ACC 2023 10-K

 UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 WASHINGTON, D.C. 20549

 FORM

 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, 2023

 OR

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the Transition Period from_______________________to_______________________

 Commission File No.
 811-00002

 AMERIPRISE CERTIFICATE COMPANY

 (Exact name of registrant as specified in its charter)

 Delaware

 41-6009975

 (State or other jurisdiction of incorporation or organization)
 (I.R.S. Employer Identification No.)

 1099 Ameriprise Financial Center

 Minneapolis

 Minnesota

 55474

 (Address of principal executive offices)
 (Zip Code)

 Registrant's telephone number, including area code
 (612)
 671-3131

 Securities registered pursuant to Section 12(b) of the Act

 Title of each class

 Trading Symbol

 Name of each exchange on which registered

 Common Stock (par value $10 per share)
 None
 None

 Securities registered pursuant to Section 12(g) of the Act None

 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
 Yes

 No

 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
 Yes

 No

 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 Yes

 No

 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 Yes

 No

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

 Large Accelerated Filer

 Accelerated Filer

 Non-accelerated Filer

 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act by the registered public accounting firm that prepared or issued its audit report.

 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

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

 No

 Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.

 Class

 Outstanding at February 22, 2024

 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

 Item 1. Business

 Item 1A. Risk Factors

 Item 1B. Unresolved Staff Comments

 Item 1C. Cybersecurity

 Item 2. Properties

 Item 3. Legal Proceedings

 Item 4. Mine Safety Disclosures

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

 Item 6. Reserved

 Item 7. Management's Narrative Analysis

 Item 7A. Quantitative and Qualitative Disclosures About Market Risk

 Item 8. Financial Statements and Supplementary Data

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

 Item 9A. Controls and Procedures

 Item 9B. Other Information

 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 Item 10. Directors, Executive Officers and Corporate Governance

 Item 11. Executive Compensation

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

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

 Item 14. Principal Accountant Fees and Services

 Item 15. Exhibits and Financial Statement Schedules

 Item 16. Form 10-K Summary

 Signatures

 Index to Consolidated Financial Statements and Schedules

 F- 1

 Item 1. Business
 Overview
 Ameriprise Certificate Company ("ACC") was incorporated on October 28, 1977 under the laws of Delaware. Ameriprise Financial, Inc. ("Ameriprise Financial", collectively with its subsidiaries and affiliates, "we", "us" and "our"), a Delaware corporation, owns 100% of the outstanding voting securities of ACC. Ameriprise Financial and its predecessor companies have nearly a 130-year history of providing solutions to help clients confidently achieve their financial objectives.
 ACC is registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act") and is in the business of issuing face-amount investment certificates. Face-amount certificates issued by ACC entitle the certificate owner to receive at maturity a stated amount of money and interest or credits declared from time to time by ACC, at its discretion. ACC's certificates are distributed and sold solely by Ameriprise Financial Services, LLC ("AFS"), an affiliate of ACC and its network of more than 10,000 advisors. AFS is registered as a broker-dealer in all 50 states, the District of Columbia and Puerto Rico.
 To ACC's knowledge, ACC is the largest issuer of face-amount certificates in the United States. However, ACC's certificate products compete with many other banking and investment products offered by banks, savings and loan associations, asset managers, broker-dealers and others, which may be viewed by potential clients as offering a comparable or superior combination of safety and return on investment. In particular, some of ACC's products are designed to be competitive with the types of investments offered by banks and thrifts. Since ACC's face-amount certificates are securities, their offer and sale are subject to regulation under federal and state securities laws. ACC's certificates are backed by ACC's qualified assets on deposit and are not insured by any governmental agency or other entity.
 ACC's future profitability is dependent upon changes in the economic, credit and equity environments, as well as the competitive environment.
 Products
 As of the date of this report, ACC offered the following three types of certificate products to the public
 1. Ameriprise Cash Reserve Certificate
 • Single payment certificate that permits additional payments and on which ACC guarantees interest rates in advance for a three-month term.
 • Currently sold without a sales charge.
 • Available as qualified investments for IRAs, 401(k) plans, and other qualified retirement plans.
 • Current policy is to re-evaluate the certificate product interest crediting rates weekly to respond to marketplace changes.
 • ACC refers to an independent index or source to set the rates for new sales and must set the rates for an initial purchase of the certificate within a specified range of the rate from such index or source. For renewals, ACC uses such rates as an indication of the competitors' rates, but is not required to set rates within a specified range.
 • Non-Jumbo Deposit National Rates for three-month CDs as published by the Federal Deposit Insurance Corporation ("FDIC") are used as the guide in setting rates.
 • Competes with popular short-term investment and savings vehicles such as certificates of deposit, savings accounts, and money market mutual funds that offer comparable yields, liquidity and safety of principal.
 • Twenty year maturity.
 2. Ameriprise Flexible Savings Certificate
 • Single payment certificate that permits a limited amount of additional payments and on which ACC guarantees interest rates in advance for a term of three, six, seven, nine, twelve, thirteen, eighteen, twenty-four, thirty or thirty-six months, and potentially other terms, at ACC's option.
 • Currently sold without a sales charge.
 • Currently premature surrenders incur surrender charges.
 • Available as qualified investments for IRAs, 401(k) plans, and other qualified retirement plans.
 • Current policy is to re-evaluate the certificate product interest crediting rates weekly to respond to marketplace changes.
 • ACC refers to an independent index or source to set the rates for new sales and must set the rates for an initial purchase of the certificate within a specified range of the rate from such index or source. For renewals, ACC uses such rates as an indication of the competitors' rates, but is not required to set rates within a specified range.
 • Non-Jumbo Deposit National Rates as published by the FDIC are used as the guide in setting rates.
 • Competes with popular short-term investment vehicles such as certificates of deposit, money market certificates, and money market mutual funds that offer comparable yields, liquidity and safety of principal.
 • Twenty year maturity.

 3. Ameriprise Installment Certificate
 • Installment payment certificate that declares interest rates in advance for a three-month period.
 • Currently sold without a sales charge.
 • Currently premature surrenders incur surrender charges.
 • Available as qualified investments for IRAs, 401(k) plans, and other qualified retirement plans.
 • Current policy is to re-evaluate the certificate product interest crediting rates weekly to respond to marketplace changes.
 • As of the date of this report, ACC has set a fixed rate of 4.41% for new sales.
 • Intended to help clients save systematically and may compete with passbook savings and NOW accounts.
 • Ten year maturity.
 ACC periodically makes changes to the products offered. Effective April 1, 2020, the Ameriprise Step-Up Rate Certificate was closed to new sales and effective August 18, 2023, the Ameriprise Stock Market Certificate was closed to new sales and add-on payments.
 Within the specified maturity periods, most certificates have interest crediting rate terms ranging from three to forty-eight months. Interest crediting rates are subject to change and certificate product owners can surrender their certificates without penalty at the end of a term. Currently offered ACC certificates (listed above), as well as certain certificates previously issued by ACC (not listed above), contain renewal features which enable certificate owners to renew their certificate term until certificate maturity. Accordingly, certificate products that are currently outstanding in their renewal periods or are exercised for renewal in the future are, and continue to be, liabilities of ACC until their redemption or maturity, whether or not such certificates are available for new sales. ACC guarantees the return of principal, as well as interest once it has been credited, less any penalties that apply, for each of the certificates offered.
 Distribution and Marketing Channels
 ACC's certificates are offered solely by AFS and sold pursuant to a distribution agreement which is subject to annual review and approval by ACC's Board of Directors, including a majority of the directors who are not "interested persons" of AFS or ACC as that term is defined in the 1940 Act. The distribution agreement provides for the payment of distribution fees to AFS for services provided. The distribution agreement with AFS can be terminated by either party on sixty days' written notice.
 Asset Management
 ACC has retained Columbia Management Investment Advisers, LLC ("CMIA"), a wholly owned subsidiary of Ameriprise Financial, to manage ACC's investment portfolio under an investment management agreement, which is subject to annual review and approval by ACC's Board of Directors, including a majority of the directors who are not "interested persons" of AFS, CMIA or ACC. This investment management agreement with CMIA can be terminated by either party on sixty days' written notice.
 Regulation
 ACC is required to maintain cash and "qualified assets" meeting the standards of Section 28(b) of the 1940 Act, as modified by an exemptive order of the Securities and Exchange Commission ("SEC"). The amortized cost of such investments must be at least equal to ACC's net liabilities on all outstanding face-amount certificates plus $250,000. ACC's qualified assets consist of cash and cash equivalents, residential and commercial mortgage backed securities, asset backed securities, syndicated loans, commercial mortgage loans, U.S. government and government agency obligations, state and municipal obligations, corporate debt securities, equity index options and other securities meeting specified standards. So long as ACC wishes to rely on the SEC order, as a condition to the order, ACC has agreed to maintain an amount of unappropriated retained earnings and capital equal to at least 5% of certificate reserves (less outstanding certificate loans). To the extent that payment of a dividend would decrease the capital ratio below the required 5%, payment of a dividend would be restricted. In determining compliance with this condition, qualified assets are valued in accordance with the provisions of Minnesota Statutes where such provisions are applicable.
 ACC has also entered into a written understanding with the Minnesota Department of Commerce that ACC will maintain capital equal to at least 5% of the assets of ACC (less outstanding certificate loans). To the extent that payment of a dividend would decrease this ratio below the required 5%, payment of a dividend would be restricted. When computing its capital for these purposes, ACC values its assets on the basis of statutory accounting for insurance companies rather than U.S. generally accepted accounting principles ("GAAP"). ACC is subject to examination and supervision by the Minnesota Department of Commerce (Banking Division) and the SEC.
 Following conversion of ACC's affiliate Ameriprise National Trust Bank into a federal savings bank ("Ameriprise Bank"), Ameriprise Financial continued to be subject to ongoing supervision by the Board of Governors for the Federal Reserve System ("FRB"). FRB regulation and supervisory oversight of Ameriprise Financial includes examinations, regular financial reporting, and prudential standards, such as capital, liquidity, risk management and parameters for business conduct and internal governance. In order to maintain Ameriprise Financial's permission under applicable bank holding company laws and regulations to engage in business activities other than banking or activities closely related to banking, each of Ameriprise Financial and Ameriprise Bank, as Ameriprise Financial's sole insured depository institution subsidiary, must remain "well-capitalized" and "well-managed" under applicable federal banking regulations, and Ameriprise Bank must receive at least a "satisfactory" rating in its most recent examination under the Community Reinvestment Act. Failure to meet one or more of certain requirements and regulations would mean, depending on the

 requirements not met and any agreement then reached with the FRB, that until cured Ameriprise Financial (and therefore ACC) could not undertake new activities, continue certain activities, or make certain acquisitions. As a subsidiary of Ameriprise Financial, ACC is (absent exclusion or exemption) required to comply with investment limitations on its portfolio and other limitations under applicable banking laws, including what is commonly referred to as the Volcker Rule.

 Item 1A. Risk Factors
 ACC's operations and financial results are subject to various risks and uncertainties, including those described below, that could have a material adverse effect on ACC's business, financial condition or results of operations. We believe that the following information identifies the material factors affecting ACC based on the information we currently know. However, the risks and uncertainties ACC faces are not limited to those described below. Additional risks and uncertainties which are not presently known or which are currently believed to be immaterial may also adversely affect ACC's business.
 Market Risks
 ACC's financial condition and results of operations may be adversely affected by market fluctuations and by economic, political and other factors.
 ACC's financial condition and results of operations may be materially affected by market fluctuations and by economic and other factors. Such factors, which can be global, regional, national or local in nature, include (i) the level and volatility of the markets, including equity prices, interest rates, commodity prices, currency values and other market indices and drivers (ii) geopolitical strain, terrorism and armed conflicts (iii) political dynamics or elections and social, economic and market conditions (iv) the availability and cost of capital (v) global health emergencies (such as the coronavirus disease 2019 ("COVID-19") pandemic) (vi) technological changes and events (vii) U.S. and foreign government fiscal and tax policies (viii) U.S. and foreign government ability, real or perceived, to avoid defaulting on government securities (ix) the availability and cost of credit and hedge markets (x) periods of elevated inflation (xi) natural disasters such as weather catastrophes and (xii) other factors affecting investor sentiment and confidence in the financial markets. These factors also may have an impact on ACC's ability to achieve its strategic objectives.
 ACC's financial condition and results of operations are affected by the "spread," or the difference between the returns ACC earns on the investments that support its product obligations and the amounts that ACC must pay certificate holders.
 Downturns and volatility in markets (including equity, fixed income and other markets) have had, and may in the future have, an adverse effect on the financial condition and results of operations of ACC. Market downturns and volatility may cause, and have caused, potential new purchasers of ACC's products to refrain from purchasing or to purchase fewer ACC certificate products. Additionally, downturns and volatility in financial markets can have, and have had, an adverse effect on the performance of ACC's investment portfolio.
 Changes in interest rates may affect ACC's financial condition and results of operations.
 ACC's investment products are sensitive to interest rate fluctuations and ACC's future costs associated with such variations may differ from its historical costs. As market interest rates increase, ACC may offer higher crediting rates on existing face-amount certificates to remain competitive with other products in the market. Because yields on invested assets may not increase as quickly as current interest rates, ACC may have to accept a lower spread and thus lower profitability or face a decline in sales and greater loss of existing certificates. In addition, increases in market interest rates may cause increased certificate surrenders or changes in demands of certificate products as certificate holders seek to shift assets to products with perceived higher returns. This process may lead to an earlier than expected outflow of cash from ACC's business. Also, increases in market interest rates may result in extension of certain cash flows from structured mortgage assets. Certificate withdrawals and surrenders may also require investment assets to be sold at a time when the prices of those assets are lower because of the increase in market interest rates, which may result in realized investment losses to be realized in ACC's results of operations. If higher market interest rates lead to inflows into interest sensitive face-amount certificates or other changes in product behavior, ACC's capital requirements may increase as well. Increases in crediting rates, as well as surrenders and withdrawals, could have an adverse effect on ACC's financial condition and results of operations.
 If there is a return to a period of prolonged low interest rates, ACC's spread may be reduced or could become negative primarily because ACC may adjust the interest rates it credits on most of the products downward only at limited, pre-established intervals. Interest rate fluctuations also could have an adverse effect on the results of ACC's investment portfolio. During periods of declining market interest rates or stagnancy of low interest rates, the interest ACC receives on variable interest rate investments decreases. In addition, during those periods, ACC is forced to reinvest the cash it receives as interest or return of principal on its investments in lower-yielding high-grade instruments or in lower-credit instruments to maintain comparable returns. Issuers of certain callable fixed income securities also may decide to prepay their obligations in order to borrow at lower market rates which increase the risk that ACC may have to reinvest the cash proceeds of these securities in lower-yielding or lower-credit instruments. Offsetting some of these risks is the fact that a significant portion of certificate balances do not have a minimum guaranteed interest crediting rate.
 For additional information regarding the sensitivity of the fixed income securities in ACC's investment portfolio to interest rate fluctuations, see Part II, Item 7A of this Annual Report on Form 10-K —"Quantitative and Qualitative Disclosures About Market Risk."

 Business Risks
 Intense competition could negatively affect ACC's ability to maintain or increase its market share and profitability.
 ACC's business operates in an intensely competitive industry segment. ACC competes based on a number of factors including name recognition, service, interest rates, product features and perceived financial strength. ACC's competitors include broker-dealers, banks, asset managers and other financial institutions. ACC's business faces competitors that have greater market share, offer a broader range of products, greater investments in technology and analytics or have greater financial resources. Furthermore, ACC's competitors may be better able to address trends, structural changes, or movement of assets resulting from industry changes or in response to the uncertain regulatory environment in the U.S. and around the world.
 ACC's affiliated distributor may be unable to attract and retain key talent.
 ACC is dependent on the financial advisors of AFS for all of the sales of its certificate products. A significant number of such financial advisors operate as independent contractors under a franchise agreement with AFS. The market for financial advisors is highly competitive, and there can be no assurance that AFS will be successful in its efforts to maintain its current network of financial advisors or to recruit and retain new advisors to its network. If AFS is unable to attract and retain quality financial advisors, fewer advisors would be available to sell ACC's certificate products and ACC's financial condition and results of operations could be materially adversely affected.
 The determination of the amount of allowances taken on certain loans and investments is subject to management's evaluation and judgment and could materially impact ACC's results of operations or financial position.
 The determination of the amount of allowances varies by investment type and is based upon ACC's periodic evaluation and assessment of inherent and known risks associated with the respective asset class.
 Management uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and in assessing the prospects for recovery. Inherent in management's evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. The determination of the amount of allowances on loans is based upon the asset's expected life, considering past events, current conditions and reasonable and supportable economic forecasts. Such evaluations and assessments are revised as conditions change and new information becomes available. Historical trends may not be indicative of future impairments or allowances.
 Some of ACC's investments are relatively illiquid, and ACC may have difficulty selling these investments.
 ACC invests a portion of its assets in privately placed fixed income securities and commercial mortgage loans, which are relatively illiquid. ACC's investment manager periodically reviews ACC's private placement investment using adopted standards to categorize the investment as liquid or illiquid. As of December 31, 2023, commercial mortgage loans and private placement fixed income securities that have been categorized as illiquid represented approximately 1% of the carrying value of ACC's investment portfolio. If ACC requires significant amounts of cash on short notice in excess of its normal cash requirements, ACC may have difficulty selling its investment in a timely manner or be forced to sell them for an amount less than it would otherwise have been able to realize, or both, which could have an adverse effect on ACC's financial condition and results of operations.
 Failure of ACC's service providers to perform their responsibilities could adversely affect ACC's business.
 ACC's business operations, including investment management, transfer agent, custody and distribution services, are performed by affiliated service providers, or in some cases their subcontractors, pursuant to formal contracts. The failure of a service provider to fulfill its responsibilities could have an adverse effect on ACC's financial condition and results of operations that could be material.
 If the counterparties to the derivative instruments ACC uses to hedge certain certificate liabilities default, ACC may be exposed to risks it had sought to mitigate, which could adversely affect ACC's financial condition and results of operations.
 ACC uses derivative instruments to hedge certain certificate liabilities. ACC enters into a variety of derivative instruments with a number of counterparties. If ACC's counterparties become insolvent or fail to honor their obligations under the contracts governing such instruments, ACC's hedges of the related risk may be ineffective. That failure could have a material adverse effect on ACC's financial condition and results of operations. The risk of counterparty default may increase during periods of capital market volatility.
 If ACC's reserves for future certificate redemptions and maturities are inadequate, ACC may be required to increase its reserve liabilities, which could adversely affect ACC's results of operations and financial condition.
 Investment certificates may be purchased either with a lump-sum payment or by installment payments. Certificate product owners are entitled to receive, at maturity, a definite sum of money. Payments from certificate owners are credited to investment certificate reserves. Investment certificate reserves accumulate interest at specified percentage rates as declared by ACC. Reserves are also maintained for advance payments made by certificate owners, accrued interest thereon, and for additional credits in excess of minimum guaranteed rates and accrued interest thereon. On certificates allowing for the deduction of a surrender charge, the cash surrender values may be less than accumulated investment certificate reserves prior to maturity dates. Cash surrender values on certificates allowing for no surrender charge are equal to certificate reserves. The payment distribution, reserve accumulation rates, cash surrender values, reserve values and other matters are governed by the 1940 Act.

 Certain certificates offer a return based on the relative change in a stock market index. The certificates with an equity-based return contain embedded derivatives, which are carried at fair value within Certificate reserves. The fair values of these embedded derivatives incorporate current market data inputs. Changes in fair value are reflected in Provision for certificate reserves.
 ACC monitors its reserve levels continually. If ACC concluded its reserves were insufficient to cover actual or expected redemptions or maturities, ACC would be required to increase its reserves and incur charges for the period in which it makes the determination. Such a determination could adversely affect ACC's financial condition and results of operations.
 Operations Risks
 A failure to protect the reputation of ACC or its affiliates could adversely affect the business of ACC.
 The ability of ACC to market and sell its products is highly dependent upon external perceptions of ACC's and its affiliates' level of service, business practices and financial condition. Damage to the reputation of ACC or its affiliates could cause significant harm to the business and prospects of ACC. Reputational damage may arise from numerous sources, including litigation or regulatory actions, failing to deliver minimum standards of service and quality, compliance failures, any perceived or actual weaknesses in ACC's financial strength or liquidity, clients' or potential clients' perceived failure of how ACC addresses certain political, environmental, social or governance topics, technological breakdowns, cybersecurity attacks, or other security breaches (including attempted breaches, breaches impacting ACC's vendors or their subcontractors or inadvertent disclosures) resulting in system unavailability, improper disclosure or loss of data integrity relating to client information, unethical or improper behavior and the misconduct or error of employees of its affiliates, AFS's advisors and counterparties. Additionally, a failure to develop new products and services, or successfully manage associated operational risks, could harm ACC's reputation and potentially expose ACC to additional costs, or negative public relations or social media campaigns. Any negative incidents can quickly erode trust and confidence, particularly if they result in adverse mainstream and social media publicity, governmental audits or investigations or litigation. Adverse developments with respect to the financial industry may also, by association, negatively impact ACC's reputation or result in greater regulatory or legislative scrutiny or litigation against ACC.
 Misconduct by employees of ACC's affiliates may be difficult to detect and deter and may damage ACC's reputation. This can include improper use of their authorized access to sensitive information. Misconduct or errors by employees of ACC's affiliates, AFS's advisors or counterparties could result in violations of law, regulatory sanctions and or serious reputational or financial harm. Misconduct or mistakes can occur in ACC's business. ACC and its affiliates cannot always prevent misconduct of employees of ACC's affiliates, and the precautions its affiliates take to prevent and detect this activity may not be effective in all cases. Preventing and detecting misconduct among ACC's affiliates franchisee advisors presents additional challenges in that they control their own technology environment on a day-to-day basis and could have an adverse effect on ACC's business. ACC's reputation depends on its continued identification of and mitigation against conflicts of interest. ACC has procedures and controls that are designed to identify, address and appropriately disclose perceived conflicts of interest, though ACC's reputation could be damaged if ACC fails, or appears to fail, to address conflicts of interest appropriately.
 The direct and indirect effects of climate change could adversely affect ACC's business and operations, both directly and as a result of impacts on ACC's clients, counterparties and entities whose securities it holds.
 ACC operates in many regions and communities where ACC's business, and the activities of ACC's clients and counterparties, could be adversely affected by climate change. Climate change may increase the severity and frequency of weather-related catastrophes, or adversely affect ACC's investment portfolio or investor sentiment. This includes the potential for an increase in the frequency and severity of weather-related disasters and pandemics. In addition, climate change regulation may affect the prospects of companies and other entities whose securities ACC's holds, or ACC's willingness to continue to hold their securities. Climate change may also influence investor sentiment with respect to ACC and investments in ACC's portfolio. Climate risks can also arise from the inconsistencies and conflicts in the manner in which climate policy and financial regulation is implemented in the many regions where ACC operates, including initiatives to apply and enforce policy and regulation with extraterritorial effect. Transition risks may arise from societal adjustment to a lower-carbon economy, such as changes in public policy, adoption of new technologies or changes in consumer preferences towards low-carbon goods and services. These risks could also be influenced by changes in the physical climate. Overall, ACC cannot predict or estimate the long-term impacts from climate change or related regulation.
 ACC's operational systems and networks (as well as those of third parties) are subject to evolving cybersecurity or other technological risks, which could result in the disclosure of confidential information, loss of ACC's proprietary information, damage to ACC's reputation, additional costs to ACC, regulatory penalties and other adverse impacts.
 The business of ACC and its affiliates is reliant upon internal and third-party controlled, developed and operated software (which includes open source software), technology systems and networks to process, transmit and store information, including current, potential and former clients', advisors' personal information, as well as proprietary information, and to conduct many business activities and transactions. Maintaining the security and integrity of the software, information and these systems and networks, and appropriately responding to any cybersecurity and privacy incidents (including attempts), is critical to the success of ACC's business operations, including ACC's reputation, to the retention of AFS's advisors and clients, and to the protection of ACC's proprietary information and clients' personal information.

 ACC and its affiliates rely on the third parties with whom it does business to identify and remediate software and other vulnerabilities before they can be exploited by bad actors, but they cannot always do so. For example, zero-day vulnerabilities in software and other technology solutions are immediately exploitable by bad actors as occasionally happens with certain of ACC's affiliates' vendors in the industry. ACC and its affiliates routinely face attacks and seek to address evolving threats of which we become aware. ACC and its affiliates have been able to identify, protect, detect, respond to and recover from these attacks to date without a material loss of client financial assets or information through the use of ongoing internal and external threat monitoring and by making continual adjustments to ACC's security and incident response capabilities.
 Employees of ACC's affiliates, as well as service providers and clients, have also been threatened by, among others, phishing, vishing, and spear phishing scams, social engineering attacks (such as direct voice contact and any technology or communication mechanism to contact a person), account takeovers, introductions of malware, attempts at electronic break-ins, and the submission of fraudulent payment requests. The number of threats and events has increased substantially every year, which is expected to continue, particularly as the use of artificial intelligence makes these attempts look more legitimate. Attempted or successful breaches or interference by third parties or by insiders that may occur in the future could have a material adverse impact on ACC's business, reputation, financial condition or results of operations.
 On a corporate basis, various laws and regulations, and in some cases contractual obligations, require ACC's affiliates to establish and maintain corporate policies and technical and operational measures designed to protect sensitive client, contractor and vendor information, and to respond to cybersecurity incidents in certain ways and timeframes. ACC's affiliates have established policies and implemented such technical and operational measures and have in place policies that require AFS's service providers and franchisee advisors, each of which control locally their own technology operations, to do the same. The increase in hybrid working among ACC's affiliates' employees adds complexity to monitoring and processing procedures. Changes in ACC's business or technological advancements may also require corresponding changes in ACC's systems, networks and data security and response measures. While accessing ACC and its affiliates products and services, ACC's customers may use computers and other devices that sit outside of ACC and its affiliates security control environment. In addition, the ever-increasing reliance on technology systems and networks and the occurrence and potential adverse impact of attacks on such systems and networks (including in recent well-publicized security breaches at other companies), both generally and in the financial services industry, have enhanced government and regulatory scrutiny of the measures taken by companies to protect against cybersecurity threats and report incidents they suffer. As these threats, and government and regulatory oversight of associated risks, continue to evolve, ACC may be required to expend additional resources (both direct financial resources and indirect costs like people) to enhance or expand upon the technical and operational security and response measures ACC and its affiliates currently maintain. These regulator-driven changes may adversely impact the client experience by, for example, requiring multiple means of verifying the identity of a client before they can interact with ACC.
 Despite the measures ACC has taken and may in the future take to address and mitigate cybersecurity, privacy and technology risks, ACC cannot be certain that ACC and its affiliates systems and networks, or those used by its vendors, will not be subject to successful attacks, breaches or interference. Nor can ACC guarantee that AFS franchise advisors will comply with ACC and its affiliates policies and procedures in this regard, or that clients will engage in safe and secure online practices. Furthermore, human error occurs from time to time and such mistakes can lead to the inadvertent disclosure of sensitive information. ACC and its affiliates have a vendor management process, but at times, ACC and its affiliates' software or service providers could push through updates that are not fully disclosed to us (or tested by them) and that could alter the control posture of their products. Any such event may result in operational disruptions, as well as unauthorized access to or the disclosure or loss of, ACC's proprietary information or ACC's affiliates' client, employee, vendor or advisor personal information, which in turn may result in legal claims, regulatory scrutiny and liability, reputational damage, the incurrence of costs to respond to, eliminate, or mitigate further exposure, the loss of clients or AFS advisors, or other damage to ACC's business. While ACC and its affiliates maintain cyber liability insurance that provides both third-party liability and first-party liability coverages, it may not protect ACC against all cybersecurity- and privacy-related losses. Furthermore, ACC may be subject to indemnification costs and liability to third parties if ACC breaches any confidentiality or security obligations regarding vendor data or for losses related to the data. In addition, the trend toward broad consumer and general-public notification of such incidents, including those where ACC and its affiliates' vendors are the party being breached, could exacerbate the harm to ACC's business, reputation, financial condition or results of operations in the event of a breach. Even if ACC and its affiliates successfully protect ACC's technology infrastructure and the confidentiality of sensitive data and conduct appropriate incident response, ACC may incur significant expenses in connection with ACC's responses to any such attacks, as well as the adoption, implementation and maintenance of appropriate security measures. In addition, ACC and its affiliates regulators may seek to hold ACC's affiliate responsible for the acts, mistakes or omissions of vendors or AFS franchise advisors even where they procure and control much of the physical office space and technology infrastructure they use to operate their businesses locally.
 Protection from system interruptions and operating errors is important to ACC's business. If ACC experiences a sustained interruption to ACC's telecommunications or data processing systems, or other failure in operational execution, it could harm ACC's business.
 Operating errors and system or network interruptions could delay and disrupt ACC's operations. Interruptions could be caused by mistake, malfeasance or other operational failures by service provider staff or ACC's affiliates' employee error or malfeasance, interference by third parties, including hackers, ACC's implementation of new technology, maintenance of existing technology or natural disasters, each of which may impact ACC's ability to run its systems or encounter varying downtime. Though ACC plans for

 resiliency in its systems and test these capabilities, it could face additional downtime or data loss if its plans do not work as expected during a real event. ACC's financial, accounting, human resources, data processing or other operating systems and facilities may fail to operate or report data properly, experience connectivity disruptions or otherwise become disabled as a result of events that are wholly or partially beyond ACC's control, adversely affecting ACC's ability to process transactions or provide products and services to clients (some of which have regulatory required response times).
 ACC and its affiliates rely on third-party service providers and vendors for certain communications, technology and business functions and other services, and ACC and its affiliates face the risk of their operational failure (including, without limitation, loss of staff due to widespread illness, failure caused by an inaccuracy, untimeliness or other deficiency in data reporting), technical or security failures, termination or capacity constraints of any of the third-party service providers that ACC or its affiliates use to facilitate or are component providers to ACC's activities. Any such failure, termination or constraint or flawed execution or response could adversely impact ACC's ability to effect transactions, service clients, manage exposure to risk, or otherwise achieve desired outcomes.
 Risk management policies and procedures may not be fully effective in identifying or mitigating risk exposure in all market environments, products, vendors or against all types of risk, including ACC's affiliates' financial advisor misconduct.
 ACC's policies and procedures to identify, monitor and manage risks may not be fully effective in mitigating ACC's risk exposure in all market environments or against all types of risk. Many of ACC's methods of managing risk and the associated exposures are based upon observed historical market behavior or statistics based on historical models. Experience may not emerge as expected and during periods of market volatility or due to unforeseen events, the historically derived experience and correlations may not be valid. As a result, these methods may not predict future exposures accurately, which could be significantly greater than what ACC's models indicate. Further, some controls are manual and are subject to inherent limitations. This could cause ACC to incur investment losses or cause ACC's hedging and other risk management strategies to be ineffective. Other risk management methods depend upon the evaluation of information regarding markets, clients, catastrophe occurrence or other matters that are publicly available or otherwise accessible to ACC, which may not always be accurate, complete, up-to-date or properly evaluated.
 ACC's financial performance also requires ACC to develop, effectively manage, and market new or existing products and services that appropriately anticipate or respond to changes in the industry and evolving client demands. The development and introduction of new products and services require continued innovative effort and may require significant time, resources, and ongoing support. Further, avoiding introducing or encouraging certain new products (such as cryptocurrency) creates the risk of losing assets or new flows to competitors who encourage or support these products. Substantial risk and uncertainties are associated with the introduction and ongoing maintenance of new products and services, including the implementation of new and appropriate operational controls and procedures, shifting and sometimes contradictory client and market preferences, the introduction of competing products or services and compliance with regulatory requirements.
 Artificial intelligence (including generative artificial intelligence) presents many benefits in terms of operating efficiency, but also new risks that ACC needs to seek to mitigate through its strategic and risk management policies, such as reliance on information that may be inaccurate or biased results. In addition, the regulatory framework and expectations relating to the use of artificial intelligence are in their early stages as is the use (and how ACC and its affiliates manage the use) of artificial intelligence in its business.
 Management of operational, legal and regulatory risks requires, among other things, policies and procedures to record properly and verify a large number of transactions and events, and these policies and procedures may not be fully effective in mitigating ACC's risk exposure in all market environments or against all types of risk, including those associated with ACC's or its affiliates' key vendors. Insurance and other traditional risk-shifting tools may be held by or available to ACC in order to manage certain exposures, but they are subject to terms such as deductibles, coinsurance, limits and policy exclusions, as well as risk of counterparty denial of coverage, default or insolvency.
 The occurrence of natural or man-made disasters and catastrophes could adversely affect the results of operations and financial condition of ACC.
 The occurrence of natural disasters and catastrophes, including earthquakes, hurricanes, floods, tornadoes, fires, blackouts, severe winter weather, explosions, pandemic disease and global health emergencies (such as COVID-19) and man-made disasters, including acts of terrorism, riots, civil unrest including large-scale protests, insurrections and military actions, could adversely affect the results of operations or financial condition of ACC. Such disasters and catastrophes may impact ACC directly by damaging its facilities, preventing service providers or employees of its affiliates from performing their roles or otherwise disturbing its ordinary business operations. These impacts could be particularly severe to the extent they affect access to physical facilities or the physical well-being of large numbers of employees of ACC's affiliates, ACC's computer-based data processing, transmission, storage and retrieval systems and destroy or release valuable data. Such disasters and catastrophes may also impact ACC indirectly by changing the condition and behaviors of its customers, business counterparties and regulators, as well as by causing declines or volatility in the economic and financial markets, which could in turn have an adverse effect on ACC's investment portfolio.
 ACC cannot predict the impact that changing climate conditions may have on the frequency and severity of natural disasters or on overall economic stability and sustainability. As such, ACC cannot be sure that its actions to identify and mitigate the risks associated with such disasters and catastrophes will be effective.

 Legal, Regulatory and Tax Risks
 ACC's business is regulated and changes in legislation or regulation may reduce ACC's profitability and limit its growth.
 ACC operates in a regulated industry. As a registered investment company, ACC must observe certain governance, disclosure, record-keeping, marketing, privacy, data protection and other operating requirements. Various regulatory and governmental bodies have the authority to review ACC's products and business practices and to bring regulatory or other legal actions against ACC if, in their view, ACC's practices are improper. Any enforcement actions, investigations or other proceedings brought against ACC or its directors or employees of its affiliates by its regulators may result in fines, injunctions or other disciplinary actions that could harm ACC's reputation or impact ACC's results of operations. Further, any future legislation or changes to the laws and regulations applicable to ACC's business such as possible changes brought about by any U.S. Department of Labor applicable regulation as well as state and other fiduciary rules, the SEC best interest standards, or similar standards such as the Certified Financial Planner Board standards pertaining to the fiduciary status of investment advice providers to retirement investors (primarily account holders in 401(k) plans and IRAs and other types of Employee Retirement Income Security Act of 1974, as amended ("ERISA") clients) and related issues. Each of these has a potential impact regarding how ERISA investment advice fiduciaries and others can provide products manufactured by affiliates to, or engage in certain principal transactions with, retirement investors, including incremental requirements, costs and risks that may be imposed on ACC as a result of such changes, may affect the operations and financial condition of ACC. In addition, after the conversion of Ameriprise Bank into a federal savings bank, Ameriprise Financial became subject to ongoing supervision by the FRB. As a subsidiary of Ameriprise Financial, ACC is (absent exclusion or exemption) required to comply with certain limits on its activity, including investment limitations on its portfolio and other limitations under applicable banking laws. Failure to meet one or more of certain requirements and regulations would mean, depending on the violation and any agreement then reached with the FRB, Ameriprise Financial (and therefore ACC) could not undertake new activities, continue certain activities, or make certain acquisitions until such violation is cured.
 ACC's business is subject to comprehensive legal requirements concerning the use and protection of personal information, including client information, from a multitude of different functional regulators and law enforcement bodies. This regulatory framework is rapidly changing through an ever-increasing patchwork of state laws and regulation (such as the California Consumer Privacy Act and the California Privacy Rights Act). Further developments could negatively impact ACC's business and operations.
 Changes in corporate tax laws and regulations and changes in the interpretation of such laws and regulations, as well as adverse determinations regarding the application of such laws and regulations, could adversely affect ACC's earnings.
 ACC is subject to the income tax laws of the U.S., its states and municipalities. ACC must make judgments and interpretations about the application of these inherently complex tax laws when determining the provision for income taxes and must also make estimates about when in the future certain items affect taxable income in the various tax jurisdictions. In addition, changes to the Internal Revenue Code, administrative rulings or court decisions could increase ACC's provision for income taxes and reduce ACC's earnings. Furthermore, guidance issued by the U.S. Department of Treasury and others can be critical to the application and impact of new laws and in avoiding unintended impacts from legislation. The jurisdictions ACC operates in may not always provide clear guidance that is responsive to industry questions and concerns. If guidance is unclear, it could increase ACC's taxes or create a potential for disagreement about interpretation of the tax code.
 Many of the products that ACC or Ameriprise Financial and its affiliates issue or on which these businesses are based receive favorable treatment under current U.S. federal income or estate tax law. Changes in U.S. federal income or estate tax law could reduce or eliminate the tax advantages of certain of Ameriprise Financial's products and thus make such products or ACC's products less attractive to clients or cause a change in client demand and activity.
 Changes in and the adoption of accounting standards could have a material impact on ACC's financial statements.
 ACC's accounting policies provide a standard for how it records and reports its financial condition and results of operations. ACC prepares its financial statements in accordance with U.S. generally accepted accounting principles. It is possible that accounting changes could have a material effect on ACC's financial condition and results of operations. The Financial Accounting Standards Board, the SEC and other regulators often change the financial accounting and reporting standards governing the preparation of ACC's financial statements. These changes are difficult to predict and could impose additional governance, internal control and disclosure demands. In some cases, ACC could be required to apply a new or revised standard retrospectively, resulting in restating prior period financial statements.

 Item 1B. Unresolved Staff Comments
 None.

 Item 1C. Cybersecurity
 Risk Management and Strategy
 Cybersecurity is a key part of our business and client experience and is integrated into our enterprise risk management processes and policies. We maintain written policies, processes and procedures that seek to identify, protect, detect, respond to, and recover from known and emerging cybersecurity risks. Our program includes consuming threat intelligence and ongoing monitoring of known

 external threats. We also have operating policies and procedures designed to comply with applicable requirements in jurisdictions we operate in globally. Our policies and procedures are regularly reviewed and internally assessed to enhance our corporate security capabilities. We make ongoing investments in our technology infrastructure to support cybersecurity efforts and support reliability and the user experience. We offer clients and affiliated advisors a variety of options to help secure their information, including multi-factor authentication and the use of secure messaging sites. We provide our affiliated advisors with ongoing security training and periodically test their skills and understanding with various cybersecurity exercises.
 We remain vigilant against cybersecurity risks as part of operating our business. Our cybersecurity team is led by experienced staff, including our Chief Information Officer, who has been with the company in various technology positions since 2002. Previously, he worked for other companies holding senior delivery and architecture roles and holds both a bachelor's degree in engineering and an MBA. Our Chief Information Security Officer has over 30 years of broad IT experience, with expertise in Information Security. His background also includes systems design and development, and he has expertise in database administration and database platforms across both mainframe and distributed platforms. Prior to joining the company, he worked as a consultant and a developer at other companies. Our risk management approach involves a matrixed structure of leaders who bring various levels of cybersecurity and technology expertise to their areas of risk management. Our technology team relies on their enterprise-wide colleagues' expertise when needed to plan, respond, and mitigate incidents, as needed.
 We conduct regular vulnerability scanning and related remediation activities for our applications and systems. We have documented expectations for the patching and updating of our software environment and set similar expectations for our affiliated financial advisors and third-party service providers where they retain control of their environment. Our cybersecurity approach supports both business continuity and risk mitigation. Should an incident occur, we have plans in place that are designed to mitigate the impact to our operations while we respond and recover, if necessary. We run a global security operations center that continuously monitors our networks and systems and is prepared to contact the appropriate teams to respond to an incident should one occur. Depending on the incident, the response group may include participation from a wide variety of groups across the enterprise. We conduct regular exercises to verify that our business continuity plans are capable of recovering our operating capabilities in line with our business needs and expectations. In addition, our global privacy team provides oversight and support to business and staff groups in conducting annual risk assessments regarding the secure handling of personally identifiable information.
 Additionally, as part of our formal procurement and vendor management process, we ask our third-party service providers to have and maintain cybersecurity programs that are consistent with our legal and regulatory obligations, and we review cybersecurity risk assessments of those third-party service providers who provide key technology and services. For third-party service providers that do go through our formal procurement process and vendor risk management assessment, our vendor risk management team assigns tiers. The tiers are based on a combination of criteria, including the services provided and the information to which they have access, to focus the most detailed reviews and the most frequent assessments on highest tiered third-party service providers, while also maintaining an appropriate level of review and monitoring on lower tiers. Some third-party service providers contracted outside of the formal procurement process may still be subject to providing information about their security programs based on services performed.
 Our Vendor Risk Management Office provides oversight and support to the business teams as end-users of the third-party service providers' goods and services, while also providing a conduit through which oversight can be conducted by our management and board. When a third-party service provider is off-boarded through our procurement and vendor management process, they are subject to an off-boarding review when the relationship ends that is designed to obtain the return or destruction of our information. Our vendor management teams provide risk assessment reporting to business teams, internal risk management committees and our executive leadership. The reporting structure supports an effective design of the program, provides transparency, and drives regulatory compliance. Third-party service providers that participate in the delivery of services to us, as well as their fourth-parties, are also generally expected to have and maintain cybersecurity defenses, so long as they participate in the delivery of services to us to help protect our systems and our clients from incursions through third-party services' systems. Should one of our third-party service providers suffer a breach in their or their fourth-party systems, we rely on them to inform us and work with us to protect our systems, remediate breaches, and mitigate the impact to our clients and our technology.

 Governance
 Strong ongoing governance practices and policies support our cybersecurity program. The Board of Directors and the Audit Committee are central to the oversight of the Company's cybersecurity risk management program operated by senior management. In addition to the Board of Directors receiving annual cybersecurity updates, the Audit Committee discusses with management, the General Auditor, and others the company's enterprise-wide risk assessment and risk management processes. These updates to the Board of Directors and Audit Committee include a review of prevailing material risks and exposures, including cybersecurity and data protection threats and risks, the actions taken to address these threats and mitigate these risks, and the design and effectiveness of our processes and controls in light of evolving market, business, regulatory, and other conditions. These processes and information sharing enable the Board of Directors, the Audit Committee, and our management team to remain informed and aligned about our approach to cybersecurity risk, and the monitoring of these risks and incidents, as appropriate. Our executive Vice President of Technology and Chief Information Officer, our Chief Information Security Officer, and other officers regularly review with our Board of Directors and the Audit Committee topics such as the following the cyber threat landscape the design, effectiveness and ongoing enhancement of our capabilities to identify, protect, detect, respond to and recover from cyber threats and events and any incidents that merit discussion.
 During 2023, the Board of Directors reviewed our identity theft prevention and privacy programs and discussed, among other topics mandatory staff training on fraud prevention, including threats from social engineering, identity theft experience and trends the effectiveness of existing controls and planned enhancements to those controls and key areas of focus for the identity theft and privacy programs.

 Item 2. Properties
 ACC occupies office space in Minneapolis, Minnesota, which is leased or owned by Ameriprise Financial or a subsidiary thereof.

 Item 3. Legal Proceedings
 For a discussion of any material legal proceedings, see Note 12 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K, which is incorporated herein by reference.

 Item 4. Mine Safety Disclosures
 Not applicable.

 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
 All of the Ameriprise Certificate Company ("ACC") outstanding common stock is owned by Ameriprise Financial, Inc. ("Ameriprise Financial"). There is no established public trading market for ACC's common stock.
 Frequency and amount of capital transactions with Ameriprise Financial during the past two years were

 Dividends to Ameriprise Financial

 Return of Capital to Ameriprise Financial

 Receipt of Capital from Ameriprise Financial

 (in millions)

 January 30, 2023

 $
 —

 $
 —

 $
 35.0

 February 28, 2023

 —

 —

 8.0

 March 31, 2023

 —

 —

 34.0

 April 27, 2023

 —

 —

 7.0

 May 30, 2023

 —

 —

 14.0

 June 29, 2023

 —

 —

 5.0

 October 26, 2023

 —

 —

 10.0

 November 29, 2023

 —

 —

 15.0

 December 27, 2023

 —

 —

 2.5

 Total
 $
 —

 $
 —

 $
 130.5

 March 30, 2022

 $
 4.3

 $
 7.0

 $
 —

 June 30, 2022

 7.0

 —

 —

 August 31, 2022

 —

 —

 13.0

 September 27, 2022

 —

 —

 15.0

 September 30, 2022

 —

 —

 5.0

 October 28, 2022

 —

 —

 45.0

 November 28, 2022

 —

 —

 50.0

 December 28, 2022

 —

 —

 50.0

 December 30, 2022

 —

 —

 8.0

 Total
 $
 11.3

 $
 7.0

 $
 186.0

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

 Item 6. Reserved

 Item 7. Management's Narrative Analysis
 The following information should be read in conjunction with Ameriprise Certificate Company's ("ACC's") Consolidated Financial Statements and Notes included elsewhere in this report. The following discussion may contain forward-looking statements that reflect ACC's plans, estimates and beliefs. Actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below under "Forward-Looking Statements" and elsewhere in this Annual Report on Form 10-K, particularly in Part 1 - Item 1A - "Risk Factors."
 ACC is a wholly owned subsidiary of Ameriprise Financial, Inc. ("Ameriprise Financial"). ACC is registered as an investment company under the Investment Company Act of 1940 and is in the business of issuing face-amount investment certificates. Face-amount investment certificates issued by ACC entitle the certificate owner to receive at maturity a stated amount of money and interest or credits declared from time to time by ACC, at its discretion. The certificates issued by ACC are not insured by any government agency. ACC's certificates are sold primarily by Ameriprise Financial Services, LLC ("AFS"), an affiliate of ACC. AFS is registered as a broker-dealer in all 50 states, the District of Columbia and Puerto Rico. ACC's investment portfolio is managed by Columbia Management Investment Advisers, LLC ("CMIA"), a wholly owned subsidiary of Ameriprise Financial.
 Management's narrative analysis of the results of operations is presented in lieu of Management's Discussion and Analysis of financial condition and results of operations, pursuant to General Instructions I(2)(a) of Form 10-K.
 Current Macroeconomic Environment
 ACC operates its business in the broader context of the macroeconomic forces around it, including the global and U.S. economies, changes in interest and inflation rates, financial market volatility, fluctuations in foreign exchange rates, geopolitical strain, pandemics, the competitive environment, client and customer activities and preferences, and the various regulatory and legislative developments. Financial markets and macroeconomic conditions have had and will continue to have a significant impact on ACC's operating and performance results. ACC's success may be affected by the factors discussed in Part 1 - Item 1A "Risk Factors" in this report and other factors as discussed herein.
 Recent Accounting Pronouncements and Significant Accounting Policies
 For information regarding recent accounting pronouncements and their expected impact on ACC's future results of operations or financial condition and significant accounting policies, see Note 1 to ACC's Consolidated Financial Statements beginning on page F-9 of this Annual Report on Form 10-K.
 Results of Operations
 ACC's net income is derived primarily from the after-tax yield on investments and realized investment gains (losses), less investment expenses and interest credited on certificate reserve liabilities. Net income trends occur largely due to changes in returns on ACC's investment portfolio, from realization of investment gains (losses) and from changes in interest credited to certificate products. ACC follows U.S. generally accepted accounting principles ("GAAP").
 Net income increased $44.3 million, or 77%, for 2023 compared to the prior year primarily due to higher investment income. This increase was partially offset by higher net provision for certificate reserves along with higher investment expenses and income taxes. ACC has experienced strong growth given the current market environment with client deposits increasing $4.2 billion from the prior year period to $13.5 billion.
 Investment income increased $501.0 million for 2023 compared to the prior year primarily reflecting an increase in the average invested asset yield, driven by an increase in short-term interest rates, and higher average investment balances.
 Investment expenses increased $28.7 million, or 100%, for 2023 compared to the prior year primarily due to volume-driven increases in investment advisory, distribution, and transfer agent fees.
 Net provision for certificate reserves increased $412.9 million, for 2023 compared to the prior year primarily due to higher average client crediting rates as well as higher average certificate balances.
 The effective tax rate was 24.6% for 2023 compared to 24.8% for the prior year. See Note 11 to the Consolidated Financial Statements for additional discussion on income taxes.
 Fair Value Measurements
 ACC reports certain assets and liabilities at fair value specifically derivatives, embedded derivatives, and most investments and cash equivalents. Fair value assumes the exchange of assets or liabilities occurs in orderly transactions and is not the result of a forced liquidation or distressed sale. ACC includes actual market prices, or observable inputs, in its fair value measurements to the extent available. Broker quotes are obtained when quotes from pricing services are not available. ACC validates prices obtained from third parties through a variety of means such as price variance analysis, subsequent sales testing, stale price review, price comparison across pricing vendors and due diligence reviews of vendors. See Note 8 to ACC's Consolidated Financial Statements for additional information regarding ACC's fair value measurements.

 Forward-Looking Statements
 This report contains forward-looking statements that reflect management's plans, estimates and beliefs. Actual results could differ materially from those described in these forward-looking statements. The words "believe," "expect," "anticipate," "optimistic," "intend," "plan," "aim," "will," "may," "should," "could," "would," "likely," "forecast," "on track," "project," "continue," "able to remain," "resume," "deliver," "develop," "evolve," "drive," "enable," "flexibility," "scenario," "case", "appear", "expand" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors, which could cause actual results, performance or achievements to differ materially from expected results, performance or achievements. These statements are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements include, but are not limited to, those factors, risks and uncertainties described in Part 1 - Item 1A - "Risk Factors" and elsewhere in this Annual Report on Form 10-K. ACC's future results of operations and financial condition, as well as any forward-looking statements contained in this report, are made only as of the date hereof. ACC undertakes no obligation to update or revise any forward-looking statements.

 Item 7A. Quantitative and Qualitative Disclosures About Market Risk
 ACC has three principal components of market risk interest rate risk, equity price risk, and credit risk. Interest rate risk results from investing in assets that are somewhat longer and reset less frequently than the liabilities they support. ACC manages interest rate risk through the use of a variety of tools that from time to time include derivative instruments, such as interest rate swaps, caps, and floors, which change the interest rate characteristics of client liabilities or investment assets. Due to certain provisions for certificates being impacted by the value of equity indices, from time to time ACC enters into risk management strategies that may include the use of equity derivative instruments, such as equity options, to mitigate ACC's exposure to volatility in the equity markets.
 Ameriprise Financial's Financial Risk Management Committee ("FRMC"), which is comprised of senior managers, holds regularly scheduled meetings to review models projecting various interest rate scenarios and risk return measures and their effect on various portfolios managed by Columbia Management Investment Advisers, LLC ("CMIA"), a wholly owned subsidiary of Ameriprise Financial, including that of ACC. ACC's Board of Directors has delegated the responsibilities of the Investment Committee of ACC to the FRMC. FRMC's objectives are to structure ACC's portfolio of investment securities based upon the type and behavior of the certificates in the certificate reserve liabilities, to achieve targeted levels of profitability within defined risk parameters and to meet certificate contractual obligations.
 ACC primarily invests in structured investments (e.g., residential mortgage backed securities, commercial mortgage backed securities and asset backed securities), U.S. government and agency obligations, corporate debt securities, and commercial mortgages to provide its certificate owners with a competitive rate of return on their certificates while managing risk. These investments provide ACC with a historically dependable and targeted margin between the interest rate earned on investments and the interest rate credited to certificate owners' accounts. ACC does not invest in securities to generate short-term trading profits for its own account.
 To evaluate interest rate and equity price risk, ACC performs sensitivity testing which measures the impact on pretax income from the sources listed below for a 12 month period following a hypothetical 100 basis point increase in interest rates and a hypothetical 10% decline in equity prices. The interest rate risk test assumes a sudden 100 basis point parallel shift in the yield curve, with rates then staying at those levels for the next 12 months. The equity price risk test assumes a sudden 10% drop in equity prices, with equity prices then staying at those levels for the next 12 months. In estimating the values of stock market certificates, ACC assumes no change in implied market volatility despite the 10% drop in equity prices.
 The following tables present ACC's estimate of the impact on pretax income from the above defined hypothetical market movements as of December 31, 2023

 Equity Price Decline 10%
 Equity Price Exposure to Pretax Income

 Before Hedge Impact

 Hedge Impact

 Net Impact

 Certificates
 $
 2,327

 $
 (2,215)

 $

 Interest Rate Increase 100 Basis Points
 Interest Rate Exposure to Pretax Income

 Before Hedge Impact

 Hedge Impact

 Net Impact

 Certificates
 $
 1,678

 $
 —

 $
 1,678

 The above results compare to an estimated negative impact to pretax income of $8.6 million related to a 100 basis point increase in interest rates and an estimated positive impact of $79 thousand related to a 10% equity price decline as of December 31, 2022. The change in sensitivity of a 100 basis point increase in interest rates compared to the prior year was primarily driven by assets repricing faster than liability crediting rates in a rising rate environment.
 Actual results could and likely will differ materially from those illustrated above as they are based on a number of estimates and assumptions. The illustration above includes assuming that implied market volatility does not change when equity prices fall by 10% and that the 100 basis point increase in interest rates is a parallel shift of the yield curve. Furthermore, ACC has not tried to anticipate changes in client preferences for different types of assets or other changes in client behavior, nor has ACC tried to anticipate all strategic actions management might take to increase revenues or reduce expenses in these scenarios.
 The selection of a 100 basis point interest rate increase as well as a 10% equity price decline should not be construed as a prediction of future market events. Impacts of larger or smaller changes in interest rates or equity prices will not be proportional to those shown for a 100 basis point increase in interest rates or a 10% decline in equity prices.
 ACC has interest rate risk from its Flexible Savings Certificates and other fixed rate certificates. These products are investment certificates generally ranging in amounts from $1 thousand to $2 million with interest crediting rate terms ranging from three to 36 months. ACC guarantees an interest rate to the holders of these products. Payments collected from clients are primarily invested in fixed income securities to fund the client credited rate with the spread between the rate earned from investments and the rate credited to clients recorded as earned income. Client liabilities and investment assets generally differ as it relates to basis, repricing or maturity characteristics. Rates credited to clients generally reset at shorter intervals than the yield on underlying investments. This exposure is not currently hedged although ACC monitors its investment strategy and makes modifications based on changing liabilities and the expected interest rate environment. ACC also has interest rate risk from its Step-Up Rate Certificates, which was not material as of December 31, 2023. ACC had $13.3 billion in reserves included in Certificate reserves as of December 31, 2023 to cover the liabilities associated with these products.
 ACC has equity price risk from its Stock Market Certificates. Stock Market Certificates are purchased for amounts generally from $1 thousand to $2 million for terms of 52, 104 or 156 weeks, which can be extended to a maximum of 15 years depending on the term. For each term the certificate holder can choose to participate 100% in any percentage increase in the S P 500 Index up to a maximum return or choose partial participation in any increase in the S P 500 Index plus a fixed rate of interest guaranteed in advance. If partial participation is selected, the total of equity-linked return and guaranteed rate of interest cannot exceed the maximum return. ACC had $176.9 million in reserves included in Certificate reserves as of December 31, 2023 to cover the liabilities associated with these products. Effective August 18, 2023, the Stock Market Certificate product was closed to new sales and add-on payments. The equity-linked return to investors creates equity price risk exposure. ACC seeks to minimize this exposure with purchased futures and call spreads that replicate what ACC must credit to client accounts. This risk continues to be fully hedged. Stock Market Certificates have interest rate risk as changes in interest rates affect the fair value of the payout to be made to the certificate holder. This risk is not currently hedged and was immaterial as of December 31, 2023.
 Credit Risk
 ACC is exposed to credit risk within its investment portfolio, including its loan portfolio, and through derivative counterparties. Credit risk relates to the uncertainty of an obligor's continued ability to make timely payments in accordance with the contractual terms of the financial instrument or contract. ACC considers its total potential credit exposure to each counterparty and its affiliates to ensure compliance with pre-established credit guidelines at the time it enters into a transaction which would potentially increase ACC's credit risk. These guidelines and oversight of credit risk are managed through ACC's comprehensive enterprise risk management program that includes members of senior management.
 ACC manages the risk of credit-related losses in the event of nonperformance by counterparties by applying disciplined fundamental credit analysis and underwriting standards, prudently limiting exposures to lower-quality, higher-yielding investments, and diversifying exposures by issuer, industry, region and underlying investment type. ACC remains exposed to occasional adverse cyclical economic downturns during which default rates may be significantly higher than the long-term historical average used in pricing.
 ACC manages its credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master netting arrangements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination. Generally, ACC's current credit exposure on over-the-counter derivative contracts is limited to a derivative counterparty's net positive fair value of derivative contracts after taking into consideration the existence of netting arrangements and any collateral received. This exposure is monitored and managed to an acceptable threshold level.

 Item 8. Financial Statements and Supplementary Data
 See Index to Consolidated Financial Statements and Schedules on page F-1 hereof.

 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
 None.

 Item 9A. Controls and Procedures
 Disclosure Controls and Procedures
 ACC maintains disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") designed to provide reasonable assurance that the information required to be reported in the Exchange Act filings is recorded, processed, summarized and reported within the time periods specified in and pursuant to U.S. Securities and Exchange Commission ("SEC") regulations, including controls and procedures designed to ensure that this information is accumulated and communicated to ACC's management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding the required disclosure. It should be noted that, because of inherent limitations, ACC's disclosure controls and procedures, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the disclosure controls and procedures are met.
 ACC's management, under the supervision and with the participation of its principal executive officer and principal financial officer, evaluated the effectiveness of ACC's disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation, ACC's principal executive officer and principal financial officer have concluded that ACC's disclosure controls and procedures were effective at a reasonable level of assurance as of December 31, 2023.
 Changes in Internal Control over Financial Reporting
 There have not been any changes in ACC's internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth fiscal quarter of the year to which this report relates that have materially affected, or are reasonably likely to materially affect, ACC's internal control over financial reporting.

 Item 9B. Other Information
 None.

 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
 None.

 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, appointed PricewaterhouseCoopers LLP ("PwC") as an independent registered public accounting firm to audit the Consolidated Financial Statements of ACC for the years ended December 31, 2023 and 2022.
 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 $125,000 and $123,000 for 2023 and 2022, respectively.
 Audit-Related Fees, Tax Fees, All Other Fees
 ACC was not billed by PwC for any fees for audit-related fees, tax fees or any other fees for 2023 or 2022.
 Policy on Pre-Approval of Services Provided by Independent Registered Public Accountants
 Pursuant to the requirements of the Sarbanes-Oxley Act of 2002, the terms of the engagement of PwC are subject to the specific pre-approval of the Audit and Risk Committee of Ameriprise Financial. All audit and permitted non-audit services to be performed by PwC for ACC require pre-approval by the Audit and Risk Committee of Ameriprise Financial in accordance with pre-approval procedures established by the Audit and Risk Committee of Ameriprise Financial. The procedures require all proposed engagements of PwC for services to ACC of any kind to be directed to the General Auditor of Ameriprise Financial and then submitted for approval to the Audit and Risk Committee of Ameriprise Financial prior to the beginning of any services.

 In addition, the charter of ACC's Audit Committee requires pre-approval of any engagement, including the fees and other compensation, of PwC (1) to provide any services to ACC and prohibits the performance of certain specified non-audit services, and (2) to provide any non-audit services to Ameriprise Financial or any affiliate of Ameriprise Financial that controls, is controlled by, or under common control with Ameriprise Financial if the engagement relates directly to the operations and financial reporting of ACC. Certain exceptions apply to the pre-approval requirement.
 In both 2023 and 2022, 100% of the services provided by PwC for ACC were pre-approved by the Audit and Risk Committee of Ameriprise Financial and the Audit Committee of ACC.

 Item 15. Exhibits and Financial Statement Schedules

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

 2.
 Consolidated Financial Statement Schedules
 See Index to Consolidated Financial Statements and Schedules on page F-1 hereof.

 3.
 Exhibits
 The following exhibits are filed as part of this Annual Report or, where indicated, were already filed and are hereby incorporated by reference

 Exhibit

 3(a)

 Amended and Restated Certificate of Incorporation of American Express Certificate Company, dated August 1, 2005, filed electronically on or about March 10, 2006 as Exhibit 3(a) to Registrant's Form 10-K is incorporated by reference.

 3(b)

 By-Laws of Ameriprise Certificate Company, filed electronically on or about November 5, 2010 as Exhibit 3(b) to Registrant's Form 10-Q, are incorporated herein by reference.

 10(a)

 Amended and Restated Investment Advisory and Services Agreement, dated December 1, 2018, between Registrant and Columbia Management Investment Advisers, LLC filed electronically on or about February 27, 2019 as Exhibit 10(a) to Registrant's Form 10-K is incorporated by reference.

 10(b)

 Distribution Agreement, dated December 31, 2006, between Registrant and Ameriprise Financial Services, LLC (formerly Ameriprise Financial Services, Inc.) filed electronically on or about February 26, 2007 as Exhibit 1 to Post-Effective Amendment No. 35 to Registration Statement No. 2-95577 for Ameriprise Flexible Savings Certificate is incorporated herein by reference.

 10(c)

 Amendment to the Distribution Agreement, dated January 21, 2021, between Registrant and Ameriprise Financial Services, LLC, effective February 1, 2021, filed electronically on or about February 24, 2021 as Exhibit 10(c) to Registrant's Form 10-K is incorporated by reference.

 10(d)

 Depository and Custodial Agreement, dated December 31, 2006, between Registrant and Ameriprise Trust Company, filed electronically on or about February 26, 2007 as Exhibit 10(c) to Post-Effective Amendment No. 35 to Registration Statement No. 2-95577 for Ameriprise Flexible Savings Certificate is incorporated herein by reference.

 10(e)

 Amendment to the Depositary and Custodial Agreement, dated December 15, 2008, between Registrant and Ameriprise Trust Company, filed on or about May 5, 2014 as Exhibit 10(c)i to Registrant's Form 10-Q, is incorporated herein by reference.

 10(f)

 Transfer Agent Agreement, dated December 31, 2006 between Registrant and Columbia Management Investment Services Corp. (formerly RiverSource Client Service Corporation), filed electronically on or about February 26, 2007 as Exhibit 10(e) to Post-Effective Amendment No. 35 to Registration Statement No. 2-95577 for Ameriprise Flexible Savings Certificate is incorporated herein by reference.

 10(g)

 First Amendment to Transfer Agent Agreement, dated January 1, 2013 between Registrant and Columbia Management Investment Services Corp. (formerly RiverSource Client Service Corporation), filed electronically on or about February 27, 2013 as Exhibit 10(d) to Registrant's Form 10-K is incorporated herein by reference.

 10(h)

 Second Amendment to Transfer Agent Agreement, dated January 1, 2017, between Registrant and Columbia Management Investment Services Corp. (formerly RiverSource Client Service Corporation), filed electronically on or about February 23, 2017 as Exhibit 10(d) to Registrant's Form 10-K is incorporated by reference.

 10(i)

 Administration and Services Agreement, dated October 1, 2005, between Columbia Management Investment Advisers, LLC (formerly RiverSource Investments, LLC) and Ameriprise Financial, Inc. filed electronically on or about March 10, 2006 as Exhibit 10(s) to Registrant's Form 10-K is incorporated by reference.

 10(j)

 Capital Support Agreement by and between Ameriprise Financial, Inc. and Ameriprise Certificate Company, dated as of March 2, 2009, filed electronically on or about March 3, 2009 as Exhibit 10(f) to Registrant's Form 10-K is incorporated by reference.

 10(k)

 First Amendment to Capital Support Agreement by and between Ameriprise Financial, Inc. and Ameriprise Certificate Company, effective April 30, 2014, filed electronically on or about May 5, 2014 as Exhibit 10(f)i to Registrant's Form 10-Q, is incorporated herein by reference.

 10(l)

 Federal Income Tax Sharing Agreement between or among Ameriprise Financial, Inc. and certain subsidiaries, including the Registrant, effective December 10, 2013 filed electronically on or about February 23, 2018 as Exhibit 10(l) to Registrant's Form 10-K is incorporated by reference.

 Exhibit

 10(m)

 State Income Tax Sharing Agreement between or among Ameriprise Financial, Inc. and certain subsidiaries, including the Registrant, effective December 10, 2013 filed electronically on or about February 23, 2018 as Exhibit 10(m) to Registrant's Form 10-K is incorporated by reference.

 10(n)

 Agreement between Ameriprise Bank, FSB and Ameriprise Certificate Company (certain Ameriprise Rewards Fulfillment Services), dated December 1, 2022 filed electronically on or about February 23, 2023 as Exhibit 10(n) to Registrant's Form 10-K is incorporated by reference.

 10(o)

 Agreement between Ameriprise Financial, Inc. and Ameriprise Certificate Company (certain legacy Ameriprise Rewards Fulfillment Services), dated December 1, 2019 filed electronically on or about February 26, 2020 as Exhibit 10(o) to Registrant's Form 10-K is incorporated by reference.

 10(p)

 Amendment to the Federal Income Tax Sharing Agreement between or among Ameriprise Financial, Inc. and certain subsidiaries, including the Registrant, effective October 9, 2020, filed electronically on or about February 24, 2021 as Exhibit 10(p) to Registrant's Form 10-K is incorporated by reference.

 14(a)

 Code of Ethics under Rule 17j-1 for Ameriprise Certificate Company effective May 21, 2014, filed electronically on or about February 27, 2019 as Exhibit 14(a) to Registrant's Form 10-K is incorporated by reference.

 14(b) *

 Code of Ethics adopted under Rule 17j-1 for Registrant's investment adviser, dated December 2023.

 14(c) *

 Code of Ethics under Rule 17j-1 for Registrant's underwriter, as revised January 1, 2024.

 24 *

 Directors' Power of Attorney, dated November 15, 2023.

 31.1 *

 Certification of Abu M. Arif, Chief Executive Officer, pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.

 31.2 *

 Certification of James R. Hill, Chief Financial Officer, pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.

 32 *

 Certification of Abu M. Arif, Chief Executive Officer and James R. Hill, Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 * Filed electronically herewith.

 Item 16. Form 10-K Summary
 None.

 Signatures
 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 AMERIPRISE CERTIFICATE COMPANY
 Registrant

 Date

 By

 s Abu M. Arif

 Abu M. Arif
 Director, President and Chief Executive Officer
 (Principal Executive Officer)

 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacity and on the dates indicated.

 Date

 By

 s Abu M. Arif

 Abu M. Arif
 Director, President and Chief Executive Officer
 (Principal Executive Officer)

 Date

 By

 s James R. Hill

 James R. Hill
 Vice President and Chief Financial Officer
 (Principal Financial Officer)

 Date

 By

 s Brian L. Granger

 Brian L. Granger
 Vice President, Controller and Chief Accounting Officer

 Date

 By

 s Ronald L. Guzior*

 Ronald L. Guzior
Director

 Date

 By

 s Karen M. Bohn*

 Karen M. Bohn
Director

 Date

 By

 s Lorna P. Gleason*

 Lorna P. Gleason
Director

 Date

 By

 s Robert J. McReavy*

 Robert J. McReavy
 Director

 *By

 s Abu M. Arif

 Abu M. Arif

 * Executed by Abu M. Arif pursuant to a Power of Attorney, dated November 15, 2023, filed electronically herewith as Exhibit 24 to the Registrant's Form 10-K.

 Index to Consolidated Financial Statements and Schedules
 Consolidated Financial Statements

 Page

 Part I. Financial Information

 Report of Independent Registered Public Accounting Firm (PCAOB Firm ID 238)

 F- 2

 Consolidated Statements of Operations — Years Ended December 31, 2023, 2022 and 2021

 F- 3

 Consolidated Statements of Comprehensive Income — Years Ended December 31, 2023, 2022 and 2021

 F- 4

 Consolidated Balance Sheets — December 31, 2023 and 2022

 F- 5

 Consolidated Statements of Shareholder's Equity — Years Ended December 31, 2023, 2022 and 2021

 F- 7

 Consolidated Statements of Cash Flows — Years Ended December 31, 2023, 2022 and 2021

 F- 8

 Notes to Consolidated Financial Statements

 F- 9

 1. Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements

 F- 9

 2. Deposit of Assets and Maintenance of Qualified Assets

 F- 13

 3. Investments

 F- 14

 4. Financing Receivables

 F- 17

 5. Certificate Reserves

 F- 20

 6. Regulation and Dividend Restrictions

 F- 21

 7. Related Party Transactions

 F- 21

 8. Fair Values of Assets and Liabilities

 F- 22

 9. Offsetting Assets and Liabilities

 F- 27

 10. Derivatives and Hedging Activities

 F- 28

 11. Income Taxes

 F- 29

 12. Commitments and Contingencies

 F- 31

 Part II. Consolidated Financial Schedules

 I. Investments in Securities of Unaffiliated Issuers — December 31, 2023 and 2022

 III. Mortgage Loans on Real Estate and Interest Earned on Mortgages — Years Ended December 31, 2023, 2022 and 2021

 V. Qualified Assets on Deposit — December 31, 2023 and 2022

 VI. Certificate Reserves — Years Ended December 31, 2023, 2022 and 2021

 VII. Valuation and Qualifying Accounts — Years Ended December 31, 2023, 2022 and 2021

 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.

 Report of Independent Registered Public Accounting Firm
 To the Board of Directors and Shareholder of Ameriprise Certificate Company
 Opinion on the Financial Statements
 We have audited the consolidated financial statements, including the related notes and financial statement schedules, of Ameriprise Certificate Company and its subsidiary (the "Company") as listed in the accompanying index (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
 Basis for Opinion
 These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
 Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian and the application of alternative auditing procedures where securities purchased had not been received. We believe that our audits provide a reasonable basis for our opinion.
 Critical Audit Matters
 The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
 Valuation of Level 2 Available-for-Sale Securities
 As described in Notes 1, 3, and 8 to the consolidated financial statements, available-for-sale securities are carried at fair value. As of December 31, 2023, the total fair value of available-for-sale securities was $13,037 million, which includes $10,379 million of level 2 securities. Level 2 securities include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, asset backed securities, state and municipal obligations and other securities. The fair value of level 2 securities is based on a market approach with prices obtained from third-party pricing services. Observable inputs used to value these securities can include, but are not limited to, reported trades, benchmark yields, issuer spreads and non-binding broker quotes.
 The principal considerations for our determination that performing procedures relating to the valuation of level 2 available-for-sale securities is a critical audit matter are (i) a high degree of auditor subjectivity and effort in performing procedures and evaluating audit evidence related to the valuation and (ii) the audit effort involved the use of professionals with specialized skill and knowledge.
 Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the valuation of level 2 available-for-sale securities. These procedures also included, among others (i) developing an independent range of prices for the securities by obtaining independent pricing from third party vendors, when available, and comparing the independent range of prices to management's estimates to evaluate the reasonableness of management's estimate, (ii) the involvement of professionals with specialized skill and knowledge to assist in evaluating the reasonableness of management's estimate by developing an independent range of prices for a sample of securities using independently determined assumptions related to available market inputs and comparing the independent range of prices to management's estimate, and (iii) testing the completeness and accuracy of data provided by management.
 s PricewaterhouseCoopers LLP
 Minneapolis, Minnesota
 We have served as the Company's auditor since 2010.

 Consolidated Statements of Operations

 2023

 2022

 2021

 Investment Income

 Interest income

 $
 587,230

 $
 135,500

 $
 59,409

 Commercial mortgage loans and syndicated loans
 10,613

 8,286

 8,116

 Cash and cash equivalents
 62,184

 15,124

 Certificate loans

 Dividends
 —

 —

 Other

 Total investment income
 660,113

 159,096

 68,540

 Investment Expenses

 Ameriprise Financial and affiliated company fees

 Distribution
 18,501

 8,868

 6,805

 Investment advisory and services
 27,819

 13,138

 13,790

 Transfer agent
 10,344

 6,218

 6,957

 Depository

 Other

 Total investment expenses
 57,433

 28,741

 28,359

 Net investment income before provision for certificate reserves and income taxes
 602,680

 130,355

 40,181

 Provision for Certificate Reserves

 According to the terms of the certificates

 Provision for certificate reserves

 Interest on additional credits

 Additional credits interest authorized by ACC
 467,934

 54,167

 10,031

 Total provision for certificate reserves before reserve recoveries
 468,359

 54,374

 10,281

 Reserve recoveries from terminations prior to maturity
 (1,961)

 (869)

 (760)

 Net provision for certificate reserves
 466,398

 53,505

 9,521

 Net investment income before income taxes
 136,282

 76,850

 30,660

 Income tax expense
 33,520

 19,032

 7,467

 Net investment income, after-tax
 102,762

 57,818

 23,193

 Net realized gain (loss) on investments

 Securities of unaffiliated issuers before income taxes
 (817)

 2,598

 Income tax expense (benefit)
 (172)

 Net realized gain (loss) on investments, after-tax
 (645)

 2,053

 $

 $

 $

 Consolidated Statements of Comprehensive Income

 2023

 2022

 2021

 $

 $

 $

 Other comprehensive income (loss), net of tax

 Net unrealized gains (losses) on securities

 Net unrealized gains (losses) on securities arising during the period
 42,061

 (131,066)

 (16,097)

 Reclassification of net (gains) losses on securities included in net income

 (15)

 (863)

 Total other comprehensive income (loss), net of tax

 42,258

 (131,081)

 (16,960)

 Total comprehensive income (loss)

 $
 144,375

 $
 (73,247)

 $
 8,286

 Consolidated Balance Sheets

 2023

 2022

 (in thousands, except share data)

 ASSETS

 Qualified Assets

 Investments in unaffiliated issuers

 Cash and cash equivalents
 $
 913,063

 $
 1,180,868

 Fixed maturities, at fair value (amortized cost 2023, $13,135,364 2022, $8,523,011)

 Commercial mortgage loans and syndicated loans, at cost (allowance for credit losses 2023, $1,333 2022, $1,472 fair value 2023, $178,850 2022, $195,252)

 183,268

 204,493

 Certificate loans – secured by certificate reserves, at cost, which approximates fair value

 Total investments
 14,133,402

 9,754,349

 Receivables

 Dividends and interest
 48,605

 22,052

 Receivables from brokers, dealers and clearing organizations
 8,688

 2,814

 Other receivables

 Total receivables
 57,822

 24,937

 Derivative assets

 8,786

 Total qualified assets
 14,208,479

 9,788,072

 Other Assets

 Deferred taxes, net
 19,600

 37,892

 Taxes receivable from parent
 3,367

 —

 Due from related party
 17,907

 —

 Total other assets
 40,874

 37,892

 Total assets
 $
 14,249,353

 $
 9,825,964

 Consolidated Balance Sheets (continued)

 2023

 2022

 (in thousands, except share data)

 LIABILITIES AND SHAREHOLDER'S EQUITY

 Certificate reserves

 $
 10,272

 $
 8,413

 Fully paid certificates

 13,429,658

 9,293,480

 Additional credits and accrued interest
 30,114

 11,079

 Total certificate reserves
 13,470,674

 9,313,405

 Accounts payable and accrued liabilities

 Due to related party
 8,092

 3,047

 Taxes payable to parent

 5,708

 Payables to brokers, dealers and clearing organizations
 6,150

 68,533

 Total accounts payable and accrued liabilities
 14,364

 77,288

 Derivative liabilities

 6,649

 Other liabilities

 63,461

 14,139

 Total liabilities
 13,559,995

 9,411,481

 Shareholder's Equity

 Common shares ($10 par value, 150,000 shares authorized and issued)

 1,500

 1,500

 Additional paid-in capital

 612,167

 481,667

 Retained earnings

 Appropriated for pre-declared additional credits and interest
 27,031

 15,960

 Appropriated for additional interest on advance payments

 Unappropriated
 121,732

 30,686

 Accumulated other comprehensive income (loss), net of tax

 (73,087)

 (115,345)

 Total shareholder's equity
 689,358

 414,483

 Total liabilities and shareholder's equity
 $
 14,249,353

 $
 9,825,964

 Consolidated Statements of Shareholder's Equity

 Number of Outstanding Shares

 Common Shares

 Additional Paid-In Capital

 Retained Earnings

 Accumulated Other Comprehensive Income (Loss), Net of Tax

 Total

 Appropriated for Pre-Declared Additional Credits and Interest

 Appropriated for Additional Interest on Advance Payments

 Unappropriated

 (in thousands, except share data)

 Balance at January 1, 2021

 $
 1,500

 $
 341,700

 $

 $

 $
 44,812

 $
 32,696

 $
 420,744

 —

 —

 —

 —

 —

 —

 Other comprehensive income (loss), net of tax
 —

 —

 —

 —

 —

 —

 (16,960)

 (16,960)

 Transfers between appropriated and unappropriated, net

 —

 —

 —

 (21)

 —

 —

 —

 Dividend to parent

 —

 —

 —

 —

 —

 (70,009)

 —

 (70,009)

 Return of capital to parent

 —

 —

 (38,991)

 —

 —

 —

 —

 (38,991)

 Balance at December 31, 2021

 1,500

 302,709

 —

 15,736

 320,030

 —

 —

 —

 —

 —

 —

 Other comprehensive income (loss), net of tax
 —

 —

 —

 —

 —

 —

 (131,081)

 (131,081)

 Transfers between appropriated and unappropriated, net

 —

 —

 —

 15,960

 —

 (15,960)

 —

 —

 Dividend to parent
 —

 —

 —

 —

 —

 (11,258)

 —

 (11,258)

 Return of capital to parent

 —

 —

 (7,042)

 —

 —

 —

 —

 (7,042)

 Capital contribution from parent

 —

 —

 186,000

 —

 —

 —

 —

 186,000

 Balance at December 31, 2022

 1,500

 481,667

 15,960

 30,686

 (115,345)

 414,483

 —

 —

 —

 —

 —

 —

 Other comprehensive income (loss), net of tax
 —

 —

 —

 —

 —

 —

 42,258

 42,258

 Transfers between appropriated and unappropriated, net

 —

 —

 —

 11,071

 —

 (11,071)

 —

 —

 Capital contribution from parent

 —

 —

 130,500

 —

 —

 —

 —

 130,500

 Balance at December 31, 2023

 $
 1,500

 $
 612,167

 $
 27,031

 $

 $
 121,732

 $
 (73,087)

 $
 689,358

 Consolidated Statements of Cash Flows

 2023

 2022

 2021

 Cash Flows from Operating Activities

 $

 $

 $

 Adjustments to reconcile net income to net cash provided by (used in) operating activities

 Amortization of premiums, accretion of discounts, net
 (135,331)

 (22,512)

 2,382

 Deferred income tax expense (benefit)
 4,781

 (927)

 1,657

 Net realized (gain) loss on Available-for-Sale securities

 (19)

 (1,093)

 Other net realized (gain) loss

 Provision for credit losses

 (46)

 (1,672)

 Changes in operating assets and liabilities

 Dividends and interest receivable
 49,170

 (9,486)

 4,560

 Certificate reserves, net
 20,994

 8,309

 (3,032)

 Taxes payable to receivable from parent, net
 (8,953)

 5,385

 (487)

 Derivatives, net of collateral
 (612)

 (492)

 Other liabilities
 13,531

 (3,047)

 (7,237)

 Other receivables
 (458)

 (43)

 Payables to brokers, dealers and clearing organizations
 —

 33,939

 —

 Due to from related party, net

 1,639

 —

 —

 Other, net
 (115)

 1,165

 1,055

 Net cash provided by (used in) operating activities
 47,580

 70,480

 21,727

 Cash Flows from Investing Activities

 Sales
 113,185

 —

 —

 Maturities, redemptions and calls
 5,314,949

 3,657,184

 4,637,978

 Purchases
 (10,048,894)

 (7,426,951)

 (3,015,291)

 Commercial mortgage loans and syndicated loans

 Sales, maturities and repayments
 48,619

 53,550

 74,945

 Purchases and fundings
 (28,337)

 (35,505)

 (26,486)

 Equity securities

 Sales
 —

 —

 Certificate loans, net

 Net cash provided by (used in) investing activities
 (4,600,440)

 (3,751,711)

 1,671,323

 Cash Flows from Financing Activities

 Payments from certificate holders and other additions
 11,193,104

 8,343,118

 2,733,012

 Certificate maturities and cash surrenders
 (7,038,549)

 (4,338,511)

 (4,189,922)

 Capital contribution from parent

 130,500

 186,000

 —

 Dividend to parent
 —

 (11,258)

 (70,009)

 Return of capital to parent
 —

 (7,042)

 (38,991)

 Net cash provided by (used in) financing activities
 4,285,055

 4,172,307

 (1,565,910)

 Net increase (decrease) in cash and cash equivalents
 (267,805)

 491,076

 127,140

 Cash and cash equivalents at beginning of period
 1,180,868

 689,792

 562,652

 Cash and cash equivalents at end of period
 $
 913,063

 $
 1,180,868

 $
 689,792

 Supplemental disclosures including non-cash transactions

 Cash paid (received) for income taxes
 $
 36,818

 $
 13,684

 $
 7,054

 Cash paid for interest
 451,689

 45,485

 14,721

 Notes to Consolidated Financial Statements

 1. Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
 Nature of Business
 Ameriprise Certificate Company ("ACC") is a wholly owned subsidiary of Ameriprise Financial, Inc. ("Ameriprise Financial" or the "Parent"). ACC is registered as an investment company under the Investment Company Act of 1940 (the "1940 Act") and is in the business of issuing face-amount investment certificates. Face-amount certificates issued by ACC entitle the certificate owner to receive at maturity a stated amount of money and interest or credits declared from time to time by ACC, at its discretion. The certificates issued by ACC are not insured by any government agency or other entity. ACC's certificates are distributed and sold solely by Ameriprise Financial Services, LLC ("AFS"), an affiliate of ACC. AFS is registered as a broker-dealer in all 50 states, the District of Columbia and Puerto Rico.
 As of December 31, 2023, ACC offered three types of certificate products to the public. Effective August 18, 2023, stock market certificates ("SMC") were closed to new sales. ACC is impacted by significant changes in interest rates as interest crediting rates on certificate products generally reset at shorter intervals than the change in the yield on ACC's investment portfolio. The specified maturities of most of ACC's certificate products range from ten to twenty years. Within that maturity period, most certificates have interest crediting rate terms ranging from three to 48 months. Interest crediting rates are subject to change and certificate product owners can surrender their certificates without penalty at maturity however, the Cash Reserve Certificate is a fully liquid product and can be surrendered at any time without penalty. In addition, two types of certificate products (neither are currently sold) have interest tied, in whole or in part, to a broad-based stock market index. In general, ACC's certificate products are available as qualified investments for Individual Retirement Accounts, 401(k) plans and other qualified retirement plans.
 ACC evaluated events or transactions that occurred after the balance sheet date for potential recognition or disclosure through the date the financial statements were issued. No subsequent events or transactions requiring recognition or disclosure were identified.
 Basis of Financial Statement Presentation
 The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). Certain reclassifications of prior period amounts have been made to conform with the current presentation. ACC uses the consolidation method of accounting for its wholly owned subsidiary, Investors Syndicate Development Corp.
 Amounts Based on Estimates and Assumptions
 Accounting estimates are an integral part of the Consolidated Financial Statements. In part, they are based upon assumptions concerning future events. Among the more significant are those that relate to investment securities valuation and the recognition of credit losses or impairments and income taxes and the recognition of deferred tax assets and liabilities. These accounting estimates reflect the best judgment of management and actual results could differ.
 Interest Income
 Interest income is accrued as earned using the effective interest method, which makes an adjustment of the yield for security premiums and discounts on all performing fixed maturity securities classified as Available-for-Sale so that the related security or loan recognizes a constant rate of return on the outstanding balance throughout its term. When actual prepayments differ significantly from originally anticipated prepayments, the retrospective effective yield is recalculated to reflect actual payments to date and updated future payment assumptions and a catch-up adjustment is recorded in the current period. In addition, the new effective yield, which reflects anticipated future payments, is used prospectively. Realized gains and losses on securities are recognized using the specific identification method on a trade date basis.
 Cash and Cash Equivalents
 Cash equivalents include highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less.
 Available-for-Sale Securities
 Available-for-Sale securities are carried at fair value with unrealized gains (losses) recorded in Accumulated other comprehensive income (loss) ("AOCI"), net of income taxes. Available-for-Sale securities are recorded within Investments in unaffiliated issuers. Gains and losses are recognized on a trade date basis in the Consolidated Statements of Operations upon disposition of the securities.
 Available-for-Sale securities are impaired when the fair value of an investment is less than its amortized cost. When an Available-for-Sale security is impaired, ACC first assesses whether or not (i) it has the intent to sell the security (i.e., made a decision to sell) or (ii) it is more likely than not that ACC will be required to sell the security before its anticipated recovery. If either of these conditions exist, ACC recognizes an impairment by reducing the book value of the security for the difference between the investment's amortized cost and its fair value with a corresponding charge to earnings. Subsequent increases in the fair value of Available-for-Sale securities that occur in periods after a write-down has occurred are recorded as unrealized gains in other comprehensive income ("OCI"), while subsequent decreases in fair value would continue to be recorded as reductions of book value with a charge to earnings.

 For securities that do not meet the above criteria, ACC determines whether the decrease in fair value is due to a credit loss or due to other factors. The amount of impairment due to credit-related factors, if any, is recognized as an allowance for credit losses with a related charge to Net realized gain (loss) on investments. The allowance for credit losses is limited to the amount by which the security's amortized cost basis exceeds its fair value. The amount of the impairment related to other factors is recognized in OCI.
 Factors ACC considers in determining whether declines in the fair value of fixed maturity securities are due to credit-related factors include (i) the extent to which the market value is below amortized cost (ii) fundamental analysis of the liquidity, business prospects and overall financial condition of the issuer and (iii) market events that could impact credit ratings, economic and business climate, litigation and government actions, and similar external business factors.
 If through subsequent evaluation there is a sustained increase in cash flows expected, both the allowance and related charge to earnings may be reversed to reflect the increase in expected principal and interest payments.
 In order to determine the amount of the credit loss component for corporate debt securities, a best estimate of the present value of cash flows expected to be collected discounted at the security's effective interest rate is compared to the amortized cost basis of the security. The significant inputs to cash flow projections consider potential debt restructuring terms, projected cash flows available to pay creditors and ACC's position in the debtor's overall capital structure. When assessing potential credit-related impairments for structured investments (e.g., residential mortgage backed securities, commercial mortgage backed securities and asset backed securities), ACC also considers credit-related factors such as overall deal structure and its position within the structure, quality of underlying collateral, delinquencies and defaults, loss severities, recoveries, prepayments and cumulative loss projections.
 Management has elected to exclude accrued interest in its measurement of the allowance for credit losses for Available-for-Sale securities. Accrued interest on Available-for-Sale securities is recorded as earned in Receivables. Available-for-Sale securities are generally placed on nonaccrual status when the accrued balance becomes 90 days past due or earlier based on management's evaluation of the facts and circumstances of each security under review. All previously accrued interest is reversed through Investment income.
 Financing Receivables
 Commercial Loans
 Commercial loans include commercial mortgage loans and syndicated loans and are recorded at amortized cost less the allowance for credit losses. Commercial mortgage loans and syndicated loans are recorded within Investments in unaffiliated issuers. Commercial mortgage loans are loans on commercial properties that are originated by ACC. Syndicated loans represent ACC's investment in loan syndications originated by unrelated third parties.
 Interest income is accrued as earned on the unpaid principal balances of the loans. Interest income recognized on commercial mortgage loans and syndicated loans is recorded in Investment income.
 Allowance for Credit Losses
 The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected over the asset's expected life, considering past events, current conditions and reasonable and supportable forecasts of future economic conditions. Estimates of expected credit losses consider both historical charge-off and recovery experience as well as current economic conditions and management's expectation of future charge-off and recovery levels. Expected losses related to risks other than credit risk are excluded from the allowance for credit losses. The allowance for credit losses is measured and recorded upon initial recognition of the loan, regardless of whether it is originated or purchased.
 Commercial Loans
 The allowance for credit losses for commercial mortgage loans and syndicated loans utilizes a probability of default and loss severity approach to estimate lifetime expected credit losses. Actual historical default and loss severity data for each type of commercial loan is adjusted for current conditions and reasonable and supportable forecasts of future economic conditions to develop the probability of default and loss severity assumptions that are applied to the amortized cost basis of the loans over the expected life of each portfolio. The allowance for credit losses on commercial mortgage loans and syndicated loans is recorded through provisions charged to Net realized gain (loss) on investments and is reduced increased by net charge-offs recoveries.
 Management determines the adequacy of the allowance for credit losses based on the overall loan portfolio composition, recent and historical loss experience, and other pertinent factors, including when applicable, internal risk ratings, loan-to-value ("LTV") ratios, and occupancy rates, along with reasonable and supportable forecasts of economic and market conditions. This evaluation is inherently subjective as it requires estimates, which may be susceptible to significant change. While ACC may attribute portions of the allowance to specific loan pools as part of the allowance estimation process, the entire allowance is available to absorb losses expected over the life of the loan portfolio.

 Certificate Loans
 Certificate loans are recorded within Investments in unaffiliated issuers. When originated, the loan balances do not exceed the cash surrender value of the underlying products. As there is minimal risk of loss related to certificate loans, ACC does not record an allowance for credit losses.
 Interest income is accrued as earned on the unpaid principal balances of the loans. Interest income recognized on certificate loans is recorded in Investment income.
 See Note 4 for additional information on financing receivables.
 Nonaccrual Loans
 Commercial mortgage loans and syndicated loans are placed on nonaccrual status when either the collection of interest or principal has become 90 days past due or is otherwise considered doubtful of collection. Interest payments received on loans on nonaccrual status are generally applied to principal unless the remaining principal balance has been determined to be fully collectible. Management has elected to exclude accrued interest in its measurement of the allowance for credit losses for commercial mortgage loans and syndicated loans.
 Loan Modifications
 A loan is modified when ACC makes certain concessionary modifications to contractual terms such as principal forgiveness, interest rate reductions, other-than-insignificant payment delays, and or term extensions in an attempt to make the loan more affordable to a borrower experiencing financial difficulties. Generally, performance prior to the modification or significant events that coincide with the modification are considered in assessing whether the borrower can meet the new terms which may result in the loan being returned to accrual status at the time of the modification or after a performance period. If the borrower's ability to meet the revised payment schedule is not reasonably assured, the loan remains on nonaccrual status.
 Charge-off and Foreclosure
 Charge-offs are recorded when ACC concludes that all or a portion of the commercial mortgage loan or syndicated loan is uncollectible. Factors used by ACC to determine whether all amounts due on commercial mortgage loans will be collected, include but are not limited to, the financial condition of the borrower, performance of the underlying properties, collateral and or guarantees on the loan, and the borrower's estimated future ability to pay based on property type and geographic location. Factors used by ACC to determine whether all amounts due on syndicated loans will be collected, include but are not limited to, the borrower's financial condition, industry outlook, and internal risk ratings based on rating agency data and internal analyst expectations.
 If it is determined that foreclosure on a commercial mortgage loan is probable and the fair value is less than the current loan balance, expected credit losses are measured as the difference between the amortized cost basis of the asset and fair value less estimated costs to sell, if applicable. Upon foreclosure, the commercial mortgage loan and related allowance are reversed, and the foreclosed property is recorded as real estate owned.
 Certificate Reserves
 Investment certificates may be purchased either with a lump-sum payment or by installment payments. Certificate product owners are entitled to receive, at maturity, a definite sum of money. Payments from certificate owners are credited to Certificate reserves. Investment certificate reserves accumulate interest at specified percentage rates as declared by ACC. Reserves also are maintained for advance payments made by certificate owners, accrued interest thereon, and for additional credits in excess of minimum guaranteed rates and accrued interest thereon. On certificates allowing for the deduction of a surrender charge, the cash surrender values may be less than accumulated investment certificate reserves prior to maturity dates. Cash surrender values on certificates allowing for no surrender charge are equal to certificate reserves. The payment distribution, reserve accumulation rates, cash surrender values, reserve values and other matters are governed by the 1940 Act.
 Certain certificates offer a return based on the relative change in a stock market index. The certificates with an equity-based return contain embedded derivatives, which are carried at fair value within Certificate reserves. The fair values of these embedded derivatives incorporate current market data inputs. Changes in fair value are reflected within Provision for certificate reserves.
 Derivatives and Hedging Activities
 Derivative instruments, consisting of options and futures contracts, if any, are classified in the Consolidated Balance Sheets at fair value. The fair value of ACC's derivative instruments is determined using either market quotes or valuation models that are based upon the net present value of estimated future cash flows and incorporate current market observable inputs to the extent available. The accounting for the change in the fair value of the derivative instrument depends on its intended use and the resulting hedge designation, if any. For derivative instruments that do not qualify for hedge accounting or are not designated as accounting hedges, changes in fair value are recognized in current period earnings. ACC's policy is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement.

 Due From Related Party
 The balance in Due from related party includes the amounts due from its affiliated broker-dealer, AFS, related to sales of investment certificates.
 Other Liabilities
 Other liabilities primarily include unpaid certificate maturities and cash surrenders to certificate holders.
 Income Taxes
 ACC's taxable income is included in the consolidated federal income tax return of Ameriprise Financial. ACC provides for income taxes on a separate return basis, except that, under an agreement between Ameriprise Financial and ACC, tax benefits are recognized for losses to the extent they can be used in the consolidated return. It is the policy of Ameriprise Financial that it will reimburse its subsidiaries for any tax benefits recorded. The controlled group for which ACC is a member is an applicable corporation with regard to the corporate alternative minimum tax ("CAMT") and is therefore required to compute the CAMT. In accordance with the tax sharing agreement, Ameriprise Financial will be liable for any CAMT liability and expense.
 ACC's provision for income taxes represents the net amount of income taxes that ACC expects to pay or to receive from various taxing jurisdictions in connection with its operations. ACC provides for income taxes based on amounts that ACC believes it will ultimately owe taking into account the recognition and measurement for uncertain tax positions. Inherent in the provision for income taxes are estimates and judgments regarding the tax treatment of certain items.
 In connection with the provision for income taxes, 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. See Note 11 for additional information on ACC's valuation allowance.
 Recent Accounting Pronouncements
 Adoption of New Accounting Standards
 Financial Instruments – Credit Losses – Troubled Debt Restructurings and Vintage Disclosures
 In March 2022, the Financial Accounting Standards Board ("FASB") proposed amendments to Accounting Standards Update ("ASU") 2016-13, Financial Instruments—Credit Losses Measurement of Credit Losses on Financial Instruments ("Topic 326"). The update removes the recognition and measurement guidance for Troubled Debt Restructurings ("TDRs") by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, and modifies the disclosure requirements for certain loan refinancing and restructuring by creditors when a borrower is experiencing financial difficulty. Rather than applying the recognition and measurement for TDRs, an entity must apply the loan refinancing and restructuring guidance to determine whether a modification results in a new loan or a continuation of an existing loan. The update also requires entities to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. The amendments are to be applied prospectively, but entities may apply a modified retrospective transition for changes to the recognition and measurement of TDRs. For entities that have adopted Topic 326, the amendments are effective for interim and annual periods beginning after December 15, 2022. ACC adopted the standard on January 1, 2023. The adoption of this update did not have an impact on ACC's consolidated results of operations and financial condition and modifications to disclosures are immaterial in the current period.
 Future Adoption of New Accounting Standards
 Segment Reporting – Improvements to Reportable Segment Disclosures
 In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures, updating reportable segment disclosure requirements in accordance with Topic 280, Segment Reporting ("Topic 280"), primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss and contain other disclosure requirements. The amendments also expand Topic 280 disclosures to public entities with one reportable segment. The amendments are effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. Early adoption is permitted. The Company is assessing changes to the segment related disclosures resulting from the standard. The adoption of the standard will not have an impact on the Company's consolidated results of operations and financial condition as the standard is disclosure-related only.

 Income Taxes – Improvements to Income Tax Disclosures
 In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, updating the accounting standards related to income tax disclosures, primarily focused on the disaggregation of income taxes paid and the rate reconciliation table. The standard is to be applied prospectively with an option for retrospective application and is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is assessing changes to the income tax related disclosures resulting from the standard. The adoption of the standard will not have an impact on the Company's consolidated results of operations and financial condition as the standard is disclosure-related only.

 2. Deposit of Assets and Maintenance of Qualified Assets
 Under the provisions of its certificates and the 1940 Act, ACC was required to have cash and "qualified assets" (as defined in Section 28(b) of the 1940 Act, as modified by an exemptive order of the SEC) in the amount of $13.5 billion and $9.3 billion as of December 31, 2023 and 2022, respectively. ACC reported Qualified Assets of $14.3 billion and $9.9 billion as of December 31, 2023 and 2022, respectively. Qualified Assets exclude net unrealized pretax losses on Available-for-Sale securities of $98.3 million and $154.1 million as of December 31, 2023 and 2022, respectively. Additionally, Qualified Assets exclude Payables to brokers, dealers and clearing organizations of $6.2 million and $68.5 million as of December 31, 2023 and 2022, respectively.
 Qualified Assets are valued in accordance with such provisions of Minnesota Statutes as are applicable to investments of life insurance companies. These values are the same as financial statement carrying values, except for debt securities classified as Available-for-Sale and all marketable equity securities, which are carried at fair value in the Consolidated Financial Statements but are valued at either amortized cost, market value or par value based on the state requirements for qualified asset and deposit maintenance purposes.
 Pursuant to provisions of the certificates, the 1940 Act, the Depository and Custodial Agreement and requirements of various states, Qualified Assets of ACC were deposited as follows

 Deposits

 Required Deposits

 Excess

 Deposits to meet certificate liability requirements

 Pennsylvania and New Jersey (at market value)
 $

 $

 $

 Texas and Illinois (at par value)

 Custodian (at amortized cost)
 14,212,284

 13,475,655

 736,629

 Total
 $
 14,212,758

 $
 13,475,935

 $
 736,823

 Deposits

 Required Deposits

 Excess

 Deposits to meet certificate liability requirements

 Pennsylvania and New Jersey (at market value)
 $

 $

 $

 Texas and Illinois (at par value)

 Custodian (at amortized cost)
 9,886,405

 9,313,729

 572,676

 Total
 $
 9,886,977

 $
 9,314,009

 $
 572,968

 The assets on deposit with the Custodian (or its subcustodian) as of December 31, 2023 and 2022 consisted of securities and other loans having a deposit value of $13.2 billion and $8.6 billion, respectively, mortgage loans on real estate of $96.6 million and $102.2 million, respectively, and other investments of $894.1 million and $1.2 billion, respectively. There were $6.2 million and $68.5 million of Payables to brokers, dealers and clearing organizations related to these assets on deposit as of December 31, 2023 and 2022, 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
 Investments in unaffiliated issuers were as follows

 2023

 2022

 Available-for-Sale securities Fixed maturities, at fair value (allowance for credit losses 2023 and 2022, nil amortized cost 2023, $13,135,364 2022, $8,523,011)

 $

 $

 Commercial mortgage loans and syndicated loans, at cost (allowance for credit losses 2023, $1,333 2022, $1,472 fair value 2023, $178,850 2022, $195,252)

 183,268

 204,493

 Certificate loans — secured by certificate reserves, at cost, which approximates fair value

 Total
 $
 13,220,339

 $
 8,573,481

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

 Description of Securities

 Gross Unrealized Gains

 Gross Unrealized Losses

 Fair
Value

 $
 1,722,491

 $
 3,100

 $
 (4,586)

 $
 1,721,005

 4,217,845

 18,865

 (101,830)

 1,913,637

 4,708

 (25,900)

 2,640,240

 8,575

 (1,701)

 1,250

 —

 (67)

 1,183

 2,639,901

 1,158

 (649)

 Total

 $
 13,135,364

 $
 36,406

 $
 (134,733)

 $

 Description of Securities

 Gross Unrealized Gains

 Gross Unrealized Losses

 Fair
Value

 $
 800,596

 $

 $
 (8,151)

 $
 792,942

 2,210,633

 4,202

 (114,971)

 2,099,864

 1,976,401

 (28,521)

 1,948,752

 1,463,147

 2,599

 (10,474)

 1,455,272

 9,451

 —

 (296)

 9,155

 2,062,783

 (671)

 Total

 $
 8,523,011

 $
 8,989

 $
 (163,084)

 $

 As of December 31, 2023 and 2022, accrued interest of $47.4 million and $20.8 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Receivables.
 As of December 31, 2023 and 2022, fixed maturity securities comprised approximately 92% and 86%, respectively, of ACC's total investments. Rating agency designations are based on the availability of ratings from Nationally Recognized Statistical Rating Organizations ("NRSROs"), including Moody's Investors Service ("Moody's"), Standard Poor's Ratings Services ("S P"), and Fitch Ratings Ltd. ("Fitch"). ACC uses the median of available ratings from Moody's, S P and Fitch, or if fewer than three ratings are available, the lower rating is used. When ratings from Moody's, S P and Fitch are unavailable, as is the case for many private placement securities, ACC may utilize ratings from other NRSROs or rate the securities internally. As of December 31, 2023 and 2022, $16.9 million and $8.7 million, respectively, worth of securities were internally rated by Columbia Management Investment Advisers, LLC ("CMIA"), an affiliate of ACC.

 A summary of fixed maturity securities by rating was as follows

 Ratings

 Percent of Total Fair Value

 Percent of Total Fair Value

 (in thousands, except percentages)

 AAA

 $
 6,497,442

 $
 6,432,988

 %

 $
 7,504,912

 $
 7,361,766

 %

 AA

 4,667,593

 4,633,823

 104,049

 100,303

 A

 458,233

 457,526

 165,663

 164,265

 BBB

 1,506,666

 1,507,511

 732,811

 727,450

 Below investment grade

 5,430

 5,189

 —

 15,576

 15,132

 —

 Total fixed maturities

 $
 13,135,364

 $

 %

 $
 8,523,011

 $

 %

 As of December 31, 2023, approximately 85% of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities. These issuers were downgraded in the third quarter of 2023 from AAA to AA due to the downgrade of the U.S. Government long-term credit rating. As of December 31, 2022, approximately 34% of securities rated AAA were GNMA, FNMA and FHLMC mortgage backed securities. As of December 31, 2023, ACC had nine issuers with holdings totaling $774.2 million that individually were between 10% and 19% of total shareholder's equity. As of December 31, 2022, ACC had 18 issuers with holdings totaling $868.0 million that individually were between 10% and 15% of total shareholder's equity. There were no other holdings of any other issuer greater than 10% of total shareholder's equity as of December 31, 2023 and 2022.
 The following tables summarize the fair value and gross unrealized losses on Available-for-Sale securities, aggregated by major investment type and the length of time that individual securities have been in a continuous unrealized loss position

 Description of Securities

 Less than 12 months
 12 months or more
 Total

 (in thousands, except number of securities)

 $
 865,152

 $
 (2,433)

 $
 342,354

 $
 (2,153)

 $
 1,207,506

 $
 (4,586)

 1,195,734

 (9,911)

 1,516,870

 (91,919)

 2,712,604

 (101,830)

 325,203

 (3,515)

 781,839

 (22,385)

 1,107,042

 (25,900)

 640,049

 (1,002)

 320,391

 (699)

 960,440

 (1,701)

 —

 —

 —

 1,183

 (67)

 1,183

 (67)

 954,302

 (648)

 (1)

 954,357

 (649)

 Total

 $
 3,980,440

 $
 (17,509)

 $
 2,962,692

 $
 (117,224)

 $
 6,943,132

 $
 (134,733)

 Description of Securities

 Less than 12 months
 12 months or more
 Total

 (in thousands, except number of securities)

 $
 598,028

 $
 (8,151)

 —

 $
 —

 $
 —

 $
 598,028

 $
 (8,151)

 1,609,795

 (83,810)

 253,759

 (31,161)

 1,863,554

 (114,971)

 1,396,001

 (16,637)

 379,588

 (11,884)

 1,775,589

 (28,521)

 816,065

 (8,671)

 87,706

 (1,803)

 903,771

 (10,474)

 8,251

 (200)

 (96)

 9,155

 (296)

 559,320

 (671)

 —

 —

 —

 559,320

 (671)

 Total

 $
 4,987,460

 $
 (118,140)

 $
 721,957

 $
 (44,944)

 $
 5,709,417

 $
 (163,084)

 As part of ACC's ongoing monitoring process, management determined the decrease in gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the year ended December 31, 2023 is primarily attributable to the impact of lower interest rates and tighter credit spreads. ACC did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors. ACC does not intend to sell these securities and does not believe that it is more likely than not that ACC will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. As of December 31, 2023 and 2022, approximately 97% and 96%, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.
 There were no amounts recognized in the allowance for credit losses on Available-for-Sale securities during the years ended December 31, 2023, 2022 and 2021.
 The change in net unrealized gains (losses) on securities in OCI includes two components, net of tax (i) unrealized gains (losses) that arose from changes in the fair value of securities that were held during the period and (ii) (gains) losses that were previously unrealized, but have been recognized in current period net income due to sales of Available-for-Sale securities and due to the reclassification of noncredit losses to credit losses.
 The following table presents a rollforward of the net unrealized gains (losses) on Available-for-Sale securities included in AOCI

 Net Unrealized
Gains (Losses) on Securities

 Deferred
Income Tax

 Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Gains
(Losses) on Securities

 Balance at January 1, 2021

 $
 40,810

 $
 (8,114)

 $
 32,696

 Net unrealized gains (losses) on securities arising during the period (1)

 (21,208)

 5,111

 (16,097)

 Reclassification of net (gains) losses on securities included in net income (2)

 (1,093)

 (863)

 Balance at December 31, 2021

 18,509

 (2,773)

 15,736

 Net unrealized gains (losses) on securities arising during the period (1)

 (172,584)

 41,518

 (131,066)

 Reclassification of net (gains) losses on securities included in net income (2)

 (19)

 (15)

 Balance at December 31, 2022

 (154,094)

 38,749

 (115,345)

 Net unrealized gains (losses) on securities arising during the period (1)

 55,519

 (13,458)

 42,061

 Reclassification of net (gains) losses on securities included in net income (2)

 (52)

 Balance at December 31, 2023

 $
 (98,326)

 $
 25,239

 $
 (73,087)

 (1) Net unrealized gains (losses) on securities arising during the period include impairments on Available-for-Sale securities related to factors other than credit that were recognized in OCI during the period.
 (2) Reclassification amounts are reported in Net realized gain (loss) on investments.

 Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in Net realized gain (loss) on investments were as follows

 2023

 2022

 2021

 Gross realized gains
 $

 $

 $
 1,132

 Gross realized losses
 (563)

 —

 (39)

 Total

 $
 (249)

 $

 $
 1,093

 Available-for-Sale securities by contractual maturity as of December 31, 2023 were as follows

 Due within one year

 $
 3,651,134

 $
 3,647,866

 Due after one year through five years

 712,508

 714,732

 4,363,642

 4,362,598

 4,217,845

 1,913,637

 2,640,240

 Total

 $
 13,135,364

 $

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

 4. Financing Receivables
 Financing receivables are comprised of commercial loans and certificate loans. See Note 1 for information regarding ACC's accounting policies related to loans and the allowance for loan losses.
 Allowance for Credit Losses
 The following table presents a rollforward of the allowance for credit losses

 Commercial Loans

 Balance at January 1, 2021

 $
 3,190

 Provisions
 (1,672)

 Balance at December 31, 2021

 1,518

 Provisions
 (46)

 Balance at December 31, 2022

 1,472

 Provisions

 Charge-offs
 (149)

 Balance at December 31, 2023

 $
 1,333

 As of both December 31, 2023 and 2022, accrued interest on commercial loans was $1.2 million and is recorded in Receivables and excluded from the amortized cost basis of commercial loans.
 Purchases and Sales
 During the years ended December 31, 2023, 2022 and 2021, ACC purchased $19.4 million, $25.2 million and $11.2 million, respectively, of syndicated loans, and sold $3.6 million, $1.1 million and $13.7 million, respectively, of syndicated loans.
 ACC has not acquired any loans with deteriorated credit quality as of the acquisition date.
 Credit Quality Information
 Nonperforming loans were $1.1 million and $1.5 million as of December 31, 2023 and 2022, respectively. All other loans were considered to be performing.

 Commercial Loans
 Commercial Mortgage Loans
 ACC reviews the credit worthiness of the borrower and the performance of the underlying properties in order to determine the risk of loss on commercial mortgage loans. Loan-to-value ratio is the primary credit quality indicator included in this review.
 Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates when credit risk changes. There were no commercial mortgage loans which management has assigned its highest risk rating as of both December 31, 2023 and 2022. Loans with the highest risk rating represent distressed loans which ACC has identified as impaired or expects to become delinquent or enter into foreclosure within the next six months. There were no commercial mortgage loans past due as of both December 31, 2023 and 2022.
 The tables below present the amortized cost basis of commercial mortgage loans by year of origination and loan-to-value ratio

 Loan-to-Value Ratio

 2023

 2022

 2021

 2020

 2019

 Prior

 Total

 100%

 $
 —

 $
 —

 $
 —

 $
 —

 $
 —

 $
 3,146

 $
 3,146

 80% - 100%

 —

 5,420

 —

 —

 —

 —

 5,420

 60% - 80%

 4,000

 —

 —

 —

 —

 4,000

 8,000

 40% - 60%

 1,075

 —

 3,948

 3,969

 5,000

 5,117

 19,109

 40%

 2,600

 1,480

 6,273

 3,000

 8,719

 39,202

 61,274

 Total

 $
 7,675

 $
 6,900

 $
 10,221

 $
 6,969

 $
 13,719

 $
 51,465

 $

 Loan-to-Value Ratio

 2022

 2021

 2020

 2019

 2018

 Prior

 Total

 100%

 $
 —

 $
 —

 $
 —

 $
 —

 $
 3,211

 $
 —

 $
 3,211

 80% - 100%

 5,500

 —

 —

 —

 —

 —

 5,500

 60% - 80%

 —

 1,727

 —

 —

 —

 3,411

 5,138

 40% - 60%

 —

 4,963

 4,062

 10,630

 2,570

 8,299

 30,524

 40%

 1,628

 4,544

 3,000

 3,646

 6,589

 38,834

 58,241

 Total

 $
 7,128

 $
 11,234

 $
 7,062

 $
 14,276

 $
 12,370

 $
 50,544

 $

 Loan-to-value ratio is based on income and expense data provided by borrowers at least annually and long-term capitalization rate assumptions based on property type. For the year ended December 31, 2023, write-offs of commercial mortgage loans were not material.
 In addition, ACC reviews the concentrations of credit risk by region and property type. Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows

 Loans

 Percentage

 2023

 2022

 2023

 2022

 East North Central
 $
 8,226

 $
 9,116

 %

 %

 East South Central
 5,514

 2,239

 Middle Atlantic
 15,466

 14,640

 Mountain
 8,756

 9,135

 New England
 6,308

 6,542

 Pacific
 30,024

 36,432

 South Atlantic
 13,023

 12,003

 West North Central
 3,403

 4,215

 West South Central
 6,229

 8,292

 Total
 $

 $

 %

 %

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

 Loans

 Percentage

 2023

 2022

 2023

 2022

 Apartments
 $
 31,125

 $
 29,969

 %

 %

 Industrial
 23,596

 25,668

 Mixed use
 10,126

 10,658

 Office
 11,336

 16,293

 Retail
 14,574

 17,592

 Other
 6,192

 2,434

 Total
 $

 $

 %

 %

 Syndicated Loans
 The investment in syndicated loans as of December 31, 2023 and 2022 was $87.7 million and $103.4 million, respectively. ACC's syndicated loan portfolio is diversified across industries and issuers. Syndicated loans past due as of December 31, 2023 and 2022 were $1.1 million and nil, respectively. ACC assigns an internal risk rating to each syndicated loan in its portfolio ranging from 1 through 5, with 5 reflecting the lowest quality. For the year ended December 31, 2023, write-offs of syndicated loans were not material.
 The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating

 Internal Risk Rating

 2023

 2022

 2021

 2020

 2019

 Prior

 Total

 Risk 5

 $
 —

 $
 1,131

 $
 —

 $
 —

 $
 —

 $
 —

 $
 1,131

 Risk 4

 —

 —

 1,199

 1,925

 —

 3,235

 Risk 3

 1,963

 —

 5,050

 2,460

 1,207

 8,106

 18,786

 Risk 2

 20,347

 1,998

 8,437

 2,377

 4,658

 1,981

 39,798

 Risk 1

 8,557

 2,261

 6,104

 1,993

 4,162

 1,625

 24,702

 Total

 $
 30,978

 $
 5,390

 $
 19,591

 $
 8,029

 $
 11,952

 $
 11,712

 $
 87,652

 Internal Risk Rating

 2022

 2021

 2020

 2019

 2018

 Prior

 Total

 Risk 5

 $
 1,132

 $
 —

 $
 —

 $
 —

 $

 $
 —

 $
 1,469

 Risk 4

 —

 —

 —

 1,937

 —

 1,786

 3,723

 Risk 3

 —

 3,561

 3,058

 4,740

 6,859

 18,935

 Risk 2

 2,948

 7,993

 5,387

 6,813

 5,284

 16,242

 44,667

 Risk 1

 3,342

 4,423

 2,556

 3,467

 7,880

 12,889

 34,557

 Total

 $
 7,422

 $
 15,977

 $
 8,660

 $
 15,275

 $
 18,241

 $
 37,776

 $
 103,351

 Certificate Loans
 Certificate loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to certificate loans, ACC does not record an allowance for credit losses.
 Modifications with Borrowers Experiencing Financial Difficulty
 Modifications of financing receivables with borrowers experiencing financial difficulty by ACC were not material during the year ended December 31, 2023.

 5. Certificate Reserves
 Reserves maintained on outstanding certificates have been computed in accordance with the provisions of the certificates and Section 28 of the 1940 Act. The average rates of accumulation on certificate reserves were as follows

 Reserve Balance

 Average Gross Accumulation Rates (3)

 Average Additional Credit Rates (4)

 (in thousands, except percentages)

 $
 10,272

 4.87
 %

 4.87
 %

 Fully paid certificates

 With guaranteed rates
 3,441

 3.19
 %

 0.01
 %

 13,262,238

 4.67
 %

 4.67
 %

 Equity indexed (2)

 163,980

 N A

 N A

 Additional credits and accrued interest

 With guaranteed rates

 3.04
 %

 —

 30,101

 N A

 N A

 N A

 N A

 Total
 $
 13,470,674

 Reserve Balance

 Average Gross Accumulation Rates (3)

 Average Additional Credit Rates (4)

 (in thousands, except percentages)

 $
 8,413

 4.09
 %

 4.09
 %

 Fully paid certificates

 With guaranteed rates
 4,032

 3.22
 %

 0.01
 %

 9,079,145

 2.97
 %

 2.97
 %

 Equity indexed (2)

 210,303

 N A

 N A

 Additional credits and accrued interest

 With guaranteed rates

 3.07
 %

 —

 11,062

 N A

 N A

 N A

 N A

 Total
 $
 9,313,405

 N A Not Applicable
 (1) There is no minimum rate of accrual on these reserves. Interest is declared periodically, quarterly, or annually in accordance with the terms of the separate series of certificates.
 (2) Ameriprise Stock Market Certificate and Ameriprise Market Strategy Certificate enable the certificate owner to participate in any relative rise in a major stock market index up to a cap without risking loss of principal. The certificates have market participation terms of 52, 104 or 156 weeks and may continue for up to 15 years. The reserve balances on these certificates as of December 31, 2023 and 2022 were $176.9 million and $220.5 million, respectively.
 (3) The average gross accumulation rate is the additional credit rate plus the guaranteed minimum rate, if applicable, based on the weighted average reserves as of December 31, 2023 and 2022.
 (4) The average additional credit rate is the declared interest rate in excess of the guaranteed minimum rate, if applicable, based on the weighted average reserves as of December 31, 2023 and 2022.
 On certain series of single payment certificates, additional interest is pre-declared for periods greater than one year. The retained earnings appropriated for the pre-declared additional interest as of December 31, 2023 and 2022 was $27.0 million and $16.0 million, respectively, which reflects the difference between certificate reserves on these series, calculated on a statutory basis, and the reserves maintained per books.

 The carrying amounts of net certificate reserves consisted of the following

 2023

 2022

 Reserves with terms of one year or less

 $
 12,354,258

 $
 8,927,109

 Other

 1,116,416

 386,296

 Total certificate reserves
 13,470,674

 9,313,405

 Unapplied certificate transactions

 39,628

 6,858

 Certificate loans and accrued interest

 (35)

 (73)

 Total
 $
 13,510,267

 $
 9,320,190

 6. Regulation and Dividend Restrictions
 ACC is required to maintain cash and "qualified assets" meeting the standards of Section 28(b) of the 1940 Act, as modified by an exemptive order of the SEC. The amortized cost of such investments must be at least equal to ACC's net liabilities on all outstanding face-amount certificates plus $250,000. ACC's qualified assets consist of cash and cash equivalents, residential and commercial mortgage backed securities, asset backed securities, syndicated loans, commercial mortgage loans, U.S. government and government agency obligations, state and municipal obligations, corporate debt securities, equity index options and other securities meeting specified standards. So long as ACC wishes to rely on the SEC order, as a condition to the order, ACC has agreed to maintain an amount of unappropriated retained earnings and capital equal to at least 5% of certificate reserves (less outstanding certificate loans). To the extent that payment of a dividend would decrease the capital ratio below the required 5%, payment of a dividend would be restricted. In determining compliance with this condition, qualified assets are valued in accordance with the provisions of Minnesota Statutes where such provisions are applicable.
 ACC has also entered into a written understanding with the Minnesota Department of Commerce that ACC will maintain capital equal to at least 5% of the assets of ACC (less outstanding certificate loans). To the extent that payment of a dividend would decrease this ratio below the required 5%, payment of a dividend would be restricted. When computing its capital for these purposes, ACC values its assets on the basis of statutory accounting for insurance companies rather than GAAP. ACC is subject to examination and supervision by the Minnesota Department of Commerce (Banking Division) and the SEC. ACC was in compliance with the capital requirements of the SEC and the Minnesota Department of Commerce during the years ended December 31, 2023, 2022 and 2021.
 Ameriprise Financial and ACC entered into a Capital Support Agreement on March 2, 2009, pursuant to which Ameriprise Financial agrees to commit such capital to ACC as is necessary to satisfy applicable minimum capital requirements. Effective April 30, 2014, this agreement was amended to revise the maximum commitment to $50.0 million. For the years ended December 31, 2023, 2022 and 2021, Ameriprise Financial did not infuse any additional capital into ACC under this agreement.

 7. Related Party Transactions
 Distribution Services
 Distribution fees payable to AFS on sales of ACC's certificates are based upon terms of agreements giving AFS the right to distribute the certificates covered under the agreements. The agreements provide for payment of fees over a period of time.
 The following is a general description of the basis for determining distribution fees for ACC's products
 • Ameriprise Cash Reserve Certificates have contractual distribution fee rates of 0.02% of the initial payment on the issue date of the certificate and 0.02% of the certificate's reserve at the beginning of the second and subsequent quarters from issue date.
 • Ameriprise Flexible Savings Certificates have contractual distribution fee rates of 0.04% of the initial investment amount on the first day of the certificate's term and 0.04% of the certificate's reserve at the beginning of the second and subsequent quarters from issue date or at the end of the renewal grace period when the renewal corresponds with the quarterly reserve payment for all terms except seven and thirteen months. For seven month terms, Ameriprise Flexible Savings Certificates have contractual distribution fee rates of 0.04% of the initial investment amount on the first day of the certificate's term, 0.04% of the certificate's reserve at the beginning of the second quarter from issue date and 0.014% of the certificate's reserve at the beginning of the last month of the certificate term. For thirteen month terms, Ameriprise Flexible Savings Certificates have contractual distribution fee rates of 0.04% of the initial investment amount on the first day of the certificate's term, 0.04% of the certificate's reserve at the beginning of the second, third and fourth quarters from issue date and 0.014% of the certificate's reserve at the beginning of the last month of the certificate term.
 • Ameriprise Stock Market Certificates have contractual distribution fee rates of 0.16%, 0.32% and 0.48% for the 52, 104 and 156 week terms, respectively, of each payment made prior to the beginning of the first certificate's participation term and of the certificate's reserve at the beginning of each subsequent participation term.

 • Ameriprise Market Strategy Certificates have contractual distribution fee rates of 0.16% of the certificate's reserve at the beginning of each participation term.
 • Ameriprise Installment Certificates have contractual distribution fee rates of 0.25% of all payments received on or after issue of the certificate until the certificate's maturity date.
 • Ameriprise Step-Up Rate Certificates have contractual distribution fee rates of 0.04% of the initial investment amount on the first day of the certificate's term and 0.04% of the certificate's reserve at the beginning of the second and subsequent quarters from issue date or at the end of the renewal grace period when the renewal corresponds with the quarterly reserve payment.
 Investment Advisory and Services
 CMIA provides investment advice, operational support and other administrative services to ACC. The agreement provides for a graduated scale of fees equal on an annual basis to 0.35% on the first $250 million of net invested assets of ACC (as defined in the agreement), 0.30% on the next $250 million, 0.25% on the next $500 million and 0.20% on the amount in excess of $1 billion. The fee is payable monthly in an amount equal to one-twelfth of each of the percentages set forth above.
 The fee paid to CMIA for managing and servicing syndicated loans, which are excluded from the computation of net invested assets above, is equal to 0.35%. The fee is payable monthly and is equal to one-twelfth of 0.35%, computed each month on the basis of the loans amortized cost less the allowance for loan losses and payable for loans purchased as of the close of business on the last full business day of the preceding month.
 Transfer Agent Fees
 The basis of computing transfer agent fees paid or payable to Columbia Management Investment Services Corp. ("CMIS") is under a Transfer Agent Agreement to maintain certificate owner accounts and records. ACC pays CMIS a monthly fee of one-twelfth of $30.00 per certificate account for this service in addition to certain out-of-pocket expenses.
 Depository Fees
 ATC has an agreement with a subcustodian to provide depository services for ACC's assets. The depository fees paid to ATC are asset-based with additional charges for transactional custody fees charged by the subcustodian.
 ACC's fees payable for distribution, investment advisory, transfer agent and depository services are included in Due to related party. The fees ACC incurred for these services are included in Ameriprise Financial and affiliated company fees.
 Dividends and Contributions
 ACC received cash contributions of $130.5 million, $186.0 million and nil from Ameriprise Financial during the years ended December 31, 2023, 2022 and 2021, respectively. ACC received these contributions to maintain compliance with capital requirements and these contributions were outside of the Capital Support Agreement between Ameriprise Financial and ACC. See Note 6 for additional information on the Capital Support Agreement.
 ACC paid dividends of nil, $11.3 million and $70.0 million to Ameriprise Financial during the years ended December 31, 2023, 2022 and 2021, respectively.
 ACC returned contributed capital of nil, $7.0 million and $39.0 million to Ameriprise Financial during the years ended December 31, 2023, 2022 and 2021, respectively. The payments to Ameriprise Financial were recognized as a reduction of additional paid-in capital as it was in excess of the amount of unappropriated retained earnings available to be paid as a dividend.

 8. Fair Values of Assets and Liabilities
 GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date that is, an exit price. The exit price assumes the asset or liability is not exchanged subject to a forced liquidation or distressed sale.
 Valuation Hierarchy
 ACC categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by ACC's valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety.
 The three levels of the fair value hierarchy are defined as follows
 Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.
 Level 2 Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.
 Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

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

 Level 1

 Level 2

 Level 3

 Total

 Cash equivalents
 $
 —

 $
 894,121

 $
 —

 $
 894,121

 —

 1,703,151

 1,721,005

 —

 —

 —

 —

 —

 —

 —

 1,183

 —

 1,183

 —

 —

 Total Available-for-Sale securities

 10,378,773

 Equity derivative contracts
 —

 —

 Total assets at fair value

 $

 $
 11,290,149

 $

 $
 13,948,413

 Stock market certificate embedded derivatives
 $
 —

 $
 9,300

 $
 —

 $
 9,300

 Equity derivative contracts

 11,480

 —

 Total liabilities at fair value

 $

 $
 20,780

 $
 —

 $
 20,796

 Level 1

 Level 2

 Level 3

 Total

 Cash equivalents
 $
 —

 $
 1,159,470

 $
 —

 $
 1,159,470

 —

 783,289

 9,653

 792,942

 —

 2,099,864

 —

 2,099,864

 —

 1,948,752

 —

 1,948,752

 —

 1,450,381

 4,891

 1,455,272

 —

 9,155

 —

 9,155

 —

 —

 Total Available-for-Sale securities

 6,291,441

 14,544

 Equity derivative contracts
 —

 8,786

 —

 8,786

 Total assets at fair value

 $

 $
 7,459,697

 $
 14,544

 $
 9,537,172

 Stock market certificate embedded derivatives
 $
 —

 $
 3,572

 $
 —

 $
 3,572

 Equity derivative contracts

 6,641

 —

 6,649

 Total liabilities at fair value

 $

 $
 10,213

 $
 —

 $
 10,221

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

 Available-for-Sale Securities

 Corporate Debt Securities

 Asset Backed Securities
 Total

 Balance at January 1, 2023

 $
 9,653

 $
 4,891

 $
 14,544

 Total gains (losses) included in

 (1)

 Other comprehensive income (loss)

 (74)

 Purchases
 15,851

 —

 15,851

 Settlements
 (8,032)

 (5,000)

 (13,032)

 Balance at December 31, 2023

 $

 $
 —

 $

 Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2023

 $

 $
 —

 $

 (1)

 Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2023

 $

 $
 —

 $

 Available-for-Sale Securities

 Corporate Debt Securities

 Residential Mortgage Backed Securities

 Asset Backed Securities

 Total

 Balance at January 1, 2022

 $
 6,004

 $
 —

 $
 4,891

 $
 10,895

 Total gains (losses) included in

 —

 (1)

 Other comprehensive income (loss)
 (214)

 (504)

 (193)

 (911)

 Purchases
 9,818

 99,956

 17,582

 127,356

 Settlements
 (6,000)

 —

 —

 (6,000)

 Transfers out of Level 3
 —

 (99,452)

 (17,427)

 (116,879)

 Balance at December 31, 2022

 $
 9,653

 $
 —

 $
 4,891

 $
 14,544

 Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2022

 $

 $
 —

 $

 $

 (1)

 Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2022

 $
 (212)

 $
 —

 $
 (38)

 $
 (250)

 Available-for-Sale Securities

 Corporate Debt Securities

 Asset Backed Securities

 Total

 Balance at January 1, 2021

 $
 6,057

 $
 4,891

 $
 10,948

 Total gains (losses) included in

 —

 (1)

 Other comprehensive income (loss)

 (53)

 (15)

 (68)

 Transfers into Level 3

 —

 Transfers out of Level 3

 (3)

 —

 (3)

 Balance at December 31, 2021

 $
 6,004

 $
 4,891

 $
 10,895

 Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2021

 $
 —

 $

 $

 (1)

 Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2021

 $
 (53)

 $
 (15)

 $
 (68)

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

 Valuation Technique

 Unobservable Input

 Range

 Weighted Average

 Corporate debt securities (private placements)

 $
 17,851

 Discounted cash flow

 Yield spread to U.S. Treasuries

 1.0
 %
 –
 1.1%

 1.0%

 Valuation Technique

 Unobservable Input

 Range

 Weighted Average

 Corporate debt securities (private placements)

 $
 9,650

 Discounted cash flow

 Yield spread to U.S. Treasuries

 1.1
 %
 –
 1.1%

 1.1%

 The weighted average for the yield spread to U.S. Treasuries for corporate debt securities (private placements) is weighted based on the security's market value as a percentage of the aggregate market value of the securities.
 Level 3 measurements not included in the tables above are obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to ACC.
 Uncertainty of Fair Value Measurements
 Significant increases (decreases) in the yield spread to U.S. Treasuries used in the fair value measurement of Level 3 corporate debt securities in isolation would have resulted in a significantly lower (higher) fair value measurement.
 Determination of Fair Value
 ACC uses valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. ACC's market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. ACC's income approach uses valuation techniques to convert future projected cash flows to a single discounted present value amount. When applying either approach, ACC maximizes the use of observable inputs and minimizes the use of unobservable inputs.

 The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy.
 Cash Equivalents
 Cash equivalents include time deposits and other highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less. U.S. Treasuries are classified as Level 1. ACC's remaining cash equivalents are classified as Level 2 and measured at amortized cost, which is a reasonable estimate of fair value because of the short time between the purchase of the instrument and its expected realization.
 Available-for-Sale and Equity Securities
 When available, the fair value of securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from third-party pricing services, non-binding broker quotes, or other model-based valuation techniques.
 Level 1 securities include U.S. Treasuries.
 Level 2 securities include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, asset backed securities, state and municipal obligations and other securities. The fair value of these Level 2 securities is based on a market approach with prices obtained from third-party pricing services. Observable inputs used to value these securities can include, but are not limited to, reported trades, benchmark yields, issuer spreads and non-binding broker quotes.
 Level 3 securities include certain corporate bonds, non-agency residential mortgage backed securities, commercial mortgage backed securities and asset backed securities with fair value typically based on a single non-binding broker quote. The underlying inputs used for some of the non-binding broker quotes are not readily available to ACC. ACC's privately placed corporate bonds are typically based on a single non-binding broker quote.
 Management is responsible for the fair values recorded on the financial statements. Prices received from third-party pricing services are subjected to exception reporting that identifies investments with significant daily price movements as well as no movements. ACC reviews the exception reporting and resolves the exceptions through reaffirmation of the price or recording an appropriate fair value estimate. ACC also performs subsequent transaction testing. ACC performs annual due diligence of third-party pricing services. ACC's due diligence procedures include assessing the vendor's valuation qualifications, control environment, analysis of asset-class specific valuation methodologies, and understanding of sources of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. ACC also considers the results of its exception reporting controls and any resulting price challenges that arise.
 Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is classified as Level 1. The fair value of derivatives that are traded in less active over-the-counter ("OTC") markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include options. The counterparties' nonperformance risk associated with uncollateralized derivative assets was immaterial as of both December 31, 2023 and 2022. See Note 9 and Note 10 for further information on the credit risk of derivative instruments and related collateral.
 Stock Market Certificate Embedded Derivatives
 ACC uses Black-Scholes models to determine the fair value of the embedded derivative liability associated with the provisions of its SMC. The inputs to these calculations are primarily market observable and include interest rates, volatilities and equity index levels. As a result, these measurements are classified as Level 2.
 Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is classified as Level 1. The fair value of derivatives that are traded in less active OTC markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include options. The Company's nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of both December 31, 2023 and 2022. See Note 9 and Note 10 for further information on the credit risk of derivative instruments and related collateral.
 Fair Value on a Nonrecurring Basis
 During the reporting periods, there were no material assets or liabilities measured at fair value on a nonrecurring basis.

 Assets and Liabilities Not Reported at Fair Value
 The following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value

Value

 Level 1

 Level 2

 Level 3

 Total

 Financial Assets

 Syndicated loans
 $

 $
 —

 $
 80,832

 $
 4,899

 $
 85,731

 Commercial mortgage loans

 —

 —

 93,119

 93,119

 Certificate loans

 —

 —

 Financial Liabilities

 Certificate reserves
 $
 13,461,374

 $
 —

 $
 —

 $
 13,420,205

 $
 13,420,205

Value

 Level 1

 Level 2

 Level 3

 Total

 Financial Assets

 Syndicated loans
 $

 $
 —

 $
 96,552

 $
 3,024

 $
 99,576

 Commercial mortgage loans

 —

 —

 95,676

 95,676

 Certificate loans

 —

 —

 Financial Liabilities

 Certificate reserves
 $
 9,309,833

 $
 —

 $
 —

 9,253,304

 $
 9,253,304

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

 9. Offsetting Assets and Liabilities
 Certain derivative instruments are eligible for offset in the Consolidated Balance Sheets. ACC's derivative instruments are subject to master netting and collateral arrangements and qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. ACC's policy is to recognize amounts subject to master netting arrangements on a gross basis in the Consolidated Balance Sheets.
 The following tables present the gross and net information about ACC's assets subject to master netting arrangements

 Gross
Amounts of
Recognized Assets

 Gross Amounts
Offset in the
Consolidated
Balance Sheets

 Amounts of Assets Presented in the Consolidated Balance Sheets

 Gross Amounts Not Offset in the Consolidated Balance Sheets

 Net Amount

 Financial Instruments (1)

 Cash Collateral

 OTC
 $

 $
 —

 $

 $

 $
 (4,903)

 $

 Total
 $

 $
 —

 $

 $

 $
 (4,903)

 $

 Gross
Amounts of
Recognized Assets

 Gross Amounts
Offset in the
Consolidated
Balance Sheets

 Amounts of Assets Presented in the Consolidated Balance Sheets

 Gross Amounts Not Offset in the Consolidated Balance Sheets

 Net Amount

 Financial Instruments (1)

 Cash Collateral

 OTC
 $
 8,786

 $
 —

 $
 8,786

 $
 (6,641)

 $
 (1,893)

 $

 Total
 $
 8,786

 $
 —

 $
 8,786

 $
 (6,641)

 $
 (1,893)

 $

 (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

 Gross
Amounts of
Recognized Liabilities

 Gross Amounts
Offset in the
Consolidated
Balance Sheets

 Amounts of Liabilities Presented in the Consolidated Balance Sheets

 Gross Amounts Not Offset in the Consolidated Balance Sheets

 Net Amount

 Financial Instruments (1)

 Cash Collateral

 OTC
 $
 11,480

 $
 —

 $
 11,480

 $

 $
 —

 $
 —

 Exchange-traded

 —

 —

 —

 Total
 $

 $
 —

 $

 $

 $
 —

 $

 Gross
Amounts of
Recognized Liabilities

 Gross Amounts
Offset in the
Consolidated
Balance Sheets

 Amounts of Liabilities Presented in the Consolidated Balance Sheets

 Gross Amounts Not Offset in the Consolidated Balance Sheets

 Net Amount

 Financial Instruments (1)

 Cash Collateral

 OTC
 $
 6,641

 $
 —

 $
 6,641

 $
 (6,641)

 $
 —

 $
 —

 Exchange-traded

 —

 —

 —

 Total
 $
 6,649

 $
 —

 $
 6,649

 $
 (6,641)

 $
 —

 $

 (1) Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.
 In the tables above, the amount of assets or liabilities presented are offset first by financial instruments that have the right of offset under master netting or similar arrangements, then any remaining amount is reduced by the amount of cash and securities collateral. The actual collateral may be greater than amounts presented in the tables.
 When the fair value of collateral accepted by ACC is less than the amount due to ACC, there is a risk of loss if the counterparty fails to perform or provide additional collateral. To mitigate this risk, ACC monitors collateral values regularly and requires additional collateral when necessary. When the value of collateral pledged by ACC declines, it may be required to post additional collateral.
 Freestanding derivative instruments are reflected in Derivative assets and Derivative liabilities. Cash collateral accepted by ACC is reflected in Other liabilities. See Note 10 for additional disclosures related to ACC's derivative instruments.

 10. Derivatives and Hedging Activities
 Derivative instruments enable ACC to manage its exposure to various market risks. The value of such instruments is derived from an underlying variable or multiple variables, including equity and interest rate indices or prices. ACC primarily enters into derivative agreements for risk management purposes related to ACC's products.
 ACC uses derivatives as economic hedges of equity risk related to SMC. ACC does not designate any derivatives for hedge accounting. The following table presents the notional value and the gross fair value of derivative instruments, including embedded derivatives

 Notional

 Gross Fair Value
 Notional

 Gross Fair Value

 Derivatives not designated as hedging instruments

 Equity contracts (1)

 $
 219,404

 $

 $

 $
 283,681

 $
 8,786

 $
 6,649

 Embedded derivatives

 Stock market certificates (2)

 N A

 —

 9,300

 N A

 —

 3,572

 Total derivatives

 $
 219,404

 $

 $
 20,796

 $
 283,681

 $
 8,786

 $
 10,221

 N A Not applicable
 (1) The gross fair value of equity contracts is included in Derivative assets and Derivative liabilities.
 (2) The gross fair value of SMC embedded derivatives is included in Certificate reserves.
 See Note 8 for additional information regarding ACC's fair value measurement of derivative instruments.

 As of December 31, 2023 and 2022, investment securities with a fair value of $446 thousand and $182 thousand, respectively, were pledged to meet contractual obligations under derivative contracts.
 The following table presents a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Operations

 Derivatives not designated as
hedging instruments

 Location of Gain (Loss) on
Derivatives Recognized in Income

 Amount of Gain (Loss) on Derivatives Recognized in Income

 2023

 2022

 2021

 Equity contracts

 Stock market certificates

 Net provision for certificate reserves

 $
 4,324

 $
 (580)

 $
 1,403

 Stock market certificates embedded derivatives

 Net provision for certificate reserves

 (5,046)

 (1,173)

 Total

 $
 (722)

 $
 (141)

 $

 Ameriprise SMC offer a return based upon the relative change in a major stock market index between the beginning and end of the certificate's term. The SMC product contains an embedded derivative. The equity based return of the certificate must be separated from the host contract and accounted for as a derivative instrument. As a result of fluctuations in equity markets and the corresponding changes in value of the embedded derivative, the amount of expenses incurred by ACC related to the SMC product will positively or negatively impact reported earnings. As a means of hedging its obligations under the provisions for these certificates, ACC purchases and writes call options on the S P 500 Index. ACC views this strategy as a prudent management of equity market sensitivity, such that earnings are not exposed to undue risk presented by changes in equity market levels. ACC also purchases futures on the S P 500 Index to economically hedge its obligations. The futures are marked-to-market daily and exchange traded, exposing ACC to minimal counterparty risk.
 Credit Risk
 Credit risk associated with ACC's derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. To mitigate such risk, ACC has established guidelines and oversight of credit risk through a comprehensive enterprise risk management program that includes members of senior management. Key components of this program are to require preapproval of counterparties and the use of master netting and collateral arrangements whenever practical. See Note 9 for additional information on ACC's credit exposure related to derivative assets.

 11. Income Taxes
 The components of income tax provision were as follows

 2023

 2022

 2021

 Current income tax

 Federal
 $
 24,615

 $
 16,874

 $
 5,738

 State and local
 3,952

 3,089

 Total current income tax
 28,567

 19,963

 6,355

 Deferred income tax

 Federal
 4,027

 (778)

 1,397

 State and local

 (149)

 Total deferred income tax
 4,781

 (927)

 1,657

 Total income tax provision
 $
 33,348

 $
 19,036

 $
 8,012

 The principal reasons that the aggregate income tax provision is different from that computed by using the U.S. statutory rate of 21% were as follows

 2023

 2022

 2021

 Tax at U.S. statutory rate
 21.0
 %

 21.0
 %

 21.0
 %

 Changes in taxes resulting from

 State income tax, net
 2.7

 3.0

 2.1

 Other
 0.9

 0.8

 1.0

 Income tax provision

 24.6
 %

 24.8
 %

 24.1
 %

 Deferred income tax assets and liabilities result from temporary differences between the assets and liabilities measured for GAAP reporting versus income tax return purposes. Deferred income tax assets and liabilities are measured at the statutory rate of 21% as of both December 31, 2023 and 2022. The significant components of ACC's deferred income tax assets, which are included in Other Assets Deferred taxes, net, were as follows

 2023

 2022 (1)

 Deferred income tax assets

 Investments including net unrealized on Available-for-Sale securities

 $
 11,177

 $
 35,126

 Certificate reserves
 8,423

 2,766

 Total deferred income tax assets
 $
 19,600

 $
 37,892

 (1) Prior period amounts have been reclassified to conform to current year presentation which relates to presenting investments inclusive of net unrealized on Available-for-Sale securities.
 Based on analysis of ACC's tax position, management believes it is more likely than not that ACC's results of future operations and implementation of tax planning strategies will generate sufficient taxable income to enable ACC to utilize all of the deferred tax assets. Accordingly, no valuation allowance for deferred tax assets has been established as of both December 31, 2023 and 2022.
 A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows

 2023

 2022

 2021

 Balance at January 1
 $
 4,342

 $
 3,826

 $
 3,531

 Additions for tax positions related to the current year

 1,179

 Additions for tax positions of prior years

 —

 Reductions for tax positions of prior years
 —

 (33)

 —

 Reductions due to lapse of statutes of limitations

 (229)

 (37)

 (103)

 Balance at December 31
 $
 5,522

 $
 4,342

 $
 3,826

 If recognized, approximately $4.4 million, $3.4 million and $3.0 million, net of federal tax benefits, of unrecognized tax benefits as of December 31, 2023, 2022 and 2021, respectively, would affect the effective tax rate.
 It is reasonably possible that the total amount of unrecognized tax benefits will change in the next 12 months. ACC estimates that the total amount of gross unrecognized tax benefits may decrease by approximately $1.4 million in the next 12 months primarily due to state statutes of limitations expirations.
 ACC recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. ACC recognized a net increase of $249 thousand, $163 thousand and $102 thousand in interest and penalties for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, ACC had a payable of $1 million and $778 thousand, respectively, related to accrued interest and penalties.
 ACC files income tax returns as part of its inclusion in the consolidated federal income tax return of Ameriprise Financial in the U.S. federal jurisdiction and various state jurisdictions. As of December 31, 2023, the federal statutes of limitations are closed on years through 2018. A previously open item for 2014 and 2015 was resolved in the second quarter of 2023. Also in the second quarter of 2023, the Internal Revenue Service ("IRS") audit for tax years 2016 through 2018 was finalized. The IRS is currently auditing Ameriprise Financial's U.S. income tax returns for 2019 and 2020. The state income tax returns of Ameriprise Financial and its subsidiaries, including ACC, are currently under examination by various jurisdictions for years ranging from 2017 through 2021.

 12. Commitments and Contingencies
 Commitments
 ACC's commercial mortgage loan funding commitments were $2.6 million and $1.1 million as of December 31, 2023 and 2022, respectively.
 Contingencies
 The level of regulatory activity and inquiry in the financial services industry remains elevated. From time to time, ACC receives requests for information from, and or has been subject to examination by, both the SEC and the Minnesota Department of Commerce concerning its business activities and practices.
 ACC may in the normal course of business be a party to legal, regulatory or arbitration proceedings concerning matters arising in connection with the conduct of its business activities. The outcome of any such proceeding cannot be predicted with any certainty. ACC believes that it is not a party to, nor are any of its properties the subject of, any pending legal, regulatory or arbitration proceedings that are reasonably likely to have a material adverse effect on ACC's results of operations, financial condition or liquidity. Notwithstanding the foregoing, it is possible that the outcome of any such legal, arbitration or regulatory proceedings could have a material impact on ACC's results of operations, financial condition or liquidity in any particular reporting period as the proceedings are resolved.

 Schedule I — Investments in Securities of Unaffiliated Issuers

Date
Rate
Bonds
a b)
Value

 CASH EQUIVALENTS

 CERTIFICATE OF DEPOSITS

 CANADIAN IMPERIAL BANK OF COMMERCE

 5.310
 %
 $

 $

 $

 TOTAL CERTIFICATE OF DEPOSITS

 GOVERNMENT BOND

 FEDERAL AGRICULTURAL MORTGAGE CORPORATION
 —

 1,200

 1,200

 1,200

 FEDERAL HOME LOAN BANKS
 —

 47,250

 47,243

 47,243

 TOTAL GOVERNMENT BOND

 48,443

 48,443

 COMMERCIAL PAPER

 CENTERPOINT ENERGY INC
 —

 67,890

 67,880

 67,880

 DNB BANK ASA
 —

 99,950

 99,950

 DOMINION ENERGY INC
 —

 24,987

 24,987

 DUKE ENERGY CORPORATION
 —

 31,000

 30,994

 30,994

 DUKE ENERGY CORPORATION
 1 3 2024
 —

 2,000

 1,999

 1,999

 1 3 2024
 —

 35,000

 34,989

 34,989

 —

 24,987

 24,987

 KINDER MORGAN INC
 —

 99,000

 98,985

 98,985

 REPUBLIC SERVICES INC
 —

 65,000

 64,966

 64,966

 SOUTHERN COMPANY (THE)
 1 3 2024
 —

 35,000

 34,987

 34,987

 SYSCO CORPORATION
 —

 9,994

 9,994

 EMERA INCORPORATED
 1 29 2024
 —

 106,000

 105,524

 105,524

 WILLIAMS COMPANIES INC
 —

 65,000

 64,965

 64,965

 WEC ENERGY GROUP INC
 1 3 2024
 —

 80,500

 80,471

 80,471

 TOTAL COMMERCIAL PAPER

 745,678

 745,678

 TOTAL CASH EQUIVALENTS

 894,121

 894,121

 EQUITY SECURITIES

 CONGLOMERATES DIVERSIFIED MFG

 FLINT GROUP PACKAGING INKS NORTH AMERICA HOLDINGS LLC

 —

 —

 TOTAL CONGLOMERATES DIVERSIFIED MFG

 —

 —

 TOTAL EQUITY SECURITIES

 —

 —

 FIXED MATURITIES

 U.S. GOVERNMENT AND AGENCY OBLIGATIONS

 4 18 2024
 —

 105,000

 103,519

 103,385

 6 27 2024
 —

 115,000

 112,098

 112,149

 2 22 2024
 —

 118,000

 117,160

 117,121

 6 20 2024
 —

 115,000

 112,180

 112,260

 1 25 2024
 —

 110,000

 109,654

 109,629

 5 16 2024
 —

 105,000

 103,039

 102,991

 6 13 2024
 —

 97,619

 97,720

 —

 99,954

 99,971

 1 11 2024
 —

 99,847

 99,870

 2 8 2024
 —

 99,435

 99,459

 3 7 2024
 —

 99,001

 99,063

 3 14 2024
 —

 35,000

 34,622

 34,637

 3 28 2024
 —

 98,683

 98,760

 4 4 2024
 —

 98,579

 98,660

Date
Rate
Bonds
a b)
Value

 4 11 2024
 —

 98,479

 98,565

 4 25 2024
 —

 98,269

 98,361

 5 9 2024
 —

 98,094

 98,176

 5 23 2024
 —

 97,903

 97,990

 5 30 2024
 —

 97,797

 97,912

 6 6 2024
 —

 97,720

 97,813

 3 21 2024
 —

 105,000

 103,875

 103,805

 1 31 2024
 2.250

 99,794

 99,738

 2 29 2024
 2.125

 99,551

 99,465

 1 15 2024
 0.125

 99,821

 99,867

 0.125

 99,431

 99,367

 0.250

 65,000

 64,403

 64,350

 4 30 2024
 2.500

 99,113

 99,059

 11 15 2028
 5.250

 2.375

 TOTAL U. S. GOVERNMENT AND AGENCY OBLIGATIONS

 2,639,901

 STATE AND MUNICIPAL OBLIGATIONS

 1.229

 11 1 2025
 1.329
 1,000

 1,000

 TOTAL STATE AND MUNICIPAL OBLIGATIONS

 1,250

 1,183

 RESIDENTIAL MORTGAGE BACKED SECURITIES

 AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES

 FANNIE MAE 06-36 GF
 5 25 2036
 5.752
 2,000

 2,008

 1,971

 FANNIE MAE 07-46 FB
 5 25 2037
 5.822

 FANNIE MAE 09-107 FL
 2 25 2038
 4.192
 1,172

 1,177

 1,161

 FANNIE MAE 13-2 KF
 1 25 2037
 5.632
 2,986

 2,980

 2,905

 FANNIE MAE 4915
 2 1 2038
 5.000
 8,421

 8,424

 8,469

 FANNIE MAE AF-2015-22C
 4 25 2045
 5.795
 5,344

 5,324

 5,214

 FANNIE MAE AF-2015-42
 6 25 2055
 5.775
 4,535

 4,510

 4,476

 FANNIE MAE AF-2015-91
 12 25 2045
 5.815
 5,369

 5,343

 5,279

 FANNIE MAE FA-2015-4
 2 25 2045
 5.795
 1,856

 1,857

 1,809

 FANNIE MAE FW-2015-84
 11 25 2045
 5.795
 5,423

 5,416

 5,292

 FANNIE MAE 07-6
 2 25 2037
 5.902
 3,712

 3,717

 3,643

 FANNIE MAE 09-101
 12 25 2039
 6.292
 4,500

 4,563

 4,520

 FANNIE MAE 12-133
 4 25 2042
 5.702
 2,642

 2,634

 2,553

 FANNIE MAE 16-2
 2 25 2056
 5.925
 1,640

 1,638

 1,645

 FANNIE MAE 22-33
 9 25 2038
 5.737
 18,439

 18,439

 17,925

 FANNIE MAE 22-43 FB
 5.937
 34,462

 34,514

 33,797

 FANNIE MAE 22-66
 10 25 2052
 5.887
 21,862

 21,884

 21,116

 FANNIE MAE 23-36
 8 25 2053
 6.187
 24,503

 24,503

 24,503

 FANNIE MAE 303970
 6.000
 —

 —

 —

 FANNIE MAE 4915
 6 1 2031
 5.590

 FANNIE MAE 725558
 6 1 2034
 5.335

 FANNIE MAE 725694
 7 1 2034
 5.237

 FANNIE MAE 725719
 7 1 2033
 5.426

 FANNIE MAE 735034
 5.771
 1,097

 1,146

 1,116

 FANNIE MAE 735702
 7 1 2035
 5.646

 FANNIE MAE 794787
 5.795

Date
Rate
Bonds
a b)
Value

 FANNIE MAE 799733
 11 1 2034
 5.793

 FANNIE MAE 801337
 9 1 2034
 7.343

 FANNIE MAE 801917
 6.070

 FANNIE MAE 804561
 9 1 2034
 6.074

 FANNIE MAE 807219
 1 1 2035
 5.848

 FANNIE MAE 809532
 2 1 2035
 4.152

 FANNIE MAE 834552
 8 1 2035
 6.114

 FANNIE MAE 889485
 6 1 2036
 5.796

 FANNIE MAE 922674
 4 1 2036
 5.253

 FANNIE MAE 968438
 1 1 2038
 5.905

 FANNIE MAE 995123
 6.265

 FANNIE MAE 995548
 9 1 2035
 5.494

 FANNIE MAE 995604
 11 1 2035
 5.715
 1,023

 1,072

 1,047

 FANNIE MAE 995614
 6.726

 FANNIE MAE AB5230
 5 1 2027
 2.500
 1,397

 1,407

 1,348

 FANNIE MAE AD0901
 4 1 2040
 4.933

 FANNIE MAE AE0559
 12 1 2034
 5.576
 1,113

 1,160

 1,137

 FANNIE MAE AE0566
 8 1 2035
 5.511

 FANNIE MAE AF-2016-11
 3 25 2046
 5.945
 2,382

 2,376

 2,360

 FANNIE MAE AF-2016-87
 11 25 2046
 5.845
 3,469

 3,465

 3,436

 FANNIE MAE AF-2016-88
 12 25 2046
 5.885
 2,748

 2,748

 2,721

 FANNIE MAE AF-2018-87
 12 25 2048
 5.745
 9,570

 9,527

 9,429

 FANNIE MAE AF-204620
 11 15 2042
 5.658
 2,806

 2,799

 2,769

 FANNIE MAE AL1037
 1 1 2037
 5.315
 1,043

 1,100

 1,067

 FANNIE MAE AL2269
 10 1 2040
 5.758

 FANNIE MAE AL3935
 5.720
 2,432

 2,553

 2,487

 FANNIE MAE AL3961
 2 1 2039
 4.694

 FANNIE MAE AL4100
 9 1 2036
 5.663
 1,670

 1,750

 1,708

 FANNIE MAE AL4110
 3 1 2037
 5.618
 1,341

 1,402

 1,370

 FANNIE MAE AL4114
 2 1 2039
 5.546
 1,171

 1,238

 1,211

 FANNIE MAE AO8746
 2.500
 2,741

 2,778

 2,642

 FANNIE MAE ARM 190726
 3 1 2033
 7.237

 FANNIE MAE ARM 249907
 4.750
 —

 —

 —

 FANNIE MAE ARM 545786
 6 1 2032
 5.290

 FANNIE MAE ARM 620293
 1 1 2032
 6.400

 FANNIE MAE ARM 651629
 5.935

 FANNIE MAE ARM 655646
 5.965

 FANNIE MAE ARM 655798
 5.854

 FANNIE MAE ARM 661349
 9 1 2032
 6.270

 FANNIE MAE ARM 661744
 10 1 2032
 6.062

 FANNIE MAE ARM 664750
 10 1 2032
 5.863

 FANNIE MAE ARM 670731
 11 1 2032
 5.540

 FANNIE MAE ARM 670779
 11 1 2032
 5.435

 FANNIE MAE ARM 670890
 5.665

 FANNIE MAE ARM 670912
 5.665

 FANNIE MAE ARM 670947
 5.665

 FANNIE MAE ARM 722779
 4.788

 FANNIE MAE ARM 733525
 8 1 2033
 5.750

 FANNIE MAE ARM 739194
 5.828

 FANNIE MAE ARM 743256
 10 1 2033
 5.859

Date
Rate
Bonds
a b)
Value

 FANNIE MAE ARM 743856
 11 1 2033
 6.226

 FANNIE MAE ARM 758873
 12 1 2033
 5.911

 FANNIE MAE AS4507
 2 1 2030
 3.000
 3,381

 3,452

 3,255

 FANNIE MAE AS4878
 4 1 2030
 3.000
 4,377

 4,470

 4,214

 FANNIE MAE BE5622
 1 1 2032
 2.500
 9,627

 9,681

 9,066

 FANNIE MAE BK0933
 7 1 2033
 3.500
 3,362

 3,395

 3,301

 FANNIE MAE BT1939
 2 1 2037
 2.000
 8,309

 8,245

 7,447

 FANNIE MAE CA1265
 2 1 2033
 3.000
 7,669

 7,633

 7,321

 FANNIE MAE CA2283
 8 1 2033
 3.500
 3,634

 3,628

 3,567

 FANNIE MAE DF-2015-38
 6 25 2055
 5.755
 7,585

 7,535

 7,490

 FANNIE MAE DF-2017-16
 3 25 2047
 5.865
 1,727

 1,734

 1,707

 FANNIE MAE F-2019-31
 5.902
 17,847

 17,838

 17,355

 FANNIE MAE FA-2013-1
 2 25 2043
 5.802
 3,890

 3,903

 3,776

 FANNIE MAE FA-2015-55
 8 25 2055
 5.795
 3,238

 3,225

 3,225

 FANNIE MAE FA-204624
 12 15 2038
 5.668
 8,554

 8,527

 8,447

 FANNIE MAE FC-2017-51
 7 25 2047
 5.802
 14,664

 14,708

 14,191

 FANNIE MAE FC-2018-73
 5.752
 18,588

 18,539

 17,997

 FANNIE MAE FC-2019-76
 12 25 2049
 5.952
 8,976

 8,974

 8,783

 FANNIE MAE FK-2010-123
 11 25 2040
 5.902
 4,284

 4,321

 4,197

 FANNIE MAE FL-2017-4
 2 25 2047
 5.895
 3,832

 3,832

 3,796

 FANNIE MAE FM9247
 11 1 2036
 2.000
 6,531

 6,687

 5,853

 FANNIE MAE FS2940
 4.500
 12,304

 12,021

 12,243

 FANNIE MAE FT-2016-84
 11 25 2046
 5.952
 5,716

 5,769

 5,572

 FANNIE MAE GF-204639
 3 15 2036
 5.157
 8,203

 8,178

 8,104

 FANNIE MAE HYBRID ARM 566074
 5 1 2031
 5.334

 FANNIE MAE KF-2015-27
 5 25 2045
 5.752
 4,335

 4,324

 4,274

 FANNIE MAE MA1144
 2.500
 1,284

 1,302

 1,236

 FANNIE MAE MA3391
 6 1 2033
 3.000
 4,616

 4,576

 4,395

 FANNIE MAE MA4697
 8 1 2042
 4.000
 17,679

 17,716

 16,979

 FANNIE MAE WF-2016-68
 10 25 2046
 5.895
 1,953

 1,955

 1,935

 FANNIE MAE_15-50
 7 25 2045
 5.795
 7,931

 7,921

 7,846

 FANNIE MAE_15-93
 8 25 2045
 5.802
 1,745

 1,741

 1,713

 FANNIE MAE_16-11
 3 25 2046
 5.995
 3,374

 3,376

 3,354

 FANNIE MAE_17-8
 2 25 2047
 5.852
 27,963

 27,963

 27,432

 FANNIE MAE_22-37
 5.737
 38,732

 38,699

 38,017

 FANNIE MAE_22-44
 5.737
 15,393

 15,367

 14,951

 FANNIE MAE_23-19
 5 25 2053
 5.987
 58,048

 58,048

 57,542

 FANNIE MAE_CF-2019-33
 5.922
 10,538

 10,558

 10,243

 FANNIE MAE_FA-2020-47
 7 25 2050
 5.852
 25,891

 25,891

 25,096

 FANNIE MAE_YF-204979
 5.902
 17,762

 17,778

 17,174

 FREDDIE MAC 1H2520
 6 1 2035
 5.503

 1,047

 1,015

 FREDDIE MAC 1N1474
 5 1 2037
 7.885

 FREDDIE MAC 1Q1515
 11 1 2038
 5.144
 4,189

 4,405

 4,289

 FREDDIE MAC 1Q1540
 6 1 2040
 4.640
 1,722

 1,831

 1,762

 FREDDIE MAC 1Q1548
 8 1 2038
 4.776
 1,649

 1,728

 1,684

 FREDDIE MAC 1Q1572
 5 1 2038
 4.654
 3,133

 3,291

 3,199

 FREDDIE MAC 2A-AOT-76
 10 25 2037
 2.335
 3,271

 3,323

 2,830

 FREDDIE MAC 4159 FD
 1 15 2043
 5.803
 2,737

 2,746

 2,702

 FREDDIE MAC 4248
 5 15 2041
 5.903
 4,594

 4,601

 4,538

 FREDDIE MAC 4363 2014 FA
 9 15 2041
 5.013
 1,213

 1,215

 1,192

Date
Rate
Bonds
a b)
Value

 FREDDIE MAC 4448
 5 15 2040
 5.538
 3,012

 2,995

 2,964

 FREDDIE MAC 4981
 5.852
 34,506

 34,719

 33,487

 FREDDIE MAC 5258
 8 25 2052
 5.837
 45,220

 45,220

 44,377

 FREDDIE MAC 781884
 8 1 2034
 6.250

 FREDDIE MAC 845733
 4 1 2024
 4.625

 FREDDIE MAC 848416
 2 1 2041
 4.251
 2,170

 2,261

 2,220

 FREDDIE MAC 848530
 9 1 2039
 5.321

 1,011

 FREDDIE MAC 848922
 4 1 2037
 5.326
 1,361

 1,439

 1,392

 FREDDIE MAC 849281
 5.731
 1,639

 1,734

 1,671

 FREDDIE MAC AF-204559
 3 15 2042
 5.718
 3,612

 3,596

 3,571

 FREDDIE MAC AF-204615
 10 15 2038
 5.223
 1,797

 1,791

 1,780

 FREDDIE MAC AF-204774
 7 15 2042
 5.518
 3,190

 3,185

 3,164

 FREDDIE MAC ARM 780514
 5 1 2033
 4.966

 FREDDIE MAC ARM 780845
 6.296

 FREDDIE MAC ARM 780903
 6.308

 FREDDIE MAC F2-20350
 9 15 2040
 5.003
 9,957

 9,944

 9,728

 FREDDIE MAC F4-20328
 2 15 2038
 4.969
 2,126

 2,127

 2,094

 FREDDIE MAC FA-204547
 9 15 2040
 5.133
 2,685

 2,680

 2,618

 FREDDIE MAC FA-204822
 5.703
 24,077

 24,075

 23,637

 FREDDIE MAC FA-5362
 12 25 2053
 6.557
 64,220

 64,220

 64,780

 FREDDIE MAC FB-204495
 11 15 2038
 5.568
 4,167

 4,146

 4,125

 FREDDIE MAC FB-5368
 12 25 2053
 6.787
 49,525

 49,511

 49,868

 FREDDIE MAC FB-5369
 1 25 2054
 6.537

 100,062

 100,063

 FREDDIE MAC FD-203928
 9 15 2041
 5.873
 11,631

 11,711

 11,457

 FREDDIE MAC FD-204301
 7 15 2037
 5.853
 3,912

 3,935

 3,859

 FREDDIE MAC FD-5359
 11 25 2053
 6.837
 48,835

 48,835

 50,011

 FREDDIE MAC FD-5369
 1 25 2054
 6.237

 FREDDIE MAC FE-5351
 10 25 2053
 6.537
 49,726

 49,726

 50,686

 FREDDIE MAC FL-204523
 8 15 2038
 5.568
 2,867

 2,848

 2,785

 FREDDIE MAC FR Q00885
 4.000
 16,303

 16,032

 16,045

 FREDDIE MAC FR SB8216
 3 1 2038
 4.500
 8,787

 8,680

 8,739

 FREDDIE MAC G16485
 5 1 2033
 3.000
 5,560

 5,526

 5,301

 FREDDIE MAC GF-204367
 3 15 2037
 5.012
 5,581

 5,570

 5,495

 FREDDIE MAC J32518
 8 1 2030
 3.000
 3,693

 3,779

 3,560

 FREDDIE MAC KF-204560
 7 15 2040
 5.768
 4,376

 4,366

 4,287

 FREDDIE MAC LF-204475
 4 15 2040
 5.528
 1,006

 1,004

 FREDDIE MAC SB0752
 10 1 2037
 4.500
 12,431

 12,181

 12,412

 FREDDIE MAC SB8155
 5 1 2037
 3.000
 27,639

 26,873

 26,059

 FREDDIE MAC SB8191
 10 1 2037
 4.500
 32,142

 31,464

 32,002

 FREDDIE MAC SB8197
 12 1 2037
 4.000
 30,060

 29,490

 29,488

 FREDDIE MAC STRIP FHS_402
 9 25 2053
 6.437
 33,960

 33,955

 34,343

 FREDDIE MAC WF-204491
 5.538
 1,853

 1,850

 1,824

 FREDDIE MAC WF-204681
 8 15 2033
 5.568
 10,945

 10,932

 10,763

 FREDDIE MAC WF-204697
 6 15 2038
 5.063
 7,318

 7,314

 7,192

 FREDDIE MAC WF-204730
 8 15 2038
 5.568
 14,956

 14,879

 14,692

 FREDDIE MAC_22-5278
 11 25 2052
 6.137
 77,924

 77,924

 75,657

Date
Rate
Bonds
a b)
Value

 FREDDIE MAC_4595
 10 15 2037
 4.676
 2,594

 2,594

 2,568

 FREDDIE MAC_5080
 3 25 2051
 4.500
 14,809

 14,809

 13,681

 FREDDIE MAC_JF-204981
 5.852
 14,482

 14,482

 14,132

 GINNIE MAE 22-137
 8 20 2052
 5.788
 22,790

 22,777

 22,219

 GINNIE MAE 22-168
 9 20 2052
 5.838
 69,316

 69,316

 67,179

 GINNIE MAE 18-168
 12 20 2048
 5.872
 12,087

 12,089

 11,740

 GINNIE MAE 18-66
 5 20 2048
 5.722
 3,172

 3,172

 3,095

 GINNIE MAE 19-143
 11 20 2049
 5.922
 11,542

 11,581

 11,257

 GINNIE MAE 22-18
 1 20 2052
 5.538
 21,822

 21,785

 20,688

 GINNIE MAE 22-197
 11 20 2052
 6.038
 30,300

 30,300

 30,042

 GINNIE MAE 22-207
 12 20 2052
 5.858
 52,248

 52,248

 51,581

 GINNIE MAE 22-213
 12 20 2052
 5.858
 65,543

 65,543

 64,843

 GINNIE MAE 22-99
 6 20 2052
 5.888
 37,397

 37,440

 36,195

 GINNIE MAE AF-2014-129
 10 20 2041
 3.582
 2,037

 2,035

 1,961

 GINNIE MAE AF-2014-94
 11 20 2041
 5.907
 1,431

 1,433

 1,363

 GINNIE MAE AF-2015-18
 2 20 2040
 3.659
 3,638

 3,642

 3,537

 GINNIE MAE AF-2020-36
 3 20 2050
 5.922
 24,560

 24,595

 23,898

 GINNIE MAE FA-2014-43
 3 20 2044
 5.872
 5,954

 5,959

 5,827

 GINNIE MAE FA-2016-115
 8 20 2046
 5.872
 12,876

 12,946

 12,535

 GINNIE MAE FB-2013-151
 2 20 2040
 5.822
 7,001

 7,031

 6,870

 GINNIE MAE FC-2009-8
 2 16 2039
 6.373
 5,355

 5,484

 5,408

 GINNIE MAE FC-2018-67
 5 20 2048
 5.772
 4,072

 4,075

 3,931

 GINNIE MAE II 082431
 12 20 2039
 2.750
 1,354

 1,403

 1,340

 GINNIE MAE II 082464
 1 20 2040
 3.625

 GINNIE MAE II 082497
 3 20 2040
 3.625

 1,019

 GINNIE MAE II 082573
 7 20 2040
 3.625
 1,412

 1,458

 1,403

 GINNIE MAE II 082581
 7 20 2040
 3.625
 1,824

 1,945

 1,813

 GINNIE MAE II 082602
 8 20 2040
 3.625
 3,301

 3,523

 3,295

 GINNIE MAE II 082710
 1 20 2041
 3.625

 1,012

 GINNIE MAE II 082794
 4 20 2041
 3.875
 1,728

 1,835

 1,728

 GINNIE MAE II ARM 8638
 6 20 2025
 3.875

 GINNIE MAE LF-2015-82
 4 20 2041
 3.515
 2,199

 2,199

 2,123

 GINNIE MAE MF-2016-108
 8 20 2046
 5.757

 GINNIE MAE_22-197
 11 20 2052
 6.038
 69,713

 69,595

 69,586

 GINNIE MAE_23-111
 8 20 2053
 6.138
 48,837

 48,866

 48,837

 GINNIE MAE_23-115
 8 20 2053
 6.238
 32,592

 32,592

 32,732

 GINNIE MAE_23-115
 6 20 2053
 6.338
 75,484

 75,484

 76,089

 GINNIE MAE_23-136
 9 20 2053
 6.338
 49,658

 49,658

 50,078

 GINNIE MAE_23-149
 9 20 2063
 6.388
 50,785

 50,785

 51,186

 GINNIE MAE_23-151
 10 20 2053
 6.388
 54,777

 54,777

 55,213

 GINNIE MAE_23-152
 10 20 2053
 6.588
 49,889

 49,889

 50,664

 GINNIE MAE_23-184
 12 20 2053
 5.838
 50,285

 49,437

 49,496

 GINNIE MAE_23-19
 2 20 2053
 5.988
 94,056

 94,054

 93,392

 GINNIE MAE_23-20
 2 20 2053
 5.838
 38,227

 38,167

 37,786

 GINNIE MAE_23-20
 2 20 2053
 5.838
 109,878

 109,862

 108,633

Date
Rate
Bonds
a b)
Value

 GINNIE MAE_23-21
 2 20 2053
 5.988
 13,399

 13,399

 13,305

 GINNIE MAE_23-54
 4 20 2053
 5.938
 44,167

 44,167

 43,891

 GINNIE MAE_23-56
 4 20 2053
 5.938
 43,941

 43,941

 43,709

 GINNIE MAE_23-68
 5 20 2053
 5.888
 97,579

 97,607

 96,620

 GINNIE MAE_23-7
 1 20 2053
 5.938
 89,552

 89,595

 88,862

 GINNIE MAE_23-7
 1 20 2053
 5.938
 54,523

 54,565

 54,183

 GINNIE MAE_23-82
 6 20 2053
 6.088
 50,839

 50,839

 50,652

 GINNIE MAE_23-83
 6 20 2053
 6.238
 87,128

 85,695

 86,574

 TOTAL AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES

 3,080,969

 3,049,633

 NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES

 A D MTG TR ADMT_23-NQM4
 9 25 2068
 7.472
 49,200

 49,185

 50,323

 APS RESECURITIZATION TRUST APS_16-3
 11 27 2066
 7.720
 3,735

 3,730

 5,588

 APS RESECURITIZATION TRUST APS_16-3
 11 27 2046
 7.720
 3,667

 3,661

 5,438

 A D MTG TR ADMT_23-NQM3
 7 25 2068
 6.733
 14,476

 14,470

 14,562

 A D MTG TR ADMT_23-NQM5
 11 25 2068
 7.049
 39,695

 39,694

 40,322

 ADJUSTABLE RATE MORTGAGE TRUST ARMT_04-2
 5.517

 ANGEL OAK MORTGAGE TRUST AOMT_22-1
 2.881
 25,934

 25,927

 23,145

 ANGEL OAK MORTGAGE TRUST AOMT_20-5
 5 25 2065
 1.373
 3,998

 3,996

 3,598

 ANGEL OAK MORTGAGE TRUST AOMT_20-2
 1 26 2065
 2.531
 1,494

 1,507

 1,362

 ANGEL OAK MORTGAGE TRUST AOMT_20-3
 1.691
 3,727

 3,725

 3,436

 ANGEL OAK MORTGAGE TRUST AOMT_21-8
 11 25 2066
 1.820
 10,360

 10,358

 8,748

 ARROYO MORTGAGE TRUST ARRW_19-1
 1 25 2049
 3.805
 4,845

 4,839

 4,554

 ARROYO MORTGAGE TRUST ARRW_19-3
 2.962
 3,283

 3,280

 2,975

 BANK OF AMERICA MORTGAGE SECURITIES BOAMS_04-E
 6 25 2034
 4.999

 BRAVO RESIDENTIAL FUNDING TRUST BRAVO_20-RPL1
 5 26 2059
 2.500
 9,240

 9,328

 8,812

 BRAVO RESIDENTIAL FUNDING TRUST BRAVO_22-NQM1
 9 25 2061
 3.626
 18,045

 18,025

 16,960

 BUNKER HILL LOAN DEPOSITARY TRUST BHLD_19-2
 2.879
 5,011

 5,007

 4,760

 BUNKER HILL LOAN DEPOSITARY TRUST BHLD_19-3
 3.724
 1,676

 1,674

 1,631

 CHNGE MORTGAGE TRUST CHNGE_23-1
 3 25 2058
 7.065
 18,884

 18,854

 19,165

 CREDIT SUISSE MORTGAGE TRUST CSMC_19-AFC1
 2.573
 5,932

 5,927

 5,524

 COLT MORTGAGE LOAN TRUST COLT_23-2
 7 25 2068
 6.596
 23,696

 23,680

 23,976

 CREDIT SUISSE MORTGAGE TRUST CSMC_17-FHA1
 4 25 2047
 3.250
 8,875

 8,940

 7,987

 CREDIT SUISSE MORTGAGE TRUST CSMC_17-RPL3
 8 1 2057
 4.000
 15,349

 15,781

 14,255

 CREDIT SUISSE MORTGAGE TRUST CSMC_19-NQM1
 10 25 2059
 3.656

 COLT FUNDING LLC COLT_20-2R
 10 26 2065
 1.325
 5,423

 5,421

 4,807

 COLT FUNDING LLC COLT_21-6
 1.907
 18,783

 18,779

 16,146

 CREDIT SUISSE MORTGAGE TRUST CSMC_21-NQM8
 10 25 2066
 1.841
 23,177

 23,174

 19,846

 CREDIT SUISSE MORTGAGE TRUST CSMC_22-ATH1
 2.870
 13,344

 13,339

 12,224

 CREDIT SUISSE MORTGAGE TRUST CSMC_22-ATH2
 5 25 2067
 4.547
 17,439

 17,435

 16,770

 COUNTRYWIDE HOME LOANS CWHL_03-46
 1 19 2034
 5.560

 CENTEX HOME EQUITY CXHE_03-A
 12 25 2031
 4.250

 CHASE MORTGAGE FINANCE CORPORATION CHASE_07-A1
 2 25 2037
 5.342

 CHNGE MORTGAGE TRUST CHNGE_23-2
 6 25 2058
 6.525
 42,622

 42,582

 42,895

 CHNGE MORTGAGE TRUST CHNGE_23-3
 7 25 2058
 7.100
 22,845

 22,822

 23,231

 CITIGROUP MORTGAGE LOAN TRUST INC CMLTI_15-RP2 15-PS1
 9 25 2042
 3.750
 1,096

 1,103

 1,027

 COLT MORTGAGE LOAN TRUST COLT_22-2
 2 25 2067
 2.994
 12,506

 12,504

 11,272

 COLT MORTGAGE LOAN TRUST COLT_22-1
 12 27 2066
 2.284
 19,752

 19,746

 17,552

Date
Rate
Bonds
a b)
Value

 CS FIRST BOSTON MORTGAGE SECURITIES CORP. CSFB_04-AR3
 4 25 2034
 4.858

 CROSS MORTGAGE TRUST CROSS_23-H2
 11 25 2068
 7.135
 49,407

 49,392

 50,327

 CREDIT SUISSE MORTGAGE TRUST CSMC_17-RPL1
 7 25 2057
 2.750
 5,982

 5,973

 5,707

 DEEPHAVEN RESIDENTIAL MORTGAGE TRUST DRMT_22-1
 2.205
 19,413

 19,402

 17,015

 ELLINGTON FINANCIAL MORTGAGE TRUST EFMT_22-1
 2.206
 20,338

 20,333

 17,195

 ELLINGTON FINANCIAL MORTGAGE TRUST EFMT_19-2
 2.739
 4,056

 4,052

 3,798

 FIRST HORIZON ALTERNATIVE MORTGAGE SECURITIES 04-AA4
 10 25 2034
 6.228

 GCAT_19-NQM3
 3.686
 3,414

 3,410

 3,215

 GCAT_22-HX1
 12 27 2066
 2.885
 16,489

 16,485

 14,688

 GMAC MORTGAGE CORPORATION LOAN TRUST GMACM_04-AR2
 4.623

 GMAC MORTGAGE CORPORATION LOAN TRUST GMACM_04-AR2
 4.019

 GSR MORTGAGE LOAN TRUST GSR_05-AR1
 1 25 2035
 6.069

 GS MORTGAGE SECURITIES TRUST GSMBS_18-RPL1
 10 25 2057
 3.750
 4,586

 4,550

 4,424

 HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-1
 4 19 2034
 5.761

 HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-4
 6 19 2034
 6.207

 HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-6
 5.170

 HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-7
 11 19 2034
 4.844

 HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-10
 1 19 2035
 4.862

 HOMES_23-NQM2
 2 25 2068
 6.456
 48,819

 48,804

 49,298

 IMPERIAL FUND MORTGAGE TRUST IMPRL_21-NQM4
 1 25 2057
 2.091
 24,970

 24,965

 21,052

 IMPERIAL FUND MORTGAGE TRUST IMPRL_23-NQM1
 2 25 2068
 5.941
 21,392

 21,371

 21,306

 MFA TRUST MFRA_20-NQM3
 1 26 2065
 1.014
 2,035

 2,034

 1,826

 MFA TRUST MFRA_23-NQM4
 12 25 2068
 6.105

 25,088

 MELLO MORTGAGE CAPITAL ACCEPTANCE MELLO_21-INV3
 10 25 2051
 2.500
 21,310

 21,591

 17,444

 MERRILL LYNCH MORTGAGE INVESTORS TRUST MLMI_03-A5
 8 25 2033
 5.457

 MERRILL LYNCH MORTGAGE INVESTORS TRUST MLCC_04-1
 12 25 2034
 4.757

 MERRILL LYNCH MORTGAGE INVESTORS INC MLMI_05-A1
 12 25 2034
 5.847

 MERRILL LYNCH MORTGAGE INVESTORS INC MLMI_05-A2
 4.340

 METLIFE SECURITIZATION TRUST MST_17-1A
 4 25 2055
 3.000
 5,003

 5,023

 4,680

 METLIFE SECURITIZATION TRUST MST_18-1A
 3 25 2057
 3.750
 5,159

 5,160

 4,908

 MILL CITY MORTGAGE TRUST MCMLT_17-2
 2.750

 MILL CITY MORTGAGE LOAN TRUST MCMLT_17-3
 1 25 2061
 2.750
 2,611

 2,609

 2,550

 MILL CITY MORTGAGE TRUST MCMLT_18-3
 8 25 2058
 3.482
 2,188

 2,210

 2,099

 MILL CITY MORTGAGE TRUST MCMLT_19-1
 10 25 2069
 3.250
 3,827

 3,847

 3,665

 MILL CITY MORTGAGE TRUST MCMLT_19-GS1
 2.750
 4,934

 4,939

 4,695

 MORGAN STANLEY MORTGAGE LOAN TRUST MSM_04-10AR
 11 25 2034
 5.264

 MORGAN STANLEY MORTGAGE LOAN TRUST MSM_04-10AR
 11 25 2034
 5.947

 NATIONSTAR MORTGAGE LOAN TRUST NSMLT_13-A
 12 25 2052
 3.750

 NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_19-NQM4
 9 25 2059
 2.492
 1,254

 1,253

 1,157

 NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-3A
 4 25 2057
 4.000
 7,454

 7,639

 7,050

 NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_14-3A
 11 25 2054
 3.750
 1,249

 1,269

 1,171

 NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-1A
 3 25 2056
 3.750
 3,490

 3,583

 3,297

 NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-2A
 11 26 2035
 3.750
 2,398

 2,443

 2,264

 NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-3A
 9 25 2056
 3.750
 6,661

 6,847

 6,284

 NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-1A
 2 25 2057
 4.000
 5,748

 5,862

 5,443

Date
Rate
Bonds
a b)
Value

 NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-2A
 3 25 2057
 4.000
 7,054

 7,237

 6,672

 NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-4A
 11 25 2056
 3.750
 7,351

 7,548

 6,890

 NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-6A
 8 27 2057
 4.000
 5,429

 5,543

 5,170

 NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_19-RPL3
 2.750
 7,522

 7,660

 7,077

 OBX TRUST OBX_21-INV1
 9 25 2051
 2.500
 19,939

 20,174

 16,297

 OBX TRUST OBX_23-NQM8
 9 25 2063
 7.045
 29,244

 29,235

 29,786

 OBX TRUST OBX_23-NQM10
 10 25 2063
 6.465
 20,624

 20,623

 20,812

 OCEANVIEW MORTGAGE LOAN TRUST OVMLT_20-1
 5 28 2050
 1.733
 2,236

 2,234

 2,027

 PRKCM TRUST PRKCM_23-AFC4
 11 25 2058
 7.225
 24,568

 24,557

 25,089

 PRPM LLC PRPM_23-NQM3
 11 25 2068
 6.221
 22,500

 22,500

 22,560

 PRKCM TRUST PRKCM_23-AFC2
 6 25 2058
 6.482
 45,288

 45,244

 45,942

 RUN_22-NQM1
 3 25 2067
 4.000
 8,628

 8,567

 8,196

 RESIDENTIAL MORTGAGE LOAN TRUST RMLT_19-2
 5 25 2059
 2.913

 RESIDENTIAL MORTGAGE LOAN TRUST RMLT_19-3
 9 25 2059
 2.633
 1,369

 1,367

 1,331

 STARWOOD MORTGAGE RESIDENTIAL TRUST STAR_20-3
 1.486
 1,712

 1,711

 1,590

 STARWOOD MORTGAGE RESIDENTIAL TRUST STAR_22-1
 2.447
 23,994

 23,986

 20,680

 STRUCTURED ASSET INVESTMENT LOAN TRUST SAIL_03-BC5
 6 25 2033
 6.145

 SASC_03-24A
 7 25 2033
 7.718

 TOWD POINT MORTGAGE TRUST TPMT_17-3
 7 25 2057
 2.750
 1,494

 1,492

 1,463

 TOWD POINT MORTGAGE TRUST TPMT_17-4
 6 25 2057
 2.750
 4,238

 4,242

 4,045

 TOWD POINT MORTGAGE TRUST TPMT_19-HY1
 6.470
 1,813

 1,817

 1,827

 UNITED WHOLESALE MORTGAGE LLC UWM _21-INV2
 9 25 2051
 2.500
 21,156

 21,487

 17,318

 VERUS SECURITIZATION TRUST VERUS_19-4
 3.642
 1,520

 1,518

 1,466

 VERUS SECURITIZATION TRUST VERUS_19-INV3
 2.692
 2,930

 2,927

 2,818

 VERUS SECURITIZATION TRUST VERUS_21-R1
 10 25 2063
 0.820
 5,103

 5,101

 4,696

 VERUS SECURITIZATION TRUST VERUS_21-7
 10 25 2066
 1.829
 14,851

 14,848

 12,788

 VERUS SECURITIZATION TRUST VERUS_22-1
 2.724
 16,694

 16,690

 14,983

 VERUS SECURITIZATION TRUST VERUS_23-4
 5 25 2068
 5.811
 26,562

 26,543

 26,477

 VERUS SECURITIZATION TRUST VERUS_23-8
 12 25 2068
 6.259
 25,700

 25,700

 25,871

 VISIO_19-2
 11 25 2054
 2.722
 8,602

 8,567

 8,100

 WAMU MORTGAGE PASS-THROUGH CERTIFICATES 03-AR6
 6 25 2033
 5.346

 WAMU MORTGAGE PASS-THROUGH CERTIFICATES 05-AR4
 4 25 2035
 3.907

 WAMU MORTGAGE PASS-THROUGH CERTIFICATES 04-AR10
 7 25 2044
 5.551

 WAMU MORTGAGE PASS-THROUGH CERTIFICATES 05-AR3
 3 25 2035
 4.080

 WELLS FARGO MORTGAGE BACKED SECURITIES TRUST 04-K
 7 25 2034
 5.737

 TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES

 1,136,876

 1,085,247

 TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES

 4,217,845

 ASSET BACKED SECURITIES

 321 HENDERSON RECEIVABLES LLC HENDR_10-3A
 12 15 2048
 3.820

 ACHV ABS TRUST ACHV_23-4CP
 11 25 2030
 6.810
 10,139

 10,139

 10,146

 AFFIRM ASSET SECURITIZATION TRUST AFFRM_22-A
 5 17 2027
 4.300
 18,000

 17,859

 17,724

 AFFIRM ASSET SECURITIZATION TRUST AFFRM_23-B
 9 15 2028
 6.820
 45,000

 45,192

 45,744

 AFFIRM ASSET SECURITIZATION TRUST AFFRM_23-X1
 11 15 2028
 7.110
 38,000

 38,000

 38,108

 ALLY AUTO RECEIVABLES TRUST ALLYA_22-3
 6 16 2025
 5.290
 9,743

 9,743

 9,737

 ALLY AUTO RECEIVABLES TRUST ALLYA_22-3
 5.070
 16,800

 16,799

 16,781

Date
Rate
Bonds
a b)
Value

 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 22-4
 5 13 2026
 6.200
 2,784

 2,784

 2,784

 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 23-2
 10 13 2026
 5.890
 15,367

 15,367

 15,367

 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 22-2
 12 18 2025
 4.200
 8,421

 8,420

 8,394

 APIDOS CLO APID_15-20A
 7 16 2031
 6.755
 19,863

 19,863

 19,863

 APIDOS CLO APID_20-33A
 10 24 2034
 6.810
 22,000

 22,000

 21,999

 BAIN CAPITAL CREDIT CLO BCC_20-5A
 1 20 2032
 6.897

 39,998

 BALLYROCK LTD BALLY_18-1A
 4 20 2031
 6.677
 33,857

 33,857

 33,831

 BARINGS CLO LTD BABSN_23-1
 4 20 2036
 7.166

 40,018

 BRAZOS HIGHER EDUCATION AUTHORITY INC BRHEA_10-1
 6.641
 13,177

 13,107

 13,214

 BROAD RIVER BSL FUNDING CLO BDRVR_20-1
 7 20 2034
 6.847

 15,968

 CARLYLE GLOBAL MARKET STRATEGIES CGMS_13-4A
 1 15 2031
 6.655
 18,179

 18,179

 18,174

 CARLYLE GLOBAL MARKET STRATEGIES CGMS_13-3A
 10 15 2030
 6.755
 9,974

 9,980

 9,974

 CARLYLE GLOBAL MARKET STRATEGIES CGMS_14-1A
 4 17 2031
 6.634
 28,553

 27,965

 28,552

 CARMAX AUTO OWNER TRUST CARMX_22-4
 6.238
 16,512

 16,512

 16,524

 CARMAX AUTO OWNER TRUST CARMX_23-2
 5.500
 31,175

 31,174

 31,158

 CARVANA AUTO RECEIVABLES TRUST CRVNA_23-N4
 1 10 2028
 6.420
 42,476

 42,475

 42,623

 CARVANA AUTO RECEIVABLES TRUST CRVNA_23-P3
 11 10 2026
 6.090
 3,000

 3,000

 3,003

 CIFC FUNDING LTD CIFC_17-1A
 4 23 2029
 6.684
 8,059

 7,998

 8,058

 CITIZENS AUTO RECEIVABLES TRUST CITZN_23-2
 6.090
 39,000

 38,998

 39,140

 CITIZENS AUTO RECEIVABLES TRUST CITZN_23-2
 6.068
 11,500

 11,500

 11,500

 CNH EQUIPMENT TRUST CNH_23-A
 9 15 2026
 5.340
 32,000

 31,999

 31,932

 COLLEGE LOAN CORPORATION TRUST COLLE_02-2
 3 1 2042
 3.586

 8,361

 9,623

 CRB SECURITIZATION TRUST CRB_23-1
 10 20 2033
 6.960
 23,345

 23,343

 23,612

 DLLAA LLC DLLAA_23-1
 7 20 2026
 5.930

 20,080

 DRYDEN SENIOR LOAN FUND DRSLF_18-55A
 4 15 2031
 6.675
 11,597

 11,597

 11,587

 DT AUTO OWNER TRUST DTAOT_22-3
 6.050
 16,128

 16,128

 16,135

 DT AUTO OWNER TRUST DTAOT_23-2
 5.880
 24,781

 24,781

 24,776

 DT AUTO OWNER TRUST DTAOT_23-3
 8 16 2027
 6.290
 27,380

 27,380

 27,539

 EDUCATIONAL SERVICES OF AMERICA INC EDUSA_12-2
 4 25 2039
 6.182

 EDUCATIONAL SERVICES OF AMERICA INC EDUSA_14-1
 2 25 2039
 6.152
 3,328

 3,298

 3,302

 EDUCATIONAL SERVICES OF AMERICA INC EDUSA_14-3
 2 25 2036
 6.052

 ELMWOOD CLO 21 LTD ELM21_23-8A
 10 20 2036
 7.048

 50,038

 ENT AUTO RECEIVABLES TRUST ENT_23-1
 8 16 2027
 6.220
 17,600

 17,599

 17,660

 ENTERPRISE FLEET FINANCING LLC EFF_21-2
 5 20 2027
 0.480
 18,082

 17,686

 17,694

 EXETER AUTOMOBILE RECEIVABLES TRUST EART_22-6
 5.730
 1,544

 1,544

 1,544

 EXETER AUTOMOBILE RECEIVABLES TRUST EART_22-6
 8 17 2026
 5.700

 9,996

 EXETER AUTOMOBILE RECEIVABLES TRUST EART_23-1
 6 16 2025
 5.610
 2,666

 2,666

 2,666

 EXETER AUTOMOBILE RECEIVABLES TRUST EART_23-1
 4 15 2026
 5.580
 6,000

 6,000

 5,991

 EXETER AUTOMOBILE RECEIVABLES TRUST EART_23-2
 5.870
 5,174

 5,174

 5,173

 EXETER AUTOMOBILE RECEIVABLES TRUST EART_23-2
 8 17 2026
 5.600
 14,000

 14,000

 13,982

 EXETER AUTOMOBILE RECEIVABLES TRUST EART_23-4
 6.070
 8,025

 8,025

 8,028

 EXETER AUTOMOBILE RECEIVABLES TRUST EART_23-4
 9 15 2026
 6.060
 8,800

 8,800

 8,810

 FLAGSHIP CREDIT AUTO TRUST FCAT_22-4
 9 15 2026
 6.150
 25,566

 25,565

 25,587

 FLAGSHIP CREDIT AUTO TRUST FCAT_23-1
 12 15 2026
 5.380
 32,054

 32,053

 31,988

 FLAGSHIP CREDIT AUTO TRUST FCAT_23-2
 5.760
 39,602

 39,601

 39,557

Date
Rate
Bonds
a b)
Value

 FLAGSHIP CREDIT AUTO TRUST FCAT_23-3
 7 15 2027
 5.890

 10,039

 FORD CREDIT AUTO OWNER TRUST FORDO_22-D
 5.370
 4,117

 4,117

 4,118

 FORD CREDIT AUTO OWNER TRUST FORDO_22-D
 6.098
 8,647

 8,647

 8,655

 FORD CREDIT AUTO OWNER TRUST FORDR_18-1
 7 15 2031
 3.190
 50,613

 49,162

 49,567

 FORD CREDIT AUTO OWNER TRUST FORDR_19-1
 7 15 2030
 3.520
 15,553

 15,372

 15,546

 FORD CREDIT AUTO OWNER TRUST FORDR_20-1
 8 15 2031
 2.040
 71,698

 68,484

 69,304

 FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST 23-1
 5.430
 8,865

 8,865

 8,847

 FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST 23-1
 12 15 2027
 5.390
 13,000

 12,999

 12,964

 FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST 23-2
 5 15 2028
 5.990
 14,800

 14,799

 14,887

 GECU AUTO RECEIVABLES TRUST GECU_23-1
 3 15 2027
 5.950
 8,200

 8,200

 8,199

 GLS AUTO RECEIVABLES TRUST GCAR_22-3
 5 15 2026
 4.590
 9,499

 9,499

 9,464

 GLS AUTO RECEIVABLES TRUST GCAR_23-2
 1 15 2027
 5.700
 27,415

 27,414

 27,345

 GLS AUTO RECEIVABLES TRUST GCAR_23-3A
 3 15 2027
 6.040

 15,040

 GLS AUTO SELECT RECEIVABLES TRUST GSAR_23-2
 6 15 2028
 6.370
 20,750

 20,749

 20,910

 GM FINANCIAL AUTOMOBILE LEASING TRUST GMALT_23-1
 6 20 2025
 5.270

 10,605

 10,603

 GM FINANCIAL AUTOMOBILE LEASING TRUST GMALT_23-1
 6 20 2025
 5.888

 10,609

 GM FINANCIAL AUTOMOBILE LEASING TRUST GMALT_23-1
 4 20 2026
 5.160
 71,885

 71,791

 71,856

 GM FINANCIAL AUTOMOBILE LEASING TRUST GMALT_23-2
 10 20 2025
 6.158
 17,260

 17,260

 17,275

 GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 22-4
 4.600
 7,061

 7,061

 7,040

 GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 22-4
 5.988
 14,122

 14,122

 14,133

 GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 23-1
 5.190
 15,189

 15,188

 15,156

 GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 23-1
 5.958
 15,014

 15,014

 15,035

 GOLDENTREE LOAN MANAGEMENT US CLO 1 LTD GLM_21-9A
 1 20 2033
 6.747

 19,906

 19,980

 GOLDENTREE LOAN MANAGEMENT US CLO1 GLM_23-17
 7 20 2036
 7.166

 50,107

 GOLDENTREE LOAN MANAGEMENT US CLO1 LTD GLM_20-7
 4 20 2034
 6.747
 16,750

 16,750

 16,687

 GTE AUTO RECEIVABLES TRUST GTE_23-1
 8 17 2026
 5.650
 32,778

 32,777

 32,705

 HARLEY-DAVIDSON MOTORCYCLE TRUST HDMOT_23-A
 5.320
 10,696

 10,696

 10,684

 HARLEY-DAVIDSON MOTORCYCLE TRUST HDMOT_23-A
 5.868
 7,019

 7,019

 7,015

 HYUNDAI AUTO LEASE SECURITIZATION TRUST HALST_23-A
 5.050
 51,765

 51,599

 51,630

 LAD AUTO RECEIVABLES TRUST LADAR_23-1A
 5.680
 25,502

 25,501

 25,462

 MADISON PARK FUNDING LTD MDPK_21-48A
 4 19 2033
 6.808

 49,974

 MAGNETITE CLO LIMITED MAGNE_20-26
 7 25 2034
 6.760

 MAGNETITE CLO LTD MAGNE_12-7A
 1 15 2028
 6.455
 7,150

 7,083

 7,133

 MARLETTE FUNDING TRUST MFT_22-3
 11 15 2032
 5.180
 8,343

 8,343

 8,319

 MARLETTE FUNDING TRUST MFT_23-1
 4 15 2033
 6.070
 10,643

 10,643

 10,634

 MARLETTE FUNDING TRUST MFT_23-2
 6 15 2033
 6.040
 26,447

 26,447

 26,384

 MARLETTE FUNDING TRUST MFT_23-4
 12 15 2033
 7.130
 26,025

 26,023

 26,259

 MERCEDES-BENZ AUTO RECEIVABLES TRUST MBART_22-1
 10 15 2025
 5.260
 12,608

 12,607

 12,596

 MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORP 14-1
 10 25 2035
 6.132
 2,371

 2,339

 2,331

 NAVIENT STUDENT LOAN TRUST NAVSL_18-DA
 12 15 2059
 6.276
 4,872

 4,861

 4,812

 OAKC_21-8A
 1 18 2034
 6.847

 OCCU AUTO RECEIVABLES TRUST OCCU_23-1
 6.230
 38,000

 37,997

 38,217

 ODART_19-1A
 9 14 2027
 3.630
 31,940

 31,096

 31,240

Date
Rate
Bonds
a b)
Value

 ONEMAIN DIRECT AUTO RECEIVABLES TRUST ODART_21-1A
 7 14 2028
 0.870
 26,401

 25,427

 25,340

 ONEMAIN FINANCIAL ISSUANCE TRUST OMFIT_22-2
 10 14 2034
 4.890
 14,212

 14,140

 14,013

 OZLM LTD OZLM_17-21A
 1 20 2031
 6.827
 12,837

 12,844

 12,837

 PAGAYA AI DEBT SELECTION TRUST PAID_22-5
 6 17 2030
 8.096
 12,832

 12,832

 13,008

 PAGAYA AI DEBT SELECTION TRUST PAID_23-1
 7 15 2030
 7.556
 17,603

 17,603

 17,685

 PAGAYA AI DEBT SELECTION TRUST PAID_23-3
 12 16 2030
 7.600
 14,016

 14,016

 14,092

 PAGAYA AI DEBT SELECTION TRUST PAID_23-6
 6 16 2031
 7.128
 33,289

 33,289

 33,359

 PAGAYA AI DEBT SELECTION TRUST PAID_23-7
 7 15 2031
 7.340

 50,174

 RACE POINT CLO LTD RACEP_13-8A
 2 20 2030
 6.669
 10,354

 10,354

 10,353

 REACH FINANCIAL LLC REACH_22-2
 5 15 2030
 6.630
 4,178

 4,178

 4,180

 REACH FINANCIAL LLC REACH_23-1
 2 18 2031
 7.050
 11,465

 11,465

 11,517

 RESEARCH-DRIVEN PAGAYA MOTOR ASSET TRUST RPM_23-4
 3 25 2032
 7.540

 19,999

 20,071

 RR LTD RRAM_21-19A
 10 15 2035
 6.795

 14,989

 RR LTD RRAM_23-26
 4 15 2038
 7.165

 50,041

 SANTANDER DRIVE AUTO RECEIVABLES TRUST SDART_22-7
 5.810
 11,616

 11,615

 11,614

 SANTANDER DRIVE AUTO RECEIVABLES TRUST SDART_23-2
 5.870
 12,831

 12,831

 12,833

 SANTANDER DRIVE AUTO RECEIVABLES TRUST SDART_23-2
 7 15 2027
 5.210

 24,999

 24,950

 SANTANDER DRIVE AUTO RECEIVABLES TRUST SDART_23-6
 5 17 2027
 6.080
 32,000

 32,000

 32,110

 SANTANDER REVOLVING AUTO LOAN TRUST SREV_19-A
 1 26 2032
 2.510
 24,973

 24,096

 24,328

 SLC STUDENT LOAN TRUST SLCLT_08-1
 12 15 2032
 7.213
 1,628

 1,635

 1,641

 SLM STUDENT LOAN TRUST SLMA_06-2
 1 25 2041
 5.611
 9,592

 9,194

 9,251

 SLM STUDENT LOAN TRUST SLMA_12-3
 12 27 2038
 6.102
 3,720

 3,743

 3,662

 SMB PRIVATE EDUCATION LOAN TRUST SMB_17-B
 10 15 2035
 2.820
 2,530

 2,530

 2,441

 SMB PRIVATE EDUCATION LOAN TRUST SMB_21-A
 1 15 2053
 6.206
 13,008

 12,703

 12,784

 SOFI CONSUMER LOAN PROGRAM LLC SCLP_22-1S
 4 15 2031
 6.210
 4,842

 4,842

 4,843

 SOFI CONSUMER LOAN PROGRAM LLC SCLP_23-1S
 5 15 2031
 5.810
 9,368

 9,368

 9,353

 SPACE COAST CREDIT UNION SCCU_23-1
 6 15 2027
 5.850
 27,000

 26,999

 27,064

 THEOREM FUNDING TRUST THRM_22-2
 12 15 2028
 6.060
 9,590

 9,590

 9,538

 THEOREM FUNDING TRUST THRM_22-3
 4 15 2029
 7.600
 11,824

 11,805

 11,907

 TOYOTA AUTO LOAN EXTENDED NOTE TRUST TALNT_19-1A
 11 25 2031
 2.560
 21,725

 21,170

 21,456

 TOYOTA LEASE OWNER TRUST TLOT_23-A
 8 20 2025
 5.300
 11,680

 11,680

 11,657

 UPSTART SECURITIZATION TRUST UPST_22-2
 5 20 2032
 4.370
 3,659

 3,655

 3,642

 UPSTART SECURITIZATION TRUST UPST_23-3
 10 20 2033
 6.900
 23,991

 23,892

 24,070

 VERIZON MASTER TRUST VZMT_22-7
 11 22 2027
 5.230

 9,999

 10,008

 VERIZON MASTER TRUST VZMT_22-7
 11 22 2027
 6.188
 35,750

 35,750

 35,832

 VSTRONG AUTO RECEIVABLES TRUST VSTRG_23-A
 2 15 2027
 6.630

 19,999

 20,046

 WESTLAKE AUTOMOBILE RECEIVABLES TRUST WLAKE_22-3A
 5.240
 12,592

 12,592

 12,584

 WESTLAKE AUTOMOBILE RECEIVABLES TRUST WLAKE_23-1
 2 16 2027
 5.890
 22,500

 22,499

 22,611

 WESTLAKE AUTOMOBILE RECEIVABLES TRUST WLAKE_23-1
 5.510
 31,392

 31,390

 31,353

 WESTLAKE AUTOMOBILE RECEIVABLES TRUST WLAKE_23-1
 6.188
 29,722

 29,722

 29,730

 WESTLAKE AUTOMOBILE RECEIVABLES TRUST WLAKE_23-3
 5.960
 8,300

 8,300

 8,331

 WORLD OMNI AUTO RECEIVABLE TRUST WOART_22-D
 6.188
 13,539

 13,539

 13,548

Date
Rate
Bonds
a b)
Value

 WORLD OMNI AUTO RECEIVABLES TRUST WOART_23-B
 11 16 2026
 5.250
 21,454

 21,453

 21,425

 TOTAL ASSET BACKED SECURITIES

 2,640,240

 COMMERCIAL MORTGAGE BACKED SECURITIES

 AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES

 FREDDIE MAC AL-20KF88
 9 25 2030
 5.775
 8,512

 8,512

 8,425

 FREDDIE MAC AL-20KF90
 9 25 2030
 5.775
 9,207

 9,207

 9,127

 FREMF MORTGAGE TRUST AS-20KF97
 12 25 2030
 5.581
 6,292

 6,292

 6,185

 FREDDIE MAC AL-20K98
 12 25 2030
 5.615
 15,297

 15,297

 15,211

 FREDDIE MAC A-20KF50
 7 25 2028
 5.852
 1,780

 1,781

 1,775

 FREDDIE MAC AFLW-20KL3W
 8 25 2025
 5.902
 14,354

 14,362

 14,368

 FREDDIE MAC A-20KF52
 9 25 2028
 5.865
 2,733

 2,733

 2,725

 FREDDIE MAC A-20KF53
 10 25 2025
 5.824
 7,293

 7,293

 7,280

 FREDDIE MAC A-20KF54
 11 25 2028
 5.932
 16,961

 16,962

 16,932

 FREDDIE MAC A10-20KS10
 10 25 2028
 6.062
 13,528

 13,532

 13,480

 FREDDIE MAC A-20KF55
 11 25 2025
 5.962
 22,522

 22,534

 22,479

 FREDDIE MAC A-20K56
 11 25 2028
 6.012
 7,156

 7,215

 7,142

 FREDDIE MAC A-20KF57
 12 25 2028
 5.992
 7,958

 7,958

 7,942

 FREDDIE MAC A-20KF58
 1 25 2026
 5.952
 21,219

 21,237

 21,206

 FREDDIE MAC A-20KF59
 2 25 2029
 5.992
 10,084

 10,084

 9,983

 FREDDIE MAC A-20KF60
 2 25 2026
 5.942
 13,888

 13,900

 13,885

 FREDDIE MAC A-20KF61
 3 25 2029
 5.982
 10,122

 10,136

 10,112

 FREDDIE MAC KF67
 8 25 2029
 5.972
 16,232

 16,065

 16,216

 FREDDIE MAC KF73
 11 25 2029
 6.052
 20,501

 20,521

 20,535

 FREDDIE MAC KF74
 1 25 2027
 5.885
 6,830

 6,836

 6,806

 FREDDIE MAC KF76
 1 25 2030
 5.965
 3,029

 2,988

 3,029

 FREDDIE MAC KF77
 2 25 2027
 6.152
 16,352

 16,331

 16,374

 FREDDIE MAC KF77
 2 25 2027
 6.237
 11,663

 11,670

 11,752

 FREDDIE MAC KF78
 3 25 2030
 6.337
 11,096

 11,111

 11,253

 FREDDIE MAC AS-20KF84
 7 25 2030
 5.651
 6,224

 6,224

 6,168

 FREDDIE MAC AFL-2020-KXO
 3 25 2030
 5.775
 8,226

 8,226

 8,158

 FREDDIE MAC_KF85
 8 25 2030
 5.745
 2,612

 2,612

 2,605

 FREDDIE MAC AL-20KF86
 8 25 2027
 5.735
 2,486

 2,486

 2,460

 FREDDIE MAC CERTS KF105
 2 25 2031
 5.587
 16,748

 16,774

 16,460

 FREDDIE MAC K-F120
 8 25 2031
 5.537
 55,804

 53,974

 54,717

 FREDDIE MAC KF128
 12 25 2031
 5.567
 4,493

 4,493

 4,430

 FREDDIE MAC KF129
 1 25 2029
 5.581
 12,122

 12,122

 11,936

 FREDDIE MAC KF139
 6 25 2032
 5.877
 44,526

 43,792

 44,276

 FREDDIE MAC KF145
 9 25 2032
 6.237
 112,793

 112,802

 113,199

 FREDDIE MAC KF146
 10 25 2032
 6.217
 77,258

 77,258

 77,426

 FREDDIE MAC KF147
 11 25 2032
 6.217
 116,500

 116,504

 118,067

 FREDDIE MAC KF148
 11 25 2032
 6.177

 117,284

 FANNIE MAE 06-M2 A2A
 10 25 2032
 5.271

 GINNIE MAE AC-2013-13
 4 16 2046
 1.700
 1,205

 1,178

 1,041

 GINNIE MAE 17-127
 4 16 2052
 2.500
 5,473

 5,451

 4,825

 GINNIE MAE 17-135
 5 16 2049
 2.200
 12,786

 12,731

 11,476

 GINNIE MAE 7-140
 2 16 2059
 2.500
 5,795

 5,773

 5,278

 GINNIE MAE 17-146
 8 16 2047
 2.200
 4,573

 4,560

 4,218

 GINNIE MAE AD-2016-1829
 11 16 2043
 2.250
 1,736

 1,736

 1,677

 GINNIE MAE AG-2016-39
 1 16 2043
 2.300
 2,974

 2,976

 2,799

Date
Rate
Bonds
a b)
Value

 GINNIE MAE AG-2017-171
 10 16 2048
 2.250
 3,078

 3,066

 2,902

 TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES

 886,921

 886,239

 NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES

 280 PARK AVENUE MORTGAGE TRUST PRK_17-280P
 9 15 2034
 6.287

 38,300

 ASHFORD HOSPITALITY TRUST INC AHT1_18-KEYS
 6 15 2035
 6.409
 9,366

 9,366

 9,224

 BANC OF AMERICA MERRILL LYNCH LARGE LOAN INC 18-DSNY
 9 15 2034
 6.259
 33,350

 33,313

 33,180

 BARCLAYS COMMERCIAL MORTGAGE SECURITIES LLC 19-BWAY
 11 15 2034
 6.174

 9,986

 8,354

 BFLD TRUST BFLD_19-DPLO
 10 15 2034
 6.566
 28,000

 28,000

 27,895

 BHMS MORTGAGE TRUST BHMS_18-ATLS
 7 15 2035
 6.909

 39,999

 39,633

 BRAEMAR HOTELS RESORTS TRUST BHR_18-PRME
 6 15 2035
 6.354

 BX COMMERCIAL MORTGAGE TRUST BX_18-GW
 6.526
 38,592

 38,570

 38,227

 BX COMMERCIAL MORTGAGE TRUST BX_19-ATL
 10 15 2036
 6.525
 27,275

 27,272

 26,747

 BX COMMERCIAL MORTGAGE TRUST BX_19-XL
 10 15 2036
 6.396
 21,839

 21,707

 21,785

 BX COMMERCIAL MORTGAGE TRUST BX_21-SOAR
 6 15 2038
 6.146
 24,426

 24,223

 24,036

 BX COMMERCIAL MORTGAGE TRUST BX_21-VOLT
 9 15 2036
 6.176
 29,000

 29,003

 28,254

 BX COMMERCIAL MORTGAGE TRUST BX_21-XL2
 10 15 2038
 6.165
 41,693

 41,693

 40,909

 BX COMMERCIAL MORTGAGE TRUST BX_22-GPA
 7.521
 13,800

 13,782

 13,813

 BX COMMERCIAL MORTGAGE TRUST BX_22-MVRK
 3 15 2039
 6.829
 14,833

 14,826

 14,678

 BX COMMERCIAL MORTGAGE TRUST BX_22-PSB
 7.813
 43,403

 43,351

 43,517

 CAMB COMMERCIAL MORTGAGE TRUST CAMB_19-LIFE
 12 15 2037
 6.546
 17,700

 17,697

 17,578

 CGDB COMMERCIAL MORTGAGE TRUST CGDB_19-MOB
 11 15 2036
 6.426

 14,694

 COLD STORAGE TRUST COLD_20-ICE5
 11 15 2037
 6.376
 30,065

 30,064

 29,923

 COLONY MORTGAGE CAPITAL LTD CLNY_19-IKPR
 11 15 2038
 6.603

 19,958

 19,642

 COMM MORTGAGE TRUST COMM_19-521F
 6 15 2034
 6.309
 16,510

 16,511

 14,295

 CREDIT SUISSE MORTGAGE CAPITAL CERTIFICATES CSMC_19-ICE4
 5 15 2036
 6.389
 46,238

 46,153

 46,239

 DBGS MORTGAGE TRUST DBGS_18-5BP
 6 15 2033
 6.254

 39,977

 36,729

 DBGS MORTGAGE TRUST DBGS_18-BIOD
 6.415
 47,481

 47,425

 47,125

 EXTENDED STAY AMERICA TRUST ESA_21-ESH
 7 15 2038
 6.556
 35,256

 35,256

 34,924

 GS MORTGAGE SECURITIES CORPORATION TRUST GSMS_22-ECI
 7.557
 28,570

 28,442

 28,606

 ILPT COMMERCIAL MORTGAGE PT CERTIFICATES 22-LPF2
 10 15 2039
 7.607
 21,500

 21,478

 21,382

 INVITATION HOMES TRUST IHSFR_18-SFR4
 1 17 2038
 6.537
 28,657

 28,658

 28,581

 JPM CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 18-ASH8
 2 15 2035
 6.276
 9,955

 9,955

 9,880

 LIFE FINANCIAL SERVICES TRUST LIFE 21-BMR
 3 15 2038
 6.176
 48,637

 48,449

 47,567

 LIFE FINANCIAL SERVICES TRUST LIFE_22-BMR2
 5 15 2039
 6.657
 49,000

 48,968

 47,895

 MORGAN STANLEY CAPITAL I TRUST MSC_18-BOP
 8 15 2033
 6.259
 12,624

 12,624

 10,657

 MTN COMMERCIAL MORTGAGE TRUST MTN_22-LPFL
 3 15 2039
 6.759

 49,440

 48,743

 ONE NEW YORK PLAZA TRUST ONYP_20-1NYP
 1 15 2036
 6.426
 18,200

 18,200

 17,348

 STAR_22-SFR3
 5 17 2024
 7.012
 47,741

 47,767

 47,519

 UBS COMMERCIAL MORTGAGE TRUST UBSCM_18-NYCH
 2 15 2032
 6.259
 10,585

 10,584

 10,545

 WELLS FARGO COMMERCIAL MORTGAGE TRUST WFCM_17-SMP
 12 15 2034
 6.409
 18,500

 18,497

 17,263

 TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES

 1,026,716

 1,006,206

 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES

 1,913,637

 CORPORATE DEBT SECURITIES

 BANKING

 WASHINGTON MUTUAL BANK HENDERSON
 6 15 2011
 —
 1,500

 —

 c,d

 TOTAL BANKING

 —

 BASIC INDUSTRY

Date
Rate
Bonds
a b)
Value

 LYONDELLBASELL INDUSTRIES NV
 10 1 2025
 1.250
 5,848

 5,380

 5,464

 LYONDELLBASELL INDUSTRIES NV
 4 15 2024
 5.750
 20,286

 20,297

 20,272

 TOTAL BASIC INDUSTRY

 25,677

 25,736

 CAPITAL GOODS

 BAE SYSTEMS PLC
 10 7 2024
 3.800
 23,282

 23,036

 22,965

 BAE SYSTEMS PLC
 3.850
 14,841

 14,506

 14,528

 0.950
 30,317

 30,181

 30,136

 1.570
 20,266

 18,631

 18,846

 BOEING COMPANY
 5 1 2025
 4.875
 88,115

 87,398

 87,715

 CARRIER GLOBAL CORPORATION
 2 15 2025
 2.242
 6,000

 5,781

 5,805

 CARRIER GLOBAL CORPORATION
 11 30 2025
 5.800
 5,144

 5,142

 5,215

 L3HARRIS TECHNOLOGIES INC
 4 27 2025
 3.832
 20,486

 20,098

 20,129

 L3HARRIS TECHNOLOGIES INC
 5 28 2024
 3.950
 4,531

 4,509

 4,498

 RTX CORPORATION
 3.200
 5,425

 5,403

 5,399

 TOTAL CAPITAL GOODS

 214,685

 215,236

 COMMUNICATIONS

 AMERICAN TOWER CORPORATION
 5 15 2024
 3.375
 18,896

 18,802

 18,724

 CHARTER COMMUNICATIONS INC
 7 23 2025
 4.908
 43,930

 43,353

 43,520

 COMCAST CORPORATION
 9 16 2024
 3.750
 29,084

 28,801

 28,682

 CROWN CASTLE INC
 3.200
 6,924

 6,830

 6,809

 DEUTSCHE TELEKOM AG
 3 20 2025
 4.738
 48,238

 48,038

 47,783

 FOX CORPORATION
 1 25 2024
 4.030
 24,580

 24,573

 24,548

 NETFLIX INC
 2 15 2025
 5.875
 14,960

 14,998

 15,077

 NETFLIX INC
 6 15 2025
 3.625
 16,581

 16,260

 16,286

 VERIZON COMMUNICATIONS INC
 3.500

 9,872

 9,834

 WARNER BROS DISCOVERY INC
 3.900

 9,859

 9,858

 WARNER BROS DISCOVERY INC
 3.428

 25,004

 24,851

 TOTAL COMMUNICATIONS

 246,390

 245,972

 CONSUMER CYCLICAL

 FOOTBALL CLUB TERM NOTES
 10 5 2025
 2.680
 4,000

 3,783

 3,823

 FOOTBALL CLUB TERM NOTES
 10 5 2025
 2.680
 1,000

 IRB HOLDING CORPORATION
 6 15 2025
 7.000
 1,750

 1,757

 1,752

 NATIONAL BASKETBALL ASSOCIATION
 12 16 2024
 2.510
 1,000

 TOTAL CONSUMER CYCLICAL

 7,472

 7,500

 CONSUMER NON CYCLICAL

 ABBVIE INC
 5 14 2025
 3.600

 19,560

 19,647

 ABBVIE INC
 11 21 2024
 2.600
 37,540

 36,809

 36,681

 ABBVIE INC
 3 15 2025
 3.800
 13,223

 12,966

 13,056

 AMGEN INC
 5 22 2024
 3.625
 27,500

 27,364

 27,283

 AMGEN INC
 2 21 2025
 1.900
 5,702

 5,473

 5,508

 AMGEN INC
 3 2 2025
 5.250
 19,132

 19,134

 19,177

 BACARDI LTD
 5 15 2025
 4.450
 18,600

 18,337

 18,338

 BECTON DICKINSON AND COMPANY
 12 15 2024
 3.734
 9,000

 8,914

 8,856

 BECTON DICKINSON AND COMPANY
 6 6 2024
 3.363
 13,988

 13,932

 13,848

 CONSTELLATION BRANDS INC
 4.750
 8,602

 8,558

 8,544

 CONSTELLATION BRANDS INC
 5 9 2024
 3.600
 34,665

 34,480

 34,406

 DT FAMILY 2009 LLC
 3.950
 14,121

 14,001

 13,957

 GE HEALTHCARE TECHNOLOGIES INC
 5.550
 65,000

 65,102

 65,039

Date
Rate
Bonds
a b)
Value

 GILEAD SCIENCES INC
 4 1 2024
 3.700
 10,990

 10,985

 10,934

 HCA HEALTHCARE INC
 5.000
 41,924

 41,910

 41,838

 HCA HEALTHCARE INC
 2 1 2025
 5.375

 14,914

 14,994

 HCA HEALTHCARE INC
 2 15 2026
 5.875
 13,500

 13,492

 13,626

 J M SMUCKER COMPANY
 3 15 2025
 3.500
 96,703

 94,730

 94,863

 KROGER COMPANY
 4.000
 7,500

 7,500

 7,488

 TOTAL CONSUMER NON CYCLICAL

 468,161

 468,083

 ELECTRIC

 AES CORPORATION (THE)
 1.375
 13,670

 12,652

 12,649

 AMERICAN ELECTRIC POWER COMPANY INC
 10 1 2025
 3.850
 1,955

 1,897

 1,899

 CENTERPOINT ENERGY INC
 2.500
 5,000

 4,914

 4,891

 CMS ENERGY CORPORATION
 3.875
 8,347

 8,343

 8,320

 CMS ENERGY CORPORATION
 8 31 2024
 3.125
 10,250

 10,287

 10,084

 DOMINION ENERGY INC
 10 1 2025
 3.900
 7,500

 7,301

 7,361

 2.529
 9,426

 9,258

 9,209

 4.220
 65,642

 65,247

 64,805

 EMERA INCORPORATED
 6 15 2024
 0.833
 23,974

 23,572

 23,445

 2.900
 4,892

 4,830

 4,796

 6 27 2024
 4.200
 36,141

 35,995

 35,876

 1 15 2025
 3.150
 6,461

 6,319

 6,303

 FIRSTENERGY CORPORATION
 5.500
 16,065

 16,071

 16,033

 FIRSTENERGY CORPORATION
 1 15 2025
 4.350
 13,890

 13,713

 13,632

 FIRSTENERGY CORPORATION
 4 15 2024
 4.100
 18,478

 18,425

 18,360

 FIRSTENERGY CORPORATION
 3 30 2026
 5.150
 1,250

 1,234

 1,248

 NEXTERA ENERGY INC
 3 1 2025
 6.051
 58,963

 59,513

 59,494

 NEXTERA ENERGY INC
 9 1 2025
 5.749

 24,895

 25,262

 NEXTERA ENERGY INC
 3 21 2024
 2.940
 47,248

 47,016

 46,951

 PINNACLE WEST CAPITAL CORPORATION
 6 15 2025
 1.300
 4,555

 4,321

 4,290

 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
 6 15 2024
 2.875

 SOUTHERN COMPANY (THE)
 9 15 2024
 2.200
 2,687

 2,629

 2,621

 SOUTHERN COMPANY (THE)
 2 26 2024
 0.600
 14,010

 13,924

 13,897

 WEC ENERGY GROUP INC
 0.800
 2,038

 2,025

 2,017

 TOTAL ELECTRIC

 395,346

 394,406

 ENERGY

 CANADIAN NATURAL RESOURCES LTD
 2.050
 5,882

 5,544

 5,606

 ENTERPRISE PRODUCTS PARTNERS L.P.
 3.900

 9,987

 9,976

 MARATHON PETROLEUM CORPORATION
 6 1 2025
 4.875
 5,150

 5,094

 5,119

 OCCIDENTAL PETROLEUM CORPORATION
 2 1 2025
 3.100

 24,353

 24,353

 PLAINS GP HOLDINGS LP
 3.600
 27,446

 27,044

 26,927

 PLAINS GP HOLDINGS LP
 10 15 2025
 4.650
 5,539

 5,391

 5,478

 WILLIAMS COMPANIES INC
 6 24 2024
 4.550
 8,472

 8,480

 8,427

 TOTAL ENERGY

 85,893

 85,886

 INSURANCE

 CVS HEALTH CORPORATION
 3.500
 7,070

 6,969

 6,956

 ELEVANCE HEALTH INC
 12 1 2024
 3.350

 14,750

 14,724

 ELEVANCE HEALTH INC
 10 15 2025
 5.350
 10,805

 10,841

 10,884

 TOTAL INSURANCE

 32,560

 32,564

Date
Rate
Bonds
a b)
Value

 NATURAL GAS

 NISOURCE INC
 0.950
 3,450

 3,190

 3,225

 TOTAL NATURAL GAS

 3,190

 3,225

 OTHER FINANCIAL INSTITUTIONS

 HARDWOOD FUNDING LLC
 6 7 2025
 3.130
 6,400

 6,135

 6,185

 HARDWOOD FUNDING LLC
 6 7 2024
 3.180
 6,000

 5,979

 5,918

 TOTAL OTHER FINANCIAL INSTITUTIONS

 12,114

 12,103

 TECHNOLOGY

 BROADCOM INC
 1 15 2024
 3.625
 20,250

 20,247

 20,232

 FIDELITY NATIONAL INFORMATION SERVICES INC
 0.600

 9,946

 9,906

 7 1 2024
 2.750

 9,968

 9,847

 9 1 2025
 4.250
 3,817

 3,708

 3,758

 0.972
 42,710

 42,512

 42,455

 0.983
 9,405

 9,284

 9,107

 NXP SEMICONDUCTORS NV
 4.875
 14,457

 14,470

 14,426

 NXP SEMICONDUCTORS NV
 5 1 2025
 2.700
 11,059

 10,585

 10,657

 TOTAL TECHNOLOGY

 120,720

 120,388

 TRANSPORTATION

 CSX CORPORATION
 8 1 2024
 3.400
 28,900

 28,657

 28,536

 CRAWFORD GROUP INC
 3.850
 62,149

 61,680

 61,305

 CRAWFORD GROUP INC
 11 1 2025
 3.800
 6,211

 6,080

 6,061

 NORFOLK SOUTHERN CORPORATION
 2.900

 9,490

 9,594

 NORFOLK SOUTHERN CORPORATION
 8 1 2025
 3.650
 4,500

 4,376

 4,407

 TOTAL TRANSPORTATION

 110,283

 109,903

 TOTAL CORPORATE DEBT SECURITIES

 1,722,491

 1,721,005

 TOTAL FIXED MATURITIES

 13,135,364

 SYNDICATED LOANS

 BASIC INDUSTRY

 ASPLUNDH TREE EXPERT LLC
 9 7 2027
 7.198
 1,341

 1,331

 1,331

 ELEMENT SOLUTIONS INC
 12 8 2030
 8.211
 1,447

 1,448

 1,448

 INEOS LTD
 2 10 2030
 8.765

 TOTAL BASIC INDUSTRY

 3,169

 3,169

 BROKERAGE

 CITADEL SECURITIES LP
 8 1 2030
 7.940
 1,219

 1,205

 1,205

 LPL FINANCIAL HOLDINGS INC
 11 12 2026
 7.193
 1,594

 1,589

 1,589

 RUSSELL INVESTMENTS GROUP LTD
 5 30 2025
 8.948
 1,307

 1,307

 1,307

 TOTAL BROKERAGE

 4,101

 4,101

 CAPITAL GOODS

 BARNES GROUP INC
 8 9 2030
 8.448
 1,750

 1,749

 1,749

 BEACON ROOFING SUPPLY INC
 5 19 2028
 7.963
 1,115

 1,102

 1,102

 7 1 2026
 7.207

 EMRLD BORROWER LP
 5 23 2030
 8.348
 1,500

 1,500

 1,500

 ENERGY CAPITAL PARTNERS II LLC
 9 18 2030
 9.382

Date
Rate
Bonds
a b)
Value

 FLINT GROUP PACKAGING INKS NORTH AMERICA HOLDINGS LLC
 12 31 2026
 8.211

 FLINT GROUP PACKAGING INKS NORTH AMERICA HOLDINGS LLC
 12 31 2027
 8.211

 FLINT GROUP PACKAGING INKS NORTH AMERICA HOLDINGS LLC
 12 31 2027
 8.211

 G HOLDINGS INC
 9 22 2028
 7.721
 1,463

 1,430

 1,430

 GMS INC
 4 26 2030
 8.348
 1,750

 1,753

 1,753

 INGERSOLL RAND INC
 7.198

 PACKAGING HOLDINGS LTD
 1 29 2027
 7.198
 1,078

 1,062

 1,062

 QUIKRETE HOLDINGS INC
 2 1 2027
 8.088
 1,323

 1,295

 1,295

 QUIKRETE HOLDINGS INC
 3 18 2029
 8.213

 TRANE TECHNOLOGIES PLC
 7.198

 TRANSDIGM INC
 8 10 2028
 8.640
 1,995

 1,998

 1,998

 ZEKELMAN INDUSTRIES INC
 1 24 2027
 7.476

 TOTAL CAPITAL GOODS

 16,181

 16,181

 COMMUNICATIONS

 ALTICE FRANCE SA
 8.395

 APPLOVIN CORPORATION
 10 25 2028
 8.448

 CMG MEDIA CORPORATION
 12 17 2026
 8.990

 CSC HOLDINGS LLC
 7 17 2025
 7.726

 CSC HOLDINGS LLC
 7.726

 EW SCRIPPS COMPANY
 5 1 2026
 8.025

 HUBBARD RADIO LLC
 3 28 2025
 9.720

 LIONS GATE ENTERTAINMENT CORPORATION
 3 24 2025
 7.698

 LUMEN TECHNOLOGIES INC
 7.213

 LUMEN TECHNOLOGIES INC
 3 15 2027
 7.713
 1,200

 1,199

 1,199

 SBA COMMUNICATIONS CORPORATION
 4 11 2025
 7.200
 1,205

 1,203

 1,203

 SINCLAIR BROADCAST GROUP INC (DIAMOND SPORTS GROUP LLC)
 8 24 2026
 10.446
 1,137

 1,131

 1,131

 d

 SINCLAIR INC
 4 1 2028
 8.463

 TELESAT LLC
 12 7 2026
 8.400

 VMED O2 UK LTD
 1 31 2028
 7.976
 1,000

 1,000

 1,000

 TOTAL COMMUNICATIONS

 12,556

 12,556

 CONSUMER CYCLICAL

 APOLLO INVESTMENT FUND VIII LP
 10 10 2030
 7.841

 BJS WHOLESALE CLUB HOLDINGS INC
 2 3 2029
 7.360

 BURLINGTON STORES INC
 6 24 2028
 7.463
 1,403

 1,389

 1,389

 GODADDY INC
 10 21 2029
 7.848
 1,404

 1,379

 1,379

 GREAT OUTDOORS GROUP LLC
 3 6 2028
 9.402
 1,995

 1,995

 1,995

 HILTON WORLDWIDE HOLDINGS INC
 11 3 2030
 7.457
 1,749

 1,746

 1,746

 LIGHT WONDER INC
 4 14 2029
 8.465
 1,995

 1,998

 1,998

 NASCAR HOLDINGS LLC
 10 19 2026
 7.963

 NATIONAL AMUSEMENTS INC
 5 8 2025
 8.473

 PCI GAMING AUTHORITY
 5 29 2026
 7.963

 QUALITY SOLUTIONS INTERNATIONAL LTD
 8 21 2025
 8.213

 RESTAURANT BRANDS INTERNATIONAL INC
 9 11 2030
 7.598
 2,291

 2,275

 2,275

Date
Rate
Bonds
a b)
Value

 SEMINOLE TRIBE OF FLORIDA INC
 7 8 2024
 7.213

 SIX FLAGS ENTERTAINMENT CORPORATION
 4 17 2026
 7.198

 WILLIAM MORRIS ENDEAVOR ENTERTAINMENT LLC
 5 18 2025
 8.213

 YUM! BRANDS INC.
 3 15 2028
 7.223
 1,023

 1,023

 1,023

 TOTAL CONSUMER CYCLICAL

 16,651

 16,651

 CONSUMER NON CYCLICAL

 ARAMARK
 4 6 2028
 7.963
 1,012

 1,008

 1,008

 BRP INC
 12 13 2029
 8.098
 1,746

 1,752

 1,752

 DOLE PLC
 8 3 2028
 7.361

 ELANCO ANIMAL HEALTH INC
 7.193

 ENERGIZER HOLDINGS INC
 12 16 2027
 7.721

 GRIFOLS SA
 11 15 2027
 7.538
 1,117

 1,114

 1,114

 ICON PLC
 7.902

 ICON PLC
 7.902

 ORGANON COMPANY
 6 2 2028
 8.472

 PRESTIGE CONSUMER HEALTHCARE INC
 7.463

 SELECT MEDICAL CORPORATION
 3 6 2027
 8.348
 1,245

 1,235

 1,235

 THOR INDUSTRIES INC
 11 8 2030
 9.181

 US FOODS HOLDING CORPORATION
 8 30 2026
 7.463

 TOTAL CONSUMER NON CYCLICAL

 8,759

 8,759

 ELECTRIC

 ADVANCED POWER SERVICES NA INC
 2 16 2026
 8.990

 CONSTELLATION ENERGY CORPORATION
 12 15 2027
 8.150

 CPV SHORE HOLDINGS LLC
 12 29 2025
 9.213

 EASTERN POWER LLC
 10 2 2025
 9.213

 EDGEWATER GENERATION LLC (DELAWARE)
 12 13 2025
 9.213

 EFS COGEN HOLDINGS I LLC
 10 1 2027
 9.160

 VOLT PARENT LP
 12 16 2027
 7.963

 VOLT PARENT LP
 7 20 2030
 7.598
 1,895

 1,886

 1,886

 WEST DEPTFORD ENERGY HOLDINGS LLC
 8 3 2026
 9.198
 1,116

 1,113

 1,113

 TOTAL ELECTRIC

 7,316

 7,316

 ENERGY

 IFM GLOBAL INFRASTRUCTURE FUND
 11 1 2026
 7.693

 TOTAL ENERGY

 FINANCE COMPANY

 AVOLON TLB BORROWER 1 -US- LLC
 2 12 2027
 6.958

 AVOLON TLB BORROWER 1 -US- LLC
 6 8 2028
 7.858

 FLEETCOR TECHNOLOGIES INC
 4 28 2028
 7.198
 1,472

 1,458

 1,458

 TOTAL FINANCE COMPANY

 2,411

 2,411

 INSURANCE

Date
Rate
Bonds
a b)
Value

 LONESTAR INTERMEDIATE SUPER HOLDINGS LLC
 12 23 2026
 8.713

 TOTAL INSURANCE

 OTHER FINANCIAL INSTITUTIONS

 SOFTBANK GROUP CORPORATION
 6 27 2029
 8.383

 TRANSUNION
 11 16 2026
 7.198

 TRANSUNION
 12 1 2028
 7.713

 TOTAL OTHER FINANCIAL INSTITUTIONS

 2,467

 2,467

 OTHER INDUSTRY

 API GROUP CORPORATION
 10 1 2026
 7.713

 TOTAL OTHER INDUSTRY

 TECHNOLOGY

 ADEIA INC
 6 8 2028
 8.966

 SS C TECHNOLOGIES
 4 16 2025
 7.213

 SS C TECHNOLOGIES
 4 16 2025
 7.213

 SS C TECHNOLOGIES
 3 22 2029
 7.698

 SS C TECHNOLOGIES
 3 22 2029
 7.698

 COHERENT CORPORATION
 7 2 2029
 8.213

 ENTEGRIS INC
 7 6 2029
 7.890
 1,127

 1,118

 1,118

 GEN DIGITAL INC
 9 12 2029
 7.448
 1,245

 1,198

 1,198

 INGRAM MICRO INC
 6 30 2028
 8.653
 2,000

 2,008

 2,008

 MKS INSTRUMENTS INC
 8 17 2030
 7.841

 ONEX CORPORATION
 6 27 2025
 7.580

 TTM TECHNOLOGIES INC
 5 23 2030
 8.093
 1,252

 1,244

 1,244

 TOTAL TECHNOLOGY

 10,466

 10,466

 TRANSPORTATION

 G W INTERMEDIATE HOLDINGS LLG
 12 30 2026
 7.490
 1,612

 1,588

 1,588

 UNITED AIRLINES HOLDINGS INC
 4 20 2028
 9.220

 TOTAL TRANSPORTATION

 1,874

 1,874

 TOTAL SYNDICATED LOANS BEFORE ALLOWANCE FOR LOAN LOSSES

 87,652

 87,652

 ALLOWANCE FOR LOAN LOSSES

 (955)

 (955)

 TOTAL SYNDICATED LOANS - NET

 DERIVATIVES

 PURCHASED OPTIONS

 —

 7 8 2025

 —

 10 21 2025

 —

 —

 1 9 2024

Date
Rate
Bonds
a b)
Value

 1 6 2026

 —

 1 30 2024

 1 27 2026

 —

 2 6 2024

 2 13 2024

 2 10 2026

 —

 2 20 2024

 3 12 2024

 9 23 2025

 —

 11 4 2025

 —

 3 19 2024

 4 9 2024

 4 7 2026

 —

 4 16 2024

 4 30 2024

 5 21 2024

 5 28 2024

 5 26 2026

 —

 6 4 2024

 6 18 2024

 6 25 2024

 —

 7 2 2024

 —

 7 30 2024

 —

 8 6 2024

 —

 8 13 2024

 —

 8 20 2024

 —

 9 10 2024

 —

 9 24 2024

 10 8 2024

 —

 10 22 2024

 —

 10 29 2024

 —

 11 5 2024

 —

 11 12 2024

 —

 —

 11 26 2024

 —

 12 3 2024

 —

 12 10 2024

 —

 8 12 2025

 —

 4 2 2024

 —

 3 31 2026

 —

 4 29 2025

 —

 —

 —

 11 18 2025

 —

Date
Rate
Bonds
a b)
Value

 —

 1 16 2024

 1 13 2026

 —

 2 27 2024

 —

 2 24 2026

 —

 3 5 2024

 3 26 2024

 4 23 2024

 5 7 2024

 —

 5 14 2024

 5 12 2026

 —

 6 11 2024

 —

 7 9 2024

 —

 7 16 2024

 —

 7 23 2024

 —

 9 3 2024

 —

 9 17 2024

 —

 —

 10 15 2024

 —

 12 17 2024

 —

 TOTAL PURCHASED OPTIONS

 WRITTEN OPTIONS

 —

 (87)

 (87)

 7 8 2025

 —

 (92)

 (92)

 —

 (54)

 (54)

 11 18 2025

 —

 (57)

 (57)

 (1)

 (427)

 (427)

 1 9 2024

 (1)

 (245)

 (245)

 1 6 2026

 —

 (132)

 (132)

 1 30 2024

 (1)

 (184)

 (184)

 1 27 2026

 —

 (56)

 (56)

 2 6 2024

 (1)

 (226)

 (226)

 2 13 2024

 (1)

 (205)

 (205)

 2 10 2026

 —

 (52)

 (52)

 2 20 2024

 (1)

 (280)

 (280)

 3 12 2024

 (1)

 (325)

 (325)

 9 23 2025

 —

 (188)

 (188)

 11 4 2025

 —

 (77)

 (77)

 3 19 2024

 (1)

 (343)

 (343)

 4 9 2024

 (1)

 (194)

 (194)

 4 7 2026

 —

 (57)

 (57)

 4 16 2024

 (1)

 (226)

 (226)

Date
Rate
Bonds
a b)
Value

 4 30 2024

 (1)

 (198)

 (198)

 5 21 2024

 (1)

 (254)

 (254)

 5 28 2024

 (1)

 (185)

 (185)

 5 26 2026

 —

 (66)

 (66)

 6 4 2024

 (1)

 (198)

 (198)

 6 18 2024

 (1)

 (133)

 (133)

 6 25 2024

 —

 (138)

 (138)

 7 2 2024

 —

 (88)

 (88)

 7 30 2024

 —

 (93)

 (93)

 8 6 2024

 —

 (118)

 (118)

 8 13 2024

 —

 (103)

 (103)

 8 20 2024

 —

 (156)

 (156)

 (1)

 (156)

 (156)

 9 10 2024

 —

 (135)

 (135)

 9 24 2024

 (1)

 (248)

 (248)

 10 8 2024

 —

 (132)

 (132)

 10 22 2024

 —

 (162)

 (162)

 10 29 2024

 —

 (177)

 (177)

 11 5 2024

 —

 (180)

 (180)

 11 12 2024

 —

 (111)

 (111)

 —

 (104)

 (104)

 11 26 2024

 —

 (102)

 (102)

 12 3 2024

 —

 (101)

 (101)

 12 10 2024

 —

 (58)

 (58)

 12 17 2024

 (1)

 (112)

 (112)

 8 12 2025

 —

 (47)

 (47)

 3 31 2026

 —

 (57)

 (57)

 4 29 2025

 —

 (159)

 (159)

 —

 (91)

 (91)

 —

 (132)

 (132)

 10 21 2025

 —

 (221)

 (221)

 —

 (72)

 (72)

 1 16 2024

 (1)

 (270)

 (270)

 1 13 2026

 —

 (122)

 (122)

 (1)

 (260)

 (260)

 2 27 2024

 —

 (237)

 (237)

 2 24 2026

 —

 (65)

 (65)

 3 5 2024

 (1)

 (291)

 (291)

 3 26 2024

 (1)

 (305)

 (305)

 4 2 2024

 —

 (196)

 (196)

 4 23 2024

 (1)

 (268)

 (268)

 5 7 2024

 —

 (201)

 (201)

 5 14 2024

 (1)

 (269)

 (269)

 5 12 2026

 —

 (72)

 (72)

 6 11 2024

 —

 (133)

 (133)

Date
Rate
Bonds
a b)
Value

 7 9 2024

 —

 (124)

 (124)

 7 16 2024

 —

 (95)

 (95)

 7 23 2024

 —

 (93)

 (93)

 9 3 2024

 —

 (128)

 (128)

 9 17 2024

 —

 (143)

 (143)

 —

 (216)

 (216)

 10 15 2024

 —

 (131)

 (131)

 —

 (67)

 (67)

 TOTAL WRITTEN OPTIONS

 FUTURES

 S P500 EMINI FUT Mar24

 —

 (16)

 (16)

 TOTAL FUTURES

 (16)

 (16)

 TOTAL DERIVATIVES - NET

 5,759

 5,759

 TOTAL INVESTMENTS IN CASH EQUIVALENTS, FIXED MATURITIES, EQUITY SECURITIES, SYNDICATED LOANS AND DERIVATIVES
 $
 14,121,941

 $
 14,023,614

 NOTES
 a) Cash equivalents are carried at amortized cost which approximates fair value. Fixed maturities and common stocks are carried at fair value. In the absence of quoted market prices, fair values are obtained from third-party pricing services, non-binding broker quotes or other model-based valuation techniques. Syndicated loans are carried at amortized cost, less allowance for loan losses. Derivatives are carried at fair value. Options are traded in over-the-counter markets using pricing models with market observable inputs. Futures are exchange-traded and valued using quoted prices in active markets. See notes to the financial statements regarding valuations.
 b) For Federal income tax purposes, the cost of investments is $14.1 billion.
 c) Securities written down due to other-than-temporary impairment related to credit losses.
 d) Non-income producing securities.

 Schedule I — Investments in Securities of Unaffiliated Issuers

Date
Rate
Bonds
a b)
Value

 CASH EQUIVALENTS

 CERTIFICATE OF DEPOSITS

 AUSTRALIA AND NEW ZEALAND BANK
 4.320
 %
 $
 76,400

 $
 76,400

 $
 76,400

 CANADIAN IMPERIAL BANK OF COMMERCE

 4.290

 TOTAL CERTIFICATE OF DEPOSITS

 101,400

 101,400

 COMMERCIAL PAPER

 AMERICAN ELECTRIC POWER COMPANY INC

 —

 29,979

 29,979

 CENTERPOINT ENERGY INC
 —

 39,986

 39,986

 CLOROX COMPANY
 1 11 2023
 —

 9,986

 9,986

 CONSOLIDATED EDISON INC
 1 9 2023
 —

 29,969

 29,969

 —

 22,900

 22,885

 22,885

 —

 4,000

 3,995

 3,995

 DOMINION ENERGY INC
 —

 14,000

 13,983

 13,983

 DOMINION ENERGY INC
 1 18 2023
 —

 36,000

 35,917

 35,917

 DUKE ENERGY CORP
 1 5 2023
 —

 14,992

 14,992

 DUKE ENERGY CORP
 1 13 2023
 —

 24,962

 24,962

 DUKE ENERGY CORP
 1 18 2023
 —

 9,978

 9,978

 EATON CORPORATION PLC
 1 5 2023
 —

 47,000

 46,972

 46,972

 ENBRIDGE INC
 —

 13,400

 13,395

 13,395

 ENBRIDGE INC
 1 13 2023
 —

 29,951

 29,951

 EVERGY INC
 —

 54,000

 53,983

 53,983

 —

 39,951

 39,951

 EXELON CORPORATION
 1 9 2023
 —

 24,971

 24,971

 EXELON CORPORATION
 1 18 2023
 —

 24,500

 24,443

 24,443

 1 13 2023
 —

 13,000

 12,979

 12,979

 1 26 2023
 —

 19,931

 19,931

 HEWLETT PACKARD ENTERPRISE CO
 1 4 2023
 —

 24,990

 24,990

 HEWLETT PACKARD ENTERPRISE CO
 1 5 2023
 —

 24,986

 24,986

 MCKESSON CORP
 —

 24,983

 24,983

 MONDELEZ INTERNATIONAL INC
 —

 21,000

 20,975

 20,975

 MONDELEZ INTERNATIONAL INC
 1 20 2023
 —

 29,926

 29,926

 NISOURCE INC
 —

 15,989

 15,989

 ORACLE CORPORATION
 1 4 2023
 —

 46,375

 46,357

 46,357

 REPUBLIC SERVICES INC
 —

 24,993

 24,993

 REPUBLIC SERVICES INC
 1 19 2023
 —

 19,951

 19,951

 SOUTHERN COMPANY THE
 —

 34,000

 33,939

 33,939

 SUNCOR ENERGY INC
 —

 19,995

 19,995

 SUNCOR ENERGY INC
 —

 9,993

 9,993

 SUNCOR ENERGY INC
 —

 12,400

 12,373

 12,373

 SYSCO CORPORATION
 —

 25,100

 25,094

 25,094

 THOMSON REUTERS CORPORATION
 1 11 2023
 —

 49,933

 49,933

 TC ENERGY CORP
 —

 19,000

 18,995

 18,995

 VODAFONE GROUP PLC
 —

 39,990

 39,990

 WEC ENERGY GROUP INC
 —

 27,800

 27,791

 27,791

 WILLIAMS COMPANIES INC
 —

 39,950

 39,950

 XCEL ENERGY INC
 —

 29,978

 29,978

 XCEL ENERGY INC
 1 11 2023
 —

 13,700

 13,681

 13,681

 TOTAL COMMERCIAL PAPER

 1,058,070

 1,058,070

 TOTAL CASH EQUIVALENTS

 1,159,470

 1,159,470

Date
Rate
Bonds
a b)
Value

 FIXED MATURITIES

 U.S. GOVERNMENT AND AGENCY OBLIGATIONS

 1 26 2023
 —

 49,895

 49,879

 2 23 2023
 —

 49,768

 49,700

 4 20 2023
 —

 49,345

 49,350

 5 18 2023
 —

 117,950

 117,981

 6 15 2023
 —

 146,794

 146,992

 1 5 2023
 —

 49,986

 49,989

 1 12 2023
 —

 49,958

 49,955

 1 19 2023
 —

 49,925

 49,918

 2 2 2023
 —

 49,875

 49,843

 2 9 2023
 —

 49,835

 49,800

 2 16 2023
 —

 49,805

 49,751

 3 2 2023
 —

 49,721

 49,655

 3 9 2023
 —

 49,681

 49,618

 4 13 2023
 —

 49,418

 49,437

 4 27 2023
 —

 118,270

 118,329

 5 4 2023
 —

 118,157

 118,203

 5 11 2023
 —

 118,031

 118,064

 5 25 2023
 —

 147,260

 147,344

 6 1 2023
 —

 147,114

 147,205

 6 8 2023
 —

 146,968

 147,072

 6 22 2023
 —

 146,718

 146,819

 6 29 2023
 —

 146,575

 146,616

 10 5 2023
 —

 115,000

 111,473

 111,145

 11 15 2028
 5.250

 2.375

 TOTAL U. S. GOVERNMENT AND AGENCY OBLIGATIONS

 2,062,783

 STATE AND MUNICIPAL OBLIGATIONS

 STATE OF CONNECTICUT
 7 1 2023
 2.000

 11 1 2023
 1.041

 1.229

 11 1 2025
 1.329
 1,000

 1,000

 GREAT LAKES WATER AUTHORITY
 7 1 2024
 1.604

 GREAT LAKES WATER AUTHORITY
 1.654

 LONG ISLAND POWER AUTHORITY
 3 1 2023
 0.764
 1,000

 1,000

 PORT AUTHORITY OF NEW YORK
 7 1 2023
 1.086
 5,000

 5,000

 4,911

 TOTAL STATE AND MUNICIPAL OBLIGATIONS

 9,451

 9,155

 RESIDENTIAL MORTGAGE BACKED SECURITIES

 AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES

 FANNIE MAE AF-204620
 11 15 2042
 4.560
 3,481

 3,473

 3,425

 FANNIE MAE FA-204624
 12 15 2038
 4.570
 10,194

 10,166

 10,042

 FANNIE MAE 06-36 GF
 5 25 2036
 4.689
 2,341

 2,350

 2,291

 FANNIE MAE 07-46 FB
 5 25 2037
 4.759

 FANNIE MAE 07-6
 2 25 2037
 4.839
 4,039

 4,045

 3,950

 FANNIE MAE 09-107 FL
 2 25 2038
 2.192
 1,237

 1,243

 1,206

 FANNIE MAE FK-2010-123
 11 25 2040
 4.839
 4,843

 4,886

 4,726

Date
Rate
Bonds
a b)
Value

 FANNIE MAE 12-133
 4 25 2042
 4.639
 2,866

 2,857

 2,757

 FANNIE MAE FA-2013-1
 2 25 2043
 4.739
 4,412

 4,427

 4,265

 FANNIE MAE 13-2 KF
 1 25 2037
 4.569
 3,468

 3,460

 3,357

 FANNIE MAE AF-2015-22C
 4 25 2045
 4.470
 6,407

 6,384

 6,210

 FANNIE MAE KF-2015-27
 5 25 2045
 4.689
 5,526

 5,511

 5,424

 FANNIE MAE DF-2015-38
 6 25 2055
 4.430
 9,367

 9,307

 9,146

 FANNIE MAE FA-2015-4
 2 25 2045
 4.470
 2,313

 2,315

 2,248

 FANNIE MAE AF-2015-42
 6 25 2055
 4.450
 5,888

 5,857

 5,805

 FANNIE MAE_15-50
 7 25 2045
 4.470
 9,682

 9,671

 9,393

 FANNIE MAE FA-2015-55
 8 25 2055
 4.470
 3,948

 3,932

 3,911

 FANNIE MAE FW-2015-84
 11 25 2045
 4.470
 6,719

 6,710

 6,513

 FANNIE MAE AF-2015-91
 12 25 2045
 4.490
 6,279

 6,250

 6,199

 FANNIE MAE_15-93
 8 25 2045
 4.739
 1,983

 1,978

 1,938

 FANNIE MAE_16-11
 3 25 2046
 4.670
 4,050

 4,053

 3,920

 FANNIE MAE AF-2016-11
 3 25 2046
 4.620
 2,902

 2,896

 2,875

 FANNIE MAE 16-2
 2 25 2056
 4.600
 1,965

 1,962

 1,967

 FANNIE MAE WF-2016-68
 10 25 2046
 4.570
 2,287

 2,289

 2,216

 FANNIE MAE FT-2016-84
 11 25 2046
 4.889
 6,428

 6,488

 6,241

 FANNIE MAE AF-2016-87
 11 25 2046
 4.520
 4,279

 4,276

 4,148

 FANNIE MAE AF-2016-88
 12 25 2046
 4.560
 3,441

 3,441

 3,354

 FANNIE MAE DF-2017-16
 3 25 2047
 4.540
 2,028

 2,036

 1,951

 FANNIE MAE FL-2017-4
 2 25 2047
 4.570
 4,706

 4,706

 4,605

 FANNIE MAE FC-2017-51
 7 25 2047
 4.739
 16,642

 16,692

 16,032

 FANNIE MAE FNMA_17-8
 2 25 2047
 4.789
 33,069

 33,069

 32,312

 FANNIE MAE FC-2018-73
 4.689
 20,917

 20,861

 20,103

 FANNIE MAE AF-2018-87
 12 25 2048
 4.420
 11,839

 11,787

 11,519

 FANNIE MAE_CF-2019-33
 4.859
 11,298

 11,319

 10,935

 FANNIE MAE FC-2019-76
 12 25 2049
 4.889
 10,175

 10,172

 9,913

 FANNIE MAE_FA-2020-47
 7 25 2050
 4.789
 28,521

 28,521

 27,791

 FANNIE MAE FNMA_22-44
 4.328
 17,958

 17,925

 17,479

 FANNIE MAE_YF-204979
 4.839
 19,039

 19,055

 18,504

 FANNIE MAE 09-101
 12 25 2039
 5.229
 5,096

 5,168

 5,099

 FREDDIE MAC 1Q1572
 5 1 2038
 2.714
 4,052

 4,261

 4,072

 FREDDIE MAC 848416
 2 1 2041
 2.226
 2,318

 2,416

 2,314

 FREDDIE MAC 848530
 9 1 2039
 3.330
 1,063

 1,120

 1,073

 FREDDIE MAC 849281
 3.751
 2,344

 2,482

 2,376

 FREDDIE MAC SB0752
 10 1 2037
 4.500
 14,766

 14,459

 14,684

 FREDDIE MAC SB8155
 5 1 2037
 3.000
 30,894

 29,997

 28,936

 FREDDIE MAC SB8191
 10 1 2037
 4.500
 37,782

 36,962

 37,540

 FREDDIE MAC SB8197
 12 1 2037
 4.000
 34,732

 34,048

 33,897

 FREDDIE MAC 781884
 8 1 2034
 4.250

 FREDDIE MAC LF-204475
 4 15 2040
 4.430
 1,253

 1,252

 1,232

 FREDDIE MAC FB-204495
 11 15 2038
 4.470
 4,832

 4,809

 4,759

 FREDDIE MAC 5258
 8 25 2052
 4.428
 49,240

 49,240

 48,134

 FREDDIE MAC 1H2520
 6 1 2035
 3.504
 1,192

 1,256

 1,207

 FREDDIE MAC 1N1474
 5 1 2037
 4.760

 FREDDIE MAC 1Q1515
 11 1 2038
 3.138
 4,887

 5,144

 4,930

 FREDDIE MAC 1Q1540
 6 1 2040
 2.590
 2,094

 2,229

 2,109

 FREDDIE MAC 1Q1548
 8 1 2038
 2.779
 1,868

 1,960

 1,877

 FREDDIE MAC 848922
 4 1 2037
 3.351
 1,577

 1,671

 1,590

Date
Rate
Bonds
a b)
Value

 FREDDIE MAC ARM 780514
 5 1 2033
 3.062

 FREDDIE MAC ARM 780845
 4.296

 FREDDIE MAC ARM 780903
 4.321

 FREDDIE MAC ARM 845654
 2.625

 FREDDIE MAC ARM 845730
 11 1 2023
 4.375

 FREDDIE MAC 845733
 4 1 2024
 2.625

 FREDDIE MAC ARM 846702
 10 1 2029
 4.460
 —

 —

 —

 FANNIE MAE 22-33
 9 25 2038
 4.328
 21,843

 21,843

 21,362

 FANNIE MAE 22-37
 4.328
 45,484

 45,443

 44,590

 FANNIE MAE 22-43 FB
 4.528
 37,342

 37,405

 36,560

 FANNIE MAE 22-66
 10 25 2052
 4.478
 24,338

 24,364

 23,740

 FANNIE MAE AL4110
 3 1 2037
 3.638
 1,678

 1,757

 1,692

 FANNIE MAE AL4100
 9 1 2036
 3.673
 2,060

 2,162

 2,089

 FANNIE MAE AL4114
 2 1 2039
 3.537
 1,854

 1,959

 1,888

 FANNIE MAE AS4507
 2 1 2030
 3.000
 3,989

 4,086

 3,816

 FANNIE MAE AS4878
 4 1 2030
 3.000
 5,104

 5,229

 4,883

 FANNIE MAE 725719
 7 1 2033
 3.231

 FANNIE MAE 725694
 7 1 2034
 3.340

 FANNIE MAE 834552
 8 1 2035
 4.100

 FANNIE MAE BE5622
 1 1 2032
 2.500
 11,390

 11,462

 10,649

 FANNIE MAE BK0933
 7 1 2033
 3.500
 4,097

 4,140

 3,939

 FANNIE MAE BT1939
 2 1 2037
 2.000
 9,035

 8,962

 8,058

 FANNIE MAE CA1265
 2 1 2033
 3.000
 9,513

 9,467

 9,053

 FANNIE MAE CA2283
 8 1 2033
 3.500
 4,461

 4,454

 4,290

 FANNIE MAE FM9247
 11 1 2036
 2.000
 6,978

 7,157

 6,215

 FANNIE MAE FS2940
 4.500
 14,487

 14,144

 14,398

 FANNIE MAE MA3391
 6 1 2033
 3.000
 5,433

 5,385

 5,103

 FANNIE MAE MA4697
 8 1 2042
 4.000
 19,375

 19,419

 18,356

 FANNIE MAE 303970
 6.000

 FANNIE MAE 725558
 6 1 2034
 3.337

 FANNIE MAE 735034
 3.785
 1,270

 1,329

 1,281

 FANNIE MAE 735702
 7 1 2035
 3.629

 FANNIE MAE 794787
 3.710

 FANNIE MAE 799733
 11 1 2034
 3.809

 FANNIE MAE 801337
 9 1 2034
 4.022

 FANNIE MAE 801917
 4.070

 FANNIE MAE 804561
 9 1 2034
 4.081

 FANNIE MAE 807219
 1 1 2035
 3.918

 FANNIE MAE 809532
 2 1 2035
 2.152

 FANNIE MAE 889485
 6 1 2036
 3.784
 1,049

 1,064

 1,062

 FANNIE MAE 922674
 4 1 2036
 3.286

 FANNIE MAE 968438
 1 1 2038
 3.905

 FANNIE MAE 995123
 4.080

 FANNIE MAE 995548
 9 1 2035
 3.503

 FANNIE MAE 995604
 11 1 2035
 3.736
 1,239

 1,299

 1,256

 FANNIE MAE 995614
 3.407

 FANNIE MAE AB5230
 5 1 2027
 2.500
 2,060

 2,080

 1,972

 FANNIE MAE AD0901
 4 1 2040
 2.841

 1,037

 FANNIE MAE AE0559
 12 1 2034
 3.595
 1,307

 1,365

 1,315

 FANNIE MAE AE0566
 8 1 2035
 3.437
 1,215

 1,270

 1,231

Date
Rate
Bonds
a b)
Value

 FANNIE MAE AL1037
 1 1 2037
 3.261
 1,204

 1,273

 1,224

 FANNIE MAE AL2269
 10 1 2040
 3.783

 1,033

 FANNIE MAE AL3935
 3.720
 2,904

 3,052

 2,941

 FANNIE MAE AL3961
 2 1 2039
 2.644

 FANNIE MAE AO8746
 2.500
 3,921

 3,987

 3,745

 FANNIE MAE ARM 190726
 3 1 2033
 5.402

 FANNIE MAE ARM 249907
 2.750

 FANNIE MAE ARM 303259
 3 1 2025
 2.480

 FANNIE MAE ARM 545786
 6 1 2032
 3.290

 FANNIE MAE ARM 620293
 1 1 2032
 4.400

 FANNIE MAE ARM 651629
 3.935

 FANNIE MAE ARM 655646
 3.965

 FANNIE MAE ARM 655798
 3.854

 FANNIE MAE ARM 661349
 9 1 2032
 4.270

 FANNIE MAE ARM 661744
 10 1 2032
 4.062

 FANNIE MAE ARM 664750
 10 1 2032
 3.863

 FANNIE MAE ARM 670731
 11 1 2032
 3.540

 FANNIE MAE ARM 670779
 11 1 2032
 3.435

 FANNIE MAE ARM 670890
 3.665

 FANNIE MAE ARM 670912
 3.665

 FANNIE MAE ARM 670947
 3.665

 FANNIE MAE ARM 722779
 2.788

 FANNIE MAE ARM 733525
 8 1 2033
 3.750

 FANNIE MAE ARM 739194
 3.854

 FANNIE MAE ARM 743256
 10 1 2033
 3.859

 FANNIE MAE ARM 743856
 11 1 2033
 4.227

 FANNIE MAE ARM 758873
 12 1 2033
 3.911

 FANNIE MAE HYBRID ARM 566074
 5 1 2031
 3.334

 FANNIE MAE HYBRID ARM 584507
 6 1 2031
 3.589

 FANNIE MAE MA1144
 2.500
 1,840

 1,873

 1,747

 FREDDIE MAC 2A-AOT-76
 10 25 2037
 2.016
 3,529

 3,588

 3,018

 FREDDIE MAC 4363 2014 FA
 9 15 2041
 3.027
 1,425

 1,427

 1,368

 FREDDIE MAC GF-204367
 3 15 2037
 4.470
 6,827

 6,814

 6,584

 FANNIE MAE F-2019-31
 4.839
 20,466

 20,456

 19,831

 FREDDIE MAC AF-204774
 7 15 2042
 4.420
 3,897

 3,891

 3,854

 FREDDIE MAC FHLMC_22-5278
 11 25 2052
 4.728
 82,438

 82,438

 81,773

 FREDDIE MAC F2-20350
 9 15 2040
 3.008
 11,916

 11,905

 11,631

 FREDDIE MAC FD-203928
 9 15 2041
 4.738
 13,720

 13,816

 13,452

 FREDDIE MAC 4159 FD
 1 15 2043
 4.668
 3,344

 3,355

 3,284

 FREDDIE MAC 4248
 5 15 2041
 4.768
 5,327

 5,335

 5,234

 FREDDIE MAC FD-204301
 7 15 2037
 4.718
 4,646

 4,674

 4,558

 FREDDIE MAC 4448
 5 15 2040
 4.440
 3,870

 3,850

 3,734

 FREDDIE MAC WF-204491
 4.440
 2,360

 2,357

 2,317

 FREDDIE MAC FL-204523
 8 15 2038
 4.470
 3,660

 3,637

 3,543

 FREDDIE MAC FA-204547
 9 15 2040
 4.570
 3,309

 3,303

 3,212

 FREDDIE MAC AF-204559
 3 15 2042
 4.620
 4,275

 4,258

 4,216

 FREDDIE MAC KF-204560
 7 15 2040
 4.670
 5,057

 5,047

 5,034

Date
Rate
Bonds
a b)
Value

 FREDDIE MAC 4595
 10 15 2037
 4.670
 2,896

 2,896

 2,852

 FREDDIE MAC AF-204615
 10 15 2038
 4.470
 2,246

 2,238

 2,184

 FANNIE MAE GF-204639
 3 15 2036
 4.570
 9,968

 9,940

 9,834

 FREDDIE MAC WF-204681
 8 15 2033
 4.470
 13,473

 13,463

 13,284

 FREDDIE MAC WF-204697
 6 15 2038
 4.470
 9,048

 9,047

 8,982

 FREDDIE MAC WF-204730
 8 15 2038
 4.470
 18,280

 18,190

 18,347

 FREDDIE MAC FA-204822
 4.568
 28,734

 28,730

 28,296

 FREDDIE MAC_JF-204981
 4.789
 16,456

 16,455

 16,143

 FREDDIE MAC 4981
 4.789
 39,695

 39,942

 38,430

 FREDDIE MAC FHLMC_5080
 3 25 2051
 4.148
 16,567

 16,567

 15,143

 FREDDIE MAC G16485
 5 1 2033
 3.000
 6,640

 6,598

 6,244

 FREDDIE MAC J32518
 8 1 2030
 3.000
 5,067

 5,197

 4,853

 FREDDIE MAC G30227
 5 1 2023
 5.500

 FREDDIE MAC F4-20328
 2 15 2038
 2.993
 2,528

 2,530

 2,465

 GINNIE MAE FB-2013-151
 2 20 2040
 4.703
 7,963

 7,998

 7,803

 GINNIE MAE LF-2015-82
 4 20 2041
 2.430
 2,568

 2,568

 2,508

 GINNIE MAE AF-2020-36
 3 20 2050
 4.803
 27,240

 27,276

 26,460

 GINNIE MAE II 082573
 7 20 2040
 2.625
 1,605

 1,659

 1,568

 GINNIE MAE II 082431
 12 20 2039
 1.750
 1,577

 1,636

 1,535

 GINNIE MAE II 082710
 1 20 2041
 2.625
 1,175

 1,219

 1,161

 GINNIE MAE FC-2009-8
 2 16 2039
 5.226
 6,040

 6,188

 6,074

 GINNIE MAE FA-2014-43
 3 20 2044
 4.753
 6,638

 6,644

 6,494

 GINNIE MAE AF-2014-94
 11 20 2041
 2.124
 1,655

 1,658

 1,567

 GINNIE MAE AF-2015-18
 2 20 2040
 2.660
 4,487

 4,493

 4,383

 GINNIE MAE FA-2016-115
 8 20 2046
 4.753
 14,639

 14,719

 14,269

 GINNIE MAE MF-2016-108
 8 20 2046
 4.420

 GINNIE MAE FC-2018-67
 5 20 2048
 4.653
 4,500

 4,503

 4,356

 GINNIE MAE 18-66
 5 20 2048
 4.603
 3,569

 3,569

 3,479

 GINNIE MAE 18-168
 12 20 2048
 4.753
 13,679

 13,680

 13,340

 GINNIE MAE 19-143
 11 20 2049
 4.803
 12,908

 12,952

 12,609

 GINNIE MAE 22-18
 1 20 2052
 4.026
 23,582

 23,541

 22,626

 GINNIE MAE 22-207
 12 20 2052
 4.346
 58,722

 58,722

 58,722

 GINNIE MAE 22-213
 12 20 2052
 4.346
 75,000

 75,000

 75,000

 GINNIE MAE 22-99
 6 20 2052
 4.376
 39,532

 39,580

 38,454

 GINNIE MAE 22-137
 8 20 2052
 4.276
 24,903

 24,887

 24,363

 GINNIE MAE 22-168
 9 20 2052
 4.326
 74,446

 74,446

 72,745

 GINNIE MAE II 082464
 1 20 2040
 2.625

 GINNIE MAE II 082497
 3 20 2040
 2.625
 1,100

 1,164

 1,086

 GINNIE MAE II 082581
 7 20 2040
 2.625
 2,026

 2,162

 1,979

 GINNIE MAE II 082602
 8 20 2040
 2.625
 3,703

 3,956

 3,617

 GINNIE MAE II 082794
 4 20 2041
 2.875
 1,903

 2,024

 1,881

 GINNIE MAE II ARM 8157
 3 20 2023
 2.625

 GINNIE MAE II ARM 8638
 6 20 2025
 2.875

 GINNIE MAE AF-2014-129
 10 20 2041
 2.588
 2,366

 2,363

 2,294

 TOTAL AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES

 1,524,766

 1,488,648

Date
Rate
Bonds
a b)
Value

 NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES

 ADJUSTABLE RATE MORTGAGE TRUST ARMT_04-2
 3.798

 ANGEL OAK MORTGAGE TRUST AOMT_22-1
 2.881
 27,928

 27,919

 24,741

 ANGEL OAK MORTGAGE TRUST AOMT_19-1
 11 25 2048
 3.920

 ANGEL OAK MORTGAGE TRUST AOMT_18-3
 9 25 2048
 3.649

 ANGEL OAK MORTGAGE TRUST AOMT_20-5
 5 25 2065
 1.373
 5,245

 5,242

 4,656

 ANGEL OAK MORTGAGE TRUST AOMT_20-2
 1 26 2065
 2.531
 1,730

 1,746

 1,560

 ANGEL OAK MORTGAGE TRUST AOMT_20-3
 1.691
 4,745

 4,742

 4,186

 ANGEL OAK MORTGAGE TRUST AOMT_21-8
 11 25 2066
 1.820
 11,743

 11,740

 9,868

 APS RESECURITIZATION TRUST APS_16-3
 11 27 2066
 6.639
 5,691

 5,679

 7,250

 APS RESECURITIZATION TRUST APS_16-3
 11 27 2046
 6.639
 5,064

 5,052

 6,441

 ARROYO MORTGAGE TRUST ARRW_19-1
 1 25 2049
 3.805
 5,634

 5,627

 5,252

 ARRW_19-3
 2.962
 3,914

 3,911

 3,522

 BANK OF AMERICA MORTGAGE SECURITIES BOAMS_04-E
 6 25 2034
 3.587

 BRAVO RESIDENTIAL FUNDING TRUST BRAVO_20-RPL1
 5 26 2059
 2.500
 12,185

 12,338

 11,215

 BRAVO RESIDENTIAL FUNDING TRUST BRAVO_22-NQM1
 9 25 2061
 3.626
 20,041

 20,019

 18,786

 BUNKER HILL LOAN DEPOSITARY TRUST BHLD_19-2
 2.879
 6,236

 6,231

 5,817

 BUNKER HILL LOAN DEPOSITARY TRUST BHLD_19-3
 2.724
 2,868

 2,866

 2,738

 CENTEX HOME EQUITY CXHE_03-A
 12 25 2031
 4.250

 CHASE MORTGAGE FINANCE CORPORATION CHASE_07-A1
 2 25 2037
 3.492

 CITIGROUP MORTGAGE LOAN TRUST INC CMLTI_15-5
 8 25 2034
 3.619

 CITIGROUP MORTGAGE LOAN TRUST INC CMLTI_15-RP2 CMLTI_15-PS1
 9 25 2042
 3.750
 1,307

 1,316

 1,219

 CITIGROUP MORTGAGE LOAN TRUST INC CMLTI_15-11
 3 25 2035
 3.525

 COLT FUNDING LLC COLT_20-2R
 10 26 2065
 1.325
 6,117

 6,114

 5,297

 COLT FUNDING LLC COLT_21-6
 1.907
 21,708

 21,702

 18,446

 COLT MORTGAGE LOAN TRUST COLT_22-2
 2 25 2067
 2.994
 13,784

 13,783

 12,468

 COLT MORTGAGE LOAN TRUST COLT_22-1
 12 27 2066
 2.284
 21,554

 21,548

 18,751

 COUNTRYWIDE HOME LOANS CWHL_03-46
 1 19 2034
 3.912

 CREDIT SUISSE MORTGAGE TRUST CSMC_15-6R
 7 27 2035
 3.275

 CREDIT SUISSE MORTGAGE TRUST CSMC_17-FHA1
 4 25 2047
 3.250
 9,961

 10,040

 8,844

 CREDIT SUISSE MORTGAGE TRUST CSMC_17-RPL3
 8 1 2057
 4.000
 17,326

 17,837

 15,563

 CREDIT SUISSE MORTGAGE TRUST CSMC_19-NQM1
 10 25 2059
 2.656
 1,264

 1,263

 1,195

 CREDIT SUISSE MORTGAGE TRUST CSMC_20-SPT1
 1.616
 1,935

 1,934

 1,873

 CREDIT SUISSE MORTGAGE TRUST CSMC_22-ATH1
 2.870
 15,338

 15,334

 13,994

 CREDIT SUISSE MORTGAGE TRUST CSMC_22-ATH2
 5 25 2067
 4.547
 19,113

 19,111

 18,566

 CREDIT SUISSE MORTGAGE TRUST CSMC_17-RPL1
 7 25 2057
 2.750
 7,612

 7,601

 6,948

 CS FIRST BOSTON MORTGAGE SECURITIES CORP. CSFB_04-AR3
 4 25 2034
 3.452

 CSMC TRUST CSMC_21-NQM8
 10 25 2066
 1.841
 25,764

 25,763

 21,597

 CREDIT SUISSE MORTGAGE TRUST CSMC_19-AFC1
 2.573
 7,015

 7,010

 6,518

 DEEPHAVEN RESIDENTIAL MORTGAGE TRUST DRMT_22-1
 2.205
 22,487

 22,476

 19,516

 ELLINGTON FINANCIAL MORTGAGE TRUST EFMT_22-1
 2.206
 22,006

 22,001

 18,639

 ELLINGTON FINANCIAL MORTGAGE TRUST EFMT_19-2
 2.739
 5,266

 5,261

 4,867

 FIRST HORIZON ALTERNATIVE MORTGAGE SECURITIES FHAMS_04-AA4
 10 25 2034
 4.010

 GCAT TRUST GCAT_22-HX1
 12 27 2066
 2.885
 18,116

 18,112

 16,200

 GCAT_19-NQM3
 2.686
 4,031

 4,028

 3,730

 GMAC MORTGAGE CORPORATION LOAN TRUST GMACM_04-AR2
 3.971

Date
Rate
Bonds
a b)
Value

 GMAC MORTGAGE CORPORATION LOAN TRUST GMACM_04-AR2
 3.417

 GS MORTGAGE SECURITIES TRUST GSMBS_18-RPL1
 10 25 2057
 3.750
 5,547

 5,500

 5,236

 GSR MORTGAGE LOAN TRUST GSR_05-AR1
 1 25 2035
 4.217

 HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-7
 11 19 2034
 3.426

 HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-1
 4 19 2034
 4.154

 HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-10
 1 19 2035
 3.606

 HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-4
 6 19 2034
 4.893

 HARBORVIEW MORTGAGE LOAN TRUST HVMLT_04-6
 3.776

 IMPERIAL FUND MORTGAGE TRUST IMPRL_21-NQM4
 1 25 2057
 2.091
 27,546

 27,541

 23,095

 JP MORGAN MORTGAGE TRUST JPMMT_19-LTV2
 12 25 2049
 5.289

 MELLO MORTGAGE CAPITAL ACCEPTANCE MELLO_21-INV3
 10 25 2051
 2.500
 22,602

 22,891

 18,158

 MERRILL LYNCH MORTGAGE INVESTORS INC MLMI_05-A2
 3.046

 METLIFE SECURITIZATION TRUST MST_17-1A
 4 25 2055
 3.000
 6,013

 6,040

 5,613

 METLIFE SECURITIZATION TRUST MST_18-1A
 3 25 2057
 3.750
 5,761

 5,763

 5,409

 MFA TRUST MFRA_20-NQM3
 1 26 2065
 1.014
 2,582

 2,581

 2,289

 MILL CITY MORTGAGE LOAN TRUST MCMLT_17-3
 1 25 2061
 2.750
 4,736

 4,736

 4,489

 MILL CITY MORTGAGE TRUST MCMLT_17-2
 2.750
 2,327

 2,326

 2,276

 MILL CITY MORTGAGE TRUST MCMLT_18-3
 8 25 2058
 3.472
 2,848

 2,886

 2,701

 MILL CITY MORTGAGE TRUST MCMLT_19-1
 10 25 2069
 3.250
 4,681

 4,711

 4,402

 MILL CITY MORTGAGE TRUST MCMLT_19-GS1
 2.750
 6,082

 6,092

 5,652

 MERRILL LYNCH MORTGAGE INVESTORS TRUST MLCC_04-1
 12 25 2034
 3.139

 MERRILL LYNCH MORTGAGE INVESTORS TRUST MLMI_03-A5
 8 25 2033
 3.494

 MERRILL LYNCH MORTGAGE INVESTORS INC MLMI_05-A1
 12 25 2034
 4.180

 MORGAN STANLEY MORTGAGE LOAN TRUST MSM_04-10AR
 11 25 2034
 4.402

 MORGAN STANLEY MORTGAGE LOAN TRUST MSM_04-10AR
 11 25 2034
 4.023

 MSRR_15-R7
 6 26 2035
 3.548

 NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_19-NQM4
 9 25 2059
 2.492
 1,555

 1,554

 1,410

 NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-3A
 4 25 2057
 4.000
 8,799

 9,022

 8,304

 NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-1A
 3 25 2056
 3.750
 4,063

 4,171

 3,734

 NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-2A
 11 26 2035
 3.750
 2,872

 2,930

 2,659

 NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-3A
 9 25 2056
 3.750
 7,705

 7,927

 7,063

 NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-1A
 2 25 2057
 4.000
 6,902

 7,048

 6,487

 NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-2A
 3 25 2057
 4.000
 8,288

 8,516

 7,765

 NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_16-4A
 11 25 2056
 3.750
 8,574

 8,805

 7,700

 NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_17-6A
 8 27 2057
 4.000
 6,617

 6,767

 6,135

 NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_19-RPL3
 2.750
 9,078

 9,272

 8,435

 NEW RESIDENTIAL MORTGAGE LOAN TRUST NRZT_14-3A
 11 25 2054
 3.750
 1,458

 1,482

 1,333

 NATIONSTAR MORTGAGE LOAN TRUST NSMLT_13-A
 12 25 2052
 3.750

 OCEANVIEW MORTGAGE LOAN TRUST OVMLT_20-1
 5 28 2050
 1.733
 2,844

 2,842

 2,523

 ONSLOW BAY FINANCIAL LLC OBX_21-INV1
 9 25 2051
 2.500
 20,963

 21,202

 16,824

 RESIDENTIAL MORTGAGE LOAN TRUST RMLT_19-2
 5 25 2059
 2.913
 2,137

 2,134

 2,081

 RESIDENTIAL MORTGAGE LOAN TRUST RMLT_19-3
 9 25 2059
 2.633
 2,684

 2,680

 2,595

 RUN_22-NQM1
 3 25 2067
 4.000
 9,493

 9,423

 9,062

 SASC_03-24A
 7 25 2033
 4.481

 STAR_20-3
 1.486
 2,154

 2,153

 1,984

Date
Rate
Bonds
a b)
Value

 STARWOOD MORTGAGE RESIDENTIAL TRUST STAR_22-1
 2.447
 26,004

 25,996

 22,277

 STRUCTURED ASSET INVESTMENT LOAN TRUST SAIL_03-BC5
 6 25 2033
 5.141

 TOWD POINT MORTGAGE TRUST TPMT_17-3
 7 25 2057
 2.750
 2,885

 2,885

 2,772

 TOWD POINT MORTGAGE TRUST TPMT_15-3
 3 25 2054
 3.500

 TOWD POINT MORTGAGE TRUST TPMT_17-4
 6 25 2057
 2.750
 5,520

 5,527

 5,100

 TOWD POINT MORTGAGE TRUST TPMT_19-HY1
 5.389
 2,365

 2,371

 2,346

 UWM MORTGAGE TRUST UWM_21-INV1
 9 25 2051
 2.500
 22,526

 22,871

 18,125

 VERUS SECURITIZATION TRUST VERUS_19-4
 2.642
 1,892

 1,890

 1,801

 VERUS SECURITIZATION TRUST VERUS_19-INV3
 2.692
 4,195

 4,191

 3,983

 VERUS SECURITIZATION TRUST VERUS_21-R1
 10 25 2063
 0.820
 6,710

 6,708

 5,901

 VERUS SECURITIZATION TRUST VERUS_21-7
 10 25 2066
 1.829
 16,342

 16,338

 13,998

 VERUS SECURITIZATION TRUST VERUS_22-1
 2.724
 18,187

 18,182

 16,146

 VISIO_19-2
 11 25 2054
 2.722
 12,423

 12,368

 11,608

 WAMU MORTGAGE PASS-THROUGH CERTIFICATES WAMU_03-AR6
 6 25 2033
 3.390

 WAMU MORTGAGE PASS-THROUGH CERTIFICATES WAMU_04-AR10
 7 25 2044
 3.714

 WAMU MORTGAGE PASS-THROUGH CERTIFICATES WAMU_05-AR3
 3 25 2035
 2.868

 WAMU MORTGAGE PASS-THROUGH CERTIFICATES WAMU_05-AR4
 4 25 2035
 2.986
 1,224

 1,220

 1,087

 WELLS FARGO MORTGAGE BACKED SECURITIES TRUST WFMBS_04-K
 7 25 2034
 3.668

 TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES

 685,867

 611,216

 TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES

 2,210,633

 2,099,864

 ASSET BACKED SECURITIES

 AFFIRM ASSET SECURITIZATION TRUST AFFRM_22-A
 5 17 2027
 4.300
 18,000

 17,644

 17,083

 ALLY AUTO RECEIVABLES TRUST ALLYA_22-3
 6 16 2025
 5.290

 24,999

 25,107

 ALLY AUTO RECEIVABLES TRUST ALLYA_22-3
 5.070
 16,800

 16,799

 16,867

 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST ACAR_22-4
 5 13 2026
 6.200
 36,109

 36,107

 36,123

 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST AMCAR_22-2
 12 18 2025
 4.200
 35,218

 35,216

 34,943

 APIDOS CLO APID_15-20A
 7 16 2031
 5.179

 19,683

 APIDOS CLO APID_20-33A
 10 24 2034
 5.475
 22,000

 22,000

 21,455

 BAIN CAPITAL CREDIT CLO BCC_20-5A
 1 20 2032
 5.463

 39,323

 BALLYROCK LTD BALLY_18-1A
 4 20 2031
 5.243

 39,343

 BRAZOS HIGHER EDUCATION AUTHORITY INC BRHEA_10-1
 5.899
 17,853

 17,755

 17,737

 BROAD RIVER BSL FUNDING CLO BDRVR_20-1
 7 20 2034
 5.413

 15,486

 CIFC FUNDING LTD CIFC_17-1A
 4 23 2029
 5.288
 12,186

 12,067

 12,065

 CARLYLE GLOBAL MARKET STRATEGIES CGMS_13-3A
 10 15 2030
 5.179
 12,239

 12,248

 12,102

 CARLYLE GLOBAL MARKET STRATEGIES CGMS_13-4A
 1 15 2031
 5.079
 19,710

 19,709

 19,464

 CARLYLE GLOBAL MARKET STRATEGIES CGMS_14-1A
 4 17 2031
 5.049
 29,909

 29,178

 29,434

 CARMAX AUTO OWNER TRUST CARMX_22-4
 4.707
 37,500

 37,500

 37,616

 COLLEGE LOAN CORPORATION TRUST COLLE_02-2
 3 1 2042
 3.586

 8,965

 9,909

 DT AUTO OWNER TRUST DTAOT_22-3
 6.050
 42,822

 42,820

 42,943

 DRYDEN SENIOR LOAN FUND DRSLF_18-55A
 4 15 2031
 5.099
 12,000

 12,000

 11,841

 EDUCATIONAL SERVICES OF AMERICA INC EDUSA_12-2
 4 25 2039
 5.119
 1,288

 1,287

 1,285

 EDUCATIONAL SERVICES OF AMERICA INC EDUSA_14-1
 2 25 2039
 5.089
 4,331

 4,291

 4,262

 EDUCATIONAL SERVICES OF AMERICA INC EDUSA_14-3
 2 25 2036
 4.989

 EXETER AUTOMOBILE RECEIVABLES TRUST EART_22-3
 3.450
 23,056

 23,056

 23,009

 EXETER AUTOMOBILE RECEIVABLES TRUST EART_22-6
 5.730
 34,410

 34,410

 34,438

 EXETER AUTOMOBILE RECEIVABLES TRUST EART_22-6
 8 17 2026
 5.700

 9,999

 10,029

Date
Rate
Bonds
a b)
Value

 FLAGSHIP CREDIT AUTO TRUST FCAT_22-4
 9 15 2026
 6.150
 48,000

 47,996

 48,272

 FORD CREDIT AUTO OWNER TRUST FORDO_22-D
 5.370

 9,999

 10,006

 FORD CREDIT AUTO OWNER TRUST FORDO_22-D
 4.567
 21,000

 21,000

 21,010

 FORD CREDIT AUTO OWNER TRUST FORDR_19-1
 7 15 2030
 3.520
 15,553

 15,259

 15,256

 FORD CREDIT AUTO OWNER TRUST FORDR_18-1
 7 15 2031
 3.190
 50,613

 48,623

 48,400

 FREED ABS TRUST FREED_22-4FP
 12 18 2029
 6.490
 11,951

 11,951

 11,968

 GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST GMCAR_22-4
 4.600

 14,999

 14,934

 GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST GMCAR_22-4
 4.458

 30,037

 GLS AUTO RECEIVABLES TRUST GCAR_22-3
 5 15 2026
 4.590

 29,998

 29,755

 GOLDENTREE LOAN MANAGEMENT US CLO1 LTD GLM_20-7
 4 20 2034
 5.313
 16,750

 16,750

 16,267

 321 HENDERSON RECEIVABLES LLC HENDR_10-3A
 12 15 2048
 3.820

 MADISON PARK FUNDING LTD MDPK_21-48A
 4 19 2033
 5.377

 39,333

 MAGNETITE CLO LTD MAGNE_12-7A
 1 15 2028
 4.879
 12,090

 11,940

 11,935

 MAGNETITE CLO LIMITED MAGNE_20-26
 7 25 2034
 5.478

 24,369

 MARLETTE FUNDING TRUST MFT_22-3
 11 15 2032
 5.180
 29,224

 29,222

 28,983

 MERCEDES-BENZ AUTO RECEIVABLES TRUST MBART_22-1
 10 15 2025
 5.260

 29,998

 30,055

 MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORP MHEAC_14-1
 10 25 2035
 5.067
 2,980

 2,934

 2,927

 NAVIENT STUDENT LOAN TRUST NAVSL_18-DA
 12 15 2059
 5.118
 6,513

 6,496

 6,299

 NISSAN AUTO LEASE TRUST NALT_22-A
 3.450
 28,317

 28,317

 28,092

 NORTHSTAR EDUCATION FINANCE INC NEF_02-1
 4 1 2042
 6.138
 5,000

 4,817

 4,891

 OZLM LTD OZLM_17-21A
 1 20 2031
 5.393

 16,011

 15,708

 OAKC_21-8A
 1 18 2034
 5.384

 29,410

 ONEMAIN DIRECT AUTO RECEIVABLES TRUST ODART_21-1A
 7 14 2028
 0.870
 13,000

 12,045

 12,021

 PAGAYA AI DEBT SELECTION TRUST PAID_22-5
 6 17 2030
 8.096

 25,014

 PALMER SQUARE LOAN FUNDING LTD PSTAT_20-1A
 2 20 2028
 5.475
 6,571

 6,497

 6,525

 RACE POINT CLO LTD RACEP_13-8A
 2 20 2030
 5.715
 13,109

 13,108

 12,915

 RR LTD RRAM_21-19A
 10 15 2035
 5.219

 14,687

 REACH FINANCIAL LLC REACH_22-2
 5 15 2030
 6.630
 20,071

 20,070

 20,029

 SLM STUDENT LOAN TRUST SLMA_06-2
 1 25 2041
 4.528
 11,716

 11,210

 11,089

 SLC STUDENT LOAN TRUST SLCLT_08-1
 12 15 2032
 4.893
 2,058

 2,075

 2,035

 SLM STUDENT LOAN TRUST SLMA_12-3
 12 27 2038
 5.039
 4,473

 4,500

 4,286

 SANTANDER DRIVE AUTO RECEIVABLES TRUST SDART_22-1
 1.940
 16,775

 16,509

 16,524

 SANTANDER DRIVE AUTO RECEIVABLES TRUST SDART_22-4
 4.050
 30,768

 30,768

 30,702

 SANTANDER DRIVE AUTO RECEIVABLES TRUST SDART_22-7
 5.810

 49,999

 50,179

 SANTANDER DRIVE AUTO RECEIVABLES TRUST SDART_22-6
 5 15 2025
 4.370

 14,916

 SMB PRIVATE EDUCATION LOAN TRUST SMB_17-B
 10 15 2035
 2.820
 4,147

 4,146

 3,982

 SOFI CONSUMER LOAN PROGRAM LLC SCLP_22-1S
 4 15 2031
 6.210

 29,975

 THEOREM FUNDING TRUST THRM_22-3
 4 15 2029
 7.600
 23,542

 23,485

 23,537

 THEOREM FUNDING TRUST THRM_22-2
 12 15 2028
 6.060
 20,101

 20,101

 19,749

 TOYOTA AUTO LOAN EXTENDED NOTE TRUST TALNT_19-1A
 11 25 2031
 2.560
 21,725

 20,876

 20,957

 UPSTART SECURITIZATION TRUST UPST_22-2
 5 20 2032
 4.370
 13,438

 13,398

 13,137

 VERIZON MASTER TRUST VZMT_22-7
 11 22 2027
 5.230

 9,998

 10,060

Date
Rate
Bonds
a b)
Value

 VERIZON MASTER TRUST VZMT_22-7
 11 22 2027
 4.676
 35,750

 35,750

 35,591

 WESTLAKE AUTOMOBILE RECEIVABLES TRUST WLAKE_22-3A
 5.240

 49,998

 49,689

 WORLD OMNI AUTO RECEIVABLE TRUST WOART_22-D
 4.657
 27,500

 27,500

 27,480

 TOTAL ASSET BACKED SECURITIES

 1,463,147

 1,455,272

 COMMERCIAL MORTGAGE BACKED SECURITIES

 AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES

 FANNIE MAE 06-M2 A2A
 10 25 2032
 5.271

 FREDDIE MAC KF77
 2 25 2027
 5.089
 25,206

 25,169

 25,141

 FREDDIE MAC KF77
 2 25 2027
 4.828
 17,978

 17,990

 17,972

 FREDDIE MAC KF78
 3 25 2030
 4.928
 15,475

 15,499

 15,475

 FREDDIE MAC AL-20KF88
 9 25 2030
 4.472
 8,657

 8,657

 8,498

 FREDDIE MAC AL-20KF90
 9 25 2030
 4.472
 11,744

 11,744

 11,558

 FREDDIE MAC AL-20K98
 12 25 2030
 4.312
 15,319

 15,319

 15,133

 FREDDIE MAC A-20KF50
 7 25 2028
 4.787
 1,969

 1,971

 1,949

 FREDDIE MAC AFLW-20KL3W
 8 25 2025
 4.837
 14,531

 14,543

 14,392

 FREDDIE MAC A-20KF53
 10 25 2025
 4.195
 7,368

 7,368

 7,289

 FREDDIE MAC A-20KF54
 11 25 2028
 4.867
 21,043

 21,044

 20,952

 FREDDIE MAC A-20KF55
 11 25 2025
 4.899
 23,734

 23,753

 23,637

 FREDDIE MAC A-20K56
 11 25 2028
 4.947
 10,314

 10,407

 10,180

 FREDDIE MAC A-20KF58
 1 25 2026
 4.889
 21,740

 21,765

 21,607

 FREDDIE MAC A-20KF59
 2 25 2029
 4.929
 14,130

 14,130

 14,054

 FREDDIE MAC A-20KF60
 2 25 2026
 4.879
 16,083

 16,102

 15,950

 FREDDIE MAC A-20KF61
 3 25 2029
 4.919
 10,906

 10,922

 10,746

 FREDDIE MAC KF67
 8 25 2029
 4.909
 17,021

 16,826

 16,769

 FREDDIE MAC KF74
 1 25 2027
 4.328
 9,686

 9,696

 9,617

 FREDDIE MAC KF76
 1 25 2030
 4.538
 4,450

 4,386

 4,419

 FREDDIE MAC AS-20KF84
 7 25 2030
 4.045
 8,243

 8,243

 8,035

 FREDDIE MAC AFL-2020-KXO
 3 25 2030
 4.472
 14,224

 14,224

 14,050

 FREDDIE MAC AL-20KF86
 8 25 2027
 4.432
 3,203

 3,203

 3,140

 FREDDIE MAC CERTS KF105
 2 25 2031
 4.178
 20,233

 20,264

 19,606

 FREDDIE MAC K-F120
 8 25 2031
 4.128
 65,528

 63,167

 63,073

 FREDDIE MAC KF128
 12 25 2031
 4.158
 7,500

 7,500

 7,283

 FREDDIE MAC KF129
 1 25 2029
 3.950
 12,124

 12,124

 11,887

 FREDDIE MAC KF139
 6 25 2032
 4.468

 48,989

 49,386

 FREDDIE MAC KF146
 10 25 2032
 4.808
 80,000

 80,000

 80,000

 FREDDIE MAC KF148
 11 25 2032
 4.768

 FREDDIE MAC A-20KF57
 12 25 2028
 4.927
 9,528

 9,528

 9,468

 FREDDIE MAC A10-20KS10
 10 25 2028
 4.999
 19,460

 19,467

 19,125

 FREDDIE MAC KF145
 9 25 2032
 4.828

 120,012

 FREDDIE MAC KF147
 11 25 2032
 4.808
 116,500

 116,504

 116,272

 FREDDIE MAC KF73
 11 25 2029
 4.989
 26,972

 27,001

 26,696

 FREDDIE MAC FHLMC_KF85
 8 25 2030
 4.442
 3,620

 3,620

 3,561

 FREDDIE MAC A-20KF52
 9 25 2028
 4.562
 3,617

 3,617

 3,555

 FREMF MORTGAGE TRUST AS-20KF97
 12 25 2030
 3.975
 6,885

 6,885

 6,723

 GINNIE MAE AC-2013-13
 4 16 2046
 1.700
 1,413

 1,380

 1,250

 GINNIE MAE 17-127
 4 16 2052
 2.500
 5,624

 5,599

 5,050

 GINNIE MAE 17-135
 5 16 2049
 2.200
 13,371

 13,309

 12,270

 GINNIE MAE 7-140
 2 16 2059
 2.500
 5,974

 5,951

 5,492

 GINNIE MAE 17-146
 8 16 2047
 2.200
 5,285

 5,268

 4,950

Date
Rate
Bonds
a b)
Value

 GINNIE MAE AD-2016-1829
 11 16 2043
 2.250
 2,538

 2,540

 2,455

 GINNIE MAE AG-2016-39
 1 16 2043
 2.300
 3,242

 3,245

 3,090

 GINNIE MAE AG-2017-171
 10 16 2048
 2.250
 3,297

 3,283

 3,148

 TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES

 990,035

 982,688

 NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES

 280 PARK AVENUE MORTGAGE TRUST PRK_17-280P
 9 15 2034
 5.117

 39,027

 ASHFORD HOSPITALITY TRUST INC AHT1_18-KEYS
 6 15 2035
 5.318

 38,752

 BANC OF AMERICA MERRILL LYNCH LARGE LOAN INC BAMLL_18-DSNY
 9 15 2034
 5.168
 33,350

 33,305

 32,719

 BARCLAYS COMMERCIAL MORTGAGE SECURITIES LLC BBCMS_19-BWAY
 11 15 2034
 5.274

 9,984

 9,302

 BFLD TRUST BFLD_19-DPLO
 10 15 2034
 5.408
 28,000

 27,984

 27,476

 BHMS MORTGAGE TRUST BHMS_18-ATLS
 7 15 2035
 5.568

 38,556

 BRAEMAR HOTELS RESORTS TRUST BHR_18-PRME
 6 15 2035
 5.138
 19,768

 19,767

 18,978

 BX COMMERCIAL MORTGAGE TRUST BX_19-XL
 10 15 2036
 5.352
 48,923

 48,363

 48,251

 BX COMMERCIAL MORTGAGE TRUST BX_19-ATL
 10 15 2036
 4.963
 27,275

 27,271

 26,697

 BX COMMERCIAL MORTGAGE TRUST BX_22-PSB
 6.776
 48,440

 48,302

 48,344

 BX COMMERCIAL MORTGAGE TRUST BX_21-XL2
 10 15 2038
 5.006
 49,412

 47,861

 47,492

 BX COMMERCIAL MORTGAGE TRUST BX_21-VOLT
 9 15 2036
 5.018
 29,000

 29,004

 27,935

 BX TRUST BX_18-GW
 5.118
 38,592

 38,567

 37,621

 BX TRUST BX_19-RP
 6 15 2034
 5.363

 BX TRUST BX_22-GPA
 10 15 2039
 5.959
 13,800

 13,755

 13,714

 BX TRUST BX_22-MVRK
 3 15 2039
 5.793

 14,963

 14,648

 CAMB COMMERCIAL MORTGAGE TRUST CAMB_19-LIFE
 12 15 2037
 5.388

 14,775

 CGDB COMMERCIAL MORTGAGE TRUST CGDB_19-MOB
 11 15 2036
 5.268

 14,645

 COLD STORAGE TRUST COLD_20-ICE5
 11 15 2037
 5.218
 23,818

 23,244

 23,160

 COLONY MORTGAGE CAPITAL LTD CLNY_19-IKPR
 11 15 2038
 5.447

 19,950

 19,051

 COMM MORTGAGE TRUST COMM_19-521F
 6 15 2034
 5.218
 16,510

 16,511

 15,786

 DBGS MORTGAGE TRUST DBGS_18-5BP
 6 15 2033
 5.113

 39,974

 38,203

 DBGS MORTGAGE TRUST DBGS_18-BIOD
 5.121
 22,844

 22,842

 22,452

 DBWF MORTGAGE TRUST DBWF_18-GLKS
 12 19 2030
 5.369

 19,954

 19,401

 EXTENDED STAY AMERICA TRUST ESA_21-ESH
 7 15 2038
 5.398
 36,871

 35,972

 35,807

 GS MORTGAGE SECURITIES CORPORATION TRUST GSMS_22-ECI
 6.519
 28,570

 28,426

 28,389

 GS MORTGAGE SECURITIES CORPORATION TRUST 2022-SHIP GSMS_22-SHIP
 8 15 2036
 4.525
 39,000

 38,403

 38,507

 ILPT COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES ILPT_22-LPF2
 10 15 2039
 6.570
 21,500

 21,453

 21,505

 INVITATION HOMES TRUST IHSFR_18-SFR4
 1 17 2038
 4.976
 29,847

 29,848

 29,553

 JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST JPMCC_18-ASH8
 2 15 2035
 5.118
 11,398

 11,397

 11,055

 LIFE FINANCIAL SERVICES TRUST LIFE_22-BMR2
 5 15 2039
 5.631
 32,000

 31,887

 31,201

 LIFE_21-BMR
 3 15 2038
 5.018
 8,036

 7,809

 7,781

 MORGAN STANLEY CAPITAL I TRUST MSC_18-BOP
 8 15 2033
 5.168
 12,624

 12,624

 11,944

 MTN COMMERCIAL MORTGAGE TRUST MTN_22-LPFL
 3 15 2039
 5.733

 49,386

 48,663

 ONE NEW YORK PLAZA TRUST ONYP_20-1NYP
 1 15 2036
 5.268
 18,200

 18,200

 17,229

 STAR_22-SFR3
 5 17 2024
 5.971
 19,939

 19,907

 19,803

 UBS COMMERCIAL MORTGAGE TRUST UBSCM_18-NYCH
 2 15 2032
 5.168
 10,585

 10,577

 10,195

 WELLS FARGO COMMERCIAL MORTGAGE TRUST WFCM_17-SMP
 12 15 2034
 5.193
 18,500

 18,496

 17,077

 TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES

 986,366

 966,064

 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES

 1,976,401

 1,948,752

Date
Rate
Bonds
a b)
Value

 CORPORATE DEBT SECURITIES

 BANKING

 WASHINGTON MUTUAL BANK HENDERSON
 6 15 2011
 —
 1,500

 —

 c,d

 TOTAL BANKING

 —

 BASIC INDUSTRY

 LYONDELLBASELL INDUSTRIES NV
 4 15 2024
 5.750
 20,286

 20,569

 20,328

 W R GRACE HOLDINGS LLC
 5.625
 4,166

 4,086

 4,117

 TOTAL BASIC INDUSTRY

 24,655

 24,445

 CAPITAL GOODS

 BAE SYSTEMS PLC
 10 7 2024
 3.800
 9,750

 9,517

 9,521

 0.950
 30,317

 29,091

 28,815

 L3HARRIS TECHNOLOGIES INC
 5 28 2024
 3.950
 2,831

 2,782

 2,781

 L3HARRIS TECHNOLOGIES INC
 6 15 2023
 3.850
 6,180

 6,182

 6,128

 RAYTHEON TECHNOLOGIES CORPORATION
 3.200
 5,425

 5,300

 5,306

 TRANSDIGM INC
 8.000
 4,025

 4,094

 4,077

 TOTAL CAPITAL GOODS

 56,966

 56,628

 COMMUNICATIONS

 AMERICAN TOWER CORPORATION
 5 15 2024
 3.375
 9,978

 9,901

 9,712

 WARNER BROS DISCOVERY INC
 3.428

 25,022

 24,264

 CROWN CASTLE INC
 3.200
 5,917

 5,719

 5,718

 FOX CORP
 1 25 2024
 4.030
 24,580

 24,479

 24,286

 COMCAST CORPORATION
 9 16 2024
 3.750
 29,084

 28,418

 28,395

 DEUTSCHE TELEKOM AG
 3 20 2025
 4.738
 45,225

 45,133

 44,648

 TOTAL COMMUNICATIONS

 138,672

 137,023

 CONSUMER CYCLICAL

 IRB HOLDING CORP
 6 15 2025
 7.000
 1,750

 1,761

 1,745

 NATIONAL BASKETBALL ASSOCIATION
 12 16 2023
 2.410
 3,000

 2,958

 2,906

 NATIONAL BASKETBALL ASSOCIATION
 12 16 2024
 2.510
 1,000

 TOTAL CONSUMER CYCLICAL

 5,692

 5,597

 CONSUMER NON CYCLICAL

 ABBVIE INC
 11 21 2024
 2.600
 17,540

 16,862

 16,793

 BACARDI LTD
 5 15 2025
 4.450

 14,675

 14,565

 BECTON DICKINSON AND COMPANY
 12 15 2024
 3.734
 8,000

 7,853

 7,800

 BECTON DICKINSON AND COMPANY
 6 6 2024
 3.363
 13,988

 13,808

 13,646

 CONSTELLATION BRANDS INC
 4.750
 7,098

 7,036

 7,052

 CONSTELLATION BRANDS INC
 5 9 2024
 3.600
 17,003

 16,636

 16,643

 DT FAMILY 2009 LLC
 3.950
 14,121

 13,814

 13,893

 GENERAL ELECTRIC CO
 5.550

 50,075

 50,160

 GILEAD SCIENCES INC
 4 1 2024
 3.700
 10,990

 10,963

 10,810

 HCA HEALTHCARE INC
 5.000
 37,000

 36,936

 36,797

 KEURIG DR PEPPER INC
 12 15 2023
 3.130
 9,210

 9,174

 9,024

 KROGER CO
 4.000
 7,500

 7,516

 7,409

 TOTAL CONSUMER NON CYCLICAL

 205,348

 204,592

 ELECTRIC

 BERKSHIRE HATHAWAY INC
 3.375
 14,195

 14,238

 14,049

 CMS ENERGY CORPORATION
 3.875
 7,689

 7,671

 7,531

Date
Rate
Bonds
a b)
Value

 CMS ENERGY CORPORATION
 8 31 2024
 3.125
 10,250

 10,376

 9,895

 2.529
 1,900

 1,815

 1,814

 4.220
 21,413

 21,390

 21,071

 EMERA INCORPORATED
 6 15 2024
 0.833
 21,889

 20,771

 20,481

 2.900
 3,939

 3,837

 3,798

 12 1 2023
 3.800
 3,000

 3,000

 2,966

 NEXTERA ENERGY INC
 3 21 2024
 2.940
 47,248

 45,995

 46,019

 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
 11 8 2023
 0.841
 4,060

 3,954

 3,910

 SOUTHERN COMPANY THE
 9 15 2024
 2.200
 2,526

 2,397

 2,408

 SOUTHERN COMPANY THE
 2 26 2024
 0.600
 14,010

 13,372

 13,271

 WEC ENERGY GROUP INC
 0.800
 2,038

 1,960

 1,931

 TOTAL ELECTRIC

 150,776

 149,144

 ENERGY

 PLAINS GP HOLDINGS LP
 3.600
 1,884

 1,818

 1,824

 WILLIAMS COMPANIES INC
 6 24 2024
 4.550
 8,472

 8,512

 8,378

 TOTAL ENERGY

 10,330

 10,202

 INSURANCE

 CVS HEALTH CORP
 6 15 2023
 2.800

 9,949

 9,897

 CVS HEALTH CORP
 3.500
 3,949

 3,820

 3,840

 ELEVANCE HEALTH INC
 12 1 2024
 3.350

 14,491

 14,560

 TOTAL INSURANCE

 28,260

 28,297

 OTHER FINANCIAL INSTITUTIONS

 HARDWOOD FUNDING LLC
 6 7 2024
 3.180
 6,000

 5,932

 5,799

 TOTAL OTHER FINANCIAL INSTITUTIONS

 5,932

 5,799

 TECHNOLOGY

 BROADCOM INC
 1 15 2024
 3.625
 20,250

 20,175

 19,904

 FIDELITY NATIONAL INFORMATION SERVICES INC
 0.600

 9,625

 9,469

 7 1 2024
 2.750

 9,906

 9,645

 9 1 2023
 2.670
 8,159

 8,085

 7,998

 0.972
 42,710

 40,919

 40,605

 0.983
 9,405

 9,108

 8,722

 NXP SEMICONDUCTORS NV
 4.875
 14,457

 14,628

 14,341

 TOTAL TECHNOLOGY

 112,446

 110,684

 TRANSPORTATION

 CRAWFORD GROUP INC
 3.850
 40,922

 40,424

 39,600

 CRAWFORD GROUP INC
 11 1 2023
 2.700
 21,419

 21,095

 20,928

 TOTAL TRANSPORTATION

 61,519

 60,528

 TOTAL CORPORATE DEBT SECURITIES

 800,596

 792,942

 TOTAL FIXED MATURITIES

 8,523,011

 SYNDICATED LOANS

 BASIC INDUSTRY

 ASPLUNDH TREE EXPERT LLC
 9 7 2027
 5.821
 1,355

 1,343

 1,343

 CHEMOURS COMPANY
 4 3 2025
 5.830
 1,707

 1,707

 1,707

Date
Rate
Bonds
a b)
Value

 INEOS LTD
 3 29 2024
 6.071
 1,293

 1,293

 1,293

 ELEMENT SOLUTIONS INC
 1 31 2026
 6.086
 1,463

 1,456

 1,456

 AXALTA COATING SYSTEMS LTD
 6 1 2024
 5.424
 —

 —

 —

 FLINT GROUP GMBH
 9 21 2023
 9.320

 FLINT GROUP GMBH
 9 21 2023
 9.320

 TRINSEO PLC
 9 6 2024
 6.071
 1,288

 1,287

 1,287

 MESSER INDUSTRIES USA INC
 3 2 2026
 6.174
 1,018

 1,015

 1,015

 UNIVAR SOLUTIONS INC
 6 3 2028
 5.821
 1,494

 1,489

 1,489

 TOTAL BASIC INDUSTRY

 BROKERAGE

 LPL FINANCIAL HOLDINGS INC
 11 12 2026
 5.870
 1,611

 1,604

 1,604

 RUSSELL INVESTMENTS US INSTITUTIONAL HOLDCO INC
 5 30 2025
 7.884
 1,327

 1,328

 1,328

 GREENHILL CO INC
 4 12 2024
 7.321

 CITADEL SECURITIES LP
 2 2 2028
 6.701
 1,231

 1,226

 1,226

 TOTAL BROKERAGE

 4,647

 4,647

 CAPITAL GOODS

 7 1 2026
 6.024
 1,447

 1,437

 1,437

 INGERSOLL RAND INC
 5.936

 ANCHOR GLASS CONTAINER CORP
 12 7 2023
 6.532

 QUIKRETE HOLDINGS INC
 2 1 2027
 6.696
 1,337

 1,317

 1,317

 PACKAGING HOLDINGS LTD
 1 29 2027
 5.821
 1,235

 1,213

 1,213

 TRANSDIGM INC
 12 9 2025
 5.924

 ZEKELMAN INDUSTRIES INC
 1 24 2027
 6.729

 PAI EUROPE VI FINANCE SARL
 4 20 2024
 6.424

 ENERGY CAPITAL PARTNERS II LLC
 5 9 2025
 7.424

 TRANE TECHNOLOGIES PLC
 5.936
 1,219

 1,217

 1,217

 EWT HOLDINGS III CORP
 3 31 2028
 6.375

 BEACON ROOFING SUPPLY INC
 5 19 2028
 6.321
 1,126

 1,111

 1,111

 G HOLDINGS INC
 9 22 2028
 6.425
 1,486

 1,465

 1,465

 GFL ENVIRONMENTAL INC
 5 30 2025
 7.415

 TOTAL CAPITAL GOODS

 12,420

 12,420

 COMMUNICATIONS

 CHARTER COMMUNICATIONS INC
 4 30 2025
 5.830
 1,384

 1,384

 1,384

 COGECO COMMUNICATIONS (USA) II LP
 1 3 2025
 6.071
 1,338

 1,337

 1,337

 SINCLAIR BROADCAST GROUP INC
 8 24 2026
 7.567
 1,140

 1,131

 1,131

 HUBBARD RADIO LLC
 3 28 2025
 8.330

 LUMEN TECHNOLOGIES INC
 5.821

 NEXT LUXEMBOURG SCSP
 7 17 2025
 6.568

 NEXSTAR MEDIA GROUP INC
 9 18 2026
 6.571

 NEXT LUXEMBOURG SCSP
 7.165

 SBA COMMUNICATIONS CORP
 4 11 2025
 5.830
 1,217

 1,214

 1,214

 SINCLAIR BROADCAST GROUP INC
 4 1 2028
 7.080

Date
Rate
Bonds
a b)
Value

 TELESAT LLC
 12 7 2026
 7.170

 CMG MEDIA CORP
 12 17 2026
 7.571

 GRAY TELEVISION INC
 2 7 2024
 6.620

 ENTRAVISION COMMUNICATIONS CORPORATION
 11 30 2024
 6.821

 LIONS GATE ENTERTAINMENT CORP
 3 24 2025
 6.321

 NEXT LUXEMBOURG SCSP
 6.568

 NASCAR HOLDINGS LLC
 10 19 2026
 6.571

 EW SCRIPPS CO
 5 1 2026
 6.634

 LUMEN TECHNOLOGIES INC
 3 15 2027
 6.321
 1,216

 1,215

 1,215

 VMED O2 UK LTD
 1 31 2028
 6.818
 1,000

 1,001

 1,001

 TOTAL COMMUNICATIONS

 16,303

 16,303

 CONSUMER CYCLICAL

 APOLLO INVESTMENT FUND VIII LP
 9 23 2026
 6.505

 QUALITY SOLUTIONS INTERNATIONAL LTD
 8 21 2025
 6.821

 FOUR SEASONS HOLDINGS INC
 11 30 2023
 5.754
 —

 —

 —

 GODADDY INC
 4.865
 1,415

 1,407

 1,407

 HILTON WORLDWIDE HOLDINGS INC
 6 22 2026
 5.766
 1,749

 1,732

 1,732

 YUM! BRANDS INC.
 3 15 2028
 6.089
 1,033

 1,033

 1,033

 SEMINOLE TRIBE OF FLORIDA INC
 7 8 2024
 5.821

 SIX FLAGS ENTERTAINMENT CORP
 4 17 2026
 5.830

 WILLIAM MORRIS ENDEAVOR ENTERTAINMENT LLC
 5 18 2025
 6.830

 BJS WHOLESALE CLUB HOLDINGS INC
 2 3 2024
 6.270

 CAESARS ENTERTAINMENT INC
 12 23 2024
 6.821

 CINEWORLD FINANCE US INC
 2 28 2025
 4.000

 WYNDHAM HOTELS RESORTS INC
 5 30 2025
 5.821
 1,465

 1,455

 1,455

 NATIONAL AMUSEMENTS INC
 5 8 2025
 6.580

 PCI GAMING AUTHORITY
 5 29 2026
 6.571

 BURLINGTON STORES INC
 6 24 2028
 6.080
 1,417

 1,402

 1,402

 APPLOVIN CORP
 10 25 2028
 6.674

 RESTAURANT BRANDS INTERNATIONAL INC
 11 19 2026
 5.900
 1,301

 1,299

 1,299

 TOTAL CONSUMER CYCLICAL

 15,211

 15,211

 CONSUMER NON CYCLICAL

 ENERGIZER HOLDINGS INC
 12 16 2027
 6.625

 GRIFOLS SA
 11 15 2027
 6.071
 1,117

 1,114

 1,114

 IQVIA HOLDINGS INC
 6 11 2025
 5.424

 SELECT MEDICAL CORPORATION
 3 6 2025
 6.580
 1,248

 1,239

 1,239

 THOR INDUSTRIES INC
 2 1 2026
 7.125
 1,500

 1,495

 1,495

 US FOODS HOLDING CORP
 8 30 2026
 6.071

 ELANCO ANIMAL HEALTH INC
 5.870

 ARAMARK
 4 6 2028
 6.571
 1,012

 1,007

 1,007

 ORGANON CO
 6 2 2028
 7.750

 PRESTIGE CONSUMER HEALTHCARE INC
 6.071

 DOLE PLC
 8 3 2028
 6.016

Date
Rate
Bonds
a b)
Value

 ICON PLC
 5.938

 ICON LUXEMBOURG SARL
 5.938

 TOTAL CONSUMER NON CYCLICAL

 8,781

 8,781

 ELECTRIC

 VOLT PARENT LP
 12 16 2027
 6.580

 VOLT PARENT LP
 1 15 2025
 6.071
 1,910

 1,910

 1,910

 CONSTELLATION ENERGY CORP
 12 15 2027
 7.240

 HELIX GEN FUNDING LLC
 6 3 2024
 7.821

 INVENERGY CLEAN POWER LLC
 8 28 2025
 7.951

 EASTERN POWER LLC
 10 2 2025
 7.424

 VISTRA CORP
 12 31 2025
 5.870
 1,214

 1,213

 1,213

 WEST DEPTFORD ENERGY HOLDINGS LLC
 8 3 2026
 7.821
 1,128

 1,125

 1,125

 LMBE-MC HOLDCO II LLC
 12 3 2025
 7.680

 EDGEWATER GENERATION LLC (DELAWARE)
 12 13 2025
 7.821

 CPV SHORE HOLDINGS LLC
 12 29 2025
 7.830

 ADVANCED POWER SERVICES NA INC
 2 16 2026
 7.174

 EFS COGEN HOLDINGS I LLC
 10 1 2027
 7.840

 TOTAL ELECTRIC

 10,640

 10,640

 ENERGY

 IFM GLOBAL INFRASTRUCTURE FUND
 11 1 2026
 6.370

 TRAVERSE MIDSTREAM PARTNERS LLC
 9 27 2024
 8.405

 TOTAL ENERGY

 1,004

 1,004

 FINANCE COMPANY

 HAINAN HNA NO 2 INFORMATION MANAGEMENT SERVICE CO LTD
 1 15 2025
 6.103

 HAINAN HNA NO 2 INFORMATION MANAGEMENT SERVICE CO LTD
 2 12 2027
 5.853

 FLEETCOR TECHNOLOGIES INC
 4 28 2028
 5.821
 1,488

 1,471

 1,471

 TOTAL FINANCE COMPANY

 2,431

 2,431

 INSURANCE

 LONESTAR INTERMEDIATE SUPER HOLDINGS LLC
 12 23 2026
 7.321

 LONESTAR INTERMEDIATE SUPER HOLDINGS LLC
 11 29 2024
 7.071

 TOTAL INSURANCE

 OTHER FINANCIAL INSTITUTIONS

 SOFTBANK GROUP CORP
 6 27 2025
 6.571

 TRANSUNION
 11 16 2026
 5.821

 TRANSUNION
 12 1 2028
 6.321

 TOTAL OTHER FINANCIAL INSTITUTIONS

 2,763

 2,763

 OTHER INDUSTRY

 API GROUP DE INC
 10 1 2026
 6.571
 1,659

 1,633

 1,633

 TOTAL OTHER INDUSTRY

 1,633

 1,633

Date
Rate
Bonds
a b)
Value

 REITS

 RYMAN HOSPITALITY PROPERTIES
 5 11 2024
 6.080

 TOTAL REITS

 TECHNOLOGY

 NCR CORPORATION
 8 28 2026
 6.920

 CARLYLE GROUP INC THE
 4 16 2025
 5.821

 CARLYLE GROUP INC THE
 4 16 2025
 5.821

 MICRO FOCUS INTERNATIONAL PLC
 6 21 2024
 6.821

 TTM TECHNOLOGIES INC
 9 25 2024
 6.620
 1,431

 1,429

 1,429

 ONEX CORPORATION
 6 27 2025
 6.514

 COMMSCOPE HOLDING CO INC
 4 6 2026
 7.321
 1,213

 1,207

 1,207

 ADEIA INC
 6 8 2028
 7.571

 MKS INSTRUMENTS INC
 8 17 2029
 7.171
 1,000

 COHERENT CORP
 7 2 2029
 6.922

 GEN DIGITAL INC
 1 28 2029
 6.186
 1,500

 1,457

 1,457

 ENTEGRIS INC
 7 6 2029
 5.890
 1,500

 1,491

 1,491

 CARLYLE GROUP INC THE
 3 22 2029
 6.436

 CARLYLE GROUP INC THE
 3 22 2029
 6.436

 TOTAL TECHNOLOGY

 12,032

 12,032

 TRANSPORTATION

 AMERICAN AIRLINES GROUP INC
 6 27 2025
 5.794

 XPO LOGISTICS INC
 2 24 2025
 5.935
 1,000

 G W INTERMEDIATE HOLDINGS LLG
 12 30 2026
 5.674
 1,629

 1,598

 1,598

 UNITED AIRLINES HOLDINGS INC
 4 20 2028
 8.108

 TOTAL TRANSPORTATION

 3,882

 3,882

 TOTAL SYNDICATED LOANS BEFORE ALLOWANCE FOR LOAN LOSSES

 103,351

 103,351

 ALLOWANCE FOR LOAN LOSSES

 (1,021)

 (1,021)

 TOTAL SYNDICATED LOANS - NET

 DERIVATIVES

 PURCHASED OPTIONS

 2 7 2023

 —

 2 28 2023

 —

 3 28 2023

 —

 4 18 2023

 —

 4 25 2023

 —

 5 2 2023

 —

 5 16 2023

 —

 —

 8 22 2023

 —

Date
Rate
Bonds
a b)
Value

 —

 —

 —

 —

 1 31 2023

 —

 —

 2 28 2023

 3 14 2023

 3 28 2023

 4 4 2023

 4 11 2023

 4 18 2023

 5 23 2023

 5 30 2023

 6 20 2023

 6 27 2023

 7 11 2023

 7 8 2025

 —

 8 8 2023

 9 5 2023

 9 19 2023

 10 10 2023

 10 24 2023

 10 21 2025

 —

 11 21 2023

 —

 11 18 2025

 —

 11 28 2023

 —

 12 5 2023

 12 19 2023

 1 24 2023

 —

 —

 —

 —

 2 21 2023

 3 7 2023

 4 25 2023

 6 6 2023

 7 18 2023

 7 25 2023

 8 1 2023

 8 22 2023

 9 26 2023

 9 23 2025

 —

 10 17 2023

 10 31 2023

 11 7 2023

 11 4 2025

 —

 —

Date
Rate
Bonds
a b)
Value

 3 7 2023

 —

 3 21 2023

 —

 5 9 2023

 —

 6 13 2023

 —

 2 21 2023

 —

 7 11 2023

 —

 —

 —

 —

 —

 2 7 2023

 —

 —

 3 21 2023

 5 2 2023

 4 29 2025

 —

 5 9 2023

 5 16 2023

 6 13 2023

 —

 7 5 2023

 8 12 2025

 —

 8 29 2023

 —

 9 12 2023

 10 3 2023

 11 14 2023

 12 12 2023

 —

 12 26 2023

 —

 TOTAL PURCHASED OPTIONS

 8,793

 8,793

 WRITTEN OPTIONS

 2 7 2023

 —

 (27)

 (27)

 2 28 2023

 —

 (67)

 (67)

 3 28 2023

 —

 (233)

 (233)

 4 18 2023

 —

 (103)

 (103)

 4 25 2023

 —

 (84)

 (84)

 5 2 2023

 —

 (84)

 (84)

 5 16 2023

 —

 (253)

 (253)

 —

 (57)

 (57)

 8 22 2023

 —

 (53)

 (53)

 —

 (7)

 (7)

 —

 (39)

 (39)

 (1)

 —

 —

 1 31 2023

 (1)

 —

 —

 2 28 2023

 (1)

 (3)

 (3)

Date
Rate
Bonds
a b)
Value

 3 14 2023

 (1)

 (9)

 (9)

 3 28 2023

 (1)

 (1)

 (1)

 4 4 2023

 (1)

 (3)

 (3)

 4 11 2023

 (1)

 (8)

 (8)

 4 18 2023

 (1)

 (5)

 (5)

 5 23 2023

 (1)

 (100)

 (100)

 5 30 2023

 (1)

 (39)

 (39)

 6 20 2023

 (1)

 (161)

 (161)

 6 27 2023

 (1)

 (140)

 (140)

 7 11 2023

 (1)

 (149)

 (149)

 7 8 2025

 —

 (49)

 (49)

 8 8 2023

 (1)

 (67)

 (67)

 9 5 2023

 (1)

 (145)

 (145)

 9 19 2023

 (1)

 (171)

 (171)

 10 10 2023

 (1)

 (253)

 (253)

 10 24 2023

 (1)

 (178)

 (178)

 10 21 2025

 —

 (116)

 (116)

 11 21 2023

 (1)

 (109)

 (109)

 —

 (26)

 (26)

 11 18 2025

 —

 (30)

 (30)

 11 28 2023

 —

 (82)

 (82)

 12 5 2023

 (1)

 (174)

 (174)

 12 19 2023

 (1)

 (173)

 (173)

 1 24 2023

 (1)

 —

 —

 (1)

 —

 —

 —

 —

 —

 2 21 2023

 (1)

 (3)

 (3)

 3 7 2023

 (1)

 (18)

 (18)

 4 25 2023

 (1)

 (26)

 (26)

 6 6 2023

 (1)

 (45)

 (45)

 7 18 2023

 (1)

 (115)

 (115)

 7 25 2023

 (1)

 (124)

 (124)

 8 1 2023

 (1)

 (66)

 (66)

 8 22 2023

 (1)

 (82)

 (82)

 9 26 2023

 (1)

 (225)

 (225)

 9 23 2025

 —

 (102)

 (102)

 10 17 2023

 (1)

 (165)

 (165)

 10 31 2023

 (1)

 (158)

 (158)

 11 7 2023

 (1)

 (170)

 (170)

 11 4 2025

 —

 (41)

 (41)

 —

 (31)

 (31)

 3 7 2023

 —

 (80)

 (80)

 3 21 2023

 —

 (251)

 (251)

 5 9 2023

 —

 (84)

 (84)

 6 13 2023

 —

 (68)

 (68)

Date
Rate
Bonds
a b)
Value

 2 21 2023

 —

 (19)

 (19)

 7 11 2023

 —

 (5)

 (5)

 (1)

 —

 —

 (1)

 —

 —

 2 7 2023

 (1)

 —

 —

 3 21 2023

 (1)

 (2)

 (2)

 5 2 2023

 (1)

 (29)

 (29)

 4 29 2025

 —

 (83)

 (83)

 5 9 2023

 (1)

 (76)

 (76)

 5 16 2023

 (1)

 (59)

 (59)

 6 13 2023

 (1)

 (141)

 (141)

 —

 (48)

 (48)

 7 5 2023

 (1)

 (165)

 (165)

 (1)

 (44)

 (44)

 8 12 2025

 —

 (24)

 (24)

 8 29 2023

 (1)

 (110)

 (110)

 —

 (63)

 (63)

 9 12 2023

 (1)

 (161)

 (161)

 10 3 2023

 (1)

 (206)

 (206)

 11 14 2023

 (1)

 (92)

 (92)

 12 12 2023

 —

 (75)

 (75)

 12 26 2023

 (1)

 (145)

 (145)

 —

 (36)

 (36)

 TOTAL WRITTEN OPTIONS

 (6,635)

 (6,635)

 FUTURES

 S P500 EMINI FUT Mar23
 9 16 2072

 —

 (8)

 (8)

 TOTAL FUTURES

 (8)

 (8)

 TOTAL DERIVATIVES - NET

 2,150

 2,150

 TOTAL INVESTMENTS IN CASH EQUIVALENTS, FIXED MATURITIES, EQUITY SECURITIES, SYNDICATED LOANS AND DERIVATIVES
 $
 9,786,961

 $
 9,632,866

 NOTES
 a) Cash equivalents are carried at amortized cost which approximates fair value. Fixed maturities and common stocks are carried at fair value. In the absence of quoted market prices, fair values are obtained from third-party pricing services, non-binding broker quotes or other model-based valuation techniques. Syndicated loans are carried at amortized cost, less allowance for loan losses. Derivatives are carried at fair value. Options are traded in over-the-counter markets using pricing models with market observable inputs. Futures are exchange-traded and valued using quoted prices in active markets. See notes to the financial statements regarding valuations.
 b) For Federal income tax purposes, the cost of investments is $9.8 billion.
 c) Securities written down due to other-than-temporary impairment related to credit losses.
 d) Non-Income producing securities.

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

 Total

 Other - liens on

 Apartment and business

 Under $500

 121087375

 Florence City

 KY

 $
 —

 $

 $

 $
 —

 $
 —

 $

 3.040
 %

 Over $500

 121047210

 West Haven City
 CT

 —

 3,789

 3,789

 —

 —

 3.600

 121047262

 Fargo
 ND

 —

 1,936

 1,936

 —

 —

 5.440

 121047347

 Lawrenceville
 GA

 —

 1,325

 1,325

 —

 —

 3.970

 121047383

 Las Vegas
 NV

 —

 4,481

 4,481

 —

 —

 3.810

 121047387

 Washington Terrace

 UT

 —

 2,083

 2,083

 —

 —

 3.020

 121047392

 Philadelphia City
 PA

 —

 3,146

 3,146

 —

 —

 6.640

 121047393

 Moore
 SC

 —

 —

 —

 4.130

 121047398

 Springfield
 IL

 —

 —

 —

 4.390

 121047400

 Pittsford

 NY

 —

 1,050

 1,050

 —

 —

 4.070

 121047402

 Miami
 FL

 —

 1,375

 1,375

 —

 —

 3.750

 121047406

 Kokomo
 IN

 —

 3,000

 3,000

 —

 —

 3.000

 121047408

 Wyomissing
 PA

 —

 2,450

 2,450

 —

 —

 2.700

 121047410

 Chicago
 IL

 —

 2,273

 2,273

 —

 —

 2.500

 121047412

 Columbus
 IN

 —

 1,480

 1,480

 —

 —

 3.370

 121047417

 Nashville
 TN

 —

 4,000

 4,000

 —

 —

 —

 6.560

 121087245

 Southport
 CT

 —

 2,519

 2,519

 —

 —

 4.010

 121087313

 Orchard Park
 NY

 —

 2,089

 2,089

 —

 —

 4.050

 121087327

 Marietta City
 GA

 —

 2,013

 2,013

 —

 —

 3.820

 121087349

 Carlsbad
 CA

 —

 2,033

 2,033

 —

 —

 3.000

 121087358

 Philadelphia City
 PA

 —

 4,000

 4,000

 —

 —

 —

 6.400

 121087361

 Oswego
 OR

 —

 3,574

 3,574

 —

 —

 4.260

 121087362

 Atlanta
 GA

 —

 3,168

 3,168

 —

 —

 3.960

 121087376

 Sterling Heights
 MI

 —

 —

 —

 3.620

 121087378

 Pittsburgh
 PA

 —

 1,656

 1,656

 —

 —

 3.690

 121087381

 CA

 —

 1,980

 1,980

 —

 —

 3.130

 121087382

 CA

 —

 1,753

 1,753

 —

 —

 3.090

 121087384

 Culver City
 CA

 —

 2,597

 2,597

 —

 —

 3.170

 121087388

 Riverside
 CA

 —

 —

 —

 3.270

 121087389

 Palmdale
 CA

 —

 1,187

 1,187

 —

 —

 3.270

 121087394

 Richmond
 TX

 —

 2,136

 2,136

 —

 —

 4.000

 121087396

 Seattle
 WA

 —

 5,000

 5,000

 —

 —

 4.000

 121087397

 Nashville
 TN

 —

 1,125

 1,125

 —

 —

 4.350

 121087403

 Houston
 TX

 —

 4,093

 4,093

 —

 —

 3.470

 121087404

 Blaine
 MN

 —

 1,468

 1,468

 —

 —

 3.320

 121087405

 Monroe
 WA

 —

 3,969

 3,969

 —

 —

 3.390

 121087407

 Victorville
 CA

 —

 1,631

 1,631

 —

 —

 2.960

 121087409

 Pompano Beach
 FL

 —

 1,675

 1,675

 —

 —

 2.740

 121087411

 Syracyse Utah
 UT

 —

 2,192

 2,192

 —

 —

 2.520

 121087414

 Fountain Valley
 CA

 —

 5,420

 5,420

 —

 —

 5.100

 121087415

 Avenel
 NJ

 —

 1,075

 1,075

 —

 —

 5.900

 121087416

 Bradenton
 FL

 —

 2,600

 2,600

 —

 —

 5.790

 Total Other

 —

 —

 —

 4.071

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

 Total

 Total First Mortgage Loans on Real Estate

 $
 —

 $

 $

 $
 —

 $
 —

 $

 4.071
 %

 Part 3 - Location of mortgaged properties

 State in which mortgaged property is located

 Total

 California
 CA

 $
 —

 $
 17,480

 $
 17,480

 $
 —

 $
 —

 Connecticut
 CT

 $
 —

 6,308

 6,308

 —

 —

 Florida
 FL

 $
 —

 5,650

 5,650

 —

 —

 Georgia
 GA

 $
 —

 6,506

 6,506

 —

 —

 Illinois
 IL

 $
 —

 3,007

 3,007

 —

 —

 Indiana
 IN

 $
 —

 4,480

 4,480

 Kentucky
 KY

 $
 —

 —

 —

 Michigan
 MI

 $
 —

 —

 —

 Minnesota
 MN

 $
 —

 1,468

 1,468

 —

 —

 North Dakota
 ND

 $
 —

 1,936

 1,936

 —

 —

 New Jersey

 NJ

 $
 —

 1,075

 1,075

 —

 —

 Nevada
 NV

 $
 —

 4,481

 4,481

 —

 —

 New York
 NY

 $
 —

 3,139

 3,139

 —

 —

 Oregon
 OR

 $
 —

 3,574

 3,574

 —

 —

 Pennsylvania
 PA

 $
 —

 11,252

 11,252

 —

 —

 South Carolina
 SC

 $
 —

 —

 —

 Tennessee
 TN

 $
 —

 5,125

 5,125

 —

 —

 Texas
 TX

 $
 —

 6,229

 6,229

 —

 —

 Utah
 UT

 $
 —

 4,275

 4,275

 —

 —

 Washington
 WA

 $
 —

 8,969

 8,969

 —

 —

 Total

 —

 —

 —

 Total

 $
 —

 $

 $

 $
 —

 $
 —

 NOTES
 (a) The classification "residential" includes single dwellings only. Residential multiple dwellings are included in "apartment and business".
 (b) Real estate taxes and easements, which in the opinion of ACC are not undue burden on the properties, have been excluded from the determination of "prior liens".
 (c) In this Schedule III, carrying amount of mortgage loans represents unpaid principal balances plus unamortized premiums less unamortized discounts and allowance for credit losses.
 (d) Interest in arrears for less than three months has been disregarded in computing the total amount of principal subject to delinquent interest. The amounts of mortgage loans being foreclosed are also included in amounts subject to delinquent interest.
 (e) Information as to interest income by type and class of loan has been omitted because it is not readily available and the obtaining thereof would involve unreasonable effort and expense. In lieu thereof, the average gross interest rates (exclusive of amortization of discounts and premiums) on mortgage loans held as of December 31, 2023 are shown by type and class of loan.

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

 Total

 Other - liens on

 Apartment and business

 Under $500

 121047377

 Cookeville City
 TN

 $
 —

 $

 $

 $
 —

 $
 —

 $

 3.500
 %

 121087371

 Bulverde
 TX

 —

 —

 —

 3.000

 Over $500

 121047210

 West Haven City
 CT

 —

 3,935

 3,935

 —

 —

 3.600

 121047262

 Fargo
 ND

 —

 2,640

 2,640

 —

 —

 5.440

 121047343

 Durham City
 NC

 —

 1,090

 1,090

 —

 —

 3.500

 121047347

 Lawrenceville
 GA

 —

 1,377

 1,377

 —

 —

 3.970

 121047383

 Las Vegas
 NV

 —

 4,571

 4,571

 —

 —

 3.810

 121047387

 Washington Terrace
 UT

 —

 2,131

 2,131

 —

 —

 3.020

 121047392

 Philadelphia City
 PA

 —

 3,211

 3,211

 —

 —

 4.310

 121047393

 Moore
 SC

 —

 1,093

 1,093

 —

 —

 4.130

 121047398

 Springfield
 IL

 —

 —

 —

 4.390

 121047400

 Pittsford
 NY

 —

 1,216

 1,216

 —

 —

 4.070

 121047402

 Miami
 FL

 —

 1,406

 1,406

 —

 —

 3.750

 121047406

 Kokomo
 IN

 —

 3,000

 3,000

 —

 —

 3.000

 121047408

 Wyomissing
 PA

 —

 2,733

 2,733

 —

 —

 2.700

 121047410

 Chicago
 IL

 —

 2,529

 2,529

 —

 —

 2.500

 121047412

 Columbus
 IN

 —

 1,628

 1,628

 —

 —

 3.370

 121087245

 Southport
 CT

 —

 2,606

 2,606

 —

 —

 4.010

 121087313

 Orchard Park
 NY

 —

 2,217

 2,217

 —

 —

 4.050

 121087327

 Marietta City
 GA

 —

 2,084

 2,084

 —

 —

 3.820

 121087349

 Carlsbad
 CA

 —

 2,083

 2,083

 —

 —

 3.000

 121087358

 Philadelphia City
 PA

 —

 3,411

 3,411

 —

 —

 3.450

 121087361

 Oswego
 OR

 —

 3,866

 3,866

 —

 —

 4.260

 121087362

 Atlanta
 GA

 —

 3,226

 3,226

 —

 —

 3.960

 121087375

 Florence City
 KY

 —

 —

 —

 3.040

 121087376

 Sterling Heights
 MI

 —

 1,105

 1,105

 —

 —

 3.620

 121087378

 Pittsburgh
 PA

 —

 1,852

 1,852

 —

 —

 3.690

 121087379

 Euless
 TX

 —

 1,285

 1,285

 —

 —

 3.700

 121087381

 CA

 —

 2,448

 2,448

 —

 —

 3.130

 121087382

 CA

 —

 2,272

 2,272

 —

 —

 3.090

 121087384

 Culver City
 CA

 —

 2,671

 2,671

 —

 —

 3.170

 121087388

 Riverside
 CA

 —

 1,081

 1,081

 —

 —

 3.270

 121087389

 Palmdale
 CA

 —

 1,460

 1,460

 —

 —

 3.270

 121087394

 Richmond
 TX

 —

 2,570

 2,570

 —

 —

 4.000

 121087395

 San Francisco
 CA

 —

 4,179

 4,179

 —

 —

 4.180

 121087396

 Seattle
 WA

 —

 5,000

 5,000

 —

 —

 4.000

 121087397

 Nashville
 TN

 —

 1,318

 1,318

 —

 —

 4.350

 121087403

 Houston
 TX

 —

 4,223

 4,223

 —

 —

 3.470

 121087404

 Blaine
 MN

 —

 1,575

 1,575

 —

 —

 3.320

 121087405

 Monroe
 WA

 —

 4,062

 4,062

 —

 —

 3.390

 121087407

 Victorville
 CA

 —

 1,811

 1,811

 —

 —

 2.960

 121087409

 Pompano Beach
 FL

 —

 1,727

 1,727

 —

 —

 2.740

 121087411

 Syracyse Utah
 UT

 —

 2,434

 2,434

 —

 —

 2.520

 121087414

 Fountain Valley
 CA

 —

 5,500

 5,500

 —

 —

 5.100

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

 Total

 Total Other

 —

 —

 —

 3.692

 Total First Mortgage Loans on Real Estate

 $
 —

 $

 $

 $
 —

 $
 —

 $

 3.692
 %

 Part 3 - Location of mortgaged properties

 State in which mortgaged property is located

 Total

 California
 CA

 $
 —

 $
 23,505

 $
 23,505

 $
 —

 $
 —

 Connecticut
 CT

 —

 6,541

 6,541

 —

 —

 Florida
 FL

 —

 3,133

 3,133

 —

 —

 Georgia
 GA

 —

 6,687

 6,687

 —

 —

 Illinois
 IL

 —

 3,383

 3,383

 —

 —

 Indiana
 IN

 4,628

 4,628

 Kentucky
 KY

 —

 —

 —

 Michigan
 MI

 —

 1,105

 1,105

 —

 —

 Minnesota
 MN

 —

 1,575

 1,575

 —

 —

 North Carolina
 NC

 —

 1,090

 1,090

 —

 —

 North Dakota
 ND

 —

 2,640

 2,640

 —

 —

 Nevada
 NV

 —

 4,571

 4,571

 —

 —

 New York
 NY

 —

 3,433

 3,433

 —

 —

 Oregon
 OR

 —

 3,866

 3,866

 —

 —

 Pennsylvania
 PA

 —

 11,207

 11,207

 —

 —

 South Carolina
 SC

 —

 1,093

 1,093

 —

 —

 Tennessee
 TN

 —

 1,614

 1,614

 —

 —

 Texas
 TX

 —

 8,291

 8,291

 —

 —

 Utah
 UT

 —

 4,565

 4,565

 —

 —

 Washington
 WA

 —

 9,062

 9,062

 —

 —

 Total

 —

 —

 —

 Total

 $
 —

 $

 $

 $
 —

 $
 —

 NOTES
 (a) The classification "residential" includes single dwellings only. Residential multiple dwellings are included in "apartment and business".
 (b) Real estate taxes and easements, which in the opinion of ACC are not undue burden on the properties, have been excluded from the determination of "prior liens".
 (c) In this Schedule III, carrying amount of mortgage loans represents unpaid principal balances plus unamortized premiums less unamortized discounts and allowance for credit losses.
 (d) Interest in arrears for less than three months has been disregarded in computing the total amount of principal subject to delinquent interest. The amounts of mortgage loans being foreclosed are also included in amounts subject to delinquent interest.
 (e) Information as to interest income by type and class of loan has been omitted because it is not readily available and the obtaining thereof would involve unreasonable effort and expense. In lieu thereof, the average gross interest rates (exclusive of amortization of discounts and premiums) on mortgage loans held as of December 31, 2022 are shown by type and class of loan.

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

 Total

 Other - liens on

 Apartment and business

 Under $500

 121047366

 Murray
 UT

 $
 —

 $

 $

 $
 —

 $
 —

 $
 —

 3.310
 %

 121087290

 Doraville
 GA

 —

 —

 —

 5.770

 121087359

 Apex
 NC

 —

 —

 —

 —

 3.520

 121087370

 La Jolla
 CA

 —

 —

 —

 —

 3.260

 121087371

 Bulverde
 TX

 —

 —

 —

 3.000

 Over $500

 121047210

 West Haven
 CT

 —

 4,076

 4,076

 —

 —

 3.600

 121047262

 Fargo
 ND

 —

 3,306

 3,306

 —

 —

 5.440

 121047343

 Durham
 NC

 —

 1,133

 1,133

 —

 —

 3.500

 121047347

 Lawrenceville
 GA

 —

 1,426

 1,426

 —

 —

 3.970

 121047364

 Kansas City
 KS

 —

 —

 —

 3.420

 121047377

 Cookeville
 TN

 —

 —

 —

 3.500

 121047383

 Las Vegas
 NV

 —

 2,578

 2,578

 —

 —

 2.980

 121047385

 Cicero
 IL

 —

 2,960

 2,960

 —

 —

 3.850

 121047387

 Washington Terrace
 UT

 —

 2,177

 2,177

 —

 —

 3.020

 121047392

 Philadelphia
 PA

 —

 3,279

 3,279

 —

 —

 4.310

 121047393

 Moore
 SC

 —

 1,309

 1,309

 —

 —

 4.130

 121047398

 Springfield
 IL

 —

 —

 —

 4.390

 121047400

 Pittsford
 NY

 —

 1,377

 1,377

 —

 —

 4.070

 121047402

 Miami
 FL

 —

 1,436

 1,436

 —

 —

 3.750

 121047408

 Wyomissing
 PA

 —

 3,010

 3,010

 —

 —

 2.700

 121047410

 Chicago
 IL

 —

 2,779

 2,779

 —

 —

 2.500

 121087245

 Southport
 CT

 —

 2,690

 2,690

 —

 —

 4.010

 121087313

 Orchard Park
 NY

 —

 2,340

 2,340

 —

 —

 4.050

 121087327

 Marietta
 GA

 —

 2,152

 2,152

 —

 —

 3.820

 121087344

 Norcross
 GA

 —

 1,311

 1,311

 —

 —

 3.380

 121087349

 Carlsbad
 CA

 —

 2,131

 2,131

 —

 —

 3.000

 121087358

 Philadelphia
 PA

 —

 3,536

 3,536

 —

 —

 3.450

 121087360

 Sun City Center
 FL

 —

 3,746

 3,746

 —

 —

 3.300

 121087361

 Oswego
 OR

 —

 4,147

 4,147

 —

 —

 4.260

 121087362

 Atlanta
 GA

 —

 2,099

 2,099

 —

 —

 3.810

 121087365

 Fairfax
 VA

 —

 1,858

 1,858

 —

 —

 4.450

 121087369

 Acworth
 GA

 —

 1,134

 1,134

 —

 —

 3.550

 121087375

 Florence
 KY

 —

 —

 —

 3.040

 121087376

 Sterling Heights
 MI

 —

 1,458

 1,458

 —

 —

 3.620

 121087378

 Pittsburgh
 PA

 —

 2,041

 2,041

 —

 —

 3.690

 121087379

 Euless
 TX

 —

 1,333

 1,333

 —

 —

 3.700

 121087381

 CA

 —

 2,902

 2,902

 —

 —

 3.130

 121087382

 CA

 —

 2,775

 2,775

 —

 —

 3.090

 121087384

 Culver City
 CA

 —

 2,738

 2,738

 —

 —

 3.840

 121087386

 Bellingham
 WA

 —

 4,875

 4,875

 —

 —

 3.570

 121087388

 Riverside
 CA

 —

 1,277

 1,277

 —

 —

 3.270

 121087389

 Palmdale
 CA

 —

 1,724

 1,724

 —

 —

 3.270

 121087394

 Richmond
 TX

 —

 2,987

 2,987

 —

 —

 4.000

 121087395

 San Francisco
 CA

 —

 4,302

 4,302

 —

 —

 4.180

 121087396

 Seattle
 WA

 —

 4,758

 4,758

 —

 —

 4.410

 121087397

 Nashville
 TN

 —

 1,503

 1,503

 —

 —

 4.350

 121087403

 Houston
 TX

 —

 4,350

 4,350

 —

 —

 3.470

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

 Total

 121087404

 Blaine
 MN

 —

 1,680

 1,680

 —

 —

 3.320

 121087405

 Monroe
 WA

 —

 4,151

 4,151

 —

 —

 3.390

 121087406

 Kokomo
 IN

 —

 3,000

 3,000

 —

 —

 3.000

 121087407

 Victorville
 CA

 —

 1,986

 1,986

 —

 —

 2.960

 121087409

 Pompano Beach
 FL

 —

 1,779

 1,779

 —

 —

 2.740

 121087411

 Syracyse
 UT

 —

 2,650

 2,650

 —

 —

 —

 2.520

 Total Other

 —

 —

 —

 3.626

 Total First Mortgage Loans on Real Estate

 $
 —

 $
 115,947

 $

 $
 —

 $
 —

 $

 3.626
 %

 Part 3 - Location of mortgaged properties

 State in which mortgaged property is located

 Total

 California
 CA

 $
 —

 $
 19,949

 $
 19,949

 $
 —

 $
 —

 Connecticut
 CT

 —

 6,766

 6,766

 —

 —

 Florida
 FL

 —

 6,961

 6,961

 —

 —

 Georgia
 GA

 —

 8,265

 8,265

 —

 —

 Illinois
 IL

 —

 6,708

 6,708

 —

 —

 Indiana
 IN

 3,000

 3,000

 —

 —

 Kansas
 KS

 —

 —

 —

 Kentucky
 KY

 —

 —

 —

 Michigan
 MI

 —

 1,458

 1,458

 —

 —

 Minnesota
 MN

 —

 1,680

 1,680

 —

 —

 North Carolina
 NC

 —

 1,180

 1,180

 —

 —

 North Dakota
 ND

 —

 3,306

 3,306

 —

 —

 Nevada
 NV

 —

 2,578

 2,578

 —

 —

 New York
 NY

 —

 3,717

 3,717

 —

 —

 Oregon
 OR

 —

 4,147

 4,147

 —

 —

 Pennsylvania
 PA

 —

 11,865

 11,865

 —

 —

 South Carolina
 SC

 —

 1,309

 1,309

 —

 —

 Tennessee
 TN

 —

 2,085

 2,085

 —

 —

 Texas
 TX

 —

 9,073

 9,073

 —

 —

 Utah
 UT

 —

 4,989

 4,989

 —

 —

 Virginia
 VA

 —

 1,858

 1,858

 —

 —

 Washington
 WA

 —

 13,785

 13,785

 —

 —

 Total

 —

 —

 —

 Total

 $
 —

 $
 115,947

 $

 $
 —

 $
 —

 NOTES
 (a) The classification "residential" includes single dwellings only. Residential multiple dwellings are included in "apartment and business".
 (b) Real estate taxes and easements, which in the opinion of ACC are not undue burden on the properties, have been excluded from the determination of "prior liens".
 (c) In this Schedule III, carrying amount of mortgage loans represents unpaid principal balances plus unamortized premiums less unamortized discounts and reserve for loss.
 (d) Interest in arrears for less than three months has been disregarded in computing the total amount of principal subject to delinquent interest. The amounts of mortgage loans being foreclosed are also included in amounts subject to delinquent interest.
 (e) Information as to interest income by type and class of loan has been omitted because it is not readily available and the obtaining thereof would involve unreasonable effort and expense. In lieu thereof, the average gross interest rates (exclusive of amortization of discounts and premiums) on mortgage loans held as of December 31, 2021 are shown by type and class of loan.

 Schedule III — Mortgage Loans on Real Estate and Interest Earned on Mortgages
 Years Ended December 31, 2023, 2022 and 2021

 The average gross interest rates on mortgage loans held as of December 31, 2023, 2022 and 2021 are summarized as follows

 2023

 2022

 2021

 Combined average
 4.071
 %

 3.692
 %

 3.626
 %

 (f) Following is a reconciliation of the carrying amount of mortgage loans for the years ended December 31, 2022, 2021 and 2020.

 2023

 2022

 2021

 $

 $
 115,947

 $
 122,319

 Additions during period

 Purchases and fundings
 8,418

 10,743

 13,937

 Impact of of change in accounting policies
 —

 —

 —

 Deductions during period

 Collections of principal
 (14,084)

 (24,569)

 (20,747)

 Provision for credit loss

 Net additions (deductions)
 (5,592)

 (13,784)

 (6,372)

 Balance at end of period
 $

 $

 $
 115,947

 (g) The aggregate cost of mortgage loans for federal income tax purposes as of December 31, 2023 was $96,949.

 (h) As of December 31, 2023, an unallocated allowance for credit losses on first mortgage loans of $378 is recorded.

 Schedule V — Qualified Assets on Deposit
 December 31, 2023 and 2022

 Name of Depositary

 Investment Securities

 Mortgage Loans (b)

 Other (c)

 Total

 Bonds and Notes (a)

 Deposits with states or their depositories to meet requirements of statutes and agreements

 Illinois - Secretary of State of Illinois

 $

 $
 —

 $
 —

 $

 New Jersey - Commissioner of Banking and Insurance of New Jersey

 —

 —

 Pennsylvania - Treasurer of the State of Pennsylvania

 —

 —

 Texas - Treasurer of the State of Texas

 —

 —

 Total State Deposits to meet requirements of statutes and agreements

 —

 —

 Total Central Depository - Ameriprise Trust Company

 14,029,016

 14,212,284

 Total Deposits

 $
 14,029,485

 $

 $

 14,212,753

 NOTES
 (a) Represents amortized cost of bonds, notes and cash equivalents.
(b) Represents unpaid principal balance of mortgage loans less unamortized discounts and allowance for credit losses.
(c) Represents amortized cost of syndicated loans less allowance for credit losses.

 Name of Depositary

 Investment Securities

 Mortgage Loans (b)

 Other (c)

 Total

 Bonds and Notes (a)

 Deposits with states or their depositories to meet requirements of statutes and agreements

 Illinois - Secretary of State of Illinois

 $

 $
 —

 $
 —

 $

 New Jersey - Commissioner of Banking and Insurance of New Jersey

 —

 —

 Pennsylvania - Treasurer of the State of Pennsylvania

 —

 —

 Texas - Treasurer of the State of Texas

 —

 —

 Total State Deposits to meet requirements of statutes and agreements

 —

 —

 Total Central Depository - Ameriprise Trust Company

 9,681,912

 9,886,405

 Total Deposits

 $
 9,682,481

 $

 $

 9,886,974

 NOTES

 (a) Represents amortized cost of bonds, notes and cash equivalents.
 (b) Represents unpaid principal balance of mortgage loans less unamortized discounts and and allowance for credit losses.
 (c) Represents amortized cost of syndicated loans less allowance for credit losses.

 Part 1 - Summary of Changes

 $
 —

 $
 6,739

 $
 —

 $
 4,391

 $

 $
 (307)

 $
 (2,760)

 $
 —

 $
 —

 $
 8,384

 —

 —

 —

 (3)

 —

 —

 RP-Q-Installment

 —

 —

 —

 —

 (5)

 —

 —

 —

 —

 54,593

 1,130

 —

 (50)

 (127)

 —

 54,754

 1,219

 2,451

 —

 —

 (1)

 —

 2,451

 Total

 8,400

 —

 4,709

 (357)

 (2,896)

 —

 57,205

 10,252

 —

 —

 —

 —

 —

 —

 (321)

 —

 —

 —

 —

 —

 —

 —

 —

 —

 (2)

 —

 —

 —

 —

 —

 —

 —

 —

 —

 (50)

 —

 —

 —

 —

 —

 —

 —

 —

 —

 (23)

 —

 —

 —

 Total

 —

 —

 —

 —

 —

 —

 (396)

 —

 —

 Total Installment Certificates

 8,413

 4,709

 (357)

 (2,896)

 (396)

 57,205

 10,272

 Single Pay - Non Qualified Certificates

 Single - Payment certificates

 IC-Flexible Savings (Variable Term) - 165
 109,643

 4,975,770

 5,041,386

 —

 6,093,786

 295,677

 (6,881)

 (2,871,368)

 —

 183,107

 8,280,708

 8,552,600

 IC - Stepup - 190

 5,382

 5,571

 —

 —

 —

 (977)

 —

 4,465

 4,660

 Cash Reserve Variables PMT - 3mo. - 662
 63,421

 1,515,402

 1,520,410

 —

 1,928,223

 22,242

 (2,506)

 (2,388,879)

 —

 58,618

 1,068,512

 1,079,490

 IC-Stock Market - 180
 2,790

 17,102

 19,483

 —

 (1,258)

 (4,920)

 —

 1,952

 11,880

 13,700

 IC-MSC - 181
 2,776

 46,649

 52,708

 —

 (1,824)

 (15,082)

 —

 2,113

 32,655

 37,178

 5,249

 42,309

 43,677

 —

 5,352

 1,001

 —

 (16,298)

 —

 4,329

 32,141

 33,732

 14,756

 15,383

 —

 2,947

 —

 (4,895)

 —

 13,059

 13,459

 1,557

 24,091

 25,493

 —

 3,954

 —

 (7,523)

 —

 1,245

 21,020

 22,260

 Total

 186,297

 6,641,461

 6,724,111

 —

 8,034,650

 320,729

 (12,469)

 (5,309,942)

 —

 252,146

 9,464,440

 9,757,079

 IC-Flexible Savings
 —

 —

 6,610

 311,896

 —

 —

 —

 (5,867)

 (295,715)

 —

 —

 16,924

 IC-Stepup -190
 —

 —

 —

 —

 —

 (87)

 (66)

 —

 —

 Cash Reserve Variable Payment-3mo.
 —

 —

 27,292

 —

 —

 —

 (5,185)

 (22,243)

 —

 —

 IC-Stk Mkt, 2004 16 31-4000 16
 —

 —

 —

 —

 —

 (1)

 (9)

 —

 —

 —

 —

 —

 —

 —

 (2)

 (25)

 —

 —

 —

 —

 —

 —

 —

 —

 (1)

 —

 —

 —

 —

 —

 —

 —

 (1)

 (5)

 —

 —

 IC-MSC
 —

 —

 —

 —

 —

 —

 (64)

 —

 —

 Total
 —

 —

 7,552

 339,540

 —

 —

 —

 (11,143)

 (318,128)

 —

 —

 17,821

 SP 75
 —

 —

 (1)

 —

 —

 —

 —

 —

 —

 —

 —

 (1)

 IC-Stock
 —

 —

 1,032

 —

 —

 —

 (1)

 (379)

 —

 —

 —

 —

 2,599

 —

 —

 —

 (62)

 (976)

 —

 —

 1,705

 —

 —

 1,054

 —

 —

 —

 —

 (23)

 —

 —

 1,066

 —

 —

 2,151

 —

 —

 —

 (17)

 (330)

 —

 —

 2,214

 IC-Market Strategy Certificate - Part Int 2019 2102 4061
 —

 —

 2,471

 —

 —

 —

 (18)

 (931)

 —

 —

 1,649

 Total
 —

 —

 9,307

 —

 —

 —

 (98)

 (2,639)

 —

 —

 7,352

 Total Single Pay - Non Qualified Certificates
 186,297

 6,641,461

 6,732,445

 348,847

 8,034,650

 320,729

 (12,469)

 (5,321,183)

 (320,767)

 252,146

 9,464,440

 9,782,252

 R-Series Single Pay - Qualified Certificates

 R-77 - 910
 3.5

 —

 —

 —

 (6)

 —

 R78 - 911
 3.5

 —

 —

 —

 —

 —

 R-79 - 912
 3.5

 —

 —

 —

 (34)

 —

 R-80 - 913
 3.5

 —

 —

 —

 —

 —

 R-81 - 914
 3.5

 —

 —

 —

 —

 —

 R-82A - 915
 3.5

 —

 —

 —

 (4)

 —

 RP-Q - 916

 —

 —

 —

 (13)

 —

 R-II - 920
 3.5

 —

 —

 —

 (12)

 —

 RP-Flexible Savings - 971
 44,721

 1,829,220

 1,853,303

 —

 2,050,512

 107,948

 (2,206)

 (820,684)

 —

 72,043

 3,089,920

 3,188,873

 Cash Reserve RP-3 mo. - 972
 29,200

 643,893

 645,714

 —

 631,526

 8,529

 (91)

 (857,894)

 —

 27,095

 423,554

 427,784

 RP-Flexible Savings Emp - 973

 —

 —

 —

 —

 —

 RP-Stock Market - 960

 8,225

 9,154

 —

 (497)

 (2,778)

 —

 5,414

 6,097

 2,127

 2,262

 —

 —

 —

 (731)

 —

 1,448

 1,579

 1,577

 16,581

 17,127

 —

 2,369

 —

 (5,728)

 —

 1,228

 13,587

 14,171

 7,292

 7,551

 —

 1,322

 —

 (3,081)

 —

 5,648

 5,808

 12,506

 13,208

 —

 2,753

 —

 (3,337)

 —

 12,179

 12,848

 Market Strategy Cert - 961

 14,926

 15,944

 —

 (437)

 (4,016)

 —

 11,034

 11,836

 D-1 990-993

 —

 —

 —

 (542)

 —

 Total
 78,550

 2,535,847

 2,565,589

 —

 2,688,528

 117,724

 (3,231)

 (1,698,860)

 —

 102,631

 3,563,329

 3,669,750

 Additional Interest on R-Series Single Payment Reserves

 R-77
 3.5

 —

 —

 —

 —

 —

 —

 —

 (1)

 —

 —

 —

 R-78
 3.5

 —

 —

 —

 —

 —

 —

 —

 (1)

 —

 —

 —

 R-79
 3.5

 —

 —

 —

 —

 —

 —

 (1)

 (1)

 —

 —

 (1)

 R-80
 3.5

 —

 —

 —

 —

 —

 —

 —

 (1)

 —

 —

 —

 R-81
 3.5

 —

 —

 —

 —

 —

 —

 —

 (1)

 —

 —

 —

 R-82A
 3.5

 —

 —

 —

 —

 —

 —

 —

 (1)

 —

 —

 —

 RP-Q
 —

 —

 —

 —

 —

 —

 —

 (2)

 —

 —

 —

 R-II
 3.5

 —

 —

 —

 —

 —

 —

 —

 (2)

 —

 —

 —

 RP-Flexible Savings
 —

 —

 2,380

 113,049

 —

 —

 —

 (1,196)

 (107,947)

 —

 —

 6,286

 —

 —

 —

 —

 —

 —

 (48)

 —

 —

 Cash Reserve RP-3 mo.
 —

 —

 10,646

 —

 —

 —

 (2,188)

 (8,529)

 —

 —

 RP-Flexible Savings Emp
 —

 —

 —

 —

 —

 —

 —

 (2)

 —

 —

 —

 —

 —

 —

 —

 —

 (1)

 (4)

 —

 —

 —

 —

 —

 —

 —

 (1)

 (19)

 —

 —

 —

 —

 —

 —

 —

 —

 (1)

 —

 —

 —

 —

 —

 —

 —

 —

 (2)

 —

 —

 —

 —

 —

 —

 —

 —

 (28)

 —

 —

 D-1 - 400

 —

 —

 —

 —

 (4)

 (28)

 —

 Total

 2,772

 123,902

 —

 —

 —

 (3,391)

 (116,618)

 6,665

 —

 —

 —

 —

 —

 —

 (210)

 —

 —

 —

 —

 1,016

 —

 —

 —

 (4)

 (385)

 —

 —

 —

 —

 —

 —

 —

 —

 (15)

 —

 —

 —

 —

 1,323

 —

 —

 —

 —

 (222)

 —

 —

 1,356

 —

 —

 —

 —

 —

 (6)

 (276)

 —

 —

 Total
 —

 —

 4,045

 —

 —

 —

 (10)

 (1,108)

 —

 —

 3,310

 Total R-Series Single Pay - Qualified Certificates
 78,557

 2,535,854

 2,568,744

 127,947

 2,688,528

 117,724

 (3,231)

 (1,702,261)

 (117,726)

 102,636

 3,563,334

 3,679,725

 Optional Settlement Certificates

 Other series and conversions from Single Payment Certificates
 2.5-3 - 3-3.5

 —

 —

 3,761

 —

 (718)

 (338)

 —

 —

 —

 2,809

 Series R-II RP-2-84 - 88 -Prod 921
 3.5

 —

 —

 —

 —

 —

 —

 —

 —

 —

 Add'l credits and accrued int. thereon
 2.5-3

 —

 —

 —

 —

 (4)

 (1)

 —

 —

 —

 —

 —

 (2)

 —

 —

 —

 —

 —

 (1)

 —

 —

 (3)

 Total Optional Settlement
 —

 —

 3,795

 —

 (722)

 (339)

 (1)

 —

 —

 2,839

 Due to unlocated cert holders
 —

 —

 —

 —

 —

 —

 (254)

 —

 —

 Total Certificate
 Reserves (1)

 265,604

 $
 9,234,365

 $
 9,313,830

 $
 477,302

 $
 10,727,887

 $
 439,301

 $
 (16,779)

 $
 (7,026,679)

 $
 (439,144)

 355,601

 $
 13,084,979

 $
 13,475,718

 (1) Total certificate reserves does not include Stock Market Certificates embedded derivatives of $9.3 million and $3.6 million or its intrinsic interest of $(14.3) million and $(4.0) million as of December 31, 2023 and 2022, respectively. These amounts are included in Total certificate reserves.

 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

 Transfers from maturities to extended maturities, additional credits interest and advance payments
 $

 Transfers to reserves on a quarterly basis for Reserve Plus Flexible-Payment, IC-Q-Installment and R-Flexible-Payment
 $
 (396)

 Optional settlement certificates

 Transfers from installment certificate reserves (less surrender charges), optional settlement privileges
 $

 Transfers to accruals for additional credits to be allowed at next anniversaries
 $
 (1)

 Single-Payment certificates

 $
 295,677

 22,242

 IC-Stock1
 1,001

 IC-Stock2

 IC-Stock3

 Market Strategy

 RP-Q

 8,529

 107,948

 Flexible Savings-RP-Emp

 Market Strategy-RP

 Transfers from accruals at anniversaries maintained in a separate reserve account

 $
 438,453

 Transfers to optional settlement reserves

 Single-Payment
 $
 (3,059)

 (295,715)

 (66)

 (22,243)

 (9)

 Stock1
 (25)

 Stock2
 (1)

 Stock3
 (5)

 (64)

 (8,529)

 (107,947)

 (48)

 Flexible Savings-RP-Emp
 (2)

 (214)

 (404)

 (16)

 (224)

 Transfers to Federal tax withholding

 $
 (438,493)

 Amounts equivalent to payments due certificates holders who could not be located
 $

 Payments to certificate holders credited to cash
 $
 (254)

 Part 3 - Information Regarding Installment Certificates

 MO's Paid

 Number of Accounts w Certificate Holders

Maturity Value

 Amount of Reserves

 Deduction from Reserves Cash Surrenders Prior to Maturity Surrender

 Other Deductions

 2022

 2023

 2022

 2023

 2022

 2023

 2023

 2023

 1-12

 $
 40,887

 $
 6,544

 $
 2,219

 $
 1,215

 $

 $
 —

 13-24

 4,086

 37,848

 2,348

 —

 25-36

 3,845

 —

 37-48

 2,850

 —

 49-60

 5,260

 2,779

 1,289

 —

 61-72

 5,260

 —

 73-84

 —

 85-96

 2,116

 1,095

 1,911

 —

 97-108

 —

 109-120

 —

 —

 —

 121-132

 —

 —

 —

 —

 —

 —

 —

 133-144

 —

 —

 —

 —

 —

 —

 —

 —

 145-156

 —

 —

 —

 —

 —

 —

 —

 —

 157-168

 —

 —

 —

 —

 —

 —

 —

 —

 169-180

 —

 —

 —

 —

 —

 —

 —

 —

 181-192

 —

 —

 —

 —

 —

 —

 —

 —

 193-204

 —

 —

 —

 —

 —

 —

 —

 —

 205-216

 —

 —

 —

 —

 —

 —

 —

 —

 217-228

 —

 —

 —

 —

 —

 —

 —

 —

 229-240

 —

 —

 —

 —

 —

 —

 —

 —

 241-252

 —

 —

 —

 —

 —

 —

 —

 —

 253-264

 —

 —

 —

 —

 —

 —

 —

 —

 265-276

 —

 —

 —

 —

 —

 —

 —

 —

 277-288

 —

 —

 —

 —

 —

 —

 —

 —

 289-300

 —

 —

 —

 —

 —

 —

 —

 —

 301-312

 —

 —

 —

 —

 —

 —

 —

 —

 313-324

 —

 —

 —

 —

 —

 —

 —

 —

 325-336

 —

 —

 —

 —

 —

 —

 —

 —

 337-348

 —

 —

 —

 —

 —

 —

 —

 —

 349-360

 —

 —

 —

 —

 —

 —

 —

 —

 361-372

 —

 —

 —

 —

 —

 —

 —

 —

 373-384

 —

 —

 —

 —

 —

 —

 —

 —

 385-396

 —

 —

 —

 —

 —

 —

 —

 —

 397-408

 —

 —

 —

 —

 —

 —

 —

 —

 409-420

 —

 —

 —

 —

 —

 —

 —

 —

 457-468

 —

 —

 —

 —

 —

 —

 —

 —

 469-480

 —

 —

 —

 —

 —

 481-492

 —

 —

 —

 —

 —

 —

 —

 TOTAL - ALL SERIES

 $

 $
 57,205

 $
 8,400

 $
 10,252

 $

 $
 —

 Part 1 - Summary of Changes

 $
 —

 $
 4,808

 $
 —

 $
 3,841

 $

 $
 (227)

 $
 (1,768)

 $
 —

 $
 —

 $
 6,739

 —

 —

 —

 (85)

 —

 —

 RP-Q-Installment

 —

 —

 —

 —

 —

 —

 18,871

 —

 (143)

 (105)

 —

 54,593

 1,130

 2,052

 —

 —

 —

 —

 2,451

 Total

 6,112

 —

 4,508

 (370)

 (1,958)

 —

 8,400

 —

 —

 —

 —

 —

 —

 —

 (84)

 —

 —

 —

 —

 —

 —

 —

 —

 —

 (1)

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 (14)

 —

 —

 —

 —

 —

 —

 —

 —

 —

 (7)

 —

 —

 —

 Total

 —

 —

 —

 —

 —

 —

 —

 (106)

 —

 —

 Res for accrued 3rd year 213 - Installment Prod only
 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 Total

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 Total Installment Certificates

 6,112

 4,508

 (370)

 (1,958)

 (106)

 8,413

 Single Pay - Non Qualified Certificates

 Single - Payment certificates

 IC-Flexible Savings (Variable Term) - 165
 56,831

 1,587,640

 1,645,719

 —

 4,295,047

 26,867

 (6,592)

 (919,655)

 —

 109,643

 4,975,770

 5,041,386

 IC - Stepup - 190

 6,417

 6,634

 —

 —

 (1,152)

 —

 5,382

 5,571

 Cash Reserve Variables PMT - 3mo. - 662
 66,659

 1,889,641

 1,895,092

 —

 1,807,259

 2,562

 (1,750)

 (2,182,753)

 —

 63,421

 1,515,402

 1,520,410

 IC-Stock Market - 180
 3,786

 23,928

 27,341

 —

 (1,571)

 (6,335)

 —

 2,790

 17,102

 19,483

 IC-MSC - 181
 3,707

 64,548

 73,247

 —

 (3,114)

 (18,376)

 —

 2,776

 46,649

 52,708

 6,666

 53,566

 55,496

 —

 7,845

 —

 (19,704)

 —

 5,249

 42,309

 43,677

 15,295

 16,009

 —

 4,282

 —

 (5,076)

 —

 14,756

 15,383

 1,881

 28,247

 29,349

 —

 5,099

 1,665

 —

 (10,620)

 —

 1,557

 24,091

 25,493

 Total

 140,564

 3,669,282

 3,748,887

 —

 6,120,507

 31,415

 (13,027)

 (3,163,671)

 —

 186,297

 6,641,461

 6,724,111

 IC-Flexible Savings
 —

 —

 33,801

 —

 —

 —

 (454)

 (26,870)

 —

 —

 6,610

 IC-Stepup -190
 —

 —

 —

 —

 —

 (40)

 (40)

 —

 —

 Cash Reserve Variable Payment-3mo.
 —

 —

 4,214

 —

 —

 —

 (757)

 (2,560)

 —

 —

 IC-Stk Mkt, 2004 16 31-4000 16
 —

 —

 —

 —

 —

 —

 (2)

 —

 —

 —

 —

 —

 —

 —

 (1)

 (5)

 —

 —

 —

 —

 —

 —

 —

 —

 (6)

 —

 —

 —

 —

 —

 —

 —

 (1)

 (51)

 —

 —

 IC-MSC
 —

 —

 (1)

 —

 —

 —

 —

 (11)

 —

 —

 Total
 —

 —

 38,146

 —

 —

 —

 (1,253)

 (29,545)

 —

 —

 7,552

 SP 75
 —

 —

 (1)

 —

 —

 —

 —

 —

 —

 —

 —

 (1)

 IC-Stock
 —

 —

 —

 —

 —

 —

 (18)

 —

 —

 —

 —

 —

 —

 —

 (2)

 (34)

 —

 —

 —

 —

 (11)

 —

 —

 —

 (1)

 (162)

 —

 —

 —

 —

 2,061

 (31)

 —

 —

 —

 —

 (1,620)

 —

 —

 IC-Market Strategy Certificate - Part Int 2019 2102 4061
 —

 —

 —

 —

 —

 (1)

 (42)

 —

 —

 Total
 —

 —

 2,559

 —

 —

 —

 (4)

 (1,876)

 —

 —

 Total Single Pay - Non Qualified Certificates
 140,564

 3,669,282

 3,751,650

 38,249

 6,120,507

 31,415

 (13,027)

 (3,164,928)

 (31,421)

 186,297

 6,641,461

 6,732,445

 R-Series Single Pay - Qualified Certificates

 R-77 - 910
 3.5

 —

 —

 —

 —

 —

 R78 - 911
 3.5

 —

 —

 —

 —

 —

 R-79 - 912
 3.5

 —

 —

 —

 —

 —

 R-80 - 913
 3.5

 —

 —

 —

 —

 —

 R-81 - 914
 3.5

 —

 —

 —

 —

 —

 R-82A - 915
 3.5

 —

 —

 —

 (4)

 —

 RP-Q - 916

 —

 —

 —

 —

 (18)

 —

 R-II - 920
 3.5

 —

 —

 —

 (7)

 —

 RP-Flexible Savings - 971
 25,455

 660,294

 682,886

 —

 1,459,190

 (1,437)

 (297,942)

 —

 44,721

 1,829,220

 1,853,303

 Cash Reserve RP-3 mo. - 972
 29,957

 762,247

 764,093

 —

 704,980

 1,109

 (74)

 (824,394)

 —

 29,200

 643,893

 645,714

 RP-Flexible Savings Emp - 973

 —

 —

 —

 —

 —

 —

 RP-Stock Market - 960
 1,203

 11,668

 13,098

 —

 (408)

 (3,548)

 —

 8,225

 9,154

 3,119

 3,291

 —

 —

 —

 (1,055)

 —

 2,127

 2,262

 2,314

 23,580

 24,487

 —

 3,073

 —

 (10,453)

 —

 1,577

 16,581

 17,127

 9,218

 9,560

 —

 1,710

 —

 (3,835)

 —

 7,292

 7,551

 1,208

 16,422

 17,075

 —

 3,086

 1,078

 —

 (8,031)

 —

 12,506

 13,208

 Market Strategy Cert - 961

 19,788

 21,290

 —

 (105)

 (5,723)

 —

 14,926

 15,944

 D-1 990-993

 —

 —

 (73)

 —

 Total
 61,786

 1,507,387

 1,537,079

 —

 2,172,618

 12,999

 (2,024)

 (1,155,083)

 —

 78,550

 2,535,847

 2,565,589

 Additional Interest on R-Series Single Payment Reserves

 R-77
 3.5

 —

 —

 —

 —

 —

 —

 —

 (1)

 —

 —

 —

 R-78
 3.5

 —

 —

 —

 —

 —

 —

 —

 (1)

 —

 —

 —

 R-79
 3.5

 —

 —

 —

 —

 —

 —

 —

 (2)

 —

 —

 —

 R-80
 3.5

 —

 —

 —

 —

 —

 —

 —

 (1)

 —

 —

 —

 R-81
 3.5

 —

 —

 —

 —

 —

 —

 —

 (1)

 —

 —

 —

 R-82A
 3.5

 —

 —

 —

 —

 —

 —

 —

 (1)

 —

 —

 —

 R-II
 3.5

 —

 —

 —

 —

 —

 —

 —

 (2)

 —

 —

 —

 RP-Flexible Savings
 —

 —

 13,017

 —

 —

 —

 (82)

 (10,606)

 —

 —

 2,380

 —

 —

 —

 —

 —

 —

 (26)

 —

 —

 Cash Reserve RP-3 mo.
 —

 —

 1,829

 —

 —

 —

 (349)

 (1,109)

 —

 —

 —

 —

 —

 —

 —

 —

 (1)

 —

 —

 —

 —

 —

 —

 —

 —

 (4)

 —

 —

 —

 —

 —

 —

 —

 —

 (2)

 —

 —

 —

 —

 —

 —

 —

 —

 (22)

 —

 —

 —

 —

 —

 —

 —

 —

 (5)

 —

 —

 D-1 - 400

 —

 —

 —

 —

 (1)

 (11)

 —

 Total

 14,916

 —

 —

 —

 (432)

 (11,795)

 2,772

 —

 —

 —

 —

 —

 —

 (7)

 —

 —

 —

 —

 —

 —

 —

 —

 (16)

 —

 —

 —

 —

 (10)

 —

 —

 —

 —

 (114)

 —

 —

 —

 —

 1,326

 (15)

 —

 —

 —

 —

 (1,056)

 —

 —

 —

 —

 —

 —

 —

 —

 (12)

 —

 —

 Total
 —

 —

 1,564

 —

 —

 —

 —

 (1,205)

 —

 —

 Total R-Series Single Pay - Qualified Certificates
 61,793

 1,507,394

 1,538,726

 14,940

 2,172,618

 12,999

 (2,024)

 (1,155,515)

 (13,000)

 78,557

 2,535,854

 2,568,744

 Optional Settlement Certificates

 Other series and conversions from Single Payment Certificates
 2.5-3 - 3-3.5
 —

 —

 4,317

 —

 (460)

 (224)

 —

 —

 —

 3,761

 Series R-II RP-2-84 - 88 -Prod 921
 3.5

 —

 —

 —

 —

 —

 —

 —

 —

 —

 Add'l credits and accrued int. thereon
 2.5-3
 —

 —

 —

 —

 (2)

 (1)

 (1)

 —

 —

 —

 —

 (1)

 —

 —

 —

 —

 —

 (1)

 —

 —

 (2)

 Total Optional Settlement
 —

 —

 4,354

 —

 (462)

 (225)

 (2)

 —

 —

 3,795

 Due to unlocated cert holders
 —

 —

 —

 —

 —

 —

 (270)

 —

 —

 Total Certificate
 Reserves (1)

 202,950

 $
 5,197,605

 $
 5,301,271

 $
 53,437

 $
 8,297,633

 $
 44,797

 $
 (15,883)

 $
 (4,322,626)

 $
 (44,799)

 265,604

 $
 9,234,365

 $
 9,313,830

 (1) Total certificate reserves does not include Stock Market Certificates embedded derivatives of $3.6 million and $3.9 million or its intrinsic interest of $(4.0) million and $(4.6) million as of December 31, 2022 and 2021, respectively. These amounts are included in Total certificate reserves.

 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

 Transfers from maturities to extended maturities, additional credits interest and advance payments
 $

 Transfers to reserves on a quarterly basis for Reserve Plus Flexible-Payment, IC-Q-Installment and R-Flexible-Payment
 $

 Optional settlement certificates

 Transfers from installment certificate reserves (less surrender charges), optional settlement privileges
 $

 $

 $

 Transfers to accruals for additional credits to be allowed at next anniversaries

 $

 Single-Payment certificates

 $
 26,867

 2,562

 IC-Stock1

 IC-Stock2

 IC-Stock3
 1,665

 Market Strategy

 1,109

 1,078

 Market Strategy-RP

 Transfers from accruals at anniversaries maintained in a separate reserve account

 $
 44,414

 Transfers to optional settlement reserves

 Single-Payment
 $
 1,943

 (20)

 26,870

 2,560

 Stock1

 Stock2

 Stock3

 1,109

 1,078

 Transfers to Federal tax withholding
 (10)

 $
 44,421

 Amounts equivalent to payments due certificates holders who could not be located
 $

 Payments to certificate holders credited to cash
 $

 Part 3 - Information Regarding Installment Certificates

 MO's Paid

 Number of Accounts w Certificate Holders

Maturity Value

 Amount of Reserves

 Deduction from Reserves Cash Surrenders Prior to Maturity Surrender

 Other Deductions

 2021

 2022

 2021

 2022

 2021

 2022

 2022

 2022

 1-12

 $
 5,535

 $
 40,887

 $

 $
 2,219

 $

 $
 —

 13-24

 4,086

 —

 25-36

 2,886

 —

 37-48

 5,367

 2,850

 —

 49-60

 5,260

 —

 61-72

 —

 —

 73-84

 2,133

 —

 85-96

 2,976

 2,116

 1,095

 —

 97-108

 —

 109-120

 —

 —

 —

 —

 121-132

 —

 —

 —

 —

 —

 —

 —

 133-144

 —

 —

 —

 —

 —

 —

 —

 —

 145-156

 —

 —

 —

 —

 —

 —

 —

 —

 157-168

 —

 —

 —

 —

 —

 —

 —

 —

 169-180

 —

 —

 —

 —

 —

 —

 —

 —

 181-192

 —

 —

 —

 —

 —

 —

 —

 —

 193-204

 —

 —

 —

 —

 —

 —

 —

 —

 205-216

 —

 —

 —

 —

 —

 —

 —

 —

 217-228

 —

 —

 —

 —

 —

 —

 —

 —

 229-240

 —

 —

 —

 —

 —

 —

 —

 —

 241-252

 —

 —

 —

 —

 —

 —

 —

 —

 253-264

 —

 —

 —

 —

 —

 —

 —

 —

 265-276

 —

 —

 —

 —

 —

 —

 —

 —

 277-288

 —

 —

 —

 —

 —

 —

 —

 —

 289-300

 —

 —

 —

 —

 —

 —

 —

 —

 301-312

 —

 —

 —

 —

 —

 —

 —

 —

 313-324

 —

 —

 —

 —

 —

 —

 —

 —

 325-336

 —

 —

 —

 —

 —

 —

 —

 —

 337-348

 —

 —

 —

 —

 —

 —

 —

 —

 349-360

 —

 —

 —

 —

 —

 —

 —

 —

 361-372

 —

 —

 —

 —

 —

 —

 —

 —

 373-384

 —

 —

 —

 —

 —

 —

 —

 —

 385-396

 —

 —

 —

 —

 —

 —

 —

 —

 397-408

 —

 —

 —

 —

 —

 —

 —

 —

 409-420

 —

 —

 —

 —

 —

 —

 —

 —

 457-468

 —

 —

 —

 —

 —

 469-480

 —

 —

 —

 —

 —

 TOTAL - ALL SERIES

 $

 $

 $
 6,112

 $
 8,400

 $

 $
 —

 Part 1 - Summary of Changes

 $
 —

 $
 4,729

 $
 —

 $
 2,183

 $

 $
 (453)

 $
 (1,669)

 $
 —

 $
 —

 $
 4,808

 —

 —

 —

 —

 —

 —

 —

 RP-Q-Installment

 —

 —

 —

 —

 —

 —

 RP-Q-Flexible Payment

 —

 —

 —

 —

 (11)

 —

 —

 —

 —

 16,085

 —

 (84)

 (205)

 —

 18,871

 2,052

 —

 —

 —

 —

 2,052

 Total

 18,155

 6,016

 —

 2,496

 (537)

 (1,885)

 —

 6,112

 —

 —

 —

 —

 —

 —

 —

 (18)

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 (3)

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 (1)

 —

 —

 —

 Total

 —

 —

 —

 —

 —

 —

 —

 (22)

 —

 —

 —

 Res for accrued 3rd year 213 - Installment Prod only
 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 Total

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 Total Installment Certificates

 18,155

 6,016

 2,496

 (537)

 (1,885)

 (22)

 6,112

 Single Pay - Non Qualified Certificates

 Single - Payment certificates

 IC-Flexible Savings (Variable Term) - 165
 76,211

 2,016,223

 2,173,581

 —

 457,271

 5,534

 (2,919)

 (987,748)

 —

 56,831

 1,587,640

 1,645,719

 IC - Stepup - 190

 8,714

 9,156

 —

 —

 —

 (2,589)

 —

 6,417

 6,634

 IC-Flexible Savings Emp (VT) - 166
 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 Cash Reserve Variables PMT - 3mo. - 662
 72,627

 2,147,424

 2,176,948

 —

 1,561,781

 (1,912)

 (1,841,893)

 —

 66,659

 1,889,641

 1,895,092

 IC-Stock Market - 180
 4,992

 34,486

 40,128

 —

 (1,527)

 (11,611)

 —

 3,786

 23,928

 27,341

 IC-MSC - 181
 4,611

 84,522

 98,000

 —

 1,111

 (2,610)

 (23,893)

 —

 3,707

 64,548

 73,247

 8,058

 68,859

 72,075

 —

 6,995

 —

 (24,070)

 —

 6,666

 53,566

 55,496

 1,180

 21,569

 23,090

 —

 1,744

 —

 (9,681)

 —

 15,295

 16,009

 2,232

 37,824

 39,244

 —

 1,764

 —

 (12,471)

 —

 1,881

 28,247

 29,349

 Total

 170,144

 4,419,621

 4,632,222

 —

 2,029,761

 9,828

 (8,968)

 (2,913,956)

 —

 140,564

 3,669,282

 3,748,887

 IC-Flexible Savings
 —

 —

 5,417

 —

 —

 —

 (183)

 (5,535)

 —

 —

 IC-Preferred Investors
 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 IC-Stepup -190
 —

 —

 —

 —

 —

 (30)

 (66)

 —

 —

 Cash Reserve Variable Payment-3mo.
 —

 —

 —

 —

 —

 (32)

 (168)

 —

 —

 IC-Stk Mkt, 2004 16 31-4000 16
 —

 —

 —

 —

 —

 —

 (8)

 —

 —

 —

 —

 —

 —

 —

 (1)

 (12)

 —

 —

 —

 —

 —

 —

 —

 —

 (32)

 —

 —

 —

 —

 —

 —

 —

 (1)

 (63)

 —

 —

 IC-MSC
 —

 —

 —

 —

 —

 —

 (12)

 —

 —

 (1)

 Total
 —

 —

 5,773

 —

 —

 —

 (247)

 (5,896)

 —

 —

 SP 75
 —

 —

 (1)

 —

 —

 —

 —

 —

 —

 —

 —

 (1)

 IC-Stock
 —

 —

 —

 —

 —

 (2)

 (295)

 —

 —

 —

 —

 —

 —

 —

 (33)

 (484)

 —

 —

 —

 —

 1,006

 —

 —

 —

 (5)

 (824)

 —

 —

 —

 —

 3,731

 —

 —

 —

 (11)

 (1,702)

 —

 —

 2,061

 IC-Market Strategy Certificate - Part Int 2019 2102 4061
 —

 —

 —

 —

 —

 (18)

 (628)

 —

 —

 Total
 —

 —

 6,224

 —

 —

 —

 (69)

 (3,933)

 —

 —

 2,559

 Total Single Pay - Non Qualified Certificates
 170,144

 4,419,621

 4,639,020

 6,110

 2,029,761

 9,828

 (8,968)

 (2,914,272)

 (9,829)

 140,564

 3,669,282

 3,751,650

 R-Series Single Pay - Qualified Certificates

 R-77 - 910
 3.5

 —

 —

 —

 —

 —

 R78 - 911
 3.5

 —

 —

 —

 —

 —

 R-79 - 912
 3.5

 —

 —

 —

 —

 —

 R-80 - 913
 3.5

 —

 —

 —

 —

 —

 R-81 - 914
 3.5

 —

 —

 —

 —

 —

 R-82A - 915
 3.5

 —

 —

 —

 (3)

 —

 RP-Q - 916

 —

 —

 —

 —

 (8)

 —

 R-II - 920
 3.5

 —

 —

 —

 —

 —

 RP-Flexible Savings - 971
 34,382

 936,701

 1,001,464

 —

 80,057

 2,835

 (538)

 (400,932)

 —

 25,455

 660,294

 682,886

 Cash Reserve RP-3 mo. - 972
 32,551

 948,775

 982,065

 —

 600,338

 (13)

 (818,365)

 —

 29,957

 762,247

 764,093

 RP-Flexible Savings Emp - 973

 —

 —

 —

 —

 —

 RP-Stock Market - 960
 1,576

 15,634

 17,840

 —

 (258)

 (4,614)

 —

 1,203

 11,668

 13,098

 6,000

 6,441

 —

 —

 (3,223)

 —

 3,119

 3,291

 3,096

 33,363

 34,836

 —

 3,105

 —

 (13,713)

 —

 2,314

 23,580

 24,487

 12,977

 13,559

 —

 1,892

 —

 (6,353)

 —

 9,218

 9,560

 1,441

 22,569

 23,205

 —

 1,084

 —

 (7,651)

 —

 1,208

 16,422

 17,075

 Market Strategy Cert - 961
 1,124

 25,645

 28,420

 —

 (39)

 (7,481)

 —

 19,788

 21,290

 D-1 990-993

 —

 —

 —

 (94)

 —

 Total
 75,247

 2,002,810

 2,109,222

 —

 686,034

 5,108

 (848)

 (1,262,437)

 —

 61,786

 1,507,387

 1,537,079

 Additional Interest on R-Series Single Payment Reserves

 R-77
 3.5

 —

 —

 —

 —

 —

 —

 —

 (1)

 —

 —

 —

 R-78
 3.5

 —

 —

 —

 —

 —

 —

 —

 (1)

 —

 —

 —

 R-79
 3.5

 —

 —

 —

 —

 —

 —

 —

 (2)

 —

 —

 —

 R-80
 3.5

 —

 —

 —

 —

 —

 —

 —

 (1)

 —

 —

 —

 R-81
 3.5

 —

 —

 —

 —

 —

 —

 —

 (1)

 —

 —

 —

 R-82A
 3.5

 —

 —

 —

 —

 —

 —

 —

 (1)

 —

 —

 —

 RP-Q
 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 R-II
 3.5

 —

 —

 —

 —

 —

 —

 —

 (2)

 —

 —

 —

 RP-Flexible Savings
 —

 —

 2,699

 —

 —

 —

 (27)

 (2,834)

 —

 —

 —

 —

 —

 —

 —

 —

 (73)

 —

 —

 Cash Reserve RP-3 mo.
 —

 —

 —

 —

 —

 (15)

 (69)

 —

 —

 RP-Flexible Savings Emp
 —

 —

 —

 —

 —

 —

 —

 (1)

 —

 —

 —

 —

 —

 —

 —

 —

 —

 (3)

 —

 —

 —

 —

 —

 —

 —

 —

 (10)

 —

 —

 —

 —

 —

 —

 —

 —

 (20)

 —

 —

 —

 —

 —

 —

 —

 —

 (23)

 —

 —

 —

 —

 —

 —

 —

 —

 (7)

 —

 —

 D-1 - 400

 —

 —

 —

 —

 —

 (2)

 —

 Total

 2,893

 —

 —

 —

 (42)

 (3,051)

 —

 —

 —

 —

 —

 —

 (120)

 —

 —

 —

 —

 —

 —

 —

 (2)

 (249)

 —

 —

 —

 —

 —

 —

 —

 —

 (441)

 —

 —

 —

 —

 2,358

 —

 —

 —

 —

 (1,061)

 —

 —

 1,326

 —

 —

 —

 —

 —

 (2)

 (186)

 —

 —

 Total
 —

 —

 3,477

 —

 —

 —

 (4)

 (2,057)

 —

 —

 1,564

 Total R-Series Single Pay - Qualified Certificates
 75,254

 2,002,817

 2,112,982

 3,041

 686,034

 5,108

 (848)

 (1,262,483)

 (5,108)

 61,793

 1,507,394

 1,538,726

 Fully Paid Up Certificates

 I-76
 3.5

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 Total
 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 Total Fully Paid-up Certificates
 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 Optional Settlement Certificates

 Other series and conversions from Single Payment Certificates
 2.5-3 - 3-3.5
 —

 —

 5,107

 —

 —

 (615)

 (324)

 —

 —

 —

 4,317

 Series R-II RP-2-84 - 88 -Prod 921
 3.5

 —

 —

 —

 —

 —

 —

 —

 —

 —

 Series R-Installent (Prod 980, 981, 982)
 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 Add'l credits and accrued int. thereon
 2.5-3
 —

 —

 —

 —

 (11)

 (2)

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 (1)

 —

 —

 (1)

 Total Optional Settlement
 —

 —

 5,156

 —

 —

 (626)

 (326)

 (1)

 —

 —

 4,354

 Due to unlocated cert holders
 —

 —

 —

 —

 —

 —

 (582)

 —

 —

 Total Certificate
 Reserves (1)

 246,071

 $
 6,440,593

 $
 6,763,574

 $
 9,324

 $
 2,718,291

 $
 15,569

 $
 (10,979)

 $
 (4,178,966)

 $
 (15,542)

 202,950

 $
 5,197,605

 $
 5,301,271

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

 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

 Transfers from maturities to extended maturities, additional credits interest and advance payments
 $

 Transfers to reserves on a quarterly basis for Reserve Plus Flexible-Payment, IC-Q-Installment and R-Flexible-Payment
 $

 Optional settlement certificates

 $

 Single-Payment certificates

 $
 5,534

 IC-Stock1

 IC-Stock2

 IC-Stock3
 1,764

 Market Strategy

 RP-Q
 —

 2,835

 Flexible Savings-RP-Emp

 1,084

 Market Strategy-RP

 Transfers from accruals at anniversaries maintained in a separate reserve account

 $
 14,936

 Transfers to optional settlement reserves

 Single-Payment
 $
 4,155

 (11)

 5,535

 Stock1

 Stock2

 Stock3

 2,834

 Flexible Savings-RP-Emp

 1,084

 Transfers to Federal tax withholding
 (9)

 $
 14,937

 Amounts equivalent to payments due certificates holders who could not be located
 $

 Payments to certificate holders credited to cash
 $

 Part 3 - Information Regarding Installment Certificates

 MO's Paid

 Number of Accounts w Certificate Holders

Maturity Value

 Amount of Reserves

 Deduction from Reserves Cash Surrenders Prior to Maturity Surrender

 Other Deductions

 2020

 2021

 2020

 2021

 2020

 2021

 2021

 2021

 1-12

 $
 1,080

 $
 5,535

 $

 $

 $

 $
 —

 13-24

 3,712

 —

 25-36

 5,334

 2,886

 —

 37-48

 5,367

 —

 49-60

 —

 61-72

 2,135

 —

 73-84

 3,006

 2,133

 —

 85-96

 2,976

 —

 97-108

 1,476

 —

 109-120

 —

 —

 —

 121-132

 —

 —

 —

 —

 —

 —

 —

 133-144

 —

 —

 —

 —

 —

 —

 —

 —

 145-156

 —

 —

 —

 —

 —

 —

 —

 —

 157-168

 —

 —

 —

 —

 —

 —

 —

 —

 169-180

 —

 —

 —

 —

 —

 —

 —

 —

 181-192

 —

 —

 —

 —

 —

 —

 —

 —

 193-204

 —

 —

 —

 —

 —

 —

 —

 —

 205-216

 —

 —

 —

 —

 —

 —

 —

 —

 217-228

 —

 —

 —

 —

 —

 —

 —

 —

 229-240

 —

 —

 —

 —

 —

 —

 —

 —

 241-252

 —

 —

 —

 —

 —

 —

 —

 —

 253-264

 —

 —

 —

 —

 —

 —

 —

 —

 265-276

 —

 —

 —

 —

 —

 —

 —

 —

 277-288

 —

 —

 —

 —

 —

 —

 —

 —

 289-300

 —

 —

 —

 —

 —

 —

 —

 —

 301-312

 —

 —

 —

 —

 —

 —

 —

 —

 313-324

 —

 —

 —

 —

 —

 —

 —

 —

 325-336

 —

 —

 —

 —

 —

 —

 —

 —

 337-348

 —

 —

 —

 —

 —

 —

 —

 —

 349-360

 —

 —

 —

 —

 —

 —

 —

 —

 361-372

 —

 —

 —

 —

 —

 —

 —

 —

 373-384

 —

 —

 —

 —

 —

 —

 —

 —

 385-396

 —

 —

 —

 —

 —

 —

 —

 —

 397-408

 —

 —

 —

 —

 —

 —

 —

 —

 409-420

 —

 —

 —

 —

 457-468

 —

 —

 —

 —

 —

 TOTAL - ALL SERIES

 $
 18,155

 $

 $
 6,016

 $
 6,112

 $

 $
 —

 Schedule VII — Valuation and Qualifying Accounts
 Years Ended December 31, 2023, 2022 and 2021

 Reserves deducted from assets to which they apply

 Change in allowance writedowns from 2022 to 2023

 Balance at end of period

 Allowance for credit losses

 Conventional first mortgage loans and other loans
 $
 1,472

 $
 (139)

 $
 1,333

 Reserves deducted from assets to which they apply

 Change in allowance writedowns from 2021 to 2022

 Balance at end of period

 Allowance for losses

 Conventional first mortgage loans and other loans
 $
 1,518

 $
 (46)

 $
 1,472

 Reserves deducted from assets to which they apply

 Balance at beginning of period(1)

 Change in allowance writedowns from 2020 to 2021

 Balance at end of period

 Allowance for losses

 Conventional first mortgage loans and other loans
 $
 3,190

 $
 (1,672)

 $
 1,518