and 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. These tax laws are complex and may be subject to different interpretations. 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. Disputes over interpretations of the tax laws may be settled with the taxing authority upon examination or audit. 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.

It is possible there will be corporate tax reform in the next few years. While impossible to predict, corporate tax reform is likely to include a reduction in the corporate tax rate coupled with reductions in tax preferred items. Potential tax reform may also affect the U.S. tax rules regarding international operations. Any changes could have a material impact on ACC's income tax expense and deferred tax balances.

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, blackout, severe winter weather, explosions, pandemic disease and man-made disasters, including acts of terrorism, 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 its employees from performing their roles or otherwise disturbing its ordinary

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business operations. These impacts could be particularly severe to the extent they affect 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 timing and frequency with which natural and man-made disasters and catastrophes may occur, nor can ACC 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 have been and will continue to be, subject to evolving cybersecurity or other technological risks, which could result in the disclosure of confidential client 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 sensitive client and proprietary information, and to conduct business activities and transactions with clients, AFSI’s advisors, vendors and other third parties. Maintaining the integrity of these systems and networks is critical to the success of ACC’s business operations, including the retention of clients, and to the protection of ACC’s proprietary information and ACC’s clients’ personal information. To date, neither ACC nor its affiliates have experienced any material breaches of nor interference with these systems and networks, however, ACC and its affiliates routinely encounter and address such threats. For example, the cybersecurity and technological threats experienced by ACC and its affiliates have included phishing scams, distributed denial of service attacks, introductions of malware, attempts at electronic break-ins and unauthorized payment requests. Any such breaches or interference by third parties or by ACC’s employees that may occur in the future could have a material adverse impact on ACC’s business, financial condition or results of operations.

ACC and its affiliates have implemented and maintain security measures designed to protect against breaches of security and other interference with systems and networks resulting from attacks by third parties, including hackers, and from employee error or malfeasance. ACC and its affiliates also contractually require third party vendors, who in the provision of services to ACC and its affiliates are provided with or process information pertaining to ACC’s business or its clients, to meet certain information security standards. The increasing reliance on technology systems and networks and the occurrence and potential adverse impact of attacks on such systems and networks, both generally and in the financial services industry, have enhanced government and regulatory scrutiny of the measures taken by companies to protect against cyber-security 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 security measures ACC and its affiliates currently maintain.

Despite the measures ACC and its affiliates have taken and may in the future take to address and mitigate these risks, ACC cannot assure that the systems and networks of ACC and its affiliates will not be subject to breaches or interference. 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 clients’ personal information, which in turn may result in legal claims, regulatory scrutiny and liability, reputational damage, the incurrence of costs to eliminate or mitigate further exposure, the loss of clients or other damage to our business. Even if ACC successfully protects its technology infrastructure and the confidentiality of sensitive data, ACC may incur significant expenses in connection with the responses to any such attacks as well as the adoption, implementation and maintenance of appropriate security measures. ACC could also suffer harm to its business and reputation if attempted security breaches are publicized. ACC cannot be certain that advances in criminal capabilities, discovery of new vulnerabilities, attempts to exploit vulnerabilities in ACC’s systems, data thefts, physical system or network break-ins or inappropriate access, or other developments will not compromise or breach the technology or other security measures protecting the networks used in connection with ACC’s products and services.

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 ability to develop, deliver or maintain products and services, causing harm to ACC’s business and reputation and resulting in loss of clients or revenue. Interruptions could be caused by operational failures arising from employee error or malfeasance, interference by third parties, including hackers, ACC’s implementation of new technology, as well as from 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. These interruptions can include fires, floods, earthquakes and other natural disasters, power losses, equipment failures, attacks by third parties, failures of internal or vendor software or systems and other events beyond ACC’s control. Further, ACC faces the risk of operational failure (including, without limitation, failure caused by an inaccuracy, untimeliness or other deficiency in data reporting), termination or capacity constraints of any of the clearing agents, exchanges, clearing houses or other financial intermediaries that ACC uses to facilitate or are component providers

9

to ACC’s securities transactions and other product manufacturing and distribution activities. Any such failure, termination or constraint 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 or against all types of risk, including employee and financial advisor misconduct.

ACC has devoted significant resources to develop risk management policies and procedures and will continue to do so. Nonetheless, 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 exposures are based upon observed historical market behavior or statistics based on historical models. During periods of market volatility or due to unforeseen events, the historically derived correlations upon which these methods are based may not be valid. As a result, these methods may not accurately predict future exposures, which could be significantly greater than what ACC’s models indicate. 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.

Moreover, ACC is subject to the risks of errors and misconduct by ACC’s employees and AFSI’s financial advisors, such as fraud, non-compliance with policies, recommending transactions that are not suitable, and improperly using or disclosing confidential information. These risks are difficult to detect in advance and deter, and could harm ACC’s business, results of operations or financial condition. ACC is further subject to the risk of nonperformance or inadequate performance of contractual obligations by third-party vendors of products and services that are used in ACC’s businesses. 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. 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.

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

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. In addition, a number of state and federal regulatory agencies have initiated examinations and other inquiries related to unclaimed property and escheatment practices and procedures.  The Ameriprise organization has cooperated and will continue to cooperate with applicable regulators regarding their inquiries.

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.

Item 4.  Mine Safety Disclosures

Not applicable.

10

PART II

Item 5.  Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

All of ACC’s outstanding common stock is owned by 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/Returns of Capital Paid to Ameriprise Financial		Receipt of Capital from Ameriprise Financial
For the year ended December 31, 2014:
December 29, 2014	$	5	$	—
Total	$	5	$	—

	Dividends/Returns of Capital Paid to Ameriprise Financial		Receipt of Capital from Ameriprise Financial
For the year ended December 31, 2013:
March 28, 2013	$	—	$	5
September 30, 2013	—		5
Total	$	—	$	10

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

Certain series of installment certificate products outstanding provide that cash dividends may be paid by ACC only in calendar years for which additional credits of at least one-half of 1% on such series of certificates have been authorized by ACC. This restriction has been satisfied for 2014 and 2013 by ACC’s declaration of additional credits.

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 net certificate reserves (certificate reserves less certificate loans).

Item 6.  Selected Financial Data

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

Item 7.  Management’s Narrative Analysis

The following information should be read in conjunction with the accompanying audited 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”) 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 “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 Accounting Pronouncements and Significant Accounting Policies

For information regarding recent accounting pronouncements and their expected impact on ACC’s future results of operations or financial condition and significant accounting policies, see Note 1 to ACC’s consolidated financial statements beginning on page F-9 of this Annual Report on Form 10-K.

Results of Operations

ACC’s net income is derived primarily from the after-tax yield on investments and realized investment gains (losses), less investment expenses and interest credited on certificate reserve liabilities. Net income trends occur largely due to changes in returns on ACC’s investment portfolio, from realization of investment gains (losses) and from changes in interest credited to certificate products. ACC follows U.S. generally accepted accounting principles (“GAAP”).

Net income increased $8.5 million, or 60%, to $22.6 million for the year ended December 31, 2014 compared to $14.1 million for the prior year due to an increase in investment income, a decrease in the net provision for certificate reserves and realized gains on

11

investments in the current year compared to realized losses on investments as a result of higher other-than-temporary impairments on non-agency residential mortgage backed securities in the prior year. These positive impacts were partially offset by an increase in investment expenses.

Investment income increased $2.6 million, or 3%, to $88.0 million for the year ended December 31, 2014 compared to $85.4 million for the prior year. This increase is primarily due to higher average investment balances compared to the prior year, partially offset by the negative impact of continued low interest rates.

Investment expenses increased $2.5 million, or 10%, to $27.9 million for the year ended December 31, 2014 compared to $25.4 million for the prior year. This increase is primarily due to higher investment advisory fees.

Net provision for certificate reserves decreased $3.6 million, or 12%, to $26.3 million for the year ended December 31, 2014 compared to $29.9 million for the prior year. This decrease is primarily the result of lower client rates due to the continued low interest rate environment, partially offset by higher client balances compared to the prior year.

Net realized gain on investments before income taxes was $0.6 million for the year ended December 31, 2014 compared to a net realized loss on investments of $3.1 million for the prior year. Included in net realized investment gains for the year ended December 31, 2014 were net realized gains from sales, tenders and calls of Available-for-Sale securities of $1.3 million, which were partially offset by other-than-temporary impairments of $0.7 million. Net realized loss on investments for the prior year included other-than-temporary impairments of $3.6 million, which were partially offset by net realized gains from sales, tenders and calls of Available-for-Sale securities. The other-than-temporary impairments for both years related to credit losses on non-agency residential mortgage backed securities.

The effective tax rate was 34.1% for the year ended December 31, 2014 compared to 47.5% for the year ended December 31, 2013.

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 pace,” “project” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors, which could cause actual results, performance or achievements to differ materially from expected results, performance or achievements. These statements are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements include, but are not limited to, those factors, risks and uncertainties described in “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, a wholly owned subsidiary of Ameriprise Financial, including that of ACC. ACC’s Board of Directors has appointed FRMC as the investment committee of ACC. FRMC’s objectives are

12

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 mortgage and asset backed securities and intermediate term 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 table presents ACC’s estimate of the pretax impact of these hypothetical market movements as of December 31, 2014: 

	Interest Rate Exposure to Pretax Income
Interest Rate Increase 100 Basis Points	Before Hedge Impact		Hedge Impact	Net Impact
	(in thousands)
Certificates	$	2,180	N/A	$	2,180
N/A  Not Applicable.

	Equity Price Exposure to Pretax Income
Equity Price Decline 10%	Before Hedge Impact		Hedge Impact			Net Impact
	(in thousands)
Certificates	$	2,416	$	(2,440	)	$	(24	)

The above results compare to an estimated positive impact to pretax income of $1.2 million related to a 100 basis point increase in interest rates and an estimated positive impact of $6 thousand related to a 10% equity price decline at December 31, 2013.

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 changes in client preferences for different types of assets or other changes in client behavior, nor has ACC tried to anticipate actions management might take to increase revenues or reduce expenses in these scenarios.

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 and other fixed rate certificates. These products are investment certificates generally ranging in amounts from $1,000 to $2 million with interest crediting rate terms ranging from three to thirty-six months. ACC guarantees an interest rate to the holders of these products. Payments collected from clients are primarily invested in fixed rate 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 had $3.6 billion in reserves included in certificate reserves on the Consolidated Balance Sheet at December 31, 2014 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 $1,000 to $2 million for terms of 52 weeks which can be extended to a maximum of 20 years. 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 $587.1 million in reserves included in certificate reserves on the Consolidated Balance Sheet at December 31, 2014 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.

13

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 at each due date and upon termination. Generally, ACC’s current credit exposure on over-the-counter derivative contracts is limited to a derivative counterparty’s net positive fair value of derivative contracts after taking into consideration the existence of netting arrangements and any collateral received. This exposure is monitored and managed to an acceptable threshold level.

Item 8.  Financial Statements and Supplementary Data

See Index to Consolidated Financial Statements and Schedules on page F-1 hereof.

Item 9.  Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

None.

Item 9A.  Controls and Procedures

Disclosure Controls and Procedures

ACC maintains disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) designed to provide reasonable assurance that the information required to be reported in the Exchange Act filings is recorded, processed, summarized and reported within the time periods specified in and pursuant to 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 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, 2014.

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.

14

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, 2014, 2013 and 2012.

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 $145,000 and $120,000 for 2014 and 2013, 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 2014 or 2013.

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 Committee of Ameriprise Financial. All audit and permitted non-audit services to be performed by PwC for ACC require pre-approval by the Audit Committee of Ameriprise Financial in accordance with pre-approval procedures established by the Audit 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 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. ACC Management has determined that one recurring audit related fee for the annual controls review of ACC's affiliated transfer agent had not previously been submitted to the ACC Audit Committee for pre-approval as required by the provisions of Regulation S-X prior to 2014. ACC's certifying officers have considered this information and have been informed by ACC's Auditor, PwC, that it remains independent under provisions of Regulation S-X.

In 2014 and 2013, 100% of the services provided by PwC for ACC were pre-approved by the Audit Committee of Ameriprise Financial.

15

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:
		See Exhibit Index on page E-1 hereof.

16

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.

REGISTRANT	AMERIPRISE CERTIFICATE COMPANY
BY	/s/ Abu M. Arif
NAME AND TITLE	Abu M. Arif, Director, President and Chief Executive Officer
	(Principal Executive Officer)
DATE	February 24, 2015

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.

BY	/s/ Abu M. Arif
NAME AND TITLE	Abu M. Arif, Director, President and Chief Executive Officer
	(Principal Executive Officer)
DATE	February 24, 2015
BY	/s/ Ross P. Palacios
NAME AND TITLE	Ross P. Palacios, Vice President and Chief Financial Officer
	(Principal Financial Officer)
DATE	February 24, 2015
BY	/s/ David K. Stewart
NAME AND TITLE	David K. Stewart, Vice President, Controller and Chief Accounting Officer
	(Principal Accounting Officer)
DATE	February 24, 2015
BY	/s/ Jean B. Keffeler*
NAME AND TITLE	Jean B. Keffeler, Director
DATE	February 24, 2015
BY	/s/ Karen M. Bohn*
NAME AND TITLE	Karen M. Bohn, Director
DATE	February 24, 2015
BY	/s/ Lorna P. Gleason*
NAME AND TITLE	Lorna P. Gleason, Director
DATE	February 24, 2015
BY	/s/ Robert McReavy*
NAME AND TITLE	Robert McReavy, Director
DATE	February 24, 2015

* BY	/s/ Abu M. Arif
NAME	Abu M. Arif

Executed by Abu M. Arif on behalf of Jean B. Keffeler, Karen M. Bohn, Lorna P. Gleason and Robert McReavy pursuant to a Power of Attorney, dated February 26, 2014, filed electronically herewith as Exhibit 24(a) to Registrant’s Form 10-K.

17

Index to Consolidated Financial Statements and Schedules

Consolidated Financial Statements:

		Page
Part I. Financial Information:
	Consolidated Financial Statements
	Report of Independent Registered Public Accounting Firm	F-2
	Consolidated Statements of Operations — Years ended December 31, 2014, 2013 and 2012	F-3
	Consolidated Statements of Comprehensive Income — Years ended December 31, 2014, 2013 and 2012	F-4
	Consolidated Balance Sheets — December 31, 2014 and 2013	F-5
	Consolidated Statements of Shareholder's Equity — Years ended December 31, 2014, 2013 and 2012	F-7
	Consolidated Statements of Cash Flows — Years ended December 31, 2014, 2013 and 2012	F-8
	Notes to Consolidated Financial Statements	F-9
Part II. Consolidated Financial Schedules:
Schedule No.
I	Investments in Securities of Unaffiliated Issuers — December 31, 2014 and 2013	F-33
III	Mortgage Loans on Real Estate and Interest Earned on Mortgages — Years ended December 31, 2014 and 2013	F-79
IV	Real Estate Owned — Years ended December 31, 2014 and 2013	F-86
V	Qualified Assets on Deposit — December 31, 2014 and 2013	F-87
VI	Certificate Reserves — Years ended December 31, 2014, 2013 and 2012	F-88
VII	Valuation and Qualifying Accounts — Years ended December 31, 2014, 2013 and 2012	F-109

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:

We have audited the accompanying consolidated balance sheets of Ameriprise Certificate Company (a wholly owned subsidiary of Ameriprise Financial, Inc.) (the “Company”) as of December 31, 2014 and 2013 and the related consolidated statements of operations, comprehensive income, shareholder’s equity, and cash flows for each of the three years in the period ended December 31, 2014. Our audits also included the consolidated financial statement schedules for 2014, 2013 and 2012 listed in the index appearing under Item 15(a)(1). These financial statements and financial statement schedules are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Ameriprise Certificate Company at December 31, 2014 and 2013, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2014, in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion, the financial statement schedules for 2014, 2013 and 2012 present fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements.

/s/ PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 24, 2015

F-2

AMERIPRISE CERTIFICATE COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS
	Years Ended December 31,
	2014			2013			2012
	(in thousands)
Investment Income
Interest income from unaffiliated investments:
Available-for-Sale securities	$	80,313		$	78,109		$	82,246
Syndicated loans and commercial mortgage loans	6,042			6,370			7,796
Certificate loans	58			79			119
Dividends	261			81			58
Other	1,296			738			977
Total investment income	87,970			85,377			91,196
Investment Expenses
Ameriprise Financial and affiliated company fees:
Distribution	11,113			10,546			9,614
Investment advisory and services	10,482			8,802			6,917
Transfer agent	5,252			4,903			3,773
Depository	48			51			44
Other	1,015			1,105			1,492
Total investment expenses	27,910			25,407			21,840
Net investment income before provision for certificate reserves and income taxes	60,060			59,970			69,356
Provision for Certificate Reserves
According to the terms of the certificates:
Provision for certificate reserves	844			944			1,083
Interest on additional credits	40			48			59
Additional credits/interest authorized by ACC	26,026			29,575			28,427
Total provision for certificate reserves before reserve recoveries	26,910			30,567			29,569
Reserve recoveries from terminations prior to maturity	(617		)	(633		)	(652		)
Net provision for certificate reserves	26,293			29,934			28,917
Net investment income before income taxes	33,767			30,036			40,439
Income tax expense	11,495			13,868			16,669
Net investment income	22,272			16,168			23,770
Net realized gain (loss) on investments
Securities of unaffiliated issuers before income tax expense (benefit)	570			(3,109		)	(14,409		)
Income tax expense (benefit)	199			(1,088		)	(5,043		)
Net realized gain (loss) on investments	371			(2,021		)	(9,366		)
Net income	$	22,643		$	14,147		$	14,404
Supplemental Disclosures:
Total other-than-temporary impairment losses on securities	$	(173	)	$	(667	)	$	(14,165	)
Portion of loss recognized in other comprehensive income (loss) (before taxes)	(509		)	(2,898		)	(847		)
Net impairment losses recognized in net realized gain (loss) on investments	$	(682	)	$	(3,565	)	$	(15,012	)
See Notes to Consolidated Financial Statements.

F-3

AMERIPRISE CERTIFICATE COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
	Years Ended December 31,
	2014			2013			2012
	(in thousands)
Net income	$	22,643		$	14,147		$	14,404
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities:
Net unrealized securities gains (losses) arising during the period	(460		)	(10,521		)	43,096
Reclassification of net securities (gains) losses included in net income	(427		)	2,009			9,368
Total other comprehensive income (loss), net of tax	(887		)	(8,512		)	52,464
Total comprehensive income	$	21,756		$	5,635		$	66,868
See Notes to Consolidated Financial Statements.

F-4

AMERIPRISE CERTIFICATE COMPANY

CONSOLIDATED BALANCE SHEETS
	December 31,
	2014		2013
	(in thousands, except share data)
ASSETS
Qualified Assets
Investments in unaffiliated issuers:
Cash and cash equivalents	$	68,632	$	74,526
Available-for-Sale securities:
Fixed maturities, at fair value (amortized cost: 2014, $4,222,747; 2013, $3,987,510)	4,212,187		3,978,248
Common stocks, at fair value (cost: 2014, $2,343; 2013, $2,215)	6,523		6,323
Commercial mortgage loans and syndicated loans, at cost (less allowance for loan losses: 2014, $3,464; 2013, $4,461; fair value: 2014, $155,829; 2013, $134,114)	152,482		131,241
Certificate loans – secured by certificate reserves, at cost, which approximates fair value	926		1,219
Real estate owned, at fair value less cost to sell	—		1,727
Total investments	4,440,750		4,193,284
Receivables:
Dividends and interest	15,310		16,687
Investment securities sold	4,957		5,918
Other receivables	5,177		3,981
Total receivables	25,444		26,586
Equity options, purchased	45,857		72,848
Total qualified assets	4,512,051		4,292,718
Other Assets
Deferred taxes, net	1,485		1,245
Due from related party	16		—
Total other assets	1,501		1,245
Total assets	$	4,513,552	$	4,293,963
See Notes to Consolidated Financial Statements.

F-5

AMERIPRISE CERTIFICATE COMPANY

CONSOLIDATED BALANCE SHEETS (CONTINUED)
	December 31,
	2014			2013
	(in thousands, except share data)
LIABILITIES AND SHAREHOLDER’S EQUITY
Liabilities
Certificate reserves
Installment certificates:
Reserves to mature	$	17,879		$	22,751
Additional credits and accrued interest	32			203
Fully paid certificates:
Reserves to mature	4,183,037			3,953,577
Additional credits and accrued interest	5,676			6,973
Due to unlocated certificate holders	146			203
Total certificate reserves	4,206,770			3,983,707
Accounts payable and accrued liabilities:
Due to related party	1,994			167
Current taxes payable to parent	3,133			2,924
Payable for investment securities purchased	2,292			1,566
Total accounts payable and accrued liabilities	7,419			4,657
Equity options, written	40,073			65,958
Other liabilities	19,359			16,466
Total liabilities	4,273,621			4,070,788
Shareholder’s Equity
Common shares ($10 par value, 150,000 shares authorized and issued)	1,500			1,500
Additional paid-in capital	201,517			201,517
Retained earnings:
Appropriated for pre-declared additional credits and interest	58			26
Appropriated for additional interest on advance payments	15			15
Unappropriated	40,869			23,258
Accumulated other comprehensive loss, net of tax	(4,028		)	(3,141		)
Total shareholder’s equity	239,931			223,175
Total liabilities and shareholder’s equity	$	4,513,552		$	4,293,963
See Notes to Consolidated Financial Statements.

F-6

AMERIPRISE CERTIFICATE COMPANY

CONSOLIDATED STATEMENTS OF SHAREHOLDER'S EQUITY
							Retained Earnings
	Number of Outstanding Shares	Common Shares		Additional Paid-In Capital			Appropriated for Pre-Declared Additional Credits and Interest		Appropriated for Additional Interest on Advance Payments		Unappropriated			Accumulated Other Comprehensive Income (Loss), Net of Tax			Total
	(in thousands, except share data)
Balance at January 1, 2012	150,000	$	1,500	$	160,250		$	—	$	15	$	—		$	(47,093	)	$	114,672
Comprehensive income:
Net income	—	—		—			—		—		14,404			—			14,404
Other comprehensive income, net of tax	—	—		—			—		—		—			52,464			52,464
Total comprehensive income																	66,868
Dividend / return of capital to parent	—	—		(5,733		)	—		—		(5,267		)	—			(11,000		)
Receipt of capital from parent	—	—		37,000			—		—		—			—			37,000
Balance at December 31, 2012	150,000	1,500		191,517			—		15		9,137			5,371			207,540
Comprehensive income:
Net income	—	—		—			—		—		14,147			—			14,147
Other comprehensive loss, net of tax	—	—		—			—		—		—			(8,512		)	(8,512		)
Total comprehensive income																	5,635
Transfer to appropriated/from unappropriated	—	—		—			26		—		(26		)	—			—
Receipt of capital from parent	—	—		10,000			—		—		—			—			10,000
Balance at December 31, 2013	150,000	1,500		201,517			26		15		23,258			(3,141		)	223,175
Comprehensive income:
Net income	—	—		—			—		—		22,643			—			22,643
Other comprehensive loss, net of tax	—	—		—			—		—		—			(887		)	(887		)
Total comprehensive income																	21,756
Transfer to appropriated/from unappropriated	—	—		—			32		—		(32		)	—			—
Dividend to parent	—	—		—			—		—		(5,000		)	—			(5,000		)
Balance at December 31, 2014	150,000	$	1,500	$	201,517		$	58	$	15	$	40,869		$	(4,028	)	$	239,931
See Notes to Consolidated Financial Statements.

F-7

AMERIPRISE CERTIFICATE COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS
	Years Ended December 31,
	2014			2013			2012
	(in thousands)
Cash Flows from Operating Activities
Net income	$	22,643		$	14,147		$	14,404
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of premiums, accretion of discounts, net	30,598			34,087			11,099
Deferred income tax provision (benefit)	154			(101		)	6,872
Net realized gain on Available-for-Sale securities	(1,339		)	(475		)	(600		)
Other net realized (gain) loss	86			18			(3		)
Other-than-temporary impairments and provision for loan loss	682			3,565			15,012
Changes in operating assets and liabilities:
Dividends and interest receivable	1,377			22			(2,902		)
Certificate reserves, net	(610		)	373			1,838
Deferred taxes, net	(55		)	25,994			—
Current taxes payable to/receivable from parent, net	209			4,307			(13,620		)
Derivatives, net of collateral	3,286			(131		)	(665		)
Other liabilities	713			13,796			(5,329		)
Other, net	646			(4,223		)	(940		)
Net cash provided by operating activities	58,390			91,379			25,166
Cash Flows from Investing Activities
Available-for-Sale securities:
Sales	26,277			27,957			29,828
Maturities, redemptions and calls	1,038,583			1,068,328			763,122
Purchases	(1,329,182		)	(1,706,156		)	(1,579,861		)
Syndicated loans, commercial mortgage loans and real estate owned:
Sales, maturities and repayments	28,586			33,068			43,303
Purchases and fundings	(47,514		)	(11,288		)	(26,868		)
Certificate loans, net	293			667			612
Net cash used in investing activities	(282,957		)	(587,424		)	(769,864		)
Cash Flows from Financing Activities
Payments from certificate holders and other additions	2,482,450			2,348,375			1,692,954
Certificate maturities and cash surrenders	(2,258,777		)	(1,877,036		)	(959,522		)
Capital contribution from parent	—			10,000			37,000
Dividend/return of capital to parent	(5,000		)	—			(11,000		)
Net cash provided by financing activities	218,673			481,339			759,432
Net increase (decrease) in cash and cash equivalents	(5,894		)	(14,706		)	14,734
Cash and cash equivalents at beginning of period	74,526			89,232			74,498
Cash and cash equivalents at end of period	$	68,632		$	74,526		$	89,232
Supplemental disclosures including non-cash transactions:
Cash paid (received) for income taxes	$	1,979		$	(21,140	)	$	17,005
Cash paid for interest	30,645			36,919			32,572
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”). 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. ACC’s certificates are sold by Ameriprise Financial Services, Inc. (“AFSI”), an affiliate of ACC. AFSI is registered as a broker-dealer in all 50 states, the District of Columbia and Puerto Rico.

As of December 31, 2014, ACC offered five 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 thirty-six months. Interest crediting rates are subject to change and certificate product owners can surrender their certificates without penalty at term’s end. In addition, two types of certificate products have interest tied, in whole or in part, to a broad-based stock market index. All of the certificates 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.

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.

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 recognition of other-than-temporary 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 for security premiums and discounts, so that the related security recognizes a constant rate of return on the outstanding balance throughout its term.

Cash and Cash Equivalents

ACC has defined cash equivalents as highly liquid investments with original maturities of 90 days or less.

Available-for-Sale Securities

Available-for-Sale securities are carried at fair value with unrealized gains (losses) recorded in accumulated other comprehensive income (loss), net of income taxes. Gains and losses are recognized on a trade date basis in the Consolidated Statements of Operations upon disposition of the securities.

When the fair value of an investment is less than its amortized cost, ACC 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 existed, an other-than-temporary impairment is considered to have occurred and ACC must recognize an other-than-temporary impairment for the difference between the investment’s amortized cost and its fair value through earnings. For securities that do not meet the above criteria, and ACC does not expect to recover a security’s amortized cost, the security is also considered other-than-temporarily impaired. For these securities, ACC separates the total impairment into the credit loss component and the amount of the loss related to other factors. The amount of the total other-than-temporary impairment related to credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to other factors is recognized in other comprehensive income (loss), net of income taxes. For Available-for-Sale securities that have recognized an other-than-temporary impairment through earnings, the difference between the amortized cost and the cash flows expected to be collected is accreted as interest income, if through subsequent evaluation there is a sustained increase in the cash flow expected. Subsequent increases and decreases in the fair value of Available-for-Sale securities are included in other comprehensive income (loss).

F-9

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

ACC provides a supplemental disclosure on the face of its Consolidated Statements of Operations that presents (i) total other-than-temporary impairment losses recognized during the period and (ii) the portion of other-than-temporary impairment losses recognized in other comprehensive income (loss). The sum of these amounts represents the credit-related portion of other-than-temporary impairments that were recognized in earnings during the period. The portion of other-than-temporary losses recognized in other comprehensive income (loss) includes: (i) the portion of other-than-temporary impairment losses related to factors other than credit recognized during the period and (ii) reclassifications of other-than-temporary impairment losses previously determined to be related to factors other than credit that are determined to be credit-related in the current period. The amount presented on the Consolidated Statements of Operations as the portion of other-than-temporary losses recognized in other comprehensive income (loss) excludes subsequent increases and decreases in the fair value of these securities.

For all securities that are considered temporarily impaired, ACC does not intend to sell these securities (has not made a decision to sell) and it is not more likely than not that ACC will be required to sell the security before recovery of its amortized cost basis. ACC believes that it will collect all principal and interest due on all investments that have amortized cost in excess of fair value that are considered only temporarily impaired.

Factors ACC considers in determining whether declines in the fair value of fixed maturity securities are other-than-temporary include: (i) the extent to which the market value is below amortized cost; (ii) the duration of time in which there has been a significant decline in value; (iii) fundamental analysis of the liquidity, business prospects and overall financial condition of the issuer; and (iv) market events that could impact credit ratings, economic and business climate, litigation and government actions, and similar external business factors. In order to determine the amount of the credit loss component for corporate debt securities considered other-than-temporarily impaired, 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.

For structured investments (e.g., residential mortgage backed securities, commercial mortgage backed securities, and asset backed securities), ACC also considers 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 in assessing potential other-than-temporary impairments of these investments. Based upon these factors, securities that have indicators of potential other-than-temporary impairment are subject to detailed review by management. Securities for which declines are considered temporary continue to be monitored by management until management determines there is no current risk of an other-than-temporary impairment.

Commercial Mortgage, Syndicated and Certificate Loans

Commercial Mortgage Loans and Syndicated Loans

Commercial mortgage loans and syndicated loans are reflected within investments in unaffiliated issuers at amortized cost less the allowance for loan losses.

Interest income is accrued on the unpaid principal balances of the loans as earned.

Certificate Loans

Certificate loans are reflected within investments in unaffiliated issuers at the unpaid principal balance, plus accrued interest. 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 loan losses for certificate loans.

Nonaccrual Loans

Generally, loans are evaluated for or placed on nonaccrual status when either the collection of interest or principal has become 90 days past due or is otherwise considered doubtful of collection. When a loan is placed on nonaccrual status, unpaid accrued interest is reversed. Interest payments received on loans on nonaccrual status are generally applied to principal or in accordance with the loan agreement unless the remaining principal balance has been determined to be fully collectible.

Commercial mortgage loans are evaluated for impairment when the loan is considered for nonaccrual status, restructured or foreclosure proceedings are initiated on the property. If it is determined that the fair value is less than the current loan balance, it is written down to fair value less selling costs. Foreclosed property is recorded as real estate owned. Syndicated loans are placed on nonaccrual status when management determines it will not collect all contractual principal and interest on the loan.

Allowance for Loan Losses

Management determines the adequacy of the allowance for loan 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 ratios, debt

F-10

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

service coverage and occupancy rates, along with economic and market conditions. This evaluation is inherently subjective as it requires estimates, which may be susceptible to significant change.

ACC determines the amount of the allowance required based on management’s assessment of relative risk characteristics of the loan portfolio. The allowance is recorded for homogeneous loan categories on a pool basis, based on an analysis of product mix and risk characteristics of the portfolio, including geographic concentration, bankruptcy experiences, and historical losses, adjusted for current trends and market conditions.

While ACC attributes portions of the allowance to specific loan pools as part of the allowance estimation process, the entire allowance is available to absorb losses inherent in the total loan portfolio. The allowance is increased through provisions charged to net realized gain (loss) on investments and reduced/increased by net charge-offs/recoveries.

Impaired Loans

ACC considers a loan to be impaired when, based on current information and events, it is probable ACC will not be able to collect all amounts due (both interest and principal) according to the contractual terms of the loan agreement. Impaired loans may also include loans that have been modified in troubled debt restructurings as a concession to borrowers experiencing financial difficulties. Management evaluates for impairment all restructured loans and loans with higher impairment risk factors. 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.  The impairment recognized is measured as the excess of the loan’s recorded investment over: (i) the present value of its expected principal and interest payments discounted at the loan’s effective interest rate, (ii) the fair value of collateral or (iii) the loan’s observable market price.

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. 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.

Real Estate Owned

ACC acquires certain parcels of real estate through foreclosure and takes physical possession of the real estate collateral. ACC records the underlying collateral as its own real estate, referred to as real estate owned (“REO”). REO is classified as held-for-sale and recorded at fair value less costs to sell.

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 investment certificate reserves. Investment certificate reserves accumulate interest at specified percentage rates as declared by ACC. Reserves also are maintained for advance payments made by certificate owners, accrued interest thereon, and for additional credits in excess of minimum guaranteed rates and accrued interest thereon. On certificates allowing for the deduction of a surrender charge, the cash surrender values may be less than accumulated investment certificate reserves prior to maturity dates. Cash surrender values on certificates allowing for no surrender charge are equal to certificate reserves. The payment distribution, reserve accumulation rates, cash surrender values, reserve values and other matters are governed by the 1940 Act.

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

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,

F-11

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

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, 2014.

In 2013, ACC executed a Supplemental Tax Sharing Agreement with Ameriprise Financial. ACC cash settles with Ameriprise Financial the change in its deferred federal income taxes on a quarterly basis.

Recent Accounting Pronouncements

Adoption of New Accounting Standards

Income Taxes

In July 2013, the Financial Accounting Standards Board (“FASB”) updated the accounting standard for income taxes. The update provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The standard is effective for interim and annual periods beginning after December 15, 2013 and should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. ACC adopted the standard in the first quarter of 2014. The adoption of the standard did not have a material impact on the ACC’s consolidated results of operations and financial condition.

Investment Companies

In June 2013, the FASB updated the accounting standard related to investment companies. The standard provides a new two-tiered approach for determining whether a company is an investment company and requires new disclosures for investment companies. The standard is effective for interim and annual periods beginning after December 15, 2013 and is required to be applied prospectively. The adoption of the standard did not have a material impact on ACC’s consolidated results of operations and financial condition.

Future Adoption of New Accounting Standards

Presentation of Financial Statements - Going Concern

In August 2014, the FASB updated the accounting standard related to an entity’s assessment of its ability to continue as a going concern. The standard requires that management evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. In situations where there is substantial doubt about an entity’s ability to continue as a going concern, disclosure should be made so that a reader can understand the conditions that raise the substantial doubt, management’s assessment of those conditions and any plan management has to mitigate those conditions. The standard is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The adoption of the standard is not expected to have a material impact on ACC’s consolidated results of operations and financial condition.

F-12

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Revenue from Contracts with Customers

In May 2014, the FASB updated the accounting standards for revenue from contracts with customers. The update provides a five step revenue recognition model for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers (unless the contracts are in the scope of other standards). The standard also updates the accounting for certain costs associated with obtaining and fulfilling a customer contract. In addition, the standard requires disclosure of quantitative and qualitative information that enables users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The standard is effective for interim and annual periods beginning after December 15, 2016 and early adoption is prohibited. The standard may be applied retrospectively for all periods presented or retrospectively with a cumulative-effect adjustment at the date of adoption. ACC is currently evaluating the impact of the standard on ACC’s consolidated results of operations and financial condition.

Receivables - Troubled Debt Restructuring by Creditors 

In January 2014, the FASB updated the accounting standard related to recognizing residential real estate obtained through a repossession or foreclosure from a troubled debtor. The update clarifies the criteria for derecognition of the loan receivable and recognition of the real estate property. The standard is effective for interim and annual periods beginning after December 15, 2014 and can be applied under a modified retrospective transition method or a prospective transition method. Early adoption is permitted. The adoption of the standard is not expected to have a material 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 Qualified Assets (as defined in Section 28(b) of the 1940 Act) in the amount of $4.2 billion and $4.0 billion at December 31, 2014 and 2013, respectively. ACC reported Qualified Assets of $4.5 billion and $4.3 billion at December 31, 2014 and 2013, respectively. Qualified Assets excluded net unrealized pretax losses on Available-for-Sale securities of $10.6 million and $9.3 million at December 31, 2014 and 2013, respectively. Additionally, Qualified Assets excluded unsettled investment purchases of $2.3 million and $1.6 million at December 31, 2014 and 2013, 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 (accounted for on a trade date basis) of ACC were deposited as follows:

	December 31, 2014
	Deposits		Required Deposits		Excess
	(in thousands)
Deposits to meet certificate liability requirements:
Pennsylvania (at market value)	$	201	$	100	$	101
Texas, Illinois, New Jersey (at par value)	200		190		10
Custodian	4,408,584		4,209,041		199,543
Total	$	4,408,985	$	4,209,331	$	199,654

	December 31, 2013
	Deposits		Required Deposits		Excess
	(in thousands)
Deposits to meet certificate liability requirements:
Pennsylvania (at market value)	$	181	$	100	$	81
Texas, Illinois, New Jersey (at par value)	215		205		10
Custodian	4,196,292		3,986,084		210,208
Total	$	4,196,688	$	3,986,389	$	210,299

F-13

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

The assets on deposit with the Custodian (or its subcustodian) at December 31, 2014 and 2013 consisted of securities and other loans having a deposit value of $4.3 billion and $4.0 billion, respectively, mortgage loans on real estate of $94.6 million and $115.9 million, respectively, and other investments of $27.8 million and $71.6 million, respectively. There were $604 thousand and nil of unsettled purchases of investments related to these assets on deposit at December 31, 2014 and 2013, 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.

3.  Investments

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

	December 31, 2014
Description of Securities	Amortized  Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Noncredit OTTI (1)
	(in thousands)
Residential mortgage backed securities	$	2,234,011	$	15,233	$	(28,374	)	$	2,220,870	$	(6,497	)
Corporate debt securities	1,108,780		3,831		(3,367		)	1,109,244		3
Commercial mortgage backed securities	397,659		4,508		(687		)	401,480		—
Asset backed securities	481,919		2,595		(4,354		)	480,160		—
U.S. government and agencies obligations	378		55		—			433		—
Common stocks	2,343		4,224		(44		)	6,523		2,103
Total	$	4,225,090	$	30,446	$	(36,826	)	$	4,218,710	$	(4,391	)

	December 31, 2013
Description of Securities	Amortized  Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Noncredit OTTI (1)
	(in thousands)
Residential mortgage backed securities	$	2,230,983	$	15,580	$	(38,506	)	$	2,208,057	$	(14,697	)
Corporate debt securities	935,794		9,847		(1,254		)	944,387		3
Commercial mortgage backed securities	303,071		4,273		(506		)	306,838		—
Asset backed securities	517,283		4,195		(2,921		)	518,557		—
U.S. government and agencies obligations	379		30		—			409		—
Common stocks	2,215		4,109		(1		)	6,323		1,839
Total	$	3,989,725	$	38,034	$	(43,188	)	$	3,984,571	$	(12,855	)
(1) Represents the amount of other-than-temporary impairment (“OTTI”) losses in accumulated other comprehensive income (loss). Amount includes unrealized gains and losses on impaired securities subsequent to the initial impairment measurement date. These amounts are included in gross unrealized gains and losses as of the end of the period.

As of December 31, 2014 and 2013, investment securities with a fair value of $25 thousand and $67 thousand, respectively, were pledged to meet contractual obligations under derivative contracts.

F-14

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

At both December 31, 2014 and 2013, fixed maturity securities comprised approximately 95% 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. At December 31, 2014 and 2013, approximately $200.9 million and $106.3 million, respectively, of securities were internally rated by Columbia Management Investment Advisers, LLC (“CMIA”), an affiliate of ACC, using criteria similar to those used by NRSROs. A summary of fixed maturity securities by rating was as follows:

	December 31, 2014						December 31, 2013
Ratings	Amortized  Cost		Fair Value		Percent of Total Fair Value		Amortized Cost		Fair Value		Percent of Total Fair Value
	(in thousands, except percentages)
AAA	$	1,741,510	$	1,746,703	41	%	$	1,763,939	$	1,766,688	44	%
AA	223,735		223,636		5		102,397		104,544		3
A	917,024		911,908		22		1,125,224		1,122,795		28
BBB	1,128,592		1,127,802		27		733,685		741,023		19
Below investment grade	211,886		202,138		5		262,265		243,198		6
Total fixed maturities	$	4,222,747	$	4,212,187	100	%	$	3,987,510	$	3,978,248	100	%

At December 31, 2014 and 2013, approximately 63% and 58%, respectively, of the securities rated AAA were GNMA, FNMA and FHLMC mortgage backed securities.

The following tables provide information about Available-for-Sale securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position:

Description of Securities	December 31, 2014
	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	56	$	616,280	$	(5,110	)	89	$	716,633	$	(23,264	)	145	$	1,332,913	$	(28,374	)
Corporate debt securities	55	597,937		(3,367		)	—	—		—			55	597,937		(3,367		)
Commercial mortgage backed securities	9	93,220		(271		)	4	36,018		(416		)	13	129,238		(687		)
Asset backed securities	7	105,452		(707		)	11	207,046		(3,647		)	18	312,498		(4,354		)
Common stocks	1	85		(42		)	1	10		(2		)	2	95		(44		)
Total	128	$	1,412,974	$	(9,497	)	105	$	959,707	$	(27,329	)	233	$	2,372,681	$	(36,826	)

Description of Securities	December 31, 2013
	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	74	$	902,004	$	(10,923	)	70	$	365,396	$	(27,583	)	144	$	1,267,400	$	(38,506	)
Corporate debt securities	20	189,333		(997		)	2	20,084		(257		)	22	209,417		(1,254		)
Commercial mortgage backed securities	11	103,111		(506		)	2	136		—			13	103,247		(506		)
Asset backed securities	24	312,094		(2,905		)	1	6,116		(16		)	25	318,210		(2,921		)
Common stocks	1	11		(1		)	—	—		—			1	11		(1		)
Total	130	$	1,506,553	$	(15,332	)	75	$	391,732	$	(27,856	)	205	$	1,898,285	$	(43,188	)

F-15

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

As part of ACC’s ongoing monitoring process, management determined that a majority of the change in gross unrealized losses on its Available-for-Sale securities is attributable to movement in credit spreads.

The following table presents a rollforward of the cumulative amounts recognized in the Consolidated Statements of Operations for other-than-temporary impairments related to credit losses on Available-for-Sale securities for which a portion of the securities’ total other-than-temporary impairments was recognized in other comprehensive income (loss):

	Years Ended December 31,
	2014			2013		2012
	(in thousands)
Beginning balance	$	83,122		$	79,557	$	64,545
Credit losses for which an other-than-temporary impairment was not previously recognized	—			—		1,499
Reductions for securities sold during the period (realized)	(18,891		)	—		—
Credit losses for which an other-than-temporary impairment was previously recognized	682			3,565		13,513
Ending balance	$	64,913		$	83,122	$	79,557

The change in net unrealized securities gains (losses) in other comprehensive income (loss) includes two components, net of tax: (i) unrealized gains (losses) that arose from changes in the market 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 other-than-temporary impairment losses to credit losses.

The following table presents a rollforward of the net unrealized securities gains (losses) on Available-for-Sale securities included in accumulated other comprehensive income (loss):

	Net Unrealized Investment Gains (Losses)			Deferred Income Tax			Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses)
	(in thousands)
Balance at January 1, 2012	$	(74,315	)	$	27,222		$	(47,093	)
Net unrealized securities gains arising during the period (1)	68,329			(25,233		)	43,096
Reclassification of losses included in net income	14,412			(5,044		)	9,368
Balance at December 31, 2012	8,426			(3,055		)	5,371			(2)
Net unrealized securities losses arising during the period (1)	(16,670		)	6,149			(10,521		)
Reclassification of losses included in net income	3,090			(1,081		)	2,009
Balance at December 31, 2013	(5,154		)	2,013			(3,141		)	(2)
Net unrealized securities losses arising during the period (1)	(569		)	109			(460		)
Reclassification of gains included in net income	(657		)	230			(427		)
Balance at December 31, 2014	$	(6,380	)	$	2,352		$	(4,028	)	(2)
(1) Net unrealized securities gains (losses) arising during the period include other-than-temporary impairment losses on Available-for-Sale securities related to factors other than credit that were recognized in other comprehensive income (loss) during the period. (2) Includes $2.9 million, $8.4 million and $21.1 million of noncredit related impairments on securities and net unrealized securities losses on previously impaired securities at December 31, 2014, 2013 and 2012, respectively.

Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in earnings were as follows:

	Years Ended December 31,
	2014			2013			2012
	(in thousands)
Gross realized gains	$	2,729		$	726		$	792
Gross realized losses	(1,390		)	(251		)	(192		)
Other-than-temporary impairments	(682		)	(3,565		)	(15,012		)
Total	$	657		$	(3,090	)	$	(14,412	)

F-16

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Other-than-temporary impairments for the years ended December 31, 2014, 2013 and 2012 primarily related to credit losses on non-agency residential mortgage backed securities.

Available-for-Sale securities by contractual maturity at December 31, 2014 were as follows:

	Amortized Cost		Fair Value
	(in thousands)
Due within one year	$	269,754	$	270,551
Due after one year through five years	839,191		838,858
Due after five years through 10 years	—		—
Due after 10 years	213		268
	1,109,158		1,109,677
Residential mortgage backed securities	2,234,011		2,220,870
Commercial mortgage backed securities	397,659		401,480
Asset backed securities	481,919		480,160
Common stocks	2,343		6,523
Total	$	4,225,090	$	4,218,710

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, as well as common stocks, were not included in the maturities distribution.

4.  Commercial Mortgage, Syndicated and Certificate Loans

ACC’s financing receivables include commercial mortgage loans, syndicated loans and certificate loans. See Note 1 for information regarding ACC’s accounting policies related to loans and the allowance for loan losses.

Allowance for Loan Losses

The following tables present a rollforward of the allowance for loan losses for the years ended and the ending balance of the allowance for loan losses by impairment method and type of loan:

	December 31, 2014
	Commercial Mortgage Loans		Syndicated Loans			Total
	(in thousands)
Beginning balance	$	2,341	$	2,120		$	4,461
Charge-offs	—		(997		)	(997		)
Ending balance	$	2,341	$	1,123		$	3,464
Individually evaluated for impairment	$	—	$	—		$	—
Collectively evaluated for impairment	2,341		1,123			3,464

	December 31, 2013
	Commercial Mortgage Loans			Syndicated Loans			Total
	(in thousands)
Beginning balance	$	2,576		$	3,084		$	5,660
Charge-offs	(235		)	(964		)	(1,199		)
Ending balance	$	2,341		$	2,120		$	4,461
Individually evaluated for impairment	$	—		$	—		$	—
Collectively evaluated for impairment	2,341			2,120			4,461

F-17

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

	December 31, 2012
	Commercial Mortgage Loans		Syndicated Loans			Total
	(in thousands)
Beginning balance	$	2,576	$	4,163		$	6,739
Charge-offs	—		(1,079		)	(1,079		)
Ending balance	$	2,576	$	3,084		$	5,660
Individually evaluated for impairment	$	1,000	$	—		$	1,000
Collectively evaluated for impairment	1,576		3,084			4,660

The recorded investment in financing receivables by impairment method and type of loan was as follows:

	December 31, 2014
	Commercial Mortgage Loans		Syndicated Loans		Total
	(in thousands)
Individually evaluated for impairment	$	1,751	$	1,868	$	3,619
Collectively evaluated for impairment	95,222		57,105		152,327
Total	$	96,973	$	58,973	$	155,946

	December 31, 2013
	Commercial Mortgage Loans		Syndicated Loans		Total
	(in thousands)
Individually evaluated for impairment	$	1,814	$	3,374	$	5,188
Collectively evaluated for impairment	116,398		14,116		130,514
Total	$	118,212	$	17,490	$	135,702

As of December 31, 2014 and 2013, ACC’s recorded investment in financing receivables individually evaluated for impairment for which there was no related allowance for loan losses was $3.6 million and $5.2 million, respectively. Unearned income, unamortized premiums and discounts, and net unamortized deferred fees and costs are not material to ACC’s total loan balance.

Purchases and sales of loans were as follows:

	Years Ended December 31,
	2014		2013		2012
	(in thousands)
Purchases
Syndicated loans	$	46,569	$	—	$	—
Sales
Syndicated loans	$	—	$	821	$	2,673

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

Credit Quality Information

Nonperforming loans, which are generally loans 90 days or more past due, were $1.9 million and $1.5 million as of December 31, 2014 and 2013, respectively. All other loans were considered to be performing.

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. Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates as necessary. Commercial mortgage loans which management has assigned its highest risk rating were

F-18

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

1.8% and 1.5% of total commercial mortgage loans as of December 31, 2014 and 2013, respectively. 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. 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,
	2014		2013		2014		2013
	(in thousands)
East North Central	$	1,139	$	3,276	1	%	3	%
Middle Atlantic	7,328		8,148		8		7
Mountain	8,764		9,402		9		8
New England	10,101		10,440		10		9
Pacific	20,986		29,830		22		25
South Atlantic	29,765		34,188		30		29
West North Central	10,301		13,576		11		11
West South Central	8,589		9,352		9		8
	96,973		118,212		100	%	100	%
Less: allowance for loan losses	2,341		2,341
Total	$	94,632	$	115,871

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

	Loans				Percentage
	December 31,				December 31,
	2014		2013		2014		2013
	(in thousands)
Apartments	$	26,129	$	34,199	27	%	29	%
Industrial	14,159		23,069		15		20
Office	10,822		11,141		11		9
Retail	31,571		34,099		33		29
Hotel	1,254		1,403		1		1
Other	13,038		14,301		13		12
	96,973		118,212		100	%	100	%
Less: allowance for loan losses	2,341		2,341
Total	$	94,632	$	115,871

Syndicated Loans

ACC’s syndicated loan portfolio is diversified across industries and issuers. The primary credit indicator for syndicated loans is whether the loans are performing in accordance with the contractual terms of the syndication. Total nonperforming syndicated loans at December 31, 2014 and 2013 were $1.9 million and $1.5 million, respectively, which represent 3% and 9% of total syndicated loans at December 31, 2014 and 2013, respectively.

F-19

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Troubled Debt Restructurings

The following table presents the number of loans restructured by ACC during the years ended December 31 and their recorded investment at the end of the period:

	2014			2013
	Number of Loans	Recorded Investment		Number of Loans	Recorded Investment
	(in thousands, except number of loans)
Commercial mortgage loans	—	$	—	1	$	1,988
Syndicated loans	1	288		1	244
Total	1	$	288	2	$	2,232

During the year ended December 31, 2014, ACC restructured one syndicated loan and received three loans in exchange. The troubled debt restructurings did not have a material impact to ACC’s allowance for loan losses or income recognized for the years ended December 31, 2014, 2013 and 2012. There are no material commitments to lend additional funds to borrowers whose loans have been restructured.

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, 2014
	Reserve Balance		Average Gross Accumulation Rates		Average Additional Credit Rates
	(in thousands, except percentages)
Installment certificates:
Reserves to mature:
Without guaranteed rates (1)	$	17,879	0.42	%	0.42	%
Additional credits and accrued interest:
Without guaranteed rates (1)	32		N/A		N/A
Fully paid certificates:
Reserves to mature:
With guaranteed rates	20,937		3.29	%	0.01	%
Without guaranteed rates (1)	3,619,926		0.56	%	0.56	%
Equity indexed (2)	542,174		N/A		N/A
Additional credits and accrued interest:
With guaranteed rates	1,096		3.31	%	—
Without guaranteed rates (1)	4,580		N/A		N/A
Due to unlocated certificate holders	146		N/A		N/A
Total	$	4,206,770

F-20

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

	December 31, 2013
	Reserve Balance		Average Gross Accumulation Rates		Average Additional Credit Rates
	(in thousands, except percentages)
Installment certificates:
Reserves to mature:
Without guaranteed rates (1)	$	22,751	0.36	%	0.36	%
Additional credits and accrued interest:
Without guaranteed rates (1)	203		N/A		N/A
Fully paid certificates:
Reserves to mature:
With guaranteed rates	24,114		3.26	%	0.01	%
Without guaranteed rates (1)	3,359,966		0.66	%	0.66	%
Equity indexed (2)	569,497		N/A		N/A
Additional credits and accrued interest:
With guaranteed rates	1,396		3.24	%	—
Without guaranteed rates (1)	5,577		N/A		N/A
Due to unlocated certificate holders	203		N/A		N/A
Total	$	3,983,707
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. Generally the certificates have a term of 52 weeks and may continue for up to 20 years. The reserve balances on these certificates at December 31, 2014 and 2013 were $587.1 million and $618.3 million, respectively.

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 at December 31, 2014 and 2013 was $58 thousand and $26 thousand, respectively, which reflects the difference between certificate reserves on these series, calculated on a statutory basis, and the reserves maintained per books.

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

	December 31,
	2014			2013
	(in thousands)
Reserves with terms of one year or less	$	3,960,711		$	3,826,285
Other	246,059			157,422
Total certificate reserves	4,206,770			3,983,707
Unapplied certificate transactions	2,110			2,013
Certificate loans and accrued interest	(942		)	(1,236		)
Total	$	4,207,938		$	3,984,484

6.  Regulation and Dividend Restrictions

Certain series of installment certificates outstanding provide that cash dividends may be paid by ACC only in calendar years for which additional credits of at least one-half of 1% on such series of certificates have been authorized by ACC. This restriction has been satisfied for 2014 and 2013 by ACC’s declaration of additional credits.

ACC is required to maintain cash and “qualified assets” meeting the standards of Section 28(b) of the 1940 Act, as modified by an 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,

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AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

U.S. government and government agency securities, municipal bonds, corporate bonds, common stocks, 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 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).

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 million. The previous maximum commitment, set March 2, 2009, was $115 million. For the year ended December 31, 2014, Ameriprise Financial has not infused any additional capital into ACC under this agreement.

7.  Related Party Transactions

Distribution Services

Fees payable to AFSI on sales of ACC’s certificates are based upon terms of agreements giving AFSI the right to distribute the certificates covered under the agreements. The agreements provide for payment of fees over a period of time.

From time to time, ACC may sponsor or participate in sales promotions involving one or more of the certificates and their respective terms. These promotions may offer a special interest rate to attract new clients or retain existing clients. To cover the cost of these promotions, distribution fees paid to AFSI may be lowered.

Effective September 19, 2014, the Ameriprise Installment Certificates have contractual distribution fee rates of 0.50% of all payments received on or after issue of the certificate until the certificate's maturity date. The previous effective rate, set April 30, 1997, was 2.5%.

Effective September 19, 2014, the Ameriprise Cash Reserve Certificates have contractual distribution fee rates of 0.03% of the purchase price at the time of issuance and 0.03% of the reserves maintained for these certificates at the beginning of the second and subsequent quarters from issue date. These rates were previously set on May 21, 2012 at 0.025%.

Effective April 26, 2000, the Ameriprise Flexible Savings Certificates have contractual distribution fee rates of 0.08% of the purchase price at the time of issuance and 0.08% of the reserves maintained for these certificates at the beginning of the second and subsequent quarters from issue date. Since January 2, 2007, ACC has continuously offered seven and thirteen month Flexible Savings Certificates. Since the continuous offering began, the distribution fee on seven month Flexible Savings Certificates has been 0.08% of the initial payment, 0.08% of the reserves maintained for these certificates at the beginning of the second and subsequent quarters after issuance and 0.027% at the beginning of the last month. The distribution fee on the thirteen month term has been 0.032% of the initial payment, 0.032% of the reserves maintained for these certificates at the beginning of the second and subsequent quarters after issuance and 0.011% at the beginning of the last month.

Effective October 25, 2011, the Ameriprise Stock Market Certificate and Ameriprise Market Strategy Certificates, sold through AFSI, have contractual distribution fee rates of 0.50% of the initial investment on the first day of the certificate’s term and 0.50% of the reserves maintained for these certificates at the beginning of each subsequent term. The previous effective rate, set April 28, 1999, was 0.90%.

Investment Advisory and Services

Effective December 31, 2006, the investment advisory and services agreement with CMIA provides for a graduated scale of fees equal on an annual basis to 0.35% on the first $250 million of total book value of investments of ACC, 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. Net invested assets for purposes of this computation are cash equivalents, accounts receivable for interest and dividends and securities sold, accounts payable for invested assets purchased, securities available-for-sale (including any segregated assets), purchased equity index options, written equity index options and mortgages.

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AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

The fee paid to CMIA for managing and servicing syndicated loans 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 book value of the loans 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.  Effective January 1, 2013, ACC pays CMIS a monthly fee of one-twelfth of $26.00 per certificate account for this service in addition to certain out-of-pocket expenses. The previous fee, set December 31, 2006, was $20.00 per certificate account.

Depository Fees

In December 2008, ATC entered into an agreement with a subcustodian to provide depository services for ACC’s assets. As a result, the depository fees paid to Ameriprise Trust Company are asset-based with additional charges for transactional custody fees charged by the subcustodian.

8.  Fair Values of Assets and Liabilities

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

Valuation Hierarchy

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

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

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

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

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

	December 31, 2014
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents	$	—	$	27,798	$	—	$	27,798
Available-for-Sale securities:
Residential mortgage backed securities	—		2,024,312		196,558		2,220,870
Corporate debt securities	—		943,743		165,501		1,109,244
Commercial mortgage backed securities	—		401,480		—		401,480
Asset backed securities	—		461,972		18,188		480,160
U.S. government and agencies obligations	433		—		—		433
Common stocks	2,315		3,300		908		6,523
Total Available-for-Sale securities	2,748		3,834,807		381,155		4,218,710
Equity options, purchased	—		45,857		—		45,857
Total assets at fair value	$	2,748	$	3,908,462	$	381,155	$	4,292,365
Liabilities
Certificate reserves	$	—	$	5,875	$	—	$	5,875
Equity options, written	—		40,073		—		40,073
Total liabilities at fair value	$	—	$	45,948	$	—	$	45,948

F-23

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

	December 31, 2013
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents	$	—	$	71,598	$	—	$	71,598
Available-for-Sale securities:
Residential mortgage backed securities	—		2,079,151		128,906		2,208,057
Corporate debt securities	—		821,355		123,032		944,387
Commercial mortgage backed securities	—		306,838		—		306,838
Asset backed securities	—		481,405		37,152		518,557
U.S. government and agencies obligations	409		—		—		409
Common stocks	2,568		3,482		273		6,323
Total Available-for-Sale securities	2,977		3,692,231		289,363		3,984,571
Equity options, purchased	—		72,848		—		72,848
Total assets at fair value	$	2,977	$	3,836,677	$	289,363	$	4,129,017
Liabilities
Certificate reserves	$	—	$	7,160	$	—	$	7,160
Equity options, written	—		65,958		—		65,958
Total liabilities at fair value	$	—	$	73,118	$	—	$	73,118

The following tables provide a summary of changes in Level 3 assets and liabilities measured at fair value on a recurring basis:

	Available-for-Sale Securities
	Residential Mortgage Backed Securities			Corporate Debt Securities			Commercial Mortgage Backed Securities			Asset Backed Securities			Common Stocks			Total
	(in thousands)
Balance, January 1, 2014	$	128,906		$	123,032		$	—		$	37,152		$	273		$	289,363
Total gains (losses) included in:
Net income	(364		)	(1,377		)	—			124			—			(1,617		)	(1)
Other comprehensive loss	339			(476		)	—			(168		)	28			(277		)
Purchases	365,212			74,822			20,000			21,651			128			481,813
Settlements	(21,950		)	(30,500		)	—			(4,768		)	—			(57,218		)
Transfers into Level 3	—			—			—			—			1,065			1,065
Transfers out of Level 3	(275,585		)	—			(20,000		)	(35,803		)	(586		)	(331,974		)
Balance, December 31, 2014	$	196,558		$	165,501		$	—		$	18,188		$	908		$	381,155
Changes in unrealized gains (losses) relating to assets held at December 31, 2014 included in investment income:	$	(233	)	$	(526	)	$	—		$	157		$	—		$	(602	)
(1) Included in investment income in the Consolidated Statements of Operations.

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AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

	Available-for-Sale Securities
	Residential Mortgage Backed Securities			Corporate Debt Securities			Commercial Mortgage Backed Securities			Asset Backed Securities			Common Stocks			Total
	(in thousands)
Balance, January 1, 2013	$	252,598		$	110,643		$	36,060		$	22,223		$	824		$	422,348
Total gains (losses) included in:
Net income	(54		)	(1,135		)	(175		)	177			—			(1,187		)	(1)
Other comprehensive loss	168			(575		)	(396		)	(517		)	(32		)	(1,352		)
Purchases	248,049			14,103			9,970			186,979			12			459,113
Settlements	(9,156		)	—			(35,489		)	(4,134		)	—			(48,779		)
Transfers into Level 3	—			—			—			7,872			46			7,918
Transfers out of Level 3	(362,699		)	(4		)	(9,970		)	(175,448		)	(577		)	(548,698		)
Balance, December 31, 2013	$	128,906		$	123,032		$	—		$	37,152		$	273		$	289,363
Changes in unrealized gains (losses) relating to assets held at December 31, 2013 included in investment income:	$	(53	)	$	(1,135	)	$	—		$	167		$	—		$	(1,021	)
(1) Included in investment income in the Consolidated Statements of Operations.

	Available-for-Sale Securities
	Residential Mortgage Backed Securities				Corporate Debt Securities				Commercial Mortgage Backed Securities				Asset Backed Securities				Common Stocks			Derivatives			Total
	(in thousands)
Balance, January 1, 2012	$	80,580			$	12,984			$	—			$	27,812			$	340		$	4		$	121,720
Total gains (losses) included in:
Net income	(5,286		)	(1)	(259		)	(2)	(41		)	(2)	246			(2)	—			—			(5,340		)
Other comprehensive income	10,871				458				349				508				(14		)	—			12,172
Purchases	268,970				99,856				12,203				—				873			—			381,902
Sales	—				—				—				—				—			(4		)	(4		)
Settlements	(27,401		)		(2,399		)		—				(6,343		)		—			—			(36,143		)
Transfers into Level 3	10,905				3				23,549				—				—			—			34,457
Transfers out of Level 3	(86,041		)		—				—				—				(375		)	—			(86,416		)
Balance, December 31, 2012	$	252,598			$	110,643			$	36,060			$	22,223			$	824		$	—		$	422,348
Changes in unrealized gains (losses) relating to assets held at December 31, 2012 included in investment income:	$	(5	)		$	(259	)		$	(41	)		$	231			$	—		$	—		$	(74	)
(1) Represents a $(5,246) loss included in net realized gain (loss) on investments and a $(40) loss included in investment income in the Consolidated Statements of Operations. (2) Included in investment income in the Consolidated Statements of Operations.

During the year ended December 31, 2012, transfers from Level 3 included certain non-agency residential mortgage backed securities with a fair value of approximately $86.0 million. The transfers reflect improved pricing transparency of these securities, a continuing trend of increased activity in the non-agency residential mortgage backed securities market and observability of significant inputs to the valuation methodology. All other securities transferred from Level 3 represent securities with fair values that are now obtained from a third party pricing service with observable inputs. Securities transferred to Level 3 represent securities with fair values that are now based on a single non-binding broker quote. ACC recognizes transfers between levels of the fair value

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AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

hierarchy as of the beginning of the quarter in which each transfer occurred. For assets and liabilities held at the end of the reporting periods that are measured at fair value on a recurring basis, there were no transfers between Level 1 and Level 2.

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 and liabilities:

	December 31, 2014
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(in thousands)
Corporate debt securities (private placements)	$	165,498	Discounted cash flow	Yield/spread to U.S. Treasuries	1.1% - 1.5% (1.2%)

	December 31, 2013
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(in thousands)
Corporate debt securities (private placements)	$	102,187	Discounted cash flow	Yield/spread to U.S. Treasuries	0.9% - 1.3% (1.2%)

Level 3 measurements not included in the table above are obtained from non-binding broker quotes where unobservable inputs are not reasonably available to ACC.

Sensitivity of Fair Value Measurements to Changes in Unobservable Inputs

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 result 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.

Cash Equivalents

Cash equivalents include highly liquid investments with original maturities of 90 days or less. ACC’s cash equivalents are classified as Level 2 and measured at amortized cost, which is a reasonable estimate of fair value because of the short time between the purchase of the instrument and its expected realization.

Available-for-Sale Securities

When available, the fair value of securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from third party pricing services, non-binding broker quotes, or other model-based valuation techniques. Level 1 securities primarily include U.S. Treasuries and common stocks. Level 2 securities primarily include residential mortgage backed securities, corporate bonds, commercial mortgage backed securities, asset backed securities and common stock. 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 primarily include certain non-agency residential mortgage backed securities, corporate bonds, commercial mortgage backed securities, asset backed securities and common stocks. The fair value of corporate bonds, non-agency residential mortgage backed securities, commercial mortgage backed securities and certain asset backed securities classified as Level 3 is 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 addition to the general pricing controls, ACC reviews the broker prices to ensure that the broker quotes are reasonable and, when available, compares prices of privately issued securities to public issues from the same issuer to ensure that the implicit illiquidity premium applied to the privately placed investment is reasonable considering investment characteristics, maturity, and average life of the investment.

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

F-26

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

movements as well as no movements. ACC reviews the exception reporting and resolves the exceptions through reaffirmation of the price or recording an appropriate fair value estimate. ACC also performs subsequent transaction testing. ACC performs annual due diligence of third party pricing services. ACC’s due diligence procedures include assessing the vendor’s valuation qualifications, control environment, analysis of asset-class specific valuation methodologies, and understanding of sources of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. ACC also considers the results of its exception reporting controls and any resulting price challenges that arise.

Derivatives (Equity Derivatives, Purchased and Written)

The fair value of derivatives that are traded in less active over-the-counter markets are 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. The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial at December 31, 2014 and 2013. See Note 9 and Note 10 for further information on the credit risk of derivative instruments and related collateral.

Certificate Reserves

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.

During the reporting periods, there were no material assets or liabilities measured at fair value on a nonrecurring basis.

The following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value. All other financial instruments that are reported at fair value have been included above in the table with balances of assets and liabilities measured at fair value on a recurring basis.

	December 31, 2014
	Carrying  Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(in thousands)
Financial Assets
Syndicated loans	$	57,850	$	—	$	54,933	$	2,603	$	57,536
Commercial mortgage loans	94,632		—		—		98,293		98,293
Certificate loans	926		—		926		—		926
Financial Liabilities
Certificate reserves	$	4,200,895	$	—	$	—	$	4,195,429	$	4,195,429

	December 31, 2013
	Carrying  Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(in thousands)
Financial Assets
Syndicated loans	$	15,370	$	—	$	15,834	$	94	$	15,928
Commercial mortgage loans	115,871		—		—		118,186		118,186
Certificate loans	1,219		—		1,219		—		1,219
Financial Liabilities
Certificate reserves	$	3,976,547	$	—	$	—	$	3,982,012	$	3,982,012

Syndicated Loans

The fair value of syndicated loans is obtained from a third party pricing service or non-binding broker quotes. Syndicated loans that are priced by multiple non-binding broker quotes are classified as Level 2 and loans priced using a single non-binding broker quote are classified as Level 3.

F-27

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Commercial Mortgage Loans

The fair value of commercial mortgage loans, except those with significant credit deterioration, is determined by discounting contractual cash flows using discount rates that reflect current pricing for loans with similar remaining maturities, liquidity and characteristics including loan-to-value ratio, occupancy rate, refinance risk, debt service coverage, location, and property condition. For commercial mortgage loans with significant credit deterioration, fair value is determined using the same adjustments as above with an additional adjustment for ACC’s estimate of the amount recoverable on the loan. Given the significant unobservable inputs to the valuation of commercial mortgage loans, these measurements are classified as Level 3.

Certificate Loans

Certificate loans represent loans made against and collateralized by the underlying certificate balance. These loans do not transfer to third parties separate from the underlying certificate. The outstanding balance of these loans is considered a reasonable estimate of fair value and is classified as Level 2.

Certificate Reserves

The fair value of investment certificate reserves is determined by discounting cash flows using discount rates that reflect current pricing for assets with similar terms and characteristics, with adjustments for early withdrawal behavior, penalty fees, expense margin and ACC’s nonperformance risk specific to these liabilities. Given the use of significant unobservable inputs to this valuation, the measurement is classified as Level 3.

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 arrangements 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 on the Consolidated Balance Sheets.

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

	December 31, 2014
	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
							Financial Instruments (1)			Cash Collateral			Net Amount
	(in thousands)
Equity options, purchased	$	45,857	$	—	$	45,857	$	(40,073	)	$	(3,824	)	$	1,960

	December 31, 2013
	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
							Financial Instruments (1)			Cash Collateral			Net Amount
	(in thousands)
Equity options, purchased	$	72,848	$	—	$	72,848	$	(65,958	)	$	(1,700	)	$	5,190
(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, 2014
	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
							Financial Instruments (1)			Cash Collateral		Net Amount
	(in thousands)
Equity options, written	$	40,073	$	—	$	40,073	$	(40,073	)	$	—	$	—

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AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

	December 31, 2013
	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
							Financial Instruments (1)			Cash Collateral		Net Amount
	(in thousands)
Equity options, written	$	65,958	$	—	$	65,958	$	(65,958	)	$	—	$	—
(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 amounts 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.

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. ACC does not designate any derivatives for hedge accounting. The following table presents the balance sheet location and the gross fair value of derivative instruments, including embedded derivatives, by type of derivative and product:

		Asset					Liability
Derivatives not designated as hedging instruments	Balance Sheet Location	December 31,				Balance Sheet Location	December 31,
		2014		2013			2014		2013
		(in thousands)					(in thousands)
Equity
Stock market certificates	Equity options, purchased	$	45,857	$	72,848	Equity options, written	$	40,073	$	65,958
Stock market certificates embedded derivatives	N/A	—		—		Certificate reserves	5,875		7,160
Total		$	45,857	$	72,848		$	45,948	$	73,118
N/A Not applicable.

See Note 8 for additional information regarding ACC’s fair value measurement of derivative instruments.

The following tables present a summary of the impact of derivatives not designated as hedging instruments on the Consolidated Statements of Operations for the years ended December 31:

Derivatives not designated as hedging instruments	Location of Gain (Loss) on Derivatives Recognized in Income	Amount of Gain (Loss) on Derivatives Recognized in Income
		2014			2013			2012
		(in thousands)
Equity
Stock market certificates	Net provision for certificate reserves	$	3,126		$	6,726		$	6,145
Stock market certificates embedded derivatives	Net provision for certificate reserves	(2,829		)	(5,674		)	(4,879		)
Total		$	297		$	1,052		$	1,266

F-29

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Ameriprise stock market certificates offer returns based upon the relative change in a major stock market index between the beginning and end of the certificate’s term. The stock market certificate products contain 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 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. The gross notional amount of these derivative contracts was $1.0 billion at both December 31, 2014 and 2013. 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 no counterparty risk. The gross notional amount of these derivative contracts was $410 thousand and $368 thousand at December 31, 2014 and 2013, respectively.

Credit Risk

Credit risk associated with ACC’s derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. To mitigate such risk, ACC has established guidelines and oversight of credit risk through a comprehensive enterprise risk management program that includes members of senior management. Key components of this program are to require preapproval of counterparties and the use of master netting arrangements 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 accumulated other comprehensive loss for the years ended December 31:

Accumulated Other Comprehensive Loss Reclassification	Location of Loss Recognized in Income	2014			2013
		(in thousands)
Unrealized net losses (gains) on Available-for-Sale securities	Net investment income	$	(657	)	$	3,090
Tax expense (benefit)	Income tax provision	230			(1,081		)
Net of tax		$	(427	)	$	2,009

12.  Income Taxes

The components of income tax provision were as follows:

	Years Ended December 31,
	2014			2013			2012
	(in thousands)
Current income tax:
Federal	$	4,496		$	13,028		$	4,828
State and local	420			368			(74		)
Total current income tax	4,916			13,396			4,754
Deferred income tax:
Federal	6,931			(589		)	6,459
State and local	(153		)	(27		)	413
Total deferred income tax	6,778			(616		)	6,872
Total income tax provision	$	11,694		$	12,780		$	11,626

F-30

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

The principal reasons that the aggregate income tax provision is different from that computed by using the U.S. statutory rate of 35% were as follows:

	Years Ended December 31,
	2014		2013		2012
Tax at U.S. statutory rate	35.0	%	35.0	%	35.0	%
Uncertain tax positions	(0.1	)	11.5		—
State income tax, net	0.5		0.8		1.4
Taxes applicable to prior years	(1.3	)	0.2		8.3
Income tax provision	34.1	%	47.5	%	44.7	%

In 2013, ACC executed a Supplemental Tax Sharing Agreement with its parent company, Ameriprise Financial. ACC cash settles with Ameriprise Financial the change in its deferred federal income taxes on a quarterly basis. At December 31, 2014 and 2013, ACC held deferred federal income tax liabilities of $170 thousand and $178 thousand, respectively, related to the deferred federal taxes of its subsidiary, Investors Syndicate Development Corp. The remaining net deferred tax balance at December 31, 2014 and 2013 relates to ACC's deferred state tax assets. During the years ended December 31, 2014 and 2013, ACC paid $9.7 million and received $23.0 million, respectively, for the settlement of deferred federal income taxes.

ACC had a current receivable from Ameriprise Financial of $6.5 million and $3.5 million, at December 31, 2014 and 2013, respectively. This receivable is presented net with ACC's current taxes payable to parent on ACC's Consolidated Balance Sheets.

Deferred income tax assets and liabilities result from temporary differences between the assets and liabilities measured for GAAP reporting versus income tax return purposes. The significant components of deferred tax assets and liabilities were as follows:

	December 31,
	2014		2013
	(in thousands)
Deferred income tax assets:
Investments, including bond discounts and premiums	$	1,138	$	1,039
Certificate reserves	225		176
Investment unrealized losses, net	183		103
Total deferred income tax assets	1,546		1,318
Deferred income tax liabilities:
Depreciation	50		50
Other	11		23
Total deferred income tax liabilities	61		73
Net deferred income tax assets	$	1,485	$	1,245

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

	2014			2013		2012
	(in thousands)
Balance at January 1	$	5,837		$	736	$	736
Additions based on tax positions related to the current year	—			566		—
Additions for tax positions of prior years	—			4,535		—
Reductions for tax positions of prior years	(323		)	—		—
Balance at December 31	$	5,514		$	5,837	$	736

If recognized, approximately $2.5 million, $2.7 million and $(1.0) million, net of federal tax benefits, of the unrecognized tax benefits as of December 31, 2014, 2013 and 2012, respectively, would affect the effective tax rate.

F-31

AMERIPRISE CERTIFICATE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

It is reasonably possible that the total amounts of unrecognized tax benefits will change in the next 12 months. Based on the current audit position of ACC, it is estimated that the total amount of gross unrecognized tax benefits may decrease by $1.7 million in the next 12 months.

ACC recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. ACC recognized interest and penalties of $161 thousand, $542 thousand and nil for the years ended December 31, 2014, 2013 and 2012, respectively. At December 31, 2014 and 2013, ACC had a payable of $1.8 million and $1.6 million, 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 states jurisdictions. The Internal Revenue Service (“IRS”) has completed its field examination of the 1997 through 2011 tax returns. However, for federal income tax purposes these years, except for 2007, continue to remain open as a consequence of certain unagreed upon issues. The IRS is currently auditing the ACC's U.S. income tax returns for 2012 and 2013. ACC's or certain of its subsidiaries' state income tax returns are currently under examination by various jurisdictions for years ranging from 1997 through 2008 and remain open for all years after 2008.

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. In addition, a number of state and federal regulatory agencies have initiated examinations and other inquiries related to unclaimed property and escheatment practices and procedures.  The Ameriprise organization has cooperated and will continue to cooperate with applicable regulators regarding their inquiries.

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-32

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares		Amortized Cost (Notes a & b)		Carrying Value (Note a)
CASH EQUIVALENTS
COMMERCIAL PAPER
KROGER CO	1/5/2015	—	%	$	8,000	$	8,000	$	8,000
PACIFICORP	1/2/2015	—	%	10,000		10,000		10,000
PRUDENTIAL FINANCIAL INC	1/2/2015	—	%	2,800		2,800		2,800
PUBLIC SERVICE COMPANY OF COLORADO	1/14/2015	—	%	7,000		6,998		6,998
TOTAL CASH EQUIVALENTS						27,798		27,798
FIXED MATURITIES
U.S. GOVERNMENT AND AGENCIES OBLIGATIONS
UNITED STATES TREASURY	11/15/2028	5.250	%	200		213		268
UNITED STATES TREASURY	4/15/2017	0.875	%	165		165		165
TOTAL - U.S. GOVERNMENT AND AGENCIES OBLIGATIONS						378		433
RESIDENTIAL MORTGAGE BACKED SECURITIES
AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES:
FANNIE MAE ARM 70117	9/1/2017	2.270	%	3		3		3
FANNIE MAE ARM 70007	7/1/2017	1.869	%	13		13		13
FANNIE MAE ARM 105989	8/1/2020	3.203	%	21		22		21
FANNIE MAE ARM 88879	11/1/2019	2.578	%	73		73		73
FANNIE MAE ARM 89125	8/1/2019	1.873	%	104		105		109
FANNIE MAE ARM 190726	3/1/2033	4.825	%	226		231		241
FANNIE MAE FNMA_13-2 13-2 KF	1/25/2037	0.350	%	18,201		18,156		18,117
FANNIE MAE ARM 249907	2/1/2024	2.625	%	270		273		281
FANNIE MAE 254590	1/1/2018	5.000	%	1,384		1,385		1,457
FANNIE MAE 254591	1/1/2018	5.500	%	947		958		1,001
FANNIE MAE ARM 303259	3/1/2025	2.236	%	97		99		101
FANNIE MAE 303970	9/1/2024	6.000	%	668		661		765
FANNIE MAE 545492	2/1/2022	5.500	%	344		341		385
FANNIE MAE 545249	10/1/2016	5.500	%	239		239		252
FANNIE MAE 545303	9/1/2016	5.000	%	690		686		727
FANNIE MAE ARM 545786	6/1/2032	2.290	%	231		232		237
FANNIE MAE HYBRID ARM 566074	5/1/2031	2.400	%	482		481		508
FANNIE MAE HYBRID ARM 584507	6/1/2031	2.285	%	334		333		352
FANNIE MAE 584829	5/1/2016	6.000	%	55		55		56
FANNIE MAE 585743	5/1/2016	5.500	%	143		143		151
FANNIE MAE 616220	11/1/2016	5.000	%	216		214		227
FANNIE MAE 617270	1/1/2017	5.000	%	344		342		362
FANNIE MAE ARM 620293	1/1/2032	2.400	%	436		432		455
FANNIE MAE 622462	12/1/2016	5.500	%	294		293		311
FANNIE MAE 623866	2/1/2017	5.000	%	289		288		304
FANNIE MAE 625943	3/1/2017	5.000	%	287		286		302

F-33

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
FANNIE MAE AL1037	1/1/2037	2.361	%	7,491	7,999	8,051
FANNIE MAE AL2269	10/1/2040	2.774	%	11,610	12,360	12,287
FANNIE MAE AL3935	9/1/2037	2.250	%	19,023	20,156	20,393
FANNIE MAE AL3961	2/1/2039	2.147	%	14,010	14,810	14,874
FANNIE MAE	3/1/2037	2.140	%	15,653	16,491	16,675
FANNIE MAE	9/1/2036	2.163	%	21,798	23,029	23,284
FANNIE MAE	2/1/2039	2.364	%	17,762	18,884	19,077
FANNIE MAE AO8746	8/1/2027	2.500	%	32,200	33,313	32,872
FANNIE MAE ARM 651629	8/1/2032	2.145	%	330	330	345
FANNIE MAE ARM 654158	10/1/2032	1.790	%	634	636	673
FANNIE MAE ARM 654195	10/1/2032	1.790	%	632	633	671
FANNIE MAE ARM 655646	8/1/2032	2.228	%	402	402	419
FANNIE MAE ARM 655798	8/1/2032	2.149	%	687	685	730
FANNIE MAE ARM 661501	9/1/2032	2.191	%	204	205	208
FANNIE MAE ARM 661349	9/1/2032	2.231	%	277	277	293
FANNIE MAE ARM 661744	10/1/2032	2.203	%	511	513	547
FANNIE MAE ARM 664521	10/1/2032	2.080	%	192	193	197
FANNIE MAE ARM 664750	10/1/2032	2.074	%	460	461	483
FANNIE MAE ARM 670731	11/1/2032	1.790	%	485	487	508
FANNIE MAE ARM 670779	11/1/2032	1.790	%	1,073	1,080	1,126
FANNIE MAE ARM 670890	12/1/2032	1.797	%	692	695	735
FANNIE MAE ARM 670912	12/1/2032	1.790	%	567	569	602
FANNIE MAE ARM 670947	12/1/2032	1.795	%	637	641	677
FANNIE MAE FNMA_05-87 05-87 PE	12/25/2033	5.000	%	1,735	1,749	1,754
FANNIE MAE FNMA_06-36 06-36 GF	5/25/2036	0.470	%	10,367	10,418	10,379
FANNIE MAE FNMA_07-46 07-46 FB	5/25/2037	0.540	%	5,468	5,482	5,489
FANNIE MAE FNMA_09-107 09-107 FL	2/25/2038	0.820	%	11,173	11,231	11,247
FANNIE MAE FNMA_10-17 10-17 CA	11/25/2023	4.000	%	1,020	1,027	1,029
FANNIE MAE FNMA_10-28 10-28 MB	10/25/2027	7.000	%	4,462	4,523	4,534
FANNIE MAE FNMA_10-24 10-24 GA	9/25/2038	5.000	%	2,007	2,026	2,024
FANNIE MAE FNMA_10-39 10-39 JT	5/25/2038	5.000	%	12,843	13,067	13,050
FANNIE MAE ARM 694852	4/1/2033	2.135	%	532	541	565
FANNIE MAE 703446	5/1/2018	4.500	%	3,063	3,104	3,218
FANNIE MAE 704592	5/1/2018	5.000	%	962	973	1,014
FANNIE MAE 708635	6/1/2018	5.000	%	674	681	710
FANNIE MAE ARM 722779	9/1/2033	1.792	%	1,240	1,242	1,294
FANNIE MAE 725558	6/1/2034	2.212	%	643	638	693
FANNIE MAE	7/1/2033	1.793	%	1,120	1,116	1,153
FANNIE MAE	7/1/2034	1.773	%	421	413	447
FANNIE MAE ARM 733525	8/1/2033	1.925	%	932	897	978

F-34

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
FANNIE MAE 735034	10/1/2034	2.091	%	9,411	9,941	10,073
FANNIE MAE 735702	7/1/2035	2.156	%	7,367	7,591	7,857
FANNIE MAE ARM 739194	9/1/2033	2.161	%	644	646	685
FANNIE MAE ARM 743256	10/1/2033	2.209	%	363	358	384
FANNIE MAE ARM 743856	11/1/2033	2.208	%	289	290	306
FANNIE MAE ARM 758873	12/1/2033	2.151	%	772	764	821
FANNIE MAE 794787	10/1/2034	1.885	%	618	626	649
FANNIE MAE 799733	11/1/2034	2.144	%	503	511	534
FANNIE MAE 801917	10/1/2034	2.445	%	918	922	977
FANNIE MAE 801337	9/1/2034	1.951	%	5,826	6,143	6,218
FANNIE MAE 804561	9/1/2034	2.277	%	1,350	1,353	1,434
FANNIE MAE 807219	1/1/2035	2.425	%	3,844	3,878	4,107
FANNIE MAE 809532	2/1/2035	4.982	%	513	516	541
FANNIE MAE	8/1/2035	2.455	%	1,290	1,297	1,390
FANNIE MAE 889335	6/1/2018	4.500	%	2,725	2,766	2,864
FANNIE MAE 889485	6/1/2036	2.277	%	7,241	7,366	7,702
FANNIE MAE 922674	4/1/2036	2.474	%	3,870	3,966	4,128
FANNIE MAE 968438	1/1/2038	2.179	%	9,419	9,914	10,117
FANNIE MAE 995548	9/1/2035	2.206	%	5,115	5,233	5,444
FANNIE MAE 995123	8/1/2037	2.475	%	3,562	3,689	3,833
FANNIE MAE 995604	11/1/2035	2.319	%	14,448	15,266	15,390
FANNIE MAE 995614	8/1/2037	1.461	%	3,619	3,816	3,718
FANNIE MAE AB1980	12/1/2020	3.000	%	8,152	8,295	8,506
FANNIE MAE AB5230	5/1/2027	2.500	%	17,256	17,636	17,616
FANNIE MAE MA0099	6/1/2019	4.000	%	2,943	2,970	3,117
FANNIE MAE MA0598	12/1/2020	3.500	%	7,275	7,492	7,695
FANNIE MAE MA1144	8/1/2027	2.500	%	16,115	16,700	16,475
FANNIE MAE AD0901	4/1/2040	3.323	%	11,538	12,283	12,255
FANNIE MAE AE0559	12/1/2034	2.094	%	8,037	8,483	8,515
FANNIE MAE AE0566	8/1/2035	2.302	%	7,702	8,122	8,215
FREDDIE MAC STRUCTURED PASS THROUGH T-76 2A	10/25/2037	3.154	%	13,048	13,313	12,453
FREDDIE MAC_2574 CMO 2574 JM	12/15/2022	5.000	%	163	163	165
FREDDIE MAC_2586 CMO 2586 GB	1/15/2023	5.500	%	282	283	288
FREDDIE MAC_2901 2901 MA	10/15/2033	4.500	%	89	89	91
FREDDIE MAC_43-63	9/15/2041	0.526	%	17,492	17,530	17,562
FREDDIE MAC ARM 845154	7/1/2022	2.336	%	53	54	55
FREDDIE MAC ARM 845523	11/1/2023	2.253	%	14	14	14
FREDDIE MAC ARM 845654	2/1/2024	2.569	%	176	178	186
FREDDIE MAC ARM 845730	11/1/2023	2.311	%	205	210	212
FREDDIE MAC ARM 845733	4/1/2024	2.354	%	257	260	270

F-35

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
FREDDIE MAC ARM 846702	10/1/2029	2.314	%	66	68	70
FREDDIE MAC ARM 846107	2/1/2025	2.740	%	59	60	62
FREDDIE MAC 1N1474	5/1/2037	2.385	%	3,833	3,986	4,104
FREDDIE MAC 1H2520	6/1/2035	2.375	%	12,334	13,114	13,194
FREDDIE MAC 1Q1540	6/1/2040	3.020	%	19,795	21,185	21,153
FREDDIE MAC 1Q1515	11/1/2038	2.293	%	43,648	46,224	46,639
FREDDIE MAC	5/1/2038	2.258	%	32,610	34,520	34,816
FREDDIE MAC 1Q1548	8/1/2038	2.288	%	19,829	20,920	21,174
FREDDIE MAC ARM 350190	5/1/2022	2.375	%	49	50	49
FREDDIE MAC ARM 788941	12/1/2031	2.375	%	128	126	131
FREDDIE MAC 848922	4/1/2037	2.328	%	11,140	11,909	11,898
FREDDIE MAC	9/1/2039	2.576	%	10,304	10,901	10,939
FREDDIE MAC	8/1/2037	3.100	%	14,566	15,569	15,421
FREDDIE MAC ARM 1B0183	12/1/2031	2.531	%	118	116	121
FREDDIE MAC ARM 780845	9/1/2033	2.375	%	416	405	434
FREDDIE MAC ARM 780514	5/1/2033	2.375	%	674	690	712
FREDDIE MAC ARM 605048	11/1/2018	1.928	%	1	1	1
FREDDIE MAC ARM 840031	1/1/2019	2.250	%	4	4	4
FREDDIE MAC ARM 840035	1/1/2019	2.250	%	29	29	29
FREDDIE MAC ARM 840036	1/1/2019	2.250	%	18	18	18
FREDDIE MAC ARM 840072	6/1/2019	2.125	%	40	40	41
FREDDIE MAC ARM 405014	1/1/2019	2.260	%	21	21	21
FREDDIE MAC ARM 405092	3/1/2019	2.125	%	25	24	25
FREDDIE MAC ARM 405185	10/1/2018	2.125	%	50	50	52
FREDDIE MAC ARM 405243	7/1/2019	2.260	%	42	42	42
FREDDIE MAC ARM 405437	10/1/2019	2.275	%	45	45	45
FREDDIE MAC ARM 405615	10/1/2019	2.107	%	19	19	19
FREDDIE MAC ARM 605432	8/1/2017	2.088	%	14	14	14
FREDDIE MAC ARM 605433	9/1/2017	2.021	%	31	31	31
FREDDIE MAC ARM 605454	10/1/2017	2.310	%	10	10	10
FREDDIE MAC ARM 606024	2/1/2019	1.962	%	32	32	32
FREDDIE MAC ARM 606025	7/1/2019	1.700	%	85	85	87
FREDDIE MAC ARM 785363	2/1/2025	2.364	%	74	75	78
FREDDIE MAC ARM 865008	2/1/2018	3.030	%	46	46	47
FREDDIE MAC ARM 780903	9/1/2033	2.375	%	497	493	528
FREDDIE MAC	8/1/2034	2.375	%	1,783	1,803	1,896
FREDDIEMAC STRIP FHSTR_328	2/15/2038	0.506	%	20,158	20,189	20,194
FREDDIE MAC FHLMC_3812 3812 BE	9/15/2018	2.750	%	2,961	2,988	3,033
FREDDIE MAC FHLMC_4159 4159 FD	1/15/2043	0.511	%	18,829	18,900	18,986
FREDDIE MAC FHLMC_2934 2934 CI	1/15/2034	5.000	%	4,005	4,078	4,102

F-36

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
FREDDIE MAC FHLMC_3370 3370 TF	10/15/2037	0.491	%	5,150	5,157	5,168
FREDDIE MAC GOLD G11004	4/1/2015	7.000	%	—	—	—
FREDDIE MAC GOLD G11193	8/1/2016	5.000	%	227	226	238
FREDDIE MAC GOLD G11298	8/1/2017	5.000	%	434	434	456
FREDDIE MAC GOLD G30227	5/1/2023	5.500	%	1,042	1,070	1,164
FREDDIE MAC GOLD E90153	6/1/2017	6.000	%	104	105	108
FREDDIE MAC GOLD E90154	6/1/2017	6.000	%	234	237	242
FREDDIE MAC GOLD E91041	9/1/2017	5.000	%	361	361	379
FREDDIE MAC GOLD E95403	3/1/2018	5.000	%	485	491	509
FREDDIE MAC GOLD E95671	4/1/2018	5.000	%	627	634	659
FREDDIE MAC GOLD E01140	5/1/2017	6.000	%	493	498	514
FREDDIE MAC GOLD C90581	8/1/2022	5.500	%	297	295	332
FREDDIE MAC GOLD C90582	9/1/2022	5.500	%	164	163	183
GINNIE MAE A 10-59 VK	3/20/2036	4.000	%	11,303	11,468	11,452
GINNIE MAEA 11-72 M	6/20/2038	4.000	%	7,690	8,116	7,932
GINNIE MAE A	11/20/2041	0.605	%	14,661	14,697	14,819
GINNIE MAE G	10/20/2041	0.455	%	19,109	19,088	19,196
GINNIE MAE II ARM 8157	3/20/2023	1.625	%	101	102	104
GINNIE MAE II ARM 8206	3/20/2017	2.000	%	18	18	19
GINNIE MAE II ARM 8240	7/20/2017	1.625	%	14	13	14
GINNIE MAE II ARM 8251	8/20/2017	2.000	%	1	1	1
GINNIE MAE II ARM 8274	10/20/2017	2.500	%	47	46	48
GINNIE MAE II ARM 8283	11/20/2017	2.500	%	4	4	4
GINNIE MAE II ARM 8293	12/20/2017	2.500	%	10	10	10
GINNIE MAE II ARM 8353	5/20/2018	2.500	%	24	23	24
GINNIE MAE II ARM 8341	4/20/2018	2.500	%	2	2	2
GINNIE MAE II ARM 8365	6/20/2018	2.500	%	27	27	28
GINNIE MAE II ARM 8377	7/20/2018	2.500	%	15	14	15
GINNIE MAE II ARM 8428	11/20/2018	3.500	%	5	5	5
GINNIE MAE II ARM 8440	12/20/2018	3.500	%	17	17	18
GINNIE MAE II ARM 8638	6/20/2025	1.625	%	138	139	142
GINNIE MAE II	7/20/2040	1.625	%	12,946	13,424	13,491
GINNIE MAE II 082581	7/20/2040	4.000	%	17,345	18,629	18,090
GINNIE MAE II 082602	8/20/2040	4.000	%	29,155	31,349	31,139
GINNIE MAE II	12/20/2039	1.625	%	14,185	14,773	14,825
GINNIE MAE II 082464	1/20/2040	4.000	%	5,101	5,490	5,488
GINNIE MAE II 082497	3/20/2040	3.500	%	9,659	10,274	10,122

F-37

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
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	1/20/2041	1.625	%	13,536	14,095	14,106
GINNIE MAE II 082794	4/20/2041	3.500	%	21,152	22,600	22,184
TOTAL AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES					864,223	868,460
NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES:
ARMT_04-2	2/25/2035	2.503	%	1,183	1,200	1,171
ASSET BACKED SECURITIES CORP H	2/25/2035	0.845	%	1,683	1,601	1,673
BALTA_05-2	4/25/2035	2.692	%	2,769	2,764	2,462
BANC OF AMERICA ALTERNATIVE LOAN	2/25/2033	5.000	%	571	571	583
BANC OF AMERICA FUNDING CORP	9/20/2035	2.692	%	3,159	2,788	2,705	c
BANC OF AMERICA FUNDING CORP	10/3/2039	0.414	%	4,963	4,942	4,962
BANC OF AMERICA MORTGAGE SECURITIES	6/25/2019	5.000	%	501	507	507
BANK OF AMERICA FUNDING CORP	10/20/2035	4.765	%	3,112	2,925	2,990
BCAP LLC TRUST BCAP_09-RR1	11/26/2034	2.612	%	2,095	2,031	2,113
BCAP LLC TRUST BCAP_09-RR1	5/26/2035	2.614	%	8,137	7,866	8,223
BCAP LLC TRUST BCAP_09-RR1	5/26/2035	2.621	%	5,088	4,910	5,154
BCAP LLC TRUST BCAP_09-RR8	3/26/2037	5.500	%	1,387	1,378	1,425
BCAP LLC TRUST BCAP_10-RR6	10/26/2035	5.500	%	341	341	342
BCAP LLC TRUST BCAP_10-RR7	4/26/2035	4.621	%	236	236	236
BCAP LLC TRUST BCAP_11-RR10	6/26/2035	2.621	%	11,152	11,149	11,269
BCAP LLC TRUST BCAP_11-R11	10/26/2035	2.609	%	6,228	6,195	6,230
BCAP LLC TRUST BCAP_12-RR10	3/26/2036	2.611	%	28,334	28,793	28,485
BCAP LLC TRUST BCAP_12-RR10	3/26/2036	3.000	%	2,477	2,486	2,488
BCAP LLC TRUST BCAP_12-RR10	10/26/2035	2.710	%	7,044	7,107	7,166
BCAP LLC TRUST BCAP_12-RR11	7/26/2036	2.607	%	17,352	17,742	17,416
BCAP LLC TRUST BCAP_12-RR11	7/26/2037	3.000	%	7,949	8,002	7,994
BCAP LLC TRUST BCAP_12-RR12	6/26/2035	3.000	%	9,063	9,173	9,061
BCAP LLC TRUST BCAP_12-RR12	6/26/2037	3.000	%	5,553	5,591	5,556
BCAP LLC TRUST BCAP_12-RR3	7/26/2037	2.212	%	4,743	4,747	4,716
BCAP LLC TRUST BCAP_12-RR3	7/26/2035	2.590	%	8,358	8,503	8,389
BCAP LLC TRUST BCAP_12-RR3	1/26/2036	2.629	%	4,697	4,785	4,702
BCAP LLC TRUST BCAP_12-RR5	10/26/2036	2.585	%	7,265	7,288	7,293
BCAP LLC TRUST BCAP_12-RR6	5/26/2036	2.362	%	6,964	6,941	6,941
BCAP LLC TRUST BCAP_13-RR1	11/26/2035	2.354	%	9,111	9,222	9,158
BCAP LLC TRUST BCAP_13-RR8	5/26/2036	2.738	%	8,850	8,917	8,684
BCAP LLC TRUST BCAP_14-RR2	9/26/2046	1.075	%	13,222	12,844	12,779
BCAP_13-RR7	6/26/2037	2.407	%	9,197	9,267	9,169
BCAP_13-RR9	1/26/2036	2.663	%	15,446	15,562	15,486
BEAR STEARNS FUNDING TRUST BSM	12/25/2046	0.380	%	1,875	1,020	822	c
BOAMS_03-I	10/25/2033	2.731	%	3,081	3,072	3,117
BOAMS_04-B	3/25/2034	2.639	%	4,968	4,954	4,185
BOAMS_04-E	6/25/2034	2.708	%	5,497	5,472	5,487

F-38

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
BOAMS_06-B	11/20/2046	2.888	%	1,889	1,686	1,546	c
BVMBS_05-1	2/22/2035	2.920	%	3,875	3,865	3,802
CENTEX HOME EQUITY CXHE_03-A	12/25/2031	4.250	%	1,534	1,524	1,552
CFLX_07-M1	8/25/2037	0.320	%	9,844	9,862	6,663	c
CHASE MORTGAGE FINANCE CORPORATE	2/25/2037	2.535	%	9,779	9,691	9,639
CITIGROUP MORTGAGE LOAN TRUST	8/25/2035	2.556	%	2,370	2,251	2,184	c
CITIGROUP MORTGAGE LOAN TRUST	11/25/2036	4.000	%	9,254	9,302	9,415
CITIGROUP MORTGAGE LOAN TRUST	11/25/2035	2.540	%	1,460	1,478	1,469
CITIGROUP MORTGAGE LOAN TRUST	9/25/2037	2.378	%	951	943	954
CITIGROUP MORTGAGE LOAN TRUST	4/25/2037	2.721	%	8,434	8,434	8,505
CITIGROUP MORTGAGE LOAN TRUST	8/25/2036	2.353	%	5,571	5,586	5,575
CITIGROUP MORTGAGE LOAN TRUST	11/25/2035	2.639	%	4,644	4,647	4,634
CITIGROUP MORTGAGE LOAN TRUST	3/25/2036	5.981	%	15,754	15,991	15,891
CITIGROUP MORTGAGE LOAN TRUST	9/25/2036	2.506	%	11,686	11,724	11,629
CITIGROUP MORTGAGE LOAN TRUST	9/25/2035	3.500	%	5,664	5,699	5,719
CITIGROUP MORTGAGE LOAN TRUST	8/25/2027	2.000	%	4,954	4,970	4,930
CITIGROUP MORTGAGE LOAN TRUST	9/25/2034	2.400	%	9,839	10,000	9,883
CITIGROUP MRT LOAN TT CMLTI_10	2/25/2035	2.400	%	1,763	1,763	1,792
CITIGROUP MRT LOAN TT CMLTI_10	9/25/2037	1.156	%	2,393	2,382	2,385
CMLTI_09-6	4/25/2037	0.240	%	1,092	1,083	1,058
CMLTI_13-12	3/25/2035	2.418	%	17,905	18,099	17,953
CMLTI_13-7	8/25/2036	2.353	%	10,760	10,806	10,460
CMLTI_13-9	9/25/2034	2.410	%	19,185	19,298	19,132
CMLTI_14-11	10/25/2035	2.558	%	24,682	25,319	25,330
CMLTI_14-11	11/25/2036	3.250	%	12,667	13,012	13,016
CMLTI_14-2	2/20/2036	2.313	%	26,061	26,328	26,077
CMLTI_14-2	4/25/2036	3.250	%	28,095	28,327	28,235
CMLTI_14-5	2/20/2036	1.915	%	30,371	30,825	30,328
COUNTRYWIDE ALTERNATIVE LOAN	7/20/2035	1.424	%	2,743	2,202	2,275	c
COUNTRYWIDE HOME LOANS CWHL_03	1/19/2034	2.448	%	8,702	8,921	8,673
COUNTRYWIDE HOME LOANS CWHL_05	11/20/2035	4.832	%	6,930	5,950	6,144	c
CREDIT SUISSE COMMERCIAL MORTGAGE	5/27/2036	2.000	%	8,230	8,288	8,150
CREDIT SUISSE COMMERCIAL MORTGAGE	9/27/2036	2.659	%	9,638	9,864	9,804
CREDIT SUISSE MORTGAGE CAPITAL	4/26/2037	5.500	%	583	579	590
CREDIT SUISSE MORTGAGE CAPITAL	6/26/2036	2.300	%	6,496	6,496	6,548
CREDIT SUISSE MORTGAGE CAPITAL	6/29/2047	1.156	%	8,685	8,680	8,563
CREDIT SUISSE MORTGAGE CAPITAL	9/26/2034	2.618	%	28,874	29,162	28,639
CREDIT SUISSE MORTGAGE CAPITAL	9/26/2034	2.618	%	28,874	28,936	28,129
CREDIT SUISSE MORTGAGE CAPITAL	12/27/2037	3.400	%	6,834	6,844	6,902
CSFB_04-AR3	4/25/2034	2.498	%	5,725	5,808	5,818

F-39

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
CSMC_13-11R	6/27/2034	2.750	%	13,374	13,382	13,340
CSMC_13-11R	5/27/2034	2.750	%	23,524	23,570	23,176
CSMC_13-12R	8/27/2033	2.750	%	38,907	38,378	37,900
CSMC_13-8R	5/27/2037	0.395	%	11,335	11,141	11,010
CSMC_14-11R	1/27/2036	2.403	%	30,000	30,374	30,338
CSMC_14-5R	7/27/2037	2.500	%	14,204	14,204	14,127
CWALT_04-33	12/25/2034	2.699	%	676	684	651
CWALT_05-27	8/25/2035	1.628	%	3,513	2,889	2,766	c
CWALT_06-OA19	2/20/2047	0.415	%	922	117	307	c
CWHEL_04-K	2/15/2034	0.461	%	291	220	260	c
DEUTSCHE ALT-A SECURITIES INC	2/25/2037	0.340	%	10,329	6,205	8,600	c
DEUTSCHE ALT-A SECURITIES INC	1/25/2047	0.330	%	8,971	8,347	6,476	c
DEUTSCHE ALT-A SECURITIES INC	2/25/2047	0.320	%	4,017	3,523	2,792	c
EQUITY ONE ABS INC EQABS_04-3	7/25/2034	5.080	%	4,471	4,491	4,638
FHAMS_04-AA7	2/25/2035	2.209	%	1,111	1,122	998
FIRST HORIZON ALTERNATIVE MORTGAGE	10/25/2034	2.235	%	1,752	1,778	1,742
FIRST HORIZON ALTERNATIVE MORTGAGE	3/25/2035	2.250	%	2,159	2,191	1,930
FIRST HORIZON ALTERNATIVE MORTGAGE	5/25/2035	2.261	%	4,870	4,908	4,573
FMIC_04-3	8/25/2034	2.015	%	1,471	1,404	1,465
GMAC MORTGAGE CORPORATION LOAN	8/19/2034	2.922	%	1,308	1,311	1,277
GMAC MORTGAGE CORPORATION LOAN	8/19/2034	3.298	%	1,567	1,570	1,558
GPMF_05-AR5	11/25/2045	2.113	%	5,913	5,377	4,451	c
GS MORTGAGE SECURITIES CORPORATION	8/26/2035	3.118	%	19,077	19,628	19,650
GSMSC_09-1R	11/25/2035	2.601	%	1,913	1,810	1,928
GSMSC_09-1R	11/25/2035	2.599	%	1,831	1,713	1,842
GSR MORTGAGE LOAN TRUST GSR_05	10/25/2035	2.585	%	5,678	5,359	5,079	c
GSR MORTGAGE LOAN TRUST GSR_05	11/25/2035	2.639	%	2,741	2,586	2,635
GSR MORTGAGE LOAN TRUST GSR_05	5/25/2035	2.617	%	3,351	3,365	3,126
GSR MORTGAGE LOAN TRUST GSR_05	1/25/2035	2.632	%	3,860	3,877	3,843
HARBORVIEW MORTGAGE LOAN TRUST	11/19/2034	2.015	%	1,616	1,603	1,539
HARBORVIEW MORTGAGE LOAN TRUST	9/19/2035	1.613	%	2,629	2,249	1,947	c
HARBORVIEW MORTGAGE LOAN TRUST	10/20/2045	2.113	%	7,041	6,403	6,024	c
HARBORVIEW MORTGAGE LOAN TRUST	1/25/2047	0.364	%	4,046	1,552	1,496	c
HVMLT_04-1	4/19/2034	2.699	%	438	441	440
HVMLT_04-10	1/19/2035	2.556	%	1,031	1,042	1,022
HVMLT_04-4	6/19/2034	1.281	%	100	99	96
HVMLT_04-6	8/19/2034	2.610	%	530	526	528
INDX_05-AR1	3/25/2035	2.589	%	53	54	52
INDX_05-AR5	5/25/2035	2.439	%	3,963	3,655	3,455	c
JEFFERIES & CO JMAC_09-R12	2/26/2035	2.588	%	6,362	6,236	6,458

F-40

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
JEFFERIES & CO JMAC_09-R12	1/26/2035	2.662	%	2,795	2,735	2,861
JEFFERIES & CO JMAC_09-R2	12/26/2037	2.579	%	10,699	10,799	10,598
JEFFRIES & CO JMAC_09-R3	12/26/2035	2.374	%	3,707	3,509	3,724
JP MORGAN REREMIC JPMRR_09-12	7/26/2037	5.750	%	679	690	695
JP MORGAN REREMIC JPMRR_10-1	2/26/2037	6.000	%	26	26	26
JP MORGAN REREMIC JPMRR_10-5	8/26/2036	2.353	%	1,500	1,503	1,506
JP MORGAN REREMIC JPMRR_11-2	3/26/2036	3.000	%	4,413	4,367	4,458
LUMINENT MORTGAGE TRUST LUM_06	10/25/2046	0.410	%	1,727	583	939	c
LUMINENT MORTGAGE TRUST LUM_07	1/25/2037	0.360	%	485	605	93	c
MARM_05-1	2/25/2035	2.605	%	2,404	2,437	2,127
MERRILL LYNCH MORTGAGE INVESTOR	2/25/2035	2.472	%	3,062	3,062	3,047
MLCC_04-1	12/25/2034	2.161	%	747	749	740
MLMI_03-A5	8/25/2033	2.307	%	1,930	1,927	1,950
MLMI_05-A1	12/25/2034	2.519	%	1,294	1,298	1,296
MORGAN STANLEY MORTGAGE LOAN TRUST	11/25/2034	2.929	%	601	609	585
MORGAN STANLEY MORTGAGE LOAN TRUST	11/25/2034	2.465	%	1,815	1,845	1,816
MORGAN STANLEY REREMIC TRUST	9/26/2035	5.205	%	7,129	7,344	7,242
MORGAN STANLEY REREMIC TRUST	7/26/2036	0.330	%	288	288	288
MORGAN STANLEY REREMIC TRUST	9/26/2036	0.525	%	4,024	3,969	3,672
MORGAN STANLEY REREMIC TRUST	11/26/2036	1.957	%	8,257	8,372	8,234
MORGAN STANLEY REREMIC TRUST	8/26/2034	2.440	%	34,887	35,549	34,841
MORGAN STANLEY REREMIC TRUST	8/26/2034	2.411	%	30,369	30,911	30,820
MSRR_13-R3	2/26/2036	2.748	%	25,030	25,293	25,164
MSRR_13-R3	12/26/2036	2.017	%	10,196	10,269	10,139
MSRR_13-R3	11/26/2036	1.957	%	6,171	6,144	6,065
MSRR_13-R3	2/26/2036	2.502	%	20,923	21,074	20,920
MSRR_13-R8	9/26/2036	2.614	%	35,561	36,396	35,833
MSRR_13-R8	9/26/2036	2.691	%	13,595	13,768	13,575
MSRR_13-R8	9/26/2036	2.687	%	5,958	6,052	5,925
MSRR_13-R8	9/26/2036	2.411	%	7,658	7,706	7,599
MSRR_13-R8	9/26/2036	2.607	%	14,885	15,153	14,819
MSRR_13-R8	9/26/2036	2.610	%	13,517	13,753	13,400
MSRR_13-R9	6/26/2046	2.613	%	13,306	13,523	13,364
MSRR_14-R6	9/26/2035	2.661	%	29,204	29,753	30,237
NMRR_14-6R	4/26/2037	2.524	%	7,307	7,442	7,449
NMRR_14-7R	1/26/2036	2.629	%	10,256	10,465	10,468
NRZT_14-3A	11/25/2054	3.750	%	12,500	12,839	12,798
NSMLT_13-A	12/25/2052	3.750	%	5,703	5,837	5,824
OPTEUM MORTGAGE ACCEPTANCE CORP	2/25/2035	0.770	%	34	34	34
RABS_04-1A	12/15/2030	4.000	%	257	256	257

F-41

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
RALI_03-QS2	2/25/2033	4.500	%	733	729	738
RALI_04-QR1	10/25/2034	5.250	%	167	166	168
RALI_04-QS5	4/25/2034	4.750	%	489	487	494
RASC_04-KS9	10/25/2034	4.620	%	2,807	2,347	2,608	c
RBSSP RESECURITIZATION TRUST	4/26/2036	2.615	%	11,529	11,702	11,720
RBSSP RESECURITIZATION TRUST	12/27/2035	4.000	%	6,109	6,251	6,234
RBSSP RESECURITIZATION TRUST	5/26/2047	0.300	%	164	164	163
RBSSP RESECURITIZATION TRUST	2/26/2047	0.330	%	5,953	5,897	5,867
RBSSP RESECURITIZATION TRUST	4/26/2035	0.670	%	9,120	8,716	8,646
RENAISSANCE HOME EQUITY LOAN	11/25/2035	4.814	%	2,531	2,524	2,603
RESIDENTIAL ACCREDIT LOANS INC	2/25/2047	0.360	%	2,447	1,242	496	c
RESIDENTIAL ACCREDIT LOANS INC	2/25/2035	3.081	%	4,129	3,617	3,425	c
RESIDENTIAL ASSET SECURITIES CORP	12/25/2033	4.540	%	1,025	1,033	1,060
RFMSI_05-SA2	6/25/2035	2.828	%	4,584	4,592	4,369
SASC_03-24A	7/25/2033	2.378	%	455	461	448
WAMU_03-AR6	6/25/2033	2.437	%	2,323	2,317	2,333
WAMU_04-AR10	7/25/2044	0.627	%	1,186	1,190	1,105
WAMU_05-AR10	9/25/2035	2.391	%	10,000	9,995	9,473
WAMU_05-AR3	3/25/2035	2.396	%	3,245	3,257	3,220
WAMU_05-AR4	4/25/2035	2.373	%	9,984	9,948	9,718
WELLS FARGO MORTGAGE BACKED	6/25/2035	2.614	%	17,443	17,841	17,693
WFMBS_03-M	12/25/2033	2.615	%	1,736	1,790	1,746
WFMBS_04-CC	1/25/2035	2.616	%	1,329	1,333	1,346
WFMBS_04-DD	1/25/2035	2.615	%	3,913	3,912	3,899
WFMBS_04-I	7/25/2034	2.597	%	3,160	3,165	3,214
WFMBS_04-K	7/25/2034	2.615	%	3,558	3,680	3,559
WFMBS_04-O	8/25/2034	2.615	%	541	537	540
WFMBS_04-Q	9/25/2034	2.615	%	5,741	5,823	5,795
WFMBS_04-W	11/25/2034	2.615	%	9,670	9,691	9,794
WFMBS_05-AR12	6/25/2035	2.621	%	4,464	4,218	4,469
WFMBS_05-AR2	3/25/2035	2.613	%	916	918	923
WFMBS_05-AR2	3/25/2035	2.613	%	2,429	2,410	2,451
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES					1,369,788	1,352,410
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES					2,234,011	2,220,870
ASSET BACKED SECURITIES
321 HENDERSON RECEIVABLES LLC	12/15/2048	3.820	%	1,778	1,780	1,868
ACCESS GROUP INC ACSS_06-1	8/25/2023	0.343	%	3,185	3,140	3,169
ALLY MASTER OWNER TRUST 2012-3	6/15/2017	0.861	%	10,000	10,014	10,019
ALLY MASTER OWNER TRUST AMOT_1	2/15/2017	0.961	%	15,000	15,007	15,009
APIDOS CDO APID_14-17A	4/17/2026	1.728	%	20,000	19,981	19,868

F-42

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
ARES CLO LTD ARES_13-1A	4/15/2025	1.331	%	40,000	39,893	39,167
ARL FIRST LLC ARLFR_12-1A	12/15/2042	1.911	%	15,034	15,191	15,112
ATRIUM CDO CORP ATRM_10A	7/16/2025	1.349	%	25,000	24,967	24,491
CENTRE POINT FUNDING LLC CPF_1	8/20/2021	2.610	%	1,108	1,108	1,110
CGMS_13-1A	2/14/2025	1.533	%	20,000	20,000	19,738
CLI FUNDING LLC CLIF_06-1A	8/18/2021	0.342	%	2,269	2,039	2,253
CLIF_14-1A	6/18/2029	3.290	%	14,227	14,251	14,198
COLLE_02-2	3/1/2042	1.620	%	10,000	8,452	9,000
CRONOS CONTAINERS PROGRAM LTD	9/18/2027	3.810	%	7,750	7,970	7,751
DIAMOND RESORTS OWNER TRUST DR	5/20/2026	2.270	%	4,398	4,398	4,420
DRSLF_14-33	7/15/2026	1.707	%	30,000	30,000	29,713
DRYDEN SENIOR LOAN FUND DRSLF	7/15/2025	1.331	%	40,000	40,000	39,169
EXETER AUTOMOBILE RECEIVABLES	6/15/2017	1.300	%	765	765	765
FNH_13-1A	1/10/2018	1.980	%	2,003	2,003	2,007
GE DEALER FLOORPLAN MASTER NOTE	10/20/2017	0.605	%	12,000	12,000	12,016
GLOBAL SC FINANCE SRL SEACO_14	7/17/2029	3.190	%	9,583	9,581	9,496
GLOBAL TOWER PARTNERS ACQUISITION	6/15/2041	3.967	%	7,000	7,000	7,182
HILTON GRAND VACATIONS TRUST 13-A	1/25/2026	2.280	%	6,817	6,817	6,853
INGIM_13-2A	4/25/2025	1.384	%	30,000	30,000	29,469
NISSAN MASTER OWNER TRUST REC	5/15/2017	0.631	%	24,500	24,516	24,520
NORTHSTAR EDUCATION FINANCE IN	7/30/2018	0.403	%	10,000	9,922	9,860
NVTAS_13-1	11/15/2016	1.950	%	2,364	2,364	2,366
OAKC_13-8A	4/20/2025	1.351	%	20,000	20,000	19,661
RACE POINT CLO LTD RACEP_13-8A	2/20/2025	1.482	%	14,000	13,971	13,821
RENTAL CAR FINANCE CORPORATION	2/25/2016	2.510	%	833	833	834
SBAP_05-10D	7/1/2015	4.510	%	193	193	194
SCHOLAR FUNDING TRUST SCHOL_12	10/28/2025	0.570	%	3,477	3,471	3,469
SIERRA RECEIVABLES FUNDING 11-1A	4/20/2026	3.350	%	1,201	1,200	1,226
SIERRA RECEIVABLES FUNDING 12-1A	11/20/2028	2.840	%	1,465	1,465	1,488
SIERRA RECEIVABLES FUNDING 12-3A	8/20/2029	1.870	%	1,322	1,333	1,328
SIERRA RECEIVABLES FUNDING 13-2A	11/20/2025	2.280	%	3,043	3,043	3,075
SLM PRIVATE CREDIT STUDENT LOAN	9/15/2020	0.680	%	2,883	2,619	2,869
SLM PRIVATE CREDIT STUDENT LOAN	9/15/2020	0.631	%	1,306	1,279	1,294
SLM STUDENT LOAN TRUST SLMA_06	7/25/2019	0.314	%	4,811	4,733	4,798
SLM STUDENT LOAN TRUST SLMA_11	11/25/2027	0.770	%	2,907	2,903	2,915
SLM STUDENT LOAN TRUST SLMA_12	10/15/2030	3.480	%	5,000	5,046	5,184
SLM STUDENT LOAN TRUST SLMA_12	12/26/2025	0.820	%	13,573	13,683	13,596
SLMA_05-A	12/15/2020	0.381	%	591	577	592
SLMA_05-B	3/15/2023	0.421	%	6,667	6,246	6,619
SLMA_06-4	10/27/2025	0.334	%	12,492	12,460	12,468

F-43

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
SMALL BUSINESS ADMINISTRATION	10/1/2022	4.750	%	804	812	847
SMART TRUST SMAT_11-2USA	4/14/2017	2.310	%	1,576	1,576	1,587
SMART TRUST SMAT_11-4USA	8/14/2017	2.280	%	5,000	5,000	5,028
SMART TRUST SMAT_12-2USA	10/14/2016	1.590	%	5,189	5,189	5,203
SVO VOI MORTGAGE CORP SVOVM_12	9/20/2029	2.000	%	2,607	2,637	2,592
UHAUL_10-BR1A	10/25/2023	4.899	%	6,575	6,575	6,962
WLKRG_13-AA	3/15/2029	3.100	%	1,916	1,916	1,921
TOTAL ASSET BACKED SECURITIES					481,919	480,160
COMMERCIAL MORTGAGE BACKED SECURITIES
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES:
FANNIE MAE	1/1/2019	6.075	%	789	793	861
FANNIE MAE 06-M2 06-M2 A2A	10/25/2032	5.271	%	9,480	10,088	10,957
GINNIE MAE A 10-16 A	1/16/2040	3.214	%	425	425	427
GINNIE MAE A 10-161 AB	5/16/2035	2.110	%	2,454	2,471	2,478
GINNIE MAE_13-13	4/16/2046	1.700	%	7,269	6,931	6,838
GINNIE MAE_11-165 11-165 A	10/16/2037	2.194	%	20,642	20,844	20,616
GINNIE MAE A 13-141 A	6/16/2040	2.023	%	19,319	19,328	19,264
GINNIE MAE A	6/16/2037	1.350	%	4,694	4,627	4,613
GINNIE MAE A	6/16/2047	2.000	%	9,904	9,950	10,135
GINNIE MAE_14-70	4/16/2042	1.900	%	34,593	35,099	35,468
GINNIE MAE A 13-159 A	8/16/2038	1.794	%	18,147	17,989	18,069
GINNIE MAE 13-146 AH	8/16/2040	2.000	%	9,732	9,753	9,758
GINNIE MAE A	5/16/2038	2.250	%	14,472	14,546	14,502
GINNIE MAE_14-48	10/16/2041	1.900	%	19,683	19,943	20,233
GINNIE MAE_14-9	9/16/2041	2.500	%	9,811	10,091	10,130
GINNIE MAE A	6/16/2048	2.361	%	9,755	10,084	10,234
GINNIE MAE_14-61	1/16/2044	2.205	%	14,800	14,847	14,859
GINNIE MAE A	12/16/2040	1.900	%	7,432	7,547	7,478
GINNIE MAE_14-143	3/16/2040	2.500	%	4,971	5,104	5,057
GINNIE MAE_14-143	3/16/2040	2.000	%	9,942	10,046	10,029
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES					230,506	232,006
NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES:
BACM_05-1	11/10/2042	5.271	%	6,593	6,593	6,591
CFCRE COMMERCIAL MORTAGE TRUST	12/15/2047	3.061	%	23,000	23,195	23,656
COLNY_14-1	4/20/2050	2.543	%	7,371	7,371	7,358
COMM MORTGAGE TRUST COMM	6/8/2030	1.158	%	10,000	9,985	9,998
COMM_13-RIA4	11/27/2028	3.250	%	5,041	5,043	5,067
DBUBS MORTGAGE TRUST DBUBS_11LC1A	11/10/2046	3.742	%	14,232	14,366	14,581
DBUBS MORTGAGE TRUST DBUBS_11-LC2A	7/10/2044	3.527	%	3,343	3,363	3,480
EXTENDED STAY AMERICA TRUST 13-ESH5	12/5/2031	1.830	%	8,875	8,874	8,782
GECMC_05-C3	7/10/2045	4.940	%	9	9	9

F-44

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
GENERAL ELECTRIC CAPITAL	5/12/2035	5.254	%	459	455	466
GREENWICH CAPITAL COMMERCIAL	3/10/2039	5.381	%	3,767	3,767	3,778
GS MORTGAGE SECURITIES CORPORATE	8/10/2044	2.999	%	12,500	12,533	12,827
GS MORTGAGE SECURITIES CORPORATE	12/10/2043	3.849	%	8,923	8,973	9,154
JP MORGAN CHASE COMMERCIAL MTG	2/12/2049	5.682	%	1,619	1,646	1,688
JP MORGAN CHASE COMMERCIAL MTG	11/15/2043	2.749	%	5,972	5,985	6,041
JP MORGAN CHASE COMMERCIAL MTG	8/5/2032	3.300	%	8,080	8,124	8,357
JP MORGAN CHASE COMMERCIAL MTG	8/15/2046	3.149	%	4,425	4,432	4,549
JP MORGAN CHASE COMMERCIAL MTG	11/13/2044	3.364	%	7,195	7,214	7,457
MORGAN STANLEY CAPITAL I MSCI_	9/15/2047	2.602	%	2,971	2,974	2,989
MSC_11-C3	7/15/2049	3.224	%	3,681	3,687	3,798
ORES NPL LLC ORES_14-V3	3/27/2024	3.000	%	18,329	18,330	18,327
RIALTO REAL ESTATE FUND LP	5/15/2024	2.850	%	1,155	1,155	1,155
UBSC_11-C1	1/10/2045	3.187	%	9,000	9,079	9,366
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES:					167,153	169,474
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES					397,659	401,480
CORPORATE DEBT SECURITIES
BANKING
WASHINGTON MUTUAL BANK/HENDERSON	6/15/2011	—	%	1,500	—	3	c, d
TOTAL BANKING					—	3
BASIC INDUSTRY
DOW CHEMICAL COMPANY	2/15/2016	2.500	%	8,385	8,544	8,530
EASTMAN CHEMICAL COMPANY	6/1/2017	2.400	%	8,425	8,457	8,557
LYONDELLBASELL INDUSTRIES NV	4/15/2019	5.000	%	2,000	2,189	2,182
VALE OVERSEAS LTD	1/23/2017	6.250	%	10,750	11,491	11,466
TOTAL BASIC INDUSTRY					30,681	30,735
CAPITAL GOODS
BAE SYSTEMS	10/11/2016	3.500	%	4,300	4,479	4,467
L-3 COMMUNICATIONS CORP	11/15/2016	3.950	%	29,566	30,738	30,849
L-3 COMMUNICATIONS CORP	5/28/2017	1.500	%	7,500	7,496	7,426
LOCKHEED MARTIN CORPORATION	5/1/2016	7.650	%	22,000	23,905	23,958
NORDSON CORP	7/26/2017	2.270	%	15,000	15,000	14,993
STERICYCLE INC	10/15/2017	3.890	%	800	842	837
WASTE MANAGEMENT INC	3/11/2015	6.375	%	1,040	1,049	1,051
WASTE MANAGEMENT INC	9/1/2016	2.600	%	11,954	12,040	12,229
TOTAL CAPITAL GOODS					95,549	95,810
COMMUNICATIONS
A&E TELEVISION NETWORKS LLC	8/22/2019	3.110	%	5,000	5,075	5,032
BSKYB FINANCE UK PLC	10/15/2015	5.625	%	11,960	12,321	12,411
DEUTSCHE TELEKOM INTERNATIONAL	4/11/2016	3.125	%	10,000	10,071	10,249
ORANGE SA	9/14/2016	2.750	%	7,500	7,487	7,664

F-45

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
QWEST CORP	6/15/2015	7.625	%	510	510	524
SCRIPPS NETWORKS INTERACTIVE	12/15/2016	2.700	%	2,016	2,073	2,071
SCRIPPS NETWORKS INTERACTIVE	11/15/2019	2.750	%	6,054	6,062	6,079
TCM SUB LLC	1/15/2015	3.550	%	32,561	32,570	32,584
TELEFONICA EMISIONES	4/27/2015	3.729	%	4,500	4,500	4,540
TOTAL COMMUNICATIONS					80,669	81,154
CONSUMER CYCLICAL
AUTOLIV ASP INC	4/23/2019	2.840	%	5,000	5,000	4,973
BEST BUY CO INC	3/15/2016	3.750	%	10,000	9,942	10,163
YUM! BRANDS INC.	4/15/2016	6.250	%	15,700	16,608	16,660
TOTAL CONSUMER CYCLICAL					31,550	31,796
CONSUMER NON-CYCLICAL
ANHEUSER-BUSCH INBEV FINANCE I	1/17/2018	1.250	%	37,180	36,585	36,780
CLOROX COMPANY	1/15/2015	5.000	%	2,900	2,905	2,903
CLOROX COMPANY	10/15/2017	5.950	%	21,640	24,206	24,128
CONAGRA FOODS INC	9/10/2015	1.350	%	5,000	5,004	5,020
CONAGRA FOODS INC	1/25/2018	1.900	%	9,375	9,415	9,313
DIAGEO CAPITAL PLC	5/11/2017	1.500	%	31,885	32,012	31,927
DIAGEO FINANCE	10/28/2015	5.300	%	1,875	1,947	1,944
ESSILOR INTERNATIONAL	3/15/2017	2.650	%	7,500	7,500	7,636
ESSILOR INTERNATIONAL	5/4/2017	1.840	%	15,000	15,018	14,988
EXPRESS SCRIPTS HOLDING	5/15/2016	3.125	%	7,000	7,079	7,196
GENERAL MILLS INC	10/20/2017	1.400	%	30,000	29,995	29,873
HEINEKEN NV	10/1/2015	0.800	%	13,800	13,795	13,815
KELLOGG COMPANY	5/30/2016	4.450	%	7,450	7,788	7,835
KELLOGG COMPANY	11/17/2016	1.875	%	5,000	5,077	5,069
KROGER COMPANY	10/1/2015	3.900	%	4,000	4,054	4,086
MARS INC	10/11/2017	2.190	%	35,000	35,000	34,917
MCKESSON CORP	12/4/2015	0.950	%	3,430	3,437	3,438
SABMILLER HOLDINGS INC	1/15/2015	1.850	%	16,195	16,202	16,201
SODEXO INC	3/4/2019	2.710	%	10,000	10,000	9,969
TYSON FOODS INC	8/15/2019	2.650	%	7,603	7,683	7,672
WM WRIGLEY JR CO	10/21/2016	1.400	%	15,960	16,038	15,973
WM WRIGLEY JR CO	10/20/2017	2.000	%	7,746	7,867	7,802
TOTAL CONSUMER NON-CYCLICAL					298,607	298,485
ELECTRIC
AEP TEXAS CENTRAL CO	4/30/2019	2.610	%	8,000	8,000	7,926
AMERICAN ELECTRIC POWER COMPANY	12/15/2017	1.650	%	5,674	5,697	5,675
APPALACHIAN POWER CO	5/24/2015	3.400	%	15,000	15,025	15,161
ARIZONA PUBLIC SERVICE CO	5/15/2015	4.650	%	647	656	656

F-46

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
ARIZONA PUBLIC SERVICE CO	8/1/2016	6.250	%	1,505	1,623	1,630
CENTERPOINT ENERGY INC	2/1/2017	5.950	%	10,000	10,965	10,904
CONSUMERS ENERGY COMPANY	10/15/2015	2.600	%	10,000	10,051	10,104
DOMINION RESOURCES	9/15/2017	1.400	%	1,850	1,852	1,834
DTE ENERGY COMPANY	6/1/2016	6.350	%	1,260	1,333	1,352
DUKE ENERGY CORP	4/1/2015	3.350	%	7,000	7,019	7,045
DUKE ENERGY CORP	8/15/2017	1.625	%	9,365	9,417	9,371
ELECTRIC TRANSMISSION TEXAS	6/28/2018	3.690	%	25,000	26,154	25,819
NEVADA PWR CO	3/15/2016	5.950	%	11,000	11,548	11,645
NEXTERA ENERGY CAPITAL HOLDING	6/1/2015	1.200	%	11,025	11,041	11,046
NORTHEAST UTILS	5/1/2018	1.450	%	16,755	16,540	16,501
ONCOR ELECTRIC DELIVERY CO LLC	1/15/2015	6.375	%	5,210	5,219	5,217
TRANSALTA CORP	1/15/2015	4.750	%	8,600	8,607	8,609
TRANSALTA CORP	6/3/2017	1.900	%	27,905	27,978	27,787
VIRGINIA ELECTRIC AND POWER CO	1/15/2016	5.400	%	1,500	1,572	1,572
XCEL ENERGY INC	5/9/2016	0.750	%	6,029	6,032	6,018
TOTAL ELECTRIC					186,329	185,872
ENERGY
ANADARKO PETROLEUM CORP	9/15/2016	5.950	%	19,681	21,029	21,046
APACHE CORP	4/15/2017	1.750	%	9,472	9,593	9,463
BP CAPITAL MARKETS PLC	3/11/2016	3.200	%	10,710	11,033	10,999
CANADIAN NATURAL RESOURCES LTD	8/15/2016	6.000	%	3,145	3,400	3,405
CANADIAN NATURAL RESOURCES LTD	5/15/2017	5.700	%	13,300	14,570	14,418
CENTERPOINT ENERGY RESOURCES	5/1/2016	6.150	%	1,395	1,490	1,487
CHESAPEAKE ENERGY CORP	8/15/2017	6.500	%	210	209	224
COLORADO INTERSTATE GAS CO LTD	3/15/2015	5.950	%	1,977	1,992	1,999
COLORADO INTERSTATE GAS CO LTD	11/15/2015	6.800	%	35,318	36,619	36,942
KERN RIVER FDG CORP	4/30/2018	4.893	%	10,579	11,340	11,317
KINDER MORGAN ENERGY PARTNERS	2/15/2015	5.625	%	17,605	17,683	17,694
MARATHON OIL CORP	11/1/2015	0.900	%	27,625	27,643	27,544
MARATHON PETROLEUM CORP	3/1/2016	3.500	%	15,328	15,796	15,707
NOBLE HOLDING INTERNATIONAL	3/1/2016	3.050	%	26,651	27,101	26,885
NOBLE HOLDING INTERNATIONAL	3/15/2017	2.500	%	5,000	5,065	4,783
NORTHWEST PIPELINE LLC	6/15/2016	7.000	%	6,780	7,244	7,361
PANHANDLE EASTERN PIPE LINE	11/1/2017	6.200	%	5,000	5,649	5,557
PHILLIPS 66	5/1/2017	2.950	%	17,360	18,038	17,929
PLAINS ALL AMERICAN PIPELINE	9/15/2015	3.950	%	8,000	8,125	8,164

F-47

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
SOUTHERN NAT GAS CO LLC	4/1/2017	5.900	%	3,296	3,614	3,544
SOUTHERN STAR CENTRAL GAS PIPE	6/1/2016	6.000	%	9,449	9,888	9,933
TRANSCONTINENTAL GAS PIPE LINE	4/15/2016	6.400	%	649	680	692
TOTAL ENERGY					257,801	257,093
FINANCE COMPANIES
GENERAL ELECTRIC CAP CORP	10/17/2016	3.350	%	25,000	25,767	25,997
GENERAL ELECTRIC CAP CORP	7/2/2015	1.625	%	7,000	7,014	7,042
GENERAL ELECTRIC CAP CORP	1/8/2016	1.000	%	4,000	3,996	4,015
TOTAL FINANCE COMPANIES					36,777	37,054
INSURANCE
ANTHEM INC	9/10/2015	1.250	%	14,375	14,396	14,433
TOTAL INSURANCE					14,396	14,433
NATURAL GAS
SEMPRA ENERGY	4/1/2017	2.300	%	3,950	4,044	4,023
TOTAL NATURAL GAS					4,044	4,023
TECHNOLOGY
HEWLETT-PACKARD CO	9/15/2016	3.000	%	30,000	30,389	30,803
SAP IRELAND US FINANCIAL SERVICES	10/14/2017	2.950	%	3,000	3,075	3,062
SAP IRELAND US FINANCIAL SERVICES	6/1/2016	2.770	%	15,000	15,295	15,262
SAP IRELAND US FINANCIAL SERVICES	11/15/2017	2.130	%	10,000	10,000	9,981
TOTAL TECHNOLOGY					58,759	59,108
TRANSPORTATION
CSX CORPORATION	4/1/2015	6.250	%	367	371	372
UNION PACIFIC CORPORATION	2/1/2016	7.000	%	12,500	13,247	13,306
TOTAL TRANSPORTATION					13,618	13,678
TOTAL - CORPORATE DEBT SECURITIES					1,108,780	1,109,244
STRUCTURED SECURITIES
MERRILL LYNCH ELLIOTT & PAIGE	2/23/2010	2.209	%	11,000	—	—	c, d
TOTAL STRUCTURED SECURITIES					—	—
TOTAL - FIXED MATURITIES					4,222,747	4,212,187
COMMON STOCKS
BUILDING PRODCUTS
CONTECH ENGINEERED SOLUTIONS				13	296	515	d
TOTAL BUILDING PRODUCTS					296	515
CHEMICALS
LYONDELLBASELL INDUSTRIES NV				16	82	1,285
TOTAL CHEMICALS					82	1,285
CONGLOMERATES/DIVERSIFIED MFG
DAYCO LLC				10	115	353
TOTAL CONGLOMERATES/DIVERSIFIED MFG					115	353

F-48

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
ELECTRONIC/INFO/DATATECH
EAGLE TOPCO 2013 LTD				210	—	—	d
TOTAL ELECTRONIC/INFO/DATATECH					—	—
FINANCE - OTHER
NPF XII INC -ABS				10,000	—	—	d
TOTAL FINANCE - OTHER					—	—
GAMING
HERBST GAMING INC				9	87	87	d
TROPICANA ENTERTAINMENT LLC				4	—	73	d
TOTAL GAMING					87	160
MEDIA
CENGAGE LEARNING INC				4	128	85	d
CUMULUS MED INC				23	69	97	d
DEX ONE CORP				—	—	—
MEDIANEWS GRP INC				3	41	110	d
MGM HOLDINGS II INC				37	714	2,777	c, d
TRIBUNE MEDIA COMPANY				13	576	767	d
TOTAL MEDIA					1,528	3,836
METALS/MINING
ALERIS INTERNATIONAL INC				5	184	209	d
TOTAL METALS/MINING					184	209
PUBLISHING
TRIBUNE PUBLISHING CO				3	1	73
TOTAL PUBLISHING					1	73
TELECOMMUNICATIONS
HAWAIIAN TELCOM HOLDCO INC				3	50	92	c, d
TOTAL TELECOMMUNICATIONS					50	92
TOTAL - COMMON STOCKS					2,343	6,523
SYNDICATED LOANS
BASIC INDUSTRY
CELANESE US HOLDINGS LLC	10/31/2018	2.485	%	707	706	706
FMG RESOURCES -AUGUST 2006- PT	6/30/2019	3.750	%	997	992	992
HUNTSMAN INTERNATIONAL LLC	4/19/2017	0.027	%	1,168	1,165	1,165
HUNTSMAN INTERNATIONAL LLC	4/19/2017	0.029	%	433	430	430
TRONOX PIGMENTS -NETHERLANDS	3/19/2020	4.000	%	1,000	993	993
UNIVAR INC	6/30/2017	5.000	%	499	480	480
TOTAL BASIC INDUSTRY					4,766	4,766
BROKERAGE
LPL HOLDINGS	3/29/2019	3.250	%	740	732	732
TOTAL BROKERAGE					732	732
CAPITAL GOODS

F-49

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
ACCUDYNE INDUSTRIES BORROWER	12/13/2019	4.000	%	984	969	969
B/E AEROSPACE INC	12/16/2021	4.000	%	150	149	149
BERRY PLASTICS CORP	2/8/2020	3.500	%	997	982	982
BERRY PLASTICS GROUP INC	1/6/2021	3.750	%	2,024	1,997	1,997
CROSBY US ACQUISITION CORP	11/23/2020	3.750	%	997	995	995
IMG WORLDWIDE INC	5/6/2021	5.250	%	1,000	991	991
REYNOLDS GROUP HOLDINGS INC	12/1/2018	4.000	%	997	997	997
SPIRIT AROSYSTMS	9/15/2020	3.250	%	997	991	991
TRANSDIGM INC	2/28/2020	3.750	%	997	993	993
WCA WASTE	3/23/2018	4.000	%	734	734	734
WESCO AIRCRAFT	2/28/2021	3.250	%	995	983	983
TOTAL CAPITAL GOODS					10,781	10,781
COMMUNICATIONS
CHARTER COMMUN HLDGS LLC	1/3/2021	3.000	%	1,314	1,293	1,293
CSC HLDGS LLC	4/17/2020	2.656	%	871	859	859
DEX ONE CORP	12/31/2016	9.750	%	290	183	183
INTELSAT HOLDINGS SA	6/30/2019	3.750	%	1,000	984	984
ION MEDIA NETWORKS INC	12/18/2020	4.750	%	350	348	348
MEDIACOM LLC	1/31/2015	1.640	%	401	401	401
NATIONAL CNEMDIA	11/26/2019	2.984	%	1,000	977	977
NIELSEN FINANCE LLC	4/15/2021	3.158	%	755	754	754
SINCLAIR TELEVISION GROUP INC	4/9/2020	3.000	%	1,000	984	984
SONIFI SOLUTIONS INC	3/28/2018	6.750	%	309	260	260
SOUTHWIRE CO	2/10/2021	3.250	%	1,000	985	985
SUPERMEDIA INC	12/30/2016	11.600	%	202	141	141
TRIBUNE MEDIA COMPANY	12/27/2020	4.000	%	1,867	1,862	1,862
WINDSTREAM CORP	8/8/2019	3.500	%	1,000	987	987
YELL FINANCE LTD	3/1/2019	5.247	%	234	188	188
YELL FINANCE LTD	3/1/2024	1.234	%	543	—	—	d
YELL FINANCE LTD	3/1/2019	—	%	22	—	—
TOTAL COMMUNICATIONS					11,206	11,206
CONSUMER CYCLICAL
CREATIVE ARTISTS AGENCY LLC	12/17/2021	5.500	%	150	149	149
LAS VEGAS SANDS LLC	12/19/2020	3.250	%	556	544	544
PENN NTL GAMING INC	10/30/2020	3.250	%	997	992	992
REGAL CINEMAS CORP	8/23/2017	2.680	%	997	992	992
SABRE INC	2/19/2019	4.000	%	278	278	278
TOTAL CONSUMER CYCLICAL					2,955	2,955
CONSUMER NON-CYCLICAL
ARAMARK SERVICES INC	7/26/2016	3.666	%	49	49	49
ARAMARK SERVICES INC	7/26/2016	3.666	%	27	27	27

F-50

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
ARAMARK SERVICES INC	2/24/2021	3.250	%	743	740	740
BIOMET INC	7/25/2017	3.670	%	1,763	1,751	1,751
CATALENT PHARMA SOLUTIONS	5/20/2021	4.250	%	677	672	672
ENDO LUXEMBOURG FINANCE	3/1/2021	3.250	%	997	993	993
GRIFOLS WOLRDWIDE OPERATIONS U	2/27/2021	3.156	%	997	992	992
HCA-THE HEALTHCARE	5/1/2018	2.983	%	1,172	1,170	1,170
HJ HEINZ CO	6/5/2020	3.500	%	866	857	857
JARDEN CORP	9/30/2020	2.906	%	209	209	209
JBS USA LLC	9/18/2020	3.750	%	1,000	985	985
MALLINCKRODT INTERNATIONAL	3/19/2021	3.500	%	997	996	996
PARTY CITY HOLDINGS INC	7/27/2019	4.000	%	997	989	989
RPI FINANCE TRUST	11/9/2016	2.733	%	997	997	997
US FOODS INC	3/31/2019	4.500	%	1,500	1,493	1,493
VARSITY BRANDS INC.	12/10/2021	6.000	%	125	124	124
TOTAL CONSUMER NON-CYCLICAL					13,044	13,044
ELECTRIC
CALPINE CORP	10/22/2020	4.000	%	1,000	991	991
ENERGY FUTURE HOLDINGS CORP	4/25/2015	—	%	1,883	1,868	1,868
EQUIPOWER RESOURCES HOLDINGS	12/21/2018	5.500	%	2,000	1,998	1,998
STAR WEST GENERATION LLC	3/13/2020	4.250	%	1,000	997	997
VIVA ALAMO LLC	2/22/2021	5.250	%	274	272	272
TOTAL ELECTRIC					6,126	6,126
OTHER INDUSTRY
BELDEN INC	9/27/2020	3.250	%	997	997	997
TOTAL OTHER INDUSTRY					997	997
OTHER UTILITY
SANDY CREEK	11/9/2020	5.000	%	1,000	996	996
TOTAL UTILITY					996	996
TECHNOLOGY
AVAGO TECHNOLOGIES LTD	5/6/2021	3.750	%	995	995	995
DELL INC	10/29/2018	3.750	%	973	973	973
FREESCALE SEMICONDUCTOR INC	2/28/2020	4.250	%	1,477	1,452	1,452
MICROSEMI CORP	2/19/2020	3.250	%	1,000	990	990
TOTAL TECHNOLOGY					4,410	4,410

F-51

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)		Carrying Value (Note a)
TRANSPORTATION
AMERICAN AIRLINES	6/27/2019	3.750	%	997	993		993
DELTA AIR LINES INC	10/18/2018	3.250	%	1,000	984		984
HERTZ CORPORATION	3/11/2018	3.500	%	997	983		983
TOTAL TRANSPORTATION					2,960		2,960
TOTAL - SYNDICATED LOANS BEFORE ALLOWANCE FOR LOAN LOSSES					58,973		58,973
ALLOWANCE FOR LOAN LOSSES					(1,123	)	(1,123	)
TOTAL - SYNDICATED LOANS, NET					57,850		57,850
DERIVATIVES
PURCHASED OPTIONS
BNP PARIBAS SA	2/10/2015			—	1,300		1,300
BNP PARIBAS SA	2/17/2015			—	1,146		1,146
BNP PARIBAS SA	2/24/2015			—	1,199		1,199
BNP PARIBAS SA	3/10/2015			—	1,002		1,002
BNP PARIBAS SA	3/17/2015			—	1,092		1,092
BNP PARIBAS SA	3/24/2015			—	1,193		1,193
BNP PARIBAS SA	4/21/2015			—	1,042		1,042
BNP PARIBAS SA	4/28/2015			—	1,081		1,081
BNP PARIBAS SA	8/18/2015			—	800		800
BNP PARIBAS SA	9/8/2015			—	741		741
BNP PARIBAS SA	9/22/2015			—	680		680
BNP PARIBAS SA	10/6/2015			—	821		821
BNP PARIBAS SA	10/13/2015			—	1,055		1,055
BNP PARIBAS SA	10/27/2015			—	671		671
BNP PARIBAS SA	11/17/2015			—	491		491
BNP PARIBAS SA	11/24/2015			—	417		417
BNP PARIBAS SA	12/15/2015			—	775		775
BNP PARIBAS SA	12/22/2015			—	512		512
S & P 500 PLOT	2/3/2015			—	1,635		1,635
WELLS FARGO BANK NA	1/6/2015			—	1,057		1,057
WELLS FARGO BANK NA	1/13/2015			—	1,247		1,247
WELLS FARGO BANK NA	1/20/2015			—	1,221		1,221
WELLS FARGO BANK NA	1/27/2015			—	1,589		1,589
WELLS FARGO BANK NA	3/3/2015			—	1,082		1,082
WELLS FARGO BANK NA	3/31/2015			—	1,044		1,044
WELLS FARGO BANK NA	4/7/2015			—	1,130		1,130
WELLS FARGO BANK NA	4/14/2015			—	1,317		1,317
WELLS FARGO BANK NA	5/5/2015			—	1,091		1,091
WELLS FARGO BANK NA	5/12/2015			—	956		956

F-52

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
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	5/19/2015		—	1,081		1,081
WELLS FARGO BANK NA	5/26/2015		—	890		890
WELLS FARGO BANK NA	6/2/2015		—	919		919
WELLS FARGO BANK NA	6/9/2015		—	907		907
WELLS FARGO BANK NA	6/16/2015		—	909		909
WELLS FARGO BANK NA	6/23/2015		—	713		713
WELLS FARGO BANK NA	6/30/2015		—	615		615
WELLS FARGO BANK NA	7/7/2015		—	635		635
WELLS FARGO BANK NA	7/14/2015		—	642		642
WELLS FARGO BANK NA	7/21/2015		—	628		628
WELLS FARGO BANK NA	7/28/2015		—	606		606
WELLS FARGO BANK NA	8/4/2015		—	818		818
WELLS FARGO BANK NA	8/11/2015		—	866		866
WELLS FARGO BANK NA	8/25/2015		—	742		742
WELLS FARGO BANK NA	9/1/2015		—	648		648
WELLS FARGO BANK NA	9/15/2015		—	655		655
WELLS FARGO BANK NA	9/29/2015		—	783		783
WELLS FARGO BANK NA	10/20/2015		—	869		869
WELLS FARGO BANK NA	11/3/2015		—	559		559
WELLS FARGO BANK NA	11/10/2015		—	506		506
WELLS FARGO BANK NA	12/1/2015		—	500		500
WELLS FARGO BANK NA	12/8/2015		—	486		486
WELLS FARGO BANK NA	12/29/2015		—	500		500
TOTAL PURCHASED OPTIONS				45,864		45,864
WRITTEN OPTIONS
BNP PARIBAS SA	2/10/2015		—	(1,118	)	(1,118	)
BNP PARIBAS SA	2/10/2015		—	(30	)	(30	)
BNP PARIBAS SA	2/17/2015		—	(991	)	(991	)
BNP PARIBAS SA	2/17/2015		—	(13	)	(13	)
BNP PARIBAS SA	2/24/2015		—	(1,038	)	(1,038	)
BNP PARIBAS SA	2/24/2015		—	(13	)	(13	)
BNP PARIBAS SA	3/10/2015		—	(842	)	(842	)
BNP PARIBAS SA	3/10/2015		—	(24	)	(24	)
BNP PARIBAS SA	3/17/2015		—	(940	)	(940	)
BNP PARIBAS SA	3/17/2015		—	(12	)	(12	)
BNP PARIBAS SA	3/24/2015		—	(1,032	)	(1,032	)
BNP PARIBAS SA	3/24/2015		—	(12	)	(12	)
BNP PARIBAS SA	4/21/2015		—	(901	)	(901	)
BNP PARIBAS SA	4/21/2015		—	(12	)	(12	)
BNP PARIBAS SA	4/28/2015		—	(937	)	(937	)

F-53

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
Issuer	Maturity Date	Coupon Rate	Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)		Carrying Value (Note a)
BNP PARIBAS SA	4/28/2015		—	(12	)	(12	)
BNP PARIBAS SA	8/18/2015		—	(680	)	(680	)
BNP PARIBAS SA	8/18/2015		—	(8	)	(8	)
BNP PARIBAS SA	9/8/2015		—	(630	)	(630	)
BNP PARIBAS SA	9/8/2015		—	(8	)	(8	)
BNP PARIBAS SA	9/22/2015		—	(580	)	(580	)
BNP PARIBAS SA	9/22/2015		—	(9	)	(9	)
BNP PARIBAS SA	10/6/2015		—	(715	)	(715	)
BNP PARIBAS SA	10/6/2015		—	(12	)	(12	)
BNP PARIBAS SA	10/13/2015		—	(939	)	(939	)
BNP PARIBAS SA	10/13/2015		—	(16	)	(16	)
BNP PARIBAS SA	10/27/2015		—	(574	)	(574	)
BNP PARIBAS SA	10/27/2015		—	(9	)	(9	)
BNP PARIBAS SA	11/17/2015		—	(423	)	(423	)
BNP PARIBAS SA	11/17/2015		—	(8	)	(8	)
BNP PARIBAS SA	11/24/2015		—	(356	)	(356	)
BNP PARIBAS SA	11/24/2015		—	(7	)	(7	)
BNP PARIBAS SA	12/15/2015		—	(687	)	(687	)
BNP PARIBAS SA	12/15/2015		—	(12	)	(12	)
BNP PARIBAS SA	12/22/2015		—	(441	)	(441	)
BNP PARIBAS SA	12/22/2015		—	(7	)	(7	)
CME GROUP INC	2/3/2015		—	(21	)	(21	)
S&P 500 INDEX®	2/3/2015		—	(1,471	)	(1,471	)
WELLS FARGO BANK NA	1/6/2015		—	(905	)	(905	)
WELLS FARGO BANK NA	1/6/2015		—	(13	)	(13	)
WELLS FARGO BANK NA	1/13/2015		—	(1,070	)	(1,070	)
WELLS FARGO BANK NA	1/13/2015		—	(12	)	(12	)
WELLS FARGO BANK NA	1/20/2015		—	(1,046	)	(1,046	)
WELLS FARGO BANK NA	1/20/2015		—	(12	)	(12	)
WELLS FARGO BANK NA	1/27/2015		—	(1,407	)	(1,407	)
WELLS FARGO BANK NA	1/27/2015		—	(17	)	(17	)
WELLS FARGO BANK NA	3/3/2015		—	(909	)	(909	)
WELLS FARGO BANK NA	3/3/2015		—	(22	)	(22	)
WELLS FARGO BANK NA	3/31/2015		—	(896	)	(896	)
WELLS FARGO BANK NA	3/31/2015		—	(11	)	(11	)
WELLS FARGO BANK NA	4/7/2015		—	(965	)	(965	)
WELLS FARGO BANK NA	4/7/2015		—	(28	)	(28	)
WELLS FARGO BANK NA	4/14/2015		—	(1,156	)	(1,156	)
WELLS FARGO BANK NA	4/14/2015		—	(15	)	(15	)
WELLS FARGO BANK NA	5/5/2015		—	(951	)	(951	)

F-54

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
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	5/5/2015		—	(13	)	(13	)
WELLS FARGO BANK NA	5/12/2015		—	(823	)	(823	)
WELLS FARGO BANK NA	5/12/2015		—	(11	)	(11	)
WELLS FARGO BANK NA	5/19/2015		—	(944	)	(944	)
WELLS FARGO BANK NA	5/19/2015		—	(13	)	(13	)
WELLS FARGO BANK NA	5/26/2015		—	(762	)	(762	)
WELLS FARGO BANK NA	5/26/2015		—	(11	)	(11	)
WELLS FARGO BANK NA	6/2/2015		—	(785	)	(785	)
WELLS FARGO BANK NA	6/2/2015		—	(10	)	(10	)
WELLS FARGO BANK NA	6/9/2015		—	(768	)	(768	)
WELLS FARGO BANK NA	6/9/2015		—	(8	)	(8	)
WELLS FARGO BANK NA	6/16/2015		—	(760	)	(760	)
WELLS FARGO BANK NA	6/16/2015		—	(18	)	(18	)
WELLS FARGO BANK NA	6/23/2015		—	(603	)	(603	)
WELLS FARGO BANK NA	6/23/2015		—	(9	)	(9	)
WELLS FARGO BANK NA	6/30/2015		—	(512	)	(512	)
WELLS FARGO BANK NA	6/30/2015		—	(7	)	(7	)
WELLS FARGO BANK NA	7/7/2015		—	(535	)	(535	)
WELLS FARGO BANK NA	7/7/2015		—	(8	)	(8	)
WELLS FARGO BANK NA	7/14/2015		—	(537	)	(537	)
WELLS FARGO BANK NA	7/14/2015		—	(8	)	(8	)
WELLS FARGO BANK NA	7/21/2015		—	(523	)	(523	)
WELLS FARGO BANK NA	7/21/2015		—	(7	)	(7	)
WELLS FARGO BANK NA	7/28/2015		—	(508	)	(508	)
WELLS FARGO BANK NA	7/28/2015		—	(8	)	(8	)
WELLS FARGO BANK NA	8/4/2015		—	(706	)	(706	)
WELLS FARGO BANK NA	8/4/2015		—	(11	)	(11	)
WELLS FARGO BANK NA	8/11/2015		—	(746	)	(746	)
WELLS FARGO BANK NA	8/11/2015		—	(11	)	(11	)
WELLS FARGO BANK NA	8/25/2015		—	(604	)	(604	)
WELLS FARGO BANK NA	8/25/2015		—	(23	)	(23	)
WELLS FARGO BANK NA	9/1/2015		—	(546	)	(546	)
WELLS FARGO BANK NA	9/1/2015		—	(8	)	(8	)
WELLS FARGO BANK NA	9/15/2015		—	(555	)	(555	)
WELLS FARGO BANK NA	9/15/2015		—	(8	)	(8	)
WELLS FARGO BANK NA	9/29/2015		—	(672	)	(672	)
WELLS FARGO BANK NA	9/29/2015		—	(10	)	(10	)
WELLS FARGO BANK NA	10/20/2015		—	(758	)	(758	)
WELLS FARGO BANK NA	10/20/2015		—	(12	)	(12	)
WELLS FARGO BANK NA	11/3/2015		—	(485	)	(485	)

F-55

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2014
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	11/3/2015		—	(9		)	(9		)
WELLS FARGO BANK NA	11/10/2015		—	(434		)	(434		)
WELLS FARGO BANK NA	11/10/2015		—	(8		)	(8		)
WELLS FARGO BANK NA	12/8/2015		—	(419		)	(419		)
WELLS FARGO BANK NA	12/8/2015		—	(8		)	(8		)
WELLS FARGO BANK NA	12/29/2015		—	(430		)	(430		)
WELLS FARGO BANK NA	12/29/2015		—	(7		)	(7		)
WELLS FARGO BANK NA/MN	12/1/2015		—	(430		)	(430		)
WELLS FARGO BANK NA/MN	12/1/2015		—	(7		)	(7		)
TOTAL WRITTEN OPTIONS				(40,073		)	(40,073		)
NONPERFORMANCE RISK ADJUSTMENTS
NONPERFORMANCE RISK ADJUSTMENT			—	(7		)	(7		)
TOTAL NON PERFORMANCE RISK ADJUSTMENTS				(7		)	(7		)
TOTAL DERIVATIVES				5,784			5,784
TOTAL INVESTMENTS IN CASH EQUIVALENTS, FIXED MATURITIES, COMMON STOCK, SYNDICATED LOANS AND DERIVATIVES				$	4,316,522		$	4,310,142
NOTES (a) Cash equivalents are carried at amortized cost which approximates fair value. Fixed maturities and common stock 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 traded in over-the-counter markets using pricing models with market observable inputs. See notes to the financial statements regarding security valuation. (b) For Federal income tax purposes, the cost of investments is $4.3 billion. (c) Securities written down due to other-than-temporary impairment related to credit losses. (d) Non-Income producing securities.

F-56

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2013
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares		Amortized Cost (Notes a & b)		Carrying Value (Note a)
CASH EQUIVALENTS
COMMERCIAL PAPER
DTE GAS CO	1/7/2014	—	%	$	15,000	$	15,000	$	15,000
LIBERTY STREET FUNDING LLC	1/2/2014	—	%	36,600		36,600		36,600
NOBLE CORP/CAYMAN ISLANDS	1/6/2014	—	%	20,000		19,998		19,998
TOTAL CASH EQUIVALENTS						71,598		71,598
FIXED MATURITIES
U.S. GOVERNMENT AND AGENCIES OBLIGATIONS
UNITED STATES TREASURY	11/15/2028	5.250	%	200		213		241
UNITED STATES TREASURY	5/15/2014	4.750	%	165		166		168
TOTAL - U.S. GOVERNMENT AND AGENCIES OBLIGATIONS						379		409
RESIDENTIAL MORTGAGE BACKED SECURITIES
AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES:
FREDDIE MAC GOLD G10949	7/1/2014	6.500	%	7		7		7
FREDDIE MAC GOLD G11004	4/1/2015	7.000	%	12		12		12
FREDDIE MAC GOLD G11193	8/1/2016	5.000	%	420		418		445
FREDDIE MAC GOLD G11298	8/1/2017	5.000	%	748		747		791
FREDDIE MAC ARM 845154	7/1/2022	2.338	%	60		61		63
FREDDIE MAC ARM 845523	11/1/2023	2.252	%	23		24		24
FREDDIE MAC ARM 845654	2/1/2024	2.611	%	250		251		266
FREDDIE MAC ARM 845730	11/1/2023	2.311	%	229		231		236
FREDDIE MAC ARM 845733	4/1/2024	2.359	%	299		302		305
FREDDIE MAC ARM 846702	10/1/2029	2.448	%	82		84		88
FREDDIE MAC ARM 846107	2/1/2025	2.740	%	67		68		69
FREDDIE MAC GOLD G30227	5/1/2023	5.500	%	1,266		1,304		1,382
FREDDIE MAC GOLD E76761	5/1/2014	6.500	%	12		12		12
FREDDIE MAC GOLD E77557	6/1/2014	6.500	%	1		1		1
FREDDIE MAC GOLD E90153	6/1/2017	6.000	%	163		166		171
FREDDIE MAC GOLD E90154	6/1/2017	6.000	%	497		506		519
FREDDIE MAC GOLD E91041	9/1/2017	5.000	%	617		617		653
FREDDIE MAC GOLD E95403	3/1/2018	5.000	%	767		779		812
FREDDIE MAC GOLD E95671	4/1/2018	5.000	%	963		978		1,020
FREDDIE MAC 1N1474	5/1/2037	2.385	%	4,329		4,504		4,627
FREDDIE MAC 1H2520	6/1/2035	2.394	%	14,603		15,541		15,372
FREDDIE MAC 1Q1540	6/1/2040	5.243	%	24,684		26,425		26,450
FREDDIE MAC 1Q1515	11/1/2038	2.522	%	50,724		53,747		53,941
FREDDIE MAC 1Q1548	8/1/2038	2.485	%	23,379		24,676		24,769
FREDDIE MAC ARM 350190	5/1/2022	2.375	%	54		55		56
FREDDIE MAC GOLD E01140	5/1/2017	6.000	%	899		912		944
FREDDIE MAC ARM 788941	12/1/2031	2.375	%	137		135		145
FREDDIE MAC 848922	4/1/2037	2.537	%	13,725		14,685		14,539

F-57

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2013
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
FREDDIE MAC ARM 848530	9/1/2039	3.452	%	13,269	14,047	14,013
FREDDIE MAC GOLD C90581	8/1/2022	5.500	%	360	358	393
FREDDIE MAC GOLD C90582	9/1/2022	5.500	%	215	214	235
FREDDIE MAC ARM 1B0183	12/1/2031	2.781	%	128	126	129
FREDDIE MAC ARM 780845	9/1/2033	2.375	%	468	455	490
FREDDIE MAC ARM 780514	5/1/2033	2.381	%	983	1,005	1,030
FREDDIE MAC ARM 605041	2/1/2019	2.267	%	11	11	11
FREDDIE MAC ARM 605048	11/1/2018	1.928	%	5	5	5
FREDDIE MAC ARM 840031	1/1/2019	2.250	%	5	5	5
FREDDIE MAC ARM 840035	1/1/2019	2.250	%	38	38	39
FREDDIE MAC ARM 840036	1/1/2019	2.250	%	22	22	23
FREDDIE MAC ARM 840072	6/1/2019	2.125	%	48	48	49
FREDDIE MAC ARM 405014	1/1/2019	2.260	%	26	26	26
FREDDIE MAC ARM 405092	3/1/2019	2.125	%	37	37	38
FREDDIE MAC ARM 405185	10/1/2018	2.172	%	66	65	69
FREDDIE MAC ARM 405243	7/1/2019	2.260	%	51	51	51
FREDDIE MAC ARM 405437	10/1/2019	2.275	%	54	54	57
FREDDIE MAC ARM 405615	10/1/2019	2.107	%	24	24	25
FREDDIE MAC ARM 605432	8/1/2017	2.088	%	28	28	28
FREDDIE MAC ARM 605433	9/1/2017	2.021	%	51	51	53
FREDDIE MAC ARM 605454	10/1/2017	2.151	%	22	22	22
FREDDIE MAC ARM 606024	2/1/2019	1.958	%	40	39	40
FREDDIE MAC ARM 606025	7/1/2019	1.700	%	142	142	142
FREDDIE MAC ARM 785363	2/1/2025	2.592	%	114	115	119
FREDDIE MAC ARM 865008	2/1/2018	2.598	%	62	63	64
FREDDIE MAC ARM 780903	9/1/2033	2.375	%	606	601	641
FREDDIE MAC ARM 781884	8/1/2034	5.209	%	2,644	2,675	2,807
FANNIE MAE_99-8 CMO 8 QD	3/25/2014	6.000	%	8	8	8
FANNIE MAE ARM 70117	9/1/2017	2.382	%	6	6	6
FANNIE MAE ARM 70007	7/1/2017	1.883	%	23	23	24
FANNIE MAE ARM 105989	8/1/2020	3.541	%	28	29	28
FANNIE MAE ARM 88879	11/1/2019	2.631	%	126	126	127
FANNIE MAE ARM 89125	8/1/2019	1.873	%	133	134	133
FANNIE MAE ARM 190726	3/1/2033	4.825	%	265	270	285
FANNIE MAE 13-2 13-2 KF	1/25/2037	0.346	%	22,936	22,879	22,818
FANNIE MAE ARM 249907	2/1/2024	2.625	%	296	298	315
FANNIE MAE 252259	2/1/2014	5.500	%	—	—	—
FANNIE MAE 252344	3/1/2014	5.500	%	8	8	9
FANNIE MAE 252381	4/1/2014	5.500	%	18	18	20
FANNIE MAE 254590	1/1/2018	5.000	%	2,292	2,297	2,441

F-58

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2013
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
FANNIE MAE 254591	1/1/2018	5.500	%	1,474	1,496	1,575
FANNIE MAE ARM 303259	3/1/2025	2.228	%	129	131	136
FANNIE MAE 303970	9/1/2024	6.000	%	786	777	881
FANNIE MAE 323748	4/1/2014	6.500	%	7	7	7
FANNIE MAE 323833	7/1/2014	6.000	%	9	9	9
FREDDIE MAC_3812 3812 BE	9/15/2018	2.750	%	4,562	4,613	4,711
FREDDIE MAC_4159 4159 FD	1/15/2043	0.517	%	23,829	23,919	23,890
FANNIE MAE 509806	8/1/2014	6.500	%	17	17	17
FANNIE MAE 545492	2/1/2022	5.500	%	410	406	451
FANNIE MAE 545249	10/1/2016	5.500	%	519	519	551
FANNIE MAE 545303	9/1/2016	5.000	%	1,241	1,232	1,320
FANNIE MAE ARM 545786	6/1/2032	2.290	%	242	242	254
FANNIE MAE HYBRID ARM 566074	5/1/2031	2.400	%	504	504	526
FANNIE MAE HYBRID ARM 584507	6/1/2031	2.285	%	351	350	365
FANNIE MAE 584829	5/1/2016	6.000	%	123	122	127
FANNIE MAE 585743	5/1/2016	5.500	%	384	384	408
FANNIE MAE 616220	11/1/2016	5.000	%	408	404	433
FANNIE MAE 617270	1/1/2017	5.000	%	651	647	693
FANNIE MAE ARM 620293	1/1/2032	2.400	%	566	560	586
FANNIE MAE 622462	12/1/2016	5.500	%	501	498	536
FANNIE MAE 623866	2/1/2017	5.000	%	600	598	638
FANNIE MAE 625943	3/1/2017	5.000	%	590	589	628
FANNIE MAE AL1037	1/1/2037	2.408	%	8,768	9,372	9,342
FANNIE MAE AL2269	10/1/2040	3.767	%	16,828	17,920	17,707
FANNIE MAE AL3935	9/1/2037	2.430	%	21,969	23,299	23,384
FANNIE MAE AL3961	2/1/2039	2.370	%	16,063	16,993	17,093
FANNIE MAE ARM AL4110	3/1/2037	2.342	%	18,239	19,238	19,158
FANNIE MAE ARM AL4100	9/1/2036	2.388	%	26,926	28,472	28,500
FANNIE MAE ARM AL4114	2/1/2039	2.571	%	22,187	23,603	23,604
FANNIE MAE AO8746	8/1/2027	2.500	%	36,502	37,837	36,251
FANNIE MAE ARM 651629	8/1/2032	2.381	%	347	347	367
FANNIE MAE ARM 654158	10/1/2032	1.790	%	663	663	690
FANNIE MAE ARM 654195	10/1/2032	1.790	%	977	977	1,018
FANNIE MAE ARM 655646	8/1/2032	2.408	%	466	467	492
FANNIE MAE ARM 655798	8/1/2032	2.284	%	795	794	847
FANNIE MAE ARM 661501	9/1/2032	2.191	%	213	214	223
FANNIE MAE ARM 661349	9/1/2032	2.231	%	289	289	300
FANNIE MAE ARM 661744	10/1/2032	2.203	%	533	535	557
FANNIE MAE ARM 664521	10/1/2032	2.080	%	201	201	211
FANNIE MAE ARM 664750	10/1/2032	2.152	%	481	482	507

F-59

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2013
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 670731	11/1/2032	1.790	%	507	509	526
FANNIE MAE ARM 670779	11/1/2032	1.790	%	1,136	1,143	1,210
FANNIE MAE ARM 670890	12/1/2032	1.797	%	724	727	748
FANNIE MAE ARM 670912	12/1/2032	1.790	%	592	593	611
FANNIE MAE ARM 670947	12/1/2032	1.794	%	896	900	925
FREDDIE MAC_2574 CMO 2574 JM	12/15/2022	5.000	%	383	385	392
FREDDIE MAC_2586 CMO 2586 GB	1/15/2023	5.500	%	625	630	644
FANNIE MAE_05-87 05-87 PE	12/25/2033	5.000	%	4,287	4,369	4,395
FANNIE MAE_06-36 06-36 GF	5/25/2036	0.466	%	12,149	12,209	12,108
FREDDIE MAC_2907 2907 AG	3/15/2019	4.500	%	260	259	263
FREDDIE MAC_2901 2901 MA	10/15/2033	4.500	%	139	138	142
FREDDIE MAC_2934 2934 CI	1/15/2034	5.000	%	7,317	7,523	7,591
FANNIE MAE_07-46 07-46 FB	5/25/2037	0.536	%	7,123	7,141	7,115
FREDDIE MAC_3370 3370 TF	10/15/2037	0.497	%	7,980	7,996	7,982
FSPC_T-76 T-76 2A	10/25/2037	3.281	%	14,739	15,043	14,443
FANNIE MAE_09-107 09-107 FL	2/25/2038	0.816	%	16,331	16,417	16,390
FANNIE MAE_10-17 10-17 CA	11/25/2023	4.000	%	2,792	2,842	2,844
FANNIE MAE_10-28 10-28 MB	10/25/2027	7.000	%	10,857	11,210	11,328
FANNIE MAE_10-24 10-24 GA	9/25/2038	5.000	%	5,064	5,175	5,211
FANNIE MAE_10-39 10-39 JT	5/25/2038	5.000	%	23,889	24,623	24,721
FANNIE MAE ARM 694852	4/1/2033	2.300	%	572	582	609
FANNIE MAE 703446	5/1/2018	4.500	%	4,759	4,839	5,066
FANNIE MAE 704592	5/1/2018	5.000	%	1,398	1,418	1,489
FANNIE MAE 708635	6/1/2018	5.000	%	979	994	1,043
FANNIE MAE ARM 722779	9/1/2033	1.791	%	1,815	1,818	1,944
FANNIE MAE 725558	6/1/2034	2.457	%	688	683	728
FANNIE MAE ARM 725719	7/1/2033	1.795	%	1,349	1,344	1,391
FANNIE MAE ARM 725694	7/1/2034	4.720	%	534	523	568
FANNIE MAE ARM 733525	8/1/2033	2.107	%	1,230	1,181	1,279
FANNIE MAE 735034	10/1/2034	2.242	%	11,213	11,853	11,864
FANNIE MAE 735702	7/1/2035	2.407	%	8,514	8,777	9,014
FANNIE MAE ARM 739194	9/1/2033	2.201	%	671	673	708
FANNIE MAE ARM 743256	10/1/2033	2.234	%	568	560	594
FANNIE MAE ARM 743856	11/1/2033	2.216	%	325	326	342
FANNIE MAE ARM 758873	12/1/2033	2.178	%	950	939	991
FANNIE MAE 794787	10/1/2034	5.104	%	898	909	955
FANNIE MAE 799733	11/1/2034	2.231	%	1,134	1,148	1,197
FANNIE MAE 801917	10/1/2034	4.987	%	981	985	1,042
FANNIE MAE 801337	9/1/2034	1.959	%	6,898	7,291	7,310
FANNIE MAE 804561	9/1/2034	2.267	%	1,609	1,613	1,710

F-60

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2013
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
FANNIE MAE 807219	1/1/2035	2.583	%	4,413	4,453	4,689
FANNIE MAE 809532	2/1/2035	4.993	%	1,161	1,167	1,234
FANNIE MAE ARM 834552	8/1/2035	2.580	%	1,445	1,453	1,505
FANNIE MAE 889335	6/1/2018	4.500	%	4,240	4,319	4,514
FANNIE MAE 889485	6/1/2036	2.435	%	8,630	8,780	9,112
FANNIE MAE 922674	4/1/2036	2.670	%	4,543	4,658	4,827
FANNIE MAE 968438	1/1/2038	2.302	%	9,432	9,915	10,138
FANNIE MAE 995548	9/1/2035	2.426	%	5,950	6,089	6,297
FANNIE MAE 995123	8/1/2037	2.688	%	4,408	4,568	4,717
FANNIE MAE 995604	11/1/2035	2.450	%	16,666	17,622	17,619
FANNIE MAE 995614	8/1/2037	1.452	%	3,859	4,070	4,115
FANNIE MAE AB1980	12/1/2020	3.000	%	11,048	11,266	11,458
FANNIE MAE AB5230	5/1/2027	2.500	%	19,428	19,884	19,295
FANNIE MAE MA0099	6/1/2019	4.000	%	4,448	4,496	4,720
FANNIE MAE MA0598	12/1/2020	3.500	%	9,816	10,146	10,318
FANNIE MAE MA1144	8/1/2027	2.500	%	18,489	19,197	18,317
FANNIE MAE AD0901	4/1/2040	3.714	%	16,075	17,120	17,063
FANNIE MAE AE0559	12/1/2034	2.225	%	9,553	10,094	10,100
FANNIE MAE AE0566	8/1/2035	2.501	%	9,116	9,622	9,634
GINNIE MAE II ARM 8157	3/20/2023	1.625	%	117	119	122
GINNIE MAE II ARM 8206	3/20/2017	2.000	%	30	30	31
GINNIE MAE II ARM 8240	7/20/2017	1.625	%	22	22	23
GINNIE MAE II ARM 8251	8/20/2017	2.000	%	2	2	2
GINNIE MAE II ARM 8274	10/20/2017	2.500	%	78	78	81
GINNIE MAE II ARM 8283	11/20/2017	2.500	%	6	6	6
GINNIE MAE II ARM 8293	12/20/2017	2.500	%	16	16	16
GINNIE MAE II ARM 8353	5/20/2018	2.500	%	31	31	33
GINNIE MAE II ARM 8341	4/20/2018	2.500	%	3	3	3
GINNIE MAE II ARM 8365	6/20/2018	2.500	%	52	51	54
GINNIE MAE II ARM 8377	7/20/2018	2.500	%	19	19	20
GINNIE MAE II ARM 8428	11/20/2018	3.500	%	6	6	6
GINNIE MAE II ARM 8440	12/20/2018	3.500	%	24	24	26
GINNIE MAE II ARM 8638	6/20/2025	1.625	%	151	151	156
GINNIE MAE II 082581	7/20/2040	4.000	%	22,793	24,491	24,184
GINNIE MAE II 082602	8/20/2040	4.000	%	43,561	46,861	46,202
GINNIE MAE II 082464	1/20/2040	4.000	%	6,940	7,473	7,298
GINNIE MAE II 082497	3/20/2040	3.500	%	12,218	13,003	12,934

F-61

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2013
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	3.500	%	28,728	30,710	30,171
GINNIE MAE_10-59 10-59 VK	3/20/2036	4.000	%	20,000	20,592	20,497
GINNIE MAE_11-72 11-72 M	6/20/2038	4.000	%	13,043	13,772	13,699
TOTAL AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES					908,065	908,199
NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES:
ARMT_04-2 04-2 6A1	2/25/2035	2.489	%	1,388	1,408	1,362
AMERICAN GENERAL MORTGAGE LOAN 10-1A A1	3/25/2058	5.150	%	3,735	3,756	3,764
ASSET BACKED SECURITIES CORP H 05-HE2 M1	2/25/2035	0.840	%	3,317	3,053	3,269
BCAP_13-RR1 13-RR1 1A1	11/26/2035	2.434	%	12,770	12,968	12,871
BCAP LLC TRUST BCAP_06-RR1 06-RR1 PD	11/25/2036	5.000	%	1,234	1,240	1,233
BCAP_09-RR1 09-RR1 21A1	11/26/2034	2.613	%	3,142	3,024	3,182
BCAP_09-RR1 09-RR1 22A1	5/26/2035	2.627	%	11,954	11,483	12,162
BCAP_09-RR1 09-RR1 23A1	5/26/2035	2.634	%	7,533	7,224	7,694
BCAP LLC TRUST BCAP_09-RR8 09-RR8 3A1	3/26/2037	5.500	%	2,502	2,483	2,578
BCAP LLC TRUST BCAP_09-RR13 09-RR13 15A1	7/26/2037	6.000	%	4,684	4,735	4,753
BCAP_10-RR6 10RR6 3A5	10/26/2035	5.500	%	2,529	2,557	2,558
BCAP LLC TRUST BCAP_10-RR7 10-RR7 1A1	4/26/2035	4.990	%	1,666	1,670	1,682
BCAP LLC TRUST BCAP_11-RR11 11-RR11 6A3	10/26/2035	2.624	%	9,294	9,235	9,450
BCAP_11-RR10 11-RR10 3A5	6/26/2035	2.625	%	15,029	15,026	15,421
BCAP LLC TRUST BCAP_12-RR3 12-RR3 3A5	7/26/2037	2.344	%	6,691	6,703	6,672
BCAP LLC TRUST BCAP_12-RR3 12-RR3 8A1	7/26/2035	2.651	%	10,244	10,427	10,323
BCAP LLC TRUST BCAP_12-RR3 12-RR3 9A5	1/26/2036	2.627	%	5,921	6,049	5,954
BCAP LLC TRUST BCAP_12-RR5 12-RR5 7A5	10/26/2036	2.622	%	9,277	9,319	9,439
BCAP LLC TRUST BCAP_12-RR6 12-RR6 2A6	5/26/2036	2.517	%	8,801	8,770	8,823
BCAP_12-RR10 12-RR10 4A1	3/26/2036	2.660	%	36,385	37,091	37,260
BCAP_12-RR10 12-RR10 8A1	3/26/2036	3.000	%	5,132	5,171	5,117
BCAP_12-RR10 12-RR10 9A1	10/26/2035	2.660	%	8,804	8,902	8,760
BCAP LLC TRUST BCAP_12-RR11 12-RR11 6A1	7/26/2036	2.607	%	22,652	23,280	23,114
BCAP LLC TRUST BCAP_12-RR11 12-RR11 9A1	7/26/2037	3.000	%	18,207	18,457	18,193
BCAP LLC TRUST BCAP_12-RR12 12-RR12 2A1	6/26/2035	3.000	%	14,536	14,787	14,607
BCAP LLC TRUST BCAP_12-RR12 12-RR12 3A1	6/26/2037	3.000	%	12,758	12,944	12,787
BCAP_13-RR7 13-RR7 2A1	6/26/2037	4.401	%	12,287	12,416	12,391
BCAP LLC TRUST BCAP_13-RR8 13-RR8 1A1	5/26/2036	2.716	%	10,452	10,543	10,554
BCAP_13-RR9 13-RR9 1A1	1/26/2036	2.627	%	18,546	18,697	18,676
BANK OF AMERICA FUNDING CORPOR 05-G A3	10/20/2035	5.179	%	4,288	4,028	4,217
BAFC_05-F 05-F 4A1	9/20/2035	3.178	%	3,386	2,992	2,937	c
BANC OF AMERICA ALTERNATIVE LO 03-1 A1	2/25/2033	5.000	%	755	756	776
BOAMS_04-B 2004-B B1	3/25/2034	2.864	%	5,085	5,071	3,662
BANC OF AMERICA MORTGAGE SECUR 04-5 3A3	6/25/2019	5.000	%	753	763	769
BOAMS_03-I 2003-I 2A6	10/25/2033	2.799	%	3,387	3,376	3,420
BOAMS_04-E 2004-E 2A6	6/25/2034	2.834	%	6,760	6,729	6,624

F-62

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2013
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
BOAMS_04-E 2004-E B1	6/25/2034	2.801	%	3,791	3,122	2,830	c
BOAMS_04-G 2004-G B1	8/25/2034	2.725	%	4,422	181	158	c
BOAMS_04-H 2004-H B1	9/25/2034	2.887	%	3,001	1,402	776	c
BOAMS_06-B 06-B 2A1	11/20/2046	2.827	%	2,208	1,942	1,772	c
BAFC_12-R5 12-R5 A	10/3/2039	0.429	%	8,229	8,069	8,089
BALTA_05-2 05-2 2A5	4/25/2035	2.701	%	2,941	2,934	2,593
BALTA_05-2 05-2 2B1	4/25/2035	3.456	%	4,012	77	182	c
BEAR STEARNS FUNDING TRUST BSM 06-AR5 1A2	12/25/2046	0.375	%	3,223	1,339	764	c
BVMBS_05-1 05-1 4A	2/22/2035	2.997	%	4,809	4,796	4,655
CREDIT BASED ASSET SERVICING A 05-RP2 AF3	9/25/2035	6.090	%	86	79	86
CSMC_09-9R 09-9R 1A1	4/26/2037	5.500	%	1,773	1,756	1,809
CREDIT SUISSE MORTGAGE CAPITAL 10-1R 24A1	5/27/2036	2.734	%	404	410	403
CSMC_10-12R 10-12R 8A1	11/26/2035	4.000	%	2,043	2,053	2,070
CREDIT SUISSE MORTGAGE CAPITAL 10-10R 1A1	7/26/2037	5.750	%	373	373	374
CSMC_10-17R 10-17R 1A1	6/26/2036	2.398	%	7,904	7,904	8,078
CREDIT SUISSE MORTGAGE CAPITAL 11-1R A1	2/27/2047	1.167	%	4,861	4,861	4,845
CREDIT SUISSE MORTGAGE CAPITAL 11-7R A1	8/28/2047	1.417	%	8,122	8,122	8,106
CSMC_13-2R 13-2R 1A1	5/27/2036	2.000	%	12,437	12,554	12,265
CSMC_13-2R 13-2R 6A1	9/27/2036	2.717	%	10,433	10,720	10,637
CSMC_12-11R 12-11 3A1	6/29/2047	1.168	%	13,819	13,804	13,538
CSMC_13-8R 13-8R 6A1	5/27/2037	0.410	%	17,079	16,653	16,181
CSMC_13-11R. 13-11R 1A1	6/27/2034	2.661	%	16,189	16,206	16,289
CSMC_13-11R. 13-11R 2A1	5/27/2034	2.661	%	30,067	30,155	29,189
CSMC_13-12R 13-12R 1A1	8/27/2033	2.750	%	46,644	45,940	46,046
CWHEL_04-K 04-K 2A	2/15/2034	0.467	%	411	341	355	c
CWL_05-4 05-4 MV1	10/25/2035	0.625	%	2,574	2,556	2,600
CWALT_04-33 04-33 2A1	12/25/2034	2.644	%	832	842	798
CWALT_05-27 05-27 1A4	8/25/2035	1.689	%	3,910	3,282	2,942	c
CWALT_05-24 05-24 2A1	7/20/2035	1.444	%	3,165	2,632	2,516	c
CWALT_06-OA19 06-OA19 A2	2/20/2047	0.417	%	3,551	298	263	c
CWHL_05-HYB7 05-HYB7 5A1	11/20/2035	5.064	%	7,911	6,820	6,764	c
CWHL_03-10 03-10 A15	5/25/2033	5.500	%	12,260	12,771	12,647
CWHL_03-46 03-46 4A1	1/19/2034	2.571	%	11,714	12,013	11,772
CWHL_04-12 2004-12 1M	8/25/2034	2.736	%	766	29	24	c
CENTEX HOME EQUITY CXHE_03-A 2003-A AF4	12/25/2031	4.250	%	1,585	1,576	1,611
CHASE MORTGAGE FINANCE CORPORA 07-A1 1A5	2/25/2037	2.740	%	12,423	12,310	12,324
CFLX_07-M1 07-M1 1A1	8/25/2037	0.316	%	10,952	10,782	7,576	c
CMLTI_05-3 05-3	8/25/2035	2.613	%	2,724	2,586	2,552	c
CMLTI_09-6 09-6 18A1	4/25/2037	0.235	%	1,667	1,643	1,586
CITIGROUP MRT LOAN TT CMLTI_10 10-7 2A1	2/25/2035	2.466	%	2,083	2,083	2,120

F-63

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2013
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
CITIGROUP MRT LOAN TT CMLTI_10 10-7 4A2	9/25/2037	1.165	%	5,354	5,316	5,264
CITIGROUP MORTGAGE LOAN TRUST 10-8 5A6	11/25/2036	4.000	%	14,092	14,199	14,288
CITIGROUP MORTGAGE LOAN TRUST 10-9 2A1	11/25/2035	2.500	%	1,903	1,930	1,922
CITIGROUP MORTGAGE LOAN TRUST 10-10 1A1	11/25/2035	2.836	%	1,666	1,663	1,670
CITIGROUP MORTGAGE LOAN TRUST 11-2 3A1	9/25/2037	3.500	%	1,410	1,397	1,417
CITIGROUP MORTGAGE LOAN TRUST 12-6 1A1	4/25/2037	2.769	%	10,207	10,207	10,470
CITIGROUP MORTGAGE LOAN TRUST 12-6 2A1	8/25/2036	2.528	%	6,976	7,000	7,064
CITIGROUP MORTGAGE LOAN TRUST 12-4 2A1	11/25/2035	2.660	%	7,109	7,118	7,179
CITIGROUP MORTGAGE LOAN TRUST 12-7 10A1	9/25/2036	2.739	%	16,158	16,227	16,313
CITIGROUP MORTGAGE LOAN TRUST 12-7 11A1	9/25/2035	3.500	%	9,197	9,291	9,375
CMLTI_13-7 13-7 2A1	8/25/2036	2.528	%	13,015	13,081	13,177
CMLTI_13-9 13-9 2A1	9/25/2034	2.398	%	24,528	24,706	24,413
CITIGROUP MORTGAGE LOAN TRUST	8/25/2027	2.000	%	7,763	7,811	7,812
CMLTI_13-12	3/25/2035	2.235	%	20,000	20,251	20,250
CSFB_04-AR3	4/25/2034	2.588	%	6,614	6,712	6,680
CSMC_09-2R 09-2R 1A12	9/26/2034	2.617	%	28,874	29,274	28,549
CSMC_09-2R 09-2R 1A13	9/26/2034	2.617	%	28,874	28,957	27,009
CREDIT SUISSE MORTGAGE CAPITAL 11-17R 2A1	12/27/2037	3.400	%	12,046	12,092	12,033
DEUTSCHE ALT-A SECURITIES INC 06-AR6 A4	2/25/2037	0.335	%	11,523	6,964	8,893	c
DEUTSCHE ALT-A SECURITIES INC 07-AR1 A4	1/25/2047	0.326	%	10,606	9,275	7,412	c
DEUTSCHE ALT-A SECURITIES INC 07-OA1 A1	2/25/2047	0.315	%	4,346	3,854	3,042	c
EQUITY ONE ABS INC EQABS_04-3 04-3 AF4	7/25/2034	5.100	%	4,471	4,488	4,494
FMIC_04-3 04-3 M4	8/25/2034	2.011	%	2,686	2,554	2,677
FIRST HORIZON ALTERNATIVE MORT 04-AA4 A1	10/25/2034	2.230	%	1,952	1,981	1,856
FHAMS_04-AA7 04-AA7 1A1	2/25/2035	2.241	%	1,190	1,202	1,150
FIRST HORIZON ALTERNATIVE MORT 05-AA2 IA1	3/25/2035	2.250	%	2,232	2,267	1,972
FIRSTFIRST HORIZON ALTERNATIVE 05-AA3 3A1	5/25/2035	2.250	%	5,230	5,273	4,761
FREMONT HOME LOAN TRUST FHLT_0 05-1 M2	6/25/2035	0.645	%	56	56	56
GMACM_04-AR2 2004-AR2 3A	8/19/2034	3.122	%	1,530	1,535	1,489
GMACM_04-AR2 2004-AR2 5A1	8/19/2034	4.915	%	1,897	1,899	1,893
GSR MORTGAGE LOAN TRUST GSR_05 05-AR5 2A1	10/25/2035	2.717	%	6,402	6,103	5,740	c
GSR MORTGAGE LOAN TRUST GSR_05 05-AR7 2A1	11/25/2035	2.660	%	3,588	3,385	3,445
GSR MORTGAGE LOAN TRUST GSR_05 05-AR3 6A1	5/25/2035	2.870	%	3,885	3,901	3,514
GSR MORTGAGE LOAN TRUST GSR_05 05-AR1 2A1	1/25/2035	2.624	%	4,944	4,967	4,893
GSMSC_09-1R 09-1R 2A1	11/25/2035	2.628	%	2,682	2,511	2,731
GSMSC_09-1R 09-1R 3A1	11/25/2035	2.645	%	2,259	2,098	2,300
GPMF_05-AR5 05-AR5 4A1	11/25/2045	2.139	%	6,284	5,759	4,489	c
HVMLT_04-1 2004-1 4A	4/19/2034	2.391	%	459	462	452
HVMLT_04-4 2004-4 3A	6/19/2034	1.290	%	104	103	100
HVMLT_2004-6 2004-6 5A	8/19/2034	3.050	%	824	818	813

F-64

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2013
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
HVMLT_04-7 04-7 3A1	11/19/2034	2.058	%	2,184	2,167	2,094
HVMLT_2004-10 04-10 4A	1/19/2035	2.566	%	1,268	1,281	1,258
HARBORVIEW MORTGAGE LOAN TRUST 05-8 2A2A	9/19/2035	1.639	%	2,769	2,411	1,996	c
HARBORVIEW MORTGAGE LOAN TRUST 05-15 3A1A1	10/20/2045	2.139	%	7,406	6,782	6,238	c
HARBORVIEW MORTGAGE LOAN TRUST 06-14 2A1B	1/25/2047	0.366	%	5,233	1,856	1,164	c
INDX_05-AR1 05-AR1 2A1	3/25/2035	2.568	%	56	56	53
INDX_05-AR5 05-AR5 2A1	5/25/2035	2.440	%	4,426	4,138	3,835	c
JP MORGAN REREMIC JPMRR_09-12 09-12 1A1	7/26/2037	5.750	%	1,198	1,227	1,227
JP MORGAN REREMIC JPMRR_10-1 10-1 1A1	2/26/2037	6.000	%	1,505	1,515	1,535
JP MORGAN REREMIC JPMRR_10-5 10-5 3A1	8/26/2036	2.528	%	2,038	2,043	2,054
JP MORGAN REREMIC JPMRR_11-2 11-2 5A3	3/26/2036	3.000	%	6,130	6,057	6,203
JEFFERIES & CO JMAC_09-R12 09-R12 1A1	2/26/2035	2.727	%	8,548	8,356	8,713
JEFFERIES & CO JMAC_09-R12 09-R12 2A1	1/26/2035	2.644	%	3,889	3,798	4,009
JEFFERIES & CO JMAC_09-R2	12/26/2037	2.663	%	12,372	12,539	12,341
JEFFRIES & CO JMAC_09-R3 09-R3 1A1	12/26/2035	2.482	%	4,644	4,355	4,663
LUMINENT MORTGAGE TRUST LUM_06 06-6 2A2	10/25/2046	0.405	%	1,974	759	719	c
LUMINENT MORTGAGE TRUST LUM_07 07-1 2A2	1/25/2037	0.356	%	655	702	69	c
MARM_05-1 05-1 3A1	2/25/2035	2.662	%	2,493	2,525	2,108
MLMI_03-A5 03-A5 2A6A	8/25/2033	2.355	%	2,544	2,539	2,562
MLCC_04-1 04-1 2A2	12/25/2034	2.143	%	932	934	948
MLMI_05-A1 05-A1 2A	12/25/2034	2.537	%	1,808	1,812	1,816
MLMI_05-A2 05-A2 A2	2/25/2035	2.532	%	3,653	3,654	3,624
MSM_04-6AR 2004-6AR CB1	8/25/2034	2.775	%	4,643	2,679	1,546	c
MORGAN STANLEY MORTGAGE LOAN T 04-10AR A1	11/25/2034	2.862	%	619	626	592
MORGAN STANLEY MORTGAGE LOAN T PT2A	11/25/2034	2.462	%	2,123	2,159	2,103
MORGAN STANLEY REREMIC TRUST M 10-R5 6A	7/26/2036	0.325	%	2,051	2,043	2,029
MORGAN STANLEY REREMIC TRUST M 10-R6 3A	9/26/2036	0.535	%	4,889	4,809	4,680
MSRR_13-R1 13-R1 5A	11/26/2036	2.070	%	9,704	9,854	9,769
MSRR_13-R3 13-R3 1A	2/26/2036	2.695	%	28,879	29,246	29,250
MSRR_13-R3 13-R3 4A	12/26/2036	2.086	%	12,727	12,838	12,693
MSRR_13-R3 13-R3 5A	11/26/2036	2.065	%	7,242	7,208	7,133
MSRR_13-R3 13-R3 11A	2/26/2036	2.508	%	25,129	25,359	25,307
MSRR_13-R8 13-R8 1A	9/26/2036	2.507	%	43,102	44,293	43,822
MSRR_13-R8	9/26/2036	2.685	%	17,014	17,276	17,253
MSRR_13-R8	9/26/2036	2.412	%	9,272	9,345	9,299
MSRR_13-R8	9/26/2036	2.523	%	18,615	19,024	18,867
MSRR_13-R8	9/26/2036	2.523	%	18,055	18,456	18,293
MSRR_13-R9	6/26/2046	2.613	%	17,531	17,881	17,737
NSMLT_13-A	12/25/2052	3.750	%	7,375	7,571	7,573
OPTEUM MORTGAGE ACCEPTANCE COR 05-1 A1A	2/25/2035	0.465	%	544	532	535

F-65

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2013
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
RBSSP_09-8	4/26/2036	2.640	%	16,214	16,536	16,555
RBSSP_10-12	12/27/2035	4.000	%	9,517	9,795	9,687
RBSSP-12-2 12-2 1A5	5/26/2047	0.297	%	2,104	2,093	2,084
RBSSP_12-5 12-5 3A1	2/26/2047	0.325	%	9,399	9,273	9,227
RBSSP_12-6 12-6 8A1	4/26/2035	0.665	%	11,682	11,072	10,876
RESIDENTIAL ACCREDIT LOANS INC 07-QO1 A2	2/25/2047	0.355	%	3,724	1,566	539	c
RESIDENTIAL ASSET SECURITIES C 05-KS12 A2	1/25/2036	0.415	%	1,110	1,087	1,102
RENAISSANCE HOME EQUITY LOAN T 05-3 AF3	11/25/2035	4.814	%	2,846	2,839	2,835
RALI_03-QS2 2003-QS2 A7	2/25/2033	4.500	%	898	893	898
RALI_04-QR1 04-QR1 A1	10/25/2034	5.250	%	484	483	488
RESIDENTIAL ACCREDIT LOANS INC 05-QA2 A1II	2/25/2035	3.137	%	4,518	3,961	3,529	c
RALI_04-QS5 04-QS5 A5	4/25/2034	4.750	%	757	755	761
RASC_04-KS9 2004-KS9 AI6	10/25/2034	4.620	%	4,032	3,580	3,718	c
RESIDENTIAL ASSET SECURITIES CORP 03-K10 AI6	12/25/2033	4.540	%	1,472	1,486	1,513
RFMSI_05-SA2 05-SA2 IIIA3	6/25/2035	2.978	%	5,167	5,178	4,908
RESIDENTIAL ASSET MORTGAGE PRO 06-EFC1 A2	2/25/2036	0.365	%	378	373	376
RABS_04-1A 2004-1A A1	12/15/2030	4.000	%	784	782	782
SASC_03-24A 03-24A 5A	7/25/2033	2.388	%	483	490	477
STRUCTURED ADJUSTABLE RATE MORT 2004-3AC B1	3/25/2034	2.374	%	5,085	3,984	2,987	c
WAMU_03-AR6 03-AR6 A1	6/25/2033	2.440	%	2,777	2,770	2,807
WAMU_05-AR4 05-AR4 A5	4/25/2035	2.425	%	10,000	9,972	9,535
WAMU_05-AR10 05-AR10 1A3	9/25/2035	2.425	%	10,000	9,996	9,302
WAMU_04-AR10 04-AR10 A1A	7/25/2044	0.606	%	1,328	1,332	1,248
WAMU_05-AR3 05-AR3 A2	3/25/2035	2.489	%	3,908	3,923	3,878
WFMBS_04-0 2004-0 A1	8/25/2034	4.928	%	812	806	816
WFMBS_04-Q 04-Q 1A2	9/25/2034	2.615	%	6,833	6,933	6,946
WFMBS_03-M 03-M A1	12/25/2033	2.618	%	2,144	2,213	2,166
WFMBS_04-P LT2004P B1	9/25/2034	2.614	%	5,643	5,076	4,250	c
WFMBS_04-W 04-W A8	11/25/2034	2.615	%	11,904	11,932	12,075
WFMBS_04-I 04-I 1A1	7/25/2034	2.646	%	3,959	3,966	4,013
WFMBS_04-CC 2907 AG	1/25/2035	2.615	%	1,630	1,635	1,632
WFMBS_05-AR2 05-AR2 2A2	3/25/2035	2.672	%	1,120	1,124	1,129
WFMBS_05-AR2 05-AR2 3A1	3/25/2035	2.656	%	3,065	3,044	3,121
WFMBS_04-K 04-K 2A6	7/25/2034	4.735	%	4,948	5,121	4,957
WFMBS_04-DD 04-DD 2A6	1/25/2035	2.615	%	4,852	4,851	4,845
WFMBS_05-AR12 05-AR12 2A5	6/25/2035	2.634	%	5,749	5,457	5,790
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES					1,322,918	1,299,858
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES					2,230,983	2,208,057

F-66

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2013
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
ASSET BACKED SECURITIES
ARL FIRST LLC ARLFR_12-1A	12/15/2042	1.917	%	15,458	15,640	15,641
ACCESS GROUP INC ACSS_06-1 06-1 A2	8/25/2023	0.348	%	4,478	4,419	4,412
AMOT_12-1 12-1 A1	2/15/2017	0.967	%	15,000	15,070	15,066
AMOT_12-3 12-3 A1	6/15/2017	0.867	%	10,000	10,044	10,043
ARES_13-1A	4/15/2025	1.344	%	40,000	39,884	39,398
ATRM_13-10A	7/16/2025	1.396	%	25,000	24,965	24,640
CLIF_06-1A 06-1 A	8/18/2021	0.345	%	3,630	3,073	3,580
CARLYLE GLOBAL MARKET STRATEGI	2/14/2025	1.565	%	20,000	20,000	19,773
CENTRE POINT FUNDING LLC CPF_1 12-2 A	8/20/2021	2.610	%	1,457	1,456	1,467
COLLE_02-2 02-2 A24	3/1/2042	1.668	%	10,000	8,295	9,060
CRONOS CONTAINERS PROGRAM LTD 12-2A A	9/18/2027	3.810	%	8,750	9,028	8,832
DIAMOND RESORTS OWNER TRUST DR	5/20/2026	2.270	%	7,274	7,273	7,274
DRSLF_13-26A	7/15/2025	1.344	%	40,000	40,000	39,776
EART_12-2A 12-2A A	6/15/2017	1.300	%	3,587	3,587	3,594
FNH_13-1A 13-1A A1	1/10/2018	1.980	%	5,215	5,215	5,174
GE DEALER FLOORPLAN MASTER NOT 12-4 A	10/20/2017	0.607	%	12,000	12,000	12,005
GLOBAL TOWER PARTNERS ACQUISIT 11-1 A	6/15/2041	3.967	%	7,000	7,000	7,277
GLOBAL SC FINANCE SRL SEACO_12 12-1A A	7/19/2027	4.110	%	4,292	4,367	4,321
GALC_11-1 11-1 A4	4/15/2016	2.340	%	6,216	6,216	6,258
HILTON GRAND VACATIONS TRUST H 13-A A	1/25/2026	2.280	%	8,882	8,882	8,879
INGIM_13-2A	4/25/2025	1.388	%	30,000	30,000	29,459
321 HENDERSON RECEIVABLES LLC 10-3A A	12/15/2048	3.820	%	2,029	2,032	2,111
NVTAS_13-1	11/15/2016	1.950	%	4,656	4,656	4,654
NMOTR_12-A 12-A A	5/15/2017	0.637	%	24,500	24,561	24,571
NEF_04-2 04-2 A3	7/28/2018	0.408	%	10,000	9,849	9,789
OAKC_13-8A	4/20/2025	1.362	%	20,000	20,000	19,680
RACEP_13-8A	2/20/2025	1.514	%	9,000	9,000	8,903
RENTAL CAR FINANCE CORPORATION 11-1A A1	2/25/2016	2.510	%	2,500	2,500	2,535
SBA CMBS TRUST SBAC_10-1 10-1 A	4/15/2040	4.254	%	5,000	5,073	5,083
SLM STUDENT LOAN TRUST SLMA_06 06-3 A4	7/25/2019	0.321	%	6,895	6,771	6,876
SLMA_06-4 06-4 A5	10/27/2025	0.338	%	14,600	14,525	14,488
SLM PRIVATE CREDIT STUDENT LOA 03-A A2	9/15/2020	0.683	%	4,144	3,689	4,049
SLM PRIVATE CREDIT STUDENT LOA 03-C A2	9/15/2020	0.633	%	1,751	1,706	1,711
SLMA_05-A 05-A A2	12/15/2020	0.383	%	2,915	2,659	2,902
SLMA_05-B 05-B A2	3/15/2023	0.423	%	9,152	8,402	8,914
SLCLT_09-AA 09-AA A	6/15/2033	4.750	%	27,085	24,410	24,566
SLM STUDENT LOAN TRUST SLMA_09 09-CT AI	4/15/2039	2.289	%	6,109	6,132	6,117
SLM STUDENT LOAN TRUST SLMA_11 11-2 A1	11/25/2027	0.765	%	3,564	3,559	3,579
SMAT_11-2USA 11-2USA A4A	4/14/2017	2.310	%	3,000	3,000	3,045

F-67

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2013
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
SMART TRUST SMAT_11-4USA 11-4USA A4A	8/14/2017	2.280	%	5,000	5,000	5,092
SLMA_12-B 12-B A2	10/15/2030	3.480	%	5,000	5,067	5,238
SLM STUDENT LOAN TRUST SLMA_12 12-3 A	12/26/2025	0.816	%	15,369	15,502	15,367
SMAT_12-2USA 12-2US 3A3	10/14/2016	1.590	%	9,500	9,500	9,568
SVO VOI MORTGAGE CORP SVOVM_12 12-A A	9/20/2029	2.000	%	3,395	3,435	3,389
SDART_12-1 12-1 A3	10/15/2015	1.490	%	8,080	8,080	8,091
SDART_11-S1A 11-S1A B	5/15/2017	1.480	%	1,799	1,799	1,800
SCHOL_12-B 12-B A1	10/28/2025	0.567	%	5,501	5,488	5,457
SIERRA RECEIVABLES FUNDING COM 12-3A A	8/20/2029	1.870	%	2,099	2,120	2,105
SIERRA RECEIVABLES FUNDING COM 11-1A A	4/20/2026	3.350	%	2,065	2,065	2,113
SIERRA RECEIVABLES FUNDING COM 12-1A A	11/20/2028	2.840	%	2,279	2,279	2,320
SRFC_13-2A 13-2A A	11/20/2025	2.280	%	5,365	5,365	5,354
SBAP_02-20J 2002-20J	10/1/2022	4.750	%	1,114	1,127	1,181
SBAP_04-10A 2004-10A	1/1/2014	3.870	%	135	135	135
SBAP_05-10D 05-10D 1	7/1/2015	4.510	%	394	394	399
TCF_12-1A 12-1A A	5/14/2027	4.210	%	5,893	5,955	5,940
UHAUL_10-BT1A 10-BT1A 1	10/25/2023	4.899	%	7,864	7,862	8,333
US EDUCATION LOAN TRUST LLC US 07-1A 1A3	9/1/2022	0.638	%	4,753	4,753	4,754
WLKRG 2013-AA A	3/15/2029	3.100	%	2,419	2,419	2,419
TOTAL ASSET BACKED SECURITIES					517,283	518,557
COMMERCIAL MORTGAGE BACKED SECURITIES
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES:
FNMA_06-M2 06-M2 A2A	10/25/2032	5.271	%	10,987	11,615	11,840
FNMA 461647	1/1/2019	6.075	%	1,337	1,345	1,371
GNMA_10-16 10-16 A	1/16/2040	3.214	%	1,137	1,140	1,154
GNMA_10-161 10-161 AB	5/16/2035	2.110	%	3,305	3,335	3,351
GNMA_11-165 11-165 A	10/16/2037	2.194	%	21,285	21,525	21,444
GNMA_13-141 13-141 A	6/16/2040	2.023	%	19,875	19,888	19,874
GNMA_13-159 13-159 A	8/16/2038	1.794	%	19,918	19,710	19,794
GNMA 13-146 AH	8/16/2040	2.000	%	9,963	9,989	9,952
GNMA_13-13	4/16/2046	1.700	%	7,172	6,819	6,764
GNMA 13-194 AB	5/16/2038	2.250	%	15,000	15,095	15,083
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES					110,461	110,627
NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES:
BAMLL_12-CLRN 12-CLRN A	8/15/2029	1.317	%	7,500	7,500	7,505
BACM_05-1 05-1 A5	11/10/2042	5.267	%	10,000	10,222	10,367
BSCMS_05-PWR7 05-PWR7 A2	2/11/2041	4.945	%	307	306	307
BSCMS_05-PW10 05-PW10 AAB	12/11/2040	5.382	%	3,844	3,867	3,865
CD_05-CD1 05-C1 ASB	7/15/2044	5.218	%	5,854	5,955	5,894
CGBAM_13-BREH 13-BREH A1	5/15/2030	1.327	%	8,000	7,983	8,012
CFCRE_11-C2 11-C2 A2	12/15/2047	3.061	%	23,000	23,407	23,799

F-68

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2013
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
COMM_13-THL 13-THL A1	6/8/2030	1.168	%	10,000	9,975	10,032
GCCFC_07-GG9 07-GG9 A2	3/10/2039	5.381	%	6,898	6,958	7,054
DBUBS_11-LC1A 11-LC1A A1	11/10/2046	3.742	%	14,688	14,887	15,436
DBUBS_11-LC2A 11-LC2 A1	7/10/2044	3.527	%	3,895	3,923	4,088
ESA_13-ESH5 13-ESH A25	12/5/2031	1.830	%	8,875	8,875	8,643
GFCM_03-1 03-1 A4	5/12/2035	5.254	%	1,140	1,120	1,184
GSMS_11-GC5 11-GC5 A2	8/10/2044	2.999	%	12,500	12,562	13,010
GSMS_10-C2 10-C2 A1	12/10/2043	3.849	%	9,224	9,286	9,722
GECMC_05-C3 05-C3 AAB	7/10/2045	4.940	%	31	32	31
JPMCC_05-LDP1 05-LDP1 ASB	3/15/2046	4.853	%	1,361	1,361	1,375
JPMCC-07-CB19 07-CB19 ASB	2/12/2049	5.689	%	2,463	2,527	2,624
JPMCC_07-CB20 07-CB20 A2	2/12/2051	5.629	%	702	702	701
JPMCC_10-C2 10-C2 A1	11/15/2043	2.749	%	7,227	7,261	7,415
JPMCC_10-CNTR 10-CNTR A1	8/5/2032	3.300	%	9,232	9,292	9,635
JPMCC_11-C5 11-C5 A2	8/15/2046	3.149	%	5,000	5,025	5,215
JPMCC_11-PLSD 11-PLSD A2	11/13/2044	3.364	%	7,195	7,226	7,539
MLMT_05-CIP1 05-CIP1 A2	7/12/2038	4.960	%	2,346	2,331	2,348
MSC_11-C1 11-C1 A1	9/15/2047	2.602	%	5,946	5,966	6,038
MSC_11-C3 11-C3 A2	7/15/2049	3.224	%	3,842	3,855	4,015
COMM_13-RIAL4	10/10/2046	3.250	%	10,863	10,870	10,859
UBSC_11-C1 11-C1 AAB	1/10/2045	3.187	%	8,999	9,098	9,259
WACHOVIA BANK COMMERCIAL 05-C17 APB	3/15/2042	5.037	%	239	238	239
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES:					192,610	196,211
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES					303,071	306,838
CORPORATE DEBT SECURITIES
BANKING
WASHINGTON MUTUAL BANK/HENDERSON	6/15/2011	—	%	1,500	—	3	c, d
TOTAL BANKING					—	3
BASIC INDUSTRY
EASTMAN CHEMICAL COMPANY	6/1/2017	2.400	%	8,425	8,470	8,515
VALE OVERSEAS LTD	1/23/2017	6.250	%	10,750	11,836	11,923
TOTAL BASIC INDUSTRY					20,306	20,438
CAPITAL GOODS
L-3 COMMUNICATIONS CORP	11/15/2016	3.950	%	29,566	31,348	31,373
LOCKHEED MARTIN CORPORATION	5/1/2016	7.650	%	22,000	25,316	25,377
NORDSON CORP	7/26/2017	2.270	%	15,000	15,000	14,939
WASTE MANAGEMENT INC	3/11/2015	6.375	%	1,040	1,097	1,108
WASTE MANAGEMENT INC	9/1/2016	2.600	%	11,954	12,091	12,338
TOTAL CAPITAL GOODS					84,852	85,135

F-69

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2013
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
COMMUNICATIONS
BSKYB FINANCE UK PLC	10/15/2015	5.625	%	11,960	12,773	12,916
DEUTSCHE TELEKOM INTERNATIONAL	4/11/2016	3.125	%	10,000	10,125	10,415
ORANGE SA	9/14/2016	2.750	%	7,500	7,480	7,788
QWEST CORP	6/15/2015	7.625	%	510	511	552
ROGERS COMMUNICATIONS INC	3/1/2014	6.375	%	8,800	8,849	8,884
SCRIPPS NETWORKS INTERACTIVE I	12/15/2016	2.700	%	2,016	2,101	2,096
TCM SUB LLC	1/15/2015	3.550	%	32,561	32,799	33,481
TELEFONICA EMISIONES SAU	4/27/2015	3.729	%	4,500	4,498	4,649
VODAFONE GROUP PLC	1/30/2015	5.375	%	24,065	24,685	25,250
TOTAL COMMUNICATIONS					103,821	106,031
CONSUMER CYCLICAL
BEST BUY CO INC	3/15/2016	3.750	%	10,000	9,895	10,375
YUM! BRANDS INC.	4/15/2016	6.250	%	15,700	17,300	17,411
TOTAL CONSUMER CYCLICAL					27,195	27,786
CONSUMER NON-CYCLICAL
AMERISOURCEBERGEN CORP	9/15/2015	5.875	%	16,934	18,107	18,363
BACARDI LTD	4/1/2014	7.450	%	23,350	23,724	23,740
CARDINAL HEALTH INC	6/15/2015	4.000	%	3,660	3,768	3,830
CLOROX COMPANY	1/15/2015	5.000	%	2,900	3,024	3,031
CONAGRA FOODS INC	9/10/2015	1.350	%	5,000	5,010	5,035
CONAGRA FOODS INC	1/25/2018	1.900	%	9,375	9,428	9,203
DIAGEO CAPITAL PLC	1/15/2014	7.375	%	13,503	13,531	13,536
DIAGEO CAPITAL PLC	5/11/2017	1.500	%	13,235	13,195	13,206
DIAGEO FINANCE	10/28/2015	5.300	%	1,875	2,034	2,030
EXPRESS SCRIPTS HOLDING CO	5/15/2016	3.125	%	5,000	5,035	5,219
EXPRESS SCRIPTS HOLDING CO	11/21/2014	2.750	%	11,400	11,582	11,620
GENERAL MILLS INC	5/16/2014	1.550	%	10,000	10,000	10,041
GENERAL MILLS INC	10/15/2014	6.190	%	20,000	20,851	20,842
HEINEKEN NV	10/1/2015	0.800	%	13,800	13,788	13,804
KELLOGG COMPANY	5/30/2016	4.450	%	7,450	8,024	8,037
KELLOGG COMPANY	11/17/2016	1.875	%	5,000	5,117	5,086
KROGER CO -THE-	10/1/2015	3.900	%	4,000	4,125	4,210
MARS INC	10/11/2017	2.190	%	35,000	35,000	34,614
MCKESSON CORP	2/15/2014	6.500	%	1,055	1,060	1,062
SABMILLER HOLDINGS INC	1/15/2015	1.850	%	16,195	16,370	16,389
ESSILOR INTERNATIONAL -COMPAGN	3/15/2017	2.650	%	7,500	7,500	7,676
ESSILOR INTERNATIONAL -COMPAGN	5/4/2017	1.840	%	11,000	11,000	10,953
TOTAL CONSUMER NON-CYCLICAL					241,273	241,527

F-70

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2013
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
ELECTRIC
APPALACHIAN POWER CO	2/1/2015	4.950	%	14,065	14,545	14,661
APPALACHIAN POWER CO	5/24/2015	3.400	%	15,000	15,086	15,477
ARIZONA PUBLIC SERVICE CO	5/15/2015	4.650	%	647	680	680
ARIZONA PUBLIC SERVICE CO	6/30/2014	5.800	%	1,250	1,271	1,281
ARIZONA PUBLIC SERVICE CO	8/1/2016	6.250	%	1,505	1,696	1,689
CONSOLIDATED NATURAL GAS COMPANY	3/1/2014	5.000	%	9,475	9,525	9,544
CONSUMERS ENERGY COMPANY	10/15/2015	2.600	%	10,000	10,114	10,243
DTE ENERGY COMPANY	6/1/2016	6.350	%	1,260	1,384	1,409
DTE ENERGY COMPANY	5/15/2014	7.625	%	8,100	8,281	8,305
DOMINION RESOURCES INC/VA	7/15/2015	5.150	%	3,426	3,644	3,645
DUKE ENERGY CORP	4/1/2015	3.350	%	7,000	7,092	7,214
METROPOLITAN EDISON CO	4/1/2014	4.875	%	2,992	3,016	3,022
NEVADA PWR CO	3/15/2016	5.950	%	11,000	11,995	12,153
NEXTERA ENERGY CAPITAL HOLDING	6/1/2014	1.611	%	1,950	1,957	1,959
NEXTERA ENERGY CAPITAL HOLDING	6/1/2015	1.200	%	11,025	11,080	11,081
OHIO PWR CO	1/15/2014	4.850	%	6,780	6,788	6,788
ONCOR ELECTRIC DELIVERY CO LLC	1/15/2015	6.375	%	5,210	5,438	5,497
PG&E CORP	4/1/2014	5.750	%	1,630	1,650	1,650
TRANSALTA CORP	1/15/2015	4.750	%	8,600	8,793	8,910
VIRGINIA ELECTRIC AND POWER CO	1/15/2016	5.400	%	1,500	1,641	1,631
TOTAL ELECTRIC					125,676	126,839
ENERGY
ANADARKO PETROLEUM CORP	9/15/2016	5.950	%	5,000	5,248	5,570
CHESAPEAKE ENERGY CORP	8/15/2017	6.500	%	210	209	237
CONVENIENCE RETAILERS LLC	11/22/2016	2.750	%	10,500	10,500	10,768
DEVON ENERGY CORPORATION	5/15/2017	1.875	%	5,000	5,065	5,036
ENCANA HLDGS FIN CORP	5/1/2014	5.800	%	1,109	1,123	1,128
MARATHON OIL CORP	11/1/2015	0.900	%	27,625	27,664	27,648
NOBLE HOLDING INTERNATIONAL LT	3/1/2016	3.050	%	19,151	19,619	19,720
WOODSIDE FIN LTD	11/10/2014	4.500	%	26,288	26,600	27,074
XTO ENERGY INC.	2/1/2014	4.900	%	1,000	1,000	1,003
TOTAL ENERGY					97,028	98,184
FINANCE COMPANIES
GENERAL ELECTRIC CAP CORP	10/17/2016	3.350	%	25,000	26,185	26,559
GENERAL ELECTRIC CAP CORP	7/2/2015	1.625	%	7,000	7,041	7,111
GENERAL ELECTRIC CAP CORP	1/8/2016	1.000	%	4,000	3,991	4,010
TOTAL FINANCE COMPANIES					37,217	37,680

F-71

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2013
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
INSURANCE
WELLPOINT INC	1/15/2016	5.250	%	3,370	3,564	3,644
WELLPOINT INC	9/10/2015	1.250	%	14,375	14,426	14,475
TOTAL INSURANCE					17,990	18,119
NATURAL GAS
COLORADO INTERSTATE GAS CO LLC	3/15/2015	5.950	%	1,977	2,062	2,088
COLORADO INTERSTATE GAS CO LLC	11/15/2015	6.800	%	35,318	38,085	39,108
ENTERPRISE PRODUCTS OPERATING	10/15/2014	5.600	%	4,893	5,035	5,084
KERN RIVER FDG CORP	4/30/2018	4.893	%	12,394	13,505	13,264
KINDER MORGAN ENERGY PARTNERS	2/15/2015	5.625	%	17,605	18,316	18,510
MIDCONTINENT EXPRESS PIPELINE	9/15/2014	5.450	%	11,100	11,329	11,334
NISOURCE FINANCE CORP	7/15/2014	5.400	%	10,000	10,101	10,247
NORTHWEST PIPELINE LLC	6/15/2016	7.000	%	4,280	4,697	4,870
PLAINS ALL AMERICAN PIPELINE L	9/15/2015	3.950	%	7,000	7,246	7,361
SOUTHERN STAR CENTRAL GAS PIPE	6/1/2016	6.000	%	9,450	10,188	10,343
TRANSCONTINENTAL GAS PIPE LINE	4/15/2016	6.400	%	649	703	725
TOTAL NATURAL GAS					121,267	122,934
TECHNOLOGY
HEWLETT-PACKARD CO	9/15/2016	3.000	%	30,000	30,611	31,207
SUNGARD DATA SYSTEMS INC	1/15/2014	4.875	%	370	370	370
SAP IRELAND US FINANCIAL SERV	10/14/2017	2.950	%	3,000	3,101	3,071
SAP IRELAND US FINANCIAL SERV	11/15/2017	2.130	%	10,000	10,000	9,923
TOTAL TECHNOLOGY					44,082	44,571
TRANSPORTATION
CSX CORPORATION	4/1/2015	6.250	%	1,099	1,159	1,175
UNION PACIFIC CORPORATION	2/1/2016	7.000	%	12,500	13,928	13,965
TOTAL TRANSPORTATION					15,087	15,140
TOTAL - CORPORATE DEBT SECURITIES					935,794	944,387
STRUCTURED SECURITIES
MERRILL LYNCH ELLIOTT & PAIGE	2/23/2010	2.209	%	11,000	—	—	c, d
TOTAL STRUCTURED SECURITIES					—	—
TOTAL - FIXED MATURITIES					3,987,510	3,978,248
COMMON STOCKS
AUTO MANUFACTURING/VEHICLE PARTS
MARK IV INDUSTRIES INC				10	115	362	d
TOTAL AUTO MANUFACTURING/VEHICLE PARTS					115	362
BUILDING PRODCUTS
CONTECH ENGINEERED SOLUTIONS				13	296	441	d
TOTAL BUILDING PRODUCTS					296	441

F-72

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2013
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
CHEMICALS
LYONDELLBASELL INDUSTRIES NV				16	82	1,300
TOTAL CHEMICALS					82	1,300
FINANCE - OTHER
NPF XII INC -ABS				10,000	—	—	d
TOTAL FINANCE - OTHER					—	—
GAMING
HERBST GAMING INC				9	87	100	d
TROPICANA ENTERTAINMENT				4	—	73	d
TOTAL GAMING					87	173
MEDIA
CUMULUS MED INC.				22	69	174	d
DEX ONE CORP				1	—	5	d
TRIBUNE CO				13	577	992	d
MGM HOLDINGS II INC				37	714	2,505	c, d
MEDIANEWS GRP INC				3	41	56	d
TOTAL MEDIA					1,401	3,732
METALS/MINING
ALERIS INTERNATIONAL INC				5	184	217
TOTAL METALS/MINING					184	217
TELECOMMUNICATIONS
HAWAIIAN TELCOM HOLDCO INC				3	50	98	c, d
TOTAL TELECOMMUNICATIONS					50	98
TOTAL - COMMON STOCKS					2,215	6,323
SYNDICATED LOANS
BASIC INDUSTRY
HUNTSMAN INTERNATIONAL LLC	4/19/2017	2.705	%	1,180	1,176	1,176
CELANESE US HOLDINGS LLC	10/31/2016	2.249	%	714	713	713
HUNTSMAN INTERNATIONAL LLC	4/19/2017	3.208	%	437	434	434
TOTAL BASIC INDUSTRY					2,323	2,323
BROKERAGE
NUVEEN INVESTMENTS INC	5/13/2017	4.164	%	868	859	859
TOTAL BROKERAGE					859	859
CAPITAL GOODS
BERRY PLASTICS CORP	4/3/2015	2.164	%	2,239	2,203	2,203
TOTAL CAPITAL GOODS					2,203	2,203
COMMUNICATIONS
MEDIACOM LLC	1/31/2015	1.630	%	1,222	1,213	1,213
CENGAGE LEARNING INC	7/3/2014	—	%	236	235	235	d
YELL FINANCE BV	7/31/2014	—	%	1,288	1,284	1,284	d
SUPERMEDIA INC	12/30/2016	11.600	%	225	138	138

F-73

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2013
Issuer	Maturity Date	Coupon Rate		Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)		Carrying Value (Note a)
DEX ONE CORP	12/31/2016	9.750	%	318	167		167
NIELSEN FINANCE LLC	5/1/2016	2.918	%	1,400	1,396		1,396
LODGENET INTERACTIVE CORPORATION	3/28/2018	6.750	%	312	251		251
CHARTER COMMUN HLDGS LLC	12/31/2020	3.000	%	319	319		319
TOTAL COMMUNICATIONS					5,003		5,003
CONSUMER CYCLICAL
SABRE INC	2/19/2019	5.250	%	281	281		281
LAS VEGAS SANDS LLC	12/11/2020	3.250	%	560	546		546
TOTAL CONSUMER CYCLICAL					827		827
CONSUMER NON-CYCLICAL
ARAMARK CORPORATION	7/26/2016	3.664	%	49	49		49
ARAMARK CORPORATION	7/26/2016	3.718	%	409	409		409
CATALENT PHARMA SOLUTIONS INC	9/15/2016	3.664	%	682	675		675
ARAMARK CORPORATION	7/26/2016	3.664	%	27	27		27
ARAMARK CORPORATION	7/26/2016	3.748	%	338	335		335
HCA-THE HEALTHCARE CO	5/1/2018	2.914	%	1,184	1,182		1,182
BIOMET INC	7/25/2017	3.687	%	282	282		282
TOTAL CONSUMER NON-CYCLICAL					2,959		2,959
ELECTRIC
ENERGY FUTURE HOLDINGS CORP	10/10/2014	3.730	%	1,868	1,854		1,854
TOTAL ELECTRIC					1,854		1,854
TECHNOLOGY
FREESCALE SEMICONDUCTOR INC	3/1/2020	5.000	%	1,491	1,462		1,462
TOTAL TECHNOLOGY					1,462		1,462
TOTAL - SYNDICATED LOANS BEFORE ALLOWANCE FOR LOAN LOSSES					17,490		17,490
ALLOWANCE FOR LOAN LOSSES					(2,120	)	(2,120	)
TOTAL - SYNDICATED LOANS, NET					15,370		15,370
DERIVATIVES
PURCHASED OPTIONS
BNP PARIBAS SA	1/7/2014			—	2,891		2,891
BNP PARIBAS SA	1/14/2014			—	2,888		2,888
BNP PARIBAS SA	1/21/2014			—	2,581		2,581
BNP PARIBAS SA	1/28/2014			—	2,198		2,198
BNP PARIBAS SA	2/4/2014			—	2,178		2,178
BNP PARIBAS SA	2/11/2014			—	2,127		2,127
BNP PARIBAS SA	2/18/2014			—	2,168		2,168
BNP PARIBAS SA	2/25/2014			—	2,330		2,330
BNP PARIBAS SA	3/4/2014			—	2,109		2,109
BNP PARIBAS SA	3/11/2014			—	2,148		2,148
BNP PARIBAS SA	3/18/2014			—	2,150		2,150
BNP PARIBAS SA	3/25/2014			—	1,759		1,759

F-74

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2013
Issuer	Maturity Date	Coupon Rate	Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)	Carrying Value (Note a)
BNP PARIBAS SA	4/1/2014		—	1,978	1,978
BNP PARIBAS SA	4/8/2014		—	1,878	1,878
WELLS FARGO BANK NA	4/15/2014		—	1,762	1,762
BNP PARIBAS SA	4/22/2014		—	1,825	1,825
WELLS FARGO BANK NA	4/29/2014		—	1,660	1,660
BNP PARIBAS SA	5/6/2014		—	1,360	1,360
BNP PARIBAS SA	5/13/2014		—	1,279	1,279
BNP PARIBAS SA	5/20/2014		—	1,269	1,269
BNP PARIBAS SA	5/27/2014		—	1,505	1,505
BNP PARIBAS SA	6/3/2014		—	1,636	1,636
BNP PARIBAS SA	6/10/2014		—	1,306	1,306
BNP PARIBAS SA	6/17/2014		—	1,141	1,141
BNP PARIBAS SA	6/24/2014		—	1,665	1,665
BNP PARIBAS SA	7/1/2014		—	1,379	1,379
WELLS FARGO BANK NA	7/8/2014		—	1,196	1,196
BNP PARIBAS SA	7/15/2014		—	1,029	1,029
WELLS FARGO BANK NA	7/22/2014		—	928	928
BNP PARIBAS SA	7/29/2014		—	1,087	1,087
BNP PARIBAS SA	8/5/2014		—	1,092	1,092
BNP PARIBAS SA	8/12/2014		—	1,077	1,077
BNP PARIBAS SA	8/19/2014		—	1,211	1,211
BNP PARIBAS SA	8/26/2014		—	1,803	1,803
BNP PARIBAS SA	9/2/2014		—	1,364	1,364
WELLS FARGO BANK NA	9/9/2014		—	1,042	1,042
WELLS FARGO BANK NA	9/16/2014		—	1,047	1,047
BNP PARIBAS SA	9/23/2014		—	906	906
WELLS FARGO BANK NA	9/30/2014		—	973	973
BNP PARIBAS SA	10/7/2014		—	1,377	1,377
WELLS FARGO BANK NA	10/14/2014		—	932	932
WELLS FARGO BANK NA	10/21/2014		—	715	715
WELLS FARGO BANK NA	10/28/2014		—	715	715
BNP PARIBAS SA	11/4/2014		—	682	682
WELLS FARGO BANK NA	11/11/2014		—	629	629
WELLS FARGO BANK NA	11/18/2014		—	682	682
WELLS FARGO BANK NA	11/25/2014		—	614	614
BNP PARIBAS SA	12/2/2014		—	642	642
BNP PARIBAS SA	12/9/2014		—	657	657

F-75

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2013
Issuer	Maturity Date	Coupon Rate	Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)		Carrying Value (Note a)
WELLS FARGO BANK NA	12/16/2014		—	789		789
WELLS FARGO BANK NA	12/24/2014		—	509		509
TOTAL PURCHASED OPTIONS				72,868		72,868
WRITTEN OPTIONS
BNP PARIBAS SA	1/7/2014		—	(2,640	)	(2,640	)
BNP PARIBAS SA	1/7/2014		—	(29	)	(29	)
BNP PARIBAS SA	1/14/2014		—	(2,595	)	(2,595	)
BNP PARIBAS SA	1/14/2014		—	(54	)	(54	)
BNP PARIBAS SA	1/21/2014		—	(2,330	)	(2,330	)
BNP PARIBAS SA	1/21/2014		—	(25	)	(25	)
BNP PARIBAS SA	1/28/2014		—	(1,942	)	(1,942	)
BNP PARIBAS SA	1/28/2014		—	(47	)	(47	)
BNP PARIBAS SA	2/4/2014		—	(1,998	)	(1,998	)
BNP PARIBAS SA	2/4/2014		—	(26	)	(26	)
BNP PARIBAS SA	2/11/2014		—	(1,948	)	(1,948	)
BNP PARIBAS SA	2/11/2014		—	(25	)	(25	)
BNP PARIBAS SA	2/18/2014		—	(1,953	)	(1,953	)
BNP PARIBAS SA	2/18/2014		—	(47	)	(47	)
BNP PARIBAS SA	2/25/2014		—	(2,119	)	(2,119	)
BNP PARIBAS SA	2/25/2014		—	(54	)	(54	)
BNP PARIBAS SA	3/4/2014		—	(1,925	)	(1,925	)
BNP PARIBAS SA	3/4/2014		—	(23	)	(23	)
BNP PARIBAS SA	3/11/2014		—	(1,958	)	(1,958	)
BNP PARIBAS SA	3/11/2014		—	(22	)	(22	)
BNP PARIBAS SA	3/18/2014		—	(1,935	)	(1,935	)
BNP PARIBAS SA	3/18/2014		—	(44	)	(44	)
BNP PARIBAS SA	3/25/2014		—	(1,596	)	(1,596	)
BNP PARIBAS SA	3/25/2014		—	(21	)	(21	)
BNP PARIBAS SA	4/1/2014		—	(1,791	)	(1,791	)
BNP PARIBAS SA	4/1/2014		—	(20	)	(20	)
BNP PARIBAS SA	4/8/2014		—	(1,674	)	(1,674	)
BNP PARIBAS SA	4/8/2014		—	(41	)	(41	)
WELLS FARGO BANK NA	4/15/2014		—	(1,592	)	(1,592	)
WELLS FARGO BANK NA	4/15/2014		—	(20	)	(20	)
BNP PARIBAS SA	4/22/2014		—	(1,649	)	(1,649	)
BNP PARIBAS SA	4/22/2014		—	(20	)	(20	)
WELLS FARGO BANK NA	4/29/2014		—	(1,469	)	(1,469	)
WELLS FARGO BANK NA	4/29/2014		—	(36	)	(36	)
BNP PARIBAS SA	5/6/2014		—	(1,210	)	(1,210	)
BNP PARIBAS SA	5/6/2014		—	(15	)	(15	)

F-76

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2013
Issuer	Maturity Date	Coupon Rate	Principal Amount of Bonds & Notes or # of Shares	Amortized Cost (Notes a & b)		Carrying Value (Note a)
BNP PARIBAS SA	5/13/2014		—	(1,124	)	(1,124	)
BNP PARIBAS SA	5/13/2014		—	(13	)	(13	)
BNP PARIBAS SA	5/20/2014		—	(1,094	)	(1,094	)
BNP PARIBAS SA	5/20/2014		—	(24	)	(24	)
BNP PARIBAS SA	5/27/2014		—	(1,326	)	(1,326	)
BNP PARIBAS SA	5/27/2014		—	(13	)	(13	)
BNP PARIBAS SA	6/3/2014		—	(1,442	)	(1,442	)
BNP PARIBAS SA	6/3/2014		—	(30	)	(30	)
BNP PARIBAS SA	6/10/2014		—	(1,166	)	(1,166	)
BNP PARIBAS SA	6/10/2014		—	(16	)	(16	)
BNP PARIBAS SA	6/17/2014		—	(1,006	)	(1,006	)
BNP PARIBAS SA	6/17/2014		—	(14	)	(14	)
BNP PARIBAS SA	6/24/2014		—	(1,482	)	(1,482	)
BNP PARIBAS SA	6/24/2014		—	(38	)	(38	)
BNP PARIBAS SA	7/1/2014		—	(1,238	)	(1,238	)
BNP PARIBAS SA	7/1/2014		—	(17	)	(17	)
WELLS FARGO BANK NA	7/8/2014		—	(1,058	)	(1,058	)
WELLS FARGO BANK NA	7/8/2014		—	(14	)	(14	)
BNP PARIBAS SA	7/15/2014		—	(902	)	(902	)
BNP PARIBAS SA	7/15/2014		—	(12	)	(12	)
WELLS FARGO BANK NA	7/22/2014		—	(809	)	(809	)
WELLS FARGO BANK NA	7/22/2014		—	(11	)	(11	)
BNP PARIBAS SA	7/29/2014		—	(952	)	(952	)
BNP PARIBAS SA	7/29/2014		—	(12	)	(12	)
BNP PARIBAS SA	8/5/2014		—	(955	)	(955	)
BNP PARIBAS SA	8/5/2014		—	(11	)	(11	)
BNP PARIBAS SA	8/12/2014		—	(927	)	(927	)
BNP PARIBAS SA	8/12/2014		—	(23	)	(23	)
BNP PARIBAS SA	8/19/2014		—	(1,079	)	(1,079	)
BNP PARIBAS SA	8/19/2014		—	(15	)	(15	)
BNP PARIBAS SA	8/26/2014		—	(1,566	)	(1,566	)
BNP PARIBAS SA	8/26/2014		—	(66	)	(66	)
BNP PARIBAS SA	9/2/2014		—	(1,222	)	(1,222	)
BNP PARIBAS SA	9/2/2014		—	(16	)	(16	)
WELLS FARGO BANK NA	9/9/2014		—	(921	)	(921	)
WELLS FARGO BANK NA	9/9/2014		—	(13	)	(13	)
WELLS FARGO BANK NA	9/16/2014		—	(917	)	(917	)
WELLS FARGO BANK NA	9/16/2014		—	(11	)	(11	)
BNP PARIBAS SA	9/23/2014		—	(798	)	(798	)
BNP PARIBAS SA	9/23/2014		—	(12	)	(12	)

F-77

Ameriprise Certificate Company    SCHEDULE I

Investments of Securities in Unaffiliated Issuers (in thousands) As of December 31, 2013
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	9/30/2014		—	(858		)	(858		)
WELLS FARGO BANK NA	9/30/2014		—	(12		)	(12		)
BNP PARIBAS SA	10/7/2014		—	(1,213		)	(1,213		)
BNP PARIBAS SA	10/7/2014		—	(30		)	(30		)
WELLS FARGO BANK NA	10/14/2014		—	(822		)	(822		)
WELLS FARGO BANK NA	10/14/2014		—	(12		)	(12		)
WELLS FARGO BANK NA	10/21/2014		—	(616		)	(616		)
WELLS FARGO BANK NA	10/21/2014		—	(9		)	(9		)
WELLS FARGO BANK NA	10/28/2014		—	(610		)	(610		)
WELLS FARGO BANK NA	10/28/2014		—	(8		)	(8		)
BNP PARIBAS SA	11/4/2014		—	(587		)	(587		)
BNP PARIBAS SA	11/4/2014		—	(8		)	(8		)
WELLS FARGO BANK NA	11/11/2014		—	(537		)	(537		)
WELLS FARGO BANK NA	11/11/2014		—	(8		)	(8		)
WELLS FARGO BANK NA	11/18/2014		—	(583		)	(583		)
WELLS FARGO BANK NA	11/18/2014		—	(8		)	(8		)
WELLS FARGO BANK NA	11/25/2014		—	(522		)	(522		)
WELLS FARGO BANK NA	11/25/2014		—	(7		)	(7		)
BNP PARIBAS SA	12/2/2014		—	(549		)	(549		)
BNP PARIBAS SA	12/2/2014		—	(7		)	(7		)
BNP PARIBAS SA	12/9/2014		—	(561		)	(561		)
BNP PARIBAS SA	12/9/2014		—	(7		)	(7		)
WELLS FARGO BANK NA	12/16/2014		—	(681		)	(681		)
WELLS FARGO BANK NA	12/16/2014		—	(8		)	(8		)
WELLS FARGO BANK NA	12/24/2014		—	(431		)	(431		)
WELLS FARGO BANK NA	12/24/2014		—	(6		)	(6		)
TOTAL WRITTEN OPTIONS				(65,958		)	(65,958		)
NONPERFORMANCE RISK ADJUSTMENTS
NONPERFORMANCE RISK ADJUSTMENT			—	(20		)	(20		)
TOTAL NONPERFORMANCE RISK ADJUSTMENTS				(20		)	(20		)
TOTAL DERIVATIVES				6,890			6,890
TOTAL INVESTMENTS IN CASH EQUIVALENTS, FIXED MATURITIES, COMMON STOCK, SYNDICATED LOANS AND DERIVATIVES				$	4,083,583		$	4,078,429
NOTES (a) Cash equivalents are carried at amortized cost which approximates fair value. Fixed maturities and common stock 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 traded in over-the-counter markets using pricing models with market observable inputs. See notes to the financial statements regarding security valuation. (b) For Federal income tax purposes, the cost of investments is $4.1 billion. (c) Securities written down due to other-than-temporary impairment related to credit losses. (d) Non-Income producing securities.

F-78

Ameriprise Certificate Company    SCHEDULE III

Mortgage Loans on Real Estate and Interest Earned on Mortgages (in thousands) Year Ended December 31, 2014 Part 1 - Mortgage loans on real estate at end of period Part 2 - Interest earned on mortgages
Loan No.	Description (a)	Property Location		Number of loans	Prior liens (b)		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 (e)		Average gross rate of interest on mortgages held at end of period (f)
									Total		Subject to delinquent interest (d)
Other - liens on:
Apartment and business:
Over $500:
	121047195	Pharr	TX	1	$	—	$	1,485	$	1,485	$	—	$	—	$	—	3.530	%
	121047196	Pharr	TX	1	—		3,323		3,323		—		—		—		3.530	%
	121047197	Alamo	TX	1	—		761		761		—		—		—		3.530	%
	121047210	West Haven	CT	1	—		4,911		4,911		—		—		—		4.250	%
	121047215	Urbandale	IA	1	—		1,141		1,141		—		—		—		3.750	%
	121047216	Urbandale	IA	1	—		898		898		—		—		—		3.750	%
	121047230	Houston	TX	1	—		1,484		1,484		—		—		—		5.110	%
	121047262	Fargo	ND	1	—		7,084		7,084		—		—		—		5.440	%
	121047342	Tucson	AZ	1	—		1,939		1,939		—		—		—		5.250	%
	121047343	Durham	NC	1	—		1,751		1,751		—		—		—		4.000	%
	121047354	San Diego	CA	1	—		5,969		5,969		—		—		—		3.000	%
	121047357	Wauconda	IL	1	—		1,139		1,139		—		—		—		4.030	%
	121047364	Kansas City	KS	1	—		1,179		1,179		—		—		—		3.110	%
	121087245	Southport	CT	1	—		2,927		2,927		—		—		—		5.750	%
	121087268	Sebring	FL	1	—		6,977		6,977		—		—		—		6.000	%
	121087290	Doraville	GA	1	—		1,535		1,535		—		—		—		5.770	%
	121087313	Orchard Park	NY	1	—		2,717		2,717		—		—		—		5.460	%
	121087327	Marietta	GA	1	—		1,994		1,994		—		—		—		3.410	%
	121087344	Norcross	GA	1	—		1,639		1,639		—		—		—		5.000	%
	121087345	Henderson	NV	1	—		5,668		5,668		—		—		—		4.500	%
	121087347	Lawrenceville	GA	1	—		1,192		1,192		—		—		—		4.650	%
	121087349	Carlsbad	CA	1	—		1,995		1,995		—		—		—		3.000	%
	121087350	Norwalk	CA	1	—		4,148		4,148		—		—		—		4.670	%
	121087351	Gardena	CA	1	—		1,429		1,429		—		—		—		4.450	%
	121087352	Bedford	NH	1	—		2,263		2,263		—		—		—		4.860	%
	121087353	Beaverton	OR	1	—		707		707		—		—		—		4.450	%
	121087355	Oregon City	OR	1	—		1,580		1,580		—		—		—		3.460	%
	121087358	Philadelphia	PA	1	—		2,396		2,396		—		—		—		3.590	%
	121087359	Apex	NC	1	—		920		920		—		—		—		3.520	%
	121087360	Sun City Center	FL	1	—		4,293		4,293		—		—		—		4.350	%

F-79

Ameriprise Certificate Company    SCHEDULE III

Mortgage Loans on Real Estate and Interest Earned on Mortgages (in thousands) Year Ended December 31, 2014 Part 1 - Mortgage loans on real estate at end of period Part 2 - Interest earned on mortgages
Loan No.	Description (a)	Property Location		Number of loans	Prior liens (b)		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 (e)		Average gross rate of interest on mortgages held at end of period (f)
									Total		Subject to delinquent interest (d)
	121087361	Oswego	OR	1	—		3,904		3,904		—		—		—		3.480	%
	121087362	Atlanta	GA	1	—		2,292		2,292		—		—		—		3.580	%
	121087365	Fairfax	VA	1	—		1,988		1,988		—		—		—		3.610	%
	121087366	Murray	UT	1	—		1,156		1,156		—		—		—		3.310	%
	121087367	Port Richey	FL	1	—		3,539		3,539		—		—		—		3.590	%
	121087368	Norwich	NY	1	—		2,215		2,215		—		—		—		3.170	%
	121087369	Ackworth	GA	1	—		1,644		1,644		—		—		—		3.290	%
	121087370	La Jolla	CA	1	—		1,254		1,254		—		—		—		3.260	%
	121087371	Bulverde	TX	1	—		1,537		1,537		—		—		—		3.000	%
Total Other				39	—		96,973		96,973		—		—		—		4.275	%
Unallocated Reserve for Losses							2,341
Total First Mortgage Loans on Real Estate				39	$	—	$	94,632	$	96,973	$	—	$	—	$	—	4.275	%

F-80

Ameriprise Certificate Company    SCHEDULE III

Mortgage Loans on Real Estate and Interest Earned on Mortgages (in thousands) Year Ended December 31, 2014 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)
Arizona	AZ	1	$	—	$	1,939	$	1,939	$	—	$	—
California	CA	5	—		14,795		14,795		—		—
Connecticut	CT	2	—		7,838		7,838		—		—
Florida	FL	3	—		14,809		14,809		—		—
Georgia	GA	6	—		10,296		10,296		—		—
Iowa	IA	2	—		2,039		2,039		—		—
Illinois	IL	1	—		1,139		1,139		—		—
Kansas	KS	1	—		1,179		1,179		—		—
North Carolina	NC	2	—		2,671		2,671		—		—
North Dakota	ND	1	—		7,084		7,084		—		—
New Hampshire	NH	1	—		2,263		2,263		—		—
Nevada	NV	1	—		5,668		5,668		—		—
New York	NY	2	—		4,932		4,932		—		—
Oregon	OR	3	—		6,191		6,191		—		—
Pennsylvania	PA	1	—		2,396		2,396		—		—
Texas	TX	5	—		8,590		8,590		—		—
Utah	UT	1	—		1,156		1,156		—		—
Virginia	VA	1	—		1,988		1,988		—		—
TOTAL		39	—		96,973		96,973		—		—
Unallocated Reserve for Losses					2,341
Total		39	$	—	$	94,632	$	96,973	$	—	$	—
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 due and accrued for the various classes within the types of mortgage loans is not readily available and the obtaining thereof would involve unreasonable effort and expense. ACC does not accrue interest on loans which are over three months delinquent. (f) 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 at December 31, 2014 are shown by type and class of loan.

F-81

Ameriprise Certificate Company    SCHEDULE III

Mortgage Loans on Real Estate and Interest Earned on Mortgages (in thousands) Year Ended December 31, 2013 Part 1 - Mortgage loans on real estate at end of period Part 2 - Interest earned on mortgages
									Amount of principal unpaid at end of period				Amount of mortgages being foreclosed		Interest due and accrued at end of period (e)		Average gross rate of interest on mortgages held at end of period (f)
Loan No.	Description (a)	Property Location		Number of loans	Prior liens (b)		Carrying amount of mortgages (c)		Total		Subject to delinquent interest (d)
Other - liens on:
Apartment and business:
Under $100
	121047298	Rock Hill	SC	1	$	—	$	36	$	36	$	—	$	—	$	—	7.250	%
	121047295	Concord	NC	1	—		50		50		—		—		—		7.000	%
	121047289	Newport News	VA	1	—		79		79		—		—		—		6.900	%
Over $500:
	121047195	Pharr	TX	1	—		1,632		1,632		—		—		—		3.530	%
	121047196	Pharr	TX	1	—		3,652		3,652		—		—		—		3.530	%
	121047197	Alamo	TX	1	—		837		837		—		—		—		3.530	%
	121047210	West Haven	CT	1	—		5,099		5,099		—		—		—		4.250	%
	121047215	Urbandale	IA	1	—		1,369		1,369		—		—		—		3.750	%
	121047216	Urbandale	IA	1	—		1,078		1,078		—		—		—		3.750	%
	121047230	Houston	TX	1	—		1,543		1,543		—		—		—		5.110	%
	121047262	Fargo	ND	1	—		7,515		7,515		—		—		—		5.440	%
	121047329	Omaha	NE	1	—		903		903		—		—		—		6.750	%
	121047342	Tucson	AZ	1	—		2,120		2,120		—		—		—		5.250	%
	121047343	Durham	NC	1	—		1,814		1,814		—		—		—		4.000	%
	121047354	San Diego	CA	1	—		4,562		4,562		—		—		—		3.270	%
	121047356	Wood Dale	IL	1	—		1,899		1,899		—		—		—		4.030	%
	121047357	Wauconda	IL	1	—		1,377		1,377		—		—		—		4.030	%
	121047364	Kansas City	KS	1	—		1,214		1,214		—		—		—		3.110	%
	121087187	Mebane	NC	1	—		2,974		2,974		—		—		—		5.690	%
	121087245	Southport	CT	1	—		3,020		3,020		—		—		—		5.750	%
	121087268	Sebring	FL	1	—		7,144		7,144		—		—		—		6.000	%
	121087290	Doraville	GA	1	—		1,692		1,692		—		—		—		5.770	%
	121087313	Orchard Park	NY	1	—		2,893		2,893		—		—		—		5.460	%
	121087320	Kirkland	WA	1	—		2,872		2,872		—		—		—		3.560	%
	121087327	Marietta	GA	1	—		2,050		2,050		—		—		—		3.410	%
	121087337	Issaquah	WA	1	—		6,124		6,124		—		—		—		5.330	%
	121087344	Norcross	GA	1	—		1,699		1,699		—		—		—		5.000	%
	121087345	Henderson	NV	1	—		6,002		6,002		—		—		—		4.500	%
	121087346	Independence	MO	1	—		1,497		1,497		—		—		—		4.380	%
	121087347	Lawrenceville	GA	1	—		1,346		1,346		—		—		—		4.650	%
	121087349	Carlsbad	CA	1	—		2,058		2,058		—		—		—		3.600	%
	121087350	Norwalk	CA	1	—		4,257		4,257		—		—		—		4.670	%
	121087351	Gardena	CA	1	—		1,609		1,609		—		—		—		4.450	%

F-82

Ameriprise Certificate Company    SCHEDULE III

Mortgage Loans on Real Estate and Interest Earned on Mortgages (in thousands) Year Ended December 31, 2013 Part 1 - Mortgage loans on real estate at end of period Part 2 - Interest earned on mortgages
									Amount of principal unpaid at end of period				Amount of mortgages being foreclosed		Interest due and accrued at end of period (e)		Average gross rate of interest on mortgages held at end of period (f)
Loan No.	Description (a)	Property Location		Number of loans	Prior liens (b)		Carrying amount of mortgages (c)		Total		Subject to delinquent interest (d)
	121087352	Bedford	NH	1	—		2,321		2,321		—		—		—		4.860	%
	121087353	Beaverton	OR	1	—		797		797		—		—		—		4.450	%
	121087355	Oregon City	OR	1	—		1,806		1,806		—		—		—		3.460	%
	121087358	Philadelphia	PA	1	—		2,467		2,467		—		—		—		3.590	%
	121087359	Apex	NC	1	—		1,028		1,028		—		—		—		3.520	%
	121087360	Sun City Center	FL	1	—		4,406		4,406		—		—		—		4.350	%
	121087361	Oswego	OR	1	—		4,341		4,341		—		—		—		3.480	%
	121087362	Atlanta	GA	1	—		2,383		2,383		—		—		—		3.580	%
	121087365	Fairfax	VA	1	—		2,043		2,043		—		—		—		3.610	%
	121087366	Murray	UT	1	—		1,280		1,280		—		—		—		3.310	%
	121087367	Port Richey	FL	1	—		3,736		3,736		—		—		—		3.590	%
	121087368	Norwich	NY	1	—		2,789		2,789		—		—		—		3.170	%
	121087369	Ackworth	GA	1	—		1,708		1,708		—		—		—		3.290	%
	121087370	La Jolla	CA	1	—		1,403		1,403		—		—		—		3.260	%
	121087371	Bulverde	TX	1	—		1,688		1,688		—		—		—		3.000	%
Total Other				48	—		118,212		118,212		—		—		—		4.395	%
Unallocated Reserve for Losses							2,341
Total First Mortgage Loans on Real Estate				48	$	—	$	115,871	$	118,212	$	—	$	—	$	—	4.395	%

F-83

Ameriprise Certificate Company    SCHEDULE III

Mortgage Loans on Real Estate and Interest Earned on Mortgages (in thousands) Year Ended December 31, 2013 Part 3 - Location of mortgaged properties
							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)		Carrying amount of mortgages (c)		Total		Subject to delinquent interest (d)
Arizona	AZ	1	$	—	$	2,120	$	2,120	$	—	$	—
California	CA	5	—		13,890		13,890		—		—
Connecticut	CT	2	—		8,119		8,119		—		—
Florida	FL	3	—		15,286		15,286		—		—
Georgia	GA	6	—		10,878		10,878		—		—
Iowa	IA	2	—		2,447		2,447		—		—
Illinois	IL	2	—		3,276		3,276		—		—
Kansas	KS	1	—		1,214		1,214		—		—
Montana	MO	1	—		1,497		1,497		—		—
North Carolina	NC	4	—		5,865		5,865		—		—
North Dakota	ND	1	—		7,515		7,515		—		—
Nebraska	NE	1	—		903		903		—		—
New Hampshire	NH	1	—		2,321		2,321		—		—
Nevada	NV	1	—		6,002		6,002		—		—
New York	NY	2	—		5,682		5,682		—		—
Oregon	OR	3	—		6,944		6,944		—		—
Pennsylvania	PA	1	—		2,467		2,467		—		—
South Carolina	SC	1	—		36		36		—		—
Texas	TX	5	—		9,352		9,352		—		—
Utah	UT	1	—		1,280		1,280		—		—
Virginia	VA	2	—		2,122		2,122		—		—
Washington	WA	2	—		8,996		8,996		—		—
TOTAL		48	—		118,212		118,212		—		—
Unallocated Reserve for Losses					2,341
Total		48	$	—	$	115,871	$	118,212	$	—	$	—
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 due and accrued for the various classes within the types of mortgage loans is not readily available and the obtaining thereof would involve unreasonable effort and expense. ACC does not accrue interest on loans which are over three months delinquent. (f) 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 at December 31, 2013 are shown by type and class of loan.

F-84

Ameriprise Certificate Company    SCHEDULE III

Mortgage Loans on Real Estate and Interest Earned on Mortgages (in thousands)

Year Ended December 31, 2014

The average gross interest rates on mortgage loans held at December 31, 2014, 2013 and 2012 are summarized as follows:

	2014		2013		2012
Combined average	4.275	%	4.395	%	4.612	%

(g)  Following is a reconciliation of the carrying amount of mortgage loans for the years ended December 31, 2014, 2013 and 2012.

	2014			2013			2012
Balance at beginning of period	$	115,871		$	121,249		$	116,081
Deductions during period:
Collections of principal	22,788			14,884			21,522
Purchases and fundings	(1,549		)	(11,233		)	(26,690		)
Transfers	—			1,727			—
Total deductions	21,239			5,378			(5,168		)
Balance at end of period	$	94,632		$	115,871		$	121,249

(h)  The aggregate cost of mortgage loans for federal income tax purposes at December 31, 2014 was $96,973.

(i)  At December 31, 2014, an unallocated reserve for loss on first mortgage loans of $2,341 is recorded.

F-85

Ameriprise Certificate Company    SCHEDULE IV

Real Estate Owned and Rental Income (in thousands)

ACC held no real estate owned at December 31, 2014.

Rent from properties sold during the year ended December 31, 2014 were as follows:
	Total rental income applicable  to period		Expended for interest, taxes, repairs and expenses		Net income applicable  to period
Shaker (OH)	$	77	$	213	$	(136	)

	Year Ended December 31, 2013
Classification of property	Initial cost  to company		Cost of improvements, etc.		Amount at  which carried  at close of period		Total rental income applicable  to period		Expended for interest, taxes, repairs and expenses		Net income applicable  to period
	(in thousands)
Apartments and business
Shaker (OH)	$	1,727	$	—	$	1,727	$	26	$	12	$	14
Rent from properties sold during the period
Plaza 6000 (CO)							$	184	$	199	$	(15	)

Reconciliation of real estate owned for the years ended December 31, 2014 and 2013:

Balance at January 1, 2013	$	1,927
Additions during period:
Foreclosure	1,727
Deductions during period:
Cost of real estate sold	(1,927		)
Balance at December 31, 2013	1,727
Deductions during period:
Cost of real estate sold	(1,727		)
Balance at December 31, 2014	$	—

F-86

Ameriprise Certificate Company    SCHEDULE V

Qualified Assets on Deposits (in thousands)

December 31, 2014

	Investment Securities
Name of Depositary	Bonds and Notes (a)		Stocks (b)		Mortgage Loans (c)		Other (d)		Total
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	53		—		—		—		53
Pennsylvania - Treasurer of the State of Pennsylvania	160		—		—		—		160
Texas - Treasurer of the State of Texas	100		—		—		—		100
Total State Deposits to meet requirements of statutes and agreements	363		—		—		—		363
Total Central Depository - Ameriprise Trust Company	4,250,182		6,523		94,632		57,247		4,408,584
Total Deposits	$	4,250,545	$	6,523	$	94,632	$	57,247	$	4,408,947
Notes: (a)  Represents amortized cost of bonds, notes and cash equivalents. (b)  Represents fair value of common stocks. (c)  Represents unpaid principal balance of mortgage loans less unamortized discounts and reserve for losses. (d)  Represents cost of warrants and syndicated loans.

Qualified Assets on Deposits (in thousands)

December 31, 2013

	Investment Securities
Name of Depositary	Bonds and Notes (a)		Stocks (b)		Mortgage Loans (c)		Other (d)		Total
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	53		—		—		—		53
Pennsylvania - Treasurer of the State of Pennsylvania	160		—		—		—		160
Texas - Treasurer of the State of Texas	115		—		—		—		115
Total State Deposits to meet requirements of statutes and agreements	378		—		—		—		378
Total Central Depository - Ameriprise Trust Company	4,058,728		6,323		115,871		15,370		4,196,292
Total Deposits	$	4,059,106	$	6,323	$	115,871	$	15,370	$	4,196,670
Notes: (a)  Represents amortized cost of bonds, notes and cash equivalents. (b)  Represents fair value of common stocks. (c)  Represents unpaid principal balance of mortgage loans less unamortized discounts and reserve for losses. (d)  Represents cost of warrants and syndicated loans.

F-87

Ameriprise Certificate Company    SCHEDULE VI

Certificate Reserves (in thousands) Year Ended December 31, 2014 Part 1 - Summary of Changes
Description	Year Ended December 31, 2014
	Yield to maturity on an annual payment basis	Balance at beginning of period						Additions							Deductions									Balance at close of period
		Number 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)			Number of accounts with security holders	Amount of maturity value		Amount of reserves
Installment certificates:
Reserves to mature:
I-76	3.35	—	$	—	$	(1	)	$	—	$	—		$	—	$	—		$	—		$	—		—	$	—	$	(1	)
IC-Q-IN		1	36		1			—		1			—		—			(1		)	—			3	36		1
IC-I		4	59		44			—		4			—		—			(8		)	—			3	43		40
IC-I-EMP		1	6		11			—		1			—		—			—			—			1	6		12
Inst I95		2,585	—		20,661			—		5,206			69		(2,555		)	(7,507		)	—			1,920	—		15,874
Inst-E		20	—		274			—		58			1		(44		)	(152		)	—			12	—		137
RP-Q-Installment		3	22		8			—		—			—		—			—			—			3	22		8
RP-Q-Flexible Payment		1	12		11			—		—			—		—			—			—			1	12		11
RP-Q-Ins		2	12		2			—		—			—		—			—			—			2	12		2
Inst-R		294	53,297		1,715			—		484			7		(30		)	(406		)	—			270	47,408		1,770
Inst-R-E		3	42		25			—		5			—		—			(5		)	—			1	12		25
Total		2,914	53,486		22,751			—		5,759			77		(2,629		)	(8,079		)	—			2,216	47,551		17,879
Additional credits and accrued interest thereon:
Inst I95		—	—		—			69		—			—		—			—			(69		)	—	—		—
Inst-E		—	—		—			1		—			—		—			—			(1		)	—	—		—
Inst-R		—	—		—			7		—			—		—			—			(7		)	—	—		—
Total		—	—		—			77		—			—		—			—			(77		)	—	—		—
Res for accrued 3rd year 2113 - Installment Prod only.		—	—		203			30		(201		)	—		—			—			—			—	—		32
Total		—	—		203			30		(201		)	—		—			—			—			—	—		32
Total Installment Certificates		2,914	53,486		22,954			107		5,558			77		(2,629		)	(8,079		)	(77		)	2,216	47,551		17,911
Single Pay - Non Qualified Certificates
Single-Payment certificates:
IC-2-84 - 115, 116,117,118,119	3.5	2	4		4			—		—			—		—			(2		)	—			1	2		2
IC-2-85 - 120,121,122,123.124,125,126,127,128,129,130	3.5	1	14		14			—		—			—		—			—			—			1	14		14
IC-Flexible Savings (Variable Term) - 165		68,313	1,304,487		1,374,559			—		514,443			10,770		(3,200		)	(511,423		)	—			64,341	1,323,771		1,385,149
IC-Flexible Savings Emp (VT) - 166		68	647		824			—		8			4		(124		)	(149		)	—			45	466		563
Cash Reserve Variable PMT-3mo. - 662		34,039	1,147,873		1,151,542			—		1,371,901			4,187		(1,873		)	(1,169,764		)	—			40,292	1,351,071		1,355,993
IC-Stock Market - 180		23,221	183,110		201,837			—		30,697			2,911		(3,496		)	(42,134		)	—			20,731	173,338		189,815

F-88

Ameriprise Certificate Company    SCHEDULE VI

Certificate Reserves (in thousands) Year Ended December 31, 2014 Part 1 - Summary of Changes
Description	Year Ended December 31, 2014
	Yield to maturity on an annual payment basis	Balance at beginning of period				Additions			Deductions						Balance at close of period
		Number 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)		Number of accounts with security holders	Amount of maturity value	Amount of reserves
IC-MSC - 181		12,986	234,180	260,586		—	26,049	3,353	—		(38,675	)	—		11,947	226,349	251,313
Total		138,630	2,870,315	2,989,366		—	1,943,098	21,225	(8,693	)	(1,762,147	)	—		137,358	3,075,011	3,182,849
Additional credits and accrued interest thereon:
IC-2-84	3.5	—	—	2		—	—	—	—		(1	)	—		—	—	1
IC-Flexible Savings		—	—	484		11,215	—	—	—		(487	)	(10,776	)	—	—	436
IC-Preferred Investors		—	—	1		—	—	—	—		—		—		—	—	1
IC-FS-EMP		—	—	1		6	—	—	—		(2	)	(4	)	—	—	1
Cash Reserve Variable Payment-3mo.		—	—	162		4,764	—	—	—		(581	)	(4,191	)	—	—	154
IC-Stk Mkt, 2004/16/31-4000/16		—	—	26		42	—	—	—		(4	)	(40	)	—	—	24
IC-MSC		—	—	12		44	—	—	—		—		(44	)	—	—	12
Total		—	—	688		16,071	—	—	—		(1,075	)	(15,055	)	—	—	629
Accrued for additional credits to be allowed at next anniversaries:
SP 75		—	—	(1	)	—	—	—	—		—		—		—	—	(1	)
IC-Stock		—	—	2,913		2,467	—	—	—		(78	)	(2,872	)	—	—	2,430
IC-Market Strategy Certificate - Part Int 2019/2102/4061		—	—	3,361		2,914	—	—	—		(115	)	(3,311	)	—	—	2,849
Total		—	—	6,273		5,381	—	—	—		(193	)	(6,183	)	—	—	5,278
Total Single Pay - Non Qualified Certificates		138,630	2,870,315	2,996,327		21,452	1,943,098	21,225	(8,693	)	(1,763,415	)	(21,238	)	137,358	3,075,011	3,188,756
R-Series Single Pay - Qualified Certificates
R-77 - 910	3.5	3	12	18		—	—	1	—		—		—		3	12	19
R-78 - 911	3.5	7	43	57		—	—	2	—		—		—		7	43	59
R-79 - 912	3.5	5	41	53		—	—	2	—		—		—		5	40	55
R-80 - 913	3.5	5	26	30		—	—	1	—		—		—		5	26	31
R-81 - 914	3.5	4	29	32		—	—	1	—		—		—		4	28	33
R-82A - 915	3.5	16	68	65		—	—	2	—		(3	)	—		16	66	64
RP-Q - 916		58	81	239		—	—	1	—		(32	)	—		54	71	208
R-II - 920	3.5	13	103	78		—	—	3	—		(5	)	—		14	96	76
RP-Flexible Savings - 971		27,488	557,194	581,991		—	137,711	4,541	(299	)	(174,511	)	—		25,704	528,481	549,433
Cash Reserve RP-3 mo. - 972		7,076	202,819	204,600		—	347,885	749	(12	)	(267,394	)	—		10,298	284,994	285,828
RP-Flexible Savings Emp - 973		25	340	436		—	—	4	(15	)	(129	)	—		17	224	296
RP-Stock Market - 960		6,787	72,493	78,197		—	10,866	1,137	(219	)	(16,784	)	—		6,192	68,158	73,197
Market Strategy Cert - 961		2,758	67,736	72,975		—	6,682	943	—		(11,641	)	—		2,610	64,242	68,959
D-1 - 990-993		16	1,428	1,653		—	5	8	(26	)	(310	)	—		10	1,154	1,330
Total		44,261	902,413	940,424		—	503,149	7,395	(571	)	(470,809	)	—		44,939	947,635	979,588
Additional Interest on R-Series Single Payment Reserves:
R-77	3.5	—	—	2		1	—	—	—		—		(1	)	—	—	2

F-89

Ameriprise Certificate Company    SCHEDULE VI

Certificate Reserves (in thousands) Year Ended December 31, 2014 Part 1 - Summary of Changes
Description	Year Ended December 31, 2014
	Yield to maturity on an annual payment basis	Balance at beginning of period			Additions			Deductions						Balance at close of period
		Number 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)		Number of accounts with security holders	Amount of maturity value	Amount of reserves
R-78	3.5	—	—	2	2	—	—	—		—		(2	)	—	—	2
R-79	3.5	—	—	2	2	—	—	—		—		(2	)	—	—	2
R-80	3.5	—	—	—	1	—	—	—		—		(1	)	—	—	—
R-81	3.5	—	—	1	1	—	—	—		—		(1	)	—	—	1
R-82A	3.5	—	—	2	2	—	—	—		—		(2	)	—	—	2
RP-Q		—	—	—	1	—	—	—		—		(1	)	—	—	—
R-II	3.5	—	—	2	3	—	—	—		—		(3	)	—	—	2
RP-Flexible Savings		—	—	194	4,607	—	—	—		(93	)	(4,541	)	—	—	167
Cash Reserve RP-3 mo.		—	—	28	899	—	—	—		(145	)	(749	)	—	—	33
RP-Flexible Savings Emp		—	—	—	4	—	—	—		—		(4	)	—	—	—
RP-Stock Market		—	—	9	15	—	—	—		(1	)	(15	)	—	—	8
Market Strategy Cert		—	—	8	15	—	—	—		—		(16	)	—	—	7
D-1 - 400		11	32	—	12	—	—	—		(4	)	(8	)	10	9	—
Total		11	32	250	5,565	—	—	—		(243	)	(5,346	)	10	9	226
Accrued for additional credits to be allowed at next anniversaries
RP-Stock Market		—	—	1,112	948	—	—	—		(5	)	(1,122	)	—	—	933
Market Strategy Cert		—	—	925	790	—	—	—		(20	)	(927	)	—	—	768
Total		—	—	2,037	1,738	—	—	—		(25	)	(2,049	)	—	—	1,701
Total R-Series Single Pay - Qualified Certificates		44,272	902,445	942,711	7,303	503,149	7,395	(571	)	(471,077	)	(7,395	)	44,949	947,644	981,515
Fully Paid Up Certificates
Paid-up certificates:
I-76 - 640	3.5	—	—	41	1	—	—	(28	)	(1	)	—		—	—	13
Total		—	—	41	1	—	—	(28	)	(1	)	—		—	—	13
Additional credits and accrued interest thereon:
I-76	3.5	11	42	4	—	—	—	(1	)	—		—		6	13	3
Total		11	42	4	—	—	—	(1	)	—		—		6	13	3
Total Fully Paid-up Certificates		11	42	45	1	—	—	(29	)	(1	)	—		6	13	16

F-90

Ameriprise Certificate Company    SCHEDULE VI

Certificate Reserves (in thousands) Year Ended December 31, 2014 Part 1 - Summary of Changes
Description	Year Ended December 31, 2014
	Yield to maturity on an annual payment basis	Balance at beginning of period					Additions						Deductions									Balance at close of period
		Number 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)			Number of accounts with security holders	Amount of maturity value		Amount of reserves
Optional Settlement Certificates
Other series and conversions from Single Payment Certificates	2.5-3-3-3.5	—	—		23,688		715		—		10		(2,556		)	(1,321		)	—			—	—		20,536
Series R-II & RP-2-84 - 88 - Prod 921	3.5	—	—		34		1		—		—		—			(1		)	—			—	—		34
Reserve Plus Single-Payment (Prod 150)		—	—		6		—		—		—		(6		)	—			—			—	—		—
Series R-Installment (Prod 980, 981,982)		—	—		18		—		—		—		—			(1		)	—			—	—		17
Add'l credits and accrued int. thereon	2.5 - 3	—	—		1,389		40		—		3		(219		)	(110		)	(11		)	—	—		1,092
Accrued for additional credits to be allowed at next anniversaries		—	—		—		2		—		—		—			—			(2		)	—	—		—
Total Optional Settlement		—	—		25,135		758		—		13		(2,781		)	(1,433		)	(13		)	—	—		21,679
Due to unlocated cert holders		—	—		203		—		—		85		—			—			(142		)	—	—		146
Total Certificate Reserves		185,827	$	3,826,288	$	3,987,375	$	29,621	$	2,451,805	$	28,795	$	(14,703	)	$	(2,244,005	)	$	(28,865	)	184,529	$	4,070,219	$	4,210,023

F-91

Ameriprise Certificate Company    SCHEDULE VI

Certificate Reserves (in thousands) Year Ended December 31, 2014 Part 2 - Descriptions of Additions to Reserves Charged to Other Accounts and Deductions from Reserves Credited to other Accounts
Additional credits on installment certificates and accrued interest thereon:
Other additions represent:
Transfers from maturities to extended maturities, additional credits/interest and advance payments	$	77
Other deductions represent:
Transfers to reserves on a quarterly basis for Reserve Plus Flexible-Payment, IC-Q-Installment and R-Flexible-Payment	$	77
Optional settlement certificates:
Other additions represent:
Transfers from installment certificate reserves (less surrender charges), optional settlement privileges	$	10
Transfers from accruals for additional credits to be allowed at next anniversaries	3
	$	13
Other deductions represent:
Transfers to reserve for additional credits and accrued interest thereon	$	2
Transfers to optional settlement reserves	11
	$	13
Single-Payment certificates:
Other additions represent:
Flexible Savings	$	10,770
Flexible Savings-Emp	4
Cash Reserve-3mo	4,187
Stock Market	2,911
Market Strategy	3,353
RP-Q	1
Cash Reserve-RP-3mo	749
Flexible Savings-RP	4,541
Flexible Savings-RP-Emp	4
Stock Market-RP	1,137
Market Strategy-RP	943
Transfers from accruals at anniversaries maintained in a separate reserve account	20
	$	28,620

F-92

Ameriprise Certificate Company    SCHEDULE VI

Certificate Reserves (in thousands) Year Ended December 31, 2014 Part 2 - Descriptions of Additions to Reserves Charged to Other Accounts and Deductions from Reserves Credited to other Accounts
Other deductions represent:
Transfers to optional settlement reserves:
Single-Payment	$	7,166
Transfers to reserves for additional credits and accrued interest thereon	(20		)
Flexible Savings	10,783
Flexible Savings-Emp	4
Cash Reserve-3mo	4,194
Stock Market	1
Market Strategy Cert	40
AEBI Stock Market	44
RP-Q	1
Cash Reserve-RP-3mo	749
Flexible Savings-RP	4,541
Flexible Savings-RP-Emp	4
Stock Market-RP	1,137
Transfers to Federal tax withholding	(11		)
	$	28,633
Due to unlocated certificate holders:
Other additions represent:
Amounts equivalent to payments due certificates holders who could not be located	$	85
Other deductions represent:
Payments to certificate holders credited to cash	$	142

F-93

Ameriprise Certificate Company    SCHEDULE VI

Certificate Reserves (in thousands) Year Ended December 31, 2014 Part 3 - Information Regarding Installment Certificates
	NUMBER OF  ACCOUNTS W/ CERTIFICATE HOLDERS		AMOUNT OF  MATURITY VALUE				AMOUNT OF RESERVES				DEDUCTION  FROM RESERVES CASH SURRENDERS  PRIOR TO MATURITY SURRENDER		OTHER
MO’s PAID	2013	2014	2013		2014		2013		2014		2013		2014
1-12	149	140	$	17,420	$	7,776	$	739	$	602	$	355	$	—
13-24	185	119	9,722		7,668		697		686		98		—
25-36	204	154	3,704		8,064		870		797		66		—
37-48	187	165	17,561		2,452		1,008		783		148		—
49-60	526	158	2,923		17,488		5,450		881		216		—
61-72	422	477	699		2,837		3,684		5,632		302		—
73-84	255	318	529		631		1,954		2,787		1,071		—
85-96	242	209	204		486		1,947		1,512		425		—
97-108	337	198	626		24		2,908		1,742		267		—
109-120	400	269	16		43		3,471		2,434		329		—
121-132	—	—	—		—		—		—		894		—
133-144	—	—	—		—		—		—		—		—
145-156	—	—	—		—		—		—		—		—
157-168	—	—	—		—		—		—		—		—
169-180	—	—	—		—		—		—		—		—
181-192	—	—	—		—		—		—		—		—
193-204	—	—	—		—		—		—		—		—
205-216	—	—	—		—		—		—		—		—
217-228	—	—	—		—		—		—		—		—
229-240	—	—	—		—		—		—		—		—
241-252	—	—	—		—		—		—		—		—
253-264	—	—	—		—		—		—		—		—
265-276	1	—	36		—		1		—		—		—
277-288	2	3	12		36		2		1		3		—
289-300	—	2	—		12		—		2		—		—
301-312	—	—	—		—		—		—		—		—
313-324	—	—	—		—		—		—		—		—
325-336	1	—	12		—		11		—		—		—
337-348	2	1	16		12		4		11		—		—
349-360	—	2	—		16		—		4		—		—
361-372	1	—	6		—		5		—		—		—
373-384	—	1	—		6		—		5		—		—
TOTAL - ALL SERIES	2,914	2,216	$	53,486	$	47,551	$	22,751	$	17,879	$	4,174	$	—

F-94

Ameriprise Certificate Company    SCHEDULE VI

Certificate Reserves (in thousands) Year Ended December 31, 2013 Part 1 - Summary of Changes
Description	Year Ended December 31, 2013
	Yield to maturity on an annual payment basis	Balance at beginning of period					Additions							Deductions									Balance at close of period
		Number 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)			Number of accounts with security holders	Amount of maturity value		Amount of reserves
Installment certificates:
Reserves to mature:
I-76	3.35	1	$	25	$	20	$	—	$	—		$	—	$	—		$	—		$	(21	)	—	$	—	$	(1	)
Reserve Plus Flex Payment		1	6		3		—		—			—		—			(3		)	—			—	—		—
IC-Q-IN		3	48		11		—		2			—		(5		)	(7		)	—			1	36		1
IC-I		4	59		38		—		6			—		—			—			—			4	59		44
IC-I-EMP		1	6		10		—		1			—		—			—			—			1	6		11
Inst I95		3,437	—		25,691		—		6,002			80		(2,917		)	(8,195		)	—			2,585	—		20,661
Inst-E		21	—		208		—		144			1		—			(79		)	—			20	—		274
RP-Q-Installment		3	22		8		—		—			—		—			—			—			3	22		8
RP-Q-Flexible Payment		1	12		11		—		—			—		—			—			—			1	12		11
RP-Q-Ins		2	12		2		—		—			—		—			—			—			2	12		2
Inst-R		321	64,605		2,165		—		640			8		(355		)	(743		)	—			294	53,297		1,715
Inst-R-E		3	42		20		—		5			—		—			—			—			3	42		25
Total		3,798	64,837		28,187		—		6,800			89		(3,277		)	(9,027		)	(21		)	2,914	53,486		22,751
Additional credits and accrued interest thereon:
I-76	3.5	—	—		3		—		—			—		—			—			(3		)	—	—		—
Inst I95		—	—		—		80		—			—		—			—			(80		)	—	—		—
Inst-E		—	—		—		1		—			—		—			—			(1		)	—	—		—
Inst-R		—	—		—		8		—			—		—			—			(8		)	—	—		—
Total		—	—		3		89		—			—		—			—			(92		)	—	—		—
Res for accrued 3rd year 2113 - Installment Prod only.		—	—		238		192		(227		)	—		—			—			—			—	—		203
Total		—	—		238		192		(227		)	—		—			—			—			—	—		203
Total Installment Certificates		3,798	64,837		28,428		281		6,573			89		(3,277		)	(9,027		)	(113		)	2,914	53,486		22,954
Single Pay - Non Qualified Certificates
Single-Payment certificates:
IC-2-84 - 115, 116,117,118,119	3.5	2	4		4		—		—			—		—			—			—			2	4		4
IC-2-85 - 120,121,122,123,124,125,126,127,128,129,130	3.5	2	20		22		—		—			—		(8		)	—			—			1	14		14
IC-2-87 - 132	3.5	1	4		5		—		—			—		(5		)	—			—			—	—		—
IC-Flexible Savings (Variable Term) - 165		74,728	1,219,154		1,296,929		—		527,751			12,474		(2,241		)	(460,354		)	—			68,313	1,304,487		1,374,559
IC-Flexible Savings Emp (VT) - 166		77	805		1,086		—		28			7		(8		)	(289		)	—			68	647		824
IC-Preferred Investors - 250		2	558		576		—		—			1		—			(577		)	—			—	—		—

F-95

Ameriprise Certificate Company    SCHEDULE VI

Certificate Reserves (in thousands) Year Ended December 31, 2013 Part 1 - Summary of Changes
Description	Year Ended December 31, 2013
	Yield to maturity on an annual payment basis	Balance at beginning of period				Additions				Deductions						Balance at close of period
		Number 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)		Number of accounts with security holders	Amount of maturity value	Amount of reserves
Cash Reserve Variable PMT-3mo. - 662		24,974	765,998	769,080		—		1,278,298	4,131	(610	)	(899,357	)	—		34,039	1,147,873	1,151,542
IC-Future Value - 155		1	3	3		—		—	—	—		(3	)	—		—	—	—
IC-Stock Market - 180		26,770	204,200	226,658		—		30,551	4,214	(4,558	)	(55,028	)	—		23,221	183,110	201,837
IC-MSC - 181		14,229	249,543	276,398		—		27,733	4,632	—		(48,177	)	—		12,986	234,180	260,586
Total		140,786	2,440,289	2,570,761		—		1,864,361	25,459	(7,430	)	(1,463,785	)	—		138,630	2,870,315	2,989,366
Additional credits and accrued interest thereon:
IC-2-84	3.5	—	—	2		—		—	—	—		—		—		—	—	2
IC-Flexible Savings		—	—	541		12,963		—	—	—		(537	)	(12,483	)	—	—	484
IC-Preferred Investors		—	—	1		2		—	—	—		(1	)	(1	)	—	—	1
IC-FS-EMP		—	—	1		9		—	—	—		(2	)	(7	)	—	—	1
Cash Reserve Variable Payment-3mo.		—	—	159		4,618		—	—	—		(479	)	(4,136	)	—	—	162
IC-Future Value		—	—	8		(5	)	—	—	—		(3	)	—		—	—	—
IC-Stk Mkt, 2004/16/31-4000/16		—	—	36		47		—	—	—		(5	)	(52	)	—	—	26
IC-MSC		—	—	17		49		—	—	—		(1	)	(53	)	—	—	12
Total		—	—	765		17,683		—	—	—		(1,028	)	(16,732	)	—	—	688
Accrued for additional credits to be allowed at next anniversaries:
SP 75		—	—	(1	)	—		—	—	—		—		—		—	—	(1	)
IC-Stock		—	—	3,114		4,069		—	—	—		(103	)	(4,167	)	—	—	2,913
IC-Market Strategy Certificate - Part Int 2019/2102/4061		—	—	3,363		4,727		—	—	—		(148	)	(4,581	)	—	—	3,361
Total		—	—	6,476		8,796		—	—	—		(251	)	(8,748	)	—	—	6,273
Total Single Pay - Non Qualified Certificates		140,786	2,440,289	2,578,002		26,479		1,864,361	25,459	(7,430	)	(1,465,064	)	(25,480	)	138,630	2,870,315	2,996,327
R-Series Single Pay - Qualified Certificates
R-77 - 910	3.5	3	12	17		—		—	1	—		—		—		3	12	18
R-78 - 911	3.5	7	43	55		—		—	2	—		—		—		7	43	57
R-79 - 912	3.5	6	44	55		—		—	2	—		(4	)	—		5	41	53
R-80 - 913	3.5	5	26	29		—		—	1	—		—		—		5	26	30
R-81 - 914	3.5	5	34	36		—		—	1	—		(5	)	—		4	29	32
R-82A - 915	3.5	19	82	76		—		—	3	—		(14	)	—		16	68	65
RP-Q - 916		62	87	256		—		—	1	—		(18	)	—		58	81	239
R-II - 920	3.5	16	116	85		—		—	3	—		(10	)	—		13	103	78
RP-Flexible Savings - 971		30,392	582,586	610,371		—		156,255	5,593	(177	)	(190,051	)	—		27,488	557,194	581,991
Cash Reserve RP-3 mo. - 972		3,985	98,032	98,596		—		264,801	606	(1	)	(159,402	)	—		7,076	202,819	204,600
RP-Flexible Savings Emp - 973		34	381	497		—		8	4	(13	)	(60	)	—		25	340	436

F-96

Ameriprise Certificate Company    SCHEDULE VI

Certificate Reserves (in thousands) Year Ended December 31, 2013 Part 1 - Summary of Changes
Description	Year Ended December 31, 2013
	Yield to maturity on an annual payment basis	Balance at beginning of period			Additions			Deductions						Balance at close of period
		Number 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)		Number of accounts with security holders	Amount of maturity value	Amount of reserves
RP-Stock Market - 960		7,477	81,582	88,327	—	10,661	1,688	(370	)	(22,109	)	—		6,787	72,493	78,197
Market Strategy Cert - 961		2,974	72,388	77,899	—	8,725	1,326	—		(14,975	)	—		2,758	67,736	72,975
D-1 - 990-993		23	2,198	2,647	—	69	19	(636	)	(446	)	—		16	1,428	1,653
Total		45,008	837,611	878,946	—	440,519	9,250	(1,197	)	(387,094	)	—		44,261	902,413	940,424
Additional Interest on R-Series Single Payment Reserves:
R-77	3.5	—	—	2	1	—	—	—		—		(1	)	—	—	2
R-78	3.5	—	—	2	2	—	—	—		—		(2	)	—	—	2
R-79	3.5	—	—	2	2	—	—	—		—		(2	)	—	—	2
R-80	3.5	—	—	—	1	—	—	—		—		(1	)	—	—	—
R-81	3.5	—	—	1	1	—	—	—		—		(1	)	—	—	1
R-82A	3.5	—	—	2	3	—	—	—		—		(3	)	—	—	2
RP-Q		—	—	—	1	—	—	—		—		(1	)	—	—	—
R-II	3.5	—	—	2	3	—	—	—		—		(3	)	—	—	2
RP-Flexible Savings		—	—	249	5,666	—	—	—		(128	)	(5,593	)	—	—	194
Cash Reserve RP-3 mo.		—	—	20	696	—	—	—		(82	)	(606	)	—	—	28
RP-Flexible Savings Emp		—	—	—	4	—	—	—		—		(4	)	—	—	—
RP-Stock Market		—	—	14	18	—	—	—		(1	)	(22	)	—	—	9
Market Strategy Cert		—	—	9	18	—	—	—		—		(19	)	—	—	8
D-1 - 400		12	48	—	24	—	—	—		(5	)	(19	)	11	32	—
Total		12	48	303	6,440	—	—	—		(216	)	(6,277	)	11	32	250
Accrued for additional credits to be allowed at next anniversaries
RP-Stock Market		—	—	1,226	1,561	—	—	—		(9	)	(1,666	)	—	—	1,112
Market Strategy Cert		—	—	956	1,313	—	—	—		(37	)	(1,307	)	—	—	925
Total		—	—	2,182	2,874	—	—	—		(46	)	(2,973	)	—	—	2,037
Total R-Series Single Pay - Qualified Certificates		45,020	837,659	881,431	9,314	440,519	9,250	(1,197	)	(387,356	)	(9,250	)	44,272	902,445	942,711
Fully Paid Up Certificates
Paid-up certificates:
I-76 - 640	3.5	—	—	62	2	—	24	(22	)	(25	)	—		—	—	41
Total		—	—	62	2	—	24	(22	)	(25	)	—		—	—	41
Additional credits and accrued interest thereon:
I-76	3.5	14	64	5	—	—	—	(1	)	—		—		11	42	4
Total		14	64	5	—	—	—	(1	)	—		—		11	42	4
Total Fully Paid-up Certificates		14	64	67	2	—	24	(23	)	(25	)	—		11	42	45

F-97

Ameriprise Certificate Company    SCHEDULE VI

Certificate Reserves (in thousands) Year Ended December 31, 2013 Part 1 - Summary of Changes
Description	Year Ended December 31, 2013
	Yield to maturity on an annual payment basis	Balance at beginning of period					Additions						Deductions									Balance at close of period
		Number 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)			Number of accounts with security holders	Amount of maturity value		Amount of reserves
Optional Settlement Certificates
Other series and conversions from Single Payment Certificates	2.5-3-3-3.5	—	—		26,187		797		—		38		(1,871		)	(1,463		)	—			—	—		23,688
Series R-II & RP-2-84 - 88 - Prod 921	3.5	—	—		46		1		—		—		—			(13		)	—			—	—		34
Reserve Plus Single-Payment (Prod 150)		—	—		28		—		—		—		(22		)	—			—			—	—		6
Reserve Plus Flex-Pay & IC-Q-Inst (Prod 650, 651, 652)		—	—		5		—		—		—		—			(5		)	—			—	—		—
Series R-Installment (Prod 980, 981,982)		—	—		19		—		—		—		—			(1		)	—			—	—		18
Add'l credits and accrued int. thereon	2.5 - 3	—	—		1,656		48		—		3		(167		)	(111		)	(40		)	—	—		1,389
Accrued for additional credits to be allowed at next anniversaries		—	—		—		2		—		—		—			—			(2		)	—	—		—
Total Optional Settlement		—	—		27,941		848		—		41		(2,060		)	(1,593		)	(42		)	—	—		25,135
Due to unlocated cert holders		—	—		94		—		—		131		—			—			(22		)	—	—		203
Total Certificate Reserves		189,618	$	3,342,849	$	3,515,963	$	36,924	$	2,311,453	$	34,994	$	(13,987	)	$	(1,863,065	)	$	(34,907	)	185,827	$	3,826,288	$	3,987,375

F-98

Ameriprise Certificate Company    SCHEDULE VI

Certificate Reserves (in thousands) Year Ended December 31, 2013 Part 2 - Descriptions of Additions to Reserves Charged to Other Accounts and Deductions from Reserves Credited to other Accounts
Additional credits on installment certificates and accrued interest thereon:
Other additions represent:
Transfers from maturities to extended maturities, additional credits/interest and advance payments	$	90
Other deductions represent:
Transfers to reserves on a quarterly basis for Reserve Plus Flexible-Payment, IC-Q-Installment and R-Flexible-Payment	$	90
Transfers from accruals for additional credits to be allowed at next anniversaries	21
Conversions to paid-up certificates-credited to paid-up reserves	3
	$	114
Paid-up certificates:
Other additions represent:
Conversions from installment certificate reserves (less surrender charges)	$	24
Optional settlement certificates:
Other additions represent:
Transfers from installment certificate reserves (less surrender charges), optional settlement privileges	$	39
Transfers from accruals for additional credits to be allowed at next anniversaries	2
	$	41
Other deductions represent:
Transfers to reserve for additional credits and accrued interest thereon	$	2
Transfers to optional settlement reserves	40
	$	42
Single-Payment certificates:
Other additions represent:
Flexible Savings	$	12,474
Flexible Savings-Emp	7
Preferred Investors	1
Cash Reserve-3mo	4,131
Stock Market	4,214
Market Strategy	4,632
RP-Q	1
Cash Reserve-RP-3mo	606
Flexible Savings-RP	5,593
Flexible Savings-RP-Emp	4
Stock Market-RP	1,688
Market Strategy-RP	1,326
Transfers from accruals at anniversaries maintained in a separate reserve account	31
	$	34,708

F-99

Ameriprise Certificate Company    SCHEDULE VI

Certificate Reserves (in thousands) Year Ended December 31, 2013 Part 2 - Descriptions of Additions to Reserves Charged to Other Accounts and Deductions from Reserves Credited to other Accounts
Other deductions represent:
Transfers to optional settlement reserves:
Single-Payment	$	10,135
Transfers to reserves for additional credits and accrued interest thereon	(31		)
Flexible Savings	12,493
Flexible Savings-Emp	7
Preferred Investors	1
Investors	1
Cash Reserve-3mo	4,140
Stock Market	5
Market Strategy Cert	52
AEBI Stock Market	53
RP-Q	1
Cash Reserve-RP-3mo	606
Flexible Savings-RP	5,593
Flexible Savings-RP-Emp	4
Stock Market-RP	1,688
Transfers to Federal tax withholding	(19		)
	$	34,729
Due to unlocated certificate holders:
Other additions represent:
Amounts equivalent to payments due certificates holders who could not be located	$	131
Other deductions represent:
Payments to certificate holders credited to cash	$	22

F-100

Ameriprise Certificate Company    SCHEDULE VI

Certificate Reserves (in thousands) Year Ended December 31, 2013 Part 3 - Information Regarding Installment Certificates
	NUMBER OF  ACCOUNTS W/ CERTIFICATE HOLDERS		AMOUNT OF  MATURITY VALUE				AMOUNT OF RESERVES				DEDUCTION  FROM RESERVES CASH SURRENDERS  PRIOR TO MATURITY SURRENDER		OTHER
MO’s PAID	2012	2013	2012		2013		2012		2013		2013		2013
1-12	226	149	$	21,598	$	17,420	$	880	$	739	$	118	$	—
13-24	248	185	8,024		9,722		890		697		60		—
25-36	235	204	29,033		3,704		1,253		870		161		—
37-48	593	187	3,150		17,561		4,983		1,008		234		—
49-60	490	526	1,054		2,923		3,696		5,450		459		—
61-72	340	422	559		699		2,676		3,684		347		—
73-84	283	255	222		529		2,476		1,954		802		—
85-96	418	242	1,050		204		3,602		1,947		296		—
97-108	517	337	22		626		4,027		2,908		603		—
109-120	433	400	—		16		3,644		3,471		609		—
121-132	—	—	—		—		—		—		926		—
133-144	3	—	—		—		1		—		—		—
145-156	—	—	—		—		—		—		—		—
157-168	1	—	—		—		1		—		—		—
169-180	—	—	—		—		—		—		—		—
181-192	—	—	—		—		—		—		—		—
193-204	—	—	—		—		—		—		—		—
205-216	—	—	—		—		—		—		—		—
217-228	—	—	—		—		—		—		—		—
229-240	—	—	—		—		—		—		—		—
241-252	1	—	6		—		6		—		—		—
253-264	1	—	36		—		—		—		—		—
265-276	2	1	12		36		2		1		2		—
277-288	—	2	—		12		—		2		—		—
289-300	—	—	—		—		—		—		—		—
301-312	1	—	6		—		6		—		—		—
313-324	2	—	37		—		32		—		—		21
325-336	2	1	16		12		4		11		—		—
337-348	—	2	—		16		—		4		—		—
349-360	2	—	12		—		8		—		—		—
361-372	—	1	—		6		—		5		—		—
TOTAL - ALL SERIES	3,798	2,914	$	64,837	$	53,486	$	28,187	$	22,751	$	4,617	$	21

F-101

Ameriprise Certificate Company    SCHEDULE VI

Certificate Reserves (in thousands) Year Ended December 31, 2012 Part 1 - Summary of Changes
Description	Year Ended December 31, 2012
	Yield to maturity on an annual payment basis	Balance at beginning of period					Additions							Deductions									Balance at close of period
		Number 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)			Number of accounts with security holders	Amount of maturity value		Amount of reserves
Installment certificates:
Reserves to mature:
I-76	3.35	3	$	55	$	50	$	1	$	—		$	—	$	(31	)	$	—		$	—		1	$	25	$	20
Reserve Plus Flex Payment		1	6		3		—		—			—		—			—			—			1	6		3
IC-Q-IN		8	96		47		—		2			—		(12		)	(26		)	—			3	48		11
IC-I		11	147		92		—		7			—		(12		)	(49		)	—			4	59		38
IC-I-EMP		4	90		41		—		1			—		—			(32		)	—			1	6		10
Inst I95		4,203	—		30,129		1		6,918			93		(1,942		)	(9,508		)	—			3,437	—		25,691
Inst-E		24	—		139		—		129			—		—			(60		)	—			21	—		208
RP-Q-Installment		3	22		8		—		—			—		—			—			—			3	22		8
RP-Q-Flexible Payment		1	12		11		—		—			—		—			—			—			1	12		11
RP-Q-Ins		2	12		2		—		—			—		—			—			—			2	12		2
Inst-R		305	52,918		2,044		—		994			8		(30		)	(851		)	—			321	64,605		2,165
Inst-R-E		5	648		23		—		7			—		—			(10		)	—			3	42		20
Total		4,570	54,006		32,589		2		8,058			101		(2,027		)	(10,536		)	—			3,798	64,837		28,187
Additional credits and accrued interest thereon:
I-76	3.5	—	—		5		—		—			—		(2		)	—			—			—	—		3
Inst I95		—	—		5		88		—			—		—			—			(93		)	—	—		—
Inst-R		—	—		—		8		—			—		—			—			(8		)	—	—		—
Total		—	—		10		96		—			—		(2		)	—			(101		)	—	—		3
Res for accrued 3rd year 2113 - Installment Prod only.		—	—		289		226		(277		)	—		—			—			—			—	—		238
Total		—	—		289		226		(277		)	—		—			—			—			—	—		238
Total installment certificates		4,570	54,006		32,888		324		7,781			101		(2,029		)	(10,536		)	(101		)	3,798	64,837		28,428
Single Pay - Non Qualified Certificates
Single-Payment certificates:
IC-2-84 - 115,116,117,118,119	3.5	2	4		4		—		—			—		—			—			—			2	4		4
IC-2-85 - 120,121,122,123,124,125,126,127,128,129,130	3.5	2	20		22		—		—			—		—			—			—			2	20		22
IC-2-87 - 132	3.5	1	4		5		—		—			—		—			—			—			1	4		5
IC-Flexible Savings (Variable Term) - 165		82,028	1,160,441		1,247,196		—		427,738			12,597		(1,297		)	(389,305		)	—			74,728	1,219,154		1,296,929
IC-Flexible Savings Emp (VT) - 166		111	1,063		1,456		—		7			11		(224		)	(164		)	—			77	805		1,086

F-102

Ameriprise Certificate Company    SCHEDULE VI

Certificate Reserves (in thousands) Year Ended December 31, 2012 Part 1 - Summary of Changes
Description	Year Ended December 31, 2012
	Yield to maturity on an annual payment basis	Balance at beginning of period				Additions			Deductions						Balance at close of period
		Number 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)		Number of accounts with security holders	Amount of maturity value	Amount of reserves
IC-Preferred Investors - 250		2	558	574		—	—	2	—		—		—		2	558	576
Cash Reserve Variable PMT-3mo. - 662		12,201	65,211	67,998		—	865,575	1,132	(635	)	(164,990	)	—		24,974	765,998	769,080
IC-Future Value - 155		1	3	3		—	—	—	—		—		—		1	3	3
IC-Stock Market - 180		32,110	233,991	262,252		—	32,154	3,872	(6,544	)	(65,076	)	—		26,770	204,200	226,658
IC-MSC - 181		15,508	258,705	287,470		—	32,652	3,742	—		(47,466	)	—		14,229	249,543	276,398
Total		141,966	1,720,000	1,866,980		—	1,358,126	21,356	(8,700	)	(667,001	)	—		140,786	2,440,289	2,570,761
Additional credits and accrued interest thereon:
IC-2-84	3.5	—	—	2		—	—	—	—		—		—		—	—	2
IC-Flexible Savings		—	—	548		13,232	—	—	—		(630	)	(12,609	)	—	—	541
IC-Preferred Investors		—	—	—		4	—	—	—		(1	)	(2	)	—	—	1
IC-FS-EMP		—	—	1		14	—	—	—		(3	)	(11	)	—	—	1
Cash Reserve Variable Payment-3 mo.		—	—	13		1,290	—	—	—		(10	)	(1,134	)	—	—	159
IC-Future Value		—	—	7		1	—	—	—		—		—		—	—	8
IC-Stk Mkt, 2004/16/31-4000/16		—	—	49		72	—	—	—		(6	)	(79	)	—	—	36
IC-MSC		—	—	18		57	—	—	—		(1	)	(57	)	—	—	17
Total		—	—	638		14,670	—	—	—		(651	)	(13,892	)	—	—	765
Accrued for additional credits to be allowed at next anniversaries:
SP 75		—	—	(1	)	—	—	—	—		—		—		—	—	(1	)
IC-Stock		—	—	1,207		5,788	—	—	—		(83	)	(3,798	)	—	—	3,114
IC-Market Strategy Certificate - Part Int 2019/2102/4061		—	—	1,331		5,838	—	—	—		(118	)	(3,688	)	—	—	3,363
Total		—	—	2,537		11,626	—	—	—		(201	)	(7,486	)	—	—	6,476
Total Single Payment - Non Qualified Certificates		141,966	1,720,000	1,870,155		26,296	1,358,126	21,356	(8,700	)	(667,853	)	(21,378	)	140,786	2,440,289	2,578,002
R-Series Single Pay - Qualified Certificates:
R-77 - 910	3.5	4	14	20		—	—	1	—		(4	)	—		3	12	17
R-78 - 911	3.5	8	48	60		—	—	2	—		(7	)	—		7	43	55
R-79 - 912	3.5	8	46	56		—	—	2	—		(3	)	—		6	44	55
R-80 - 913	3.5	8	44	49		—	—	2	—		(22	)	—		5	26	29
R-81 - 914	3.5	6	36	36		—	—	1	—		(1	)	—		5	34	36
R-82A - 915	3.5	20	85	77		—	—	3	—		(4	)	—		19	82	76
RP-Q - 916		67	94	274		—	—	1	—		(19	)	—		62	87	256
R-II - 920		18	121	86		—	—	3	—		(4	)	—		16	116	85
RP-Flexible Savings - 971		33,623	610,539	642,620		—	159,276	6,468	(59	)	(197,934	)	—		30,392	582,586	610,371
Cash Reserve RP-3mo. - 972		1,797	9,518	10,159		—	112,573	166	(98	)	(24,204	)	—		3,985	98,032	98,596
RP-Flexible Savings Emp - 973		42	449	608		—	—	6	—		(117	)	—		34	381	497

F-103

Ameriprise Certificate Company    SCHEDULE VI

Certificate Reserves (in thousands) Year Ended December 31, 2012 Part 1 - Summary of Changes
Description	Year Ended December 31, 2012
	Yield to maturity on an annual payment basis	Balance at beginning of period				Additions			Deductions						Balance at close of period
		Number 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)		Number of accounts with security holders	Amount of maturity value	Amount of reserves
RP-Stock Market - 960		8,342	91,469	99,361		—	13,194	1,510	(421	)	(25,317	)	—		7,477	81,582	88,327
Market Strategy Cert - 961		3,214	78,756	85,034		—	9,267	1,112	—		(17,514	)	—		2,974	72,388	77,899
D-1 - 990-993		27	2,464	3,055		—	174	25	—		(607	)	—		23	2,198	2,647
Total		47,184	793,683	841,495		—	294,484	9,302	(578	)	(265,757	)	—		45,008	837,611	878,946
Additional Interest on R-Series Single Payment Reserves:
R-77	3.5	—	—	2		1	—	—	—		—		(1	)	—	—	2
R-78	3.5	—	—	2		2	—	—	—		—		(2	)	—	—	2
R-79	3.5	—	—	2		2	—	—	—		—		(2	)	—	—	2
R-80	3.5	—	—	1		1	—	—	—		—		(2	)	—	—	—
R-81	3.5	—	—	1		1	—	—	—		—		(1	)	—	—	1
R-82A	3.5	—	—	2		3	—	—	—		—		(3	)	—	—	2
RP-Q		—	—	—		1	—	—	—		—		(1	)	—	—	—
R-II	3.5	—	—	2		3	—	—	—		—		(3	)	—	—	2
RP-Flexible Savings		—	—	277		6,618	—	—	—		(178	)	(6,468	)	—	—	249
Cash Reserve RP-3 mo. Plus		—	—	3		184	—	—	—		(1	)	(166	)	—	—	20
RP-Flexible Savings Emp		—	—	—		6	—	—	—		—		(6	)	—	—	—
RP-Stock Market		—	—	17		25	—	—	—		(1	)	(27	)	—	—	14
Market Strategy Cert		—	—	10		19	—	—	—		—		(20	)	—	—	9
D-1 - 400		13	48	(1	)	32	—	—	—		(6	)	(25	)	12	48	—
Total		13	48	318		6,898	—	—	—		(186	)	(6,727	)	12	48	303
Accrued for additional credits to be allowed at next anniversaries:
RP-Stock Market		—	—	431		2,284	—	—	—		(6	)	(1,483	)	—	—	1,226
Market Strategy Cert		—	—	394		1,687	—	—	—		(33	)	(1,092	)	—	—	956
Total		—	—	825		3,971	—	—	—		(39	)	(2,575	)	—	—	2,182
Total Single Payment - Qualified		47,197	793,731	842,638		10,869	294,484	9,302	(578	)	(265,982	)	(9,302	)	45,020	837,659	881,431
Fully Paid Up Certificates
Paid up certificates:
I-76 - 640	3.5	—	—	229		4	—	—	(170	)	(1	)	—		—	—	62
Total		—	—	229		4	—	—	(170	)	(1	)	—		—	—	62
Additional credits and accrued interest thereon:
I-76	3.5	40	234	17		—	—	—	(12	)	—		—		14	64	5
Total		40	234	17		—	—	—	(12	)	—		—		14	64	5
Total Fully Paid-up Certificates		40	234	246		4	—	—	(182	)	(1	)	—		14	64	67

F-104

Ameriprise Certificate Company    SCHEDULE VI

Certificate Reserves (in thousands) Year Ended December 31, 2012 Part 1 - Summary of Changes
Description	Year Ended December 31, 2012
	Yield to maturity on an annual payment basis	Balance at beginning of period					Additions						Deductions									Balance at close of period
		Number 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)			Number of accounts with security holders	Amount of maturity value		Amount of reserves
Optional Settlement Certificates
Other series and conversions from Single Payment certificates	2.5-3-3-3.5	—	—		29,660		893		—		57		(2,258		)	(2,165		)	—			—	—		26,187
Series R-II & RP-2-84-88 - Prod 921	—	—	—		47		2		—		—		(3		)	—			—			—	—		46
Reserve Plus Single- Payment (Prod 150)		—	—		50		—		—		—		(11		)	(11		)	—			—	—		28
Reserve Plus Flex-Pay & IC-Q-Inst (Prod 650, 651, 652)		—	—		11		—		—		—		—			(6		)	—			—	—		5
Series R-Installment (Prod 980, 981, 982)		—	—		19		—		—		—		—			—			—			—	—		19
Add'l credits and accrued int. thereon		—	—		2,084		59		—		3		(178		)	(254		)	(58		)	—	—		1,656
Accrued for additional credits to be allowed at next anniversaries		—	—		—		3		—		—		—			—			(3		)	—	—		—
Total Optional Settlement		—	—		31,871		957		—		60		(2,450		)	(2,436		)	(61		)	—	—		27,941
Due to unlocated certificate holders		—	—		139		—		—		40		—			—			(85		)	—	—		94
Total Certificate Reserves		193,773	$	2,567,971	$	2,777,937	$	38,450	$	1,660,391	$	30,859	$	(13,939	)	$	(946,808	)	$	(30,927	)	189,618	$	3,342,849	$	3,515,963

F-105

Ameriprise Certificate Company    SCHEDULE VI

Certificate Reserves (in thousands) Year Ended December 31, 2012 Part 2 - Descriptions of Additions to Reserves Charged to Other Accounts and Deductions from Reserves Credited to other Accounts
Additional credits on installment certificates and accrued interest thereon:
Other additions represent:
Transfers from maturities to extended maturities, additional credits/interest and advance payments	$	102
Other deductions represent:
Transfers to reserves on a quarterly basis for Reserve Plus Flexible- Payment, IC-Q-Installment and R-Flexible-Payment	$	102
Optional settlement certificates:
Other additions represent:
Transfers from installment certificate reserves (less surrender charges), single-payment and Series D certificate reserves upon election of optional settlement privileges	$	57
Transfers from accruals for additional credits to be allowed at next anniversaries	3
	$	60
Other deductions represent:
Transfers to reserve for additional credits and accrued interest thereon	$	3
Transfers to optional settlement reserves	58
	$	61
Single-Payment certificates:
Other additions represent:
Flexible Savings	$	12,596
Flexible Savings-Emp	11
Preferred Investors	2
Cash Reserve-3mo	1,132
Stock Market	3,872
Market Strategy	3,742
RP-Q	1
Cash Reserve-RP-3mo	166
Flexible Savings-RP	6,468
Flexible Savings-RP-Emp	6
Stock Market-RP	1,510
Market Strategy-RP	1,112
Transfers from accruals at anniversaries maintained in a separate reserve account	38
	$	30,656

F-106

Ameriprise Certificate Company    SCHEDULE VI

Certificate Reserves (in thousands) Year Ended December 31, 2012 Part 2 - Descriptions of Additions to Reserves Charged to Other Accounts and Deductions from Reserves Credited to other Accounts
Single-Payment certificates continued:
Other deductions represent:
Transfers to optional settlement reserves:
Single-Payment	$	8,672
Transfers to reserves for additional credits and accrued interest thereon	(38		)
Flexible Savings	12,621
Flexible Savings-Emp	11
Preferred Investors	2
Investors	2
Cash Reserve-3mo	1,136
Stock Market	5
Market Strategy Cert	79
AEBI Stock Market	57
RP-Q	1
Cash Reserve-RP-3mo	166
Flexible Savings-RP	6,468
Flexible Savings-RP-Emp	6
Stock Market-RP	1,510
Transfers to Federal tax withholding	(19		)
	$	30,679
Due to unlocated certificate holders:
Other additions represent:
Amounts equivalent to payments due certificates holders who could not be located	$	41
Other deductions represent:
Payments to certificate holders credited to cash	$	85

F-107

Ameriprise Certificate Company    SCHEDULE VI

Certificate Reserves (in thousands) Year Ended December 31, 2012 Part 3 - Information Regarding Installment Certificates
	NUMBER OF  ACCOUNTS W/ CERTIFICATE HOLDERS		AMOUNT OF  MATURITY VALUE				AMOUNT OF RESERVES				DEDUCTION  FROM RESERVES CASH SURRENDERS  PRIOR TO MATURITY SURRENDER		OTHER
MO’s PAID	2011	2012	2011		2012		2011		2012		2012		2012
1-12	323	226	$	10,677	$	21,598	$	1,900	$	880	$	929	$	—
13-24	274	248	29,178		8,024		1,124		890		172		—
25-36	676	235	3,305		29,033		4,120		1,253		110		—
37-48	534	593	1,314		3,150		3,465		4,983		313		—
49-60	387	490	704		1,054		2,659		3,696		189		—
61-72	376	340	489		559		3,445		2,676		262		—
73-84	499	283	1,655		222		4,198		2,476		1,146		—
85-96	628	418	324		1,050		4,608		3,602		556		—
97-108	512	517	5,984		22		4,312		4,027		754		—
109-120	328	433	—		—		2,551		3,644		321		—
121-132	3	—	—		—		—		—		571		—
133-144	—	3	—		—		—		1		—		—
145-156	1	—	—		—		1		—		—		—
157-168	—	1	—		—		—		1		—		—
169-180	1	—	—		—		1		—		—		—
181-192	2	—	72		—		23		—		—		—
193-204	3	—	28		—		24		—		—		—
205-216	4	—	66		—		35		—		15		—
217-228	1	—	6		—		1		—		26		—
229-240	4	—	42		—		21		—		1		—
241-252	1	1	36		6		1		6		16		—
253-264	2	1	12		36		2		—		2		—
265-276	—	2	—		12		—		2		—		—
277-288	2	—	12		—		20		—		—		—
289-300	1	—	6		—		5		—		8		—
301-312	1	1	12		6		11		6		—		—
313-324	3	2	41		37		24		32		—		—
325-336	—	2	—		16		—		4		—		—
337-348	2	—	12		—		8		—		—		—
349-360	2	2	31		12		30		8		—		—
TOTAL - ALL SERIES	4,570	3,798	$	54,006	$	64,837	$	32,589	$	28,187	$	5,391	$	—

F-108

Ameriprise Certificate Company    SCHEDULE VII

Valuation and Qualifying Accounts

Years Ended December 31, 2014, 2013 and 2012

(in thousands)

Year ended December 31, 2014

			Deductions		Balance at end of period
Reserves deducted from assets to which they apply	Balance at beginning of period		Change in reserves/writedowns from 2013 to 2014
Allowance for losses:
Conventional first mortgage loans and other loans	$	4,461	(997	)	$	3,464

Year ended December 31, 2013

			Deductions		Balance at end of period
Reserves deducted from assets to which they apply	Balance at beginning of period		Change in reserves/writedowns from 2012 to 2013
Allowance for losses:
Conventional first mortgage loans and other loans	$	5,660	(1,199	)	$	4,461

Year ended December 31, 2012

			Deductions		Balance at end of period
Reserves deducted from assets to which they apply	Balance at beginning of period		Change in reserves/writedowns from 2011 to 2012
Allowance for losses:
Conventional first mortgage loans and other loans	$	6,739	(1,079	)	$	5,660

F-109

EXHIBIT INDEX

The following exhibits are filed as part of this Annual Report:

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-K, are incorporated herein by reference.

10(a) Investment Advisory and Services Agreement, dated Dec. 31, 2006, between Registrant and Columbia Management Investment Advisers, LLC (formerly RiverSource Investments, LLC), filed electronically on or about Feb 26, 2007 as Exhibit 10(a) to Post-Effective Amendment No. 35 to Registration Statement No. 2-95577 for Ameriprise Flexible Savings Certificate is incorporated herein by reference.

10(b) Distribution Agreement, dated Dec. 31, 2006, between Registrant and Ameriprise Financial Services, Inc. filed electronically on or about Feb. 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, as amended by that certain restated Exhibit A, effective September 19, 2014, filed on or about November 3, 2014 as Exhibit 10(b) to Registrant’s Form 10-Q, is incorporated herein by reference.

10(c) Depositary and Custodial Agreement, dated Dec. 31, 2006, between Registrant and Ameriprise Trust Company, filed electronically on or about Feb. 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, as amended effective December 15, 2008, filed on or about May 5, 2014 as exhibit 10(c)i to Registrant’s Form 10-Q, is incorporated herein by reference.

10(d) Transfer Agent Agreement, dated Dec. 31, 2006 between Registrant and Columbia Management Investment Services Corp. (formerly RiverSource Client Service Corporation), filed electronically on or about Feb. 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, as amended effective January 1, 2013, filed on or about February 27, 2013 as exhibit 10(d) to Registrant’s Form 10-K, is incorporated herein by reference.

10(e) 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(f) 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, as amended effective April 30, 2014, filed on or about May 5, 2014 as exhibit 10(f)i to Registrant’s Form 10-Q, is incorporated herein by reference.

14(a) Code of Ethics under Rule 17j-1 for Ameriprise Certificate Company effective August 21, 2013, filed on or about November 4, 2013 as Exhibit14(a) to Registrant’s Form 10-K, is incorporated herein by reference.

14(b)* Code of Ethics adopted under Rule 17j-1 for Registrant’s investment adviser, dated December 9, 2014, is filed herewith as Exhibit (14)(b) to Registrant’s Form 10-K.

14(c)* Code of Ethics under Rule 17j-1 for Registrant’s underwriter, dated December 2014, is filed herewith as Exhibit (14)(c) to Registrant’s Form 10-K.

24(a) Directors’ Power of Attorney, dated February 26, 2014, filed on or about February 26, 2014 as Exhibit 24 (a) to Registrant’s Form 10-K, is incorporated herein by reference.

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 Ross P. Palacios pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.

32.1* Certification of Abu M. Arif and Ross P. Palacios pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

____________________________________________________

* Filed electronically herewithin.

E-1

EX-14.B

December 8, 2014

Global Asset Management – Personal Account Dealing/Code of Ethics Policy

AMERIPRISE GLOBAL ASSET MANAGEMENT

PERSONAL ACCOUNT DEALING AND

CODE OF ETHICS POLICY

Entities that have adopted – See Appendix A

1

December 8, 2014

Global Asset Management – Personal Account Dealing/Code of Ethics Policy

Table of Contents

Introduction – Standards of Business Conduct3

A.General Principles - Required Standard of Business Conduct    3

B.Duty Owed to Clients    3

C. Conflicts of Interest – Prevention and Management    4

D. Additional Standards of Conduct and Regulatory Requirements    4

E. Reporting of Potential Code of Ethics or other Compliance Violations/Breaches    5

F. Non-Compliance with the Policy    5

Applicability of Policy and General Requirements For all Covered Persons5

A.Applicability and Scope of the Policy    5

B.Insider Dealing Restrictions – Misuse of Material Nonpublic Information    6

C.Notification of Brokerage Accounts and Holding Brokerage Accounts at Designated Broker-Dealers (Limited Choice)    7

Specific Personal Trading Restrictions For all Covered Persons7

A.Client Conflict – Prohibition on “Front Running”    7

B.Prior Approval (Pre-Clearance) of Personal Security Transactions    7

C.Short-Term Trading Prohibition (30 Day Holding Period)    8

D.Initial Public Offerings (“IPOs”) and Limited Offerings    9

E.Participation in Investment Clubs    9

F.Derivatives    9

G.Frequent and Unusual Trading Activity    9

Additional Trading Restrictions for Investment Employees10

A.Rules Applicable to Portfolio Managers and other Designated Covered Persons    10

14 Day Blackout Period10

B.Rules Applicable to Research Analysts    10

C.Rules Applicable to Trading Personnel    10

3 Day Blackout Period10

Reporting and Administration Requirements11

A.Reporting Requirements    11

B.Confidentiality    11

C.Certification of Compliance with and Annual Review of Policy    11

D.Resources    12

E.Recordkeeping Requirements    12

Appendix A – Entities that have adopted Global Policy13

Appendix B – Other Policies Applicable to Covered Persons*    14

Appendix C – Compliance and Reporting Resources*    15

Appendix D – Individual Securities Requirements*    16

Appendix E – Covered Funds List*    17

Appendix F – Options/Shorting Trading Guidelines*    18

Appendix G – Limited Choice Policy*    19

_{*Intentionally omitted for the purpose of filing this Exhibit 14(b).} 

2

December 8, 2014

Global Asset Management – Personal Account Dealing/Code of Ethics Policy

Introduction – Standards of Business Conduct

A. General Principles - Required Standard of Business Conduct

The conduct of personal dealings in investments by Covered Persons (refer to Section A: Applicability of Policy and Scope of Policy for definition of Covered Persons) employed by or affiliated with the Ameriprise Global Asset Management Entities (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.

B. 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 favoring 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.

_________________

¹See Appendix A

3

December 8, 2014

Global Asset Management – Personal Account Dealing/Code of Ethics Policy

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.

• To refrain from effecting Personal Securities Transactions inconsistent with clients’ interests.

• To obtain best execution for clients’ securities transactions.

C. Conflicts of Interest – Prevention and Management

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:

(i) The Firms’ interests over a client’s interest

(ii) The interest of a Covered Person over a client’s interest

(iii) 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 (certain of these policies are listed in Appendix B). 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 C) whenever they have any questions concerning obligations under the Policy, including conflicts of interest situations or concerns.

D. Additional Standards of Conduct and Regulatory Requirements

Covered Persons must comply with other policies adopted by the individual Ameriprise Global Asset Management Entitiesthat are intended to promote fair and ethical standards of business conduct and comply with related regulatory requirements. These policies are listed in Appendix B.

4

December 8, 2014

Global Asset Management – Personal Account Dealing/Code of Ethics Policy

E. Reporting of Potential Code of Ethics or other Compliance Violations/Breaches

The Firms have various resources for Covered Persons to raise compliance issues and concerns on a confidential basis (refer to Appendix C 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 C. 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 C). 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.

F. Non-Compliance with the Policy

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 the circumstances (e.g., depending on the severity of the violation, if a record of previous violations exists, etc.).

Applicability of Policy and General Requirements For all Covered Persons

A. Applicability and Scope of the Policy

1. Employees, Contractors, Directors and others who are “Covered Persons”

This Policy applies to all Covered Persons. Covered Persons include:

• All Columbia and Threadneedle employees and contractors.

• Any other individual with a specific role (including working on a project) which compels Covered Personstatus 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.

2. Applicability of Policy to Certain Household Members, Trusteeships and Executorships of Covered Persons

5

December 8, 2014

Global Asset Management – Personal Account Dealing/Code of Ethics Policy

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 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.

B. Insider Dealing Restrictions – Misuse of 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 Bwhich identifies the specific policies).

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C. Notification of Brokerage Accounts and Holding Brokerage Accounts at Designated Broker-Dealers (Limited Choice)

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 his/her securities transactions and of all monthly, quarterly and annual account statements.

No Changes in Threadneedle reporting requirements until the implementation of the Personal Trading Assistant (PTA) tool.

Certain of the Firms require their employees to maintain brokerage accounts at one (or more) of the designated broker-dealer firms (please refer to Appendix G of this Policy for additional details concerning this requirement).

Specific Personal Trading Restrictions For all Covered Persons

A. Client Conflict – 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 clientaccountor (2) is being purchased or sold by a client account.

B. Prior Approval (Pre-Clearance) of Personal Security Transactions

Covered Persons must obtain approval – often referred to as pre-clearance - from Compliance priorto 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 (discussed above). If the Covered Person receives pre-clearance approval, it is valid only for the duration of the locally defined approval period; 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. Please refer to Appendix D that identifies those categories of investments to which pre-clearance is or is not applicable.

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No Changes in Threadneedle pre-clearance requirements until the implementation of the Personal Trading Assistant (PTA) tool.

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, etc.).

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.

C. Short-Term Trading Prohibition (30 Day Holding Period)

1. 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 30calendar days if the trade would result in again. Covered Persons must wait until calendar day 31 (Trade Date + 30) to trade out of a position at a profit.

These prohibitions on short term trading apply across all accounts in which Covered Persons have Beneficial Ownership (so that Covered Persons cannot buy securities (or equivalent) in one account and sell the same security (or equivalent) from another account within 30 days.

When calculating the 30-day holding period, the average cost method must be used.

2. 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 E) 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 Mutual Fund or other pooled vehicles and must comply with the holding period policy established by any Mutual Fund held, even though the Mutual Fund may not be a Covered Fund. Please see the Mutual Fund’s prospectus for further information.

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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.

Please note that Threadneedle provides discounts on investments to employees in its products but operates a holding period of a minimum 60 working days in order to qualify for those discounts. Please refer to the Threadneedle Compensation & Benefits intranet site for information.

D. Initial Public Offerings (“IPOs”) and Limited Offerings

Covered Persons require pre-clearance approval to purchase Initial Public Offerings (“IPOs”) or Limited Offerings, including additions to existing holdings but excluding capital calls for previously approved commitments. Such approval will only be granted when 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.

E. Participation in Investment Clubs

No Covered Person may participate in private investment clubs or other similar groups.

F. 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. (SeeAppendix Ffor additional guidance).

G. 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 trading activity is strongly discouraged. Although no set limit of trades during a period of time is expressly stated by the Firms, Covered Persons should understand that they may come under scrutiny for frequent trading activity, which could result in corrective measures if the activity is deemed especially excessive.

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Additional Trading Restrictions for Investment Employees

A. 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 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).

B. Rules Applicable to Research Analysts

Research Analystsare 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.

C. 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 before 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.

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Reporting and Administration Requirements

A. Reporting Requirements

1. Initial Holdings Report and Certification: Upon becoming a Covered Personunder this Policy,one must disclose all securities holdings (as indicated in Appendix D) in which they have Beneficial Ownership. 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 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.

2. 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. 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.

3. 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.

No Changes in Threadneedle reporting requirements until the implementation of the Personal Trading Assistant (PTA) tool.

B. 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.

C. Certification of Compliance with and Annual Review of Policy

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.

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D. Resources

Refer to Appendix C for Compliance and Legal resources.

E. Recordkeeping Requirements

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.

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Appendix A – Entities that have adopted Global Policy

Columbia Management Investment Advisers, LLC

Columbia Management Investment Distributors, Inc.

Columbia Management Investment Services, Corp.

Threadneedle Asset Management Ltd.

Threadneedle Asset Management Holdings SARL (TAMHS)

Threadneedle International Limited

Threadneedle Asset Management Limited (TAML)

Threadneedle International Limited (TINTL)

Threadneedle Pensions Limited (TPEN)

Threadneedle Navigator ISA Manager Limited (TNIML)

Threadneedle Portfolio Services Limited (TPSL)

Threadneedle Investment Services Limited (TISL)

Threadneedle Unit Trust Manager Limited (TUTML)

Threadneedle Management Luxembourg SA. (TMLUX)

Threadneedle Portfolio Services Hong Kong Limited (TPSHKL)

Threadneedle Portfolio Services Hong Kong Limited (DIFC Branch) (TPSHKL DIFC)

Threadneedle Investments Singapore (PTE) Limited (TIS)

TAM Malaysia

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Ameriprise Financial Code of Conduct 1 Ameriprise Financial Code of Conduct

Click on this icon for Resource Guide Click on this icon frequently asked questions   Ameriprise Financial Code of Conduct 2  ? Table of contents A message from our chairman and chief executive officer ....................................... HU3 U Ameriprise Financial Statement of Integrity .................................................. HU4 U The code applies to everyone .............................. HU5 U Related company policies ........................................ HU8 U Your responsibilities Understand and follow the  Code of Conduct ...................................................... HTU6 UT Do the right thing for the client ......................... HTU9 UT  Conduct business ethically ..............................HTU11 UT  Compete fairly in the marketplace ...............HTU15 UT  Avoid abuses of your position  or knowledge ..............................................................HTU17 UT Guard against criminal activity ......................HTU26  Safeguard the privacy, confidentiality  and security of client information and records .................................................................HTU30 Protect the company’s reputation  and assets .................................................................. 32 Maintain complete and accurate  business records .....................................................HTU36 Treat people with dignity and respect........HTU33 U8  Glossary ............................................................................... H40 Resource guide - contacts .................................... H43 Frequently asked questions ................................ H44 Supplement 1 .................................................................. 45 Topics covered in the Code of Conduct Access Persons ............................................................... 21-22 Advertising and marketing .............................................. HTU10 UT Anti-money laundering ........................................................ HTU26 Antitrust ......................................................................................... HTU15 UT Blackout periods............................................................. HTU20, 23 UT Business activities of family members ..................... HTU12 UT Business opportunities ...................................................... HTU11 UT Client information ................................................................... HTU30 Competing in market ............................................................ HTU15 UT Confidentiality ........................................................................... HTU25 Consequences for non-compliance .............................. HTU7 Contacts with competitors ................................................ HTU15 UT Cooperation with regulatory organizations ........... HTU37 Disclosures to clients .............................................................. HTU9 UT Document retention and destruction ......................... HTU37 Electronic communications .............................................. HTU32 Entertainment .................................................................. HTU13 UT-14 Equal employment ................................................................. HTU34 UT Financial data .......................................................................... HTU36 Fraud prevention ................................................................... HTU28 Freedom from discrimination ........................................ HTU38 Gifts to/from clients ............................................................... HTU13 UT Identity theft ................................................................................ HTU28 Importance of diversity ....................................................... HTU38 Improper personal benefits .............................................. HTU11 UT Improper payments and reimbursements ............. HTU13 UT Insider trading .......................................................................... HTU18 Intellectual property .............................................................. HTU32 Investments and Trading, personal .................. 17, 19 Late trading ................................................................................. HTU19 Market timing ............................................................................. HTU19 Non-retaliation .......................................................................... HTU39 Office of Foreign Assets Control (OFAC) ............. HTU23 UT Outside activities ..................................................................... HTU12 UT Physical assets and property of company ............ HTU32 Political involvement ............................................................. HTU34 Preclearance of trades .............................................. HTU21, 23 Preclearance of political contributions and activities ............................................................................. 35 Protection from retaliation ................................................... HTU7 UT Privacy incidents ..................................................................... HTU32 Public communications....................................................... HTU10 UT Reimbursements to politicians ...................................... HTU13 UT Reporting suspected violations ........................................ HTU7 UT Security of information and data .................................. HTU26 UT Signature issues and forgery ......................................... HTU29 Statements about competition or products ........... HTU16 UT Suitability of products and services ........................... HTU10 UT Tipping ........................................................................................... HTU27 Trade secrets ........................................................................... HTU25 Travel and expense accounts........................................ HTU37 Treatment of employees and others ......................... HTU38 Violence in the workplace ............................................... HTU39 Whistleblowing ............................................................................ HTU7 UT Willful blindness ....................................................................... HTU27

Ameriprise Financial Code of Conduct 3  ? A message from our chairman and chief executive officer Dear colleague: Our success as a company depends on managing our business with the highest standards of integrity. We know that a strong reputation is built over years of client service and easy to tarnish, simply with a poor decision or action. At Ameriprise Financial, our strong reputation is one of our most valuable assets, earned by serving our clients well for over 120 years. Our Board of Directors, the Executive Leadership Team and I count on you to help protect our company's reputation, brand and the value of our franchise. The Ameriprise Financial Code of Conduct is intended to help you meet our legal and regulatory obligations, evaluate and make ethical business decisions, and provide a resource you can turn to for guidance. No matter what aspect of our business you are involved in, Ameriprise has policies and procedures in place to support you to operate ethically, and in full compliance with the laws and regulations that govern our businesses. Adhering to our code of conduct is non-negotiable. You are required to read and become familiar with the code so you are prepared to satisfy the requirements of your job and to handle unfamiliar situations. The code will tell you how to report suspected violations of the code or laws or regulations. It is part of your duty to report such violations and we will support anyone who files a complaint honestly and in good faith. While no code can anticipate every issue you may face, it can help you make decisions that ensure Ameriprise conducts its business in a way that supports our corporate values. I want to emphasize that our Board of Directors, Executive Leadership Team and I hold ourselves to the same high standards of conduct that we expect of you. For those of you who supervise others, it is your responsibility to demonstrate to the employees who report to you that you are committed to the standards of our code. Your actions are as important as your words, and your team looks to you to set an example of honest and ethical behavior. Today, we continue to do all that we can to earn our clients’ confidence and keep our reputation strong. The importance of operating with integrity cannot be overstated. It is essential that each of us internalizes our code of conduct as an important step toward fulfilling our vision of becoming the most respected and referred financial services brand. Thank you for your support in ensuring we continue to do business the right way. Jim Cracchiolo Chairman and Chief Executive Officer Ameriprise Financial, Inc. > Back to Contents

Ameriprise Financial Code of Conduct 4  ? Ameriprise Financial Statement of Integrity Ameriprise Financial is committed to conducting business ethically by acting in the best interests of our clients and adhering to our values. This commitment is fundamental to protecting our clients, building advisors’ practices and enhancing our brand. We earn our clients’ confidence every day by delivering on our brand promise -- We shape financial solutions for a lifetime®. We are obligated to do the right thing and live the principles in our Code of Conduct: Conduct business ethically  Do the right thing for the client  Treat people with dignity and respect  Protect the company’s reputation and assets  It’s impossible to anticipate every issue we may encounter. But internalizing these principles will help us make the right decision when faced with a difficult or unfamiliar situation. Ultimately, we’re all accountable for meeting the letter and spirit of regulatory and company rules. When we manage our business with the highest standard of integrity, we do right by the client, the advisor, the shareholder and the company and help fulfill our vision of becoming most respected and referred financial services brand. “Our success as a company depends on managing our business with the highest standard of integrity.” Jim Cracchiolo > Back to Contents

Ameriprise Financial Code of Conduct 5 Q  ? The code applies to everyone The Ameriprise Financial Code of Conduct applies to all Ameriprise Financial and subsidiaries, officers, employees, financial advisors and their employees, contractors, and individuals conducting business on behalf of Ameriprise Financial, Inc. and its subsidiaries and affiliates (“Ameriprise Financial”). Other people performing services for the company may be subject to the code by contract or agreement. If you have questions about the appropriateness of a situation or decision, talk to your leader, registered principal or other appropriate person identified in the Code of Conduct. For information or questions about the code, please see the HTUResource Guide UTH on Page 43 or contact the resources listed below: Corporate Secretary’s Office HTUTH homas.R.Moore@ampf.com (612) 678-0106 Employee Relations Group Service Center HTUERGSC@ampf.comUTH, 1 (877) 267-4748 Ethics Hotline 1 (800) 963-6395 General Counsel’s Organization HJohn.Junek@ampf.com (612) 671-3651 Yes. The code applies to all officers, employees, advisors, employees of advisors and contractors, regardless of whether you work full-time or part-time. Anyone doing business on behalf of Ameriprise Financial, RiverSource, Columbia Management or any of our other subsidiaries will be held accountable for reading, understanding and following the code and all company policies applicable to his or her roles and responsibilities. I’m a contractor working on a three-month project at Ameriprise Financial. Since I’m not an employee and I’m only here for three months, does the code apply to me?

Ameriprise Financial Code of Conduct 6 > Back to Contents

Ameriprise Financial Code of Conduct 7 Q  ? Your responsibilities Understand and follow the Code of Conduct You are expected to read, understand and follow this code. You are also expected to read, understand and follow the policies, codes of ethics and procedures that apply to you (see HTURelated company policiesUTH on Page 8). If you have any questions, ask your leader or registered principal or contact the Corporate Secretary’s Office at (612) 678-0106. For 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. Personal Conduct All employees, advisors, and other persons subject to the Code of Conduct are required to adhere to the highest standards of honesty, integrity, ethics, personal conduct, and professionalism during working hours and personal time. These are examples of actions that violate the Ameriprise Financial Code of Conduct. These examples are provided to supplement and reinforce other such examples provided throughout the Code of Conduct. However, this is not an exhaustive list and the company retains the right to determine whether specific actions or behavior violate the Code of Conduct: Violation of any company policy, procedure, rule, or any law  or regulation. Willful or negligent damage to company property or the  property of other persons. Theft or dishonesty, including falsification of company records  or furnishing false or incomplete information on expense forms, time records or an application for employment or any documents related to an application for employment. Inappropriate behavior which embarrasses or is harmful  to the company or its clients, including the posting or transmission of offensive or inappropriate material on the Internet or any social media site. Disruptive behavior, including insubordination, willful  disregard of company policies or procedures, or disrespect toward a leader or representative of management, or failure to perform work as required or assigned. Violation of safety or health laws or regulations or engaging  in conduct that creates a safety or health hazard. Related policies: HTU andling Whistleblower Claims PolicyUTH  Advisor Compliance Manual > Back to Contents I saw one of the team leaders in my department doing something that I believe is a violation of the Code of Conduct. She is not my direct leader, but she does have input into my review and whether I get a raise. If I report what I saw, I am afraid that she will make negative comments to my direct leader about my performance so that I would get a bad review at the end of the year. What should I do? You are obligated to report suspected violations of the Code of Conduct. Company policy protects you from retaliation if you report a suspected violation in good faith. However, if you file a malicious report or report something you know is not true, then you may be subject to disciplinary action. If you have questions about whether you should report a violation of the code, contact the Employee Relations Group Service Center or Ethics Hotline.

Ameriprise Financial Code of Conduct 8  ? Consequences for non-compliance If you fail to comply with the code, company policy or any applicable law or regulation, you will be subject to disciplinary action that may include termination. Disciplinary measures will depend on the circumstances of the violation and will be applied in a manner consistent with the company’s policies. Although this is not an all-inclusive list, disciplinary action will be taken against an employee or advisor who: Authorizes, directs, approves, participates in or encourages  violations of the Code of Conduct Deliberately fails to report or conceals violations of the code or  deliberately withholds or misstates relevant information concerning a violation of the code Retaliates against any other employee because of a report by  that employee of a suspected code violation Should have known about a violation by people under his or her  supervision, or did not act promptly to report and correct a violation In addition, people who violate the law during the course of their employment are subject to criminal and civil penalties, as well as payment of civil damages to the company or third parties. Reporting suspected violations If you have a reasonable and good faith basis to believe that you, another employee, an officer or advisor, at any level of seniority, has violated the code or any applicable law or regulation, you must report the violation promptly so that the company can take appropriate action. In the event of an investigation, be sure to retain all relevant documents. Whistleblowing and protection from retaliation A whistleblower is an individual who in good faith reports an alleged impropriety affecting the company that prevents the company from meeting its legal obligations or from complying with generally accepted accounting principles. Your report will be treated confidentially to the extent allowed by law and company policy. You will not be subject to retaliation for reporting a suspected violation in good faith. No adverse employment action, such as termination, counseling, a lower performance rating or demotion, may be taken against an employee solely in retaliation for reporting in good faith potential violations of the code. If you believe you have been retaliated against, promptly contact the General Counsel’s Organization, the Employee Relations Group Service Center at 1 (877) 267-4748, or the Ethics Hotline at 1 (800) 963-6395.

Ameriprise Financial Code of Conduct 9 Report violations to your leader promptly. If it is impractical or inappropriate to notify your leader, contact your registered principal, the General Counsel’s Organization, the Employee Relations Group Service Center at 1 (877) 267-4748, or the Ethics Hotline at 1 (800) 963-6395. > Back to Contents

Ameriprise Financial Code of Conduct 10  ? Related company policies The Code of Conduct incorporates into its terms and requirements the provisions of other related policies, codes of ethics and procedures to which you are subject. It is important to know which related policies apply to you. Please read the related policies that apply to you. The table below will help you determine which policies apply to you, based on your job status or responsibilities. These documents cannot cover every situation you may encounter. Individual business units or staff groups may issue additional policies that provide more specific guidance about certain practices such as doing business with international clients or privacy guidelines for institutional clients. For the most current version of the policies, codes and procedures, click on the applicable link below or go to the Inside or AdvisorCompass® sites. (Some links may require your Single Sign On or Windows user name and password. The list below is not an all- inclusive list of company policies. Talk to your leader about other policies that may apply to you. For Columbia Management employees and investment advisers, please refer to CompliSource for other policies which may apply to you. Key Columbia Management Compliance Contacts > Back to Contents Applicable to everyone (officers, employees, advisors, employees of advisors and contractors): Applicable to advisors (employee and franchise) and their employees: HAnti-Money Laundering Policy Antitrust Guidelines Client Privacy Principles Communication and Disclosure Policy Communication and Disclosure - Procedures & Guidelines Conducting Competitive Intelligence Activities Congressional Gift Rule Guidelines for employees Electronic Communication Acceptable Use Policy Equal Employment Opportunity Policy Global Anti-Corruption Policy and Guidelines Handling Whistleblower Claims Policy Identity Theft Prevention Policy Information Security Policy Individual Treatment Policy Intellectual Property Investor Relations Policy Payments to Expedite Foreign Government Actions Public Appearances and Interaction with the Media Policy - Procedures and Guidelines Record and Information Management Policy Social Media Policy Travel and Expense Policy Vendor Endorsement Policy Advisor Compliance Manual Applicable to certain people based on job function or responsibilities: American Enterprise Investment Services Gifts and Business Entertainment Policy Ameriprise Financial Services Gifts and Entertainment Policy Ameriprise Financial Political Contributions (“Pay to Play”) Policy Columbia Management - Anti-Money Laundering Policy Global Code of Ethics Personal Accounts Dealing Policy Columbia Management Policy - Gifts and Benefits Columbia Management – Political Contribution Policy Columbia Management Policy – Disclosure of Outside Activities and Family Relationships Dual Registration Policy Outside Business Activities Disclosure Policy for FINRA Registered Persons RiverSource Gifts and Benefits Policy

Ameriprise Financial Code of Conduct 11 Q  ? Do the right thing for the client Ameriprise Financial has a duty to conduct business ethically and with the highest degree of integrity. This duty applies to all daily business activities, from initial contact with prospects through the continued service of existing individual or institutional client accounts. Performing this duty includes providing full and fair disclosure, treating our clients fairly, recommending suitable products, considering the impact of our decisions on clients and providing exceptional client service. Doing the right thing for our clients improves the client experience and encourages their continued business and loyalty. Full and fair disclosure Make full and fair disclosure of all material facts, particularly where your interests may conflict with those of our clients. You must provide full and fair disclosure of the features, benefits, risks and fees of products or services sold or marketed to all clients or prospects. Your communications must: Comply with any law or regulation governing the content,  format or required disclosures of the communication Help clients and prospects understand our products  and services Be accurate, fair and balanced and presented in the proper  context Not omit material facts, qualifications or caveats if the result  would be misleading. You may not make exaggerated or misleading statements, regardless of whether the information is given directly or indirectly, and you must answer all questions honestly. You, in partnership with other employees and advisors, have the responsibility to provide the client or prospect with all the information needed to make an informed decision, particularly in light of the person’s age, risk tolerance and current and projected financial needs. Related policies: HPAdvisor Compliance Manual 8. Client Information, Suitability and Disclosure  Advisor Compliance Manual 14. Communications with the Public  Communication and Disclosure Policy  Communication and Disclosure - Procedures & Guidelines  Public Appearances and Interaction with the Media Policy  Public Appearances and Interaction with the Media Policy - Procedures and Guidelines  Social Media Policy > Back to Contents How can I demonstrate that I provided my client with full and fair disclosure about a product I recommended? First, make sure you have provided the client with all required disclosures at the time of your recommendation. Then follow up with a summary letter to your client detailing the discussions you have had, the decisions made and the rationale for those decisions.

Ameriprise Financial Code of Conduct 12 Q  ? Suitability Suitability involves determining that investment advice provided and products or services recommended to each client are appropriate given the client’s age, financial situation, investment planning objectives and tolerance for risk, among other factors. When dealing with elderly clients, pay special attention to their expected financial needs and tolerance for risk. Ameriprise Financial suitability requirements apply not only to initial buy, sell and hold recommendations, but also to subsequent recommendations in existing accounts, including additional purchases, surrenders or redemptions, and asset allocation changes. Always take the time to ensure suitability requirements are met and to provide clients with the information necessary for them to fully understand the relevant information, including the features, potential benefits and risks of the recommended product or service. In addition to meeting regulatory requirements, this will reinforce the company’s image as a knowledgeable, ethical and qualified provider of financial services. Advertising, marketing and communications with the public Advertising, marketing and communications with the public (e.g., clients, prospects, investors, analysts and the general public) must be truthful, accurate and not misleading. In addition, the content must meet applicable regulatory and legal standards. When preparing advertising, marketing and communications for the public, you must ensure that required reviews and approvals are received prior to first use. You are not permitted to revise such materials after all approvals are obtained, unless the revisions have also been reviewed and approved prior to first use. Related policies: HAdvisor Compliance Manual 8. Client Information, Suitability and Disclosure  Advisor Compliance Manual 14. Communications with the Public  Communication and Disclosure Policy  Communication and Disclosure - Procedures & Guidelines  Public Appearances and Interaction with the Media Policy  Public Appearances and Interaction with the Media Policy - Procedures and Guidelines  Social Media Policy > Back to Contents I work for Columbia Management in the corporate office. I don’t sell products to clients or make any recommendation about which products they should purchase. What responsibilities do I have to ensure suitability? Responsibility for ensuring that product purchases are suitable for the client is not limited to financial advisors. For example, one key responsibility is developing training for our products. Advisors must understand the products they sell, including how the products work, the risks and benefits of the products, and the current fees or charges.

Ameriprise Financial Code of Conduct 13 Q  ? Conduct business ethically Conducting business ethically is the cornerstone of our relationships with employees, clients, prospects, vendors, suppliers, regulatory bodies and the communities in which we do business. We operate in a highly regulated industry under intense media and public scrutiny. We expect you to comply fully with all applicable laws and regulations. Therefore, it is important to address conflicts of interest and avoid even the appearance of impropriety. Improper personal benefits Do not use your position with the company, or information acquired during your employment or relationship with the company, in a manner that may create a conflict, or the appearance of a conflict, between your personal interests and the interests of the company or its clients. Avoid taking improper advantage of your position, company resources or opportunities gained as a result of your business activities. This includes but is not limited to opportunities such as personal loans, guarantees or discounts with terms that are not generally available to the public or to other similarly situated employees as part of a compensation or benefits program. Business opportunities You or members of your immediate family or household, as a result of information acquired during your employment or relationship with the company, may not: Purchase for personal use the goods or services of the  company’s suppliers on terms other than those available to the general public or established by company policy Accept business opportunities, commissions or  advantageous financial arrangements from a client, vendor, supplier or business partner of the company. Related policies: HTAmerican Enterprise Investment Services Gifts and Business Entertainment Policy  Ameriprise Financial Services Gifts and Business Entertainment PolicyTH  Columbia Management Policy - Gifts and Benefits  Global Code of Ethics Personal Accounts Dealing Policy  Columbia Management Policy – Disclosure of Outside Activities and Family Relationships  Payments to Expedite Foreign Government ActionsT  Advisor Compliance Manual 5. Gifts and Other Non- Cash Compensation  Advisor Compliance Manual 13. Regulatory Disclosures, Attestation and Outside Business Activities > Back to Contents I recently gave money to a local food shelf. One of the people who work for the charity asked me if I would help them raise additional funds. He wanted me to write them a letter of support on company letterhead. Can I write the letter on Ameriprise Financial letterhead to help them out? No. Even though you personally support the charity, you may not use your affiliation with the company in any way to support the charity, including hosting fund- raising events at your office, writing a letter of support on company letterhead, or allowing the charity to use company property (e.g., photocopiers). This would imply that the company endorses that particular charity. You can show your support for the charity by writing a personal letter encouraging others to make donations, but it cannot be on company letterhead.

Ameriprise Financial Code of Conduct 14 Q  ? Your outside activities You may engage in outside activities that do not conflict with the interests of the company, interfere with your job responsibilities or the responsibilities of the company’s employees, or damage or misuse the reputation, trademarks, relationships, confidential information or other property of the company. Outside activities must also be of a nature and offered in a manner in which they do not have the potential to appear to customers or the public as part of Ameriprise business. Without prior written approval from the corporate secretary, you may not: Simultaneously work for any concern that does business  with or competes with the company Serve as a director, trustee, officer or similar position (paid  or otherwise) of any business, other than with the company or one of its subsidiaries. This rule does not apply to charitable, civic, religious, educational, public, or social organizations, or to residential boards whose activities do not conflict with the interests of the company and do not impose excessive demands on your time. There is a separate preclearance process for political contributions and volunteer political activities. Please see page 35 for important details. You may join industry or trade associations with the prior written approval of your leader. However, you should ensure that your work within those organizations is consistent with the interests of the company and does not involve potential reputational harm to the company or its brands. Note that if you are FINRA-registered, you must also seek prior approval for outside business activities from your registered principal. Based on their review of the activity, your registered principal may impose specific conditions or limitations, including prohibiting the activity, where necessary, based on the nature of the activity and your role at the firm. Business activities of family or household members You must disclose to the corporate secretary instances in which: You seek to hire or engage a family or household member or  their business to provide goods or services to the company. A member of your immediate family or household works for,  or holds a position that can influence decisions at, a firm that directly competes or does business with the company. A member of your immediate family or household holds a  position that interacts with positions of authority at a firm that directly competes or does business with the company. Related policies: HAdvisor Compliance Manual 5. Gifts and Other Non-Cash Compensation  Advisor Compliance Manual 13. Regulatory Disclosures, Attestation and Outside Business Activities  American Enterprise Investment Services Gifts and Business Entertainment Policy  Ameriprise Financial Services Gifts and Business Entertainment Policy  Columbia Management Policy - Gifts and Benefits  Global Code of Ethics Personal Accounts Dealing Policy  Columbia Management Policy – Disclosure of Outside Activities and Family Relationships  Outside Business Activities Policy  Payments to Expedite Foreign Government Actions My husband owns a small restaurant and he regularly caters business meetings. He recently told me that he has put in a bid for a catering job for an Ameriprise Financial business meeting. Do I need to let anyone know about this? Yes. If you, a member of your household or a member of your immediate family is involved with a company that does business with Ameriprise Financial, you must let the Corporate Secretary’s Office know about the situation. The Corporate Secretary’s Office will examine the situation and determine if there is a conflict of interest.

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Ameriprise Financial Code of Conduct 16 Q  ? Improper payments and reimbursements to politicians or political organizations You may not offer or accept any improper payments, reimbursements, gratuities or gifts to government officials, political parties, political candidates or charities with which they are affiliated. In this situation, improper means offers and payments that include a direct or indirect offer or promise to give money or anything of value to such persons or political parties in order to assist the company in obtaining business or securing services or any improper advantage. Political contributions and volunteer activities are subject to a special preclearance process. Please see page 35 for important details. Acceptance of gifts or entertainment Do not give, solicit or accept gifts that could influence your business judgment. This includes direct gifts such as cash or monetary equivalents, objects of value or preferential treatment, and indirect gifts such as benefits to a family member or a charity you support. This gift policy applies to everyone. However, you may be subject to a specific gift and entertainment policy as part of your job. For instance, advisors are subject to the policies and procedures of their broker-dealer. Special rules may apply to employees involved in seeking business with or providing services to government entities or clients or entities residing outside the United States. In addition, some of the company’s businesses are regulated by government agencies that strictly limit their employees’ ability to give or accept gifts. You are responsible for knowing if there is a specific gift and entertainment policy that applies to you. Contact your leader, registered principal or the corporate secretary for specific information and guidance on these rules. Generally, you may accept entertainment, token gifts or favors only when the value involved is not significant and clearly will not place you under any real or perceived obligation to the donor. Do not offer or accept business meals or attend business functions at establishments featuring sexually suggestive or otherwise inappropriate entertainment. Any gifts that you want to give to your clients or business partners are subject to a similar standard. Related policies: HAdvisor Compliance Manual 5. Gifts and Other Non-Cash Compensation  Advisor Compliance Manual 13. Regulatory Disclosures, Attestation and Outside Business Activities  American Enterprise Investment Services Gifts and Business Entertainment Policy  Ameriprise Financial Services Gifts and Business Entertainment Policy  Columbia Management Policy - Gifts and Benefits  Global Code of Ethics Personal Accounts Dealing Policy  Columbia Management Policy – Disclosure of Outside Activities and Family Relationships  Outside Business Activities Policy  Payments to Expedite Foreign Government Actions Over the holidays, one of my clients 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? You may be subject to a specific policy prohibiting accepting or giving gifts over a certain dollar value. 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 any gift, you should ask yourself if the gift would appear significant to others or would appear to place you under any obligation. If the answer is yes, then you should not accept the gift.

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Ameriprise Financial Code of Conduct 18  ? When to consult the corporate secretary before giving a gift The person who would receive the gift is a federal, state or  local elected or appointed official, or a member of such a person’s staff or immediate family. You plan to pay for the gift with your own money even  though you are giving it for business purposes. You believe that the gift will influence the recipient’s  judgment in favor of Ameriprise Financial in a specific business transaction. The gift is in the form of entertainment that involves air  travel, such as to a resort or golf course, or hotel accommodations. You expect to receive something of value in return for the gift.  The recipient is not a family member and works for a state or  federal regulatory or law enforcement agency, and you are giving the gift based on a personal relationship. When to consult the corporate secretary about a gift you have received or been offered The gift is in the form of cash or a cash equivalent, such as a  gift certificate or card. The value or nature of the gift makes you uncomfortable.  The gift involves air travel or hotel accommodations.  You regularly negotiate agreements or the terms of business  transactions with the person giving the gift or his or her firm, or you are in the midst of such negotiations. The gift, although otherwise permissible under the Code of  Conduct, is part of a regular pattern of gift-giving unrelated to a year-end holiday. The gift is given to you to deliver to a member of your family.  You believe that the person giving the gift expects something  of value from you in return. Some examples of acceptable gifts include:  A moderately priced bottle of wine from a supplier, vendor or client  Tickets to a local sporting or cultural event  A coffee mug of modest value given by a supplier (however, gifts from customers must never be solicited)  Modest gifts acknowledging a personal event such as a wedding or a birth  Attendance at the annual golf outing hosted by the company’s outside law firm Some examples of unacceptable gifts include: A case of fine champagne  Tickets to a distant sporting  event, including airfare or hotel accommodations Cash, monetary  equivalents, stored value products or gift certificates A lavish personal gift such  as a piece of fine jewelry > Back to Contents

Ameriprise Financial Code of Conduct 19 Q  ? Compete fairly in the marketplace Ameriprise Financial is committed to competing lawfully, ethically and fairly in the marketplace based on the merits of our products and services. We believe in fair competition because everyone benefits from fair, free and open markets. We compete strictly on the merits of our products and services, and make no attempt to restrain or limit trade. Antitrust and fair competition Federal and state antitrust, monopoly and competition laws are designed to preserve free and open competition. These laws may vary, but their common goal is to ensure that a competitive marketplace is free to provide consumers with high-quality goods and services at fair prices and that no conduct interferes with this process. Failure to comply with these laws can have serious consequences for the company, including substantial fines or damages, and publicity that is damaging to our brands and reputation. Contacts with competitors Agreements to limit competition are prohibited. When dealing with outside companies, including suppliers and vendors, consider whether they are competing with Ameriprise Financial. Use independent judgment and avoid even the appearance of agreeing with a competitor to limit competition. Consult the General Counsel’s Organization in advance whenever you doubt the legality of a proposed activity or need further guidance. As it relates to competitors, the following activities are strictly prohibited: Agreeing to establish the price of products and services,  including maximum and minimum prices, pricing formulas, standardized discounts, terms of sale or concertedly lowering supply to impact prices Agreeing to divide up specific customers, classes of  customers, products or services to be sold, or the geographic location in which business is transacted Collecting competitive information through unlawful channels  or using information that was obtained illegally or improperly by others, including through misrepresentation, invasion of property or privacy, or coercion. Related policies: HAntitrust Guidelines  Global Code of Ethics Personal Accounts Dealing Policy  Conducting Competitive Intelligence Activities  Information Security Program Policy  Intellectual Property > Back to Contents I just started working at the company, but I used to work for one of our competitors. I often get questions from coworkers who want to know the long-term business strategies of my former employer. Should I share that information with anyone on my new team? No. It is improper to reveal the confidential information or trade secrets of a former employer. If you are uncomfortable discussing this situation with your leader, contact your business unit’s compliance officer or the General Counsel’s Organization for assistance.

Ameriprise Financial Code of Conduct 20  ? Certain types of joint ventures or other formal activities that include an exchange of information may be possible under limited and very controlled circumstances with advice from experts in this area. These situations are carefully planned and monitored to be consistent with our values and applicable fair competition laws. Violations of these guidelines may expose you and Ameriprise Financial to criminal and/or civil penalties. If you are in doubt, seek advice from the General Counsel’s Organization. Truthful statements Statements about our products and our competitors must be truthful, complete and not misleading. Statements include advertising materials and written or oral statements to clients, prospects, regulators or others. False or misleading statements about our competitors are inconsistent with our values and harmful to our reputation. > Back to Contents

Ameriprise Financial Code of Conduct 21 Q  ? Avoid abuses of your position or knowledge Ameriprise Financial has a responsibility to conduct business legally, ethically and with the highest degree of integrity. We must use the authority, resources and information entrusted to us only for the company’s legitimate business purposes and not for personal gain. Ameriprise Financial Personal Trading Policies Ameriprise Financial maintains a number of policies designed to monitor the personal trading activities of its associates. These are derived from securities and investment laws, regulatory guidelines and other corporate policies aimed at eliminating the appearance of conflict between the personal trading activities of our associates and our clients, as well as the rest of the investing public. Applicability of rules and policies Our personal trading rules apply to everyone that is subject to this Code of Conduct with few exceptions. If the Code of Conduct applies to you as defined on page 5, all of the Ameriprise Financial Trading Policies likewise apply to you. These policies will also apply to securities trading in which you have a beneficial interest, such as accounts held in your name or the name of any of the following individuals: Your spouse/partner  Financially dependent members of your household  Other members of your household  Certain entities over which you exercise investment  discretion or control (e.g. Trusts, Powers of Attorney) In addition to the general rules that apply broadly to individuals subject to the Code of Conduct, more restrictive rules apply to certain populations that are deemed as “Access Persons,” based on their access to information. The Access Person definition and their applicable policies are described beginning on page 21. Related Policies: Advisor Compliance Manual 1.1 – Personal Trade and Ethics  Global Code of Ethics Personal Accounts Dealing Policy Is my spouse subject to all of the personal trading rules and policies contained in the Code of Conduct? Yes. Personal trading rules and policies not only apply to you as a direct associate, but also accounts that you hold a “beneficial interest.” In other words, accounts where you can influence transactions in the account based on your relationship to the owner of the account (i.e. a spouse or domestic partner). Make sure you:  Discuss these policies with impacted parties to ensure their understanding.  Contact Personal Trade Compliance if you have questions about the applicability of a trading policy to you or your household.

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Ameriprise Financial Code of Conduct 23 Q  ? Ameriprise Financial Approved Broker Policy – “Limited Choice” In order to comply with SEC expectations concerning the monitoring of trading activity within personal accounts, Ameriprise Financial maintains a “limited choice” policy which dictates where certain types of securities must be held and traded. Unless you have an exception approved by Personal Trade Compliance, your personal securities accounts must be held and trading must be conducted through one of three brokers: Ameriprise Financial Brokerage, Charles Schwab or Merrill Lynch. Please note: Certain financial advisor groups may be restricted to Ameriprise Brokerage accounts only. To gain a better understanding of what types of securities are subject to the policy, you can review the “Securities Reporting List” reference sheet. Please contact Personal Trade Compliance to request a copy. New associates have 45 days from their state date to comply with this policy. Ameriprise Financial Insider Trading Policy Ameriprise Financial prohibits illegal insider trading. 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 the information could affect the stock price or a reasonable investor’s investment decisions, it is considered material. If the information has not been widely disseminated to the public through major newswire services, national news services or financial news services, it is considered non-public. You may only share material, non-public information if: The individual has a business need-to-know  You are confident that the individual receiving the material,  non-public information won’t share it inappropriately. Sharing inside information with another person who buys or sells securities and does not have a business need-to-know is known as tipping — and is illegal. Your conduct may be illegal even if you do not benefit personally and the person you shared the inside information with does not buy or sell any related securities. If you engage in insider trading or tipping, you can be subject to substantial civil and criminal penalties and disciplinary action, including termination of your employment or your franchise agreement. I work with several local banks that sell our life insurance and annuity products. During a weekly conference call, the sales manager at one of the banks told me they are going to merge with another bank. I think the merger will make the bank’s stock go up, but the bank hasn’t yet made a formal announcement about the merger. Is it okay to buy the bank’s stock? No. The information about the upcoming merger is non-public, as the bank has not yet made a formal announcement. Because you have knowledge that the general public does not have, buying or selling the bank’s stock would be insider trading.

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Ameriprise Financial Code of Conduct 25 Q  ? Personal trading prohibitions Certain personal trading activities are expressly prohibited: Speculative trading of company stock: Ameriprise  Financial prohibits speculative trading of its company stock (NYSE symbol AMP), which is characterized by multiple transactions in a short period of time, transactions in “put” or “call” options, short sales or similar derivative transactions. This includes soliciting speculative trades in Ameriprise Financial securities or offering or soliciting an opinion on Ameriprise Financial stock. Note: Advisors may solicit sale trades of Ameriprise stock only for account diversification purposes. Equity IPO purchases: Ameriprise Financial prohibits  purchasing initial public offerings (IPOs) of equity securities, other than IPOs of closed-end funds. Initial offerings of other types of securities may be acceptable; contact Personal Trade Compliance to discuss. Market timing: Ameriprise Financial prohibits market timing.  Market timing is the rapid or short-term trading, usually of a mutual fund, at the expense of long-term shareholders. Market timing activity may adversely impact a mutual fund’s performance by limiting the ability of the investment manager to fully invest the mutual fund’s assets or by increasing transaction costs. Most mutual funds, including Columbia and RiverSource mutual funds, have policies against market timing. Consult the prospectus of a mutual fund to understand its policy on market timing activity. Late trading: Ameriprise Financial prohibits late trading. Late  trading is the illegal practice of buying or selling, or allowing an investor to buy or sell, a fund after a market has closed. Late trading occurs when a fund, broker or other intermediary permits an investor to place an order after closing that receives the market-close price, allowing the investor to take unfair advantage of information that becomes public after closing. Unusual Trading Activity We may ask to review specific transactions with you or your broker if clarification is necessary. You may also be asked to supply Personal Trade Compliance with a written or oral explanation of your personal trade(s). Examples of situations that may require explanation include, but are not limited to: Significant changes in trading volume or consistently  excessive trading volume Patterns of short-term, in and out trading  Significant positions in illiquid securities  A number of associated persons trading in the same security  in the same time frame Related Policies: Advisor Compliance Manual 1.1 – Personal Trade and Ethics  Global Code of Ethics Personal Accounts Dealing Policy > Back to Contents I currently have an IRA account at Ameriprise that contains a position of company stock. As a means to protect the stock against possible price fluctuations, and generate some additional income within the qualified account, I want to write some covered calls on the company stock. Is this something that I am able to do? No. While the practice of writing “covered calls” is an established strategy to protect existing shares against a downturn in the market and generate extra income for an account, the prohibition against the purchase or sale of option contracts on company stock does not allow for this activity.

Ameriprise Financial Code of Conduct 26 Q  ? Trading blackout periods As part of our expanding service offering, clients of Ameriprise Financial can receive proprietary research reports and recommendations made through the Investment Research Group. In order to allow this information to be provided to clients after its publishing and reduce the risk of “front running” and/or “insider trading” accusations, Ameriprise Financial imposes a “same-day” blackout restriction from the time an initial recommendation or change is made on a security. Same day trading blackouts are announced on the Inside and AdvisorCompass sites and begin on the day the research is issued and continue for the remainder of the trading day. Violations of these blackouts will result in a compliance reversal of the trade and possible sanctions. Preclearance for investments in private placements/limited offerings All covered persons need to obtain approval to invest in any limited offerings (private placements, including private funds), i.e., a security not offered to the general public. Approvals must be obtained in writing from your immediate leader and Personal Trade Compliance before investing. How to obtain approval: Write an explanation of the investment and submit the request to your leader. Required information you must include in your request: The nature of the investment  How you were solicited  Approximate dollar amount you are planning to invest  Financial advisors should also disclose: Whether or not the opportunity was being offered to any clients  Whether the security is likely to be purchased by a client in  the future Your leader will approve or reject your request, and return the request to you. If approved, email the request to Private.Placement.Preclearance@ampf.com. You cannot enter into the proposed transaction without approval from Personal Trade Compliance. As an advisor with a lot of clients in my community, I sometimes am approached by clients who are involved with local start-up companies that hold private offerings as a means to raise capital for their growth and expansion. Am I prohibited from investing in these ventures because of my status as an advisor? Not necessarily. It is possible for advisors to invest in private placements or limited offerings that their clients are also invested in or may be directly involved with. However, extra caution is advised to ensure that no conflicts of interest are present between the advisor, their client and Ameriprise Financial. You must pre-clear these opportunities with your registered principal and the Personal Trade Compliance Department.

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Ameriprise Financial Code of Conduct 28 Q  ? Reporting obligations Initial Account and Holdings Disclosure: All new covered persons upon joining Ameriprise Financial must disclose all brokerage accounts in which they have a beneficial interest through an “Initial Account and Holdings Disclosure.” The disclosure is facilitated through iTrade, a web-based tool available on the Inside and AdvisorCompass sites. The disclosure must be completed within 10 business days of joining the firm. Disclosing new accounts: All covered persons must notify the Personal Trading group at the time the covered person opens a new brokerage account (contact Personal Trading to obtain a Brokerage Account Notification form). If a covered person wishes to personally trade in securities other than registered mutual funds, the brokerage account must be held with one of the three approved brokerage firms (Ameriprise, Charles Schwab or Merrill) as required by the Limited Choice Policy discussed previously. Access person policies Access person definition and populations The SEC requires investment adviser firms to perform certain monitoring and reporting functions in relation to individuals that are deemed as “Access Persons.” An Access Person is defined as: An individual with access to nonpublic information regarding  clients’ securities transactions An individual involved in making securities recommendations  to clients An individual with access to nonpublic information regarding  the portfolio holdings of affiliated mutual funds Common populations at Ameriprise Financial that fall under the Access Person definition include, but are not limited to: Employee and franchise advisors and all their licensed staff  members (associated financial advisors, paraplanners etc.) Employees of the Columbia Management organization and  certain support partners Members of the Investment Research Group and other  individuals in the corporate office who meet the Access Person definition My spouse just opened a new account at Charles Schwab. I know that Schwab is one of our approved brokers under the Limited Choice Policy, so is there anything else I need to do about the account? Yes. Even though Charles Schwab is an approved broker through the Limited Choice Policy, you are still required to report any newly opened securities accounts to Personal Trade Compliance. To do so, contact Personal Trade Compliance and request a Brokerage Account Notification Form (BAN Form). Complete the form and return it to Personal Trade Compliance so they can register the account on their monitoring systems.

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Ameriprise Financial Code of Conduct 30  ? Specific rules for Access Persons In addition to the policies and rules initially described for covered persons, Access Persons are subject to specific trading restrictions and monitoring based on their position with the firm and required compliance controls established for their business lines. Access Persons must also complete various certifications or attestations as required. Listed below are the resources by group that should be referenced to learn these rules: Columbia Management: If you are a direct employee of the Columbia Management organization or are part of a business group that directly supports Columbia, you are subject to the rules and policies contained in the Columbia Management Investment Adviser Code of Ethics. You may refer to the most recent copy of the Code of Ethics on Inside. You must also complete an Annual Certification of Accounts and Holdings and the Quarterly Certification of Transactions. Investment Research Group (IRG): If you are a member of the Investment Research Group, you are subject to trading preclearance rules that are explained in the IRG Personal Trading Reference Guide. You may refer to the most recent copy of the guide on Inside. Members of the IRG must complete the Annual Attestation and the Quarterly Certification of Transactions. Employee and franchise advisors and licensed staff: All Employee Advisors, Franchise Advisors and their licensed staff members are subject to the rules and policies contained in the Financial Advisor Personal Trading Reference Guide. You may refer to the most recent copy of the guide on the AdvisorCompass site. You must complete the Annual Attestation and the Quarterly Certification of Transactions. Communications for all access groups will be issued prior to the attestations or certifications so impacted personnel can complete their reporting obligations on time. Related Policies: Advisor Compliance Manual 1.1 – Personal Trade and Ethics  Global Code of Ethics Personal Accounts Dealing Policy > Back to Contents

Ameriprise Financial Code of Conduct 31  ? Blackout periods and preclearance of transactions in Ameriprise Financial securities The company’s outside 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. Such blackout periods are not legally required, but are a common method of reducing the possibility of insider trading during periods when there is an increased likelihood of material, non- public information being available. The blackout periods begin on January 1, April 1, July 1 and October 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 two full business days after the public release of earnings results for the preceding quarter. Those people who are subject to the blackout period will receive two emails distributed by the Corporate Secretary’s Office. One email will alert them to the beginning of the blackout period approximately one week before it starts. This email provides additional details about the restrictions on trading in Ameriprise securities and a copy of the related securities trading policy. The second email informs these people of the date on which the blackout will end and when they may resume trading in company securities. This email is distributed promptly after the public disclosure of the prior quarter’s earnings has been made. In special circumstances, the length of the quarterly blackout period may be extended or a special blackout period may be imposed on a designated group of employees. The company’s outside directors and those executive officers who are subject to Section 16 of the Securities Exchange Act of 1934 are required to pre-clear their transactions in company securities (and those of their immediate family members sharing their household) with the Corporate Secretary’s Office. This requirement is imposed only on this limited group, and they are reminded of it each quarter. Please note that violations of the blackout period are taken seriously and may result in disciplinary actions, up to and including the termination of employment or a franchise agreement. Remember these key points: Even if you are not subject  to either the blackout period or the pre-clearance requirement, you are still subject to the federal securities laws governing insider trading, explained earlier in the Code of Conduct. If you receive an email  notifying you of the date on which the blackout period will end, that does not permit you to trade in company securities if you are aware of material non- public information about the company or its securities. If you are considering  trading in the company’s securities and you think that you might be aware of material non-public information about the company or its securities, don’t hesitate to call the corporate secretary for advice. This is also true for contemplated trades in the securities of other companies. Always err on the side of caution and seek legal advice before you trade.

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Ameriprise Financial Code of Conduct 33  ? Portfolio Holdings Disclosure Policy Ameriprise Financial has implemented controls over the disclosure of information about securities held in the portfolios managed by its asset management affiliates. These controls are designed to safeguard against improper use of portfolio holdings information. All requests to disclose portfolio holdings information — to advisors, clients or any entity — must meet certain conditions or be approved in writing by the Portfolio Holdings Committee prior to release. The Portfolio Holdings Disclosure Policy identifies the scenarios where portfolio holdings information may be disclosed without pre- approval. All other requests to disclose portfolio holdings information to advisors, clients, prospects or any other individual or entity must be approved in writing by the Portfolio Holdings Committee before that information is released. This control is designed to protect against selective disclosure — meaning, the release of information that could potentially benefit some investors over others. To determine if the required conditions for release of portfolio holdings information are met, or if prior approval to release portfolio holdings information is required, please refer to the Portfolio Holdings Disclosure Policy. Related policies: HGlobal Code of Ethics Personal Accounts Dealing Policy H HInvestor Relations Policy > Back to Contents

Ameriprise Financial Code of Conduct 34 Q  ? Confidential information and trade secrets During the normal course of work, you may learn or create information about the company that is sensitive and not known by the general public, such as business strategies, marketing plans, client lists or salary data. As an employee, you have a duty to protect the company’s confidential information and trade secret information. Not only can intentional misuse or disclosure of trade secrets result in disciplinary action, it is a crime punishable by fines and imprisonment. Accordingly, you must not discuss the company’s confidential information or trade secrets in places where you can be overheard by others, such as elevators, hallways, restaurants, airports or buses. You may not share confidential information and trade secrets if: You have signed a project-specific nondisclosure agreement  relating to such information You have not confirmed with your leader that the person  requesting or otherwise to be provided with the information has also signed the project-specific nondisclosure agreement. You may share the company’s confidential or trade secret information with other Ameriprise Financial employees, other companies, vendors or non-Ameriprise Financial personnel only if: The information is not subject to a project-specific  nondisclosure agreement The individual with whom you plan to share the information  is an Ameriprise Financial employee, has an absolute business need-to-know and the person is aware of the confidential nature of the information. If the individual is a contractor or vendor who has an absolute business need-to-know and the person is aware of the confidential nature of the information: You must verify that the person is subject to a confidentiality  agreement – never assume he or she has signed a confidentiality or nondisclosure agreement. After you have verified that a confidentiality agreement is in  place, ensure that the person is told that the information is the company’s proprietary and confidential information.  Related policies: HAdvisor Compliance Manual 7 - Privacy  Identity Theft Prevention Policy  Information Security  Intellectual Property How do I know what information is considered a trade secret? A trade secret is any information (e.g., formula, methods of doing business, software, customer and price lists) that is (i) secret, (ii) useful in the operation of a business and (iii) sufficiently valuable (either in a competitive context or by virtue of the effort expended to collect or create it) to justify protection under the law. For information regarding use, storage and distribution of sensitive information, or to learn more about properly classifying information used to complete your job, refer to Information Security Policy 2.0 Information Classification and Safeguarding.

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Ameriprise Financial Code of Conduct 36  ? Guard against criminal activity Ameriprise Financial has an obligation to take reasonable steps to detect, prevent and report criminal activity such as money laundering, terrorist financing, fraud and identity theft. Financial companies involved in criminal activity face serious consequences, including fines, increased regulatory scrutiny, criminal charges and damage to their reputation, even if the involvement in the criminal activity was unintentional. Anti-money laundering Money laundering occurs when individuals or groups attempt to conceal the true origin or ownership of funds generated from illegal activities. The purpose of money laundering is to distance the funds from their illegal source by moving them through the financial system. This process attempts to make the funds look like they came from legitimate activities. The USA PATRIOT Act was enacted in 2001 to help combat money laundering, terrorism and other illegal activities. The act requires financial institutions to: Establish an anti-money laundering program  Designate an anti-money laundering officer  Provide ongoing anti-money laundering training  Create procedures and controls designed to detect, prevent  and report money laundering Conduct independent audits of the procedures and controls  to ensure the effectiveness of the anti-money laundering program. If you have reason to suspect money laundering or fraudulent activity, you must immediately discuss your suspicions with your leader, business unit compliance liaison (BUCL) or registered principal, and file a Report of Suspicious Activity (RSA) Form, if necessary. You can obtain an RSA by sending an email to Anti- Money Laundering Office with “RSA Request” in the subject line. You will automatically receive an electronic RSA with instructions on how to complete and submit the report. You may also contact the Suspicious Activity Hotline at (612) 671-6166. Money laundering red flags Red flags are warning signs that may make you suspect that a client, prospect or account may be involved in money laundering or fraudulent activity. Common red flags include (but are not limited to): Transactions that are  inconsistent with the client’s or prospect’s stated goals Inconsistent personal or  transaction information Requests to rush a  transaction or make an exception to standard procedures Unusual lack of concern  regarding risks, commissions or other transaction costs Client’s or prospect’s  location is in a country known as a haven for illegal or terrorist activity Problems providing, or  unwillingness to verify, personal identification information Excessive negative account  activity, such as bounced checks and maintenance calls A red flag is not a guarantee of money laundering or fraudulent activity, but it does require you to take additional steps to review and report the situation. Related policies: HAnti-Money Laundering Policy  Columbia Management - Anti- Money Laundering Policy  Advisor Compliance Manual 15. Anti-Money Laundering > Back to Contents

Ameriprise Financial Code of Conduct 37 Q Q  ? Tipping Tipping has another meaning aside from sharing inside information with someone who buys or sells securities. In this situation, tipping is informing someone who is suspected of being involved in illegal activities that he or she is under suspicion or is being investigated. Tipping, even unintentionally, is illegal. Under no circumstance should you inform someone that he or she is under investigation for, or suspected of, money laundering. Willful blindness You are obligated to watch for red flags that may signal money laundering and then to report any suspicious activity. “Willful blindness” occurs when you have knowledge or sufficient evidence to suspect money laundering activity or other illegal activities, but choose not to report the information. If you ignore red flags or other warning signs, or if you choose to not report suspected activity, both you and the company could be considered willfully blind and be held liable for the criminal activity. Office of Foreign Assets Control (OFAC) The Office of Foreign Assets Control (OFAC), a division of the U.S. Department of the Treasury, administers and enforces economic and trade sanctions based on foreign policy and national security goals. You must not do business with a country, group or individual on OFAC’s Specially Designated Nationals and Blocked Persons List. If you have questions related to OFAC, please contact the Anti- Money Laundering Office. The Anti-Money Laundering Office called me to ask about a client’s recent transactions and where the money may have came for some recent purchases. She’s a great client and a good friend, and I know she would never do anything illegal. I feel like I should let her know what’s happening. May I do that? No. Under no circumstances should you let your client know that she may be under investigation for money laundering or other types of criminal activity. Informing the client is illegal, and both you and the company could be penalized. When I met with a prospective client, she was evasive about her financial situation and where her money came from even after I explained that the information was required by law. My best friend who referred the prospective client to me says he has known her for years and that she has nothing to hide — she is just being private. Can I rely on my friend’s judgment? No. Before doing business with a prospective client, you are obligated to determine the source of funds. You cannot rely on anyone else’s opinion as to the legitimacy of the source of funds. If a prospective or existing client refuses to provide information based on your inquiries, you must complete a Report of Suspicious Activity Form available by sending an email to the Anti-Money Laundering Office.

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Ameriprise Financial Code of Conduct 39  ? Fraud prevention 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 organization, and it can be done by people inside as well as outside of the company. Fraud adversely affects clients, shareholders, advisors and employees of the company. Fraud prevention is the responsibility of everyone at all levels. You have a duty to be mindful of potential fraudulent activity and to immediately report any suspicious activity. Identity theft and identity fraud Identity theft and identity fraud refer to an individual illegally obtaining the personal information of another person and using the information for criminal acts and/or economic gain. The company is committed to safeguarding personal client information. It is the responsibility of all officers, employees and advisors, at all levels, to help protect our clients from becoming victims of identity theft. The Fair and Accurate Credit Transaction Act is intended to help prevent identity theft. The act requires financial institutions to: Establish an identity theft prevention program  Designate an identity theft prevention officer  Create procedures and controls designed to detect, prevent  and mitigate identity theft Provide identity theft prevention training  Identity theft red flags Red flags are warning signs that may help you identify possible identity theft. Common red flags include (but are not limited to): Documents provided for  identification appear to have been altered Personal identifying  information provided is inconsistent with client information on file Mail sent to a client is  returned repeatedly as undeliverable although transactions continue to be conducted Unauthorized transactions  are made in a client’s account A change of address  request is followed by a request to add authorized users on the account A red flag is not a guarantee of identity theft, but it does require you to take additional steps to review and report the situation. Related policies: H HTAnti-Money Laundering Policy  Columbia Management - Anti- Money Laundering Policy  Advisor Compliance Manual 15. Anti-Money Laundering  Identity Theft Prevention Policy  H T andling Whistleblower Claims PolicyTH TH > Back to Contents

Ameriprise Financial Code of Conduct 40 Q  ? You can help identify fraud by: Verifying the identity of the person asking for information  Abiding by rules for releasing information to third parties,  such as other financial institutions, family members and vendors Following the policies for securing, concealing, recycling and  shredding documents that contain sensitive client information and records Knowing what information you can and cannot include in  emails, voicemails and faxes If you suspect that personal information of a client, employee or advisor has been compromised, report the breach to Hthe Privacy Swat Team. Signature issues and forgery At Ameriprise Financial, a signature is considered forged if it was signed by someone other than the person named, or that person’s legally authorized representative. This applies to both unauthorized and fraudulent forgeries as well as when a client authorizes you to sign forms (forgery of convenience). Whenever a client signature is required, it must be an original signature of the client or his or her legally authorized representative, such as an attorney-in-fact. If signatures are required from more than one person, each person’s signature must be his or her own. 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. Related policies: HAnti-Money Laundering Policy  Columbia Management - Anti- Money Laundering Policy  Advisor Compliance Manual 15. Anti-Money Laundering  Identity Theft Prevention Policy  Handling Whistleblower Claims Policy > Back to Contents One of my clients is elderly and unable to leave his house very often. He insists that I keep a couple of pre-signed forms in my desk because having to travel to my office each time he needs to set up an account is difficult. With pre-signed forms, he can just call me and tell me what he wants to do. Since I’m doing him a favor, is this okay? No. Keeping pre-signed forms in your office for a client is against company policy, even if the client asks you to do this as a personal favor. This policy is to protect the client, you and the company. Keeping pre-signed forms is a serious violation, and may result in termination of employment or termination of the franchise agreement. One option for the client would be for him to have an attorney-in-fact who is authorized to sign documents for him.

Ameriprise Financial Code of Conduct 41 Q Q  ? Safeguard the privacy, confidentiality and security of information and records You are responsible for understanding and complying with all policies protecting the privacy, confidentiality and security of client, employee, advisor and company information. Only those employees with a business need to know are allowed access to such data. If you have questions about what to disclose, contact your leader or other appropriate resource before taking action. Secure client information and records Ameriprise Financial is obligated to safeguard client information and use it only for business purposes. We do this by following our Client Privacy Principles, which govern how we collect, use, safeguard and disclose client information and by following the laws, regulations and company policies related to privacy. Unaffiliated companies selected as Ameriprise Financial business partners agree to keep our client information confidential and secure. All clients receive a copy of the Ameriprise Financial Privacy Notice annually. All new clients receive the Ameriprise Financial Privacy Notice at the start of the business relationship. The company’s Internet Privacy Statement explains how Ameriprise Financial collects, uses, safeguards and discloses the information consumers provide on the Ameriprise Financial website. Regardless of your role, you may only use or disclose confidential client information for one or more of the following reasons: It is necessary to transact business and provide service  to clients. It has been authorized by the client.  It is required to provide financial products and services that  are jointly offered with other financial institutions. It is part of the company’s compliance efforts to reduce fraud  and criminal activity. It is necessary to fulfill our legal or regulatory obligations.  Different rules may apply for certain business units, including those dealing with institutional clients. Understand and follow your business unit’s applicable policies. > Back to Contents A client sent a package by courier with a completed product application and a check for the initial purchase. When I received the package it looked like it had been opened. Everything appeared to be there, so I don’t think anything was stolen. 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. You should send an email to the Privacy Swat Team to let them know what happened. They will research the incident, identify the nature and magnitude of the risk, and work with the vendor to investigate the cause. Is it okay to send company information or client information to my personal email account in order to work from home? No. The Electronic Communication Acceptable Use Policy states that company email should only be used for company-related business. Sending any company files or sensitive information to personal email accounts is prohibited.

Ameriprise Financial Code of Conduct 42 Q  ? Report potential privacy incidents A privacy incident is the loss of control or unauthorized disclosure of confidential, sensitive information. Examples of privacy incidents include: Lost or stolen computers or files containing client information  (including breaches inside and outside of the company) Errors that result in client information being given to  unauthorized people (e.g., misdirected communications or mailing errors) A client’s unauthorized access to other clients’ information.  Privacy incidents create the potential for identity theft and other related crimes. If an incident occurs or is suspected to have occurred, you have an obligation to report the breach promptly. To learn more about reducing your risk of identity theft, request a copy of the brochure “Reduce your risk of Identity Theft” by contacting the Privacy Office. To report a privacy incident, send an email to the Privacy Swat TeamH. If physical equipment, including laptops, PDAs or cellular telephones, is lost or stolen, or if there has been a physical theft of client or company data, you must contact the Minneapolis Security Console at 1 (800) 455-5187 or (612) 671-2454. Related policies: HClient Privacy Principles  Information Security Policy  Public Communications Policy  Public Communications Procedures  Record and Information Management Policy  Advisor Compliance Manual 7. Privacy  Advisor Compliance Manual 16. Books & Records & Other Documentation > Back to Contents I know I should encrypt attachments that contain sensitive information before I email them outside of the company network, but I don’t know how. The Electronic Communication Acceptable Use Policy states that you must use an encrypted attachment to send client information and records via email outside the corporate network. Please see instructions “HT ow to encrypt a file using WinZipTH.”

Ameriprise Financial Code of Conduct 43  ? Protect the company’s reputation and assets Ameriprise Financial has an obligation to our employees, clients, advisors and shareholders to protect the reputation and assets of the company. We must ensure that appropriate safeguards are in place to protect the company’s physical and intellectual property, sensitive information and reputation in the marketplace. The company’s reputation is a valuable asset that affects whether or not someone will be our client; or whether we are proud to work for Ameriprise Financial. Be alert to situations or actions that may be unethical or potentially damaging to the company’s reputation. Report suspected violations of the Code of Conduct, company policies, regulations and laws promptly to your leader or use one of the other reporting methods explained on HTPage 7 TH. Protection and proper use of company physical assets and property Company property must be used only for valid business purposes and with proper authorization. Company property must be protected against theft or misuse. This includes protection of laptop computers, personal digital assistants and mobile phones. Ensure that all computer equipment is properly secured and not left unattended. To properly secure your laptop always use a cable lock. When away from the computer, press Ctrl-Alt-Delete and lock the computer (to avoid unauthorized access/use) and ensure that your laptop has whole disk encryption (WDE). Protection and proper use of intellectual property Intellectual property is one of the most valuable assets of a company and includes copyrights, patents, trademarks, trade secrets, logos and design rights. Our logos and the names “Ameriprise Financial” and “RiverSource” are examples of company trademarks. You must use them properly to protect the company’s brands and goodwill, as our trademarks are key to building and maintaining our reputation with the public, clients and regulatory authorities. Furthermore, you may not register or attempt to register a trademark, service market or domain name that either incorporates, in whole or in part, or is confusingly similar to any current or proposed, registered or unregistered, trademark or service mark owned by the Company or its affiliates or subsidiaries for any reason. The theft or misuse of company property will result in disciplinary action. If you suspect someone was involved in or is attempting to cover up the theft or misuse of company property, immediately report your suspicion to Corporate Security by calling the Minneapolis Security Console at 1 (800) 455-5187 or (612) 671-2454.

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Ameriprise Financial Code of Conduct 45 Q  ? Publications, documentation, training materials, computer codes, software, methods, systems and other work that you create for the company are examples of items that can be protected by copyrights. To the extent permitted by law, your work and inventions, whether or not patented or protected by copyright, trade secret or trademark, are considered company property. We will never knowingly infringe on the intellectual property rights of others. You are responsible for ensuring that the use of any third-party intellectual property such as computer programs, competitors’ brands and logos and periodicals is proper and done with the owner’s permission. For example, you may not copy a computer program at work for use at home or make copies of news articles for broad distribution. If you have a creation you think may be eligible for a patent, or if you are unsure about the proper use of a trademark, copyright, patent or other intellectual property, you should contact the General Counsel’s Organization. If you become aware of people misusing the company’s trademarks, promptly notify the General Counsel’s Organization. Electronic Communication Acceptable Use Policy The Electronic Communication Acceptable Use Policy governs the appropriate use of the Ameriprise Financial electronic communication resources by employees, advisors, contractors and third parties. Electronic communication resources include any device or system that facilitates the processing, storage or transfer of electronic information. This includes, but is not limited to, desktop and portable computer systems (e.g., laptops, PDAs and cell phones), voicemail and electronic mail (email), internet access and fax machines. You are required to employ reasonable precautions to safeguard Ameriprise Financial sensitive information from unauthorized disclosure. When using these network devices: Use strong passwords and keep them confidential.  Do not send unencrypted sensitive information outside the  corporate network. Limit personal use of the internet to non-working hours only  as authorized by your leader. Use corporate email for company-related business only  Related policies: HConducting Competitive Intelligence Activities  Electronic Communication Acceptable Use Policy  Intellectual Property Policy  Advisor Compliance Manual 7. Privacy  Social Media Policy I wrote a computer program for my team that we use for monthly status reporting on our projects. I’ve shown it to friends in other parts of the company, and now they want to use it for their projects, too. Do you think this might be something the company could patent? Yes. Whether or not the company would pursue a patent depends on a number of factors. However, this is not your concern. If you have something that you believe might be new, useful and non-obvious (you haven’t seen anything like it in the marketplace) submit your idea to the Ameriprise Patent Program for review. Simply fill out the HTPatent Invention DisclosureTH Form found on Inside and email it to Intellectual Property Legal Mail.  ?

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Ameriprise Financial Code of Conduct 47 Q  ? Political involvement Ameriprise Financial encourages you to be involved in the political process and respects your right to participate as you see fit, provided that you comply with federal and state election laws. Since federal law and many state laws prohibit corporations from making political contributions, you cannot: Use company funds to make a political contribution  Be reimbursed by the company for a political contribution  Allow a candidate or campaign to use company facilities or  property Use work time, company equipment, personnel or other  assets, including phones, computers, faxes, mailroom or photocopiers, for political or campaign purposes Use or allow the use of company stationery, letterhead or  anything that would give the impression of a political endorsement Any contribution of time or money that you choose to make cannot be made or appear to be made with, or reimbursed by, company funds. Please see more information about political contributions and the Ameriprise Financial Political Contributions Policy on page 35. How do I know whether I need to preclear my political contributions and volunteer political activities? If you are an advisor, you are subject to preclearance. Otherwise, you need to read the applicable related policy to see if you are covered. Depending upon changes in your job or Band level, you may become subject to preclearance 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.

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Ameriprise Financial Code of Conduct 49 Q Q  ? Preclearance of state and local political contributions and volunteer activities The United States Securities and Exchange Commission and various state and local government entities have enacted what are commonly called “pay to play” rules. “Pay to play” is the phrase used to describe political contributions or other payments made to state and local officials or third parties for the purpose of obtaining investment advisory or management business from governmental entities. Under the federal rules, certain contributions and payments to state and local officials, including those running for federal office, may result in the loss of compensation for our investment adviser subsidiaries for a period of up to two years. State and local pay to play rules differ significantly from the federal rules with respect to the people covered, the amount of contributions permitted, and the effect of a prohibited contribution. In order to avoid a violation of the federal, state, and local pay to play rules, we have adopted the Ameriprise Financial Political Contributions Policy. The policy covers all advisors and certain other people designated in the policy. Among other things, the policy requires the people covered by it to preclear all of their political volunteer activities and contributions and payments to state and local officials, including those running for federal office. The preclearance requirement applies regardless of the amount of the contribution. Please read the Political Contributions Compliance Policy carefully to see if you are covered and, if so, what you must do to comply with it. Even if you are not covered by the policy currently, you should read it carefully if you plan to transfer to one of our investment adviser subsidiaries or apply for a promotion that causes you to be covered by the policy. Under certain circumstances, your political contributions to state and local officials may deny you a job or promotion or significantly delay your career plans. Related policies: HAmeriprise Financial Political Contributions (“Pay to Play”) Policy  Columbia Management Policy - Gifts and Benefits  Global Code of Ethics Personal Accounts Dealing Policy  Columbia Management - Political Contribution Policy  Congressional Gift Rule Guidelines for employees  Advisor Compliance Manual  Vendor Endorsement Policy Don’t these preclearance requirements violate my First Amendment rights of free association and speech? The federal agencies that have adopted pay to play rules have concluded that they do not violate the First Amendment rights of those persons they affect. Such rules have been upheld in federal court. We have no choice but to enforce reasonable policies and procedures designed to avoid any violations of federal, state, or local pay to play rules. I don’t intend to influence improperly the judgment of any state or local officials to whom I contribute. Why should I have to preclear those contributions if I am covered by the policy? Your intent in making a contribution doesn’t matter for preclearance purposes. Even if you are making a contribution to your brother who is running for a school board seat, you would still have to preclear the contribution.

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Ameriprise Financial Code of Conduct 51 Q  ? Maintain complete and accurate business records Ameriprise Financial has a responsibility to maintain complete and accurate business records. This means that certain information about the company’s business, earnings and financial condition must be documented and reported in an accurate, complete and understandable manner. We must comply with laws and regulations regarding how information is reported and disseminated. We must also ensure that certain information is retained in accordance with the time schedule and format outlined by regulatory authorities. Financial data Each time you report financial information, provide documentation for expenses, or approve payment of invoices, the information must be truthful, accurate and complete. If you are involved in the preparation of the company’s financial statements, you must follow generally accepted accounting principles (GAAP) and all other applicable accounting standards and rules, so that our statements fairly and completely reflect our operations and financial condition. Contact your leader, registered principal, the Employee Relations Group Service Center at 1 (877) 267-4748, or Ethics Hotline at 1 (800) 963-6395 if you: Believe financial information and business records are not  being reported or maintained accurately and completely Feel pressure to report inaccurate or incomplete financial  information Are asked to prepare or destroy documents in violation of  company policy Learn that misleading, incomplete or false information was  given to an accountant, auditor, regulatory authority or government agency Related policies: HTInformation Security Policy  HAdvisor Compliance Manual 16. Books & Records & Other Documentation  Record and Information Management Policy My manager started working for the company last week. Earlier, he had a similar position with a competitor. We have set monthly goals in my department, and our year-end ratings are based on meeting these monthly goals. My manager asked me to report my monthly results in a new way, telling me that this is how his previous employer did it. However, I believe that reporting my results this new way would be misleading. What should I do? You should tell your manager that you believe his new method of reporting results would be misleading, and that you are not comfortable following his directions. If your leader insists that you report results his way, you should talk to his leader or the Employee Relations Group Service Center at 1 (877) 267-4748.

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Ameriprise Financial Code of Conduct 53 Q  ? Travel and expense accounts You may only request payment or seek reimbursement from the company for actual and reasonable business expenses. When possible, you should use your corporate card to pay for business expenses. Corporate cards may not be used for personal expenses, and you should not use a personal card to pay for business expenses. Political contributions are not business expenses and the company will not pay for or reimburse you for such contributions. Leaders are responsible for ensuring employees comply with the Travel & Expense (“T&E”) Reimbursement Policy. Documentation of payments If you request payment or seek reimbursement for an expense, you must provide the appropriate documentation, obtain the correct approvals and follow the Travel & Expense (“T&E”) Reimbursement Policy. Document retention and destruction Company documents must be kept in accordance with the company’s Records and Information Management Policy and Procedures. You may not shred, destroy or alter in any way documents that are related to any imminent or ongoing investigation, lawsuit, audit, examination or are required to be maintained for regulatory purposes. If you have questions about whether you can shred or destroy a particular document, check with your leader or the General Counsel’s Organization. Cooperation with regulatory organizations All inquiries and requests for documents and information from regulatory organizations must be responded to in a thorough, accurate, prompt, consistent, honest and professional manner that protects the company’s interests and maintains our credibility with regulators. You may not attempt to influence regulators or respond to their requests with inaccurate, incomplete or deliberately misleading information. Regulatory requests, reports of examination and all related information must be treated as confidential company information and may only be shared with others on a strict need-to-know basis. If you fail to meet these standards, you will be subject to disciplinary action, including termination of your employment. Related policy: Consolidated Regulator Communications Policy  Advisor Compliance Manual 16. Books & Records & Other Documentation  Records and Information Management Policy  Records and Information Management Manual  Travel and Expense PolicyTH My leader asked me to delay sending an invoice to Accounts Payable until the next quarter. What should I do? All goods purchased or services rendered should be expensed, capitalized or accounted for in the period incurred. If you believe that your invoice should be sent promptly, speak with someone at your supporting accounting function or your business unit’s controller. You can also contact the Employee Relations Group Service Center at 1 (877) 267-4748.

Ameriprise Financial Code of Conduct 54 > Back to Contents

Ameriprise Financial Code of Conduct 55 Q  ? Treat people with dignity and respect Ameriprise Financial is committed to treating people with dignity and respect. We strive to provide a work environment that is diverse and free from any form of harassment or discrimination. We will not tolerate violence, threats of violence, stalking, intimidation of others or attempts to instill fear in others. Treatment of employees and others Leaders at Ameriprise Financial have a responsibility to demonstrate how employees and others are treated with dignity and respect. 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. This diversity enriches our thoughts, creativity, innovation and ability to positively impact those around us. Freedom from discrimination 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 is prohibited. Leaders are responsible for creating and maintaining a work environment free of discrimination and harassment. Leaders must enforce and follow anti-discrimination and anti-harassment laws that include, but are not limited to: State and local laws prohibiting sexual harassment and  discrimination The Age Discrimination in Employment Act (ADEA)  Title VII of the Civil Rights Act of 1964  The Americans with Disabilities Act (ADA)  Related policies: TEqual Employment Opportunity Policy  Handling Whistleblower Claims Policy  TIndividual Treatment Policy > Back to Contents What should I do if I believe I have been discriminated against or harassed during the course of my employment? If you believe you have been unlawfully discriminated against or harassed, you should report this to your leader or the Employee Relations Group Service Center at 1 (877) 267-4748.

Ameriprise Financial Code of Conduct 56  ? Freedom from fear and violence in the workplace You may not possess weapons in the workplace or while conducting company business. You may not assist or permit others to possess weapons in the workplace Non-retaliation Retaliation or intimidation directed toward anyone who makes a complaint, assists in making a complaint or is a witness in an investigation is prohibited. The law and our values protect anyone, who in good faith, reports discrimination, harassment or threats of violence. Equal employment opportunity Employees, financial advisors and leaders are responsible for complying with the company’s Equal Employment Opportunity Policy and related policies, and anti-discrimination and anti- harassment laws. Leaders have the added responsibility for ensuring compliance with those policies and laws. Safety, health and the environment Ameriprise Financial is committed to ensuring that all reasonable efforts are made to provide and maintain a safe and healthy working environment for our employees and visitors. 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 see anyone exhibiting threatening behavior, notify local security personnel immediately. If there is no security staff at your worksite, contact Corporate Security at 1 (800) 455-5187 or the Employee Relations Group Service Center at 1 (877) 267-4748. Field members and staff should contact local security or law enforcement authorities immediately if there is a potentially dangerous situation at their workplace. > Back to Contents

Ameriprise Financial Code of Conduct 57  ? Glossary Antitrust laws Antitrust laws apply to virtually all industries and to every level of business, including financial services. They prohibit a variety of practices that restrain trade. Examples of illegal practices are price-fixing conspiracies, corporate mergers likely to reduce the competitive vigor of particular markets, and predatory acts designed to achieve or maintain monopoly power. Client information and records Client information and records includes any personal or financial information relating to a client or client group. A list that identifies individuals as current or former clients also falls within the definition. Client information and records are categorized as asset classification Level 3 or 4. Conflicts of interest A conflict of interest is a situation in which someone in a position of trust (such as a lawyer, a politician, financial advisor or an executive or director of a corporation) has competing professional and/or personal interests. Such competing interests can make it difficult to fulfill his or her duties fairly. Even if there is no evidence of improper actions, a conflict of interest can create an appearance of impropriety that can undermine confidence in the ability of that person to act properly. Forgery Forgery is an illegal modification or reproduction of an instrument, document, signature or legal tender, or any other means of recording information. This includes copying, tracing or affixing another person’s signature. At Ameriprise Financial, a signature is considered forged if it was signed by someone other than the person named, or that person’s legally authorized representative. This applies to both unauthorized or fraudulent forgeries as well as when a client authorizes you to sign his or her name on forms (forgery of convenience). Identity theft Identity theft is the deliberate assumption of another person’s identity, usually to gain access to their finances. Identity theft is committed many different ways. Some identity thieves sift through trash bins looking for bank account and credit card statements; other more high-tech methods involve accessing corporate databases to steal lists of customer information. Once they have the information they are looking for, identity thieves can ruin a person’s credit rating and the standing of other personal information. Many types of identity theft can be prevented. One way is to continually check the accuracy of personal documents and promptly deal with any discrepancies. Insider trading Insider trading is the practice of buying or selling securities based on inside information. Prohibitions against this practice include tipping related to stock, options, debt securities or any other securities of the company or any of its subsidiaries, as well as to transfers into or out of the company stock fund under a savings and retirement plan. It even applies to securities of other companies if you learn something in the course of your duties that might affect their value. Violations can subject individuals to significant fines and even imprisonment. > Back to Contents

Ameriprise Financial Code of Conduct 58  ? Intellectual property Intellectual property (IP) is any creative idea or other expression of the mind that may have commercial value. Intellectual property rights are the only property right mentioned in the United States Constitution. The most well- known forms of intellectual property rights include copyrights, patents, trademarks and trade secrets. A copyright may exist in creative and artistic  works (such as software, books, movies, music, paintings and photographs) A patent may be granted in relation to a new  and useful invention (such as business methods or computer programs) A trademark is anything used to identify and  distinguish one’s goods and services (such as words, graphics, taglines, colors, sounds and smells) A trade secret is any information used in the  operation of a business that is secret and from which the owner derives competitive value/advantage by virtue of the fact that it is the only party with the information (e.g., the recipe for Coke®, customer lists and price lists) Late trading Late trading of mutual fund shares occurs when investors placing trades after market close receive the market close price. These late traders can use the information revealed after market close to guide their trades, buying funds when their current value is greater than their closing value and selling the funds when the reverse is true. Doing so allows them to earn returns at the expense of the fund’s long-term shareholders. Market timing Market timing, also known as NAV or stale price arbitrage, is the rapid, short-term trading of an asset with the goal of exploiting price discrepancies across markets. In terms of mutual funds, market timing is bad for long-term investors because rapid traders increase the associated costs of the mutual fund, which are passed onto the long-term fund holders. Every time an investor buys or sells units of a mutual fund, the fund company must buy and sell the equal portion of the actual securities within the fund. With each transaction, there is a service charge (i.e., commission). These service charges eat into the returns of the people who are holding the fund for the long term. Material, non-public information Material, non-public information is information about a company that is not known to the general public and that could influence a typical investor’s decision to buy, sell or hold that company’s securities. Examples include: Financial or operational performance  estimates or results Major management or business plan  changes News of an impending regulatory or legal  action Negotiations to purchase or partner with  another company Development of a major new product or  service An increase or decrease in dividends  A stock split or other recapitalization  A redemption or purchase by the company  of its securities Money laundering Money laundering is the process by which individuals attempt to conceal or disguise the true origin or ownership of proceeds from illegal activities. Money laundering occurs in three stages: Placement: the initial point of entry for funds  derived from criminal activities Layering: distancing the proceeds from the  source by transactional activities Integration: the re-entry of the laundered  proceeds into the economy in such a way that the funds appear to be legitimate Mutual fund Mutual funds are open-ended investment companies and are generally registered with the SEC under the Investment Company Act of 1940. The funds are composed of a collection of stocks, bonds or other securities owned by a large group of investors with similar objectives and managed by a professional fund manager. > Back to Contents

Ameriprise Financial Code of Conduct 59  ? Net asset value (NAV) NAV is the dollar value of a single mutual fund share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. It is calculated at the end of each business day. Office of Foreign Assets Control (OFAC) The Office of Foreign Assets Control (OFAC) is a division of the United States Department of the Treasury. OFAC administers and enforces economic and trade sanctions based on foreign policy and national security goals. U.S. individuals and companies are prohibited from doing business with any foreign countries, terrorists, narcotics traffickers and other individuals and groups that are on a list issued by OFAC. The penalties for doing business with an individual or country on the OFAC list are very serious, including civil and criminal fines and imprisonment. Pay to Play Pay to play is the shorthand phrase used to describe political contributions or other payments made to state or local officials or third parties for the purpose of obtaining investment advisory or management business from governmental entities. If you are required to preclear your political contributions or volunteer activities, however, your intent is irrelevant for preclearance purposes. Privacy incident A privacy incident is the loss of control or unauthorized disclosure of confidential, sensitive information such as stolen laptops or mailing errors. Redemption A transaction through which the owner of a security returns an investor’s principal in a security. Securities A security is a type of transferable interest representing financial value such as stocks, bonds, notes and mutual funds. Sensitive information Sensitive information includes client information and records; employees’ and advisors’ personal and financial information; or confidential, proprietary business information that if improperly disclosed could negatively impact our clients, our reputation, our company, or our brand. Sensitive information is classified as asset classification Level 3 or 4. Tipping (insider trading) Tipping in the context of insider trading is the sharing of inside information with another person who buys or sells securities and does not have a business need-to-know. You could be held liable even if you do not benefit personally and the person you shared the inside information with does not buy or sell any related securities. Tipping (money laundering) Tipping in the context of money laundering is informing someone who is known or suspected of being involved in money laundering or other illegal activities that their conduct is considered suspicious or is being reported to law enforcement authorities. Whistleblower A whistleblower is an individual who reports misconduct to people or entities that have the power to take corrective action. Examples include providing information related to: Mail, wire, bank or securities fraud  Improprieties that prevent the company from  meeting its legal obligations or from complying with generally accepted accounting principles Violations of the company Code of Conduct  Willful blindness Willful blindness is the failure to perform due diligence, or when suspicions are aroused, failing to make further inquiries or report the information. Any employee, financial advisor or contractor who has knowledge of or reason to suspect illegal activity and processes a transaction without reporting or notifying the proper individuals may be charged with money laundering. This is known as willful blindness and may result in civil and criminal penalties and imprisonment. > Back to Contents

Ameriprise Financial Code of Conduct 60  ? Resource guide - contacts If you have a question not addressed in the Code of Conduct, contact the following Ameriprise Financial employees who are familiar with specific subjects discussed in the Code of Conduct, or reach out to one of the Columbia Management contacts listed in this link - Key Columbia Management Compliance Contacts. If you a general question about the Code of Conduct, contact Thomas R. Moore, corporate secretary and chief governance officer, at (612) 678-0106 or thomas.r.moore@ampf.com. Subjects Addressed in the Code of Conduct Contact – Telephone Number and Email Advertising and marketing Surabhi Ahmad (617) 897-9621 surabhi.x.ahmad@ampf.com Anti-money laundering James Fiebelkorn (612) 671-5059 james.fiebelkorn@ampf.com Antitrust and fair competition Ameriprise – Mike Burton (612) 671-1285 HTmichael.g.burton@ampf.comT RiverSource – David Weiser (612) 671-1788 HTdavid.h.weiser@ampf.com TH Blackouts on trading in company securities Thomas Moore (612) 678-0106 HTthomas.r.moore@ampf.comT Business records Penny Zuber (612) 678-2720 HTpenny.a.zuber@ampf.com T Company physical assets and property Rod Prior (612) 671-8802 HTrod.a.prior@ampf.comT Confidential information and trade secrets Mike Newman (612) 678-0298 HTmichael.j.newman@ampf.com T Disclosure requirements to clients Ameriprise – Mike Burton (612) 671-1285 HTmichael.g.burton@ampf.comTH Columbia – Scott Plummer (612) 671-1947 HTscott.r.plummer@ampf.com TH Document retention and destruction Penny Zuber (612) 678-2720 HTpenny.a.zuber@ampf.com T Electronic Communication Acceptable Use Policy Steven Jensen (612) 671-5421 steven.g.jensen@ampf.com Karen Wilson (612) 671-3602 HTkaren.e.wilson@ampf.com T Employment issues Employee Relations Group 1 (877) 267-4748 HTERGSC@ampf.comT Mark Matuga (612) 671-2254 HTmark.r.matuga@ampf.comT Forgery and signature issues James Fiebelkorn (612) 671-5059 james.fiebelkorn@ampf.com Fraud prevention James Fiebelkorn (612) 671-5059 james.fiebelkorn@ampf.com Gifts and entertainment Ameriprise – Thomas Moore (612) 678-0106 HTthomas.r.moore@ampf.comT RiverSource – Scott Creutzmann (612) 671-3678 HTscott.e.creutzmann@ampf.comTH Identity theft James Fiebelkorn (612) 671-5059 james.fiebelkorn@ampf.com Information security Steven Jensen (612) 671-5421 steven.g.jensen@ampf.com Insider trading Thomas Moore (612) 678-0106 HTthomas.r.moore@ampf.comT Intellectual property Mike Newman (612) 678-0298 HTmichael.j.newman@ampf.com T Late trading Thomas Moore (612) 678-0106 HTthomas.r.moore@ampf.comT Market timing Thomas Moore (612) 678-0106 HTthomas.r.moore@ampf.comT Office of Foreign Assets Control James Fiebelkorn (612) 671-5059 james.fiebelkorn@ampf.com Outside business activities Thomas Moore (612) 678-0106 HTthomas.r.moore@ampf.comT Political activities and contributions, including AmeriprisePAC Thomas Moore (612) 678-0106 HTthomas.r.moore@ampf.comT Privacy of information Kate Dedenbach (248) 205-5817 kathleen.a.dedenbach@ampf.com Regulatory organizations and inquiries Chris Long (612) 671-6362 HTchris.r.long@ampf.comT Regulatory examinations Chris Long (612) 671-6362 chris.r.long@ampf.com Reporting potential Code of Conduct violations Your leader or the Ethics Hotline 1 (800) 963-6395 Reporting potential criminal activity Rod Prior (612) 671-8802 HTrod.a.prior@ampf.comT Reporting potential information security events (i.e., hacking, viruses) or misuse of company computer systems and network Steven Jensen (612) 671-5421 steven.g.jensen@ampf.com Reporting potential privacy incidents Privacy Swat Team HTprivacy.swat.team@ampf.com T Retaliation, protection from Employee Relations Group 1 (877) 267-4748 HTERGSC@ampf.comT John Junek (612) 671-3651 HTjohn.junek@ampf.comT Doug Parish (612) 671-0947 HTdouglas.j.parish@ampf.comT Safety, health and the environment Rod Prior (612) 671-8802 HTrod.a.prior@ampf.comT Security of electronic information Steven Jensen (612) 671-5421 steven.g.jensen@ampf.com Violence in the workplace Rod Prior (612) 671-8802 HTrod.a.prior@ampf.comT

Ameriprise Financial Code of Conduct 61 Whistleblower program John Junek (612) 671-3651 HTjohn.junek@ampf.comT Doug Parish (612) 671-0947 HTdouglas.j.parish@ampf.comTH

Ameriprise Financial Code of Conduct 62  ? Frequently asked questions To find the answer to these frequently asked questions, click on the question to be directed to the appropriate section in the Code of Conduct. If you do not find an answer to your question, please contact one of the employees listed in the HTResource Guide TH on Page 44. • HTCan I personalize my advertisements to clientsTH? • Are all advisors subject to the Code of Conduct? • HTAm I subject to blackout periods for trading TH in Ameriprise Financial securites? • HTCan I use company letterhead for my non- profit workTH? • HTIf a client asks me about a competitor TH, can I say that the other firm’s products and services are inferior to ours? • How can I tell if a situation involves a potential conflict of interest? • Am I allowed to do consulting work on my personal time and get paid for it? • My client doesn’t want to be bothered with disclosures. Can I accommodate the client and just skip the disclosures? • How do I know if it is all right to shred or otherwise dispose of documents or files? • HTCan I delay submitting an expense? T • HTWhich gift policy applies to me TH? • HTDo I need to seek approval before accepting or giving a gift?T • Can I get in trouble if I tell a friend or family member information about Ameriprise Financial? • How can I tell if an investment is suitable for a client? • What restrictions are there on my investments other than Ameriprise Financial? • What is insider trading? • I wrote a marketing brochure to be sent to clients that is based on previously-used marketing material. Do I still need to have it reviewed? • HT ow do I know if I have material, non-public information? T • HTDo I need to get pre-approval to start an outside business?T • Can I be involved in a political campaign during my normal workings hours? • HTCan I give money to a political candidate using company funds? T • How freely should I cooperate with regulators? • Can I work a second job? • HTShould I ask a client about suspicious transactions? T • HTIf I suspect a violation, am I obligated to report it? T • Can a friend of mine be a vendor for Ameriprise Financial? • HTWhat is a “whistleblower”TH? > Back to Contents

Ameriprise Financial Code of Conduct 63 Ameriprise Financial, Inc. Supplement Number 1 to the Code of Conduct (March 2011) Ameriprise Financial, Inc. (“Ameriprise Financial”) is committed to conducting business ethically by acting in the best interests of our clients and adhering to our values and principles. The Code of Conduct requires every individual associated with Ameriprise Financial (including financial advisors and their employees) to do the right thing and operate in accordance with five principles: • Conduct business ethically; • Do the right thing for the client; • Treat people with dignity and respect; • Excel in all we do; and • Serve as ambassadors/stewards for our brand. This supplement to the Code of Conduct provides additional guidance regarding certain conduct that violates the principle of treating people with dignity and respect. This is a supplement to, and not a replacement of, the Code of Conduct. Everyone associated with Ameriprise Financial is expected to read, understand and comply with the guidance provided in this supplement in addition to the Code of Conduct and other applicable policies and procedures of Ameriprise Financial. If you have any questions about the application of this supplement or the appropriateness of a situation, action or decision, talk to your leader, registered principal or other appropriate personnel identified in the Code of Conduct. For additional information or questions about this supplement, please contact the resources listed below: Corporate Secretary’s Office thomas.r.moore@ampf.com, (612) 678-0106 Employee Relations Group Service Center ERGSC@ampf.com, (877) 267-4748 Ethics Hotline (800) 963-6395 (If you use this resource, your information will be treated anonymously if you so wish.) Treating People with Dignity and Respect Ameriprise Financial is committed to treating every person, including clients, service providers or vendors, franchisees (and their employees), advisors, employees, management, and directors, with dignity and respect. Ameriprise Financial is committed to maintaining a safe, secure and hospitable work environment and will not tolerate violence, threats of violence, stalking, intimidation, attempts to instill fear in others, slander, libel, or defamatory statements. In addition, we ask that you voice your opinions and views in a respectful manner. No person associated with or representing Ameriprise Financial is permitted to engage, or to condone or support others engaged, in conduct that violates this principle. This is a non-exclusive list of the types of conduct that is prohibited and is provided for purposes of illustration: • The use of any form of communication, whether written, oral or electronic, to advocate political, religious, or social ideologies or viewpoints to senior home office or field

Ameriprise Financial Code of Conduct 64 leadership in a manner which could reasonably be interpreted as insulting, disrespectful or derogatory. If you wish to voice disagreement with a company policy, please communicate with your human resources contact or direct field leadership. If you are dissatisfied with the resolution at that level, you may escalate the issue to the home office, provided that the escalation is conducted in a manner consistent with your obligations under this Supplement and the Code of Conduct. • The use of any form of communication, whether written, oral or electronic, to threaten, intimidate, harass, insult, or instill fear in any other person. • Displays, acts or gestures that could reasonably be anticipated to intimidate another or cause another to be concerned for his or her safety and well-being or the safety and well- being of others. • Acts or conduct that could reasonably be anticipated to result in harm or damage, whether physical, emotional, reputational or financial, to another person. Ameriprise Financial management, in its sole discretion, will determine whether this supplement has been violated. Non Retaliation No individual who, in good faith, makes a complaint under this supplement shall be subject to retaliation. Any concerns regarding retaliation may be made to any of the resources identified in this supplement or in the Code of Conduct Consequences for Non-Compliance If you fail to comply with this supplement, Ameriprise Financial may, in its discretion, impose consequences on you including disciplinary action up to and including termination of your employment, franchise, contract or other relationship with Ameriprise Financial. Furthermore, violation of this supplement is a violation of the Ameriprise Financial Code of Conduct and may result in any of the consequences identified in the section entitled "Consequences for Non- Compliance" in the Code of Conduct.

Financial Planning | Retirement | Investments | Insurance | Banking Ameriprise Financial, Inc. 1098 Ameriprise Financial Center, Minneapolis, MN 55474 ameriprise.com The Code of Conduct and the related policies do not attempt to address every possible situation or circumstance that may arise. Officers, employees, advisors and others 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 they are uncertain as to the proper course of action. The company will not accept ignorance or oversight as excuses for behavior that violates the Code of Conduct, related policies or any law or regulation. 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. 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 in determining eligibility and in interpretation and administration 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. Revised December 2014 For internal/vendor/agency use only. Not for distribution to the general public. © 2014 Ameriprise Financial, Inc. All rights reserved.

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 weakness 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 24, 2015	By	/s/ Abu M. Arif
		Abu M. Arif
		Chief Executive Officer
		(Principal Executive Officer)

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EX-31.2

Exhibit 31.2

CERTIFICATION

I, Ross P. Palacios, 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 weakness 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 24, 2015	By	/s/ Ross P. Palacios
		Ross P. Palacios
		Chief Financial Officer
		(Principal Financial Officer)

E-4

EX-32.1

Exhibit 32.1

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, 2014, 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 Ross P. Palacios, as Principal and 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 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.

	/s/ Abu M. Arif
Name:	Abu M. Arif
Title:	Chief Executive Officer
	(Principal Executive Officer)
Date:	February 24, 2015
	/s/ Ross P. Palacios
Name:	Ross P. Palacios
Title:	Chief Financial Officer
	(Principal Financial Officer)
Date:	February 24, 2015

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