11-K 1 amp401kplan123122.htm 11-K Document




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

FORM 11-K

    ý    ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the year ended December 31, 2022
 
Or

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


For the Transition Period from __________________ to __________________


Commission file number 1-32525





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

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














Ameriprise Financial 401(k) Plan
 Financial Statements and Supplemental Schedule
 
December 31, 2022 and 2021
with Report of Independent Registered Public Accounting Firm



Ameriprise Financial 401(k) Plan
Form 11-K


INDEX
Report of Independent Registered Public Accounting Firm
1 
Financial Statements
Statements of Net Assets Available for Benefits as of December 31, 2022 and 20212 
Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2022 and 20213 
Notes to Financial Statements
4 
Supplemental Schedule
Schedule H, Line 4i — Schedule of Assets (Held at End of Year)
12 
Signature
23 
Exhibit Index
24 




Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of Ameriprise Financial 401(k) Plan (the “Plan”) as of December 31, 2022 and 2021 and the related statement of changes in net assets available for benefits for the years then ended, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2022 and 2021, and the changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2022 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.



/s/ PricewaterhouseCoopers LLP
Minneapolis, Minnesota
June 22, 2023

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

1

Ameriprise Financial 401(k) Plan
Statements of Net Assets Available for Benefits
 December 31,
20222021
Assets
  
Cash
$77,157 $728,853 
Investments at fair value
2,479,440,517 2,954,738,203 
Investments at contract value
169,191,423 167,440,037 
Receivables:
 
Accrued income72,981 51,198 
Due from broker1,513,924 1,684,153 
Employer contributions5,264,099 5,243,027 
Participant loans27,590,582 27,058,208 
Total assets2,683,150,683 3,156,943,679 
Liabilities
 
Due to broker
1,678,912 5,509,337 
Accrued expenses
— 81,784 
Total liabilities
1,678,912 5,591,121 
Net assets available for benefits at end of year
$2,681,471,771 $3,151,352,558 
See Notes to Financial Statements.

2

Ameriprise Financial 401(k) Plan
Statements of Changes in Net Assets Available for Benefits
 Years Ended December 31,
20222021
Contributions: 
Employer, net of forfeitures$63,306,817 $55,267,004 
Participant124,145,197 118,560,585 
Participant rollovers9,047,985 10,720,524 
Total contributions196,499,999 184,548,113 
Investment income:
   Interest2,332,311 1,720,274 
   Dividends20,091,957 11,998,208 
   Net realized/unrealized appreciation (depreciation)(477,127,245)522,812,352 
Total investment income (loss)(454,702,977)536,530,834 
Other income73,421 77,545 
Interest on participant loans1,020,379 1,172,626 
Total additions(257,109,178)722,329,118 
Deductions:
Administrative expenses1,514,054 1,014,611 
Withdrawal payments211,257,555 242,117,937 
Total deductions212,771,609 243,132,548 
Net increase (decrease) in net assets available for benefits(469,880,787)479,196,570 
Net assets available for benefits at beginning of year3,151,352,558 2,672,155,988 
Net assets available for benefits at end of year$2,681,471,771 $3,151,352,558 
See Notes to Financial Statements.

3

Ameriprise Financial 401(k) Plan
Notes to Financial Statements
December 31, 2022
1.  Description of the Plan
General
The Ameriprise Financial 401(k) Plan (the “Plan”), which became effective October 1, 2005, is a defined contribution plan. Under the terms of the Plan, certain regular full-time and part-time employees of Ameriprise Financial, Inc. and its participating subsidiaries (the “Company”) can make contributions to the Plan and are eligible to receive Company contributions beginning with the pay period in which they complete 60 days of service.
The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The following is not a comprehensive description of the Plan, and therefore, does not include all situations and limitations covered by the Plan. Participants should refer to the Plan document for more complete information.
Recordkeeping and Trustee of Plan Assets
Alight Solutions is the Plan’s recordkeeper, including the self-directed brokerage account. In July 2019, the Principal Financial Group closed on the acquisition of the Institutional Retirement & Trust business of Wells Fargo Bank, N.A. The successor trustee became Principal Custody Solutions effective February 22, 2022. Prior to February 22, 2022, Wells Fargo Bank, N.A. remained trustee of the plan. Information for the period before the transfer to Principal Custody Solutions on February 22, 2022 was provided by Wells Fargo Bank, N.A. The Plan is administered by the Ameriprise Financial Employee Benefits Administration Committee (“EBAC”). The Ameriprise Financial 401(k) Investment Committee (“KIC”) selects and monitors the investment options offered to participants under the Plan and oversees matters related to Plan investments (excluding the Ameriprise Financial Stock Fund and investments selected by participants under the self-directed brokerage account). Members of the EBAC and KIC are appointed by fiduciaries as specified in the Plan.
Contributions
Elective Contributions
Each pay period, eligible participants may make pretax and/or Roth 401(k) contributions (up to 80% of eligible compensation), and after-tax contributions (up to 10% of eligible compensation) or a combination of any of the three, not to exceed 80% of their eligible compensation to the Plan through payroll deductions. The Internal Revenue Code of 1986, as amended (the “Code”), imposes a limitation on participants’ pretax and Roth contributions to plans that are qualified under Code Section 401(k) and other specified tax favored plans. This limit was $20,500 and $19,500 for 2022 and 2021, respectively for employees under age 50. For employees age 50 and older the limit was $27,000 and $26,000 for 2022 and 2021, respectively. The Plan complied with nondiscrimination requirements under the Code for both 2022 and 2021.
Fixed Match Contributions
The Company matches 100% of the first 5% of eligible compensation an employee contributes on a pretax and/or Roth 401(k) basis for each pay period. At the end of each year, the Company completes a fixed match true-up for qualifying participants to ensure the fixed match contribution provided by the Company is equal to the lesser of 5% of eligible compensation or the participants’ annual deferral rate average. Participants must be employed on the last business day of the Plan year or have terminated employment, generally due to retirement (at or after age 65), disability (as defined in the Plan), transfer to Franchise Advisor role or death to receive a true-up contribution.
The Company provides a Company Base Contribution of 2% of eligible compensation each pay period for certain employees not eligible to participate in the Ameriprise Financial Retirement Plan. The Company Base Contribution is invested based on the employee’s elections or a default fund if no elections are made and eligible employees are not required to elect to save their own money to receive this contribution.
Limit on Contributions
For purposes of the Plan, eligible compensation is a participant’s regular cash compensation up to $305,000 and $290,000 for 2022 and 2021, respectively, before tax deductions and certain other withholdings. Eligible compensation for all employees includes performance related cash bonuses, overtime, commissions and certain other amounts in addition to regular earnings.
Rollover Contributions
A rollover is a transfer to the Plan of a qualified distribution in accordance with the provisions of the Plan. Rollovers into the Plan are not eligible for Company match contributions.
Vesting
Participants are immediately vested in their pretax, Roth 401(k), after-tax, and rollover contributions and any income and appreciation on such contributions. Company contributions are vested on a five-year graded schedule of 20% per year of service with the Company or if the participant attains age 65 as an active employee, becomes disabled or deceased while employed.
4

Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2022

Forfeitures
Forfeitures are transferred to a forfeiture account, which is maintained for the benefit of the Plan as a whole and is not attributable to any given participant. The balance of the forfeiture account may be used to pay plan expenses, offset the Company’s obligation to fund Company contributions to the plan or restore previously forfeited balances for rehires. At December 31, 2022 and 2021, the forfeiture account totaled $118,115 and $118,230, respectively. Forfeitures used totaled $2,074,206 and $2,552,483 for 2022 and 2021, respectively. Forfeitures generated for the plan years ended December 31, 2022 and 2021 were $2,074,091 and $2,598,865, respectively.
Tax Status
As long as the Plan remains qualified and tax exempt, amounts invested in the Plan through participant and Company contributions and rollovers, as well as any income and appreciation on such amounts, are not subject to federal income tax until distributed to the participant. See Note 8 for additional information on the Plan’s tax status.
Distributions and Withdrawals
If employment ends, participants are eligible to receive a distribution of their vested account balance. Participants (or their beneficiaries) may elect to receive their accounts as a single lump-sum distribution in cash, whole shares of common stock, mutual fund shares held under the self-directed brokerage account, or a combination of cash and shares. Partial payments may be available to participants who meet certain requirements set forth in the Plan document. The Plan will pay out vested balances of $5,000 or less as a lump sum payment within 60 days of termination of employment. Balances of less than $1,000 will be paid directly to the participant and balances of $1,000 to $5,000 will be rolled over to a safe harbor IRA. Terminated participants with balances greater than $5,000 can defer payment until age 72.
Participants may be eligible to request an in-service withdrawal of all or a portion of their vested account balance subject to limitations under the terms of the Plan and certain tax penalties imposed by the Code. Participants may elect to receive their withdrawal in cash, whole shares of common stock, mutual fund shares held under the self-directed brokerage account, or a combination of cash and shares.
Loan Program
Participants may borrow from their fund accounts a minimum of $500 and up to a maximum of the lesser of $50,000 or 50% of their vested account balance. The administrative loan origination fee of $75 per loan is paid by the participant and is deducted from the proceeds of the loan. Loan terms range up to 59 months unless the loan is used towards the purchase of a primary residence in which case the loan terms can range up to 359 months. The loans are secured by the balance in the participant’s account and bear a fixed interest rate of the prime rate as reported in the Wall Street Journal on the 15th of the month before the date the loan is originated. Principal and interest payments are deducted automatically from the participant’s pay each period.
If the participant’s employment with the Company ends for any reason, and their Plan loan is current, the Plan allows the participant to make repayment arrangements with the Plan’s Administrative Delegate before their loan would otherwise default. If so requested, upon the participant’s termination, the participant’s loan will be re-amortized to a monthly repayment schedule.
If the participant’s employment with the Company ends for any reason, and they have a Plan loan, they have the option to continue to make loan payments or pay off the loan in full within 90 days in order to prevent a default and acceleration due to non-payment. If the outstanding loan is not paid in full within 90 days from separation from service or an alternative arrangement is not made, the loan will automatically be foreclosed and the amount outstanding will be immediately deducted from the benefit payable to the plan participant from the Plan. The amount deducted will be treated as a distribution to that participant regardless of whether they elected to receive a distribution of their vested Plan account. Unless the outstanding loan amount was previously taxed as a “deemed distribution,” the participant will then be responsible for any income taxes on the amount of the outstanding loan balance and possibly a 10% additional penalty tax that applies to early distributions.
Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their accounts.
2.  Significant Accounting Policies
Basis of Accounting
The accompanying financial statements have been prepared on the accrual basis of accounting.
5

Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2022

Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Plan Fees and Expenses
Administrative expenses, which may include recordkeeping, participant servicing, legal fees, trustee fees, loan origination fees, fees incurred within the self-directed brokerage account and investment consulting fees, among other expenses, are paid by Plan participants and recorded as incurred, unless paid by the Company. The Company currently pays a portion of the administrative expenses, including fees of the auditors, legal fees and certain investment managers.
Fees paid to investment managers are paid from the fees associated with the investment options offered by the Plan, unless paid by the Company. In addition, expenses related to the investment of the Plan funds, for example, brokerage commissions, stock transfer or other taxes and charges incurred for the purchase or sale of the funds’ investments, as opposed to administrative expenses, are generally paid by the Plan participants out of the applicable investment. Fees paid out of an investment reduce the return of that investment.
A flat fee of $21 per quarter is charged to participant accounts with a balance of $5,000 or more (including loan balances). It is deducted proportionately from the participant’s investment options on a quarterly basis. The fee is deposited in the dedicated expense account and may be used to pay eligible administrative expenses of the Plan. As permitted under U.S. Securities and Exchange Commission rule 12b-1, mutual funds or share classes are assessed a fee to help cover the costs associated with marketing and selling the fund (“12b-1 fees”). The 12b-1 fees may also be used to cover shareholder servicing expenses. The only 12b-1 fees incurred are on certain self-directed brokerage funds.
Other Income
Other income includes a rebate of a portion of revenue sharing payments made to the Plan from a portion of the 12b-1 fees incurred from certain funds within the self-directed brokerage account. These payments are deposited in the dedicated expense account and may be used to pay eligible administrative expenses of the Plan. Other income is recorded when earned.
Valuation of Investments and Income Recognition
Investments are reported at fair value, with the exception of fully benefit-responsive investment contracts which are reported at contract value. See Note 4 and Note 5 for the Plan’s accounting policies related to the fully benefit-responsive investment contracts and the valuation of investments, respectively.
Purchases and sales of securities are reflected on a trade-date basis. The cost of securities sold is determined using the average cost method. Dividend income is recorded on the ex-dividend date. Interest income is recorded as earned. As required by the Plan, all dividend and interest income is reinvested into the same investment funds in which the dividends and interest arose. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold as well as the change in fair value of assets.
Participant Loans
Participant loans are measured at their unpaid principal balance plus any accrued but unpaid interest, which is a reasonable estimate of fair value due to restrictions on the transfers of these loans. Interest income on participant loans is recorded when it is earned. 
Withdrawal Payments 
Withdrawal payments are recorded when paid. 
3.  Investments
Investment Elections
A participant may currently elect to invest contributions in any combination of investment funds in increments of 1% and change investment elections for future contributions or transfer existing account balances on any business day the New York Stock Exchange is open. Investment funds may impose redemption restrictions.
Investment Options
A summary of investment options as of December 31, 2022 and 2021 is set forth below.
Mutual Funds
Mutual funds include the Allspring Small Company Growth R6 fund and the John Hancock Disciplined Value Mid Cap Fund R6.
Collective Investment Funds
The Collective Investment Funds include various investment options as follows: VOYA Target Solution Trust Funds, Victory Small Cap Value Collective Fund (75), Boston Partners Large Cap Value Equity CIT (Class F), Wellington Trust NA CIF II Growth 2, GQG
6

Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2022

Partners International Equity CIT Fund (Class C), Columbia Trust Contrarian Core Fund, Columbia Trust Total Return Fund I, BlackRock US Equity Index Fund, BlackRock Russell 2500 Index Fund, BlackRock MSCI ACWI ex-US Index Fund and BlackRock US Debt Index Fund.
Collective investment funds allow for daily redemptions but may require advance notice in certain circumstances. There were no unfunded commitments for the Collective Investment Funds as of December 31, 2022 and 2021.
Separate Managed Account
The Congress Mid Cap Growth Fund is a separate account managed by Congress Asset Management Company. The fund invests at least 80% of its net assets in equity securities of mid-capitalization companies. The remaining 20% of its net assets can be invested in equity securities of small-capitalization and large-capitalization companies.
Ameriprise Financial Stock Fund
The Ameriprise Financial Stock Fund is an Employee Stock Ownership Plan (“ESOP”) that invests primarily in the Company’s common stock, purchased in either the open market or directly from the Company, and in cash or short-term cash equivalents.
Self-Directed Brokerage Account
The Plan’s self-directed brokerage option gives participants the choice to invest in more than 14,000 mutual funds including exchange-traded funds and closed-ended mutual funds. Ameriprise Financial, Inc. was formerly a wholly owned subsidiary of American Express Company (“American Express”). On September 30, 2005, Ameriprise Financial, Inc. spun-off from American Express. As a result, American Express common stock was an investment option as specified by the Plan. Employees had the option to transfer the value of the American Express common stock to another investment in the Plan or transfer it to the self-directed brokerage option. American Express common stock may be held in the self-directed brokerage account on a hold or sell basis only and, with the exception of reinvestment of dividends, new purchases are not allowed.
Income Fund
The Income Fund is a stable value separately managed account which invests primarily in various book value wrap contracts with varying maturities, sizes and yields, offered by insurance companies, banks or financial institutions, which are backed by fixed income securities issued by the U.S. government and its agencies. See Note 4 for a more comprehensive discussion of book value wrap contracts. Ameriprise Trust Company is the investment manager for the Income Fund. The Income Fund also invests in the Columbia Trust Government Money Market Fund (which invests primarily in short-term debt instruments issued by the U.S. government and its agencies). The investment objective of the Income Fund is to preserve principal and income, while maximizing current income. There is no assurance that the Income Fund will meet its objective.
4.  Book Value Wrap Contracts
Book value wrap contracts are fully benefit-responsive and comprised of both an investment and a contractual component. The investment component consists of a portfolio of actively managed fixed income securities and of units of a money market collective investment fund, referred to as the Covered Assets, which may be owned by the Income Fund. The Covered Assets include U.S. government and agency bonds and mortgage backed securities issued or guaranteed by the U.S. government. The Income Fund enters into book value wrap contracts (the contractual component) with third parties, generally insurance companies, banks or financial institutions, to underwrite the performance of the Covered Assets from the risk of adverse interest rate movements. Under these contracts, the third party is obligated to provide sufficient funds to cover participant benefit withdrawals and certain types of investment transfers regardless of the market value of the Covered Assets. While the contracts are designed to protect the Income Fund against interest rate risk, the Income Fund is still exposed to risk if issuers of Covered Assets default on payment of interest or principal or upon the occurrence of certain events, described below, involving the Income Fund, its plan sponsor or its investment manager.
Fully benefit-responsive book value wrap contracts held by a separately managed account created for a defined contribution plan are reported at contract value. Contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive book value wrap contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. Contract value represents the face amount of the contract plus accrued interest at the contract rate.
Certain events may limit the ability of the Income Fund to transact at contract value with the book value wrap contract issuers for participant benefit payments or investment transfers. Possible events include a transfer from the Income Fund in violation of the equity wash required by the book value wrap contracts. An equity wash restriction prohibits money from being moved directly from the Income Fund to the self-directed brokerage account, without first being invested in another investment fund for 90 days. After the 90 days, the assets may be transferred from the other investment fund to the self-directed brokerage account. Other possible events include participant-directed withdrawals that occur due to a plan sponsor-initiated event, such as the implementation of an early
7

Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2022

retirement program or facility closing, of which the book value wrap contract issuer has not been made aware, or a request by the trustee to terminate a contract at market value. While these events are not probable, it is possible that they could occur.
Certain events may allow the book value wrap contract issuer to terminate a book value wrap contract and settle at the market value of the Covered Assets, as opposed to contract value. These events may include the termination of the Plan or the Trust holding the Income Fund assets, the replacement of the trustee of the Income Fund without the consent of the book value wrap contract issuer, a change in the investment guidelines, administration or policies of the Income Fund that may cause a material adverse effect on the book value wrap contract issuer, a breach of the contract terms by a counterparty, a legal or regulatory event such as a ruling by a regulatory agency governing the Income Fund, its investment manager or the book value wrap contract issuer that may cause material adverse effect to a party under the book value wrap contract, or the failure of the Trust to be tax-exempt under the Internal Revenue Code.
5.  Fair Value Measurements
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability is not exchanged subject to a forced liquidation or distressed sale.
Valuation Hierarchy
The Plan categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Plan’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are defined as follows:
Level 1    Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.
Level 2    Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.
Level 3    Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
The following tables present the balances of assets measured at fair value on a recurring basis:
 December 31, 2022
Level 1Level 2Level 3Total
Investments    
Mutual funds$130,266,946 $— $— $130,266,946 
Ameriprise Financial common shares351,762,162 — — 351,762,162 
Self-directed brokerage account
391,101,202 — — 391,101,202 
Common Stock96,333,250 5,999,660 — 102,332,910 
Collective investment funds measured at net asset value (“NAV”) (1)
1,503,977,297 
Total investments at fair value$969,463,560 $5,999,660 $— $2,479,440,517 
 December 31, 2021
Level 1Level 2Level 3Total
Investments    
Mutual funds$151,684,651 $— $— $151,684,651 
Ameriprise Financial common shares350,573,724 — — 350,573,724 
Self-directed brokerage account488,939,210 — — 488,939,210 
Common Stock135,374,532 8,069,310 — 143,443,842 
Collective investment funds measured at NAV (1)
1,820,096,776 
Total investments at fair value$1,126,572,117 $8,069,310 $— $2,954,738,203 
(1) Amounts are comprised of investments measured at fair value using NAV (or its equivalent) as a practical expedient and have not been classified within the fair value hierarchy.
Determination of Fair Value
The Plan uses valuation techniques consistent with the market approach to measure the fair value of its assets. The Plan’s market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. The Plan maximizes the use of observable inputs and minimizes the use of unobservable inputs. All other assets of the Plan are valued using NAV.
8

Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2022

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.
Investments
Mutual Funds
The fair value of the Allspring Small Company Growth R6 fund and the John Hancock Disciplined Value Mid Cap Fund R6 are determined by the NAV which represents the exit price. The fair value is classified as Level 1 as the funds are traded in active markets and quoted prices are available.
Ameriprise Financial Common Shares
The fair value of Ameriprise Financial, Inc. common shares is determined using quoted prices in active markets and is classified as Level 1.
Self-Directed Brokerage Account
Actively traded money market funds are measured at NAV and classified as Level 1. The fair value of common stock and exchange-traded funds are determined using quoted prices in active markets and are classified as Level 1. The fair value of mutual funds is determined by the NAV which represents the exit price. Mutual funds are classified as Level 1 as they are traded in active markets and quoted prices are available.
Common Stock
The fair value of common stock classified as Level 1 is determined using quoted prices in active markets and the fair value of common stock classified as Level 2 is determined based on a market approach using observable inputs.
Collective Investment Funds
The fair value of collective investment funds is determined by the NAV of the funds. The NAV is used as a practical expedient and represents the exit price for the funds. These funds are excluded from classification in the fair value hierarchy. Collective investment funds are traded in principal-to-principal markets with little publicly released pricing information.
6.  Transactions with Parties-in-Interest
The Plan allows for transactions with certain parties who may perform services or have fiduciary responsibilities to the Plan. Parties-in-interest include the Company, the trustee of the Plan assets (Principal Custody Solutions as of February 22, 2022; Wells Fargo Bank, N.A. prior to February 22, 2022) and the Plan’s recordkeeper (Alight Solutions). Transactions involving funds managed by the Company, trustee and recordkeeper are considered party-in-interest transactions. These transactions, based on customary and reasonable rates, are not, however, considered prohibited transactions under Section 408(b) of ERISA and the regulations promulgated thereunder.
The Columbia Trust collective funds are maintained by Ameriprise Trust Company, a Minnesota-chartered trust company, and distributed by Columbia Management Investment Distributors, Inc., member FINRA. Ameriprise Trust Company serves as trustee and offers investment management and related services to these collective funds. Columbia Management Investment Advisers, LLC provides investment advice for certain of these funds in a subadvisory capacity. These companies are wholly-owned subsidiaries of Ameriprise Financial, Inc.
The total fair value of Ameriprise Financial, Inc.’s common stock held by plan participants was $351,762,162 and $350,573,724 as of December 31, 2022 and 2021, respectively. The total fair value of the investment options, excluding the self-directed brokerage account, managed by subsidiaries of Ameriprise Financial, Inc. was $271,837,529 and $431,500,307 as of December 31, 2022 and 2021, respectively. The investments at contract value managed by subsidiaries of Ameriprise Financial, Inc. was $169,191,423 and $167,440,037 as of December 31, 2022 and 2021, respectively. As investment manager, these subsidiaries earn annual management fees ranging from 0.14% to 0.32% of the amounts invested in the Collective Investment Funds. Fees incurred for investment management services for the Income Fund, excluding fees associated with wrap contracts which are paid by the Plan, are paid directly by the Company. Fees paid by the Plan for investment management services are included as a reduction of the return earned on each collective investment fund. Participant loans also qualify as party-in-interest transactions and are secured by the vested balances in participant accounts.
See Note 2 for more information on Plan fees and expenses.
7.  Risks and Uncertainties
The Plan invests in various investment securities, which are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investments, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits. 
9

Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2022

8.  Income Tax Status
The Plan received a favorable determination letter from the Internal Revenue Service (“IRS”) dated September 7, 2017 indicating that the Plan is qualified under the Code, the related trust established under the Plan is tax-exempt and the Plan satisfies the requirement of Code Section 4975(e)(7). The Plan has been amended after the period covered by the determination letter. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Company believes the Plan, as amended, is currently designed and operated in compliance with the applicable requirements of the Code, and therefore the Plan and the related trust are intended to be qualified and tax-exempt, and the Plan is intended to satisfy the requirements of Code Section 4975(e)(7). The IRS no longer issues determination letters to qualified plans on a five-year cycle to evidence compliance with IRS rules.
There are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the Plan’s financial statements. The Plan is subject to routine audits by tax jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan believes it is no longer subject to income tax examinations for years prior to 2019.
9.  Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of amounts reported in the financial statements to amounts reported on Form 5500:
 December 31,
20222021
Net assets available for benefits per the financial statements
$2,681,471,771 $3,151,352,558 
Deemed distributions of participant loans
(188,247)(193,799)
Difference between contract value and fair value of fully benefit-responsive investment contracts
(13,045,526)20,758 
Net assets available for benefits per Form 5500
$2,668,237,998 $3,151,179,517 
 Years Ended December 31,
20222021
Net increase (decrease) in net assets available for benefits per the financial statements$(469,880,787)$479,196,570 
Change in deemed distributions of participant loans
5,552 54,279 
Change in difference between contract value and fair value of fully benefit-responsive investment contracts
(13,066,284)(3,381,244)
Net income (loss) per Form 5500$(482,941,519)$475,869,605 
10.  Subsequent Events
The Company evaluated events or transactions that occurred after the statement of net assets available for benefits date for potential recognition or disclosure through the date the financial statements were issued. The annual fixed match true-up contribution of $5,264,099 for the 2022 plan year, which is recorded as a receivable as of December 31, 2022, was posted to participant accounts on January 20, 2023.
10

Ameriprise Financial 401(k) Plan
SUPPLEMENTAL SCHEDULE

11

Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year)
December 31, 2022
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
 
Mutual Funds —
 
Allspring Small Company Growth R62,006,981 $64,504,373 
John Hancock Disciplined Value Mid Cap Fund R62,695,187 65,762,573 
 Total Mutual Funds 130,266,946 
 Collective Investment Funds — 
GQG Partners International Equity (Class C)8,643,483 106,141,966 
*Columbia Trust Contrarian Core Fund21,467,069 176,459,307 
*Columbia Trust Gov Money Market Fund10,529,729 10,529,729 
*Columbia Trust Total Return Fund I7,959,521 84,848,493 
Boston Partners Large Cap Value Equity CIT (Class D)3,819,956 116,661,455 
Victory Small Cap Value Collective Fund (75)1,843,289 80,724,460 
VOYA Target Solution Trust Income (Class 4)2,773,156 44,154,374 
VOYA Target Solution Trust 2025 (Class 4)3,025,420 60,463,969 
VOYA Target Solution Trust 2030 (Class 4)4,167,647 89,507,936 
VOYA Target Solution Trust 2035 (Class 4)3,553,152 80,837,824 
VOYA Target Solution Trust 2040 (Class 4)3,136,809 75,949,678 
VOYA Target Solution Trust 2045 (Class 4)2,627,196 65,785,350 
VOYA Target Solution Trust 2050 (Class 4)1,533,133 38,317,673 
VOYA Target Solution Trust 2055 (Class 4)976,425 24,485,680 
VOYA Target Solution Trust 2060 (Class 4)730,004 13,030,367 
VOYA Target Solution Trust 2065 (Class 4)307,581 3,430,003 
Wellington Trust NA CIF II Growth 26,681,795 132,099,096 
BlackRock US Equity Index Fund6,486,092 219,792,254 
BlackRock Russell 2500 Index Fund1,135,893 27,954,556 
BlackRock MSCI ACWI ex-US Index Fund2,076,895 26,457,775 
BlackRock US Debt Index Fund710,150 15,394,846 
EB US Mid Cap Opportunistic Value Fund131 1,510 
*Principal/BlackRock Short-Term Investment Fund10,948,996 10,948,996 
 Total Collective Investment Funds1,503,977,297 
Common Stock — 
Akamai Technologies25,000 2,107,500 
Asbury Automotive Group Inc15,000 2,688,750 
Avery Dinnison Corp15,000 2,715,000 
Booz Allen Hamilton Holding Co25,000 2,613,000 
Charles River Laboratories11,000 2,396,900 
Choice Hotels Intl Inc.20,000 2,252,800 
Church & Dwight Inc32,500 2,619,825 
Ciena Corp Usd 0.0150,000 2,549,000 
Cooper Cos Inc Com New7,500 2,480,025 
Copart Inc Com52,000 3,166,280 
Deckers Outdoor Corp8,500 3,392,860 
Diodes Inc40,616 3,092,502 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options     12

Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year)
December 31, 2022
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
Emor Group Inc Com17,500 2,591,925 
Entegris Inc25,000 1,639,750 
First Republic Bank/San Francisco17,500 2,133,075 
Floor & Decor Holdings Inc32,500 2,262,975 
Horizon Therapeutics Public Limited Company30,000 3,414,000 
Idex Corp13,500 3,082,455 
Keysight Technologies Inc17,500 2,993,725 
Masco Corp55,000 2,566,850 
Mccormick & Co Inc Non Voting30,000 2,486,700 
Mettler-Toledo International Inc2,000 2,890,900 
Monolithic Pwr Sys Inc7,000 2,475,270 
Neurocrine Biosciences Inc Com24,500 2,926,280 
Paycom Software Inc8,000 2,482,480 
Pool Corporation7,500 2,267,475 
Qualys Inc17,500 1,964,025 
Raymond James Financial Inc20,000 2,137,000 
Resmed Inc14,000 2,913,820 
Saia Inc Com12,000 2,516,160 
Skyworks Solutions Inc25,000 2,278,250 
Sps Commerce Inc22,600 2,902,518 
Steris Plc14,000 2,585,660 
Sun Cmntys Inc Com17,500 2,502,500 
Take-Two Interactive Software17,500 1,822,275 
Teledyne Technologies Inc7,000 2,799,370 
Trimble Inc45,000 2,275,200 
Ulta Beauty, Inc6,500 3,048,955 
West Pharmaceutical Services Inc8,500 2,000,475 
Williams Sonoma Inc20,000 2,298,400 
Total Common Stock102,332,910 
 Ameriprise Financial Stock Fund — 
*Ameriprise Financial, Inc. Common Shares1,129,724 351,762,162 
 Total Ameriprise Financial Stock Fund351,762,162 
***Self-Directed Brokerage Account 391,101,202 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options     13
Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2022
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
*Columbia Trust Gov Money Market Fund41,308,305 41,308,305 
 U.S. Government and Agency Securities —
FFCB 1.125% 01/16/2025625,000 583,190 
FGOLD 15YR 4.000% 02/01/2025713 697 
FGOLD 15YR 4.000% 02/01/20254,758 4,649 
FGOLD 15YR 4.000% 03/01/20251,061 1,037 
FGOLD 15YR 4.000% 06/01/20251,852 1,810 
FGOLD 15YR 4.000% 07/01/20252,136 2,086 
FGOLD 15YR 3.500% 08/01/202513,655 13,384 
FGOLD 15YR 4.000% 08/01/202514,717 14,378 
FGOLD 15YR 3.500% 09/01/20257,711 7,554 
FGOLD 15YR 3.500% 10/01/2025815 798 
FGOLD 15YR 3.500% 10/01/202533,057 32,356 
FGOLD 15YR 3.500% 10/01/20255,697 5,573 
FGOLD 15YR 4.000% 10/01/2025274 268 
FGOLD 15YR 4.000% 10/01/20251,697 1,658 
FGOLD 15YR 3.000% 11/01/20251,841 1,793 
FGOLD 15YR 3.000% 11/01/2025687 669 
FGOLD 15YR 3.500% 11/01/20254,767 4,664 
FGOLD 15YR 3.500% 11/01/202525,149 24,616 
FGOLD 15YR 3.500% 12/01/20254,472 4,372 
FGOLD 15YR 3.500% 12/01/202565,408 63,991 
FGOLD 15YR 3.500% 12/01/202587 85 
FGOLD 15YR 3.500% 12/01/20251,806 1,766 
FGOLD 15YR 3.500% 12/01/20256,198 6,062 
FGOLD 15YR 3.500% 02/01/20262,558 2,498 
FGOLD 15YR 3.500% 03/01/20263,403 3,325 
FGOLD 15YR 3.500% 03/01/20267,385 7,258 
FGOLD 15YR 4.000% 03/01/2026667 652 
FGOLD 15YR 3.500% 04/01/20269,570 9,335 
FGOLD 15YR 3.500% 05/01/2026422 412 
FGOLD 15YR 4.000% 05/01/202611,891 11,617 
FGOLD 15YR 3.500% 06/01/202630,684 29,981 
FGOLD 15YR 4.000% 06/01/20269,645 9,423 
FGOLD 15YR 3.500% 07/01/20265,840 5,740 
FGOLD 15YR 3.500% 07/01/20265,248 5,120 
FGOLD 15YR 3.500% 07/01/202646,349 45,214 
FGOLD 15YR 3.500% 07/01/20263,555 3,477 
FGOLD 15YR 3.000% 08/01/20264,263 4,137 
FGOLD 15YR 3.500% 08/01/20261,553 1,514 
FGOLD 15YR 3.500% 08/01/202621,132 20,599 
FGOLD 15YR 3.500% 08/01/202611,467 11,190 
FGOLD 15YR 3.000% 09/01/202627,154 26,317 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options     14
Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2022
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
FGOLD 15YR 3.500% 09/01/2026959 943 
FGOLD 15YR 3.500% 09/01/20261,157 1,128 
FGOLD 15YR 3.500% 09/01/20262,652 2,582 
FGOLD 15YR 3.000% 10/01/20261,315 1,274 
FGOLD 15YR 3.000% 10/01/20263,086 2,992 
FGOLD 15YR 3.000% 11/01/202621,403 20,741 
FGOLD 15YR 3.000% 12/01/202676,528 74,083 
FGOLD 15YR 3.000% 01/01/202745,523 44,062 
FGOLD 15YR 3.000% 02/01/202713,413 12,984 
FGOLD 15YR 3.000% 03/01/20271,569 1,518 
FGOLD 15YR 3.000% 01/01/203273,717 70,449 
FGOLD 15YR 3.000% 01/01/203290,830 86,266 
FGOLD 15YR 3.000% 04/01/2032289,920 277,063 
FGOLD 15YR 3.500% 05/01/2032154,098 148,971 
FGOLD 15YR 3.000% 01/01/2033127,690 120,075 
FGOLD 15YR 3.000% 03/01/2033277,039 263,527 
FGOLD 15YR GIANT 5.000% 03/01/20257,144 7,192 
FGOLD 15YR GIANT 4.000% 05/01/202511,493 11,228 
FGOLD 15YR GIANT 4.000% 07/01/20254,628 4,521 
FGOLD 15YR GIANT 3.500% 11/01/20257,644 7,495 
FGOLD 15YR GIANT 3.500% 12/01/2025855 836 
FGOLD 15YR GIANT 4.000% 12/01/20255,305 5,183 
FGOLD 15YR GIANT 3.500% 04/01/20267,478 7,313 
FGOLD 15YR GIANT 4.000% 05/01/20261,140 1,114 
FGOLD 15YR GIANT 3.500% 07/01/20267,571 7,385 
FGOLD 15YR GIANT 3.500% 07/01/20268,475 8,262 
FGOLD 15YR GIANT 4.000% 07/01/20269,887 9,659 
FGOLD 15YR GIANT 4.000% 07/01/202622,753 22,230 
FGOLD 15YR GIANT 3.500% 08/01/20264,852 4,731 
FGOLD 15YR GIANT 3.500% 09/01/20269,386 9,171 
FGOLD 15YR GIANT 3.000% 11/01/202665,765 63,721 
FGOLD 15YR GIANT 3.000% 12/01/202624,694 23,938 
FGOLD 15YR GIANT 4.000% 12/01/202623,195 22,662 
FGOLD 15YR GIANT 4.000% 12/01/20265,870 5,736 
FGOLD 15YR GIANT 3.000% 01/01/20271,696 1,640 
FGOLD 15YR GIANT 3.500% 01/01/202748,051 46,863 
FGOLD 15YR GIANT 3.000% 09/01/20276,532 6,323 
FGOLD 15YR GIANT 3.500% 06/01/202925,847 24,948 
FGOLD 15YR GIANT 3.500% 07/01/202977,518 74,752 
FGOLD 15YR GIANT 3.500% 08/01/20295,288 5,101 
FGOLD 15YR GIANT 3.500% 11/01/20298,254 7,966 
FGOLD 15YR GIANT 3.500% 11/01/2029115,644 111,662 
FGOLD 15YR GIANT 3.500% 12/01/2029164,423 158,547 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options     15
Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2022
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
FGOLD 15YR GIANT 3.500% 03/01/203022,847 22,004 
FGOLD 15YR GIANT 3.500% 04/01/203051,736 50,580 
FGOLD 15YR GIANT 3.000% 07/01/2030136,480 130,708 
FGOLD 15YR GIANT 3.000% 09/01/2030120,340 115,252 
FGOLD 15YR GIANT 3.000% 10/01/203065,571 62,636 
FGOLD 15YR GIANT 3.000% 12/01/2030242,892 232,020 
FGOLD 15YR GIANT 3.000% 02/01/2031175,218 166,740 
FGOLD 15YR GIANT 3.000% 03/01/2031121,400 116,261 
FGOLD 15YR GIANT 3.000% 05/01/2031283,186 271,203 
FGOLD 15YR GIANT 3.000% 09/01/2031172,602 165,291 
FGOLD 15YR GIANT 3.000% 01/01/2032317,064 303,615 
FGOLD 15YR GIANT 3.000% 03/01/2032528,345 505,946 
FGOLD 15YR GIANT 3.500% 08/01/2032299,464 292,769 
FGOLD 15YR GIANT 3.000% 04/01/20338,162 7,676 
FGOLD 15YR GIANT 3.500% 08/01/203386,589 83,365 
FGOLD 15YR GIANT 3.500% 11/01/20339,250 8,905 
FGOLD 15YR GIANT 3.500% 12/01/203368,625 66,070 
FGOLD 15YR GIANT 3.500% 02/01/203494,067 90,567 
FHLB 5.375% 8/15/20243,150,000 3,175,975 
FHLB 2.750% 12/13/20242,625,000 2,530,532 
FHLB 2.375% 03/14/20252,325,000 2,214,586 
FHLB 2.125% 12/11/20263,525,000 3,252,860 
FHLMC 0.375% 09/23/20257,250,000 6,524,868 
FHLMC 15YR UMBS 3.000% 12/01/2034342,600 321,535 
FHLMC 15YR UMBS 3.000% 12/01/2034489,805 459,689 
FHLMC 15YR UMBS 2.000% 08/01/20351,520,306 1,355,665 
FHLMC 15YR UMBS 2.000% 08/01/20351,688,985 1,506,193 
FHLMC 15YR UMBS MIRROR 3.000% 03/01/2031259,940 248,132 
FHLMC 15YR UMBS MIRROR 2.500% 07/01/2032114,983 107,515 
FHLMC 15YR UMBS MIRROR 2.500% 11/01/2032246,992 230,924 
FHLMC 15YR UMBS MIRROR 2.500% 05/01/2033260,238 240,743 
FHLMC 15YR UMBS MIRROR 3.000% 04/01/203473,063 68,574 
FHLMC 15YR UMBS SUPER 3.000% 01/01/2034160,447 150,698 
FHLMC 15YR UMBS SUPER 2.500% 08/01/2034396,923 365,729 
FHLMC 15YR UMBS SUPER 2.500% 10/01/203463,854 58,833 
FHLMC 15YR UMBS SUPER 2.500% 12/01/2034303,805 279,911 
FHLMC 15YR UMBS SUPER 2.000% 06/01/2035357,951 320,347 
FHLMC 15YR UMBS SUPER 2.000% 09/01/20351,270,055 1,132,853 
FHLMC 15YR UMBS SUPER 2.000% 10/01/20351,346,998 1,201,461 
FHLMC 15YR UMBS SUPER 3.5000% 06/01/2037886,040 847,587 
FHLMC 15YR UMBS SUPER 4.0000% 08/01/203737,269 36,373 
FHLMC 15YR UMBS SUPER 4.5000% 11/01/2037462,767 459,721 
FHLMC 15YR UMBS SUPER 5.0000% 12/01/20371,217,500 1,224,419 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options     16
Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2022
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
FHLMC 5/1 HYBRID ARM 3.8900% 12/01/2036 VARIABLE16,419 16,450 
FHLMC REFERENCE NOTE 1.500% 02/12/20255,325,000 5,012,277 
FHLMC_K028 3.111% 02/25/2023477,773 476,407 
FHLMC_K030 3.250% 04/25/2023491,507 489,587 
FHLMC_K031 3.300% 04/25/202327,817 27,646 
FHLMC_K032 3.310% 05/25/20232,416,624 2,398,194 
FHLMC_K037 2.592% 04/25/202362,454 62,162 
FHLMC_K038 3.389% 03/25/20241,450,000 1,416,687 
FHLMC_K039 2.683% 12/25/2023181,871 180,126 
FHLMC_K040 2.768% 04/25/2024326,799 321,084 
FHLMC_K040 3.241% 09/25/2024320,000 311,839 
FHLMC_K041 3.171% 10/25/20241,100,000 1,065,432 
FHLMC_K043 2.532% 10/25/202367,157 66,384 
FHLMC_K047 3.329% 05/25/2025795,000 769,962 
FHLMC_K050 2.802% 01/25/2025555,300 539,750 
FHLMC_K050 3.334% 08/25/202540,000 38,454 
FHLMC_K052 3.151% 11/25/2025700,000 672,507 
FHLMC_K092 3.125% 10/25/2028348,212 334,003 
FHLMC_K724 3.062% 11/25/2023111,162 109,322 
FHLMC_K728 3.064% 08/25/202438,984 37,913 
FHLMC_K729 3.136% 10/25/202455,000 53,334 
FHLMC_K730 3.590% 01/25/2025385,828 374,316 
FHLMC_K736 1.895% 06/25/2025516,803 501,322 
FHLMC_T-13 6.085% 09/25/202931 30 
FHMS_17-K066 2.797% 12/25/2026516,529 494,245 
FHMS_K053 2.995% 12/25/2025555,000 530,547 
FNMA 2.625% 09/06/20242,875,000 2,789,045 
FNMA 0.625% 04/22/202510,275,000 9,422,085 
FNMA 15YR 5.000% 02/01/202398 98 
FNMA 15YR 5.000% 02/01/2023162 164 
FNMA 15YR 4.500% 03/01/202352 52 
FNMA 15YR 5.000% 05/01/2023397 399 
FNMA 15YR 5.000% 05/01/2023801 806 
FNMA 15YR 5.000% 06/01/20231,378 1,385 
FNMA 15YR 5.000% 07/01/2023975 980 
FNMA 15YR 5.000% 11/01/20231,102 1,116 
FNMA 15YR 5.000% 02/01/20243,854 3,876 
FNMA 15YR 5.000% 04/01/2024243 244 
FNMA 15YR 4.500% 05/01/2024163 162 
FNMA 15YR 4.500% 05/01/20242,597 2,592 
FNMA 15YR 4.000% 09/01/20249,119 8,900 
FNMA 15YR 4.500% 10/01/20246,707 6,695 
FNMA 15YR 4.500% 12/01/20244,610 4,602 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options     17
Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2022
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
FNMA 15YR 4.000% 02/01/202550 49 
FNMA 15YR 4.500% 02/01/202512,472 12,437 
FNMA 15YR 4.000% 04/01/20252,161 2,109 
FNMA 15YR 4.000% 04/01/20252,249 2,195 
FNMA 15YR 4.500% 04/01/20252,162 2,157 
FNMA 15YR 4.000% 05/01/202510,951 10,688 
FNMA 15YR 4.000% 06/01/202519,757 19,282 
FNMA 15YR 4.000% 06/01/20251,707 1,666 
FNMA 15YR 4.000% 07/01/20251,916 1,870 
FNMA 15YR 4.500% 07/01/2025429 428 
FNMA 15YR 5.000% 07/01/20253,429 3,449 
FNMA 15YR 3.500% 09/01/20259,622 9,411 
FNMA 15YR 4.000% 09/01/20256,116 5,969 
FNMA 15YR 4.000% 09/01/2025578 564 
FNMA 15YR 3.500% 10/01/202526,682 26,196 
FNMA 15YR 3.500% 10/01/20254,471 4,374 
FNMA 15YR 3.500% 10/01/2025233 227 
FNMA 15YR 3.500% 10/01/202515,693 15,350 
FNMA 15YR 3.500% 10/01/202551,119 50,002 
FNMA 15YR 3.500% 10/01/202534,012 33,252 
FNMA 15YR 3.500% 10/01/202551,376 50,253 
FNMA 15YR 3.500% 11/01/2025448 440 
FNMA 15YR 3.500% 11/01/202526,254 25,776 
FNMA 15YR 3.500% 11/01/20252,641 2,581 
FNMA 15YR 3.500% 11/01/202527,186 26,580 
FNMA 15YR 3.500% 11/01/20252,619 2,560 
FNMA 15YR 3.500% 12/01/20256,614 6,460 
FNMA 15YR 3.500% 12/01/20256,030 5,920 
FNMA 15YR 3.500% 12/01/202512,381 12,091 
FNMA 15YR 3.500% 01/01/202614,252 13,921 
FNMA 15YR 3.500% 01/01/20261,543 1,506 
FNMA 15YR 3.500% 01/01/20261,069 1,050 
FNMA 15YR 3.500% 01/01/202612,237 11,953 
FNMA 15YR 3.500% 01/01/202622,972 22,430 
FNMA 15YR 3.500% 02/01/20266,080 5,938 
FNMA 15YR 3.500% 02/01/2026254 248 
FNMA 15YR 3.500% 02/01/202614,625 14,286 
FNMA 15YR 3.500% 02/01/20263,942 3,852 
FNMA 15YR 3.500% 02/01/202634,955 34,115 
FNMA 15YR 3.500% 02/01/202647,866 46,736 
FNMA 15YR 4.000% 02/01/20264,380 4,275 
FNMA 15YR 3.500% 03/01/20263,911 3,815 
FNMA 15YR 3.500% 03/01/2026100 98 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options     18
Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2022
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
FNMA 15YR 3.500% 03/01/202679,531 77,612 
FNMA 15YR 3.500% 04/01/2026231 225 
FNMA 15YR 3.500% 04/01/20264,705 4,591 
FNMA 15YR 3.500% 04/01/202620,286 19,785 
FNMA 15YR 3.500% 05/01/20262,994 2,920 
FNMA 15YR 3.500% 06/01/2026881 865 
FNMA 15YR 3.500% 07/01/20261,327 1,292 
FNMA 15YR 3.500% 08/01/20269,486 9,243 
FNMA 15YR 3.500% 08/01/20261,113 1,084 
FNMA 15YR 3.500% 08/01/20268,998 8,802 
FNMA 15YR 4.000% 08/01/20262,505 2,445 
FNMA 15YR 3.500% 09/01/20264,265 4,156 
FNMA 15YR 3.500% 09/01/20265,429 5,288 
FNMA 15YR 3.500% 09/01/202634,845 34,204 
FNMA 15YR 3.500% 10/01/2026130,783 127,390 
FNMA 15YR 3.500% 10/01/20269,395 9,109 
FNMA 15YR 3.500% 10/01/202649,163 47,871 
FNMA 15YR 3.500% 10/01/2026318 312 
FNMA 15YR 3.500% 11/01/2026280 275 
FNMA 15YR 3.500% 11/01/20267,016 6,887 
FNMA 15YR 3.500% 11/01/202675,973 73,868 
FNMA 15YR 4.000% 11/01/202620,973 20,469 
FNMA 15YR 3.500% 01/01/202738,976 37,911 
FNMA 15YR 3.500% 01/01/202711,452 11,182 
FNMA 15YR 3.500% 04/01/20277,438 7,222 
FNMA 15YR 3.500% 06/01/2027152 150 
FNMA 15YR 3.500% 06/01/202721,363 20,974 
FNMA 15YR 3.500% 08/01/202723,310 22,610 
FNMA 15YR 4.000% 09/01/20277,649 7,465 
FNMA 15YR 3.500% 09/01/20285,828 5,721 
FNMA 15YR 3.500% 10/01/202859,793 57,739 
FNMA 15YR 3.500% 11/01/202861,399 60,260 
FNMA 15YR 3.500% 12/01/202841,912 41,137 
FNMA 15YR 3.500% 12/01/20285,880 5,683 
FNMA 15YR 3.500% 01/01/20292,337 2,260 
FNMA 15YR 4.000% 01/01/202917,037 16,779 
FNMA 15YR 4.000% 01/01/202917,037 16,779 
FNMA 15YR 4.000% 01/01/202917,037 16,779 
FNMA 15YR 4.000% 01/01/202917,037 16,779 
FNMA 15YR 3.000% 02/01/2029169,587 162,384 
FNMA 15YR 3.500% 02/01/20294,821 4,658 
FNMA 15YR 3.500% 02/01/2029103,423 99,892 
FNMA 15YR 3.500% 06/01/202951,036 49,184 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options     19
Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2022
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
FNMA 15YR 3.500% 07/01/202956,747 55,609 
FNMA 15YR 3.500% 07/01/202919,721 19,032 
FNMA 15YR 3.500% 08/01/2029113,474 109,279 
FNMA 15YR 3.500% 08/01/2029136,678 131,806 
FNMA 15YR 3.000% 09/01/202955,265 53,144 
FNMA 15YR 3.500% 09/01/2029219,912 212,229 
FNMA 15YR 3.500% 09/01/202979,692 77,248 
FNMA 15YR 3.500% 10/01/202927,456 26,625 
FNMA 15YR 3.500% 12/01/202912,784 12,303 
FNMA 15YR 3.000% 01/01/203043,972 42,282 
FNMA 15YR 3.500% 01/01/2030101,885 98,249 
FNMA 15YR 3.000% 02/01/2030122,931 117,899 
FNMA 15YR 3.500% 02/01/203059,743 57,908 
FNMA 15YR 3.500% 04/01/203036,973 36,288 
FNMA 15YR 3.500% 04/01/203035,885 35,041 
FNMA 15YR 3.000% 06/01/2030170,863 163,458 
FNMA 15YR 3.500% 06/01/203064,200 63,149 
FNMA 15YR 3.000% 07/01/203032,150 30,754 
FNMA 15YR 3.000% 10/01/2030125,046 119,616 
FNMA 15YR 3.000% 10/01/2030145,231 138,850 
FNMA 15YR 3.000% 10/01/2030144,392 138,136 
FNMA 15YR 3.000% 11/01/203083,961 80,118 
FNMA 15YR 3.000% 01/01/203186,045 82,123 
FNMA 15YR 3.000% 02/01/203113,872 13,270 
FNMA 15YR 3.000% 02/01/2031210,532 200,779 
FNMA 15YR 3.000% 02/01/2031204,655 195,786 
FNMA 15YR 3.500% 02/01/203191,124 88,740 
FNMA 15YR 3.000% 03/01/2031419,442 400,448 
FNMA 15YR 3.000% 03/01/203129,547 28,209 
FNMA 15YR 3.000% 04/01/203165,669 62,815 
FNMA 15YR 3.000% 04/01/20319,686 9,265 
FNMA 15YR 3.000% 04/01/2031140,758 134,656 
FNMA 15YR 3.000% 05/01/2031119,657 114,462 
FNMA 15YR 3.000% 08/01/20315,624 5,380 
FNMA 15YR 3.000% 09/01/2031267,371 255,778 
FNMA 15YR 3.000% 10/01/203176,966 73,618 
FNMA 15YR 3.000% 11/01/2031314,619 300,960 
FNMA 15YR 3.000% 11/01/2031177,801 170,080 
FNMA 15YR 3.000% 01/01/2032202,281 193,495 
FNMA 15YR 3.500% 02/01/2032129,280 126,241 
FNMA 15YR 3.000% 04/01/2032148,797 141,371 
FNMA 15YR 3.000% 06/01/203286,676 82,361 
FNMA 15YR 3.000% 07/01/2032167,408 159,073 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options     20
Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2022
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
FNMA 15YR 3.000% 07/01/2032174,631 166,193 
FNMA 15YR 3.500% 08/01/2032141,666 138,343 
FNMA 15YR 3.000% 09/01/2032659,008 626,192 
FNMA 15YR 3.500% 12/01/2032236,909 228,591 
FNMA 15YR 3.000% 01/01/2033363,193 345,080 
FNMA 15YR 2.500% 02/01/2033506,844 473,907 
FNMA 15YR 3.000% 03/01/2033107,523 102,155 
FNMA 15YR 3.500% 08/01/203356,292 54,132 
FNMA 15YR 3.000% 09/01/2033230,000 216,052 
FNMA 15YR 3.500% 09/01/2033368,808 354,715 
FNMA 15YR 3.000% 11/01/2033302,267 283,811 
FNMA 15YR 3.000% 11/01/2033177,583 166,802 
FNMA 15YR 3.000% 01/01/2034355,085 333,530 
FNMA 15YR 3.500% 01/01/2034202,489 194,627 
FNMA 15YR 3.000% 02/01/2034127,833 119,961 
FNMA 15YR 3.500% 02/01/203416,613 15,977 
FNMA 15YR 3.500% 04/01/2034184,330 177,170 
FNMA 15YR 3.000% 06/01/2034159,711 149,909 
FNMA 30YR 7.000% 07/01/20283,283 3,274 
FNMA 30YR 6.000% 11/01/20284,885 4,969 
FNMA 30YR 6.500% 04/01/20326,162 6,313 
FNMA 30YR 6.500% 04/01/20323,110 3,188 
FNMA 10/1 HYBRID ARM 4.069% 12/01/2033 VARIABLE336 334 
FNMA 10/1 HYBRID ARM 3.710% 10/01/2034 VARIABLE1,024 1,020 
FNMA 15YR UMBS 3.000% 07/01/2034227,813 213,820 
FNMA 15YR UMBS 2.500% 08/01/2034283,180 260,726 
FNMA 15YR UMBS 3.000% 08/01/203418,577 17,438 
FNMA 15YR UMBS 2.500% 09/01/203498,159 90,442 
FNMA 15YR UMBS 2.500% 10/01/2034540,550 498,027 
FNMA 15YR UMBS 2.500% 12/01/2034199,533 183,822 
FNMA 15YR UMBS 3.000% 12/01/2034411,431 386,167 
FNMA 15YR UMBS 2.500% 02/01/2035272,260 250,845 
FNMA 15YR UMBS 2.000% 05/01/20351,100,819 985,229 
FNMA 15YR UMBS 2.500% 05/01/2035991,448 907,336 
FNMA 15YR UMBS 2.000% 07/01/20351,023,975 913,386 
FNMA 15YR UMBS 2.000% 08/01/20351,365,025 1,217,577 
FNMA 15YR UMBS 4.000% 08/01/2037947,821 925,041 
FNMA 15YR UMBS 4.500% 11/01/2037466,560 463,490 
FNMA 15YR UMBS 5.000% 11/01/2037106,302 107,171 
FNMA 15YR UMBS 4.500% 12/01/2037473,538 470,422 
FNMA 15YR UMBS 5.000% 12/01/2037524,251 527,238 
FNMA 15YR UMBS SUPER 2.000% 09/01/20351,571,389 1,401,634 
FNMA 15YR UMBS SUPER 2.000% 10/01/20351,681,462 1,499,792 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options     21
Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) (continued)
December 31, 2022
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
FNMA 15YR UMBS SUPER 2.500% 04/01/20371,594,806 1,459,213 
FNMA 15YR UMBS SUPER 4.000% 09/01/2037704,714 687,777 
FNMA 6M LIBOR ARM 3.165% 11/01/2032 VARIABLE4,521 4,429 
FNMA 6M LIBOR ARM 3.665% 12/01/2032 VARIABLE13,315 13,018 
FNMA 6M LIBOR ARM 3.157% 03/01/2034 VARIABLE14,215 14,076 
FNMA 6M LIBOR ARM 3.917% 09/01/2035 VARIABLE22,586 22,491 
FNMA 7/1 HYBRID ARM 3.918% 01/01/2034 VARIABLE5,999 5,878 
FNMA 7/1 HYBRID ARM 4.245% 03/01/2036 VARIABLE2,676 2,680 
FNMA BENCHMARK NOTE 0.500% 11/07/2025175,000 157,289 
FNMA MEGA 15YR REMIC-BACKED 3.500% 11/01/202543,683 42,887 
FNMA_03-W11 4.720% 06/25/2033 VARIABLE98 99 
U.S. TREASURY NOTE 0.250% 06/30/202512,025,000 10,892,020 
U.S. TREASURY NOTE 0.375% 09/30/202720,275,000 17,095,943 
UMBS 15YR TBA (REG B) 2.000% 01/17/20381,925,000 1,711,766 
UMBS 15YR TBA (REG B) 2.500% 01/17/2038425,000 388,823 
UMBS 15YR TBA (REG B) 3.000% 01/17/203812,900,000 12,081,412 
UMBS 15YR TBA (REG B) 3.500% 01/17/203820,750,000 19,849,162 
UMBS 15YR TBA (REG B) 4.000% 01/17/20381,550,000 1,510,701 
UMBS 15YR TBA (REG B) 4.500% 01/17/20382,450,000 2,433,280 
Total investment contracts193,760,444 
 Total fully benefit-responsive investment contracts193,760,444 
*Loans to Participants —  
 Various Loans, 3.25% — 9.5% due through 2052  27,590,582 
 Less: Deemed distributions  (188,247)
 Net participant loans  27,402,335 
      
 Assets Held at End of Year per Form 5500   $2,700,603,296 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options     22

SIGNATURES

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

AMERIPRISE FINANCIAL, INC.
(Registrant)
Date:June 22, 2023By/s/ Michelle Rudlong
Michelle Rudlong
Delegate
Employee Benefits Administration Committee


23

EXHIBIT INDEX

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

24