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2023 Annual Report

RiverSource Variable Account 10

This wrapper contains financial statements provided for owners of:

•

RiverSource^® Retirement Advisor Advantage Variable Annuity – Band 3

•

RiverSource^® Retirement Advisor Variable Annuity – Band 3

This Annual Report contains financial information for all the subaccounts of RiverSource Variable Account 10. Not all subaccounts of RiverSource Variable Account 10 apply to your specific contract.

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ANN9123_12_C01_(05/24)

Issued by: RiverSource Life Insurance Company

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE BOARD OF DIRECTORS OF RIVERSOURCE LIFE INSURANCE COMPANY AND

THE CONTRACT OWNERS OF RIVERSOURCE VARIABLE ACCOUNT 10

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the divisions of RiverSource Variable Account 10, as indicated in Note 1, as of December 31, 2023, and the related statements of operations and of changes in net assets for each of the periods indicated in Note 1, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the divisions of RiverSource Variable Account 10 as of December 31, 2023, and the results of each of their operations and the changes in each of their net assets for each of the periods indicated in Note 1 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the RiverSource Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the divisions of the RiverSource Variable Account 10 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 each of the divisions of the RiverSource Variable Account 10 in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2023 by correspondence with the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Minneapolis, Minnesota

April 22, 2024

We have served as the auditor of one or more of the divisions of RiverSource Variable Account 10 since 2010.



1		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Assets and Liabilities


December 31, 2023	AB VPS Dyn Asset Alloc, Cl B		AB VPS Intl Val, Cl B		AB VPS Lg Cap Gro, Cl B		AB VPS Relative Val, Cl B		AB VPS Sus Gbl Thematic, Cl B
Assets
Investments, at fair value^(1),(2)	$	9,303,318	$	66,348,042	$	148,094,621	$	71,873,556	$	9,732,846
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		78,962		25,527		539		690
Receivable for share redemptions		7,934		49,046		135,409		111,488		8,136
Total assets		9,311,252		66,476,050		148,255,557		71,985,583		9,741,672

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		7,933		46,488		126,464		50,489		7,316
Contract terminations		1		2,558		8,945		60,999		820
Payable for investments purchased		—		78,962		25,527		539		690
Total liabilities		7,934		128,008		160,936		112,027		8,826
Net assets applicable to contracts in accumulation period		9,302,390		66,207,798		148,067,329		71,640,113		9,675,343
Net assets applicable to contracts in payment period		—		140,244		24,910		232,645		56,877
Net assets applicable to seed money		928		—		2,382		798		626
Total net assets	$	9,303,318	$	66,348,042	$	148,094,621	$	71,873,556	$	9,732,846
⁽¹⁾ Investment shares		1,045,317		4,510,404		2,211,688		2,497,344		313,457
⁽²⁾ Investments, at cost	$	11,611,026	$	68,044,027	$	131,856,185	$	64,548,283	$	9,516,944

December 31, 2023 (continued)	Allspg VT Index Asset Alloc, Cl 2		Allspg VT Intl Eq, Cl 2		Allspg VT Opp, Cl 2		Allspg VT Sm Cap Gro, Cl 2		ALPS Alerian Engy Infr, Class III
Assets
Investments, at fair value^(1),(2)	$	20,061,739	$	21,423,468	$	41,207,583	$	70,724,257	$	43,193,069
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		1,851		3,943		9		5,953		44,130
Receivable for share redemptions		19,909		16,751		46,041		95,003		41,770
Total assets		20,083,499		21,444,162		41,253,633		70,825,213		43,278,969

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		13,539		15,505		30,918		56,400		35,716
Contract terminations		6,370		1,246		15,123		38,603		6,054
Payable for investments purchased		1,851		3,943		9		5,953		44,130
Total liabilities		21,760		20,694		46,050		100,956		85,900
Net assets applicable to contracts in accumulation period		19,526,088		21,240,106		41,088,824		70,603,122		43,124,247
Net assets applicable to contracts in payment period		535,507		183,362		117,603		120,364		67,845
Net assets applicable to seed money		144		—		1,156		771		977
Total net assets	$	20,061,739	$	21,423,468	$	41,207,583	$	70,724,257	$	43,193,069
⁽¹⁾ Investment shares		1,073,969		10,930,341		1,585,517		8,997,997		3,991,966
⁽²⁾ Investments, at cost	$	17,886,667	$	29,801,159	$	36,699,284	$	88,661,485	$	37,954,129

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			2

Statement of Assets and Liabilities


December 31, 2023 (continued)	AC VP Intl, Cl I		AC VP Intl, Cl II		AC VP Mid Cap Val, Cl II		AC VP Ultra, Cl II		AC VP Val, Cl I
Assets
Investments, at fair value^(1),(2)	$	6,221,353	$	16,815,760	$	38,655,066	$	49,845,444	$	27,678,358
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		11,421		5,050		—		493
Receivable for share redemptions		4,464		17,047		34,767		74,890		23,374
Total assets		6,225,817		16,844,228		38,694,883		49,920,334		27,702,225

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		4,170		11,917		29,006		36,355		18,335
Contract terminations		294		5,130		5,761		38,535		5,039
Payable for investments purchased		—		11,421		5,050		—		493
Total liabilities		4,464		28,468		39,817		74,890		23,867
Net assets applicable to contracts in accumulation period		6,165,308		16,678,780		38,556,086		49,577,794		27,315,544
Net assets applicable to contracts in payment period		56,045		136,445		98,679		267,650		362,814
Net assets applicable to seed money		—		535		301		—		—
Total net assets	$	6,221,353	$	16,815,760	$	38,655,066	$	49,845,444	$	27,678,358
⁽¹⁾ Investment shares		588,030		1,592,402		1,985,366		2,021,308		2,270,579
⁽²⁾ Investments, at cost	$	5,862,513	$	15,353,849	$	37,878,492	$	38,213,867	$	20,076,560

December 31, 2023 (continued)	AC VP Val, Cl II		BlackRock Adv SMID Cap VI, Cl III		BlackRock Global Alloc, Cl III		BNY Mellon Sus US Eq, Serv		Calvert VP EAFE Intl Index, Cl F
Assets
Investments, at fair value^(1),(2)	$	177,917,001	$	1,730,055	$	74,396,000	$	2,990,068	$	3,179,759
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		4,370		156		484		—		—
Receivable for share redemptions		154,478		1,379		119,404		2,169		2,338
Total assets		178,075,849		1,731,590		74,515,888		2,992,237		3,182,097

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		138,064		1,379		62,056		2,169		2,161
Contract terminations		16,414		—		57,348		—		177
Payable for investments purchased		4,370		156		484		—		—
Total liabilities		158,848		1,535		119,888		2,169		2,338
Net assets applicable to contracts in accumulation period		177,484,714		1,729,246		74,109,066		2,988,366		3,177,433
Net assets applicable to contracts in payment period		431,641		—		286,376		—		—
Net assets applicable to seed money		646		809		558		1,702		2,326
Total net assets	$	177,917,001	$	1,730,055	$	74,396,000	$	2,990,068	$	3,179,759
⁽¹⁾ Investment shares		14,571,417		174,753		5,709,593		67,848		33,613
⁽²⁾ Investments, at cost	$	140,547,221	$	1,550,975	$	83,096,454	$	2,730,011	$	2,903,170

See accompanying notes to financial statements.



3		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Assets and Liabilities


December 31, 2023 (continued)	Calvert VP Nasdaq 100 Index, Cl F		Calv VP Russ 2000 Sm Cap Ind, Cl F		Calvert VP SRI Bal, Cl F		Calvert VP SRI Bal, Cl I		CB Var Sm Cap Gro, Cl I
Assets
Investments, at fair value^(1),(2)	$	9,295,341	$	4,725,698	$	1,433,205	$	21,222,271	$	15,058,157
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		3,292		25,057		—		940		360
Receivable for share redemptions		10,223		3,598		1,160		14,416		13,770
Total assets		9,308,856		4,754,353		1,434,365		21,237,627		15,072,287

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		7,450		3,598		1,160		14,416		11,375
Contract terminations		2,773		—		—		—		2,395
Payable for investments purchased		3,292		25,057		—		940		360
Total liabilities		13,515		28,655		1,160		15,356		14,130
Net assets applicable to contracts in accumulation period		9,291,491		4,723,518		1,432,405		21,159,566		15,021,746
Net assets applicable to contracts in payment period		—		—		—		62,616		36,411
Net assets applicable to seed money		3,850		2,180		800		89		—
Total net assets	$	9,295,341	$	4,725,698	$	1,433,205	$	21,222,271	$	15,058,157
⁽¹⁾ Investment shares		66,557		59,925		609,875		8,954,545		550,572
⁽²⁾ Investments, at cost	$	7,765,867	$	4,356,106	$	1,343,206	$	18,498,831	$	14,898,777

December 31, 2023 (continued)	Col VP Bal, Cl 2		Col VP Bal, Cl 3		Col VP Commodity Strategy, Cl 2		Col VP Contrarian Core, Cl 2		Col VP Disciplined Core, Cl 2
Assets
Investments, at fair value^(1),(2)	$	95,274,299	$	568,979,468	$	16,349,991	$	149,160,986	$	52,063,907
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		3,907		7,144		945		41,631		5,221
Receivable for share redemptions		96,863		639,388		29,209		142,898		102,899
Total assets		95,375,069		569,626,000		16,380,145		149,345,515		52,172,027

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		77,149		468,015		13,758		121,908		44,821
Contract terminations		19,714		171,373		15,451		20,990		58,078
Payable for investments purchased		3,907		7,144		945		41,631		5,221
Total liabilities		100,770		646,532		30,154		184,529		108,120
Net assets applicable to contracts in accumulation period		95,274,220		563,611,788		16,349,241		148,785,809		52,063,474
Net assets applicable to contracts in payment period		—		5,367,611		—		374,994		—
Net assets applicable to seed money		79		69		750		183		433
Total net assets	$	95,274,299	$	568,979,468	$	16,349,991	$	149,160,986	$	52,063,907
⁽¹⁾ Investment shares		2,286,400		13,482,926		4,455,039		3,508,019		601,061
⁽²⁾ Investments, at cost	$	86,888,579	$	327,637,951	$	23,367,389	$	82,507,992	$	33,884,467

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			4

Statement of Assets and Liabilities


December 31, 2023 (continued)	Col VP Disciplined Core, Cl 3		Col VP Divd Opp, Cl 2		Col VP Divd Opp, Cl 3		Col VP Emerg Mkts Bond, Cl 2		Col VP Emer Mkts, Cl 2
Assets
Investments, at fair value^(1),(2)	$	339,235,922	$	98,976,248	$	365,623,888	$	9,458,091	$	47,968,832
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		198		54,351		52,134		80		31,682
Receivable for share redemptions		336,713		147,281		288,913		10,188		44,242
Total assets		339,572,833		99,177,880		365,964,935		9,468,359		48,044,756

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		270,091		86,011		271,294		7,594		40,848
Contract terminations		66,622		61,270		17,619		2,594		3,394
Payable for investments purchased		198		54,351		52,134		80		31,682
Total liabilities		336,911		201,632		341,047		10,268		75,924
Net assets applicable to contracts in accumulation period		335,405,892		98,959,992		362,980,122		9,457,267		47,968,546
Net assets applicable to contracts in payment period		3,830,030		16,099		2,643,766		—		—
Net assets applicable to seed money		—		157		—		824		286
Total net assets	$	339,235,922	$	98,976,248	$	365,623,888	$	9,458,091	$	47,968,832
⁽¹⁾ Investment shares		3,853,202		2,611,511		9,481,947		1,204,852		4,986,365
⁽²⁾ Investments, at cost	$	95,988,348	$	71,598,483	$	126,967,512	$	10,983,110	$	72,255,085

December 31, 2023 (continued)	Col VP Emer Mkts, Cl 3		Col VP Global Strategic Inc, Cl 2		Col VP Global Strategic Inc, Cl 3		Col VP Govt Money Mkt, Cl 2		Col VP Govt Money Mkt, Cl 3
Assets
Investments, at fair value^(1),(2)	$	68,435,453	$	8,915,120	$	44,431,393	$	148,890,291	$	126,320,944
Dividends receivable		—		—		—		19,571		17,013
Accounts receivable from RiverSource Life for contract purchase payments		19,190		778		2,784		40,990		13,895
Receivable for share redemptions		56,404		21,462		49,754		411,038		130,807
Total assets		68,511,047		8,937,360		44,483,931		149,361,890		126,482,659

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		53,451		7,708		33,043		127,984		95,164
Contract terminations		2,953		13,754		16,711		283,055		35,643
Payable for investments purchased		19,190		778		2,784		40,990		13,895
Total liabilities		75,594		22,240		52,538		452,029		144,702
Net assets applicable to contracts in accumulation period		68,214,453		8,907,382		44,144,229		148,902,659		125,900,774
Net assets applicable to contracts in payment period		221,000		7,065		287,164		972		437,183
Net assets applicable to seed money		—		673		—		6,230		—
Total net assets	$	68,435,453	$	8,915,120	$	44,431,393	$	148,909,861	$	126,337,957
⁽¹⁾ Investment shares		7,019,021		1,165,375		5,740,490		148,890,291		126,320,944
⁽²⁾ Investments, at cost	$	91,003,711	$	10,122,088	$	56,729,476	$	148,890,290	$	126,319,427

See accompanying notes to financial statements.



5		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Assets and Liabilities


December 31, 2023 (continued)	Col VP Hi Yield Bond, Cl 2		Col VP Hi Yield Bond, Cl 3		Col VP Inc Opp, Cl 2		Col VP Inc Opp, Cl 3		Col VP Inter Bond, Cl 2
Assets
Investments, at fair value^(1),(2)	$	48,186,955	$	115,279,948	$	26,797,408	$	71,590,409	$	72,989,491
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		33,475		4,638		34,125		16,675		98,877
Receivable for share redemptions		59,786		97,375		22,940		68,475		68,969
Total assets		48,280,216		115,381,961		26,854,473		71,675,559		73,157,337

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		40,345		86,743		22,940		52,510		61,115
Contract terminations		19,441		10,632		—		15,965		7,854
Payable for investments purchased		33,475		4,638		34,125		16,675		98,877
Total liabilities		93,261		102,013		57,065		85,150		167,846
Net assets applicable to contracts in accumulation period		48,186,363		114,268,332		26,796,670		71,182,534		72,932,796
Net assets applicable to contracts in payment period		—		1,011,616		—		407,875		56,397
Net assets applicable to seed money		592		—		738		—		298
Total net assets	$	48,186,955	$	115,279,948	$	26,797,408	$	71,590,409	$	72,989,491
⁽¹⁾ Investment shares		7,991,203		18,929,384		4,253,557		11,186,001		8,536,783
⁽²⁾ Investments, at cost	$	51,978,709	$	124,247,925	$	30,824,984	$	88,922,832	$	83,301,695

December 31, 2023 (continued)	Col VP Inter Bond, Cl 3		Col VP Lg Cap Gro, Cl 2		Col VP Lg Cap Gro, Cl 3		Col VP Lg Cap Index, Cl 2		Col VP Lg Cap Index, Cl 3
Assets
Investments, at fair value^(1),(2)	$	216,758,064	$	115,305,697	$	131,653,462	$	101,414,952	$	528,873,895
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		22,119		349		—		28,277		209,080
Receivable for share redemptions		200,258		109,618		284,096		83,599		575,189
Total assets		216,980,441		115,415,664		131,937,558		101,526,828		529,658,164

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		161,057		99,025		90,546		83,599		427,681
Contract terminations		39,201		10,593		193,550		—		147,508
Payable for investments purchased		22,119		349		—		28,277		209,080
Total liabilities		222,377		109,967		284,096		111,876		784,269
Net assets applicable to contracts in accumulation period		215,322,052		115,305,455		130,926,064		101,414,869		527,211,976
Net assets applicable to contracts in payment period		1,436,012		—		727,398		—		1,661,780
Net assets applicable to seed money		—		242		—		83		139
Total net assets	$	216,758,064	$	115,305,697	$	131,653,462	$	101,414,952	$	528,873,895
⁽¹⁾ Investment shares		25,204,426		3,201,158		3,589,244		2,591,082		13,298,313
⁽²⁾ Investments, at cost	$	259,918,640	$	71,981,094	$	39,771,511	$	90,024,924	$	249,563,735

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			6

Statement of Assets and Liabilities


December 31, 2023 (continued)	Col VP Limited Duration Cr, Cl 2		Col VP Long Govt/Cr Bond, Cl 2		Col VP Overseas Core, Cl 2		Col VP Overseas Core, Cl 3		Col VP Select Lg Cap Eq, Cl 2
Assets
Investments, at fair value^(1),(2)	$	74,957,685	$	15,001,757	$	36,444,624	$	51,119,688	$	2,785,156
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		64,289		26,452		149,280		19,743		—
Receivable for share redemptions		427,357		116,989		36,304		42,150		8,491
Total assets		75,449,331		15,145,198		36,630,208		51,181,581		2,793,647

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		61,296		11,773		30,562		41,670		2,439
Contract terminations		366,061		105,216		5,742		480		6,052
Payable for investments purchased		64,289		26,452		149,280		19,743		—
Total liabilities		491,646		143,441		185,584		61,893		8,491
Net assets applicable to contracts in accumulation period		74,942,034		14,944,481		36,315,831		50,597,688		2,784,879
Net assets applicable to contracts in payment period		15,132		56,610		128,210		522,000		—
Net assets applicable to seed money		519		666		583		—		277
Total net assets	$	74,957,685	$	15,001,757	$	36,444,624	$	51,119,688	$	2,785,156
⁽¹⁾ Investment shares		7,948,853		1,903,776		2,756,779		3,843,586		149,098
⁽²⁾ Investments, at cost	$	75,407,886	$	18,135,590	$	36,345,261	$	46,965,202	$	2,447,736

December 31, 2023 (continued)	Col VP Select Lg Cap Val, Cl 2		Col VP Select Lg Cap Val, Cl 3		Col VP Select Mid Cap Gro, Cl 2		Col VP Select Mid Cap Gro, Cl 3		Col VP Select Mid Cap Val, Cl 2
Assets
Investments, at fair value^(1),(2)	$	66,072,357	$	43,541,784	$	35,128,973	$	67,844,121	$	40,997,953
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		88,539		1,237		26,213		3,321		68,635
Receivable for share redemptions		56,327		36,452		34,298		57,369		37,430
Total assets		66,217,223		43,579,473		35,189,484		67,904,811		41,104,018

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		56,327		31,661		29,738		54,127		35,374
Contract terminations		—		4,791		4,560		3,242		2,056
Payable for investments purchased		88,539		1,237		26,213		3,321		68,635
Total liabilities		144,866		37,689		60,511		60,690		106,065
Net assets applicable to contracts in accumulation period		66,072,135		43,509,670		35,124,584		67,135,438		40,988,614
Net assets applicable to contracts in payment period		—		32,114		3,971		708,683		9,031
Net assets applicable to seed money		222		—		418		—		308
Total net assets	$	66,072,357	$	43,541,784	$	35,128,973	$	67,844,121	$	40,997,953
⁽¹⁾ Investment shares		1,764,753		1,144,933		800,022		1,520,146		1,148,402
⁽²⁾ Investments, at cost	$	52,244,896	$	28,999,436	$	27,209,197	$	24,792,018	$	28,235,773

See accompanying notes to financial statements.



7		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Assets and Liabilities


December 31, 2023 (continued)	Col VP Select Mid Cap Val, Cl 3		Col VP Select Sm Cap Val, Cl 2		Col VP Select Sm Cap Val, Cl 3		Col VP Sel Gbl Tech, Cl 2		Col VP Sm Cap Val, Cl 2
Assets
Investments, at fair value^(1),(2)	$	40,179,259	$	25,204,928	$	29,240,268	$	7,656,796	$	1,595,099
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		3,124		7,452		5,173		5,245		94,500
Receivable for share redemptions		43,738		29,939		20,990		5,822		19,153
Total assets		40,226,121		25,242,319		29,266,431		7,667,863		1,708,752

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		29,189		21,846		20,258		5,822		1,249
Contract terminations		14,549		8,093		732		—		17,904
Payable for investments purchased		3,124		7,452		5,173		5,245		94,500
Total liabilities		46,862		37,391		26,163		11,067		113,653
Net assets applicable to contracts in accumulation period		40,073,861		25,201,606		29,194,965		7,655,788		1,594,339
Net assets applicable to contracts in payment period		105,398		3,156		45,303		—		—
Net assets applicable to seed money		—		166		—		1,008		760
Total net assets	$	40,179,259	$	25,204,928	$	29,240,268	$	7,656,796	$	1,595,099
⁽¹⁾ Investment shares		1,108,088		755,091		861,021		316,658		124,520
⁽²⁾ Investments, at cost	$	17,059,088	$	19,960,332	$	14,266,972	$	6,845,510	$	1,458,258

December 31, 2023 (continued)	Col VP Strategic Inc, Cl 2		Col VP US Govt Mtge, Cl 2		Col VP US Govt Mtge, Cl 3		CS Commodity Return, Cl 1		CTIVP AC Div Bond, Cl 2
Assets
Investments, at fair value^(1),(2)	$	77,773,676	$	14,760,729	$	37,448,829	$	11,445,304	$	20,879,542
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		58,955		50,454		2,947		12,348		927
Receivable for share redemptions		67,874		11,870		27,781		8,467		17,006
Total assets		77,900,505		14,823,053		37,479,557		11,466,119		20,897,475

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		67,028		11,870		27,210		8,467		17,001
Contract terminations		846		—		571		—		5
Payable for investments purchased		58,955		50,454		2,947		12,348		927
Total liabilities		126,829		62,324		30,728		20,815		17,933
Net assets applicable to contracts in accumulation period		77,773,245		14,741,189		37,183,416		11,444,939		20,879,001
Net assets applicable to contracts in payment period		—		19,093		265,413		365		—
Net assets applicable to seed money		431		447		—		—		541
Total net assets	$	77,773,676	$	14,760,729	$	37,448,829	$	11,445,304	$	20,879,542
⁽¹⁾ Investment shares		21,307,856		1,656,647		4,193,598		647,725		2,284,414
⁽²⁾ Investments, at cost	$	88,793,314	$	16,224,899	$	42,927,622	$	19,130,982	$	23,533,090

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			8

Statement of Assets and Liabilities


December 31, 2023 (continued)	CTIVP BR Gl Infl Prot Sec, Cl 2		CTIVP BR Gl Infl Prot Sec, Cl 3		CTIVP CenterSquare Real Est, Cl 2		CTIVP MFS Val, Cl 2		CTIVP MS Adv, Cl 2
Assets
Investments, at fair value^(1),(2)	$	21,069,917	$	45,398,735	$	22,630,736	$	75,303,146	$	24,647,273
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		2,521		3,539		132		11,536		438
Receivable for share redemptions		75,938		47,847		24,005		72,051		50,717
Total assets		21,148,376		45,450,121		22,654,873		75,386,733		24,698,428

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		18,343		32,876		19,167		64,547		21,349
Contract terminations		57,595		14,971		4,838		7,504		29,368
Payable for investments purchased		2,521		3,539		132		11,536		438
Total liabilities		78,459		51,386		24,137		83,587		51,155
Net assets applicable to contracts in accumulation period		21,069,499		45,346,499		22,630,095		75,302,940		24,646,748
Net assets applicable to contracts in payment period		—		52,236		—		—		—
Net assets applicable to seed money		418		—		641		206		525
Total net assets	$	21,069,917	$	45,398,735	$	22,630,736	$	75,303,146	$	24,647,273
⁽¹⁾ Investment shares		4,810,483		10,156,317		3,603,620		2,026,457		550,777
⁽²⁾ Investments, at cost	$	26,273,506	$	63,528,864	$	29,270,185	$	51,831,826	$	23,548,604

December 31, 2023 (continued)	CTIVP Prin Blue Chip Gro, Cl 1		CTIVP Prin Blue Chip Gro, Cl 2		CTIVP T Rowe Price LgCap Val, Cl 2		CTIVP TCW Core Plus Bond, Cl 2		CTIVP Vty Sycamore Estb Val, Cl 2
Assets
Investments, at fair value^(1),(2)	$	111,832,827	$	53,450,643	$	42,260,439	$	19,441,798	$	66,317,706
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		4,317		15,724		1,098		1,096		29,383
Receivable for share redemptions		151,793		149,902		36,671		16,506		56,056
Total assets		111,988,937		53,616,269		42,298,208		19,459,400		66,403,145

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		81,727		45,643		36,671		16,506		56,056
Contract terminations		70,066		104,259		—		—		—
Payable for investments purchased		4,317		15,724		1,098		1,096		29,383
Total liabilities		156,110		165,626		37,769		17,602		85,439
Net assets applicable to contracts in accumulation period		111,547,946		53,450,058		42,200,801		19,440,878		66,317,491
Net assets applicable to contracts in payment period		284,881		—		59,446		—		—
Net assets applicable to seed money		—		585		192		920		215
Total net assets	$	111,832,827	$	53,450,643	$	42,260,439	$	19,441,798	$	66,317,706
⁽¹⁾ Investment shares		1,895,150		936,745		1,246,253		2,074,898		1,484,614
⁽²⁾ Investments, at cost	$	44,056,509	$	32,760,214	$	31,544,369	$	21,226,701	$	44,640,985

See accompanying notes to financial statements.



9		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Assets and Liabilities


December 31, 2023 (continued)	CTIVP Vty Sycamore Estb Val, Cl 3		CTIVP Westfield Mid Cap Gro, Cl 2		Del Ivy VIP Asset Strategy, Cl II		Del VIP for Inc, Serv Cl		Del VIP Intl, Serv Cl
Assets
Investments, at fair value^(1),(2)	$	43,663,617	$	29,091,718	$	12,556,758	$	973,830	$	879,405
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		1,815		99,896		219		—		57
Receivable for share redemptions		47,554		26,776		10,369		708		698
Total assets		43,712,986		29,218,390		12,567,346		974,538		880,160

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		31,768		24,659		10,369		708		698
Contract terminations		15,786		2,117		—		—		—
Payable for investments purchased		1,815		99,896		219		—		57
Total liabilities		49,369		126,672		10,588		708		755
Net assets applicable to contracts in accumulation period		43,552,631		29,091,245		12,399,071		972,949		878,649
Net assets applicable to contracts in payment period		110,986		—		156,770		—		—
Net assets applicable to seed money		—		473		917		881		756
Total net assets	$	43,663,617	$	29,091,718	$	12,556,758	$	973,830	$	879,405
⁽¹⁾ Investment shares		960,696		674,044		1,433,420		173,279		52,722
⁽²⁾ Investments, at cost	$	24,642,546	$	18,367,255	$	14,130,556	$	921,891	$	826,823

December 31, 2023 (continued)	DWS Alt Asset Alloc VIP, Cl B		EV VT Floating-Rate Inc, Init Cl		Fid VIP Contrafund, Serv Cl 2		Fid VIP Emer Mkts, Serv Cl 2		Fid VIP Energy, Serv Cl 2
Assets
Investments, at fair value^(1),(2)	$	16,054,702	$	80,842,234	$	507,551,284	$	1,892,985	$	2,295,218
Dividends receivable		—		568,644		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		1,548		5,098		60,535		—		902
Receivable for share redemptions		15,492		289,167		589,749		1,550		4,402
Total assets		16,071,742		81,705,143		508,201,568		1,894,535		2,300,522

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		12,929		60,790		404,534		1,550		1,853
Contract terminations		2,563		228,378		185,215		—		2,549
Payable for investments purchased		1,548		573,741		60,535		—		902
Total liabilities		17,040		862,909		650,284		1,550		5,304
Net assets applicable to contracts in accumulation period		16,038,972		80,485,478		506,828,035		1,892,300		2,294,474
Net assets applicable to contracts in payment period		15,070		345,607		722,410		—		—
Net assets applicable to seed money		660		11,149		839		685		744
Total net assets	$	16,054,702	$	80,842,234	$	507,551,284	$	1,892,985	$	2,295,218
⁽¹⁾ Investment shares		1,262,162		9,345,923		10,838,165		178,921		93,339
⁽²⁾ Investments, at cost	$	17,051,353	$	84,621,157	$	373,862,227	$	1,813,199	$	2,289,061

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			10

Statement of Assets and Liabilities


December 31, 2023 (continued)	Fid VIP Gro & Inc, Serv Cl		Fid VIP Gro & Inc, Serv Cl 2		Fid VIP Gro Opp, Serv Cl 2		Fid VIP Intl Cap Appr, Serv Cl 2		Fid VIP Invest Gr, Serv Cl 2
Assets
Investments, at fair value^(1),(2)	$	40,195,370	$	96,518,762	$	8,689,130	$	3,797,974	$	7,861,681
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		228		13,336		113		—		312,550
Receivable for share redemptions		51,062		67,760		30,021		3,158		5,855
Total assets		40,246,660		96,599,858		8,719,264		3,801,132		8,180,086

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		26,550		66,730		7,326		3,158		5,855
Contract terminations		24,512		1,030		22,695		—		—
Payable for investments purchased		228		13,336		113		—		312,550
Total liabilities		51,290		81,096		30,134		3,158		318,405
Net assets applicable to contracts in accumulation period		39,986,599		95,485,645		8,687,982		3,797,441		7,861,309
Net assets applicable to contracts in payment period		208,771		1,032,443		—		—		—
Net assets applicable to seed money		—		674		1,148		533		372
Total net assets	$	40,195,370	$	96,518,762	$	8,689,130	$	3,797,974	$	7,861,681
⁽¹⁾ Investment shares		1,506,009		3,695,205		149,838		181,374		726,588
⁽²⁾ Investments, at cost	$	27,030,238	$	64,670,051	$	7,083,111	$	3,317,992	$	7,747,940

December 31, 2023 (continued)	Fid VIP Mid Cap, Serv Cl		Fid VIP Mid Cap, Serv Cl 2		Fid VIP Overseas, Serv Cl		Fid VIP Overseas, Serv Cl 2		Fid VIP Strategic Inc, Serv Cl 2
Assets
Investments, at fair value^(1),(2)	$	62,092,008	$	337,242,419	$	9,498,088	$	40,197,551	$	162,986,893
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		635		90		23,226		63,314
Receivable for share redemptions		66,328		331,842		8,160		33,787		205,219
Total assets		62,158,336		337,574,896		9,506,338		40,254,564		163,255,426

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		41,328		252,850		6,254		28,691		130,696
Contract terminations		25,000		78,992		1,906		5,096		74,523
Payable for investments purchased		—		635		90		23,226		63,314
Total liabilities		66,328		332,477		8,250		57,013		268,533
Net assets applicable to contracts in accumulation period		61,240,507		336,043,951		9,410,522		40,011,029		162,604,334
Net assets applicable to contracts in payment period		851,501		1,197,888		87,566		186,522		382,376
Net assets applicable to seed money		—		580		—		—		183
Total net assets	$	62,092,008	$	337,242,419	$	9,498,088	$	40,197,551	$	162,986,893
⁽¹⁾ Investment shares		1,729,101		9,721,603		369,863		1,575,757		15,747,526
⁽²⁾ Investments, at cost	$	52,549,177	$	309,296,275	$	7,442,499	$	31,394,298	$	175,783,450

See accompanying notes to financial statements.



11		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Assets and Liabilities


December 31, 2023 (continued)	Frank Global Real Est, Cl 2		Frank Inc, Cl 2		Frank Inc, Cl 4		Frank Mutual Gbl Dis, Cl 4		Frank Mutual Shares, Cl 2
Assets
Investments, at fair value^(1),(2)	$	46,208,752	$	60,747,282	$	6,033,903	$	496,473	$	62,314,708
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		481		5,559		6,101		91		629
Receivable for share redemptions		52,898		62,007		4,541		386		59,836
Total assets		46,262,131		60,814,848		6,044,545		496,950		62,375,173

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		32,509		51,201		4,541		386		47,380
Contract terminations		20,389		10,806		—		—		12,456
Payable for investments purchased		481		5,559		6,101		91		629
Total liabilities		53,379		67,566		10,642		477		60,465
Net assets applicable to contracts in accumulation period		46,067,113		60,661,835		6,033,522		495,534		62,259,807
Net assets applicable to contracts in payment period		141,639		84,886		—		—		53,928
Net assets applicable to seed money		—		561		381		939		973
Total net assets	$	46,208,752	$	60,747,282	$	6,033,903	$	496,473	$	62,314,708
⁽¹⁾ Investment shares		3,681,972		4,277,978		411,309		26,158		4,064,886
⁽²⁾ Investments, at cost	$	60,311,799	$	64,859,549	$	6,100,937	$	468,286	$	68,414,198

December 31, 2023 (continued)	Frank Sm Cap Val, Cl 2		Frank Sm Cap Val, Cl 4		GS VIT Mid Cap Val, Inst		GS VIT Multi-Strategy Alt, Advisor		GS VIT Multi-Strategy Alt, Serv
Assets
Investments, at fair value^(1),(2)	$	114,080,355	$	3,128,554	$	106,603,285	$	9,647,383	$	1,078,097
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		3,360		—		4,012		—		60
Receivable for share redemptions		133,729		7,786		110,563		8,095		828
Total assets		114,217,444		3,136,340		106,717,860		9,655,478		1,078,985

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		87,092		2,541		72,181		8,095		828
Contract terminations		46,637		5,245		38,382		—		—
Payable for investments purchased		3,360		—		4,012		—		60
Total liabilities		137,089		7,786		114,575		8,095		888
Net assets applicable to contracts in accumulation period		113,840,697		3,128,079		105,773,506		9,643,482		1,077,412
Net assets applicable to contracts in payment period		239,145		—		829,779		3,296		—
Net assets applicable to seed money		513		475		—		605		685
Total net assets	$	114,080,355	$	3,128,554	$	106,603,285	$	9,647,383	$	1,078,097
⁽¹⁾ Investment shares		8,596,862		225,400		6,658,544		1,091,333		121,271
⁽²⁾ Investments, at cost	$	125,289,470	$	3,001,656	$	102,983,733	$	10,014,145	$	1,100,583

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			12

Statement of Assets and Liabilities


December 31, 2023 (continued)	GS VIT Sm Cap Eq Insights, Inst		GS VIT Sm Cap Eq Insights, Serv		GS VIT U.S. Eq Insights, Inst		Invesco VI Am Fran, Ser I		Invesco VI Am Fran, Ser II
Assets
Investments, at fair value^(1),(2)	$	4,602,374	$	1,007,890	$	93,869,613	$	13,220,081	$	41,826,767
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		4		—		77
Receivable for share redemptions		5,804		823		112,624		11,459		54,614
Total assets		4,608,178		1,008,713		93,982,241		13,231,540		41,881,458

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		3,029		823		64,908		8,671		28,929
Contract terminations		2,775		—		47,716		2,788		25,685
Payable for investments purchased		—		—		4		—		77
Total liabilities		5,804		823		112,628		11,459		54,691
Net assets applicable to contracts in accumulation period		4,583,093		1,007,172		93,023,635		13,195,380		41,825,413
Net assets applicable to contracts in payment period		19,281		—		845,978		24,701		1,354
Net assets applicable to seed money		—		718		—		—		—
Total net assets	$	4,602,374	$	1,007,890	$	93,869,613	$	13,220,081	$	41,826,767
⁽¹⁾ Investment shares		374,786		83,159		4,806,432		224,221		786,070
⁽²⁾ Investments, at cost	$	4,607,408	$	905,417	$	77,779,174	$	11,594,142	$	39,424,514

December 31, 2023 (continued)	Invesco VI Bal Risk Alloc, Ser II		Invesco VI Comstock, Ser II		Invesco VI Core Eq, Ser I		Invesco VI Core Plus Bond, Ser II		Invesco VI Dis Mid Cap Gro, Ser I
Assets
Investments, at fair value^(1),(2)	$	29,097,573	$	95,815,925	$	67,843,906	$	3,735,421	$	15,944,650
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		9,304		19,860		—		2,803		3,286
Receivable for share redemptions		30,661		181,810		72,196		3,062		56,151
Total assets		29,137,538		96,017,595		67,916,102		3,741,286		16,004,087

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		24,085		68,341		67,559		3,062		10,749
Contract terminations		6,576		113,469		4,637		—		45,402
Payable for investments purchased		9,304		19,860		—		2,803		3,286
Total liabilities		39,965		201,670		72,196		5,865		59,437
Net assets applicable to contracts in accumulation period		28,901,861		95,602,334		67,072,751		3,734,755		15,867,368
Net assets applicable to contracts in payment period		195,053		213,269		771,155		—		77,282
Net assets applicable to seed money		659		322		—		666		—
Total net assets	$	29,097,573	$	95,815,925	$	67,843,906	$	3,735,421	$	15,944,650
⁽¹⁾ Investment shares		3,431,318		4,893,561		2,316,282		658,804		253,855
⁽²⁾ Investments, at cost	$	34,971,792	$	77,142,277	$	61,745,332	$	3,649,522	$	18,850,874

See accompanying notes to financial statements.



13		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Assets and Liabilities


December 31, 2023 (continued)	Invesco VI Dis Mid Cap Gro, Ser II		Invesco VI Div Divd, Ser I		Invesco VI Div Divd, Ser II		Invesco VI EQV Intl Eq, Ser II		Invesco VI Global, Ser II
Assets
Investments, at fair value^(1),(2)	$	10,147,822	$	17,682,948	$	9,457,235	$	38,320,571	$	123,101,871
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		7,301		1,494		142		319		2,135
Receivable for share redemptions		7,753		18,675		9,757		33,953		163,222
Total assets		10,162,876		17,703,117		9,467,134		38,354,843		123,267,228

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		7,469		12,394		7,687		27,356		96,664
Contract terminations		284		6,281		2,070		6,597		66,558
Payable for investments purchased		7,301		1,494		142		319		2,135
Total liabilities		15,054		20,169		9,899		34,272		165,357
Net assets applicable to contracts in accumulation period		10,147,822		17,546,677		9,403,568		38,213,787		122,897,266
Net assets applicable to contracts in payment period		—		136,271		53,667		106,784		203,286
Net assets applicable to seed money		—		—		—		—		1,319
Total net assets	$	10,147,822	$	17,682,948	$	9,457,235	$	38,320,571	$	123,101,871
⁽¹⁾ Investment shares		187,888		729,495		394,216		1,144,923		3,467,658
⁽²⁾ Investments, at cost	$	12,683,380	$	16,810,415	$	9,172,485	$	35,287,732	$	126,122,745

December 31, 2023 (continued)	Invesco VI Gbl Strat Inc, Ser II		Invesco VI Hlth, Ser II		Invesco VI Main St, Ser II		Invesco VI Mn St Sm Cap, Ser II		Invesco VI Tech, Ser I
Assets
Investments, at fair value^(1),(2)	$	123,482,676	$	32,073,429	$	2,298,767	$	98,221,068	$	24,846,217
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		143,591		4,423		33		18,407		191
Receivable for share redemptions		153,251		40,946		1,803		104,450		23,096
Total assets		123,779,518		32,118,798		2,300,603		98,343,925		24,869,504

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		91,488		23,317		1,801		77,421		16,948
Contract terminations		61,763		17,629		2		27,029		6,148
Payable for investments purchased		143,591		4,423		33		18,407		191
Total liabilities		296,842		45,369		1,836		122,857		23,287
Net assets applicable to contracts in accumulation period		122,693,449		31,863,476		2,285,000		98,040,444		24,795,801
Net assets applicable to contracts in payment period		788,716		209,953		13,767		180,046		50,416
Net assets applicable to seed money		511		—		—		578		—
Total net assets	$	123,482,676	$	32,073,429	$	2,298,767	$	98,221,068	$	24,846,217
⁽¹⁾ Investment shares		27,937,257		1,348,756		129,362		3,734,641		1,343,039
⁽²⁾ Investments, at cost	$	143,335,596	$	34,763,872	$	2,839,066	$	86,633,938	$	24,928,737

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			14

Statement of Assets and Liabilities


December 31, 2023 (continued)	Invesco VI Tech, Ser II		Janus Henderson VIT Bal, Serv		Janus Henderson VIT Enter, Serv		Janus Henderson VIT Flex Bd, Serv		Janus Henderson VIT Forty, Serv
Assets
Investments, at fair value^(1),(2)	$	3,407,874	$	132,210,386	$	14,534,374	$	57,033,217	$	2,426,944
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		10,369		3,046		23,042		—
Receivable for share redemptions		28,946		111,000		9,469		82,405		2,041
Total assets		3,436,820		132,331,755		14,546,889		57,138,664		2,428,985

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		2,950		110,133		9,469		45,376		2,041
Contract terminations		25,996		867		—		37,029		—
Payable for investments purchased		—		10,369		3,046		23,042		—
Total liabilities		28,946		121,369		12,515		105,447		2,041
Net assets applicable to contracts in accumulation period		3,406,761		131,735,969		14,480,283		57,032,746		2,424,928
Net assets applicable to contracts in payment period		—		473,335		54,091		—		—
Net assets applicable to seed money		1,113		1,082		—		471		2,016
Total net assets	$	3,407,874	$	132,210,386	$	14,534,374	$	57,033,217	$	2,426,944
⁽¹⁾ Investment shares		214,872		2,751,517		212,584		5,110,503		57,118
⁽²⁾ Investments, at cost	$	2,989,161	$	117,745,082	$	12,010,603	$	64,295,519	$	2,029,927

December 31, 2023 (continued)	Janus Hend VIT Gbl Tech Innov, Srv		Janus Henderson VIT Overseas, Serv		Janus Henderson VIT Res, Serv		Lazard Ret Emer Mkts Eq, Serv		Lazard Ret Global Dyn MA, Serv
Assets
Investments, at fair value^(1),(2)	$	33,979,779	$	20,209,312	$	58,985,179	$	374,232	$	10,001,124
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		2,801		—		—		—
Receivable for share redemptions		32,477		13,863		84,158		284		8,283
Total assets		34,012,256		20,225,976		59,069,337		374,516		10,009,407

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		22,795		13,863		47,792		284		8,272
Contract terminations		9,682		—		36,366		—		11
Payable for investments purchased		—		2,801		—		—		—
Total liabilities		32,477		16,664		84,158		284		8,283
Net assets applicable to contracts in accumulation period		33,845,219		20,068,833		58,935,299		372,909		10,000,095
Net assets applicable to contracts in payment period		133,813		139,357		48,105		—		—
Net assets applicable to seed money		747		1,122		1,775		1,323		1,029
Total net assets	$	33,979,779	$	20,209,312	$	58,985,179	$	374,232	$	10,001,124
⁽¹⁾ Investment shares		2,115,802		504,224		1,369,837		17,966		834,818
⁽²⁾ Investments, at cost	$	23,721,584	$	17,570,481	$	46,596,049	$	355,536	$	10,567,718

See accompanying notes to financial statements.



15		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Assets and Liabilities


December 31, 2023 (continued)	Lord Abt Bond Debenture, Cl VC		Lord Abt Short Dur Inc, Cl VC		LVIP JPM US Eq, Serv Cl		MFS Gbl Real Est, Serv Cl		MFS Intl Gro, Serv Cl
Assets
Investments, at fair value^(1),(2)	$	3,235,814	$	8,706,875	$	3,818,972	$	1,029,350	$	2,961,867
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		1,462		170		—		9,032		—
Receivable for share redemptions		38,711		7,005		4,104		804		2,733
Total assets		3,275,987		8,714,050		3,823,076		1,039,186		2,964,600

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		2,714		7,005		3,156		804		2,388
Contract terminations		35,997		—		948		—		345
Payable for investments purchased		1,462		170		—		9,032		—
Total liabilities		40,173		7,175		4,104		9,836		2,733
Net assets applicable to contracts in accumulation period		3,235,290		8,706,495		3,818,076		1,028,632		2,961,296
Net assets applicable to contracts in payment period		—		—		—		—		—
Net assets applicable to seed money		524		380		896		718		571
Total net assets	$	3,235,814	$	8,706,875	$	3,818,972	$	1,029,350	$	2,961,867
⁽¹⁾ Investment shares		313,548		668,218		103,280		64,617		205,258
⁽²⁾ Investments, at cost	$	3,282,447	$	8,853,881	$	3,339,682	$	1,018,232	$	2,797,517

December 31, 2023 (continued)	MFS Mass Inv Gro Stock, Serv Cl		MFS New Dis, Serv Cl		MFS Research Intl, Serv Cl		MFS Utilities, Serv Cl		MS VIF Dis, Cl II
Assets
Investments, at fair value^(1),(2)	$	70,050,733	$	30,053,230	$	1,821,180	$	128,926,512	$	66,635,644
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		13,637		755		—		51,451		1,326
Receivable for share redemptions		55,418		33,240		19,825		114,804		145,429
Total assets		70,119,788		30,087,225		1,841,005		129,092,767		66,782,399

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		49,820		20,252		1,565		99,564		54,223
Contract terminations		5,598		12,988		18,260		15,240		91,206
Payable for investments purchased		13,637		755		—		51,451		1,326
Total liabilities		69,055		33,995		19,825		166,255		146,755
Net assets applicable to contracts in accumulation period		70,026,289		29,960,613		1,820,545		128,484,461		66,509,218
Net assets applicable to contracts in payment period		24,444		92,617		—		441,200		125,458
Net assets applicable to seed money		—		—		635		851		968
Total net assets	$	70,050,733	$	30,053,230	$	1,821,180	$	128,926,512	$	66,635,644
⁽¹⁾ Investment shares		3,169,716		2,975,567		109,512		4,087,714		16,453,245
⁽²⁾ Investments, at cost	$	63,288,509	$	42,380,842	$	1,717,197	$	120,875,531	$	140,812,310

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			16

Statement of Assets and Liabilities


December 31, 2023 (continued)	MS VIF Global Real Est, Cl II		NB AMT Intl Eq, Cl S		NB AMT Sus Eq, Cl S		NB AMT US Eq Index PW Strat, Cl S		PIMCO VIT All Asset, Advisor Cl
Assets
Investments, at fair value^(1),(2)	$	12,332,146	$	7,413,978	$	17,390,450	$	8,744,809	$	50,062,030
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		17		—		—		8,655		2,871
Receivable for share redemptions		21,944		9,491		15,854		7,157		55,942
Total assets		12,354,107		7,423,469		17,406,304		8,760,621		50,120,843

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		9,162		5,495		13,998		7,157		39,438
Contract terminations		12,782		3,996		1,856		—		16,504
Payable for investments purchased		17		—		—		8,655		2,871
Total liabilities		21,961		9,491		15,854		15,812		58,813
Net assets applicable to contracts in accumulation period		12,287,160		7,402,171		17,388,320		8,742,598		49,582,536
Net assets applicable to contracts in payment period		44,986		11,807		—		1,374		478,689
Net assets applicable to seed money		—		—		2,130		837		805
Total net assets	$	12,332,146	$	7,413,978	$	17,390,450	$	8,744,809	$	50,062,030
⁽¹⁾ Investment shares		1,635,563		1,031,151		519,273		927,339		5,441,525
⁽²⁾ Investments, at cost	$	14,338,801	$	8,821,543	$	13,441,904	$	8,901,223	$	57,824,627

December 31, 2023 (continued)	PIMCO VIT Glb Man As Alloc, Adv Cl		PIMCO VIT Tot Return, Advisor Cl		Put VT Global Hlth Care, Cl IB		Put VT Intl Eq, Cl IB		Put VT Intl Val, Cl IB
Assets
Investments, at fair value^(1),(2)	$	5,409,018	$	60,236,162	$	24,464,647	$	10,187,942	$	2,552,287
Dividends receivable		—		169,541		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		8		10,086		11,929		3,117		—
Receivable for share redemptions		13,030		48,745		17,922		7,114		1,979
Total assets		5,422,056		60,464,534		24,494,498		10,198,173		2,554,266

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		4,755		48,732		16,968		6,986		1,979
Contract terminations		8,275		13		954		128		—
Payable for investments purchased		8		179,627		11,929		3,117		—
Total liabilities		13,038		228,372		29,851		10,231		1,979
Net assets applicable to contracts in accumulation period		5,406,080		60,220,890		24,425,513		10,175,689		2,551,592
Net assets applicable to contracts in payment period		2,056		—		38,635		12,253		—
Net assets applicable to seed money		882		15,272		499		—		695
Total net assets	$	5,409,018	$	60,236,162	$	24,464,647	$	10,187,942	$	2,552,287
⁽¹⁾ Investment shares		575,427		6,561,673		1,508,301		667,187		217,031
⁽²⁾ Investments, at cost	$	6,476,106	$	68,215,780	$	22,807,130	$	9,178,276	$	2,325,984

See accompanying notes to financial statements.



17		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Assets and Liabilities


December 31, 2023 (continued)	Put VT Lg Cap Val, Cl IB		Put VT Sus Fut, Cl IB		Put VT Sus Leaders, Cl IA		Put VT Sus Leaders, Cl IB		Royce Micro-Cap, Invest Cl
Assets
Investments, at fair value^(1),(2)	$	7,146,579	$	1,670,527	$	77,571,550	$	35,480,818	$	10,731,149
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		2,756		—		—		—		—
Receivable for share redemptions		5,918		1,175		78,703		39,704		30,506
Total assets		7,155,253		1,671,702		77,650,253		35,520,522		10,761,655

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		5,584		1,175		77,279		24,053		7,116
Contract terminations		334		—		1,424		15,651		23,390
Payable for investments purchased		2,756		—		—		—		—
Total liabilities		8,674		1,175		78,703		39,704		30,506
Net assets applicable to contracts in accumulation period		7,145,888		1,669,551		77,118,813		35,378,944		10,673,829
Net assets applicable to contracts in payment period		—		—		452,737		100,530		57,320
Net assets applicable to seed money		691		976		—		1,344		—
Total net assets	$	7,146,579	$	1,670,527	$	77,571,550	$	35,480,818	$	10,731,149
⁽¹⁾ Investment shares		247,973		113,026		1,875,068		895,980		1,170,245
⁽²⁾ Investments, at cost	$	6,582,615	$	1,436,864	$	58,010,897	$	28,047,699	$	10,585,215

December 31, 2023 (continued)	Temp Global Bond, Cl 2		Third Ave VST Third Ave Value		VanEck VIP Global Gold, Cl S		VP Aggr, Cl 2		VP Aggr, Cl 4
Assets
Investments, at fair value^(1),(2)	$	17,501,655	$	11,134,674	$	29,906,295	$	789,147,191	$	431,463,909
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		467		—		101		23,436		45,702
Receivable for share redemptions		22,476		24,115		26,781		643,802		486,250
Total assets		17,524,598		11,158,789		29,933,177		789,814,429		431,995,861

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		14,519		7,381		25,542		621,933		316,921
Contract terminations		7,957		16,734		1,239		21,869		169,329
Payable for investments purchased		467		—		101		23,436		45,702
Total liabilities		22,943		24,115		26,882		667,238		531,952
Net assets applicable to contracts in accumulation period		17,501,173		10,969,862		29,905,036		787,584,679		431,463,909
Net assets applicable to contracts in payment period		—		164,812		—		1,562,342		—
Net assets applicable to seed money		482		—		1,259		170		—
Total net assets	$	17,501,655	$	11,134,674	$	29,906,295	$	789,147,191	$	431,463,909
⁽¹⁾ Investment shares		1,363,057		478,499		3,568,770		28,073,539		15,327,315
⁽²⁾ Investments, at cost	$	21,364,421	$	8,058,363	$	30,386,202	$	457,221,560	$	181,280,999

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			18

Statement of Assets and Liabilities


December 31, 2023 (continued)	VP Conserv, Cl 2		VP Conserv, Cl 4		VP Man Risk, Cl 2		VP Man Risk US, Cl 2		VP Man Vol Conserv, Cl 2
Assets
Investments, at fair value^(1),(2)	$	438,601,943	$	289,934,607	$	232,533,725	$	366,202,892	$	526,282,938
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		3,564		16,644		49,959
Receivable for share redemptions		439,619		411,899		181,851		345,137		577,379
Total assets		439,041,562		290,346,506		232,719,140		366,564,673		526,910,276

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		357,520		223,995		181,567		285,049		420,673
Contract terminations		82,099		187,904		284		60,088		156,706
Payable for investments purchased		—		—		3,564		16,644		49,959
Total liabilities		439,619		411,899		185,415		361,781		627,338
Net assets applicable to contracts in accumulation period		438,122,886		289,934,552		232,481,379		365,945,244		526,131,258
Net assets applicable to contracts in payment period		478,948		—		52,100		257,358		151,446
Net assets applicable to seed money		109		55		246		290		234
Total net assets	$	438,601,943	$	289,934,607	$	232,533,725	$	366,202,892	$	526,282,938
⁽¹⁾ Investment shares		28,517,682		18,863,670		18,396,655		25,971,836		41,277,093
⁽²⁾ Investments, at cost	$	400,545,189	$	238,666,984	$	203,299,980	$	311,236,723	$	498,155,376

December 31, 2023 (continued)	VP Man Vol Conserv Gro, Cl 2		VP Man Vol Gro, Cl 2		VP Man Vol Mod Gro, Cl 2		VP Mod, Cl 2		VP Mod, Cl 4
Assets
Investments, at fair value^(1),(2)	$	1,086,575,070	$	10,404,576,946	$	11,297,786,998	$	6,534,930,320	$	4,944,758,929
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		25		208,175		1,362		131
Receivable for share redemptions		1,073,991		10,562,787		11,563,452		6,179,783		5,192,802
Total assets		1,087,649,061		10,415,139,758		11,309,558,625		6,541,111,465		4,949,951,862

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		872,656		8,120,757		8,974,737		5,156,984		3,709,465
Contract terminations		201,335		2,442,030		2,588,715		1,022,799		1,483,337
Payable for investments purchased		—		25		208,175		1,362		131
Total liabilities		1,073,991		10,562,812		11,771,627		6,181,145		5,192,933
Net assets applicable to contracts in accumulation period		1,086,261,505		10,403,549,647		11,296,938,962		6,530,477,970		4,944,758,929
Net assets applicable to contracts in payment period		313,441		1,027,167		847,858		4,452,267		—
Net assets applicable to seed money		124		132		178		83		—
Total net assets	$	1,086,575,070	$	10,404,576,946	$	11,297,786,998	$	6,534,930,320	$	4,944,758,929
⁽¹⁾ Investment shares		77,007,446		604,917,264		660,303,156		304,800,854		230,310,150
⁽²⁾ Investments, at cost	$	896,812,785	$	7,352,583,537	$	7,798,025,826	$	3,898,152,382	$	2,353,290,718

See accompanying notes to financial statements.



19		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Assets and Liabilities


December 31, 2023 (continued)	VP Mod Aggr, Cl 2		VP Mod Aggr, Cl 4		VP Mod Conserv, Cl 2		VP Mod Conserv, Cl 4		VP Ptnrs Core Bond, Cl 2
Assets
Investments, at fair value^(1),(2)	$	2,117,397,386	$	1,308,145,490	$	1,021,213,769	$	807,956,716	$	15,773,247
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		301,277		5,088		10,066		—		884
Receivable for share redemptions		2,057,495		1,805,126		1,947,950		792,897		113,503
Total assets		2,119,756,158		1,309,955,704		1,023,171,785		808,749,613		15,887,634

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		1,676,721		966,580		830,659		621,519		13,358
Contract terminations		380,774		838,546		1,117,291		171,378		100,145
Payable for investments purchased		301,277		5,088		10,066		—		884
Total liabilities		2,358,772		1,810,214		1,958,016		792,897		114,387
Net assets applicable to contracts in accumulation period		2,116,201,775		1,308,145,490		1,020,020,089		807,956,716		15,772,657
Net assets applicable to contracts in payment period		1,195,511		—		1,193,605		—		—
Net assets applicable to seed money		100		—		75		—		590
Total net assets	$	2,117,397,386	$	1,308,145,490	$	1,021,213,769	$	807,956,716	$	15,773,247
⁽¹⁾ Investment shares		86,248,366		53,198,271		56,420,650		44,564,629		1,629,468
⁽²⁾ Investments, at cost	$	1,149,151,797	$	563,282,810	$	757,572,684	$	492,465,408	$	17,090,592

December 31, 2023 (continued)	VP Ptnrs Core Eq, Cl 2		VP Ptnrs Core Eq, Cl 3		VP Ptnrs Intl Core Eq, Cl 2		VP Ptnrs Intl Gro, Cl 2		VP Ptnrs Intl Val, Cl 2
Assets
Investments, at fair value^(1),(2)	$	11,487,951	$	18,291,878	$	20,031,016	$	33,811,881	$	24,464,590
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		90		—		915		4,855		1,756
Receivable for share redemptions		27,172		20,214		23,598		29,929		20,953
Total assets		11,515,213		18,312,092		20,055,529		33,846,665		24,487,299

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		10,258		13,329		16,743		28,352		20,953
Contract terminations		16,914		6,885		6,855		1,577		—
Payable for investments purchased		90		—		915		4,855		1,756
Total liabilities		27,262		20,214		24,513		34,784		22,709
Net assets applicable to contracts in accumulation period		11,487,489		18,270,781		20,030,243		33,811,198		24,463,559
Net assets applicable to contracts in payment period		—		21,097		—		—		—
Net assets applicable to seed money		462		—		773		683		1,031
Total net assets	$	11,487,951	$	18,291,878	$	20,031,016	$	33,811,881	$	24,464,590
⁽¹⁾ Investment shares		318,579		499,369		1,983,269		2,979,020		2,448,908
⁽²⁾ Investments, at cost	$	6,083,023	$	6,275,531	$	20,736,106	$	35,142,579	$	23,495,691

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			20

Statement of Assets and Liabilities


December 31, 2023 (continued)	VP Ptnrs Sm Cap Gro, Cl 2		VP Ptnrs Sm Cap Val, Cl 2		VP Ptnrs Sm Cap Val, Cl 3		VP US Flex Conserv Gro, Cl 2		VP US Flex Gro, Cl 2
Assets
Investments, at fair value^(1),(2)	$	15,824,016	$	11,215,912	$	47,500,341	$	301,739,189	$	3,678,127,818
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		1,960		350		1,441		14,767		200
Receivable for share redemptions		14,238		11,869		35,396		254,778		3,957,694
Total assets		15,840,214		11,228,131		47,537,178		302,008,734		3,682,085,712

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		13,225		9,407		32,604		243,160		2,877,691
Contract terminations		1,013		2,462		2,792		11,618		1,080,003
Payable for investments purchased		1,960		350		1,441		14,767		200
Total liabilities		16,198		12,219		36,837		269,545		3,957,894
Net assets applicable to contracts in accumulation period		15,823,673		11,215,578		47,251,301		301,607,609		3,678,127,656
Net assets applicable to contracts in payment period		—		—		249,040		131,230		—
Net assets applicable to seed money		343		334		—		350		162
Total net assets	$	15,824,016	$	11,215,912	$	47,500,341	$	301,739,189	$	3,678,127,818
⁽¹⁾ Investment shares		563,734		318,815		1,327,938		22,721,324		226,068,090
⁽²⁾ Investments, at cost	$	15,136,490	$	9,460,865	$	20,749,793	$	273,595,289	$	2,886,116,240

December 31, 2023 (continued)			VP US Flex Mod Gro, Cl 2		Wanger Acorn		Wanger Intl		WA Var Global Hi Yd Bond, Cl II
Assets
Investments, at fair value^(1),(2)			$	1,861,012,185	$	159,428,826	$	104,635,291	$	10,680,692
Dividends receivable				—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments				—		11,573		6,574		403
Receivable for share redemptions				1,649,279		169,564		143,956		10,140
Total assets				1,862,661,464		159,609,963		104,785,821		10,691,235

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee				1,470,578		111,404		74,360		8,933
Contract terminations				178,701		58,160		69,596		1,207
Payable for investments purchased				—		11,573		6,574		403
Total liabilities				1,649,279		181,137		150,530		10,543
Net assets applicable to contracts in accumulation period				1,860,757,249		158,824,707		104,278,288		10,679,787
Net assets applicable to contracts in payment period				254,829		603,564		356,482		—
Net assets applicable to seed money				107		555		521		905
Total net assets			$	1,861,012,185	$	159,428,826	$	104,635,291	$	10,680,692
⁽¹⁾ Investment shares				125,914,221		11,960,152		5,134,214		1,706,181
⁽²⁾ Investments, at cost			$	1,515,318,824	$	240,425,016	$	127,523,385	$	12,292,079

See accompanying notes to financial statements.



21		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Operations


Year ended December 31, 2023	AB VPS Dyn Asset Alloc, Cl B			AB VPS Intl Val, Cl B			AB VPS Lg Cap Gro, Cl B			AB VPS Relative Val, Cl B			AB VPS Sus Gbl Thematic, Cl B
Investment income
Dividend income	$	54,970		$	454,012		$	—		$	910,211		$	2,279
Variable account expenses		97,742			593,031			1,414,556			628,122			79,325
Investment income (loss) — net		(42,772	)		(139,019	)		(1,414,556	)		282,089			(77,046	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		922,130			10,125,690			15,226,795			10,418,637			1,932,073
Cost of investments sold		1,228,346			10,763,956			14,712,270			9,576,845			2,026,268
Net realized gain (loss) on sales of investments		(306,216	)		(638,266	)		514,525			841,792			(94,195	)
Distributions from capital gains		—			—			9,601,713			5,749,453			491,452
Net change in unrealized appreciation (depreciation) of investments		1,397,043			9,490,109			28,535,914			339,453			896,591
Net gain (loss) on investments		1,090,827			8,851,843			38,652,152			6,930,698			1,293,848
Net increase (decrease) in net assets resulting from operations	$	1,048,055		$	8,712,824		$	37,237,596		$	7,212,787		$	1,216,802

Year ended December 31, 2023 (continued)	Allspg VT Index Asset Alloc, Cl 2			Allspg VT Intl Eq, Cl 2			Allspg VT Opp, Cl 2			Allspg VT Sm Cap Gro, Cl 2			ALPS Alerian Engy Infr, Class III
Investment income
Dividend income	$	184,311		$	310,653		$	—		$	—		$	1,286,628
Variable account expenses		163,457			195,451			381,183			714,791			440,093
Investment income (loss) — net		20,854			115,202			(381,183	)		(714,791	)		846,535

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		1,678,487			3,803,522			7,995,240			9,148,638			7,411,272
Cost of investments sold		1,585,322			5,648,597			7,557,482			11,891,156			6,785,412
Net realized gain (loss) on sales of investments		93,165			(1,845,075	)		437,758			(2,742,518	)		625,860
Distributions from capital gains		596,791			—			3,344,437			—			460,878
Net change in unrealized appreciation (depreciation) of investments		2,098,481			4,658,242			5,669,137			5,629,395			3,099,501
Net gain (loss) on investments		2,788,437			2,813,167			9,451,332			2,886,877			4,186,239
Net increase (decrease) in net assets resulting from operations	$	2,809,291		$	2,928,369		$	9,070,149		$	2,172,086		$	5,032,774

Year ended December 31, 2023 (continued)	AC VP Intl, Cl I			AC VP Intl, Cl II			AC VP Mid Cap Val, Cl II			AC VP Ultra, Cl II			AC VP Val, Cl I
Investment income
Dividend income	$	88,917		$	208,479		$	841,072		$	—		$	656,214
Variable account expenses		53,193			147,697			366,155			411,069			230,106
Investment income (loss) — net		35,724			60,782			474,917			(411,069	)		426,108

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		953,766			2,516,026			6,062,199			6,693,098			4,061,065
Cost of investments sold		933,487			2,369,767			6,053,589			5,795,357			3,006,101
Net realized gain (loss) on sales of investments		20,279			146,259			8,610			897,741			1,054,964
Distributions from capital gains		—			—			4,394,110			3,191,809			2,208,136
Net change in unrealized appreciation (depreciation) of investments		637,186			1,605,932			(3,054,694	)		11,444,649			(1,535,533	)
Net gain (loss) on investments		657,465			1,752,191			1,348,026			15,534,199			1,727,567
Net increase (decrease) in net assets resulting from operations	$	693,189		$	1,812,973		$	1,822,943		$	15,123,130		$	2,153,675

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			22

Statement of Operations


Year ended December 31, 2023 (continued)	AC VP Val, Cl II			BlackRock Adv SMID Cap VI, Cl III			BlackRock Global Alloc, Cl III			BNY Mellon Sus US Eq, Serv			Calvert VP EAFE Intl Index, Cl F
Investment income
Dividend income	$	3,919,894		$	29,765		$	1,802,527		$	1,669		$	74,531
Variable account expenses		1,718,175			9,825			761,778			10,946			17,214
Investment income (loss) — net		2,201,719			19,940			1,040,749			(9,277	)		57,317

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		27,145,112			135,082			11,005,406			395,316			53,376
Cost of investments sold		22,321,967			132,075			12,940,591			396,347			49,334
Net realized gain (loss) on sales of investments		4,823,145			3,007			(1,935,185	)		(1,031	)		4,042
Distributions from capital gains		13,950,631			—			—			37,378			—
Net change in unrealized appreciation (depreciation) of investments		(7,586,110	)		185,143			8,671,687			271,121			233,727
Net gain (loss) on investments		11,187,666			188,150			6,736,502			307,468			237,769
Net increase (decrease) in net assets resulting from operations	$	13,389,385		$	208,090		$	7,777,251		$	298,191		$	295,086

Year ended December 31, 2023 (continued)	Calvert VP Nasdaq 100 Index, Cl F			Calv VP Russ 2000 Sm Cap Ind, Cl F			Calvert VP SRI Bal, Cl F			Calvert VP SRI Bal, Cl I			CB Var Sm Cap Gro, Cl I
Investment income
Dividend income	$	22,674		$	33,429		$	18,419		$	314,359		$	—
Variable account expenses		50,211			25,782			9,247			171,574			143,111
Investment income (loss) — net		(27,537	)		7,647			9,172			142,785			(143,111	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		997,898			245,879			330,987			1,871,729			2,107,541
Cost of investments sold		901,998			237,983			305,136			1,741,497			2,230,170
Net realized gain (loss) on sales of investments		95,900			7,896			25,851			130,232			(122,629	)
Distributions from capital gains		—			2,130			4,412			75,306			—
Net change in unrealized appreciation (depreciation) of investments		1,749,799			490,183			112,070			2,608,800			1,304,291
Net gain (loss) on investments		1,845,699			500,209			142,333			2,814,338			1,181,662
Net increase (decrease) in net assets resulting from operations	$	1,818,162		$	507,856		$	151,505		$	2,957,123		$	1,038,551

Year ended December 31, 2023 (continued)	Col VP Bal, Cl 2			Col VP Bal, Cl 3			Col VP Commodity Strategy, Cl 2			Col VP Contrarian Core, Cl 2			Col VP Disciplined Core, Cl 2
Investment income
Dividend income	$	—		$	—		$	4,051,325		$	—		$	—
Variable account expenses		791,699			5,444,996			205,219			1,344,992			504,030
Investment income (loss) — net		(791,699	)		(5,444,996	)		3,846,106			(1,344,992	)		(504,030	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		5,986,199			57,590,205			8,885,733			16,138,494			5,495,543
Cost of investments sold		5,903,593			35,644,242			11,481,895			9,749,011			3,722,111
Net realized gain (loss) on sales of investments		82,606			21,945,963			(2,596,162	)		6,389,483			1,773,432
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		14,887,453			79,330,762			(3,114,290	)		29,564,955			8,186,059
Net gain (loss) on investments		14,970,059			101,276,725			(5,710,452	)		35,954,438			9,959,491
Net increase (decrease) in net assets resulting from operations	$	14,178,360		$	95,831,729		$	(1,864,346	)	$	34,609,446		$	9,455,461

See accompanying notes to financial statements.



23		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Operations


Year ended December 31, 2023 (continued)	Col VP Disciplined Core, Cl 3			Col VP Divd Opp, Cl 2			Col VP Divd Opp, Cl 3			Col VP Emerg Mkts Bond, Cl 2			Col VP Emer Mkts, Cl 2
Investment income
Dividend income	$	—		$	—		$	—		$	485,448		$	—
Variable account expenses		3,237,851			1,065,647			3,457,822			94,047			508,896
Investment income (loss) — net		(3,237,851	)		(1,065,647	)		(3,457,822	)		391,401			(508,896	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		35,360,823			16,126,610			52,267,661			1,703,700			6,596,253
Cost of investments sold		11,179,511			12,208,363			19,419,846			2,070,341			10,563,181
Net realized gain (loss) on sales of investments		24,181,312			3,918,247			32,847,815			(366,641	)		(3,966,928	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		45,614,003			676,601			(16,011,654	)		763,166			8,149,960
Net gain (loss) on investments		69,795,315			4,594,848			16,836,161			396,525			4,183,032
Net increase (decrease) in net assets resulting from operations	$	66,557,464		$	3,529,201		$	13,378,339		$	787,926		$	3,674,136

Year ended December 31, 2023 (continued)	Col VP Emer Mkts, Cl 3			Col VP Global Strategic Inc, Cl 2			Col VP Global Strategic Inc, Cl 3			Col VP Govt Money Mkt, Cl 2			Col VP Govt Money Mkt, Cl 3
Investment income
Dividend income	$	—		$	266,343		$	1,455,892		$	6,447,095		$	5,719,452
Variable account expenses		678,552			93,975			418,395			1,584,496			1,207,157
Investment income (loss) — net		(678,552	)		172,368			1,037,497			4,862,599			4,512,295

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		10,446,847			1,836,365			6,531,763			52,182,115			40,851,829
Cost of investments sold		14,711,509			2,224,067			8,808,107			52,182,115			40,851,410
Net realized gain (loss) on sales of investments		(4,264,662	)		(387,702	)		(2,276,344	)		—			419
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		10,447,293			908,374			4,963,138			—			(420	)
Net gain (loss) on investments		6,182,631			520,672			2,686,794			—			(1	)
Net increase (decrease) in net assets resulting from operations	$	5,504,079		$	693,040		$	3,724,291		$	4,862,599		$	4,512,294

Year ended December 31, 2023 (continued)	Col VP Hi Yield Bond, Cl 2			Col VP Hi Yield Bond, Cl 3			Col VP Inc Opp, Cl 2			Col VP Inc Opp, Cl 3			Col VP Inter Bond, Cl 2
Investment income
Dividend income	$	2,409,052		$	6,200,862		$	1,254,370		$	3,614,099		$	1,362,498
Variable account expenses		484,865			1,090,390			275,853			663,094			681,345
Investment income (loss) — net		1,924,187			5,110,472			978,517			2,951,005			681,153

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		6,998,554			17,658,566			4,544,963			11,306,729			7,525,650
Cost of investments sold		7,874,330			19,787,550			5,512,094			14,722,103			9,190,609
Net realized gain (loss) on sales of investments		(875,776	)		(2,128,984	)		(967,131	)		(3,415,374	)		(1,664,959	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		3,632,652			9,098,448			2,490,309			7,599,261			4,173,473
Net gain (loss) on investments		2,756,876			6,969,464			1,523,178			4,183,887			2,508,514
Net increase (decrease) in net assets resulting from operations	$	4,681,063		$	12,079,936		$	2,501,695		$	7,134,892		$	3,189,667

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			24

Statement of Operations


Year ended December 31, 2023 (continued)	Col VP Inter Bond, Cl 3			Col VP Lg Cap Gro, Cl 2			Col VP Lg Cap Gro, Cl 3			Col VP Lg Cap Index, Cl 2			Col VP Lg Cap Index, Cl 3
Investment income
Dividend income	$	4,783,856		$	—		$	—		$	—		$	—
Variable account expenses		2,013,490			1,056,639			1,019,465			787,071			5,020,592
Investment income (loss) — net		2,770,366			(1,056,639	)		(1,019,465	)		(787,071	)		(5,020,592	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		26,932,970			10,501,813			15,654,922			8,601,180			57,902,766
Cost of investments sold		33,666,815			7,226,187			5,418,207			8,156,732			29,713,698
Net realized gain (loss) on sales of investments		(6,733,845	)		3,275,626			10,236,715			444,448			28,189,068
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		14,703,622			30,221,654			31,197,193			16,562,383			84,517,870
Net gain (loss) on investments		7,969,777			33,497,280			41,433,908			17,006,831			112,706,938
Net increase (decrease) in net assets resulting from operations	$	10,740,143		$	32,440,641		$	40,414,443		$	16,219,760		$	107,686,346

Year ended December 31, 2023 (continued)	Col VP Limited Duration Cr, Cl 2			Col VP Long Govt/Cr Bond, Cl 2			Col VP Overseas Core, Cl 2			Col VP Overseas Core, Cl 3			Col VP Select Lg Cap Eq, Cl 2
Investment income
Dividend income	$	2,317,277		$	417,479		$	554,506		$	915,796		$	—
Variable account expenses		776,473			128,606			356,640			512,676			14,816
Investment income (loss) — net		1,540,804			288,873			197,866			403,120			(14,816	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		19,010,166			2,083,016			4,189,817			6,673,206			145,760
Cost of investments sold		19,590,356			2,739,182			4,497,334			6,567,761			138,672
Net realized gain (loss) on sales of investments		(580,190	)		(656,166	)		(307,517	)		105,445			7,088
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		3,121,161			1,041,022			4,593,937			6,185,469			338,025
Net gain (loss) on investments		2,540,971			384,856			4,286,420			6,290,914			345,113
Net increase (decrease) in net assets resulting from operations	$	4,081,775		$	673,729		$	4,484,286		$	6,694,034		$	330,297

Year ended December 31, 2023 (continued)	Col VP Select Lg Cap Val, Cl 2			Col VP Select Lg Cap Val, Cl 3			Col VP Select Mid Cap Gro, Cl 2			Col VP Select Mid Cap Gro, Cl 3			Col VP Select Mid Cap Val, Cl 2
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		686,465			422,767			338,266			644,134			434,064
Investment income (loss) — net		(686,465	)		(422,767	)		(338,266	)		(644,134	)		(434,064	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		11,154,663			11,807,353			4,530,486			7,144,021			7,069,689
Cost of investments sold		9,160,184			8,366,406			3,743,555			2,923,231			5,237,534
Net realized gain (loss) on sales of investments		1,994,479			3,440,947			786,931			4,220,790			1,832,155
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,172,383			(1,355,268	)		6,090,493			9,953,036			2,010,687
Net gain (loss) on investments		3,166,862			2,085,679			6,877,424			14,173,826			3,842,842
Net increase (decrease) in net assets resulting from operations	$	2,480,397		$	1,662,912		$	6,539,158		$	13,529,692		$	3,408,778

See accompanying notes to financial statements.



25		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Operations


Year ended December 31, 2023 (continued)	Col VP Select Mid Cap Val, Cl 3			Col VP Select Sm Cap Val, Cl 2			Col VP Select Sm Cap Val, Cl 3			Col VP Sel Gbl Tech, Cl 2			Col VP Sm Cap Val, Cl 2
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	4,435
Variable account expenses		369,973			263,665			252,646			35,305			9,626
Investment income (loss) — net		(369,973	)		(263,665	)		(252,646	)		(35,305	)		(5,191	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		7,238,833			3,548,766			4,363,389			658,504			190,263
Cost of investments sold		3,319,711			3,001,749			2,343,866			618,747			194,084
Net realized gain (loss) on sales of investments		3,919,122			547,017			2,019,523			39,757			(3,821	)
Distributions from capital gains		—			—			—			184,896			75,545
Net change in unrealized appreciation (depreciation) of investments		(118,438	)		2,309,135			1,484,165			959,926			151,062
Net gain (loss) on investments		3,800,684			2,856,152			3,503,688			1,184,579			222,786
Net increase (decrease) in net assets resulting from operations	$	3,430,711		$	2,592,487		$	3,251,042		$	1,149,274		$	217,595

Year ended December 31, 2023 (continued)	Col VP Strategic Inc, Cl 2			Col VP US Govt Mtge, Cl 2			Col VP US Govt Mtge, Cl 3			CS Commodity Return, Cl 1			CTIVP AC Div Bond, Cl 2
Investment income
Dividend income	$	2,554,235		$	372,875		$	1,041,418		$	2,830,642		$	576,586
Variable account expenses		808,464			150,948			353,942			121,600			192,949
Investment income (loss) — net		1,745,771			221,927			687,476			2,709,042			383,637

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		11,134,701			3,697,531			6,974,688			3,018,079			2,038,109
Cost of investments sold		13,343,187			4,293,372			8,314,461			4,775,740			2,393,596
Net realized gain (loss) on sales of investments		(2,208,486	)		(595,841	)		(1,339,773	)		(1,757,661	)		(355,487	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		6,175,243			998,723			2,277,490			(2,383,804	)		784,078
Net gain (loss) on investments		3,966,757			402,882			937,717			(4,141,465	)		428,591
Net increase (decrease) in net assets resulting from operations	$	5,712,528		$	624,809		$	1,625,193		$	(1,432,423	)	$	812,228

Year ended December 31, 2023 (continued)	CTIVP BR Gl Infl Prot Sec, Cl 2			CTIVP BR Gl Infl Prot Sec, Cl 3			CTIVP CenterSquare Real Est, Cl 2			CTIVP MFS Val, Cl 2			CTIVP MS Adv, Cl 2
Investment income
Dividend income	$	2,069,332		$	4,305,014		$	393,669		$	—		$	—
Variable account expenses		251,286			443,267			237,744			784,311			251,861
Investment income (loss) — net		1,818,046			3,861,747			155,925			(784,311	)		(251,861	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		6,479,288			10,095,150			4,926,175			10,424,183			4,139,555
Cost of investments sold		8,128,186			14,153,534			6,891,790			7,480,680			4,454,449
Net realized gain (loss) on sales of investments		(1,648,898	)		(4,058,384	)		(1,965,615	)		2,943,503			(314,894	)
Distributions from capital gains		—			—			1,517,497			—			—
Net change in unrealized appreciation (depreciation) of investments		376,933			1,532,624			2,830,171			2,590,017			6,370,301
Net gain (loss) on investments		(1,271,965	)		(2,525,760	)		2,382,053			5,533,520			6,055,407
Net increase (decrease) in net assets resulting from operations	$	546,081		$	1,335,987		$	2,537,978		$	4,749,209		$	5,803,546

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			26

Statement of Operations


Year ended December 31, 2023 (continued)	CTIVP Prin Blue Chip Gro, Cl 1			CTIVP Prin Blue Chip Gro, Cl 2			CTIVP T Rowe Price LgCap Val, Cl 2			CTIVP TCW Core Plus Bond, Cl 2			CTIVP Vty Sycamore Estb Val, Cl 2
Investment income
Dividend income	$	—		$	—		$	—		$	412,769		$	—
Variable account expenses		933,840			495,656			446,647			192,797			672,519
Investment income (loss) — net		(933,840	)		(495,656	)		(446,647	)		219,972			(672,519	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		15,693,154			5,740,358			6,892,842			2,521,718			10,414,819
Cost of investments sold		7,196,884			4,042,937			5,548,142			2,860,772			7,380,979
Net realized gain (loss) on sales of investments		8,496,270			1,697,421			1,344,700			(339,054	)		3,033,840
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		25,393,171			13,447,982			2,280,216			885,623			2,848,490
Net gain (loss) on investments		33,889,441			15,145,403			3,624,916			546,569			5,882,330
Net increase (decrease) in net assets resulting from operations	$	32,955,601		$	14,649,747		$	3,178,269		$	766,541		$	5,209,811

Year ended December 31, 2023 (continued)	CTIVP Vty Sycamore Estb Val, Cl 3			CTIVP Westfield Mid Cap Gro, Cl 2			Del Ivy VIP Asset Strategy, Cl II			Del VIP for Inc, Serv Cl			Del VIP Intl, Serv Cl
Investment income
Dividend income	$	—		$	—		$	256,670		$	37,729		$	5,873
Variable account expenses		394,615			273,636			131,084			5,866			5,739
Investment income (loss) — net		(394,615	)		(273,636	)		125,586			31,863			134

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		6,656,333			3,264,726			2,301,827			17,625			61,559
Cost of investments sold		4,015,966			2,234,460			2,772,738			17,825			56,964
Net realized gain (loss) on sales of investments		2,640,367			1,030,266			(470,911	)		(200	)		4,595
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,327,813			4,752,196			1,835,419			49,842			56,561
Net gain (loss) on investments		3,968,180			5,782,462			1,364,508			49,642			61,156
Net increase (decrease) in net assets resulting from operations	$	3,573,565		$	5,508,826		$	1,490,094		$	81,505		$	61,290

Year ended December 31, 2023 (continued)	DWS Alt Asset Alloc VIP, Cl B			EV VT Floating-Rate Inc, Init Cl			Fid VIP Contrafund, Serv Cl 2			Fid VIP Emer Mkts, Serv Cl 2			Fid VIP Energy, Serv Cl 2
Investment income
Dividend income	$	1,117,119		$	6,695,934		$	1,207,512		$	34,563		$	45,341
Variable account expenses		170,394			769,624			4,680,720			13,720			16,892
Investment income (loss) — net		946,725			5,926,310			(3,473,208	)		20,843			28,449

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		3,777,923			16,514,522			61,358,217			194,312			175,080
Cost of investments sold		4,176,601			17,573,549			49,027,785			191,976			175,073
Net realized gain (loss) on sales of investments		(398,678	)		(1,059,027	)		12,330,432			2,336			7
Distributions from capital gains		158,371			—			17,074,886			—			—
Net change in unrealized appreciation (depreciation) of investments		22,619			3,070,864			101,779,074			71,236			(11,655	)
Net gain (loss) on investments		(217,688	)		2,011,837			131,184,392			73,572			(11,648	)
Net increase (decrease) in net assets resulting from operations	$	729,037		$	7,938,147		$	127,711,184		$	94,415		$	16,801

See accompanying notes to financial statements.



27		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Operations


Year ended December 31, 2023 (continued)	Fid VIP Gro & Inc, Serv Cl			Fid VIP Gro & Inc, Serv Cl 2			Fid VIP Gro Opp, Serv Cl 2			Fid VIP Intl Cap Appr, Serv Cl 2			Fid VIP Invest Gr, Serv Cl 2
Investment income
Dividend income	$	603,170		$	1,354,196		$	—		$	5,243		$	172,894
Variable account expenses		322,626			783,336			58,076			22,805			39,881
Investment income (loss) — net		280,544			570,860			(58,076	)		(17,562	)		133,013

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		4,413,031			8,535,978			675,007			386,554			762,346
Cost of investments sold		3,005,448			5,712,160			591,425			362,490			780,489
Net realized gain (loss) on sales of investments		1,407,583			2,823,818			83,582			24,064			(18,143	)
Distributions from capital gains		1,452,803			3,550,988			—			—			—
Net change in unrealized appreciation (depreciation) of investments		3,153,308			7,618,714			1,717,462			470,802			135,010
Net gain (loss) on investments		6,013,694			13,993,520			1,801,044			494,866			116,867
Net increase (decrease) in net assets resulting from operations	$	6,294,238		$	14,564,380		$	1,742,968		$	477,304		$	249,880

Year ended December 31, 2023 (continued)	Fid VIP Mid Cap, Serv Cl			Fid VIP Mid Cap, Serv Cl 2			Fid VIP Overseas, Serv Cl			Fid VIP Overseas, Serv Cl 2			Fid VIP Strategic Inc, Serv Cl 2
Investment income
Dividend income	$	302,165		$	1,234,636		$	85,103		$	303,225		$	6,802,000
Variable account expenses		508,569			3,054,020			74,902			342,018			1,551,471
Investment income (loss) — net		(206,404	)		(1,819,384	)		10,201			(38,793	)		5,250,529

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		7,134,679			36,620,200			987,951			4,544,109			18,112,862
Cost of investments sold		6,381,394			35,482,409			827,377			3,817,276			19,983,898
Net realized gain (loss) on sales of investments		753,285			1,137,791			160,574			726,833			(1,871,036	)
Distributions from capital gains		1,645,337			9,229,636			23,844			101,596			—
Net change in unrealized appreciation (depreciation) of investments		5,763,765			33,456,630			1,384,535			5,812,355			8,724,166
Net gain (loss) on investments		8,162,387			43,824,057			1,568,953			6,640,784			6,853,130
Net increase (decrease) in net assets resulting from operations	$	7,955,983		$	42,004,673		$	1,579,154		$	6,601,991		$	12,103,659

Year ended December 31, 2023 (continued)	Frank Global Real Est, Cl 2			Frank Inc, Cl 2			Frank Inc, Cl 4			Frank Mutual Gbl Dis, Cl 4			Frank Mutual Shares, Cl 2
Investment income
Dividend income	$	1,321,166		$	3,085,484		$	201,427		$	9,858		$	1,125,484
Variable account expenses		406,254			635,120			41,789			3,447			578,569
Investment income (loss) — net		914,912			2,450,364			159,638			6,411			546,915

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		7,400,623			10,413,549			844,336			6,818			7,389,108
Cost of investments sold		10,385,734			11,318,170			880,966			6,630			8,254,089
Net realized gain (loss) on sales of investments		(2,985,111	)		(904,621	)		(36,630	)		188			(864,981	)
Distributions from capital gains		—			3,740,594			248,183			22,719			5,180,275
Net change in unrealized appreciation (depreciation) of investments		6,568,447			(1,010,665	)		(53,868	)		28,654			2,218,631
Net gain (loss) on investments		3,583,336			1,825,308			157,685			51,561			6,533,925
Net increase (decrease) in net assets resulting from operations	$	4,498,248		$	4,275,672		$	317,323		$	57,972		$	7,080,840

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			28

Statement of Operations


Year ended December 31, 2023 (continued)	Frank Sm Cap Val, Cl 2			Frank Sm Cap Val, Cl 4			GS VIT Mid Cap Val, Inst			GS VIT Multi-Strategy Alt, Advisor			GS VIT Multi-Strategy Alt, Serv
Investment income
Dividend income	$	580,458		$	8,930		$	1,034,945		$	604,630		$	68,690
Variable account expenses		1,068,234			22,102			884,053			99,369			7,117
Investment income (loss) — net		(487,776	)		(13,172	)		150,892			505,261			61,573

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		15,225,441			365,367			11,932,731			1,245,327			81,127
Cost of investments sold		17,987,288			379,554			12,137,120			1,280,792			81,758
Net realized gain (loss) on sales of investments		(2,761,847	)		(14,187	)		(204,389	)		(35,465	)		(631	)
Distributions from capital gains		6,292,755			112,914			2,549,056			—			—
Net change in unrealized appreciation (depreciation) of investments		9,177,480			197,295			7,840,328			116,023			(8,404	)
Net gain (loss) on investments		12,708,388			296,022			10,184,995			80,558			(9,035	)
Net increase (decrease) in net assets resulting from operations	$	12,220,612		$	282,850		$	10,335,887		$	585,819		$	52,538

Year ended December 31, 2023 (continued)	GS VIT Sm Cap Eq Insights, Inst			GS VIT Sm Cap Eq Insights, Serv			GS VIT U.S. Eq Insights, Inst			Invesco VI Am Fran, Ser I			Invesco VI Am Fran, Ser II
Investment income
Dividend income	$	43,571		$	7,187		$	603,223		$	—		$	—
Variable account expenses		36,443			5,887			781,977			99,018			336,176
Investment income (loss) — net		7,128			1,300			(178,754	)		(99,018	)		(336,176	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		575,490			58,055			11,940,799			1,293,643			6,767,911
Cost of investments sold		634,611			54,473			10,965,915			1,313,958			7,259,169
Net realized gain (loss) on sales of investments		(59,121	)		3,582			974,884			(20,315	)		(491,258	)
Distributions from capital gains		—			—			—			264,510			927,174
Net change in unrealized appreciation (depreciation) of investments		788,875			120,930			17,585,883			3,787,309			12,561,760
Net gain (loss) on investments		729,754			124,512			18,560,767			4,031,504			12,997,676
Net increase (decrease) in net assets resulting from operations	$	736,882		$	125,812		$	18,382,013		$	3,932,486		$	12,661,500

Year ended December 31, 2023 (continued)	Invesco VI Bal Risk Alloc, Ser II			Invesco VI Comstock, Ser II			Invesco VI Core Eq, Ser I			Invesco VI Core Plus Bond, Ser II			Invesco VI Dis Mid Cap Gro, Ser I
Investment income
Dividend income	$	—		$	1,453,042		$	472,677		$	68,890		$	—
Variable account expenses		318,742			842,043			815,516			19,028			132,483
Investment income (loss) — net		(318,742	)		610,999			(342,839	)		49,862			(132,483	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		7,862,902			15,512,868			6,680,223			124,591			1,757,613
Cost of investments sold		9,998,507			12,001,141			6,526,426			125,299			2,238,263
Net realized gain (loss) on sales of investments		(2,135,605	)		3,511,727			153,797			(708	)		(480,650	)
Distributions from capital gains		—			10,464,407			1,525,363			—			—
Net change in unrealized appreciation (depreciation) of investments		3,975,794			(4,788,714	)		11,415,882			92,712			2,403,706
Net gain (loss) on investments		1,840,189			9,187,420			13,095,042			92,004			1,923,056
Net increase (decrease) in net assets resulting from operations	$	1,521,447		$	9,798,419		$	12,752,203		$	141,866		$	1,790,573

See accompanying notes to financial statements.



29		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Operations


Year ended December 31, 2023 (continued)	Invesco VI Dis Mid Cap Gro, Ser II			Invesco VI Div Divd, Ser I			Invesco VI Div Divd, Ser II			Invesco VI EQV Intl Eq, Ser II			Invesco VI Global, Ser II
Investment income
Dividend income	$	—		$	350,685		$	167,943		$	—		$	—
Variable account expenses		92,024			156,647			100,162			338,583			1,133,806
Investment income (loss) — net		(92,024	)		194,038			67,781			(338,583	)		(1,133,806	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		1,450,725			3,190,665			2,287,162			5,370,213			16,650,696
Cost of investments sold		1,963,239			3,003,778			2,217,111			5,356,524			17,848,784
Net realized gain (loss) on sales of investments		(512,514	)		186,887			70,051			13,689			(1,198,088	)
Distributions from capital gains		—			1,444,228			797,691			27,829			13,436,243
Net change in unrealized appreciation (depreciation) of investments		1,720,511			(478,989	)		(235,363	)		6,143,135			21,378,963
Net gain (loss) on investments		1,207,997			1,152,126			632,379			6,184,653			33,617,118
Net increase (decrease) in net assets resulting from operations	$	1,115,973		$	1,346,164		$	700,160		$	5,846,070		$	32,483,312

Year ended December 31, 2023 (continued)	Invesco VI Gbl Strat Inc, Ser II			Invesco VI Hlth, Ser II			Invesco VI Main St, Ser II			Invesco VI Mn St Sm Cap, Ser II			Invesco VI Tech, Ser I
Investment income
Dividend income	$	—		$	—		$	10,836		$	849,644		$	—
Variable account expenses		1,150,235			302,952			22,443			891,803			190,627
Investment income (loss) — net		(1,150,235	)		(302,952	)		(11,607	)		(42,159	)		(190,627	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		17,187,968			6,223,227			867,043			9,609,941			3,586,129
Cost of investments sold		20,995,066			7,088,546			1,118,085			9,380,262			4,289,372
Net realized gain (loss) on sales of investments		(3,807,098	)		(865,319	)		(251,042	)		229,679			(703,243	)
Distributions from capital gains		—			—			154,713			—			—
Net change in unrealized appreciation (depreciation) of investments		14,001,482			1,636,808			561,374			13,919,391			9,090,869
Net gain (loss) on investments		10,194,384			771,489			465,045			14,149,070			8,387,626
Net increase (decrease) in net assets resulting from operations	$	9,044,149		$	468,537		$	453,438		$	14,106,911		$	8,196,999

Year ended December 31, 2023 (continued)	Invesco VI Tech, Ser II			Janus Henderson VIT Bal, Serv			Janus Henderson VIT Enter, Serv			Janus Henderson VIT Flex Bd, Serv			Janus Henderson VIT Forty, Serv
Investment income
Dividend income	$	—		$	2,225,103		$	12,696		$	2,004,469		$	2,673
Variable account expenses		19,311			1,288,876			116,592			543,980			14,752
Investment income (loss) — net		(19,311	)		936,227			(103,896	)		1,460,489			(12,079	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		168,977			15,139,862			1,705,730			7,236,904			116,302
Cost of investments sold		164,919			14,313,273			1,474,121			8,395,131			103,335
Net realized gain (loss) on sales of investments		4,058			826,589			231,609			(1,158,227	)		12,967
Distributions from capital gains		—			—			1,082,670			—			—
Net change in unrealized appreciation (depreciation) of investments		654,579			14,202,594			988,480			1,897,360			411,040
Net gain (loss) on investments		658,637			15,029,183			2,302,759			739,133			424,007
Net increase (decrease) in net assets resulting from operations	$	639,326		$	15,965,410		$	2,198,863		$	2,199,622		$	411,928

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			30

Statement of Operations


Year ended December 31, 2023 (continued)	Janus Hend VIT Gbl Tech Innov, Srv			Janus Henderson VIT Overseas, Serv			Janus Henderson VIT Res, Serv			Lazard Ret Emer Mkts Eq, Serv			Lazard Ret Global Dyn MA, Serv
Investment income
Dividend income	$	—		$	283,733		$	31,866		$	12,395		$	—
Variable account expenses		239,033			169,148			525,005			1,724			116,244
Investment income (loss) — net		(239,033	)		114,585			(493,139	)		10,671			(116,244	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		3,054,509			2,872,753			8,893,858			48,188			3,147,620
Cost of investments sold		2,531,564			2,560,881			7,870,316			47,663			3,486,339
Net realized gain (loss) on sales of investments		522,945			311,872			1,023,542			525			(338,719	)
Distributions from capital gains		—			—			—			—			609,672
Net change in unrealized appreciation (depreciation) of investments		11,337,753			1,379,979			17,126,752			19,309			812,664
Net gain (loss) on investments		11,860,698			1,691,851			18,150,294			19,834			1,083,617
Net increase (decrease) in net assets resulting from operations	$	11,621,665		$	1,806,436		$	17,657,155		$	30,505		$	967,373

Year ended December 31, 2023 (continued)	Lord Abt Bond Debenture, Cl VC			Lord Abt Short Dur Inc, Cl VC			LVIP JPM US Eq, Serv Cl⁽¹⁾			MFS Gbl Real Est, Serv Cl			MFS Intl Gro, Serv Cl
Investment income
Dividend income	$	161,147		$	388,382		$	23,532		$	3,930		$	17,929
Variable account expenses		20,932			59,142			23,600			7,250			16,318
Investment income (loss) — net		140,215			329,240			(68	)		(3,320	)		1,611

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		422,146			919,231			134,005			137,215			409,163
Cost of investments sold		418,929			916,155			126,733			149,649			425,848
Net realized gain (loss) on sales of investments		3,217			3,076			7,272			(12,434	)		(16,685	)
Distributions from capital gains		—			—			16,823			50,027			62,895
Net change in unrealized appreciation (depreciation) of investments		954			(85,833	)		479,290			51,704			138,423
Net gain (loss) on investments		4,171			(82,757	)		503,385			89,297			184,633
Net increase (decrease) in net assets resulting from operations	$	144,386		$	246,483		$	503,317		$	85,977		$	186,244

⁽¹⁾ For the period April 28, 2023 (commencement of operations) to December 31, 2023.

Year ended December 31, 2023 (continued)	MFS Mass Inv Gro Stock, Serv Cl			MFS New Dis, Serv Cl			MFS Research Intl, Serv Cl			MFS Utilities, Serv Cl			MS VIF Dis, Cl II
Investment income
Dividend income	$	32,518		$	—		$	12,145		$	4,563,407		$	—
Variable account expenses		602,477			249,386			13,088			1,334,983			592,822
Investment income (loss) — net		(569,959	)		(249,386	)		(943	)		3,228,424			(592,822	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		10,032,878			3,124,448			117,970			24,996,148			8,966,266
Cost of investments sold		9,677,278			4,718,068			114,595			22,541,933			23,070,705
Net realized gain (loss) on sales of investments		355,600			(1,593,620	)		3,375			2,454,215			(14,104,439	)
Distributions from capital gains		3,515,571			—			—			7,654,458			—
Net change in unrealized appreciation (depreciation) of investments		10,417,133			5,499,874			106,861			(18,558,050	)		35,215,699
Net gain (loss) on investments		14,288,304			3,906,254			110,236			(8,449,377	)		21,111,260
Net increase (decrease) in net assets resulting from operations	$	13,718,345		$	3,656,868		$	109,293		$	(5,220,953	)	$	20,518,438

See accompanying notes to financial statements.



31		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Operations


Year ended December 31, 2023 (continued)	MS VIF Global Real Est, Cl II			NB AMT Intl Eq, Cl S			NB AMT Sus Eq, Cl S			NB AMT US Eq Index PW Strat, Cl S			PIMCO VIT All Asset, Advisor Cl
Investment income
Dividend income	$	236,699		$	3,450		$	11,845		$	—		$	1,430,028
Variable account expenses		113,205			70,459			155,008			83,720			502,412
Investment income (loss) — net		123,494			(67,009	)		(143,163	)		(83,720	)		927,616

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		1,932,781			1,494,557			2,088,276			1,819,008			7,534,297
Cost of investments sold		2,425,056			1,886,462			1,817,763			1,968,893			9,030,625
Net realized gain (loss) on sales of investments		(492,275	)		(391,905	)		270,513			(149,885	)		(1,496,328	)
Distributions from capital gains		—			—			248,900			—			—
Net change in unrealized appreciation (depreciation) of investments		1,457,208			1,341,067			3,126,696			1,279,047			3,939,797
Net gain (loss) on investments		964,933			949,162			3,646,109			1,129,162			2,443,469
Net increase (decrease) in net assets resulting from operations	$	1,088,427		$	882,153		$	3,502,946		$	1,045,442		$	3,371,085

Year ended December 31, 2023 (continued)	PIMCO VIT Glb Man As Alloc, Adv Cl			PIMCO VIT Tot Return, Advisor Cl			Put VT Global Hlth Care, Cl IB			Put VT Intl Eq, Cl IB			Put VT Intl Val, Cl IB
Investment income
Dividend income	$	119,091		$	1,944,536		$	67,815		$	3,526		$	10,216
Variable account expenses		61,275			573,258			199,143			84,084			12,411
Investment income (loss) — net		57,816			1,371,278			(131,328	)		(80,558	)		(2,195	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		1,600,697			6,397,504			3,472,450			1,346,204			114,393
Cost of investments sold		2,022,944			7,612,478			3,438,106			1,306,565			110,249
Net realized gain (loss) on sales of investments		(422,247	)		(1,214,974	)		34,344			39,639			4,144
Distributions from capital gains		—			—			1,794,273			—			—
Net change in unrealized appreciation (depreciation) of investments		975,568			2,498,188			146,844			1,616,454			206,343
Net gain (loss) on investments		553,321			1,283,214			1,975,461			1,656,093			210,487
Net increase (decrease) in net assets resulting from operations	$	611,137		$	2,654,492		$	1,844,133		$	1,575,535		$	208,292

Year ended December 31, 2023 (continued)	Put VT Lg Cap Val, Cl IB			Put VT Sus Fut, Cl IB			Put VT Sus Leaders, Cl IA			Put VT Sus Leaders, Cl IB			Royce Micro-Cap, Invest Cl
Investment income
Dividend income	$	59,483		$	—		$	536,259		$	161,305		$	—
Variable account expenses		42,755			4,308			903,926			269,227			84,984
Investment income (loss) — net		16,728			(4,308	)		(367,667	)		(107,922	)		(84,984	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		585,224			275,591			7,480,108			3,994,053			1,175,200
Cost of investments sold		595,493			272,394			6,272,964			3,500,919			1,291,170
Net realized gain (loss) on sales of investments		(10,269	)		3,197			1,207,144			493,134			(115,970	)
Distributions from capital gains		166,739			—			2,195,371			988,753			—
Net change in unrealized appreciation (depreciation) of investments		516,026			233,836			13,009,176			5,768,083			1,880,305
Net gain (loss) on investments		672,496			237,033			16,411,691			7,249,970			1,764,335
Net increase (decrease) in net assets resulting from operations	$	689,224		$	232,725		$	16,044,024		$	7,142,048		$	1,679,351

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			32

Statement of Operations


Year ended December 31, 2023 (continued)	Temp Global Bond, Cl 2			Third Ave VST Third Ave Value			VanEck VIP Global Gold, Cl S			VP Aggr, Cl 2			VP Aggr, Cl 4
Investment income
Dividend income	$	—		$	246,278		$	—		$	—		$	—
Variable account expenses		189,531			88,529			314,762			7,560,892			3,897,971
Investment income (loss) — net		(189,531	)		157,749			(314,762	)		(7,560,892	)		(3,897,971	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		4,654,099			1,180,332			5,071,165			125,872,452			58,986,782
Cost of investments sold		5,995,699			860,177			5,509,445			76,079,317			27,012,706
Net realized gain (loss) on sales of investments		(1,341,600	)		320,155			(438,280	)		49,793,135			31,974,076
Distributions from capital gains		—			685,181			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,801,129			757,797			3,273,418			71,488,050			35,201,396
Net gain (loss) on investments		459,529			1,763,133			2,835,138			121,281,185			67,175,472
Net increase (decrease) in net assets resulting from operations	$	269,998		$	1,920,882		$	2,520,376		$	113,720,293		$	63,277,501

Year ended December 31, 2023 (continued)	VP Conserv, Cl 2			VP Conserv, Cl 4			VP Man Risk, Cl 2			VP Man Risk US, Cl 2			VP Man Vol Conserv, Cl 2
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		4,578,937			2,882,039			2,182,104			3,436,923			5,460,446
Investment income (loss) — net		(4,578,937	)		(2,882,039	)		(2,182,104	)		(3,436,923	)		(5,460,446	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		94,275,224			55,606,570			19,717,654			39,021,370			110,928,898
Cost of investments sold		90,020,368			47,911,711			18,349,589			35,929,959			110,659,344
Net realized gain (loss) on sales of investments		4,254,856			7,694,859			1,368,065			3,091,411			269,554
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		31,660,461			16,195,936			24,240,754			44,368,796			39,819,965
Net gain (loss) on investments		35,915,317			23,890,795			25,608,819			47,460,207			40,089,519
Net increase (decrease) in net assets resulting from operations	$	31,336,380		$	21,008,756		$	23,426,715		$	44,023,284		$	34,629,073

Year ended December 31, 2023 (continued)	VP Man Vol Conserv Gro, Cl 2			VP Man Vol Gro, Cl 2			VP Man Vol Mod Gro, Cl 2			VP Mod, Cl 2			VP Mod, Cl 4
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		11,005,252			99,076,462			111,900,425			63,252,979			46,408,888
Investment income (loss) — net		(11,005,252	)		(99,076,462	)		(111,900,425	)		(63,252,979	)		(46,408,888	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		161,694,582			906,830,944			1,298,586,663			591,584,958			606,534,649
Cost of investments sold		140,979,268			677,606,235			962,686,685			379,019,923			308,724,162
Net realized gain (loss) on sales of investments		20,715,314			229,224,709			335,899,978			212,565,035			297,810,487
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		82,228,480			1,142,663,417			955,847,612			563,163,625			300,048,867
Net gain (loss) on investments		102,943,794			1,371,888,126			1,291,747,590			775,728,660			597,859,354
Net increase (decrease) in net assets resulting from operations	$	91,938,542		$	1,272,811,664		$	1,179,847,165		$	712,475,681		$	551,450,466

See accompanying notes to financial statements.



33		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Operations


Year ended December 31, 2023 (continued)	VP Mod Aggr, Cl 2			VP Mod Aggr, Cl 4			VP Mod Conserv, Cl 2			VP Mod Conserv, Cl 4			VP Ptnrs Core Bond, Cl 2
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	370,050
Variable account expenses		20,960,851			12,100,878			10,408,643			7,942,928			153,489
Investment income (loss) — net		(20,960,851	)		(12,100,878	)		(10,408,643	)		(7,942,928	)		216,561

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		347,872,084			193,720,286			149,906,432			125,607,254			2,652,922
Cost of investments sold		200,173,444			89,699,557			117,804,993			81,005,071			2,993,442
Net realized gain (loss) on sales of investments		147,698,640			104,020,729			32,101,439			44,602,183			(340,520	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		145,760,560			76,870,038			69,654,283			36,847,861			867,894
Net gain (loss) on investments		293,459,200			180,890,767			101,755,722			81,450,044			527,374
Net increase (decrease) in net assets resulting from operations	$	272,498,349		$	168,789,889		$	91,347,079		$	73,507,116		$	743,935

Year ended December 31, 2023 (continued)	VP Ptnrs Core Eq, Cl 2			VP Ptnrs Core Eq, Cl 3			VP Ptnrs Intl Core Eq, Cl 2			VP Ptnrs Intl Gro, Cl 2			VP Ptnrs Intl Val, Cl 2
Investment income
Dividend income	$	—		$	—		$	200,531		$	79,284		$	457,795
Variable account expenses		120,269			163,432			187,399			351,631			257,948
Investment income (loss) — net		(120,269	)		(163,432	)		13,132			(272,347	)		199,847

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		1,781,780			3,835,618			1,869,509			4,369,529			3,823,740
Cost of investments sold		1,033,669			1,495,690			2,104,723			4,874,358			3,891,838
Net realized gain (loss) on sales of investments		748,111			2,339,928			(235,214	)		(504,829	)		(68,098	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,590,503			1,604,860			2,765,971			4,829,890			3,307,113
Net gain (loss) on investments		2,338,614			3,944,788			2,530,757			4,325,061			3,239,015
Net increase (decrease) in net assets resulting from operations	$	2,218,345		$	3,781,356		$	2,543,889		$	4,052,714		$	3,438,862

Year ended December 31, 2023 (continued)	VP Ptnrs Sm Cap Gro, Cl 2			VP Ptnrs Sm Cap Val, Cl 2			VP Ptnrs Sm Cap Val, Cl 3			VP US Flex Conserv Gro, Cl 2			VP US Flex Gro, Cl 2
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		155,988			113,552			399,920			2,990,686			34,054,592
Investment income (loss) — net		(155,988	)		(113,552	)		(399,920	)		(2,990,686	)		(34,054,592	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		2,056,068			1,610,593			5,943,673			44,903,741			237,999,525
Cost of investments sold		2,093,637			1,524,918			2,775,099			43,378,426			203,477,338
Net realized gain (loss) on sales of investments		(37,569	)		85,675			3,168,574			1,525,315			34,522,187
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,033,088			1,041,619			1,825,394			29,951,884			505,577,431
Net gain (loss) on investments		995,519			1,127,294			4,993,968			31,477,199			540,099,618
Net increase (decrease) in net assets resulting from operations	$	839,531		$	1,013,742		$	4,594,048		$	28,486,513		$	506,045,026

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			34

Statement of Operations


Year ended December 31, 2023 (continued)	VP US Flex Mod Gro, Cl 2			Wanger Acorn			Wanger Intl			WA Var Global Hi Yd Bond, Cl II
Investment income
Dividend income	$	—		$	—		$	317,665		$	530,413
Variable account expenses		17,726,277			1,363,411			911,938			114,184
Investment income (loss) — net		(17,726,277	)		(1,363,411	)		(594,273	)		416,229

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		148,935,853			19,553,256			14,256,263			2,199,870
Cost of investments sold		131,170,968			32,339,345			18,760,805			2,616,154
Net realized gain (loss) on sales of investments		17,764,885			(12,786,089	)		(4,504,542	)		(416,284	)
Distributions from capital gains		—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		214,728,450			43,103,918			20,328,679			869,057
Net gain (loss) on investments		232,493,335			30,317,829			15,824,137			452,773
Net increase (decrease) in net assets resulting from operations	$	214,767,058		$	28,954,418		$	15,229,864		$	869,002

See accompanying notes to financial statements.



35		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023	AB VPS Dyn Asset Alloc, Cl B			AB VPS Intl Val, Cl B			AB VPS Lg Cap Gro, Cl B			AB VPS Relative Val, Cl B			AB VPS Sus Gbl Thematic, Cl B
Operations
Investment income (loss) — net	$	(42,772	)	$	(139,019	)	$	(1,414,556	)	$	282,089		$	(77,046	)
Net realized gain (loss) on sales of investments		(306,216	)		(638,266	)		514,525			841,792			(94,195	)
Distributions from capital gains		—			—			9,601,713			5,749,453			491,452
Net change in unrealized appreciation (depreciation) of investments		1,397,043			9,490,109			28,535,914			339,453			896,591
Net increase (decrease) in net assets resulting from operations		1,048,055			8,712,824			37,237,596			7,212,787			1,216,802

Contract transactions
Contract purchase payments		85,218			653,874			8,049,168			1,154,311			1,926,588
Net transfers⁽¹⁾		(88,050	)		(479,199	)		1,123,312			(1,442,415	)		(423,791	)
Transfers for policy loans		—			23,142			(8,743	)		(6,769	)		4,916
Adjustments to net assets allocated to contracts in payment period		—			(20,570	)		(19,947	)		(38,773	)		(3,077	)
Contract charges		(3,081	)		(86,179	)		(43,509	)		(48,482	)		(5,576	)
Contract terminations:
Surrender benefits		(272,783	)		(6,666,054	)		(7,940,277	)		(6,751,563	)		(613,165	)
Death benefits		(356,859	)		(641,298	)		(1,884,639	)		(993,130	)		(67,269	)
Increase (decrease) from transactions		(635,555	)		(7,216,284	)		(724,635	)		(8,126,821	)		818,626
Net assets at beginning of year		8,890,818			64,851,502			111,581,660			72,787,590			7,697,418
Net assets at end of year	$	9,303,318		$	66,348,042		$	148,094,621		$	71,873,556		$	9,732,846

Accumulation unit activity
Units outstanding at beginning of year		7,605,874			43,732,652			25,048,450			21,768,798			3,064,811
Units purchased		122,257			743,081			2,017,001			375,080			1,115,960
Units redeemed		(649,663	)		(5,214,835	)		(2,019,305	)		(2,689,353	)		(828,635	)
Units outstanding at end of year		7,078,468			39,260,898			25,046,146			19,454,525			3,352,136

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			36

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Allspg VT Index Asset Alloc, Cl 2			Allspg VT Intl Eq, Cl 2			Allspg VT Opp, Cl 2			Allspg VT Sm Cap Gro, Cl 2			ALPS Alerian Engy Infr, Class III
Operations
Investment income (loss) — net	$	20,854		$	115,202		$	(381,183	)	$	(714,791	)	$	846,535
Net realized gain (loss) on sales of investments		93,165			(1,845,075	)		437,758			(2,742,518	)		625,860
Distributions from capital gains		596,791			—			3,344,437			—			460,878
Net change in unrealized appreciation (depreciation) of investments		2,098,481			4,658,242			5,669,137			5,629,395			3,099,501
Net increase (decrease) in net assets resulting from operations		2,809,291			2,928,369			9,070,149			2,172,086			5,032,774

Contract transactions
Contract purchase payments		68,829			217,419			225,184			2,293,078			1,346,316
Net transfers⁽¹⁾		(85,769	)		(960,613	)		(1,067,217	)		981,316			(1,974,239	)
Transfers for policy loans		2,606			18,257			(3,654	)		(9,745	)		(824	)
Adjustments to net assets allocated to contracts in payment period		(42,022	)		7,741			(10,053	)		(11,503	)		(6,571	)
Contract charges		(12,287	)		(25,190	)		(25,474	)		(34,630	)		(18,889	)
Contract terminations:
Surrender benefits		(1,118,463	)		(1,721,850	)		(5,019,434	)		(5,169,423	)		(2,909,298	)
Death benefits		(121,946	)		(277,568	)		(689,392	)		(865,584	)		(581,867	)
Increase (decrease) from transactions		(1,309,052	)		(2,741,804	)		(6,590,040	)		(2,816,491	)		(4,145,372	)
Net assets at beginning of year		18,561,500			21,236,903			38,727,474			71,368,662			42,305,667
Net assets at end of year	$	20,061,739		$	21,423,468		$	41,207,583		$	70,724,257		$	43,193,069

Accumulation unit activity
Units outstanding at beginning of year		5,961,996			13,606,273			9,953,649			19,709,570			38,045,287
Units purchased		32,383			225,948			79,411			1,167,315			1,253,104
Units redeemed		(420,770	)		(1,825,220	)		(1,579,084	)		(1,956,393	)		(4,856,730	)
Units outstanding at end of year		5,573,609			12,007,001			8,453,976			18,920,492			34,441,661

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



37		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	AC VP Intl, Cl I			AC VP Intl, Cl II			AC VP Mid Cap Val, Cl II			AC VP Ultra, Cl II			AC VP Val, Cl I
Operations
Investment income (loss) — net	$	35,724		$	60,782		$	474,917		$	(411,069	)	$	426,108
Net realized gain (loss) on sales of investments		20,279			146,259			8,610			897,741			1,054,964
Distributions from capital gains		—			—			4,394,110			3,191,809			2,208,136
Net change in unrealized appreciation (depreciation) of investments		637,186			1,605,932			(3,054,694	)		11,444,649			(1,535,533	)
Net increase (decrease) in net assets resulting from operations		693,189			1,812,973			1,822,943			15,123,130			2,153,675

Contract transactions
Contract purchase payments		45,708			414,633			1,549,167			302,800			155,796
Net transfers⁽¹⁾		(88,277	)		50,177			(1,273,345	)		2,371,774			(372,116	)
Transfers for policy loans		(4,059	)		1,006			11,510			(7,536	)		(46,329	)
Adjustments to net assets allocated to contracts in payment period		(4,461	)		(11,857	)		(28,434	)		(12,794	)		(28,841	)
Contract charges		(1,718	)		(12,350	)		(21,229	)		(29,207	)		(5,892	)
Contract terminations:
Surrender benefits		(608,317	)		(1,377,518	)		(3,328,250	)		(3,629,695	)		(2,265,386	)
Death benefits		(43,326	)		(119,144	)		(326,033	)		(378,926	)		(368,835	)
Increase (decrease) from transactions		(704,450	)		(1,055,053	)		(3,416,614	)		(1,383,584	)		(2,931,603	)
Net assets at beginning of year		6,232,614			16,057,840			40,248,737			36,105,898			28,456,286
Net assets at end of year	$	6,221,353		$	16,815,760		$	38,655,066		$	49,845,444		$	27,678,358

Accumulation unit activity
Units outstanding at beginning of year		3,217,369			7,607,881			12,448,475			8,896,850			5,778,354
Units purchased		56,229			555,277			653,517			645,135			30,998
Units redeemed		(394,002	)		(798,281	)		(1,609,244	)		(895,112	)		(615,816	)
Units outstanding at end of year		2,879,596			7,364,877			11,492,748			8,646,873			5,193,536

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			38

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	AC VP Val, Cl II			BlackRock Adv SMID Cap VI, Cl III			BlackRock Global Alloc, Cl III			BNY Mellon Sus US Eq, Serv			Calvert VP EAFE Intl Index, Cl F
Operations
Investment income (loss) — net	$	2,201,719		$	19,940		$	1,040,749		$	(9,277	)	$	57,317
Net realized gain (loss) on sales of investments		4,823,145			3,007			(1,935,185	)		(1,031	)		4,042
Distributions from capital gains		13,950,631			—			—			37,378			—
Net change in unrealized appreciation (depreciation) of investments		(7,586,110	)		185,143			8,671,687			271,121			233,727
Net increase (decrease) in net assets resulting from operations		13,389,385			208,090			7,777,251			298,191			295,086

Contract transactions
Contract purchase payments		6,292,882			1,049,199			2,542,927			2,454,159			1,577,765
Net transfers⁽¹⁾		(4,769,416	)		172,150			(633,451	)		1,809			249,204
Transfers for policy loans		10,666			—			3,999			—			—
Adjustments to net assets allocated to contracts in payment period		8,847			—			(31,610	)		—			—
Contract charges		(91,001	)		(217	)		(28,293	)		(79	)		(345	)
Contract terminations:
Surrender benefits		(14,139,579	)		(28,320	)		(5,662,226	)		(3,208	)		(23,404	)
Death benefits		(3,310,376	)		—			(1,249,212	)		—			—
Increase (decrease) from transactions		(15,997,977	)		1,192,812			(5,057,866	)		2,452,681			1,803,220
Net assets at beginning of year		180,525,593			329,153			71,676,615			239,196			1,081,453
Net assets at end of year	$	177,917,001		$	1,730,055		$	74,396,000		$	2,990,068		$	3,179,759

Accumulation unit activity
Units outstanding at beginning of year		51,027,108			341,148			48,231,412			257,515			1,105,917
Units purchased		1,828,648			1,416,022			2,490,050			3,408,800			1,943,023
Units redeemed		(6,550,437	)		(228,315	)		(5,750,071	)		(1,019,488	)		(247,758	)
Units outstanding at end of year		46,305,319			1,528,855			44,971,391			2,646,827			2,801,182

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



39		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Calvert VP Nasdaq 100 Index, Cl F			Calv VP Russ 2000 Sm Cap Ind, Cl F			Calvert VP SRI Bal, Cl F			Calvert VP SRI Bal, Cl I			CB Var Sm Cap Gro, Cl I
Operations
Investment income (loss) — net	$	(27,537	)	$	7,647		$	9,172		$	142,785		$	(143,111	)
Net realized gain (loss) on sales of investments		95,900			7,896			25,851			130,232			(122,629	)
Distributions from capital gains		—			2,130			4,412			75,306			—
Net change in unrealized appreciation (depreciation) of investments		1,749,799			490,183			112,070			2,608,800			1,304,291
Net increase (decrease) in net assets resulting from operations		1,818,162			507,856			151,505			2,957,123			1,038,551

Contract transactions
Contract purchase payments		5,045,497			2,339,272			956,906			80,473			131,581
Net transfers⁽¹⁾		746,223			434,468			6,336			327,980			665,063
Transfers for policy loans		—			—			—			9,595			6,135
Adjustments to net assets allocated to contracts in payment period		—			—			—			(4,443	)		(4,748	)
Contract charges		(1,038	)		(711	)		(13	)		(17,390	)		(11,973	)
Contract terminations:
Surrender benefits		(61,663	)		(29,833	)		(7,958	)		(1,416,399	)		(1,350,374	)
Death benefits		(180,895	)		—			—			(71,842	)		(208,734	)
Increase (decrease) from transactions		5,548,124			2,743,196			955,271			(1,092,026	)		(773,050	)
Net assets at beginning of year		1,929,055			1,474,646			326,429			19,357,174			14,792,656
Net assets at end of year	$	9,295,341		$	4,725,698		$	1,433,205		$	21,222,271		$	15,058,157

Accumulation unit activity
Units outstanding at beginning of year		2,272,958			1,554,466			344,102			8,224,519			4,500,892
Units purchased		5,536,224			2,909,078			1,274,882			166,187			272,731
Units redeemed		(614,645	)		(131,729	)		(304,156	)		(602,319	)		(508,911	)
Units outstanding at end of year		7,194,537			4,331,815			1,314,828			7,788,387			4,264,712

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			40

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Bal, Cl 2			Col VP Bal, Cl 3			Col VP Commodity Strategy, Cl 2			Col VP Contrarian Core, Cl 2			Col VP Disciplined Core, Cl 2
Operations
Investment income (loss) — net	$	(791,699	)	$	(5,444,996	)	$	3,846,106		$	(1,344,992	)	$	(504,030	)
Net realized gain (loss) on sales of investments		82,606			21,945,963			(2,596,162	)		6,389,483			1,773,432
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		14,887,453			79,330,762			(3,114,290	)		29,564,955			8,186,059
Net increase (decrease) in net assets resulting from operations		14,178,360			95,831,729			(1,864,346	)		34,609,446			9,455,461

Contract transactions
Contract purchase payments		25,036,170			3,859,836			1,101,136			4,467,040			3,394,354
Net transfers⁽¹⁾		(83,849	)		32,786,852			(5,140,123	)		6,951,643			1,425,393
Transfers for policy loans		83			49,844			600			3,512			(3,686	)
Adjustments to net assets allocated to contracts in payment period		—			(138,269	)		—			(40,937	)		—
Contract charges		(310,388	)		(268,420	)		(6,402	)		(123,254	)		(35,275	)
Contract terminations:
Surrender benefits		(4,144,016	)		(44,833,940	)		(2,107,853	)		(8,876,250	)		(2,368,688	)
Death benefits		(518,476	)		(8,269,724	)		(255,765	)		(1,844,833	)		(577,552	)
Increase (decrease) from transactions		19,979,524			(16,813,821	)		(6,408,407	)		536,921			1,834,546
Net assets at beginning of year		61,116,415			489,961,560			24,622,744			114,014,619			40,773,900
Net assets at end of year	$	95,274,299		$	568,979,468		$	16,349,991		$	149,160,986		$	52,063,907

Accumulation unit activity
Units outstanding at beginning of year		70,089,838			183,169,074			29,908,651			45,629,605			10,728,291
Units purchased		27,212,677			12,887,853			1,516,692			4,099,955			1,295,356
Units redeemed		(6,233,926	)		(18,668,415	)		(9,767,223	)		(4,020,175	)		(863,683	)
Units outstanding at end of year		91,068,589			177,388,512			21,658,120			45,709,385			11,159,964

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



41		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Disciplined Core, Cl 3			Col VP Divd Opp, Cl 2			Col VP Divd Opp, Cl 3			Col VP Emerg Mkts Bond, Cl 2			Col VP Emer Mkts, Cl 2
Operations
Investment income (loss) — net	$	(3,237,851	)	$	(1,065,647	)	$	(3,457,822	)	$	391,401		$	(508,896	)
Net realized gain (loss) on sales of investments		24,181,312			3,918,247			32,847,815			(366,641	)		(3,966,928	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		45,614,003			676,601			(16,011,654	)		763,166			8,149,960
Net increase (decrease) in net assets resulting from operations		66,557,464			3,529,201			13,378,339			787,926			3,674,136

Contract transactions
Contract purchase payments		1,635,700			7,853,903			2,374,260			211,378			1,800,989
Net transfers⁽¹⁾		(3,008,127	)		(2,653,232	)		(6,215,213	)		(91,642	)		(1,274,077	)
Transfers for policy loans		69,844			18,455			85,387			(1,697	)		(4,838	)
Adjustments to net assets allocated to contracts in payment period		(577,520	)		(5,949	)		(538,357	)		(1,678	)		(1,698	)
Contract charges		(295,403	)		(58,233	)		(285,079	)		(4,497	)		(34,599	)
Contract terminations:
Surrender benefits		(23,241,537	)		(5,478,299	)		(35,441,740	)		(670,683	)		(2,126,804	)
Death benefits		(4,206,649	)		(1,999,074	)		(5,986,241	)		(172,157	)		(776,327	)
Increase (decrease) from transactions		(29,623,692	)		(2,322,429	)		(46,006,983	)		(730,976	)		(2,417,354	)
Net assets at beginning of year		302,302,150			97,769,476			398,252,532			9,401,141			46,712,050
Net assets at end of year	$	339,235,922		$	98,976,248		$	365,623,888		$	9,458,091		$	47,968,832

Accumulation unit activity
Units outstanding at beginning of year		96,320,193			33,984,509			106,455,214			10,088,186			40,465,875
Units purchased		594,807			3,040,524			702,109			308,834			1,665,431
Units redeemed		(9,068,583	)		(3,808,238	)		(13,273,227	)		(1,082,301	)		(3,650,385	)
Units outstanding at end of year		87,846,417			33,216,795			93,884,096			9,314,719			38,480,921

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			42

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Emer Mkts, Cl 3			Col VP Global Strategic Inc, Cl 2			Col VP Global Strategic Inc, Cl 3			Col VP Govt Money Mkt, Cl 2			Col VP Govt Money Mkt, Cl 3
Operations
Investment income (loss) — net	$	(678,552	)	$	172,368		$	1,037,497		$	4,862,599		$	4,512,295
Net realized gain (loss) on sales of investments		(4,264,662	)		(387,702	)		(2,276,344	)		—			419
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		10,447,293			908,374			4,963,138			—			(420	)
Net increase (decrease) in net assets resulting from operations		5,504,079			693,040			3,724,291			4,862,599			4,512,294

Contract transactions
Contract purchase payments		717,146			784,794			247,798			29,803,697			2,474,651
Net transfers⁽¹⁾		(1,947,268	)		(346,612	)		165,746			(6,479,447	)		12,452,796
Transfers for policy loans		33,904			980			18,174			23,976			42,222
Adjustments to net assets allocated to contracts in payment period		(34,376	)		(506	)		(40,323	)		(926	)		(36,160	)
Contract charges		(76,321	)		(1,793	)		(73,006	)		(90,914	)		(104,087	)
Contract terminations:
Surrender benefits		(6,075,936	)		(538,736	)		(3,960,398	)		(23,785,887	)		(27,004,686	)
Death benefits		(829,928	)		(336,451	)		(1,070,396	)		(2,244,361	)		(1,604,204	)
Increase (decrease) from transactions		(8,212,779	)		(438,324	)		(4,712,405	)		(2,773,862	)		(13,779,468	)
Net assets at beginning of year		71,144,153			8,660,404			45,419,507			146,821,124			135,605,131
Net assets at end of year	$	68,435,453		$	8,915,120		$	44,431,393		$	148,909,861		$	126,337,957

Accumulation unit activity
Units outstanding at beginning of year		31,921,757			9,863,382			31,814,943			160,765,010			125,778,978
Units purchased		352,356			946,671			496,772			38,453,126			14,676,219
Units redeemed		(3,878,173	)		(1,438,349	)		(3,744,832	)		(42,003,414	)		(27,957,820	)
Units outstanding at end of year		28,395,940			9,371,704			28,566,883			157,214,722			112,497,377

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



43		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Hi Yield Bond, Cl 2			Col VP Hi Yield Bond, Cl 3			Col VP Inc Opp, Cl 2			Col VP Inc Opp, Cl 3			Col VP Inter Bond, Cl 2
Operations
Investment income (loss) — net	$	1,924,187		$	5,110,472		$	978,517		$	2,951,005		$	681,153
Net realized gain (loss) on sales of investments		(875,776	)		(2,128,984	)		(967,131	)		(3,415,374	)		(1,664,959	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		3,632,652			9,098,448			2,490,309			7,599,261			4,173,473
Net increase (decrease) in net assets resulting from operations		4,681,063			12,079,936			2,501,695			7,134,892			3,189,667

Contract transactions
Contract purchase payments		2,664,376			592,177			1,870,793			401,004			6,671,369
Net transfers⁽¹⁾		712,750			(1,623,695	)		456,203			203,528			12,284,853
Transfers for policy loans		(4,685	)		(9,437	)		(1,882	)		18,027			(8,443	)
Adjustments to net assets allocated to contracts in payment period		—			(120,166	)		—			(17,215	)		(4,246	)
Contract charges		(14,257	)		(77,313	)		(8,456	)		(109,973	)		(59,085	)
Contract terminations:
Surrender benefits		(3,615,393	)		(11,382,893	)		(2,176,853	)		(7,469,269	)		(3,915,249	)
Death benefits		(1,067,138	)		(2,444,512	)		(720,943	)		(1,674,953	)		(957,482	)
Increase (decrease) from transactions		(1,324,347	)		(15,065,839	)		(581,138	)		(8,648,851	)		14,011,717
Net assets at beginning of year		44,830,239			118,265,851			24,876,851			73,104,368			55,788,107
Net assets at end of year	$	48,186,955		$	115,279,948		$	26,797,408		$	71,590,409		$	72,989,491

Accumulation unit activity
Units outstanding at beginning of year		27,214,550			43,790,441			15,640,238			32,732,029			48,670,683
Units purchased		2,388,782			227,774			1,878,038			317,050			16,464,929
Units redeemed		(3,123,374	)		(5,600,885	)		(2,256,598	)		(4,038,426	)		(4,396,586	)
Units outstanding at end of year		26,479,958			38,417,330			15,261,678			29,010,653			60,739,026

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			44

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Inter Bond, Cl 3			Col VP Lg Cap Gro, Cl 2			Col VP Lg Cap Gro, Cl 3			Col VP Lg Cap Index, Cl 2			Col VP Lg Cap Index, Cl 3
Operations
Investment income (loss) — net	$	2,770,366		$	(1,056,639	)	$	(1,019,465	)	$	(787,071	)	$	(5,020,592	)
Net realized gain (loss) on sales of investments		(6,733,845	)		3,275,626			10,236,715			444,448			28,189,068
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		14,703,622			30,221,654			31,197,193			16,562,383			84,517,870
Net increase (decrease) in net assets resulting from operations		10,740,143			32,440,641			40,414,443			16,219,760			107,686,346

Contract transactions
Contract purchase payments		1,175,406			7,939,630			730,442			36,698,974			3,917,049
Net transfers⁽¹⁾		11,884,462			5,301,527			1,791,493			1,815,905			3,953,685
Transfers for policy loans		10,075			(30,179	)		(19,920	)		(1,194	)		(33,674	)
Adjustments to net assets allocated to contracts in payment period		(145,350	)		—			(72,107	)		—			(176,871	)
Contract charges		(269,834	)		(106,598	)		(96,033	)		(72,716	)		(217,322	)
Contract terminations:
Surrender benefits		(19,893,439	)		(4,833,681	)		(10,460,277	)		(2,363,801	)		(31,808,162	)
Death benefits		(5,006,266	)		(1,846,717	)		(2,101,176	)		(982,559	)		(8,902,992	)
Increase (decrease) from transactions		(12,244,946	)		6,423,982			(10,227,578	)		35,094,609			(33,268,287	)
Net assets at beginning of year		218,262,867			76,441,074			101,466,597			50,100,583			454,455,836
Net assets at end of year	$	216,758,064		$	115,305,697		$	131,653,462		$	101,414,952		$	528,873,895

Accumulation unit activity
Units outstanding at beginning of year		126,392,881			19,629,805			42,115,096			54,509,103			141,826,051
Units purchased		7,563,557			3,099,921			789,676			42,415,250			2,799,028
Units redeemed		(14,568,446	)		(1,602,951	)		(4,466,293	)		(8,171,707	)		(12,080,372	)
Units outstanding at end of year		119,387,992			21,126,775			38,438,479			88,752,646			132,544,707

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



45		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Limited Duration Cr, Cl 2			Col VP Long Govt/Cr Bond, Cl 2			Col VP Overseas Core, Cl 2			Col VP Overseas Core, Cl 3			Col VP Select Lg Cap Eq, Cl 2
Operations
Investment income (loss) — net	$	1,540,804		$	288,873		$	197,866		$	403,120		$	(14,816	)
Net realized gain (loss) on sales of investments		(580,190	)		(656,166	)		(307,517	)		105,445			7,088
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		3,121,161			1,041,022			4,593,937			6,185,469			338,025
Net increase (decrease) in net assets resulting from operations		4,081,775			673,729			4,484,286			6,694,034			330,297

Contract transactions
Contract purchase payments		4,620,370			1,324,932			1,203,197			429,326			1,879,089
Net transfers⁽¹⁾		1,531,147			3,533,547			2,098,147			(379,075	)		89,603
Transfers for policy loans		(5,306	)		(3,211	)		(42	)		30,875			—
Adjustments to net assets allocated to contracts in payment period		(2,801	)		(6,789	)		(9,256	)		(69,988	)		—
Contract charges		(75,804	)		(4,587	)		(32,725	)		(35,093	)		(30	)
Contract terminations:
Surrender benefits		(7,903,876	)		(744,117	)		(1,712,445	)		(4,063,316	)		(14,574	)
Death benefits		(2,107,262	)		(259,148	)		(663,962	)		(899,678	)		—
Increase (decrease) from transactions		(3,943,532	)		3,840,627			882,914			(4,986,949	)		1,954,088
Net assets at beginning of year		74,819,442			10,487,401			31,077,424			49,412,603			500,771
Net assets at end of year	$	74,957,685		$	15,001,757		$	36,444,624		$	51,119,688		$	2,785,156

Accumulation unit activity
Units outstanding at beginning of year		70,474,506			10,846,393			19,479,227			30,269,068			543,959
Units purchased		6,457,405			5,454,278			2,134,923			358,473			1,936,565
Units redeemed		(10,062,623	)		(1,597,917	)		(1,588,635	)		(3,316,998	)		(87,038	)
Units outstanding at end of year		66,869,288			14,702,754			20,025,515			27,310,543			2,393,486

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			46

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Select Lg Cap Val, Cl 2			Col VP Select Lg Cap Val, Cl 3			Col VP Select Mid Cap Gro, Cl 2			Col VP Select Mid Cap Gro, Cl 3			Col VP Select Mid Cap Val, Cl 2
Operations
Investment income (loss) — net	$	(686,465	)	$	(422,767	)	$	(338,266	)	$	(644,134	)	$	(434,064	)
Net realized gain (loss) on sales of investments		1,994,479			3,440,947			786,931			4,220,790			1,832,155
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,172,383			(1,355,268	)		6,090,493			9,953,036			2,010,687
Net increase (decrease) in net assets resulting from operations		2,480,397			1,662,912			6,539,158			13,529,692			3,408,778

Contract transactions
Contract purchase payments		4,872,429			434,554			2,749,689			391,382			2,292,338
Net transfers⁽¹⁾		(1,401,577	)		(4,106,372	)		1,720,060			592,156			(1,622,660	)
Transfers for policy loans		(3,032	)		6,574			(6,751	)		7,487			(2,310	)
Adjustments to net assets allocated to contracts in payment period		—			(13,189	)		(2,152	)		(97,599	)		(3,272	)
Contract charges		(49,990	)		(26,150	)		(26,590	)		(39,602	)		(29,171	)
Contract terminations:
Surrender benefits		(3,451,224	)		(4,222,259	)		(2,363,771	)		(4,632,181	)		(2,019,646	)
Death benefits		(1,097,569	)		(1,125,796	)		(541,681	)		(784,837	)		(1,225,987	)
Increase (decrease) from transactions		(1,130,963	)		(9,052,638	)		1,528,804			(4,563,194	)		(2,610,708	)
Net assets at beginning of year		64,722,923			50,931,510			27,061,011			58,877,623			40,199,883
Net assets at end of year	$	66,072,357		$	43,541,784		$	35,128,973		$	67,844,121		$	40,997,953

Accumulation unit activity
Units outstanding at beginning of year		17,438,148			13,975,178			10,060,351			19,888,100			12,349,992
Units purchased		1,752,928			138,784			1,661,141			381,981			904,197
Units redeemed		(1,941,617	)		(2,659,980	)		(1,101,215	)		(1,780,414	)		(1,641,967	)
Units outstanding at end of year		17,249,459			11,453,982			10,620,277			18,489,667			11,612,222

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



47		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Select Mid Cap Val, Cl 3			Col VP Select Sm Cap Val, Cl 2			Col VP Select Sm Cap Val, Cl 3			Col VP Sel Gbl Tech, Cl 2			Col VP Sm Cap Val, Cl 2
Operations
Investment income (loss) — net	$	(369,973	)	$	(263,665	)	$	(252,646	)	$	(35,305	)	$	(5,191	)
Net realized gain (loss) on sales of investments		3,919,122			547,017			2,019,523			39,757			(3,821	)
Distributions from capital gains		—			—			—			184,896			75,545
Net change in unrealized appreciation (depreciation) of investments		(118,438	)		2,309,135			1,484,165			959,926			151,062
Net increase (decrease) in net assets resulting from operations		3,430,711			2,592,487			3,251,042			1,149,274			217,595

Contract transactions
Contract purchase payments		241,028			1,114,509			268,125			5,241,312			901,009
Net transfers⁽¹⁾		(1,186,890	)		648,677			(431,527	)		345,263			132,910
Transfers for policy loans		7,188			(1,084	)		612			—			—
Adjustments to net assets allocated to contracts in payment period		(5,490	)		(355	)		(9,146	)		—			—
Contract charges		(29,315	)		(22,143	)		(21,891	)		(427	)		(215	)
Contract terminations:
Surrender benefits		(4,315,414	)		(1,302,375	)		(2,556,702	)		(26,879	)		(22,211	)
Death benefits		(759,569	)		(382,540	)		(429,700	)		(32,240	)		(38,153	)
Increase (decrease) from transactions		(6,048,462	)		54,689			(3,180,229	)		5,527,029			973,340
Net assets at beginning of year		42,797,010			22,557,752			29,169,455			980,493			404,164
Net assets at end of year	$	40,179,259		$	25,204,928		$	29,240,268		$	7,656,796		$	1,595,099

Accumulation unit activity
Units outstanding at beginning of year		12,743,523			7,906,049			7,804,987			1,145,945			408,962
Units purchased		88,245			747,346			132,145			6,018,498			1,109,331
Units redeemed		(1,867,356	)		(716,360	)		(969,944	)		(918,969	)		(176,020	)
Units outstanding at end of year		10,964,412			7,937,035			6,967,188			6,245,474			1,342,273

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			48

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Strategic Inc, Cl 2			Col VP US Govt Mtge, Cl 2			Col VP US Govt Mtge, Cl 3			CS Commodity Return, Cl 1			CTIVP AC Div Bond, Cl 2
Operations
Investment income (loss) — net	$	1,745,771		$	221,927		$	687,476		$	2,709,042		$	383,637
Net realized gain (loss) on sales of investments		(2,208,486	)		(595,841	)		(1,339,773	)		(1,757,661	)		(355,487	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		6,175,243			998,723			2,277,490			(2,383,804	)		784,078
Net increase (decrease) in net assets resulting from operations		5,712,528			624,809			1,625,193			(1,432,423	)		812,228

Contract transactions
Contract purchase payments		5,542,181			1,205,052			356,383			104,962			2,142,350
Net transfers⁽¹⁾		2,912,943			(1,295,870	)		140,319			(735,567	)		2,235,440
Transfers for policy loans		(1,962	)		87			9,900			1,464			—
Adjustments to net assets allocated to contracts in payment period		—			(3,277	)		(2,412	)		(989	)		—
Contract charges		(17,013	)		(16,579	)		(28,556	)		(7,877	)		(39,843	)
Contract terminations:
Surrender benefits		(5,115,521	)		(634,433	)		(3,888,027	)		(1,451,161	)		(895,039	)
Death benefits		(1,695,361	)		(402,105	)		(1,005,473	)		(169,649	)		(113,550	)
Increase (decrease) from transactions		1,625,267			(1,147,125	)		(4,417,866	)		(2,258,817	)		3,329,358
Net assets at beginning of year		70,435,881			15,283,045			40,241,502			15,136,544			16,737,956
Net assets at end of year	$	77,773,676		$	14,760,729		$	37,448,829		$	11,445,304		$	20,879,542

Accumulation unit activity
Units outstanding at beginning of year		60,973,747			16,021,201			31,983,695			21,992,569			15,337,665
Units purchased		7,482,764			1,469,138			555,913			192,550			4,043,124
Units redeemed		(6,180,698	)		(2,679,274	)		(4,133,257	)		(3,695,312	)		(990,321	)
Units outstanding at end of year		62,275,813			14,811,065			28,406,351			18,489,807			18,390,468

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



49		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	CTIVP BR Gl Infl Prot Sec, Cl 2			CTIVP BR Gl Infl Prot Sec, Cl 3			CTIVP CenterSquare Real Est, Cl 2			CTIVP MFS Val, Cl 2			CTIVP MS Adv, Cl 2
Operations
Investment income (loss) — net	$	1,818,046		$	3,861,747		$	155,925		$	(784,311	)	$	(251,861	)
Net realized gain (loss) on sales of investments		(1,648,898	)		(4,058,384	)		(1,965,615	)		2,943,503			(314,894	)
Distributions from capital gains		—			—			1,517,497			—			—
Net change in unrealized appreciation (depreciation) of investments		376,933			1,532,624			2,830,171			2,590,017			6,370,301
Net increase (decrease) in net assets resulting from operations		546,081			1,335,987			2,537,978			4,749,209			5,803,546

Contract transactions
Contract purchase payments		1,369,996			185,083			657,033			3,742,706			880,078
Net transfers⁽¹⁾		(3,204,687	)		(1,840,322	)		(1,365,315	)		(694,198	)		(1,108,564	)
Transfers for policy loans		305			4,602			5,751			(5,945	)		—
Adjustments to net assets allocated to contracts in payment period		—			(65,038	)		—			—			—
Contract charges		(6,904	)		(130,085	)		(8,417	)		(55,008	)		(20,342	)
Contract terminations:
Surrender benefits		(1,738,041	)		(4,713,530	)		(1,729,111	)		(5,329,623	)		(1,143,491	)
Death benefits		(187,389	)		(1,050,843	)		(314,230	)		(632,491	)		(440,857	)
Increase (decrease) from transactions		(3,766,720	)		(7,610,133	)		(2,754,289	)		(2,974,559	)		(1,833,176	)
Net assets at beginning of year		24,290,556			51,672,881			22,847,047			73,528,496			20,676,903
Net assets at end of year	$	21,069,917		$	45,398,735		$	22,630,736		$	75,303,146		$	24,647,273

Accumulation unit activity
Units outstanding at beginning of year		20,991,208			36,009,447			11,996,073			22,715,553			6,721,366
Units purchased		1,185,541			131,443			383,275			1,532,349			384,238
Units redeemed		(4,467,205	)		(5,406,974	)		(1,768,118	)		(2,308,957	)		(822,254	)
Units outstanding at end of year		17,709,544			30,733,916			10,611,230			21,938,945			6,283,350

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			50

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	CTIVP Prin Blue Chip Gro, Cl 1			CTIVP Prin Blue Chip Gro, Cl 2			CTIVP T Rowe Price LgCap Val, Cl 2			CTIVP TCW Core Plus Bond, Cl 2			CTIVP Vty Sycamore Estb Val, Cl 2
Operations
Investment income (loss) — net	$	(933,840	)	$	(495,656	)	$	(446,647	)	$	219,972		$	(672,519	)
Net realized gain (loss) on sales of investments		8,496,270			1,697,421			1,344,700			(339,054	)		3,033,840
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		25,393,171			13,447,982			2,280,216			885,623			2,848,490
Net increase (decrease) in net assets resulting from operations		32,955,601			14,649,747			3,178,269			766,541			5,209,811

Contract transactions
Contract purchase payments		757,418			1,989,950			2,493,124			1,185,555			4,858,151
Net transfers⁽¹⁾		(2,813,082	)		993,823			(2,179,006	)		2,784,264			983,429
Transfers for policy loans		9,063			(16,117	)		491			364			(13,839	)
Adjustments to net assets allocated to contracts in payment period		(26,431	)		—			(4,144	)		—			—
Contract charges		(86,688	)		(60,425	)		(49,394	)		(29,012	)		(35,881	)
Contract terminations:
Surrender benefits		(10,252,308	)		(2,438,571	)		(1,825,122	)		(1,019,712	)		(3,445,918	)
Death benefits		(992,761	)		(825,125	)		(553,269	)		(149,427	)		(3,049,515	)
Increase (decrease) from transactions		(13,404,789	)		(356,465	)		(2,117,320	)		2,772,032			(703,573	)
Net assets at beginning of year		92,282,015			39,157,361			41,199,490			15,903,225			61,811,468
Net assets at end of year	$	111,832,827		$	53,450,643		$	42,260,439		$	19,441,798		$	66,317,706

Accumulation unit activity
Units outstanding at beginning of year		47,724,125			10,320,790			14,599,752			15,687,710			15,979,103
Units purchased		349,171			859,255			969,290			3,968,390			1,883,489
Units redeemed		(6,241,809	)		(876,936	)		(1,664,823	)		(1,289,665	)		(1,884,911	)
Units outstanding at end of year		41,831,487			10,303,109			13,904,219			18,366,435			15,977,681

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



51		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	CTIVP Vty Sycamore Estb Val, Cl 3			CTIVP Westfield Mid Cap Gro, Cl 2			Del Ivy VIP Asset Strategy, Cl II			Del VIP for Inc, Serv Cl			Del VIP Intl, Serv Cl
Operations
Investment income (loss) — net	$	(394,615	)	$	(273,636	)	$	125,586		$	31,863		$	134
Net realized gain (loss) on sales of investments		2,640,367			1,030,266			(470,911	)		(200	)		4,595
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,327,813			4,752,196			1,835,419			49,842			56,561
Net increase (decrease) in net assets resulting from operations		3,573,565			5,508,826			1,490,094			81,505			61,290

Contract transactions
Contract purchase payments		339,704			1,354,947			212,999			477,743			399,259
Net transfers⁽¹⁾		321,522			1,000,819			57,955			26,938			23,362
Transfers for policy loans		13,379			(160	)		345			—			—
Adjustments to net assets allocated to contracts in payment period		(21,491	)		—			(17,439	)		—			—
Contract charges		(26,325	)		(19,450	)		(5,359	)		(15	)		(146	)
Contract terminations:
Surrender benefits		(3,669,389	)		(1,330,935	)		(1,223,614	)		(7,909	)		(621	)
Death benefits		(530,874	)		(432,842	)		(460,377	)		—			—
Increase (decrease) from transactions		(3,573,474	)		572,379			(1,435,490	)		496,757			421,854
Net assets at beginning of year		43,663,526			23,010,513			12,502,154			395,568			396,261
Net assets at end of year	$	43,663,617		$	29,091,718		$	12,556,758		$	973,830		$	879,405

Accumulation unit activity
Units outstanding at beginning of year		10,009,941			7,343,765			9,144,724			413,155			432,253
Units purchased		267,858			886,166			408,582			664,381			571,243
Units redeemed		(1,075,445	)		(677,232	)		(1,421,181	)		(165,636	)		(146,536	)
Units outstanding at end of year		9,202,354			7,552,699			8,132,125			911,900			856,960

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			52

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	DWS Alt Asset Alloc VIP, Cl B			EV VT Floating-Rate Inc, Init Cl			Fid VIP Contrafund, Serv Cl 2			Fid VIP Emer Mkts, Serv Cl 2			Fid VIP Energy, Serv Cl 2
Operations
Investment income (loss) — net	$	946,725		$	5,926,310		$	(3,473,208	)	$	20,843		$	28,449
Net realized gain (loss) on sales of investments		(398,678	)		(1,059,027	)		12,330,432			2,336			7
Distributions from capital gains		158,371			—			17,074,886			—			—
Net change in unrealized appreciation (depreciation) of investments		22,619			3,070,864			101,779,074			71,236			(11,655	)
Net increase (decrease) in net assets resulting from operations		729,037			7,938,147			127,711,184			94,415			16,801

Contract transactions
Contract purchase payments		582,531			3,229,648			14,446,728			1,131,540			1,409,677
Net transfers⁽¹⁾		(874,824	)		(4,695,456	)		(2,347,041	)		157,754			98,711
Transfers for policy loans		(1,995	)		(3,688	)		(39,299	)		—			—
Adjustments to net assets allocated to contracts in payment period		(1,536	)		64,663			(111,599	)		—			—
Contract charges		(6,926	)		(62,994	)		(224,574	)		(315	)		(564	)
Contract terminations:
Surrender benefits		(1,210,058	)		(7,811,086	)		(38,914,780	)		(5,487	)		(21,528	)
Death benefits		(549,189	)		(1,471,722	)		(9,544,877	)		(74,515	)		—
Increase (decrease) from transactions		(2,061,997	)		(10,750,635	)		(36,735,442	)		1,208,977			1,486,296
Net assets at beginning of year		17,387,662			83,654,722			416,575,542			589,593			792,121
Net assets at end of year	$	16,054,702		$	80,842,234		$	507,551,284		$	1,892,985		$	2,295,218

Accumulation unit activity
Units outstanding at beginning of year		15,554,996			57,322,006			133,029,082			616,797			681,049
Units purchased		622,577			2,353,414			5,443,171			1,466,189			1,501,408
Units redeemed		(2,443,142	)		(9,365,838	)		(15,321,927	)		(253,842	)		(200,289	)
Units outstanding at end of year		13,734,431			50,309,582			123,150,326			1,829,144			1,982,168

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



53		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Fid VIP Gro & Inc, Serv Cl			Fid VIP Gro & Inc, Serv Cl 2			Fid VIP Gro Opp, Serv Cl 2			Fid VIP Intl Cap Appr, Serv Cl 2			Fid VIP Invest Gr, Serv Cl 2
Operations
Investment income (loss) — net	$	280,544		$	570,860		$	(58,076	)	$	(17,562	)	$	133,013
Net realized gain (loss) on sales of investments		1,407,583			2,823,818			83,582			24,064			(18,143	)
Distributions from capital gains		1,452,803			3,550,988			—			—			—
Net change in unrealized appreciation (depreciation) of investments		3,153,308			7,618,714			1,717,462			470,802			135,010
Net increase (decrease) in net assets resulting from operations		6,294,238			14,564,380			1,742,968			477,304			249,880

Contract transactions
Contract purchase payments		96,212			4,314,998			5,267,365			2,424,182			5,876,157
Net transfers⁽¹⁾		(277,373	)		1,218,274			304,237			351,409			1,045,113
Transfers for policy loans		(6,449	)		2,414			—			(12,314	)		—
Adjustments to net assets allocated to contracts in payment period		(39,053	)		(117,720	)		—			—			—
Contract charges		(10,177	)		(68,766	)		(1,706	)		(482	)		(1,009	)
Contract terminations:
Surrender benefits		(2,589,572	)		(6,601,815	)		(39,154	)		(31,302	)		(120,174	)
Death benefits		(677,786	)		(1,442,204	)		(83,592	)		(48,101	)		(4,901	)
Increase (decrease) from transactions		(3,504,198	)		(2,694,819	)		5,447,150			2,683,392			6,795,186
Net assets at beginning of year		37,405,330			84,649,201			1,499,012			637,278			816,615
Net assets at end of year	$	40,195,370		$	96,518,762		$	8,689,130		$	3,797,974		$	7,861,681

Accumulation unit activity
Units outstanding at beginning of year		10,958,490			23,377,712			1,782,995			689,208			858,518
Units purchased		43,116			2,499,565			6,649,889			3,050,436			7,997,827
Units redeemed		(987,263	)		(2,461,635	)		(1,237,008	)		(472,548	)		(974,155	)
Units outstanding at end of year		10,014,343			23,415,642			7,195,876			3,267,096			7,882,190

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			54

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Fid VIP Mid Cap, Serv Cl			Fid VIP Mid Cap, Serv Cl 2			Fid VIP Overseas, Serv Cl			Fid VIP Overseas, Serv Cl 2			Fid VIP Strategic Inc, Serv Cl 2
Operations
Investment income (loss) — net	$	(206,404	)	$	(1,819,384	)	$	10,201		$	(38,793	)	$	5,250,529
Net realized gain (loss) on sales of investments		753,285			1,137,791			160,574			726,833			(1,871,036	)
Distributions from capital gains		1,645,337			9,229,636			23,844			101,596			—
Net change in unrealized appreciation (depreciation) of investments		5,763,765			33,456,630			1,384,535			5,812,355			8,724,166
Net increase (decrease) in net assets resulting from operations		7,955,983			42,004,673			1,579,154			6,601,991			12,103,659

Contract transactions
Contract purchase payments		338,964			7,737,631			72,785			351,633			6,981,895
Net transfers⁽¹⁾		(987,516	)		(477,499	)		203,875			1,395,479			11,746,750
Transfers for policy loans		(12,625	)		(6,287	)		(702	)		7,084			11,202
Adjustments to net assets allocated to contracts in payment period		(106,185	)		(88,932	)		(4,218	)		(20,606	)		(46,060	)
Contract charges		(16,618	)		(245,541	)		(2,365	)		(27,135	)		(52,502	)
Contract terminations:
Surrender benefits		(4,945,050	)		(27,680,864	)		(543,926	)		(3,083,072	)		(11,967,581	)
Death benefits		(949,620	)		(4,729,729	)		(124,153	)		(307,223	)		(3,160,221	)
Increase (decrease) from transactions		(6,678,650	)		(25,491,221	)		(398,704	)		(1,683,840	)		3,513,483
Net assets at beginning of year		60,814,675			320,728,967			8,317,638			35,279,400			147,369,751
Net assets at end of year	$	62,092,008		$	337,242,419		$	9,498,088		$	40,197,551		$	162,986,893

Accumulation unit activity
Units outstanding at beginning of year		6,629,881			70,982,436			4,330,413			17,219,181			131,771,278
Units purchased		35,267			2,198,142			129,430			850,427			16,502,194
Units redeemed		(725,856	)		(7,421,615	)		(320,867	)		(1,555,971	)		(13,399,563	)
Units outstanding at end of year		5,939,292			65,758,963			4,138,976			16,513,637			134,873,909

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



55		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Frank Global Real Est, Cl 2			Frank Inc, Cl 2			Frank Inc, Cl 4			Frank Mutual Gbl Dis, Cl 4			Frank Mutual Shares, Cl 2
Operations
Investment income (loss) — net	$	914,912		$	2,450,364		$	159,638		$	6,411		$	546,915
Net realized gain (loss) on sales of investments		(2,985,111	)		(904,621	)		(36,630	)		188			(864,981	)
Distributions from capital gains		—			3,740,594			248,183			22,719			5,180,275
Net change in unrealized appreciation (depreciation) of investments		6,568,447			(1,010,665	)		(53,868	)		28,654			2,218,631
Net increase (decrease) in net assets resulting from operations		4,498,248			4,275,672			317,323			57,972			7,080,840

Contract transactions
Contract purchase payments		442,728			358,428			2,997,611			295,544			498,978
Net transfers⁽¹⁾		(1,492,222	)		3,098,268			422,913			11,385			(624,762	)
Transfers for policy loans		16,748			(7,880	)		—			—			14,492
Adjustments to net assets allocated to contracts in payment period		(23,292	)		(723	)		—			—			(9,354	)
Contract charges		(39,731	)		(25,855	)		(582	)		(33	)		(37,173	)
Contract terminations:
Surrender benefits		(4,587,081	)		(5,757,736	)		(118,612	)		(2,232	)		(5,109,510	)
Death benefits		(819,158	)		(1,170,400	)		(60,855	)		—			(597,871	)
Increase (decrease) from transactions		(6,502,008	)		(3,505,898	)		3,240,475			304,664			(5,865,200	)
Net assets at beginning of year		48,212,512			59,977,508			2,476,105			133,837			61,099,068
Net assets at end of year	$	46,208,752		$	60,747,282		$	6,033,903		$	496,473		$	62,314,708

Accumulation unit activity
Units outstanding at beginning of year		22,063,546			41,039,929			2,560,573			134,234			26,190,555
Units purchased		223,061			2,635,031			4,131,800			290,145			316,910
Units redeemed		(3,179,123	)		(4,991,638	)		(887,622	)		(3,408	)		(2,779,631	)
Units outstanding at end of year		19,107,484			38,683,322			5,804,751			420,971			23,727,834

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			56

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Frank Sm Cap Val, Cl 2			Frank Sm Cap Val, Cl 4			GS VIT Mid Cap Val, Inst			GS VIT Multi-Strategy Alt, Advisor			GS VIT Multi-Strategy Alt, Serv
Operations
Investment income (loss) — net	$	(487,776	)	$	(13,172	)	$	150,892		$	505,261		$	61,573
Net realized gain (loss) on sales of investments		(2,761,847	)		(14,187	)		(204,389	)		(35,465	)		(631	)
Distributions from capital gains		6,292,755			112,914			2,549,056			—			—
Net change in unrealized appreciation (depreciation) of investments		9,177,480			197,295			7,840,328			116,023			(8,404	)
Net increase (decrease) in net assets resulting from operations		12,220,612			282,850			10,335,887			585,819			52,538

Contract transactions
Contract purchase payments		938,198			1,641,599			469,796			118,551			647,995
Net transfers⁽¹⁾		(1,334,694	)		69,983			(824,586	)		(17,288	)		13,619
Transfers for policy loans		(7,730	)		—			(19,270	)		95			—
Adjustments to net assets allocated to contracts in payment period		(14,013	)		—			(95,593	)		(235	)		—
Contract charges		(58,303	)		(219	)		(96,894	)		(3,037	)		(63	)
Contract terminations:
Surrender benefits		(9,326,492	)		(20,357	)		(8,509,403	)		(418,753	)		(23,100	)
Death benefits		(1,623,521	)		(36,979	)		(1,327,830	)		(110,672	)		—
Increase (decrease) from transactions		(11,426,555	)		1,654,027			(10,403,780	)		(431,339	)		638,451
Net assets at beginning of year		113,286,298			1,191,677			106,671,178			9,492,903			387,108
Net assets at end of year	$	114,080,355		$	3,128,554		$	106,603,285		$	9,647,383		$	1,078,097

Accumulation unit activity
Units outstanding at beginning of year		25,397,806			1,205,405			15,315,665			10,136,404			401,252
Units purchased		293,290			1,931,125			66,874			368,795			976,904
Units redeemed		(3,034,682	)		(297,741	)		(1,518,676	)		(797,647	)		(326,209	)
Units outstanding at end of year		22,656,414			2,838,789			13,863,863			9,707,552			1,051,947

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



57		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	GS VIT Sm Cap Eq Insights, Inst			GS VIT Sm Cap Eq Insights, Serv			GS VIT U.S. Eq Insights, Inst			Invesco VI Am Fran, Ser I			Invesco VI Am Fran, Ser II
Operations
Investment income (loss) — net	$	7,128		$	1,300		$	(178,754	)	$	(99,018	)	$	(336,176	)
Net realized gain (loss) on sales of investments		(59,121	)		3,582			974,884			(20,315	)		(491,258	)
Distributions from capital gains		—			—			—			264,510			927,174
Net change in unrealized appreciation (depreciation) of investments		788,875			120,930			17,585,883			3,787,309			12,561,760
Net increase (decrease) in net assets resulting from operations		736,882			125,812			18,382,013			3,932,486			12,661,500

Contract transactions
Contract purchase payments		37,118			556,775			358,921			54,097			159,988
Net transfers⁽¹⁾		(81,715	)		59,437			(2,776,771	)		(227,470	)		(1,125,146	)
Transfers for policy loans		(2,110	)		—			7,852			(12,569	)		(930	)
Adjustments to net assets allocated to contracts in payment period		(2,293	)		—			(97,335	)		(1,998	)		(186	)
Contract charges		(1,279	)		(73	)		(125,941	)		(4,026	)		(101,620	)
Contract terminations:
Surrender benefits		(254,249	)		(6,288	)		(6,893,522	)		(836,635	)		(3,133,887	)
Death benefits		(38,748	)		(42,007	)		(860,778	)		(76,854	)		(559,335	)
Increase (decrease) from transactions		(343,276	)		567,844			(10,387,574	)		(1,105,455	)		(4,761,116	)
Net assets at beginning of year		4,208,768			314,234			85,875,174			10,393,050			33,926,383
Net assets at end of year	$	4,602,374		$	1,007,890		$	93,869,613		$	13,220,081		$	41,826,767

Accumulation unit activity
Units outstanding at beginning of year		974,690			330,457			26,351,558			3,864,463			13,038,300
Units purchased		7,842			778,900			109,251			16,910			183,023
Units redeemed		(81,313	)		(207,053	)		(2,999,669	)		(364,831	)		(1,679,877	)
Units outstanding at end of year		901,219			902,304			23,461,140			3,516,542			11,541,446

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			58

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Invesco VI Bal Risk Alloc, Ser II			Invesco VI Comstock, Ser II			Invesco VI Core Eq, Ser I			Invesco VI Core Plus Bond, Ser II			Invesco VI Dis Mid Cap Gro, Ser I
Operations
Investment income (loss) — net	$	(318,742	)	$	610,999		$	(342,839	)	$	49,862		$	(132,483	)
Net realized gain (loss) on sales of investments		(2,135,605	)		3,511,727			153,797			(708	)		(480,650	)
Distributions from capital gains		—			10,464,407			1,525,363			—			—
Net change in unrealized appreciation (depreciation) of investments		3,975,794			(4,788,714	)		11,415,882			92,712			2,403,706
Net increase (decrease) in net assets resulting from operations		1,521,447			9,798,419			12,752,203			141,866			1,790,573

Contract transactions
Contract purchase payments		1,658,017			2,425,627			295,397			3,025,793			94,747
Net transfers⁽¹⁾		(2,090,187	)		(1,590,476	)		(237,978	)		245,034			20,718
Transfers for policy loans		(1,329	)		17,299			35,058			—			6,035
Adjustments to net assets allocated to contracts in payment period		(22,170	)		(30,777	)		(78,405	)		—			(9,494	)
Contract charges		(12,008	)		(176,080	)		(29,801	)		(176	)		(7,925	)
Contract terminations:
Surrender benefits		(3,132,385	)		(8,313,996	)		(4,906,245	)		(43,505	)		(1,118,807	)
Death benefits		(952,689	)		(1,850,318	)		(993,425	)		—			(251,932	)
Increase (decrease) from transactions		(4,552,751	)		(9,518,721	)		(5,915,399	)		3,227,146			(1,266,658	)
Net assets at beginning of year		32,128,877			95,536,227			61,007,102			366,409			15,420,735
Net assets at end of year	$	29,097,573		$	95,815,925		$	67,843,906		$	3,735,421		$	15,944,650

Accumulation unit activity
Units outstanding at beginning of year		26,236,118			27,918,335			13,894,125			387,399			12,594,030
Units purchased		1,604,350			1,005,802			68,600			3,703,474			192,342
Units redeemed		(5,324,161	)		(3,610,555	)		(1,278,681	)		(309,336	)		(1,177,897	)
Units outstanding at end of year		22,516,307			25,313,582			12,684,044			3,781,537			11,608,475

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



59		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Invesco VI Dis Mid Cap Gro, Ser II			Invesco VI Div Divd, Ser I			Invesco VI Div Divd, Ser II			Invesco VI EQV Intl Eq, Ser II			Invesco VI Global, Ser II
Operations
Investment income (loss) — net	$	(92,024	)	$	194,038		$	67,781		$	(338,583	)	$	(1,133,806	)
Net realized gain (loss) on sales of investments		(512,514	)		186,887			70,051			13,689			(1,198,088	)
Distributions from capital gains		—			1,444,228			797,691			27,829			13,436,243
Net change in unrealized appreciation (depreciation) of investments		1,720,511			(478,989	)		(235,363	)		6,143,135			21,378,963
Net increase (decrease) in net assets resulting from operations		1,115,973			1,346,164			700,160			5,846,070			32,483,312

Contract transactions
Contract purchase payments		84,546			122,113			83,814			324,258			2,129,132
Net transfers⁽¹⁾		(185,962	)		(694,976	)		(726,726	)		(607,288	)		(4,613,298	)
Transfers for policy loans		(1,039	)		4,557			660			(6,712	)		8,331
Adjustments to net assets allocated to contracts in payment period		—			(11,646	)		(4,305	)		(9,793	)		(47,988	)
Contract charges		(6,547	)		(10,774	)		(6,472	)		(33,367	)		(66,312	)
Contract terminations:
Surrender benefits		(770,433	)		(1,614,520	)		(1,029,073	)		(3,438,061	)		(7,820,569	)
Death benefits		(42,968	)		(336,142	)		(158,464	)		(384,103	)		(2,263,305	)
Increase (decrease) from transactions		(922,403	)		(2,541,388	)		(1,840,566	)		(4,155,066	)		(12,674,009	)
Net assets at beginning of year		9,954,252			18,878,172			10,597,641			36,629,567			103,292,568
Net assets at end of year	$	10,147,822		$	17,682,948		$	9,457,235		$	38,320,571		$	123,101,871

Accumulation unit activity
Units outstanding at beginning of year		8,247,175			7,439,427			4,379,034			19,003,021			37,551,702
Units purchased		149,876			67,284			34,509			220,718			665,299
Units redeemed		(877,421	)		(1,065,058	)		(789,405	)		(2,215,843	)		(4,655,928	)
Units outstanding at end of year		7,519,630			6,441,653			3,624,138			17,007,896			33,561,073

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			60

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Invesco VI Gbl Strat Inc, Ser II			Invesco VI Hlth, Ser II			Invesco VI Main St, Ser II			Invesco VI Mn St Sm Cap, Ser II			Invesco VI Tech, Ser I
Operations
Investment income (loss) — net	$	(1,150,235	)	$	(302,952	)	$	(11,607	)	$	(42,159	)	$	(190,627	)
Net realized gain (loss) on sales of investments		(3,807,098	)		(865,319	)		(251,042	)		229,679			(703,243	)
Distributions from capital gains		—			—			154,713			—			—
Net change in unrealized appreciation (depreciation) of investments		14,001,482			1,636,808			561,374			13,919,391			9,090,869
Net increase (decrease) in net assets resulting from operations		9,044,149			468,537			453,438			14,106,911			8,196,999

Contract transactions
Contract purchase payments		783,164			307,915			96,919			3,319,533			153,179
Net transfers⁽¹⁾		1,593,976			(1,255,884	)		(153,317	)		2,974,602			352,722
Transfers for policy loans		17,861			3,404			—			(20,095	)		(2,855	)
Adjustments to net assets allocated to contracts in payment period		76,127			(23,104	)		11,648			(17,006	)		(3,735	)
Contract charges		(160,009	)		(19,351	)		(1,614	)		(43,928	)		(27,647	)
Contract terminations:
Surrender benefits		(11,206,104	)		(3,870,832	)		(224,719	)		(6,274,306	)		(2,199,604	)
Death benefits		(2,684,603	)		(271,522	)		(178,618	)		(1,210,875	)		(284,818	)
Increase (decrease) from transactions		(11,579,588	)		(5,129,374	)		(449,701	)		(1,272,075	)		(2,012,758	)
Net assets at beginning of year		126,018,115			36,734,266			2,295,030			85,386,232			18,661,976
Net assets at end of year	$	123,482,676		$	32,073,429		$	2,298,767		$	98,221,068		$	24,846,217

Accumulation unit activity
Units outstanding at beginning of year		85,983,628			11,723,563			1,596,828			23,898,490			8,033,146
Units purchased		1,883,080			103,196			61,958			1,754,561			186,760
Units redeemed		(9,674,331	)		(1,772,329	)		(351,948	)		(2,180,886	)		(889,830	)
Units outstanding at end of year		78,192,377			10,054,430			1,306,838			23,472,165			7,330,076

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



61		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Invesco VI Tech, Ser II			Janus Henderson VIT Bal, Serv			Janus Henderson VIT Enter, Serv			Janus Henderson VIT Flex Bd, Serv			Janus Henderson VIT Forty, Serv
Operations
Investment income (loss) — net	$	(19,311	)	$	936,227		$	(103,896	)	$	1,460,489		$	(12,079	)
Net realized gain (loss) on sales of investments		4,058			826,589			231,609			(1,158,227	)		12,967
Distributions from capital gains		—			—			1,082,670			—			—
Net change in unrealized appreciation (depreciation) of investments		654,579			14,202,594			988,480			1,897,360			411,040
Net increase (decrease) in net assets resulting from operations		639,326			15,965,410			2,198,863			2,199,622			411,928

Contract transactions
Contract purchase payments		1,820,825			10,830,370			71,688			2,681,680			1,138,832
Net transfers⁽¹⁾		536,403			3,121,125			(81,903	)		7,051,266			429,266
Transfers for policy loans		—			1,288			(6,665	)		1,887			—
Adjustments to net assets allocated to contracts in payment period		—			389,266			(6,417	)		(5,907	)		—
Contract charges		(541	)		(42,816	)		(5,231	)		(15,785	)		(707	)
Contract terminations:
Surrender benefits		(36,042	)		(7,763,226	)		(1,138,309	)		(3,845,022	)		(29,601	)
Death benefits		(41,736	)		(4,106,614	)		(269,519	)		(985,909	)		—
Increase (decrease) from transactions		2,278,909			2,429,393			(1,436,356	)		4,882,210			1,537,790
Net assets at beginning of year		489,639			113,815,583			13,771,867			49,951,385			477,226
Net assets at end of year	$	3,407,874		$	132,210,386		$	14,534,374		$	57,033,217		$	2,426,944

Accumulation unit activity
Units outstanding at beginning of year		609,554			88,215,273			5,342,739			49,715,333			550,417
Units purchased		2,734,257			10,819,265			25,553			9,598,342			1,511,491
Units redeemed		(414,428	)		(9,423,362	)		(540,306	)		(4,852,431	)		(30,732	)
Units outstanding at end of year		2,929,383			89,611,176			4,827,986			54,461,244			2,031,176

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			62

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Janus Hend VIT Gbl Tech Innov, Srv			Janus Henderson VIT Overseas, Serv			Janus Henderson VIT Res, Serv			Lazard Ret Emer Mkts Eq, Serv			Lazard Ret Global Dyn MA, Serv
Operations
Investment income (loss) — net	$	(239,033	)	$	114,585		$	(493,139	)	$	10,671		$	(116,244	)
Net realized gain (loss) on sales of investments		522,945			311,872			1,023,542			525			(338,719	)
Distributions from capital gains		—			—			—			—			609,672
Net change in unrealized appreciation (depreciation) of investments		11,337,753			1,379,979			17,126,752			19,309			812,664
Net increase (decrease) in net assets resulting from operations		11,621,665			1,806,436			17,657,155			30,505			967,373

Contract transactions
Contract purchase payments		1,650,598			1,056,454			378,346			304,997			238,620
Net transfers⁽¹⁾		702,170			(32,911	)		1,947,267			19,056			(917,873	)
Transfers for policy loans		(1,578	)		6,773			5,342			—			—
Adjustments to net assets allocated to contracts in payment period		(17,951	)		(9,386	)		(8,339	)		—			—
Contract charges		(11,512	)		(9,261	)		(48,035	)		(61	)		(5,300	)
Contract terminations:
Surrender benefits		(1,957,281	)		(1,545,008	)		(3,436,331	)		(11,276	)		(752,141	)
Death benefits		(296,193	)		(139,211	)		(821,164	)		(10,681	)		(1,151,142	)
Increase (decrease) from transactions		68,253			(672,550	)		(1,982,914	)		302,035			(2,587,836	)
Net assets at beginning of year		22,289,861			19,075,426			43,310,938			41,692			11,621,587
Net assets at end of year	$	33,979,779		$	20,209,312		$	58,985,179		$	374,232		$	10,001,124

Accumulation unit activity
Units outstanding at beginning of year		9,650,007			10,668,442			15,712,470			43,344			8,730,609
Units purchased		900,228			1,016,717			880,373			423,834			176,065
Units redeemed		(955,521	)		(1,163,712	)		(1,430,297	)		(135,639	)		(2,073,123	)
Units outstanding at end of year		9,594,714			10,521,447			15,162,546			331,539			6,833,551

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



63		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Lord Abt Bond Debenture, Cl VC			Lord Abt Short Dur Inc, Cl VC			LVIP JPM US Eq, Serv Cl⁽²⁾			MFS Gbl Real Est, Serv Cl			MFS Intl Gro, Serv Cl
Operations
Investment income (loss) — net	$	140,215		$	329,240		$	(68	)	$	(3,320	)	$	1,611
Net realized gain (loss) on sales of investments		3,217			3,076			7,272			(12,434	)		(16,685	)
Distributions from capital gains		—			—			16,823			50,027			62,895
Net change in unrealized appreciation (depreciation) of investments		954			(85,833	)		479,290			51,704			138,423
Net increase (decrease) in net assets resulting from operations		144,386			246,483			503,317			85,977			186,244

Contract transactions
Contract purchase payments		2,050,225			6,076,160			64,875			517,860			1,895,254
Net transfers⁽¹⁾		238,760			322,618			3,276,923			76,575			341,042
Transfers for policy loans		—			—			—			—			—
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(181	)		(615	)		(1,748	)		(277	)		(327	)
Contract terminations:
Surrender benefits		(41,362	)		(205,693	)		(19,001	)		(3,413	)		(14,365	)
Death benefits		(43,199	)		(5,018	)		(5,394	)		(41,481	)		(42,739	)
Increase (decrease) from transactions		2,204,243			6,187,452			3,315,655			549,264			2,178,865
Net assets at beginning of year		887,185			2,272,940			—			394,109			596,758
Net assets at end of year	$	3,235,814		$	8,706,875		$	3,818,972		$	1,029,350		$	2,961,867

Accumulation unit activity
Units outstanding at beginning of year		935,199			2,325,756			—			483,095			610,660
Units purchased		2,537,100			7,982,880			3,301,977			812,119			2,390,983
Units redeemed		(235,721	)		(1,743,435	)		(23,389	)		(147,036	)		(321,708	)
Units outstanding at end of year		3,236,578			8,565,201			3,278,588			1,148,178			2,679,935

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

⁽²⁾	For the period April 28, 2023 (commencement of operations) to December 31, 2023.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			64

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	MFS Mass Inv Gro Stock, Serv Cl			MFS New Dis, Serv Cl			MFS Research Intl, Serv Cl			MFS Utilities, Serv Cl			MS VIF Dis, Cl II
Operations
Investment income (loss) — net	$	(569,959	)	$	(249,386	)	$	(943	)	$	3,228,424		$	(592,822	)
Net realized gain (loss) on sales of investments		355,600			(1,593,620	)		3,375			2,454,215			(14,104,439	)
Distributions from capital gains		3,515,571			—			—			7,654,458			—
Net change in unrealized appreciation (depreciation) of investments		10,417,133			5,499,874			106,861			(18,558,050	)		35,215,699
Net increase (decrease) in net assets resulting from operations		13,718,345			3,656,868			109,293			(5,220,953	)		20,518,438

Contract transactions
Contract purchase payments		404,279			204,068			1,140,993			2,662,775			3,275,137
Net transfers⁽¹⁾		(2,023,300	)		26,809			196,489			(6,036,041	)		(874,578	)
Transfers for policy loans		(5,317	)		184			—			17,236			19,310
Adjustments to net assets allocated to contracts in payment period		(104,603	)		(17,473	)		—			8,527			(9,005	)
Contract charges		(31,208	)		(18,993	)		(485	)		(79,670	)		(31,501	)
Contract terminations:
Surrender benefits		(5,103,739	)		(2,144,205	)		(12,872	)		(13,095,261	)		(3,839,304	)
Death benefits		(788,515	)		(211,549	)		(35,613	)		(2,517,699	)		(643,990	)
Increase (decrease) from transactions		(7,652,403	)		(2,161,159	)		1,288,512			(19,040,133	)		(2,103,931	)
Net assets at beginning of year		63,984,791			28,557,521			423,375			153,187,598			48,221,137
Net assets at end of year	$	70,050,733		$	30,053,230		$	1,821,180		$	128,926,512		$	66,635,644

Accumulation unit activity
Units outstanding at beginning of year		29,550,481			8,687,944			438,816			35,725,316			19,127,522
Units purchased		231,267			115,926			1,523,620			673,877			1,555,529
Units redeemed		(3,358,394	)		(729,494	)		(269,384	)		(5,524,467	)		(2,162,085	)
Units outstanding at end of year		26,423,354			8,074,376			1,693,052			30,874,726			18,520,966

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



65		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	MS VIF Global Real Est, Cl II			NB AMT Intl Eq, Cl S			NB AMT Sus Eq, Cl S			NB AMT US Eq Index PW Strat, Cl S			PIMCO VIT All Asset, Advisor Cl
Operations
Investment income (loss) — net	$	123,494		$	(67,009	)	$	(143,163	)	$	(83,720	)	$	927,616
Net realized gain (loss) on sales of investments		(492,275	)		(391,905	)		270,513			(149,885	)		(1,496,328	)
Distributions from capital gains		—			—			248,900			—			—
Net change in unrealized appreciation (depreciation) of investments		1,457,208			1,341,067			3,126,696			1,279,047			3,939,797
Net increase (decrease) in net assets resulting from operations		1,088,427			882,153			3,502,946			1,045,442			3,371,085

Contract transactions
Contract purchase payments		115,145			59,189			1,305,620			453,883			1,330,749
Net transfers⁽¹⁾		(320,503	)		(405,274	)		216,708			254,144			(1,022,525	)
Transfers for policy loans		5,738			1,615			7,304			18			7,729
Adjustments to net assets allocated to contracts in payment period		(2,549	)		9,751			—			(49	)		13,380
Contract charges		(13,196	)		(9,039	)		(5,843	)		(1,987	)		(45,914	)
Contract terminations:
Surrender benefits		(1,028,621	)		(628,292	)		(897,546	)		(368,237	)		(4,458,273	)
Death benefits		(143,854	)		(164,661	)		(210,042	)		(180,492	)		(845,225	)
Increase (decrease) from transactions		(1,387,840	)		(1,136,711	)		416,201			157,280			(5,020,079	)
Net assets at beginning of year		12,631,559			7,668,536			13,471,303			7,542,087			51,711,024
Net assets at end of year	$	12,332,146		$	7,413,978		$	17,390,450		$	8,744,809		$	50,062,030

Accumulation unit activity
Units outstanding at beginning of year		10,342,018			5,709,340			4,438,590			6,788,245			28,885,610
Units purchased		137,066			62,128			585,460			767,157			798,944
Units redeemed		(1,254,409	)		(862,844	)		(466,518	)		(647,892	)		(3,512,243	)
Units outstanding at end of year		9,224,675			4,908,624			4,557,532			6,907,510			26,172,311

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			66

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	PIMCO VIT Glb Man As Alloc, Adv Cl			PIMCO VIT Tot Return, Advisor Cl			Put VT Global Hlth Care, Cl IB			Put VT Intl Eq, Cl IB			Put VT Intl Val, Cl IB
Operations
Investment income (loss) — net	$	57,816		$	1,371,278		$	(131,328	)	$	(80,558	)	$	(2,195	)
Net realized gain (loss) on sales of investments		(422,247	)		(1,214,974	)		34,344			39,639			4,144
Distributions from capital gains		—			—			1,794,273			—			—
Net change in unrealized appreciation (depreciation) of investments		975,568			2,498,188			146,844			1,616,454			206,343
Net increase (decrease) in net assets resulting from operations		611,137			2,654,492			1,844,133			1,575,535			208,292

Contract transactions
Contract purchase payments		34,832			4,163,667			2,167,064			83,484			1,813,230
Net transfers⁽¹⁾		19,302			5,219,629			(504,586	)		208,269			329,305
Transfers for policy loans		888			2,088			(7,296	)		(2,333	)		—
Adjustments to net assets allocated to contracts in payment period		(422	)		—			(7,689	)		(2,170	)		—
Contract charges		(1,362	)		(14,861	)		(15,764	)		(6,466	)		(291	)
Contract terminations:
Surrender benefits		(217,268	)		(3,822,401	)		(1,712,827	)		(915,558	)		(13,269	)
Death benefits		(642,904	)		(739,302	)		(441,058	)		(55,389	)		(59,782	)
Increase (decrease) from transactions		(806,934	)		4,808,820			(522,156	)		(690,163	)		2,069,193
Net assets at beginning of year		5,604,815			52,772,850			23,142,670			9,302,570			274,802
Net assets at end of year	$	5,409,018		$	60,236,162		$	24,464,647		$	10,187,942		$	2,552,287

Accumulation unit activity
Units outstanding at beginning of year		4,495,446			54,368,697			5,651,631			4,961,061			269,952
Units purchased		484,700			9,884,784			1,163,426			155,280			2,346,093
Units redeemed		(1,094,053	)		(5,028,443	)		(754,885	)		(493,935	)		(475,310	)
Units outstanding at end of year		3,886,093			59,225,038			6,060,172			4,622,406			2,140,735

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



67		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Put VT Lg Cap Val, Cl IB			Put VT Sus Fut, Cl IB			Put VT Sus Leaders, Cl IA			Put VT Sus Leaders, Cl IB			Royce Micro-Cap, Invest Cl
Operations
Investment income (loss) — net	$	16,728		$	(4,308	)	$	(367,667	)	$	(107,922	)	$	(84,984	)
Net realized gain (loss) on sales of investments		(10,269	)		3,197			1,207,144			493,134			(115,970	)
Distributions from capital gains		166,739			—			2,195,371			988,753			—
Net change in unrealized appreciation (depreciation) of investments		516,026			233,836			13,009,176			5,768,083			1,880,305
Net increase (decrease) in net assets resulting from operations		689,224			232,725			16,044,024			7,142,048			1,679,351

Contract transactions
Contract purchase payments		4,305,556			1,394,095			238,843			2,013,995			82,426
Net transfers⁽¹⁾		626,543			19,412			(242,132	)		(289,434	)		(157,623	)
Transfers for policy loans		—			—			26,707			16,646			(1,221	)
Adjustments to net assets allocated to contracts in payment period		—			—			(96,073	)		(7,038	)		(6,821	)
Contract charges		(747	)		(165	)		(30,491	)		(16,189	)		(3,131	)
Contract terminations:
Surrender benefits		(59,191	)		(2,197	)		(4,935,557	)		(2,116,482	)		(845,428	)
Death benefits		(170,576	)		—			(1,321,037	)		(329,049	)		(27,841	)
Increase (decrease) from transactions		4,701,585			1,411,145			(6,359,740	)		(727,551	)		(959,639	)
Net assets at beginning of year		1,755,770			26,657			67,887,266			29,066,321			10,011,437
Net assets at end of year	$	7,146,579		$	1,670,527		$	77,571,550		$	35,480,818		$	10,731,149

Accumulation unit activity
Units outstanding at beginning of year		1,743,796			29,184			13,259,614			7,391,621			1,702,158
Units purchased		5,259,731			2,267,262			47,457			2,431,573			13,195
Units redeemed		(800,746	)		(801,216	)		(1,170,502	)		(965,527	)		(166,007	)
Units outstanding at end of year		6,202,781			1,495,230			12,136,569			8,857,667			1,549,346

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			68

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Temp Global Bond, Cl 2			Third Ave VST Third Ave Value			VanEck VIP Global Gold, Cl S			VP Aggr, Cl 2			VP Aggr, Cl 4
Operations
Investment income (loss) — net	$	(189,531	)	$	157,749		$	(314,762	)	$	(7,560,892	)	$	(3,897,971	)
Net realized gain (loss) on sales of investments		(1,341,600	)		320,155			(438,280	)		49,793,135			31,974,076
Distributions from capital gains		—			685,181			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,801,129			757,797			3,273,418			71,488,050			35,201,396
Net increase (decrease) in net assets resulting from operations		269,998			1,920,882			2,520,376			113,720,293			63,277,501

Contract transactions
Contract purchase payments		131,440			56,331			1,301,837			32,651,390			3,850,156
Net transfers⁽¹⁾		(1,998,064	)		(76,581	)		1,226,441			(39,984,129	)		(15,196,666	)
Transfers for policy loans		(1,697	)		1,714			(2,669	)		170,766			37,372
Adjustments to net assets allocated to contracts in payment period		—			(16,928	)		—			(45,534	)		—
Contract charges		(6,227	)		(3,509	)		(9,147	)		(3,829,829	)		(2,153,271	)
Contract terminations:
Surrender benefits		(1,405,938	)		(745,427	)		(2,652,483	)		(49,989,037	)		(33,928,750	)
Death benefits		(158,822	)		(109,126	)		(269,345	)		(8,879,020	)		(2,310,888	)
Increase (decrease) from transactions		(3,439,308	)		(893,526	)		(405,366	)		(69,905,393	)		(49,702,047	)
Net assets at beginning of year		20,670,965			10,107,318			27,791,285			745,332,291			417,888,455
Net assets at end of year	$	17,501,655		$	11,134,674		$	29,906,295		$	789,147,191		$	431,463,909

Accumulation unit activity
Units outstanding at beginning of year		25,465,571			2,165,547			28,069,668			353,189,740			195,567,016
Units purchased		178,817			24,530			3,006,810			18,094,606			2,560,531
Units redeemed		(4,440,088	)		(197,135	)		(3,394,366	)		(47,596,582	)		(24,241,294	)
Units outstanding at end of year		21,204,300			1,992,942			27,682,112			323,687,764			173,886,253

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



69		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP Conserv, Cl 2			VP Conserv, Cl 4			VP Man Risk, Cl 2			VP Man Risk US, Cl 2			VP Man Vol Conserv, Cl 2
Operations
Investment income (loss) — net	$	(4,578,937	)	$	(2,882,039	)	$	(2,182,104	)	$	(3,436,923	)	$	(5,460,446	)
Net realized gain (loss) on sales of investments		4,254,856			7,694,859			1,368,065			3,091,411			269,554
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		31,660,461			16,195,936			24,240,754			44,368,796			39,819,965
Net increase (decrease) in net assets resulting from operations		31,336,380			21,008,756			23,426,715			44,023,284			34,629,073

Contract transactions
Contract purchase payments		8,166,753			320,318			532,955			5,572,904			4,563,801
Net transfers⁽¹⁾		10,997,395			4,418,656			13,153,740			(2,215,445	)		3,814,012
Transfers for policy loans		11,871			23,233			5,755			430			9,307
Adjustments to net assets allocated to contracts in payment period		(102,471	)		—			(7,387	)		(48,964	)		(22,191	)
Contract charges		(4,040,948	)		(2,198,473	)		(3,689,270	)		(5,563,555	)		(9,487,020	)
Contract terminations:
Surrender benefits		(48,298,066	)		(34,489,089	)		(8,688,265	)		(12,266,638	)		(47,983,167	)
Death benefits		(13,226,081	)		(8,565,114	)		(1,843,881	)		(1,520,336	)		(7,879,842	)
Increase (decrease) from transactions		(46,491,547	)		(40,490,469	)		(536,353	)		(16,041,604	)		(56,985,100	)
Net assets at beginning of year		453,757,110			309,416,320			209,643,363			338,221,212			548,638,965
Net assets at end of year	$	438,601,943		$	289,934,607		$	232,533,725		$	366,202,892		$	526,282,938

Accumulation unit activity
Units outstanding at beginning of year		364,057,563			246,692,247			196,285,934			289,530,601			510,679,345
Units purchased		17,778,123			3,756,888			12,801,416			8,101,797			20,238,693
Units redeemed		(54,207,584	)		(35,085,576	)		(13,249,793	)		(21,267,259	)		(72,611,913	)
Units outstanding at end of year		327,628,102			215,363,559			195,837,557			276,365,139			458,306,125

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			70

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP Man Vol Conserv Gro, Cl 2			VP Man Vol Gro, Cl 2			VP Man Vol Mod Gro, Cl 2			VP Mod, Cl 2			VP Mod, Cl 4
Operations
Investment income (loss) — net	$	(11,005,252	)	$	(99,076,462	)	$	(111,900,425	)	$	(63,252,979	)	$	(46,408,888	)
Net realized gain (loss) on sales of investments		20,715,314			229,224,709			335,899,978			212,565,035			297,810,487
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		82,228,480			1,142,663,417			955,847,612			563,163,625			300,048,867
Net increase (decrease) in net assets resulting from operations		91,938,542			1,272,811,664			1,179,847,165			712,475,681			551,450,466

Contract transactions
Contract purchase payments		4,253,569			16,997,454			39,585,097			103,983,427			5,870,450
Net transfers⁽¹⁾		3,700,351			(44,268,591	)		(97,982,335	)		166,516,439			18,870,169
Transfers for policy loans		(36,262	)		23,015			(32,011	)		95,890			277,045
Adjustments to net assets allocated to contracts in payment period		(109,678	)		(162,610	)		125,895			(248,808	)		—
Contract charges		(17,804,686	)		(167,389,262	)		(186,915,793	)		(70,644,546	)		(37,759,131	)
Contract terminations:
Surrender benefits		(71,911,628	)		(468,345,058	)		(742,849,567	)		(525,716,853	)		(438,989,203	)
Death benefits		(17,895,736	)		(57,454,157	)		(102,235,394	)		(96,818,316	)		(97,920,141	)
Increase (decrease) from transactions		(99,804,070	)		(720,599,209	)		(1,090,304,108	)		(422,832,767	)		(549,650,811	)
Net assets at beginning of year		1,094,440,598			9,852,364,491			11,208,243,941			6,245,287,406			4,942,959,274
Net assets at end of year	$	1,086,575,070		$	10,404,576,946		$	11,297,786,998		$	6,534,930,320		$	4,944,758,929

Accumulation unit activity
Units outstanding at beginning of year		938,364,051			7,214,937,167			8,355,741,886			3,731,168,083			2,930,321,505
Units purchased		41,678,760			144,870,290			201,381,194			170,978,714			15,466,745
Units redeemed		(125,097,080	)		(650,335,568	)		(1,000,784,915	)		(411,250,196	)		(325,677,645	)
Units outstanding at end of year		854,945,731			6,709,471,889			7,556,338,165			3,490,896,601			2,620,110,605

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



71		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP Mod Aggr, Cl 2			VP Mod Aggr, Cl 4			VP Mod Conserv, Cl 2			VP Mod Conserv, Cl 4			VP Ptnrs Core Bond, Cl 2
Operations
Investment income (loss) — net	$	(20,960,851	)	$	(12,100,878	)	$	(10,408,643	)	$	(7,942,928	)	$	216,561
Net realized gain (loss) on sales of investments		147,698,640			104,020,729			32,101,439			44,602,183			(340,520	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		145,760,560			76,870,038			69,654,283			36,847,861			867,894
Net increase (decrease) in net assets resulting from operations		272,498,349			168,789,889			91,347,079			73,507,116			743,935

Contract transactions
Contract purchase payments		61,894,499			8,230,838			23,155,088			940,661			1,713,619
Net transfers⁽¹⁾		(143,626,507	)		(42,412,202	)		702,773			(1,678,269	)		1,177,268
Transfers for policy loans		18,112			(56,140	)		24,494			31,030			217
Adjustments to net assets allocated to contracts in payment period		(284,558	)		—			97,739			—			—
Contract charges		(10,164,166	)		(5,809,035	)		(8,258,053	)		(5,572,457	)		(20,118	)
Contract terminations:
Surrender benefits		(161,080,249	)		(120,676,822	)		(81,860,321	)		(77,927,394	)		(812,477	)
Death benefits		(21,473,704	)		(12,078,084	)		(29,800,483	)		(24,983,666	)		(281,115	)
Increase (decrease) from transactions		(274,716,573	)		(172,801,445	)		(95,938,763	)		(109,190,095	)		1,777,394
Net assets at beginning of year		2,119,615,610			1,312,157,046			1,025,805,453			843,639,695			13,251,918
Net assets at end of year	$	2,117,397,386		$	1,308,145,490		$	1,021,213,769		$	807,956,716		$	15,773,247

Accumulation unit activity
Units outstanding at beginning of year		1,127,205,675			689,542,042			712,620,514			581,044,419			12,422,804
Units purchased		33,287,609			4,101,012			24,284,852			1,719,630			2,889,972
Units redeemed		(170,157,107	)		(89,694,891	)		(88,903,304	)		(74,218,300	)		(1,202,813	)
Units outstanding at end of year		990,336,177			603,948,163			648,002,062			508,545,749			14,109,963

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			72

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP Ptnrs Core Eq, Cl 2			VP Ptnrs Core Eq, Cl 3			VP Ptnrs Intl Core Eq, Cl 2			VP Ptnrs Intl Gro, Cl 2			VP Ptnrs Intl Val, Cl 2
Operations
Investment income (loss) — net	$	(120,269	)	$	(163,432	)	$	13,132		$	(272,347	)	$	199,847
Net realized gain (loss) on sales of investments		748,111			2,339,928			(235,214	)		(504,829	)		(68,098	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,590,503			1,604,860			2,765,971			4,829,890			3,307,113
Net increase (decrease) in net assets resulting from operations		2,218,345			3,781,356			2,543,889			4,052,714			3,438,862

Contract transactions
Contract purchase payments		308,256			64,362			603,522			879,142			1,171,799
Net transfers⁽¹⁾		141,470			(415,677	)		2,515,960			(793,183	)		25,853
Transfers for policy loans		(2,598	)		14,494			101			(12,045	)		206
Adjustments to net assets allocated to contracts in payment period		—			(5,067	)		—			—			—
Contract charges		(11,342	)		(34,499	)		(25,835	)		(24,852	)		(19,659	)
Contract terminations:
Surrender benefits		(1,140,605	)		(2,139,909	)		(629,930	)		(1,755,503	)		(1,199,746	)
Death benefits		(115,909	)		(329,214	)		(66,588	)		(385,586	)		(1,256,475	)
Increase (decrease) from transactions		(820,728	)		(2,845,510	)		2,397,230			(2,092,027	)		(1,278,022	)
Net assets at beginning of year		10,090,334			17,356,032			15,089,897			31,851,194			22,303,750
Net assets at end of year	$	11,487,951		$	18,291,878		$	20,031,016		$	33,811,881		$	24,464,590

Accumulation unit activity
Units outstanding at beginning of year		3,470,422			6,635,410			10,608,988			20,431,865			18,872,159
Units purchased		155,049			64,719			1,989,708			609,605			1,222,459
Units redeemed		(414,687	)		(1,036,963	)		(469,595	)		(1,899,321	)		(2,229,111	)
Units outstanding at end of year		3,210,784			5,663,166			12,129,101			19,142,149			17,865,507

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



73		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP Ptnrs Sm Cap Gro, Cl 2			VP Ptnrs Sm Cap Val, Cl 2			VP Ptnrs Sm Cap Val, Cl 3			VP US Flex Conserv Gro, Cl 2			VP US Flex Gro, Cl 2
Operations
Investment income (loss) — net	$	(155,988	)	$	(113,552	)	$	(399,920	)	$	(2,990,686	)	$	(34,054,592	)
Net realized gain (loss) on sales of investments		(37,569	)		85,675			3,168,574			1,525,315			34,522,187
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,033,088			1,041,619			1,825,394			29,951,884			505,577,431
Net increase (decrease) in net assets resulting from operations		839,531			1,013,742			4,594,048			28,486,513			506,045,026

Contract transactions
Contract purchase payments		1,238,627			553,396			294,428			4,049,696			10,175,065
Net transfers⁽¹⁾		539,253			(431,385	)		307,913			12,398,063			48,374,854
Transfers for policy loans		114			83			688			888			6,319
Adjustments to net assets allocated to contracts in payment period		—			—			(36,954	)		(18,962	)		—
Contract charges		(25,566	)		(18,999	)		(93,595	)		(4,598,699	)		(59,981,855	)
Contract terminations:
Surrender benefits		(622,049	)		(346,015	)		(4,039,812	)		(17,781,399	)		(130,090,437	)
Death benefits		(401,515	)		(135,771	)		(858,101	)		(3,709,241	)		(19,298,932	)
Increase (decrease) from transactions		728,864			(378,691	)		(4,425,433	)		(9,659,654	)		(150,814,986	)
Net assets at beginning of year		14,255,621			10,580,861			47,331,726			282,912,330			3,322,897,778
Net assets at end of year	$	15,824,016		$	11,215,912		$	47,500,341		$	301,739,189		$	3,678,127,818

Accumulation unit activity
Units outstanding at beginning of year		5,632,415			4,738,678			13,574,106			252,348,696			2,536,094,482
Units purchased		852,830			346,019			203,454			15,315,517			61,144,997
Units redeemed		(579,120	)		(487,825	)		(1,412,610	)		(23,303,952	)		(170,434,576	)
Units outstanding at end of year		5,906,125			4,596,872			12,364,950			244,360,261			2,426,804,903

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			74

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP US Flex Mod Gro, Cl 2			Wanger Acorn			Wanger Intl			WA Var Global Hi Yd Bond, Cl II
Operations
Investment income (loss) — net	$	(17,726,277	)	$	(1,363,411	)	$	(594,273	)	$	416,229
Net realized gain (loss) on sales of investments		17,764,885			(12,786,089	)		(4,504,542	)		(416,284	)
Distributions from capital gains		—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		214,728,450			43,103,918			20,328,679			869,057
Net increase (decrease) in net assets resulting from operations		214,767,058			28,954,418			15,229,864			869,002

Contract transactions
Contract purchase payments		13,516,603			1,662,663			1,693,652			741,534
Net transfers⁽¹⁾		13,214,019			(2,828,592	)		(1,623,359	)		(1,009,065	)
Transfers for policy loans		4,828			20,803			37,508			—
Adjustments to net assets allocated to contracts in payment period		(45,475	)		(63,492	)		(961	)		—
Contract charges		(28,927,465	)		(132,939	)		(106,862	)		(2,839	)
Contract terminations:
Surrender benefits		(79,373,918	)		(13,570,909	)		(9,289,644	)		(579,588	)
Death benefits		(14,727,649	)		(1,836,252	)		(1,390,360	)		(98,765	)
Increase (decrease) from transactions		(96,339,057	)		(16,748,718	)		(10,680,026	)		(948,723	)
Net assets at beginning of year		1,742,584,184			147,223,126			100,085,453			10,760,413
Net assets at end of year	$	1,861,012,185		$	159,428,826		$	104,635,291		$	10,680,692

Accumulation unit activity
Units outstanding at beginning of year		1,428,098,853			36,059,676			33,274,331			9,922,168
Units purchased		29,652,615			413,855			600,682			764,069
Units redeemed		(105,059,139	)		(4,047,204	)		(3,815,336	)		(1,650,086	)
Units outstanding at end of year		1,352,692,329			32,426,327			30,059,677			9,036,151

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



75		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2022	AB VPS Dyn Asset Alloc, Cl B			AB VPS Intl Val, Cl B			AB VPS Lg Cap Gro, Cl B			AB VPS Relative Val, Cl B			AB VPS Sus Gbl Thematic, Cl B
Operations
Investment income (loss) — net	$	142,208		$	2,188,721		$	(1,303,215	)	$	166,546		$	(79,939	)
Net realized gain (loss) on sales of investments		(28,618	)		(1,010,065	)		776,459			1,768,871			97,795
Distributions from capital gains		3,139,433			—			15,968,884			12,145,689			909,965
Net change in unrealized appreciation or depreciation of investments		(5,489,637	)		(12,857,394	)		(61,013,424	)		(18,467,069	)		(4,060,706	)
Net increase (decrease) in net assets resulting from operations		(2,236,614	)		(11,678,738	)		(45,571,296	)		(4,385,963	)		(3,132,885	)

Contract transactions
Contract purchase payments		374,778			794,409			9,800,639			1,650,583			167,881
Net transfers⁽¹⁾		(709,184	)		440,699			1,762,249			(1,226,808	)		(395,358	)
Transfers for policy loans		—			63,479			(21,020	)		26,820			3,180
Adjustments to net assets allocated to contracts in payment period		—			17,261			(19,615	)		(32,913	)		(3,297	)
Contract charges		(3,260	)		(87,519	)		(37,958	)		(49,846	)		(5,953	)
Contract terminations:
Surrender benefits		(312,302	)		(5,156,878	)		(5,613,469	)		(5,224,981	)		(539,449	)
Death benefits		(72,875	)		(803,608	)		(1,354,978	)		(809,134	)		(41,232	)
Increase (decrease) from transactions		(722,843	)		(4,732,157	)		4,515,848			(5,666,279	)		(814,228	)
Net assets at beginning of year		11,850,275			81,262,397			152,637,108			82,839,832			11,644,531
Net assets at end of year	$	8,890,818		$	64,851,502		$	111,581,660		$	72,787,590		$	7,697,418

Accumulation unit activity
Units outstanding at beginning of year		8,157,136			46,915,184			24,174,740			23,359,333			3,296,179
Units purchased		321,215			1,067,618			2,769,575			687,049			214,742
Units redeemed		(872,477	)		(4,250,150	)		(1,895,865	)		(2,277,584	)		(446,110	)
Units outstanding at end of year		7,605,874			43,732,652			25,048,450			21,768,798			3,064,811

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			76

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Allspg VT Index Asset Alloc, Cl 2			Allspg VT Intl Eq, Cl 2			Allspg VT Opp, Cl 2			Allspg VT Sm Cap Gro, Cl 2			ALPS Alerian Engy Infr, Class III
Operations
Investment income (loss) — net	$	(44,954	)	$	615,803		$	(407,766	)	$	(832,274	)	$	1,442,504
Net realized gain (loss) on sales of investments		259,390			(1,960,227	)		1,051,444			(1,311,579	)		575,843
Distributions from capital gains		2,388,319			—			8,285,164			14,078,742			—
Net change in unrealized appreciation or depreciation of investments		(6,902,765	)		(1,966,346	)		(20,592,127	)		(53,586,450	)		2,724,142
Net increase (decrease) in net assets resulting from operations		(4,300,010	)		(3,310,770	)		(11,663,285	)		(41,651,561	)		4,742,489

Contract transactions
Contract purchase payments		88,733			254,857			279,313			2,516,798			1,981,619
Net transfers⁽¹⁾		(356,660	)		69,717			(1,323,374	)		(4,800,626	)		8,562,234
Transfers for policy loans		2,775			9,174			2,854			(2,893	)		(48,961	)
Adjustments to net assets allocated to contracts in payment period		(45,065	)		(12,721	)		(9,933	)		(17,277	)		(6,657	)
Contract charges		(12,909	)		(26,452	)		(26,936	)		(40,517	)		(17,424	)
Contract terminations:
Surrender benefits		(1,185,691	)		(1,692,720	)		(4,096,433	)		(5,517,350	)		(2,107,384	)
Death benefits		(477,661	)		(336,868	)		(292,262	)		(1,152,712	)		(507,579	)
Increase (decrease) from transactions		(1,986,478	)		(1,735,013	)		(5,466,771	)		(9,014,577	)		7,855,848
Net assets at beginning of year		24,847,988			26,282,686			55,857,530			122,034,800			29,707,330
Net assets at end of year	$	18,561,500		$	21,236,903		$	38,727,474		$	71,368,662		$	42,305,667

Accumulation unit activity
Units outstanding at beginning of year		6,569,790			14,752,496			11,268,737			21,888,208			31,011,401
Units purchased		28,257			439,801			87,309			665,638			9,450,037
Units redeemed		(636,051	)		(1,586,024	)		(1,402,397	)		(2,844,276	)		(2,416,151	)
Units outstanding at end of year		5,961,996			13,606,273			9,953,649			19,709,570			38,045,287

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



77		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	AC VP Intl, Cl I			AC VP Intl, Cl II			AC VP Mid Cap Val, Cl II			AC VP Ultra, Cl II			AC VP Val, Cl I
Operations
Investment income (loss) — net	$	45,913		$	84,259		$	475,999		$	(401,601	)	$	370,007
Net realized gain (loss) on sales of investments		13,397			194,577			800,709			1,489,143			1,274,836
Distributions from capital gains		1,089,967			2,839,164			5,462,523			4,903,698			2,350,156
Net change in unrealized appreciation or depreciation of investments		(3,504,847	)		(9,223,938	)		(7,748,949	)		(25,033,247	)		(4,107,048	)
Net increase (decrease) in net assets resulting from operations		(2,355,570	)		(6,105,938	)		(1,009,718	)		(19,042,007	)		(112,049	)

Contract transactions
Contract purchase payments		49,678			389,288			1,164,764			305,072			204,558
Net transfers⁽¹⁾		(276,579	)		(800,640	)		1,361,593			(2,052,296	)		549,723
Transfers for policy loans		13,579			7,263			(5,274	)		4,677			10,778
Adjustments to net assets allocated to contracts in payment period		(4,477	)		(12,256	)		(17,418	)		(12,484	)		(32,185	)
Contract charges		(1,711	)		(13,197	)		(22,173	)		(29,468	)		(5,987	)
Contract terminations:
Surrender benefits		(443,512	)		(1,620,099	)		(3,312,634	)		(2,696,279	)		(2,188,984	)
Death benefits		(89,691	)		(186,154	)		(681,070	)		(373,386	)		(821,000	)
Increase (decrease) from transactions		(752,713	)		(2,235,795	)		(1,512,212	)		(4,854,164	)		(2,283,097	)
Net assets at beginning of year		9,340,897			24,399,573			42,770,667			60,002,069			30,851,432
Net assets at end of year	$	6,232,614		$	16,057,840		$	40,248,737		$	36,105,898		$	28,456,286

Accumulation unit activity
Units outstanding at beginning of year		3,596,752			8,507,169			12,840,911			9,890,390			6,246,189
Units purchased		31,847			300,313			904,355			107,930			157,472
Units redeemed		(411,230	)		(1,199,601	)		(1,296,791	)		(1,101,470	)		(625,307	)
Units outstanding at end of year		3,217,369			7,607,881			12,448,475			8,896,850			5,778,354

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			78

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	AC VP Val, Cl II			BlackRock Adv SMID Cap VI, Cl III⁽²⁾			BlackRock Global Alloc, Cl III			BNY Mellon Sus US Eq, Serv⁽²⁾			Calvert VP EAFE Intl Index, Cl F⁽²⁾
Operations
Investment income (loss) — net	$	1,735,204		$	4,664		$	(819,874	)	$	(787	)	$	33,613
Net realized gain (loss) on sales of investments		5,557,263			1,253			(2,095,170	)		44			(3,636	)
Distributions from capital gains		13,909,387			949			1,214,202			—			—
Net change in unrealized appreciation or depreciation of investments		(22,297,262	)		(6,063	)		(13,871,502	)		(11,064	)		42,862
Net increase (decrease) in net assets resulting from operations		(1,095,408	)		803			(15,572,344	)		(11,807	)		72,839

Contract transactions
Contract purchase payments		6,042,443			310,263			4,599,452			221,217			895,949
Net transfers⁽¹⁾		13,949,806			19,104			(3,124,386	)		30,769			247,476
Transfers for policy loans		11,175			—			5,905			—			—
Adjustments to net assets allocated to contracts in payment period		(35,782	)		—			(37,409	)		—			—
Contract charges		(92,065	)		—			(30,937	)		—			(5	)
Contract terminations:
Surrender benefits		(14,224,174	)		(1,017	)		(4,474,486	)		(983	)		(2,643	)
Death benefits		(2,603,179	)		—			(1,831,584	)		—			(132,163	)
Increase (decrease) from transactions		3,048,224			328,350			(4,893,445	)		251,003			1,008,614
Net assets at beginning of year		178,572,777			—			92,142,404			—			—
Net assets at end of year	$	180,525,593		$	329,153		$	71,676,615		$	239,196		$	1,081,453

Accumulation unit activity
Units outstanding at beginning of year		49,692,087			—			51,484,473			—			—
Units purchased		6,148,586			436,827			2,898,244			299,009			1,765,105
Units redeemed		(4,813,565	)		(95,679	)		(6,151,305	)		(41,494	)		(659,188	)
Units outstanding at end of year		51,027,108			341,148			48,231,412			257,515			1,105,917

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

⁽²⁾	For the period May 2, 2022 (commencement of operations) to December 31, 2022.

See accompanying notes to financial statements.



79		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Calvert VP Nasdaq 100 Index, Cl F⁽²⁾			Calv VP Russ 2000 Sm Cap Ind, Cl F⁽²⁾			Calvert VP SRI Bal, Cl F⁽²⁾			Calvert VP SRI Bal, Cl I			CB Var Sm Cap Gro, Cl I
Operations
Investment income (loss) — net	$	(3,107	)	$	4,768		$	1,813		$	69,475		$	(155,813	)
Net realized gain (loss) on sales of investments		(4,696	)		3,329			(355	)		491,566			40,967
Distributions from capital gains		70,382			114,902			20,156			1,980,801			329,186
Net change in unrealized appreciation or depreciation of investments		(220,325	)		(120,591	)		(22,071	)		(6,571,833	)		(6,760,632	)
Net increase (decrease) in net assets resulting from operations		(157,746	)		2,408			(457	)		(4,029,991	)		(6,546,292	)

Contract transactions
Contract purchase payments		1,911,220			1,198,665			211,466			97,487			131,645
Net transfers⁽¹⁾		180,676			353,589			115,799			(700,217	)		(251,724	)
Transfers for policy loans		—			—			—			15,969			3,397
Adjustments to net assets allocated to contracts in payment period		—			—			—			(4,520	)		(5,289	)
Contract charges		(5	)		(5	)		—			(17,783	)		(12,637	)
Contract terminations:
Surrender benefits		(5,090	)		(3,675	)		(379	)		(1,542,082	)		(913,437	)
Death benefits		—			(76,336	)		—			(236,252	)		(113,298	)
Increase (decrease) from transactions		2,086,801			1,472,238			326,886			(2,387,398	)		(1,161,343	)
Net assets at beginning of year		—			—			—			25,774,563			22,500,291
Net assets at end of year	$	1,929,055		$	1,474,646		$	326,429		$	19,357,174		$	14,792,656

Accumulation unit activity
Units outstanding at beginning of year		—			—			—			9,171,894			4,823,672
Units purchased		2,796,161			2,091,584			344,273			114,757			96,089
Units redeemed		(523,203	)		(537,118	)		(171	)		(1,062,132	)		(418,869	)
Units outstanding at end of year		2,272,958			1,554,466			344,102			8,224,519			4,500,892

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

⁽²⁾	For the period May 2, 2022 (commencement of operations) to December 31, 2022.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			80

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Bal, Cl 2			Col VP Bal, Cl 3			Col VP Commodity Strategy, Cl 2			Col VP Contrarian Core, Cl 2			Col VP Disciplined Core, Cl 2
Operations
Investment income (loss) — net	$	(472,632	)	$	(5,667,745	)	$	5,833,334		$	(1,273,410	)	$	(470,093	)
Net realized gain (loss) on sales of investments		(227,249	)		24,498,994			(55,742	)		6,181,148			1,794,592
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(7,170,091	)		(129,741,871	)		(4,757,238	)		(32,995,668	)		(11,093,525	)
Net increase (decrease) in net assets resulting from operations		(7,869,972	)		(110,910,622	)		1,020,354			(28,087,930	)		(9,769,026	)

Contract transactions
Contract purchase payments		42,986,134			3,542,582			2,153,928			7,874,497			5,137,343
Net transfers⁽¹⁾		3,888,612			4,408,714			11,329,932			(317,296	)		(260,574	)
Transfers for policy loans		103			17,147			(2,002	)		(7,687	)		(22,176	)
Adjustments to net assets allocated to contracts in payment period		—			296,144			—			(39,802	)		—
Contract charges		(43,375	)		(273,506	)		(6,380	)		(78,319	)		(22,217	)
Contract terminations:
Surrender benefits		(2,124,799	)		(35,968,511	)		(706,770	)		(7,137,984	)		(2,026,375	)
Death benefits		(770,924	)		(14,866,758	)		(182,473	)		(1,604,944	)		(321,547	)
Increase (decrease) from transactions		43,935,751			(42,844,188	)		12,586,235			(1,311,535	)		2,484,454
Net assets at beginning of year		25,050,636			643,716,370			11,016,155			143,414,084			48,058,472
Net assets at end of year	$	61,116,415		$	489,961,560		$	24,622,744		$	114,014,619		$	40,773,900

Accumulation unit activity
Units outstanding at beginning of year		23,655,714			198,848,512			15,751,668			46,001,392			10,167,995
Units purchased		49,938,527			3,453,074			15,232,875			3,672,388			1,356,448
Units redeemed		(3,504,403	)		(19,132,512	)		(1,075,892	)		(4,044,175	)		(796,152	)
Units outstanding at end of year		70,089,838			183,169,074			29,908,651			45,629,605			10,728,291

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



81		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Disciplined Core, Cl 3			Col VP Divd Opp, Cl 2			Col VP Divd Opp, Cl 3			Col VP Emerg Mkts Bond, Cl 2			Col VP Emer Mkts, Cl 2
Operations
Investment income (loss) — net	$	(3,375,895	)	$	(977,074	)	$	(3,765,145	)	$	312,186		$	(552,174	)
Net realized gain (loss) on sales of investments		24,205,485			2,602,411			24,998,900			(601,079	)		(2,671,843	)
Distributions from capital gains		—			—			—			—			15,667,877
Net change in unrealized appreciation or depreciation of investments		(99,350,460	)		(3,445,190	)		(30,525,369	)		(1,910,395	)		(35,663,985	)
Net increase (decrease) in net assets resulting from operations		(78,520,870	)		(1,819,853	)		(9,291,614	)		(2,199,288	)		(23,220,125	)

Contract transactions
Contract purchase payments		1,997,005			12,393,416			2,683,512			690,398			4,207,838
Net transfers⁽¹⁾		(5,401,646	)		11,091,874			7,145,549			(1,669,446	)		2,439,086
Transfers for policy loans		171,170			3,167			66,030			1,451			1,960
Adjustments to net assets allocated to contracts in payment period		(554,688	)		22,910			(183,194	)		(292	)		(320	)
Contract charges		(304,458	)		(32,626	)		(308,861	)		(3,696	)		(23,595	)
Contract terminations:
Surrender benefits		(22,098,187	)		(4,433,179	)		(28,595,190	)		(594,151	)		(1,664,074	)
Death benefits		(4,725,042	)		(2,154,880	)		(6,111,367	)		(153,871	)		(1,197,484	)
Increase (decrease) from transactions		(30,915,846	)		16,890,682			(25,303,521	)		(1,729,607	)		3,763,411
Net assets at beginning of year		411,738,866			82,698,647			432,847,667			13,330,036			66,168,764
Net assets at end of year	$	302,302,150		$	97,769,476		$	398,252,532		$	9,401,141		$	46,712,050

Accumulation unit activity
Units outstanding at beginning of year		105,497,931			27,966,385			112,747,565			11,854,409			37,967,701
Units purchased		826,015			8,683,971			3,196,762			709,305			5,078,657
Units redeemed		(10,003,753	)		(2,665,847	)		(9,489,113	)		(2,475,528	)		(2,580,483	)
Units outstanding at end of year		96,320,193			33,984,509			106,455,214			10,088,186			40,465,875

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			82

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Emer Mkts, Cl 3			Col VP Global Strategic Inc, Cl 2			Col VP Global Strategic Inc, Cl 3			Col VP Govt Money Mkt, Cl 2			Col VP Govt Money Mkt, Cl 3
Operations
Investment income (loss) — net	$	(806,813	)	$	188,742		$	1,257,673		$	184,719		$	354,288
Net realized gain (loss) on sales of investments		(2,316,586	)		(250,545	)		(2,513,583	)		—			522
Distributions from capital gains		24,565,511			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(60,150,237	)		(1,404,133	)		(7,067,054	)		1			(521	)
Net increase (decrease) in net assets resulting from operations		(38,708,125	)		(1,465,936	)		(8,322,964	)		184,720			354,289

Contract transactions
Contract purchase payments		964,679			824,785			261,920			25,787,765			2,151,673
Net transfers⁽¹⁾		(1,628,758	)		(163,986	)		(1,223,664	)		46,647,080			49,565,781
Transfers for policy loans		35,009			(4,755	)		7,657			(32,950	)		86,066
Adjustments to net assets allocated to contracts in payment period		(29,039	)		(538	)		(36,106	)		(939	)		(39,240	)
Contract charges		(82,321	)		(1,634	)		(80,218	)		(51,785	)		(110,550	)
Contract terminations:
Surrender benefits		(5,791,803	)		(483,626	)		(4,084,429	)		(16,608,776	)		(25,148,879	)
Death benefits		(965,320	)		(34,475	)		(1,081,580	)		(2,769,800	)		(1,643,778	)
Increase (decrease) from transactions		(7,497,553	)		135,771			(6,236,420	)		52,970,595			24,861,073
Net assets at beginning of year		117,349,831			9,990,569			59,978,891			93,665,809			110,389,769
Net assets at end of year	$	71,144,153		$	8,660,404		$	45,419,507		$	146,821,124		$	135,605,131

Accumulation unit activity
Units outstanding at beginning of year		35,030,758			9,728,691			35,881,569			102,600,310			101,435,080
Units purchased		468,941			1,359,419			448,867			80,477,527			49,367,346
Units redeemed		(3,577,942	)		(1,224,728	)		(4,515,493	)		(22,312,827	)		(25,023,448	)
Units outstanding at end of year		31,921,757			9,863,382			31,814,943			160,765,010			125,778,978

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



83		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Hi Yield Bond, Cl 2			Col VP Hi Yield Bond, Cl 3			Col VP Inc Opp, Cl 2			Col VP Inc Opp, Cl 3			Col VP Inter Bond, Cl 2
Operations
Investment income (loss) — net	$	1,889,448		$	5,413,130		$	1,031,752		$	3,414,818		$	1,098,411
Net realized gain (loss) on sales of investments		(869,098	)		(1,817,490	)		(720,948	)		(3,440,918	)		(2,018,034	)
Distributions from capital gains		339,391			915,434			920,474			2,846,426			39,458
Net change in unrealized appreciation or depreciation of investments		(7,669,178	)		(21,720,233	)		(4,372,608	)		(12,976,127	)		(11,521,960	)
Net increase (decrease) in net assets resulting from operations		(6,309,437	)		(17,209,159	)		(3,141,330	)		(10,155,801	)		(12,402,125	)

Contract transactions
Contract purchase payments		3,301,995			649,744			2,160,179			387,315			6,606,695
Net transfers⁽¹⁾		(2,828,034	)		(5,302,494	)		17,609			(3,282,378	)		(4,117,760	)
Transfers for policy loans		(508	)		16,040			44			21,241			1,354
Adjustments to net assets allocated to contracts in payment period		—			(139,155	)		—			(19,109	)		(4,654	)
Contract charges		(13,109	)		(84,088	)		(6,161	)		(121,675	)		(23,592	)
Contract terminations:
Surrender benefits		(2,908,626	)		(10,518,713	)		(1,558,524	)		(6,720,879	)		(3,559,432	)
Death benefits		(430,592	)		(2,540,791	)		(475,653	)		(1,712,716	)		(1,156,283	)
Increase (decrease) from transactions		(2,878,874	)		(17,919,457	)		137,494			(11,448,201	)		(2,253,672	)
Net assets at beginning of year		54,018,550			153,394,467			27,880,687			94,708,370			70,443,904
Net assets at end of year	$	44,830,239		$	118,265,851		$	24,876,851		$	73,104,368		$	55,788,107

Accumulation unit activity
Units outstanding at beginning of year		28,937,529			50,238,066			15,561,618			37,713,907			50,375,027
Units purchased		2,199,693			245,183			1,588,221			192,779			5,487,916
Units redeemed		(3,922,672	)		(6,692,808	)		(1,509,601	)		(5,174,657	)		(7,192,260	)
Units outstanding at end of year		27,214,550			43,790,441			15,640,238			32,732,029			48,670,683

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			84

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Inter Bond, Cl 3			Col VP Lg Cap Gro, Cl 2			Col VP Lg Cap Gro, Cl 3			Col VP Lg Cap Index, Cl 2			Col VP Lg Cap Index, Cl 3
Operations
Investment income (loss) — net	$	5,201,809		$	(938,991	)	$	(1,044,931	)	$	(420,578	)	$	(5,000,673	)
Net realized gain (loss) on sales of investments		(6,693,335	)		4,153,707			11,421,930			(179,976	)		27,057,275
Distributions from capital gains		162,126			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(50,380,220	)		(39,339,907	)		(62,192,739	)		(6,797,145	)		(134,908,925	)
Net increase (decrease) in net assets resulting from operations		(51,709,620	)		(36,125,191	)		(51,815,740	)		(7,397,699	)		(112,852,323	)

Contract transactions
Contract purchase payments		1,211,600			9,281,988			720,111			27,806,126			4,627,024
Net transfers⁽¹⁾		(11,175,330	)		(560,254	)		(4,262,390	)		5,811,381			6,990,579
Transfers for policy loans		23,534			10,028			81,034			(4,693	)		28,464
Adjustments to net assets allocated to contracts in payment period		(196,640	)		—			9,088			—			(131,300	)
Contract charges		(296,414	)		(50,877	)		(95,703	)		(37,693	)		(214,291	)
Contract terminations:
Surrender benefits		(19,991,335	)		(6,571,245	)		(9,490,856	)		(945,553	)		(31,274,221	)
Death benefits		(5,751,004	)		(1,347,936	)		(1,737,024	)		(1,798,098	)		(8,541,080	)
Increase (decrease) from transactions		(36,175,589	)		761,704			(14,775,740	)		30,831,470			(28,514,825	)
Net assets at beginning of year		306,148,076			111,804,561			168,058,077			26,666,812			595,822,984
Net assets at end of year	$	218,262,867		$	76,441,074		$	101,466,597		$	50,100,583		$	454,455,836

Accumulation unit activity
Units outstanding at beginning of year		145,682,426			19,442,602			47,378,391			23,421,479			149,902,952
Units purchased		679,319			2,460,104			275,581			34,300,427			4,624,360
Units redeemed		(19,968,864	)		(2,272,901	)		(5,538,876	)		(3,212,803	)		(12,701,261	)
Units outstanding at end of year		126,392,881			19,629,805			42,115,096			54,509,103			141,826,051

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



85		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Limited Duration Cr, Cl 2			Col VP Long Govt/Cr Bond, Cl 2			Col VP Overseas Core, Cl 2			Col VP Overseas Core, Cl 3			Col VP Select Lg Cap Eq, Cl 2⁽²⁾
Operations
Investment income (loss) — net	$	(340,949	)	$	166,870		$	(97,858	)	$	(113,945	)	$	(988	)
Net realized gain (loss) on sales of investments		(614,318	)		(925,853	)		(629,293	)		22,823			(1	)
Distributions from capital gains		—			360,214			2,359,032			3,886,452			—
Net change in unrealized appreciation or depreciation of investments		(4,022,767	)		(4,164,409	)		(7,532,070	)		(13,610,610	)		(605	)
Net increase (decrease) in net assets resulting from operations		(4,978,034	)		(4,563,178	)		(5,900,189	)		(9,815,280	)		(1,594	)

Contract transactions
Contract purchase payments		9,329,578			361,923			3,369,015			577,845			457,621
Net transfers⁽¹⁾		8,580,789			(1,815,943	)		229,971			(400,204	)		47,034
Transfers for policy loans		135			1,537			1,833			24,946			—
Adjustments to net assets allocated to contracts in payment period		(2,942	)		(31,753	)		(9,150	)		(58,805	)		—
Contract charges		(35,024	)		(4,583	)		(15,991	)		(36,194	)		—
Contract terminations:
Surrender benefits		(5,011,715	)		(626,523	)		(2,208,292	)		(3,206,067	)		(2,290	)
Death benefits		(1,278,178	)		(289,881	)		(495,888	)		(673,956	)		—
Increase (decrease) from transactions		11,582,643			(2,405,223	)		871,498			(3,772,435	)		502,365
Net assets at beginning of year		68,214,833			17,455,802			36,106,115			63,000,318			—
Net assets at end of year	$	74,819,442		$	10,487,401		$	31,077,424		$	49,412,603		$	500,771

Accumulation unit activity
Units outstanding at beginning of year		59,734,656			12,912,109			19,064,237			32,569,313			—
Units purchased		17,952,113			388,063			2,549,420			553,605			546,371
Units redeemed		(7,212,263	)		(2,453,779	)		(2,134,430	)		(2,853,850	)		(2,412	)
Units outstanding at end of year		70,474,506			10,846,393			19,479,227			30,269,068			543,959

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

⁽²⁾	For the period May 2, 2022 (commencement of operations) to December 31, 2022.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			86

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Select Lg Cap Val, Cl 2			Col VP Select Lg Cap Val, Cl 3			Col VP Select Mid Cap Gro, Cl 2			Col VP Select Mid Cap Gro, Cl 3			Col VP Select Mid Cap Val, Cl 2
Operations
Investment income (loss) — net	$	(624,396	)	$	(433,602	)	$	(319,817	)	$	(671,354	)	$	(440,605	)
Net realized gain (loss) on sales of investments		1,357,236			2,166,655			809,082			5,548,971			1,773,792
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(2,286,835	)		(2,971,233	)		(13,093,566	)		(34,474,655	)		(6,048,888	)
Net increase (decrease) in net assets resulting from operations		(1,553,995	)		(1,238,180	)		(12,604,301	)		(29,597,038	)		(4,715,701	)

Contract transactions
Contract purchase payments		8,009,042			483,492			3,356,055			440,027			4,506,691
Net transfers⁽¹⁾		7,597,107			7,979,887			(865,146	)		(1,963,149	)		1,224,063
Transfers for policy loans		2,722			11,512			384			37,235			2,429
Adjustments to net assets allocated to contracts in payment period		—			(14,009	)		(2,224	)		(67,560	)		13,243
Contract charges		(24,497	)		(26,006	)		(16,277	)		(43,176	)		(16,824	)
Contract terminations:
Surrender benefits		(1,983,934	)		(3,001,118	)		(1,532,775	)		(4,840,881	)		(3,059,544	)
Death benefits		(1,068,817	)		(461,468	)		(552,138	)		(878,705	)		(725,326	)
Increase (decrease) from transactions		12,531,623			4,972,290			387,879			(7,316,209	)		1,944,732
Net assets at beginning of year		53,745,295			47,197,400			39,277,433			95,790,870			42,970,852
Net assets at end of year	$	64,722,923		$	50,931,510		$	27,061,011		$	58,877,623		$	40,199,883

Accumulation unit activity
Units outstanding at beginning of year		13,935,613			12,549,129			9,970,269			22,031,826			11,772,759
Units purchased		4,382,575			2,408,390			1,259,531			177,362			1,940,736
Units redeemed		(880,040	)		(982,341	)		(1,169,449	)		(2,321,088	)		(1,363,503	)
Units outstanding at end of year		17,438,148			13,975,178			10,060,351			19,888,100			12,349,992

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



87		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Select Mid Cap Val, Cl 3			Col VP Select Sm Cap Val, Cl 2			Col VP Select Sm Cap Val, Cl 3			Col VP Sel Gbl Tech, Cl 2⁽²⁾			Col VP Sm Cap Val, Cl 2⁽²⁾
Operations
Investment income (loss) — net	$	(408,017	)	$	(257,276	)	$	(273,218	)	$	(3,560	)	$	(797	)
Net realized gain (loss) on sales of investments		2,983,886			572,425			1,868,177			(1,941	)		(117	)
Distributions from capital gains		—			—			—			78,475			13,005
Net change in unrealized appreciation or depreciation of investments		(7,757,129	)		(4,305,135	)		(7,188,560	)		(148,640	)		(14,221	)
Net increase (decrease) in net assets resulting from operations		(5,181,260	)		(3,989,986	)		(5,593,601	)		(75,666	)		(2,130	)

Contract transactions
Contract purchase payments		307,263			2,780,640			275,219			1,021,775			373,959
Net transfers⁽¹⁾		1,890,954			1,096,694			1,056,758			40,720			32,549
Transfers for policy loans		3,697			1,116			6,028			(5,279	)		—
Adjustments to net assets allocated to contracts in payment period		(9,236	)		(378	)		12,574			—			—
Contract charges		(32,367	)		(11,518	)		(22,656	)		—			—
Contract terminations:
Surrender benefits		(3,116,464	)		(767,514	)		(1,997,793	)		(1,057	)		(214	)
Death benefits		(818,593	)		(165,821	)		(605,886	)		—			—
Increase (decrease) from transactions		(1,774,746	)		2,933,219			(1,275,756	)		1,056,159			406,294
Net assets at beginning of year		49,753,016			23,614,519			36,038,812			—			—
Net assets at end of year	$	42,797,010		$	22,557,752		$	29,169,455		$	980,493		$	404,164

Accumulation unit activity
Units outstanding at beginning of year		13,270,259			6,958,810			8,094,303			—			—
Units purchased		640,532			1,419,683			372,168			1,215,979			495,827
Units redeemed		(1,167,268	)		(472,444	)		(661,484	)		(70,034	)		(86,865	)
Units outstanding at end of year		12,743,523			7,906,049			7,804,987			1,145,945			408,962

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

⁽²⁾	For the period May 2, 2022 (commencement of operations) to December 31, 2022.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			88

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Strategic Inc, Cl 2			Col VP US Govt Mtge, Cl 2			Col VP US Govt Mtge, Cl 3			CS Commodity Return, Cl 1			CTIVP AC Div Bond, Cl 2
Operations
Investment income (loss) — net	$	1,172,298		$	105,611		$	496,157		$	2,287,425		$	325,110
Net realized gain (loss) on sales of investments		(1,721,440	)		(550,839	)		(1,027,877	)		(845,935	)		(333,270	)
Distributions from capital gains		3,020,369			—			—			—			468,460
Net change in unrealized appreciation or depreciation of investments		(12,414,191	)		(2,024,095	)		(7,308,581	)		309,591			(3,640,655	)
Net increase (decrease) in net assets resulting from operations		(9,942,964	)		(2,469,323	)		(7,840,301	)		1,751,081			(3,180,355	)

Contract transactions
Contract purchase payments		6,955,517			1,483,762			232,170			270,876			2,575,347
Net transfers⁽¹⁾		(1,261,792	)		190,826			(2,385,764	)		1,872,725			(132,064	)
Transfers for policy loans		1,768			97			54,600			(2,469	)		477
Adjustments to net assets allocated to contracts in payment period		—			(3,637	)		(2,183	)		(625	)		—
Contract charges		(16,625	)		(8,417	)		(31,620	)		(9,190	)		(15,869	)
Contract terminations:
Surrender benefits		(3,859,768	)		(1,306,046	)		(3,991,793	)		(1,240,367	)		(846,291	)
Death benefits		(1,081,783	)		(101,485	)		(1,141,493	)		(110,858	)		(272,556	)
Increase (decrease) from transactions		737,317			255,100			(7,266,083	)		780,092			1,309,044
Net assets at beginning of year		79,641,528			17,497,268			55,347,886			12,605,371			18,609,267
Net assets at end of year	$	70,435,881		$	15,283,045		$	40,241,502		$	15,136,544		$	16,737,956

Accumulation unit activity
Units outstanding at beginning of year		60,276,816			15,497,441			37,438,717			21,049,825			14,285,794
Units purchased		6,616,252			4,072,639			221,992			2,914,705			2,541,492
Units redeemed		(5,919,321	)		(3,548,879	)		(5,677,014	)		(1,971,961	)		(1,489,621	)
Units outstanding at end of year		60,973,747			16,021,201			31,983,695			21,992,569			15,337,665

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



89		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	CTIVP BR Gl Infl Prot Sec, Cl 2			CTIVP BR Gl Infl Prot Sec, Cl 3			CTIVP CenterSquare Real Est, Cl 2			CTIVP MFS Val, Cl 2			CTIVP MS Adv, Cl 2
Operations
Investment income (loss) — net	$	954,369		$	2,115,702		$	68,019		$	(768,209	)	$	(271,439	)
Net realized gain (loss) on sales of investments		(631,159	)		(2,323,507	)		(576,410	)		1,923,040			(256,199	)
Distributions from capital gains		530,824			1,093,085			5,062,963			—			—
Net change in unrealized appreciation or depreciation of investments		(6,538,002	)		(13,171,199	)		(12,201,392	)		(6,743,666	)		(15,236,331	)
Net increase (decrease) in net assets resulting from operations		(5,683,968	)		(12,285,919	)		(7,646,820	)		(5,588,835	)		(15,763,969	)

Contract transactions
Contract purchase payments		2,354,436			188,305			1,223,135			5,673,237			1,872,549
Net transfers⁽¹⁾		1,098,167			(67,013	)		1,058,526			1,956,204			(2,608,649	)
Transfers for policy loans		4,116			(722	)		2,924			147			—
Adjustments to net assets allocated to contracts in payment period		—			(27,115	)		—			—			—
Contract charges		(4,505	)		(145,828	)		(7,426	)		(36,274	)		(14,984	)
Contract terminations:
Surrender benefits		(964,207	)		(4,659,949	)		(1,356,768	)		(2,854,866	)		(1,130,854	)
Death benefits		(349,836	)		(1,292,451	)		(273,019	)		(1,112,394	)		(483,009	)
Increase (decrease) from transactions		2,138,171			(6,004,773	)		647,372			3,626,054			(2,364,947	)
Net assets at beginning of year		27,836,353			69,963,573			29,846,495			75,491,277			38,805,819
Net assets at end of year	$	24,290,556		$	51,672,881		$	22,847,047		$	73,528,496		$	20,676,903

Accumulation unit activity
Units outstanding at beginning of year		19,577,477			39,790,907			11,722,729			21,551,495			7,330,264
Units purchased		2,747,186			443,935			1,129,339			2,457,961			543,763
Units redeemed		(1,333,455	)		(4,225,395	)		(855,995	)		(1,293,903	)		(1,152,661	)
Units outstanding at end of year		20,991,208			36,009,447			11,996,073			22,715,553			6,721,366

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			90

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	CTIVP Prin Blue Chip Gro, Cl 1			CTIVP Prin Blue Chip Gro, Cl 2			CTIVP T Rowe Price LgCap Val, Cl 2			CTIVP TCW Core Plus Bond, Cl 2			CTIVP Vty Sycamore Estb Val, Cl 2
Operations
Investment income (loss) — net	$	(980,443	)	$	(456,897	)	$	(428,849	)	$	(31,170	)	$	(645,997	)
Net realized gain (loss) on sales of investments		7,850,696			1,382,753			906,669			(406,780	)		2,380,932
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(46,637,263	)		(16,183,427	)		(3,048,274	)		(2,195,831	)		(4,142,747	)
Net increase (decrease) in net assets resulting from operations		(39,767,010	)		(15,257,571	)		(2,570,454	)		(2,633,781	)		(2,407,812	)

Contract transactions
Contract purchase payments		767,611			3,643,127			6,403,658			1,906,494			6,015,599
Net transfers⁽¹⁾		(3,451,136	)		1,118,760			2,942,378			23,722			2,625,877
Transfers for policy loans		(14,820	)		(3,818	)		888			(198	)		4,500
Adjustments to net assets allocated to contracts in payment period		(17,022	)		—			(4,394	)		—			—
Contract charges		(90,887	)		(38,270	)		(21,042	)		(9,118	)		(23,451	)
Contract terminations:
Surrender benefits		(8,212,984	)		(1,547,708	)		(1,373,965	)		(1,080,758	)		(5,003,008	)
Death benefits		(1,106,385	)		(668,304	)		(818,135	)		(240,875	)		(350,801	)
Increase (decrease) from transactions		(12,125,623	)		2,503,787			7,129,388			599,267			3,268,716
Net assets at beginning of year		144,174,648			51,911,145			36,640,556			17,937,739			60,950,564
Net assets at end of year	$	92,282,015		$	39,157,361		$	41,199,490		$	15,903,225		$	61,811,468

Accumulation unit activity
Units outstanding at beginning of year		53,190,388			9,637,766			12,160,785			15,052,422			14,888,026
Units purchased		390,040			1,373,998			3,299,533			2,597,960			2,493,206
Units redeemed		(5,856,303	)		(690,974	)		(860,566	)		(1,962,672	)		(1,402,129	)
Units outstanding at end of year		47,724,125			10,320,790			14,599,752			15,687,710			15,979,103

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



91		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	CTIVP Vty Sycamore Estb Val, Cl 3			CTIVP Westfield Mid Cap Gro, Cl 2			Del Ivy VIP Asset Strategy, Cl II			Del VIP for Inc, Serv Cl⁽²⁾			Del VIP Intl, Serv Cl⁽²⁾
Operations
Investment income (loss) — net	$	(395,757	)	$	(272,056	)	$	64,689		$	(907	)	$	(1,244	)
Net realized gain (loss) on sales of investments		2,357,760			1,209,535			(459,866	)		(81	)		(2,842	)
Distributions from capital gains		—			—			1,068,972			—			—
Net change in unrealized appreciation or depreciation of investments		(3,644,519	)		(9,170,157	)		(3,197,647	)		2,097			(3,979	)
Net increase (decrease) in net assets resulting from operations		(1,682,516	)		(8,232,678	)		(2,523,852	)		1,109			(8,065	)

Contract transactions
Contract purchase payments		344,704			1,796,284			357,282			379,576			356,897
Net transfers⁽¹⁾		2,287,214			563,369			(518,351	)		15,030			47,624
Transfers for policy loans		5,010			(1,245	)		444			—			—
Adjustments to net assets allocated to contracts in payment period		(21,929	)		—			(18,411	)		—			—
Contract charges		(26,431	)		(12,804	)		(5,499	)		—			—
Contract terminations:
Surrender benefits		(2,993,043	)		(1,415,128	)		(827,121	)		(147	)		(195	)
Death benefits		(407,167	)		(528,079	)		(199,214	)		—			—
Increase (decrease) from transactions		(811,642	)		402,397			(1,210,870	)		394,459			404,326
Net assets at beginning of year		46,157,684			30,840,794			16,236,876			—			—
Net assets at end of year	$	43,663,526		$	23,010,513		$	12,502,154		$	395,568		$	396,261

Accumulation unit activity
Units outstanding at beginning of year		10,177,816			7,226,922			10,018,715			—			—
Units purchased		725,254			783,033			373,493			704,473			702,066
Units redeemed		(893,129	)		(666,190	)		(1,247,484	)		(291,318	)		(269,813	)
Units outstanding at end of year		10,009,941			7,343,765			9,144,724			413,155			432,253

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

⁽²⁾	For the period May 2, 2022 (commencement of operations) to December 31, 2022.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			92

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	DWS Alt Asset Alloc VIP, Cl B			EV VT Floating-Rate Inc, Init Cl			Fid VIP Contrafund, Serv Cl 2			Fid VIP Emer Mkts, Serv Cl 2⁽²⁾			Fid VIP Energy, Serv Cl 2⁽²⁾
Operations
Investment income (loss) — net	$	929,495		$	3,099,165		$	(3,451,361	)	$	6,752		$	8,596
Net realized gain (loss) on sales of investments		(11,154	)		(642,798	)		11,536,196			(30	)		43
Distributions from capital gains		15,948			—			23,241,274			—			—
Net change in unrealized appreciation or depreciation of investments		(2,418,917	)		(5,565,569	)		(196,028,409	)		8,550			17,812
Net increase (decrease) in net assets resulting from operations		(1,484,628	)		(3,109,202	)		(164,702,300	)		15,272			26,451

Contract transactions
Contract purchase payments		1,578,986			2,937,367			15,760,354			564,081			629,260
Net transfers⁽¹⁾		3,173,994			12,313,920			(14,768,194	)		10,590			139,752
Transfers for policy loans		4,538			3,685			5,063			—			(2,567	)
Adjustments to net assets allocated to contracts in payment period		(1,820	)		(45,426	)		(76,920	)		—			—
Contract charges		(6,510	)		(65,740	)		(224,639	)		—			—
Contract terminations:
Surrender benefits		(742,655	)		(6,337,571	)		(32,800,620	)		(350	)		(775	)
Death benefits		(141,206	)		(1,428,548	)		(5,069,240	)		—			—
Increase (decrease) from transactions		3,865,327			7,377,687			(37,174,196	)		574,321			765,670
Net assets at beginning of year		15,006,963			79,386,237			618,452,038			—			—
Net assets at end of year	$	17,387,662		$	83,654,722		$	416,575,542		$	589,593		$	792,121

Accumulation unit activity
Units outstanding at beginning of year		12,269,192			52,306,854			143,617,443			—			—
Units purchased		4,088,243			10,367,578			4,662,425			754,314			691,113
Units redeemed		(802,439	)		(5,352,426	)		(15,250,786	)		(137,517	)		(10,064	)
Units outstanding at end of year		15,554,996			57,322,006			133,029,082			616,797			681,049

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

⁽²⁾	For the period May 2, 2022 (commencement of operations) to December 31, 2022.

See accompanying notes to financial statements.



93		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Fid VIP Gro & Inc, Serv Cl			Fid VIP Gro & Inc, Serv Cl 2			Fid VIP Gro Opp, Serv Cl 2⁽²⁾			Fid VIP Intl Cap Appr, Serv Cl 2⁽²⁾			Fid VIP Invest Gr, Serv Cl 2⁽²⁾
Operations
Investment income (loss) — net	$	282,645		$	530,668		$	(4,729	)	$	(1,622	)	$	15,475
Net realized gain (loss) on sales of investments		1,166,756			3,043,891			(7,846	)		(1,578	)		(272	)
Distributions from capital gains		773,681			1,780,139			—			—			—
Net change in unrealized appreciation or depreciation of investments		(4,676,180	)		(11,014,936	)		(111,443	)		9,180			(21,269	)
Net increase (decrease) in net assets resulting from operations		(2,453,098	)		(5,660,238	)		(124,018	)		5,980			(6,066	)

Contract transactions
Contract purchase payments		175,302			1,408,436			1,446,646			581,275			619,525
Net transfers⁽¹⁾		(109,063	)		730,912			182,316			50,603			203,594
Transfers for policy loans		28,779			13,118			—			—			—
Adjustments to net assets allocated to contracts in payment period		(38,599	)		(144,608	)		—			—			—
Contract charges		(9,855	)		(68,162	)		—			—			—
Contract terminations:
Surrender benefits		(2,508,731	)		(5,893,481	)		(5,932	)		(580	)		(438	)
Death benefits		(397,058	)		(1,406,347	)		—			—			—
Increase (decrease) from transactions		(2,859,225	)		(5,360,132	)		1,623,030			631,298			822,681
Net assets at beginning of year		42,717,653			95,669,571			—			—			—
Net assets at end of year	$	37,405,330		$	84,649,201		$	1,499,012		$	637,278		$	816,615

Accumulation unit activity
Units outstanding at beginning of year		11,781,550			24,392,241			—			—			—
Units purchased		86,303			1,055,246			1,787,833			696,592			926,505
Units redeemed		(909,363	)		(2,069,775	)		(4,838	)		(7,384	)		(67,987	)
Units outstanding at end of year		10,958,490			23,377,712			1,782,995			689,208			858,518

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

⁽²⁾	For the period May 2, 2022 (commencement of operations) to December 31, 2022.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			94

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Fid VIP Mid Cap, Serv Cl			Fid VIP Mid Cap, Serv Cl 2			Fid VIP Overseas, Serv Cl			Fid VIP Overseas, Serv Cl 2			Fid VIP Strategic Inc, Serv Cl 2
Operations
Investment income (loss) — net	$	(283,104	)	$	(2,293,602	)	$	11,875		$	(39,266	)	$	3,746,714
Net realized gain (loss) on sales of investments		917,359			1,943,150			106,159			900,007			(2,101,866	)
Distributions from capital gains		4,293,440			23,364,753			85,742			387,242			168,709
Net change in unrealized appreciation or depreciation of investments		(16,997,512	)		(87,213,810	)		(3,199,783	)		(14,768,189	)		(23,680,415	)
Net increase (decrease) in net assets resulting from operations		(12,069,817	)		(64,199,509	)		(2,996,007	)		(13,520,206	)		(21,866,858	)

Contract transactions
Contract purchase payments		322,845			7,972,109			75,109			417,427			7,333,267
Net transfers⁽¹⁾		(1,527,210	)		(6,243,086	)		(92,159	)		(608,435	)		(1,994,703	)
Transfers for policy loans		13,846			82,226			16,026			12,711			(17,527	)
Adjustments to net assets allocated to contracts in payment period		(111,281	)		41,648			(15,047	)		(13,764	)		(63,745	)
Contract charges		(16,579	)		(258,071	)		(2,333	)		(28,157	)		(51,930	)
Contract terminations:
Surrender benefits		(4,024,053	)		(24,861,249	)		(535,655	)		(4,378,013	)		(10,699,639	)
Death benefits		(754,131	)		(4,228,362	)		(99,261	)		(508,584	)		(2,473,727	)
Increase (decrease) from transactions		(6,096,563	)		(27,494,785	)		(653,320	)		(5,106,815	)		(7,968,004	)
Net assets at beginning of year		78,981,055			412,423,261			11,966,965			53,906,421			177,204,613
Net assets at end of year	$	60,814,675		$	320,728,967		$	8,317,638		$	35,279,400		$	147,369,751

Accumulation unit activity
Units outstanding at beginning of year		7,266,156			76,802,960			4,659,753			19,521,716			138,729,752
Units purchased		35,904			1,966,765			45,664			289,867			7,513,227
Units redeemed		(672,179	)		(7,787,289	)		(375,004	)		(2,592,402	)		(14,471,701	)
Units outstanding at end of year		6,629,881			70,982,436			4,330,413			17,219,181			131,771,278

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



95		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Frank Global Real Est, Cl 2			Frank Inc, Cl 2			Frank Inc, Cl 4⁽²⁾			Frank Mutual Gbl Dis, Cl 4⁽²⁾			Frank Mutual Shares, Cl 2
Operations
Investment income (loss) — net	$	866,738		$	2,255,546		$	89,111		$	185		$	567,368
Net realized gain (loss) on sales of investments		(1,410,716	)		(11,625	)		(154,460	)		(14	)		(230,324	)
Distributions from capital gains		4,068,379			1,171,891			40,770			3,783			7,140,998
Net change in unrealized appreciation or depreciation of investments		(21,902,271	)		(7,454,821	)		(13,166	)		(467	)		(13,438,250	)
Net increase (decrease) in net assets resulting from operations		(18,377,870	)		(4,039,009	)		(37,745	)		3,487			(5,960,208	)

Contract transactions
Contract purchase payments		551,594			2,382,586			4,113,034			130,492			1,162,516
Net transfers⁽¹⁾		455,224			9,009,832			(1,598,607	)		—			(1,031,071	)
Transfers for policy loans		13,162			(879	)		—			—			25,618
Adjustments to net assets allocated to contracts in payment period		(27,542	)		(12,645	)		—			—			(15,252	)
Contract charges		(46,180	)		(22,331	)		—			—			(38,455	)
Contract terminations:
Surrender benefits		(4,048,852	)		(6,229,024	)		(577	)		(142	)		(4,142,341	)
Death benefits		(1,013,374	)		(1,148,319	)		—			—			(925,276	)
Increase (decrease) from transactions		(4,115,968	)		3,979,220			2,513,850			130,350			(4,964,261	)
Net assets at beginning of year		70,706,350			60,037,297			—			—			72,023,537
Net assets at end of year	$	48,212,512		$	59,977,508		$	2,476,105		$	133,837		$	61,099,068

Accumulation unit activity
Units outstanding at beginning of year		23,528,263			38,475,361			—			—			28,365,250
Units purchased		661,919			7,561,191			5,158,056			134,234			558,339
Units redeemed		(2,126,636	)		(4,996,623	)		(2,597,483	)		—			(2,733,034	)
Units outstanding at end of year		22,063,546			41,039,929			2,560,573			134,234			26,190,555

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

⁽²⁾	For the period May 2, 2022 (commencement of operations) to December 31, 2022.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			96

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Frank Sm Cap Val, Cl 2			Frank Sm Cap Val, Cl 4⁽²⁾			GS VIT Mid Cap Val, Inst			GS VIT Multi-Strategy Alt, Advisor			GS VIT Multi-Strategy Alt, Serv⁽²⁾
Operations
Investment income (loss) — net	$	44,182		$	(894	)	$	(196,889	)	$	208,347		$	11,448
Net realized gain (loss) on sales of investments		(1,184,539	)		(6,950	)		1,525,641			(25,942	)		(605	)
Distributions from capital gains		22,286,507			82,818			16,486,966			—			—
Net change in unrealized appreciation or depreciation of investments		(35,864,250	)		(70,397	)		(31,833,295	)		(843,280	)		(14,082	)
Net increase (decrease) in net assets resulting from operations		(14,718,100	)		4,577			(14,017,577	)		(660,875	)		(3,239	)

Contract transactions
Contract purchase payments		2,922,746			1,120,734			546,678			253,603			390,963
Net transfers⁽¹⁾		1,064,111			77,387			(1,420,503	)		2,232,437			(251	)
Transfers for policy loans		9,673			(10,407	)		10,207			(368	)		—
Adjustments to net assets allocated to contracts in payment period		(27,134	)		—			(109,397	)		(266	)		—
Contract charges		(60,919	)		—			(105,119	)		(2,953	)		—
Contract terminations:
Surrender benefits		(8,381,659	)		(614	)		(8,235,172	)		(266,040	)		(365	)
Death benefits		(1,861,465	)		—			(1,911,299	)		(119,224	)		—
Increase (decrease) from transactions		(6,334,647	)		1,187,100			(11,224,605	)		2,097,189			390,347
Net assets at beginning of year		134,339,045			—			131,913,360			8,056,589			—
Net assets at end of year	$	113,286,298		$	1,191,677		$	106,671,178		$	9,492,903		$	387,108

Accumulation unit activity
Units outstanding at beginning of year		26,793,810			—			16,894,010			7,939,938			—
Units purchased		1,060,558			1,503,969			81,884			2,628,358			649,191
Units redeemed		(2,456,562	)		(298,564	)		(1,660,229	)		(431,892	)		(247,939	)
Units outstanding at end of year		25,397,806			1,205,405			15,315,665			10,136,404			401,252

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

⁽²⁾	For the period May 2, 2022 (commencement of operations) to December 31, 2022.

See accompanying notes to financial statements.



97		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	GS VIT Sm Cap Eq Insights, Inst			GS VIT Sm Cap Eq Insights, Serv⁽²⁾			GS VIT U.S. Eq Insights, Inst			Invesco VI Am Fran, Ser I			Invesco VI Am Fran, Ser II
Operations
Investment income (loss) — net	$	(24,522	)	$	(940	)	$	(69,828	)	$	(100,285	)	$	(349,731	)
Net realized gain (loss) on sales of investments		(68,551	)		(2,515	)		774,502			187,627			595,905
Distributions from capital gains		48,295			3,552			490,403			3,191,572			11,286,149
Net change in unrealized appreciation or depreciation of investments		(1,101,852	)		(18,457	)		(25,034,190	)		(8,314,427	)		(28,337,334	)
Net increase (decrease) in net assets resulting from operations		(1,146,630	)		(18,360	)		(23,839,113	)		(5,035,513	)		(16,805,011	)

Contract transactions
Contract purchase payments		29,863			328,334			417,450			50,005			171,062
Net transfers⁽¹⁾		(84,054	)		4,548			(3,028,711	)		(171,231	)		379,534
Transfers for policy loans		12,343			—			11,565			10,053			(12,374	)
Adjustments to net assets allocated to contracts in payment period		(2,394	)		—			(98,799	)		(2,058	)		(184	)
Contract charges		(1,326	)		—			(133,917	)		(4,082	)		(104,502	)
Contract terminations:
Surrender benefits		(442,474	)		(288	)		(6,597,384	)		(555,493	)		(3,149,949	)
Death benefits		(34,797	)		—			(1,315,420	)		(106,224	)		(489,950	)
Increase (decrease) from transactions		(522,839	)		332,594			(10,745,216	)		(779,030	)		(3,206,363	)
Net assets at beginning of year		5,878,237			—			120,459,503			16,207,593			53,937,757
Net assets at end of year	$	4,208,768		$	314,234		$	85,875,174		$	10,393,050		$	33,926,383

Accumulation unit activity
Units outstanding at beginning of year		1,088,178			—			29,415,216			4,116,948			14,122,466
Units purchased		9,107			475,697			121,371			19,833			375,657
Units redeemed		(122,595	)		(145,240	)		(3,185,029	)		(272,318	)		(1,459,823	)
Units outstanding at end of year		974,690			330,457			26,351,558			3,864,463			13,038,300

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

⁽²⁾	For the period May 2, 2022 (commencement of operations) to December 31, 2022.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			98

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Invesco VI Bal Risk Alloc, Ser II			Invesco VI Comstock, Ser II			Invesco VI Core Eq, Ser I			Invesco VI Core Plus Bond, Ser II⁽²⁾			Invesco VI Dis Mid Cap Gro, Ser I
Operations
Investment income (loss) — net	$	2,178,771		$	443,772		$	(226,567	)	$	315		$	(148,261	)
Net realized gain (loss) on sales of investments		(559,162	)		4,067,664			867,837			(72	)		59,767
Distributions from capital gains		1,229,448			2,985,642			10,508,035			142			4,738,747
Net change in unrealized appreciation or depreciation of investments		(8,638,965	)		(7,761,378	)		(28,897,428	)		(6,813	)		(12,446,557	)
Net increase (decrease) in net assets resulting from operations		(5,789,908	)		(264,300	)		(17,748,123	)		(6,428	)		(7,796,304	)

Contract transactions
Contract purchase payments		1,631,992			1,130,576			341,700			304,923			104,220
Net transfers⁽¹⁾		1,704,566			1,275,394			(573,043	)		68,131			(876,960	)
Transfers for policy loans		(9,014	)		(7	)		54,477			—			16,542
Adjustments to net assets allocated to contracts in payment period		(24,329	)		(98,829	)		(84,165	)		—			(10,289	)
Contract charges		(12,941	)		(194,314	)		(31,901	)		—			(8,629	)
Contract terminations:
Surrender benefits		(1,474,687	)		(7,316,867	)		(4,708,509	)		(217	)		(1,127,046	)
Death benefits		(1,373,137	)		(1,717,188	)		(764,576	)		—			(214,161	)
Increase (decrease) from transactions		442,450			(6,921,235	)		(5,766,017	)		372,837			(2,116,323	)
Net assets at beginning of year		37,476,335			102,721,762			84,521,242			—			25,333,362
Net assets at end of year	$	32,128,877		$	95,536,227		$	61,007,102		$	366,409		$	15,420,735

Accumulation unit activity
Units outstanding at beginning of year		25,889,609			29,782,171			15,100,502			—			14,159,472
Units purchased		2,728,991			1,148,604			85,577			483,519			125,140
Units redeemed		(2,382,482	)		(3,012,440	)		(1,291,954	)		(96,120	)		(1,690,582	)
Units outstanding at end of year		26,236,118			27,918,335			13,894,125			387,399			12,594,030

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

⁽²⁾	For the period May 2, 2022 (commencement of operations) to December 31, 2022.

See accompanying notes to financial statements.



99		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Invesco VI Dis Mid Cap Gro, Ser II			Invesco VI Div Divd, Ser I			Invesco VI Div Divd, Ser II			Invesco VI EQV Intl Eq, Ser II			Invesco VI Global, Ser II
Operations
Investment income (loss) — net	$	(105,203	)	$	196,013		$	71,122		$	201,714		$	(1,173,354	)
Net realized gain (loss) on sales of investments		(98,323	)		440,008			224,825			229,116			386,206
Distributions from capital gains		3,407,768			2,381,243			1,348,101			4,337,898			20,604,273
Net change in unrealized appreciation or depreciation of investments		(8,278,084	)		(3,520,625	)		(1,956,651	)		(14,184,549	)		(73,989,728	)
Net increase (decrease) in net assets resulting from operations		(5,073,842	)		(503,361	)		(312,603	)		(9,415,821	)		(54,172,603	)

Contract transactions
Contract purchase payments		80,376			131,475			100,267			368,237			3,037,501
Net transfers⁽¹⁾		(514,018	)		746,273			757,849			(921,481	)		(2,910,895	)
Transfers for policy loans		(9,923	)		2,684			3,811			35,356			15,313
Adjustments to net assets allocated to contracts in payment period		—			(12,993	)		(4,420	)		(10,511	)		(41,600	)
Contract charges		(7,303	)		(11,669	)		(6,690	)		(34,744	)		(67,204	)
Contract terminations:
Surrender benefits		(844,458	)		(1,561,047	)		(790,627	)		(2,737,426	)		(9,474,361	)
Death benefits		(134,584	)		(144,950	)		(191,036	)		(514,420	)		(1,623,422	)
Increase (decrease) from transactions		(1,429,910	)		(850,227	)		(130,846	)		(3,814,989	)		(11,064,668	)
Net assets at beginning of year		16,458,004			20,231,760			11,041,090			49,860,377			168,529,839
Net assets at end of year	$	9,954,252		$	18,878,172		$	10,597,641		$	36,629,567		$	103,292,568

Accumulation unit activity
Units outstanding at beginning of year		9,305,599			7,764,905			4,426,369			20,910,263			41,188,115
Units purchased		103,992			357,244			379,521			206,663			1,216,951
Units redeemed		(1,162,416	)		(682,722	)		(426,856	)		(2,113,905	)		(4,853,364	)
Units outstanding at end of year		8,247,175			7,439,427			4,379,034			19,003,021			37,551,702

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			100

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Invesco VI Gbl Strat Inc, Ser II			Invesco VI Hlth, Ser II			Invesco VI Main St, Ser II			Invesco VI Mn St Sm Cap, Ser II			Invesco VI Tech, Ser I
Operations
Investment income (loss) — net	$	(1,272,127	)	$	(341,519	)	$	2,745		$	(693,364	)	$	(198,960	)
Net realized gain (loss) on sales of investments		(5,407,382	)		(25,396	)		(31,480	)		1,661,220			494,164
Distributions from capital gains		—			5,485,983			1,007,575			10,870,048			8,692,974
Net change in unrealized appreciation or depreciation of investments		(13,494,406	)		(11,780,913	)		(1,664,363	)		(30,484,081	)		(22,208,351	)
Net increase (decrease) in net assets resulting from operations		(20,173,915	)		(6,661,845	)		(685,523	)		(18,646,177	)		(13,220,173	)

Contract transactions
Contract purchase payments		1,117,638			421,927			31,642			2,802,651			169,825
Net transfers⁽¹⁾		(5,515,116	)		(850,665	)		(281,613	)		(1,520,729	)		275,084
Transfers for policy loans		19,464			10,390			—			13,622			(2,381	)
Adjustments to net assets allocated to contracts in payment period		(110,107	)		79,526			—			(6,206	)		(3,820	)
Contract charges		(175,869	)		(21,185	)		(1,683	)		(44,784	)		(28,659	)
Contract terminations:
Surrender benefits		(10,974,543	)		(2,601,257	)		(163,451	)		(9,037,577	)		(2,034,131	)
Death benefits		(2,927,847	)		(309,104	)		(107,588	)		(820,074	)		(187,709	)
Increase (decrease) from transactions		(18,566,380	)		(3,270,368	)		(522,693	)		(8,613,097	)		(1,811,791	)
Net assets at beginning of year		164,758,410			46,666,479			3,503,246			112,645,506			33,693,940
Net assets at end of year	$	126,018,115		$	36,734,266		$	2,295,030		$	85,386,232		$	18,661,976

Accumulation unit activity
Units outstanding at beginning of year		98,263,411			12,804,720			1,925,236			26,167,724			8,636,685
Units purchased		821,935			211,864			21,866			849,478			246,873
Units redeemed		(13,101,718	)		(1,293,021	)		(350,274	)		(3,118,712	)		(850,412	)
Units outstanding at end of year		85,983,628			11,723,563			1,596,828			23,898,490			8,033,146

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



101		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Invesco VI Tech, Ser II⁽²⁾			Janus Henderson VIT Bal, Serv			Janus Henderson VIT Enter, Serv			Janus Henderson VIT Flex Bd, Serv			Janus Henderson VIT Forty, Serv⁽²⁾
Operations
Investment income (loss) — net	$	(1,838	)	$	(87,434	)	$	(110,190	)	$	524,050		$	(1,199	)
Net realized gain (loss) on sales of investments		(575	)		966,779			448,234			(1,111,721	)		(70	)
Distributions from capital gains		175,542			3,608,990			2,652,366			916,457			11,369
Net change in unrealized appreciation or depreciation of investments		(235,866	)		(28,983,212	)		(6,022,365	)		(9,466,231	)		(14,023	)
Net increase (decrease) in net assets resulting from operations		(62,737	)		(24,494,877	)		(3,031,955	)		(9,137,445	)		(3,923	)

Contract transactions
Contract purchase payments		514,096			10,193,316			85,639			2,014,115			370,744
Net transfers⁽¹⁾		38,852			365,263			(374,021	)		(2,940,769	)		111,050
Transfers for policy loans		—			12,078			12,448			(3,778	)		—
Adjustments to net assets allocated to contracts in payment period		—			(7,209	)		(6,326	)		(4,535	)		—
Contract charges		—			(39,533	)		(4,709	)		(16,653	)		—
Contract terminations:
Surrender benefits		(572	)		(7,518,842	)		(1,198,586	)		(3,945,851	)		(645	)
Death benefits		—			(1,933,252	)		(80,541	)		(719,048	)		—
Increase (decrease) from transactions		552,376			1,071,821			(1,566,096	)		(5,616,519	)		481,149
Net assets at beginning of year		—			137,238,639			18,369,918			64,705,349			—
Net assets at end of year	$	489,639		$	113,815,583		$	13,771,867		$	49,951,385		$	477,226

Accumulation unit activity
Units outstanding at beginning of year		—			87,751,802			5,925,669			54,881,528			—
Units purchased		627,735			10,396,899			36,342			2,353,147			550,417
Units redeemed		(18,181	)		(9,933,428	)		(619,272	)		(7,519,342	)		—
Units outstanding at end of year		609,554			88,215,273			5,342,739			49,715,333			550,417

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

⁽²⁾	For the period May 2, 2022 (commencement of operations) to December 31, 2022.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			102

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Janus Hend VIT Gbl Tech Innov, Srv			Janus Henderson VIT Overseas, Serv			Janus Henderson VIT Res, Serv			Lazard Ret Emer Mkts Eq, Serv⁽²⁾			Lazard Ret Global Dyn MA, Serv
Operations
Investment income (loss) — net	$	(225,093	)	$	163,987		$	(498,493	)	$	411		$	(134,094	)
Net realized gain (loss) on sales of investments		1,192,577			148,114			618,988			(14	)		(216,320	)
Distributions from capital gains		4,994,140			—			9,389,258			—			755,885
Net change in unrealized appreciation or depreciation of investments		(20,786,413	)		(2,367,995	)		(29,823,009	)		(613	)		(3,543,174	)
Net increase (decrease) in net assets resulting from operations		(14,824,789	)		(2,055,894	)		(20,313,256	)		(216	)		(3,137,703	)

Contract transactions
Contract purchase payments		495,152			573,249			1,435,582			41,539			680,916
Net transfers⁽¹⁾		(2,664,020	)		598,782			(1,106,847	)		461			(1,211,732	)
Transfers for policy loans		(8,696	)		10,228			12,272			—			(1,256	)
Adjustments to net assets allocated to contracts in payment period		(17,007	)		(9,017	)		(8,001	)		—			—
Contract charges		(10,581	)		(9,274	)		(47,464	)		—			(5,691	)
Contract terminations:
Surrender benefits		(1,797,133	)		(1,576,539	)		(2,927,640	)		(92	)		(511,443	)
Death benefits		(202,690	)		(83,235	)		(647,602	)		—			(1,274,181	)
Increase (decrease) from transactions		(4,204,975	)		(495,806	)		(3,289,700	)		41,908			(2,323,387	)
Net assets at beginning of year		41,319,625			21,627,126			66,913,894			—			17,082,677
Net assets at end of year	$	22,289,861		$	19,075,426		$	43,310,938		$	41,692		$	11,621,587

Accumulation unit activity
Units outstanding at beginning of year		11,041,930			10,885,861			16,791,771			—			10,498,130
Units purchased		342,864			912,056			532,457			43,344			612,603
Units redeemed		(1,734,787	)		(1,129,475	)		(1,611,758	)		—			(2,380,124	)
Units outstanding at end of year		9,650,007			10,668,442			15,712,470			43,344			8,730,609

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

⁽²⁾	For the period May 2, 2022 (commencement of operations) to December 31, 2022.

See accompanying notes to financial statements.



103		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Lord Abt Bond Debenture, Cl VC⁽²⁾			Lord Abt Short Dur Inc, Cl VC⁽²⁾			MFS Gbl Real Est, Serv Cl⁽²⁾			MFS Intl Gro, Serv Cl⁽²⁾			MFS Mass Inv Gro Stock, Serv Cl
Operations
Investment income (loss) — net	$	38,663		$	59,623		$	1,136		$	(1,078	)	$	(612,966	)
Net realized gain (loss) on sales of investments		(57	)		(1,282	)		(1,488	)		36			756,574
Distributions from capital gains		458			—			14,345			9,810			9,506,603
Net change in unrealized appreciation or depreciation of investments		(47,587	)		(61,173	)		(40,586	)		25,927			(26,496,366	)
Net increase (decrease ) in net assets resulting from operations		(8,523	)		(2,832	)		(26,593	)		34,695			(16,846,155	)

Contract transactions
Contract purchase payments		810,477			2,234,951			376,453			513,937			451,934
Net transfers⁽¹⁾		87,347			47,238			44,851			48,480			(50,600	)
Transfers for policy loans		—			—			—			—			511
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			(15,783	)
Contract charges		—			—			—			—			(31,862	)
Contract terminations:
Surrender benefits		(2,116	)		(6,417	)		(602	)		(354	)		(3,510,294	)
Death benefits		—			—			—			—			(830,294	)
Increase (decrease) from transactions		895,708			2,275,772			420,702			562,063			(3,986,388	)
Net assets at beginning of year		—			—			—			—			84,817,334
Net assets at end of year	$	887,185		$	2,272,940		$	394,109		$	596,758		$	63,984,791

Accumulation unit activity
Units outstanding at beginning of year		—			—			—			—			31,273,080
Units purchased		937,109			2,899,611			598,700			750,904			542,815
Units redeemed		(1,910	)		(573,855	)		(115,605	)		(140,244	)		(2,265,414	)
Units outstanding at end of year		935,199			2,325,756			483,095			610,660			29,550,481

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

⁽²⁾	For the period May 2, 2022 (commencement of operations) to December 31, 2022.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			104

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	MFS New Dis, Serv Cl			MFS Research Intl, Serv Cl⁽²⁾			MFS Utilities, Serv Cl			MS VIF Dis, Cl II			MS VIF Global Real Est, Cl II
Operations
Investment income (loss) — net	$	(272,760	)	$	1,845		$	1,913,573		$	(699,554	)	$	528,859
Net realized gain (loss) on sales of investments		(993,962	)		35			3,000,336			(12,779,593	)		(191,397	)
Distributions from capital gains		11,467,750			4,435			5,924,621			32,662,701			591,577
Net change in unrealized appreciation or depreciation of investments		(23,718,192	)		(2,878	)		(11,715,812	)		(100,731,236	)		(5,877,371	)
Net increase (decrease) in net assets resulting from operations		(13,517,164	)		3,437			(877,282	)		(81,547,682	)		(4,948,332	)

Contract transactions
Contract purchase payments		174,037			330,769			3,884,667			4,019,386			132,910
Net transfers⁽¹⁾		(1,164,766	)		89,659			8,869,444			769,815			(267,459	)
Transfers for policy loans		20,012			—			(8,407	)		13,018			13,030
Adjustments to net assets allocated to contracts in payment period		(20,505	)		—			39,136			(11,840	)		(2,988	)
Contract charges		(20,534	)		—			(87,857	)		(36,106	)		(15,408	)
Contract terminations:
Surrender benefits		(1,781,656	)		(490	)		(10,104,496	)		(3,967,495	)		(1,394,866	)
Death benefits		(180,592	)		—			(2,885,663	)		(830,150	)		(154,927	)
Increase (decrease) from transactions		(2,974,004	)		419,938			(293,176	)		(43,372	)		(1,689,708	)
Net assets at beginning of year		45,048,689			—			154,358,056			129,812,191			19,269,599
Net assets at end of year	$	28,557,521		$	423,375		$	153,187,598		$	48,221,137		$	12,631,559

Accumulation unit activity
Units outstanding at beginning of year		9,510,893			—			35,893,819			18,789,944			11,544,956
Units purchased		53,920			438,816			3,068,578			1,949,398			193,727
Units redeemed		(876,869	)		—			(3,237,081	)		(1,611,820	)		(1,396,665	)
Units outstanding at end of year		8,687,944			438,816			35,725,316			19,127,522			10,342,018

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

⁽²⁾	For the period May 2, 2022 (commencement of operations) to December 31, 2022.

See accompanying notes to financial statements.



105		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	NB AMT Intl Eq, Cl S			NB AMT Sus Eq, Cl S			NB AMT US Eq Index PW Strat, Cl S			PIMCO VIT All Asset, Advisor Cl			PIMCO VIT Glb Man As Alloc, Adv Cl
Operations
Investment income (loss) — net	$	52,544		$	(129,678	)	$	(73,593	)	$	3,647,168		$	50,349
Net realized gain (loss) on sales of investments		20,720			339,442			(31,847	)		(777,142	)		(120,382	)
Distributions from capital gains		3,282,684			1,357,209			1,349,030			4,500,582			1,077,979
Net change in unrealized appreciation or depreciation of investments		(5,876,053	)		(4,850,159	)		(2,154,459	)		(15,202,572	)		(2,403,669	)
Net increase (decrease) in net assets resulting from operations		(2,520,105	)		(3,283,186	)		(910,869	)		(7,831,964	)		(1,395,723	)

Contract transactions
Contract purchase payments		63,220			615,482			649,716			2,822,881			91,259
Net transfers⁽¹⁾		34,005			(176,527	)		1,611,254			1,933,211			(121,254	)
Transfers for policy loans		(1,512	)		2,724			218			5,267			340
Adjustments to net assets allocated to contracts in payment period		(133	)		—			(159	)		(48,834	)		(453	)
Contract charges		(9,959	)		(5,574	)		(1,650	)		(51,997	)		(1,404	)
Contract terminations:
Surrender benefits		(651,098	)		(797,884	)		(172,734	)		(3,940,349	)		(133,472	)
Death benefits		(72,879	)		(56,739	)		(219,371	)		(976,431	)		(243,385	)
Increase (decrease) from transactions		(638,356	)		(418,518	)		1,867,274			(256,252	)		(408,369	)
Net assets at beginning of year		10,826,997			17,173,007			6,585,682			59,799,240			7,408,907
Net assets at end of year	$	7,668,536		$	13,471,303		$	7,542,087		$	51,711,024		$	5,604,815

Accumulation unit activity
Units outstanding at beginning of year		6,174,544			4,555,538			5,209,287			28,909,936			4,797,712
Units purchased		136,797			328,410			1,931,202			3,010,894			101,524
Units redeemed		(602,001	)		(445,358	)		(352,244	)		(3,035,220	)		(403,790	)
Units outstanding at end of year		5,709,340			4,438,590			6,788,245			28,885,610			4,495,446

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			106

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	PIMCO VIT Tot Return, Advisor Cl			Put VT Global Hlth Care, Cl IB			Put VT Intl Eq, Cl IB			Put VT Intl Val, Cl IB⁽²⁾			Put VT Lg Cap Val, Cl IB⁽²⁾
Operations
Investment income (loss) — net	$	796,531		$	(102,207	)	$	70,566		$	(1,140	)	$	(6,769	)
Net realized gain (loss) on sales of investments		(1,523,180	)		196,298			(78,163	)		191			359
Distributions from capital gains		—			2,134,789			1,100,571			—			—
Net change in unrealized appreciation or depreciation of investments		(8,506,581	)		(3,680,608	)		(2,949,905	)		19,960			47,938
Net increase (decrease) in net assets resulting from operations		(9,233,230	)		(1,451,728	)		(1,856,931	)		19,011			41,528

Contract transactions
Contract purchase payments		3,411,909			882,077			89,545			250,338			1,588,092
Net transfers⁽¹⁾		(2,239,800	)		(355,520	)		146,039			5,798			127,171
Transfers for policy loans		2,888			8,421			3,600			—			—
Adjustments to net assets allocated to contracts in payment period		—			(13,100	)		(2,072	)		—			—
Contract charges		(14,186	)		(16,472	)		(6,159	)		—			—
Contract terminations:
Surrender benefits		(2,898,711	)		(1,804,098	)		(707,404	)		(345	)		(1,021	)
Death benefits		(438,201	)		(409,166	)		(216,115	)		—			—
Increase (decrease) from transactions		(2,176,101	)		(1,707,858	)		(692,566	)		255,791			1,714,242
Net assets at beginning of year		64,182,181			26,302,256			11,852,067			—			—
Net assets at end of year	$	52,772,850		$	23,142,670		$	9,302,570		$	274,802		$	1,755,770

Accumulation unit activity
Units outstanding at beginning of year		56,072,313			5,820,632			5,339,956			—			—
Units purchased		5,127,304			534,211			124,388			272,883			2,186,861
Units redeemed		(6,830,920	)		(703,212	)		(503,283	)		(2,931	)		(443,065	)
Units outstanding at end of year		54,368,697			5,651,631			4,961,061			269,952			1,743,796

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

⁽²⁾	For the period May 2, 2022 (commencement of operations) to December 31, 2022.

See accompanying notes to financial statements.



107		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Put VT Sus Fut, Cl IB⁽²⁾			Put VT Sus Leaders, Cl IA			Put VT Sus Leaders, Cl IB			Royce Micro-Cap, Invest Cl			Temp Global Bond, Cl 2
Operations
Investment income (loss) — net	$	(57	)	$	(312,446	)	$	(92,562	)	$	(90,528	)	$	(224,881	)
Net realized gain (loss) on sales of investments		(1	)		1,549,506			908,512			235,081			(1,189,945	)
Distributions from capital gains		—			11,422,063			4,915,568			3,267,391			—
Net change in unrealized appreciation or depreciation of investments		(173	)		(35,424,222	)		(15,213,008	)		(6,692,815	)		(18,145	)
Net increase (decrease) in net assets resulting from operations		(231	)		(22,765,099	)		(9,481,490	)		(3,280,871	)		(1,432,971	)

Contract transactions
Contract purchase payments		19,453			294,356			908,969			87,099			738,621
Net transfers⁽¹⁾		7,499			(1,382,175	)		(1,404,617	)		(301,783	)		(1,089,923	)
Transfers for policy loans		—			35,856			38,849			12,565			1,304
Adjustments to net assets allocated to contracts in payment period		—			(46,499	)		(7,159	)		(24,344	)		—
Contract charges		—			(32,168	)		(16,316	)		(3,400	)		(6,183	)
Contract terminations:
Surrender benefits		(64	)		(5,370,969	)		(2,312,389	)		(774,502	)		(1,223,734	)
Death benefits		—			(1,056,969	)		(308,977	)		(118,815	)		(485,360	)
Increase (decrease) from transactions		26,888			(7,558,568	)		(3,101,640	)		(1,123,180	)		(2,065,275	)
Net assets at beginning of year		—			98,210,933			41,649,451			14,415,488			24,169,211
Net assets at end of year	$	26,657		$	67,887,266		$	29,066,321		$	10,011,437		$	20,670,965

Accumulation unit activity
Units outstanding at beginning of year		—			14,648,873			7,904,079			1,880,895			28,020,708
Units purchased		29,256			60,836			410,941			16,386			1,208,653
Units redeemed		(72	)		(1,450,095	)		(923,399	)		(195,123	)		(3,763,790	)
Units outstanding at end of year		29,184			13,259,614			7,391,621			1,702,158			25,465,571

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

⁽²⁾	For the period May 2, 2022 (commencement of operations) to December 31, 2022.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			108

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Third Ave VST Third Ave Value			VanEck VIP Global Gold, Cl S			VP Aggr, Cl 2			VP Aggr, Cl 4			VP Conserv, Cl 2
Operations
Investment income (loss) — net	$	63,370		$	(288,689	)	$	(8,037,126	)	$	(4,208,036	)	$	(5,003,306	)
Net realized gain (loss) on sales of investments		206,233			(429,692	)		57,552,494			27,350,410			7,092,955
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		1,120,659			(3,918,963	)		(233,845,523	)		(127,037,561	)		(94,183,209	)
Net increase (decrease) in net assets resulting from operations		1,390,262			(4,637,344	)		(184,330,155	)		(103,895,187	)		(92,093,560	)

Contract transactions
Contract purchase payments		53,143			2,625,800			48,596,297			4,334,279			14,559,633
Net transfers⁽¹⁾		(156,783	)		2,399,422			(49,039,327	)		(7,244,186	)		15,035,831
Transfers for policy loans		2,795			(3,375	)		157,855			66,272			21,219
Adjustments to net assets allocated to contracts in payment period		(16,539	)		—			(174,022	)		—			16,716
Contract charges		(3,304	)		(8,354	)		(4,539,432	)		(2,387,250	)		(4,015,528	)
Contract terminations:
Surrender benefits		(639,417	)		(1,693,424	)		(50,885,195	)		(30,749,757	)		(45,430,706	)
Death benefits		(92,880	)		(1,149,038	)		(7,698,791	)		(2,831,594	)		(10,112,094	)
Increase (decrease) from transactions		(852,985	)		2,171,031			(63,582,615	)		(38,812,236	)		(29,924,929	)
Net assets at beginning of year		9,570,041			30,257,598			993,245,061			560,595,878			575,775,599
Net assets at end of year	$	10,107,318		$	27,791,285		$	745,332,291		$	417,888,455		$	453,757,110

Accumulation unit activity
Units outstanding at beginning of year		2,361,013			26,220,604			379,326,849			212,647,443			386,139,654
Units purchased		13,082			4,478,958			25,878,067			2,246,640			24,780,842
Units redeemed		(208,548	)		(2,629,894	)		(52,015,176	)		(19,327,067	)		(46,862,933	)
Units outstanding at end of year		2,165,547			28,069,668			353,189,740			195,567,016			364,057,563

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



109		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	VP Conserv, Cl 4			VP Man Risk, Cl 2			VP Man Risk US, Cl 2			VP Man Vol Conserv, Cl 2			VP Man Vol Conserv Gro, Cl 2
Operations
Investment income (loss) — net	$	(3,357,770	)	$	(2,249,770	)	$	(3,249,101	)	$	(5,914,400	)	$	(12,343,695	)
Net realized gain (loss) on sales of investments		10,862,285			1,277,906			1,479,131			4,409,484			24,379,309
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(73,130,353	)		(47,682,193	)		(63,757,481	)		(110,908,401	)		(268,324,706	)
Net increase (decrease) in net assets resulting from operations		(65,625,838	)		(48,654,057	)		(65,527,451	)		(112,413,317	)		(256,289,092	)

Contract transactions
Contract purchase payments		547,464			3,344,430			12,262,707			4,866,057			10,927,181
Net transfers⁽¹⁾		5,236,724			767,993			55,374,608			31,307,423			(29,919,440	)
Transfers for policy loans		(9,819	)		13,720			—			9,078			(2,110	)
Adjustments to net assets allocated to contracts in payment period		—			59,087			(51,652	)		108,224			(119,754	)
Contract charges		(2,381,260	)		(3,476,994	)		(5,003,845	)		(9,233,680	)		(18,067,075	)
Contract terminations:
Surrender benefits		(35,741,443	)		(7,339,288	)		(9,005,900	)		(44,927,692	)		(67,099,038	)
Death benefits		(12,166,580	)		(1,346,152	)		(1,482,455	)		(4,953,169	)		(17,898,572	)
Increase (decrease) from transactions		(44,514,914	)		(7,977,204	)		52,093,463			(22,823,759	)		(122,178,808	)
Net assets at beginning of year		419,557,072			266,274,624			351,655,200			683,876,041			1,472,908,498
Net assets at end of year	$	309,416,320		$	209,643,363		$	338,221,212		$	548,638,965		$	1,094,440,598

Accumulation unit activity
Units outstanding at beginning of year		279,903,504			203,989,154			246,733,059			529,356,637			1,036,905,704
Units purchased		5,042,309			3,520,283			55,460,531			35,778,726			10,526,746
Units redeemed		(38,253,566	)		(11,223,503	)		(12,662,989	)		(54,456,018	)		(109,068,399	)
Units outstanding at end of year		246,692,247			196,285,934			289,530,601			510,679,345			938,364,051

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			110

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	VP Man Vol Gro, Cl 2			VP Man Vol Mod Gro, Cl 2			VP Mod, Cl 2			VP Mod, Cl 4			VP Mod Aggr, Cl 2
Operations
Investment income (loss) — net	$	(106,289,118	)	$	(124,361,538	)	$	(66,871,661	)	$	(51,545,684	)	$	(23,622,703	)
Net realized gain (loss) on sales of investments		186,040,393			299,742,787			181,595,611			314,447,890			197,666,019
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(2,699,396,473	)		(2,968,538,341	)		(1,482,814,832	)		(1,387,251,880	)		(702,476,866	)
Net increase (decrease) in net assets resulting from operations		(2,619,645,198	)		(2,793,157,092	)		(1,368,090,882	)		(1,124,349,674	)		(528,433,550	)

Contract transactions
Contract purchase payments		50,627,579			57,878,040			133,226,979			7,374,155			107,548,275
Net transfers⁽¹⁾		(69,059,428	)		(163,523,659	)		257,616,673			13,073,424			(233,273,551	)
Transfers for policy loans		(4,936	)		27,735			83,598			101,821			117,435
Adjustments to net assets allocated to contracts in payment period		(154,978	)		334,854			(382,303	)		—			(125,989	)
Contract charges		(165,842,314	)		(190,254,372	)		(69,197,916	)		(40,921,377	)		(13,401,044	)
Contract terminations:
Surrender benefits		(386,009,525	)		(577,774,091	)		(522,501,281	)		(461,101,466	)		(180,136,205	)
Death benefits		(72,737,951	)		(111,833,223	)		(94,499,136	)		(100,297,744	)		(25,986,262	)
Increase (decrease) from transactions		(643,181,553	)		(985,144,716	)		(295,653,386	)		(581,771,187	)		(345,257,341	)
Net assets at beginning of year		13,115,191,242			14,986,545,749			7,909,031,674			6,649,080,135			2,993,306,501
Net assets at end of year	$	9,852,364,491		$	11,208,243,941		$	6,245,287,406		$	4,942,959,274		$	2,119,615,610

Accumulation unit activity
Units outstanding at beginning of year		7,665,950,739			9,058,516,734			3,901,973,231			3,257,132,964			1,295,508,959
Units purchased		35,507,611			39,344,236			222,538,110			17,479,739			58,995,805
Units redeemed		(486,521,183	)		(742,119,084	)		(393,343,258	)		(344,291,198	)		(227,299,089	)
Units outstanding at end of year		7,214,937,167			8,355,741,886			3,731,168,083			2,930,321,505			1,127,205,675

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



111		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	VP Mod Aggr, Cl 4			VP Mod Conserv, Cl 2			VP Mod Conserv, Cl 4			VP Ptnrs Core Bond, Cl 2			VP Ptnrs Core Eq, Cl 2
Operations
Investment income (loss) — net	$	(13,566,570	)	$	(11,609,979	)	$	(9,139,565	)	$	52,260		$	(121,504	)
Net realized gain (loss) on sales of investments		112,718,552			38,523,338			54,926,054			(253,409	)		613,904
Distributions from capital gains		—			—			—			101,705			—
Net change in unrealized appreciation or depreciation of investments		(422,560,131	)		(251,565,641	)		(234,885,744	)		(2,057,602	)		(2,819,569	)
Net increase (decrease) in net assets resulting from operations		(323,408,149	)		(224,652,282	)		(189,099,255	)		(2,157,046	)		(2,327,169	)

Contract transactions
Contract purchase payments		9,908,972			25,975,658			1,190,064			1,842,177			568,512
Net transfers⁽¹⁾		(57,171,691	)		(15,263,173	)		(11,917,231	)		(483,290	)		200,103
Transfers for policy loans		201,181			79,807			121,257			214			1,282
Adjustments to net assets allocated to contracts in payment period		—			(108	)		—			—			—
Contract charges		(6,694,445	)		(8,434,425	)		(6,210,923	)		(7,332	)		(5,946	)
Contract terminations:
Surrender benefits		(120,989,871	)		(84,196,230	)		(83,337,580	)		(493,949	)		(429,223	)
Death benefits		(14,513,278	)		(31,135,421	)		(29,714,645	)		(355,957	)		(424,522	)
Increase (decrease) from transactions		(189,259,132	)		(112,973,892	)		(129,869,058	)		501,863			(89,794	)
Net assets at beginning of year		1,824,824,327			1,363,431,627			1,162,608,008			14,907,101			12,507,297
Net assets at end of year	$	1,312,157,046		$	1,025,805,453		$	843,639,695		$	13,251,918		$	10,090,334

Accumulation unit activity
Units outstanding at beginning of year		783,175,851			787,086,042			665,339,212			11,968,047			3,520,529
Units purchased		5,124,837			19,172,511			1,254,016			1,933,776			275,960
Units redeemed		(98,758,646	)		(93,638,039	)		(85,548,809	)		(1,479,019	)		(326,067	)
Units outstanding at end of year		689,542,042			712,620,514			581,044,419			12,422,804			3,470,422

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			112

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	VP Ptnrs Core Eq, Cl 3			VP Ptnrs Intl Core Eq, Cl 2			VP Ptnrs Intl Gro, Cl 2			VP Ptnrs Intl Val, Cl 2			VP Ptnrs Sm Cap Gro, Cl 2
Operations
Investment income (loss) — net	$	(175,895	)	$	83,908		$	(363,206	)	$	236,048		$	(157,313	)
Net realized gain (loss) on sales of investments		1,582,325			(216,494	)		(527,824	)		(311,064	)		97,355
Distributions from capital gains		—			2,295,048			2,029,569			—			—
Net change in unrealized appreciation or depreciation of investments		(5,608,448	)		(5,317,247	)		(13,484,420	)		(3,004,467	)		(5,277,303	)
Net increase (decrease) in net assets resulting from operations		(4,202,018	)		(3,154,785	)		(12,345,881	)		(3,079,483	)		(5,337,261	)

Contract transactions
Contract purchase payments		70,099			1,652,711			2,466,169			2,250,041			2,230,545
Net transfers⁽¹⁾		(602,752	)		2,245,356			(376,435	)		766,703			1,430,465
Transfers for policy loans		4,070			255			4,865			932			109
Adjustments to net assets allocated to contracts in payment period		(5,088	)		—			—			—			—
Contract charges		(38,506	)		(7,928	)		(13,900	)		(8,032	)		(13,817	)
Contract terminations:
Surrender benefits		(1,391,907	)		(280,355	)		(1,496,410	)		(764,503	)		(475,793	)
Death benefits		(184,597	)		(139,256	)		(597,135	)		(318,346	)		(118,467	)
Increase (decrease) from transactions		(2,148,681	)		3,470,783			(12,846	)		1,926,795			3,053,042
Net assets at beginning of year		23,706,731			14,773,899			44,209,921			23,456,438			16,539,840
Net assets at end of year	$	17,356,032		$	15,089,897		$	31,851,194		$	22,303,750		$	14,255,621

Accumulation unit activity
Units outstanding at beginning of year		7,412,475			8,260,821			20,541,588			17,332,515			4,586,557
Units purchased		33,277			2,816,009			1,551,992			2,530,927			1,313,892
Units redeemed		(810,342	)		(467,842	)		(1,661,715	)		(991,283	)		(268,034	)
Units outstanding at end of year		6,635,410			10,608,988			20,431,865			18,872,159			5,632,415

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



113		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	VP Ptnrs Sm Cap Val, Cl 2			VP Ptnrs Sm Cap Val, Cl 3			VP US Flex Conserv Gro, Cl 2			VP US Flex Gro, Cl 2			VP US Flex Mod Gro, Cl 2
Operations
Investment income (loss) — net	$	(113,223	)	$	(444,122	)	$	(3,013,981	)	$	(34,581,394	)	$	(18,507,801	)
Net realized gain (loss) on sales of investments		154,246			3,350,706			2,218,033			18,416,612			14,519,545
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(1,663,818	)		(11,082,463	)		(58,883,882	)		(785,071,659	)		(393,616,718	)
Net increase (decrease) in net assets resulting from operations		(1,622,795	)		(8,175,879	)		(59,679,830	)		(801,236,441	)		(397,604,974	)

Contract transactions
Contract purchase payments		1,871,662			337,610			6,232,871			42,423,938			33,678,841
Net transfers⁽¹⁾		(20,443	)		(770,184	)		15,042,143			169,121,642			30,104,817
Transfers for policy loans		223			7,958			638			6,134			32,560
Adjustments to net assets allocated to contracts in payment period		—			(42,309	)		72,113			—			(47,893	)
Contract charges		(8,612	)		(103,216	)		(4,175,909	)		(56,689,687	)		(28,061,203	)
Contract terminations:
Surrender benefits		(408,080	)		(3,403,973	)		(13,348,433	)		(91,498,987	)		(59,415,946	)
Death benefits		(217,624	)		(927,600	)		(4,447,467	)		(21,184,054	)		(13,613,655	)
Increase (decrease) from transactions		1,217,126			(4,901,714	)		(624,044	)		42,178,986			(37,322,479	)
Net assets at beginning of year		10,986,530			60,409,319			343,216,204			4,081,955,233			2,177,511,637
Net assets at end of year	$	10,580,861		$	47,331,726		$	282,912,330		$	3,322,897,778		$	1,742,584,184

Accumulation unit activity
Units outstanding at beginning of year		4,206,384			14,914,925			252,397,827			2,507,110,772			1,457,022,417
Units purchased		939,275			148,016			19,027,265			150,700,230			51,216,584
Units redeemed		(406,981	)		(1,488,835	)		(19,076,396	)		(121,716,520	)		(80,140,148	)
Units outstanding at end of year		4,738,678			13,574,106			252,348,696			2,536,094,482			1,428,098,853

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			114

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Wanger Acorn			Wanger Intl			WA Var Global Hi Yd Bond, Cl II
Operations
Investment income (loss) — net	$	(1,500,367	)	$	35,296		$	582,215
Net realized gain (loss) on sales of investments		(11,327,159	)		(3,759,624	)		(191,504	)
Distributions from capital gains		60,652,447			20,477,078			—
Net change in unrealized appreciation or depreciation of investments		(130,030,971	)		(73,329,368	)		(2,273,185	)
Net increase (decrease) in net assets resulting from operations		(82,206,050	)		(56,576,618	)		(1,882,474	)

Contract transactions
Contract purchase payments		1,336,328			1,508,366			897,239
Net transfers⁽¹⁾		(2,841,932	)		(1,414,655	)		(402,067	)
Transfers for policy loans		49,734			40,931			1,090
Adjustments to net assets allocated to contracts in payment period		(65,293	)		(31,812	)		—
Contract charges		(144,926	)		(112,506	)		(3,005	)
Contract terminations:
Surrender benefits		(12,996,540	)		(8,693,402	)		(358,415	)
Death benefits		(2,084,761	)		(1,623,958	)		(110,725	)
Increase (decrease) from transactions		(16,747,390	)		(10,327,036	)		24,117
Net assets at beginning of year		246,176,566			166,989,107			12,618,770
Net assets at end of year	$	147,223,126		$	100,085,453		$	10,760,413

Accumulation unit activity
Units outstanding at beginning of year		39,685,097			36,341,836			9,902,684
Units purchased		357,119			588,946			832,542
Units redeemed		(3,982,540	)		(3,656,451	)		(813,058	)
Units outstanding at end of year		36,059,676			33,274,331			9,922,168

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



115		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Notes to Financial Statements

1. ORGANIZATION

RiverSource Variable Account 10 (the Account) was established under Minnesota law as a segregated asset account of RiverSource Life Insurance Company (RiverSource Life). The Account is registered as a unit investment trust under the Investment Company Act of 1940, as amended (the 1940 Act) and exists in accordance with the rules and regulations of the Insurance Division, Department of Commerce of the State of Minnesota.

The Account is used as a funding vehicle for individual variable annuity contracts issued by RiverSource Life. The following is a list of each variable annuity product funded through the Account.

RiverSource^® Retirement Advisor Variable Annuity (RAVA)

RiverSource^® Retirement Advisor Advantage Variable Annuity (RAVA Advantage)

RiverSource^® Retirement Advisor Select Variable Annuity (RAVA Select)

RiverSource^® Retirement Advisor Advantage Plus Variable Annuity (RAVA Advantage Plus)

RiverSource^® Retirement Advisor Select Plus Variable Annuity (RAVA Select Plus)

RiverSource^® Retirement Advisor 4 Advantage^® Variable Annuity (RAVA 4 Advantage)

RiverSource^® Retirement Advisor 4 Select^® Variable Annuity (RAVA 4 Select)

RiverSource^® Retirement Advisor 4 Access^® Variable Annuity (RAVA 4 Access)

RiverSource^® RAVA 5 Advantage^® Variable Annuity (RAVA 5 Advantage) (Offered for contract applications signed on or after April 30, 2012 but prior to April 29, 2013)

RiverSource^® RAVA 5 Select^® Variable Annuity (RAVA 5 Select) (Offered for contract applications signed on or after April 30, 2012 but prior to April 29, 2013)

RiverSource^® RAVA 5 Access^® Variable Annuity (RAVA 5 Access) (Offered for contract applications signed on or after April 30, 2012 but prior to April 29, 2013)

RiverSource^® RAVA 5 Advantage^® Variable Annuity (RAVA 5 Advantage) (Offered for contract applications signed prior to April 30, 2012)

RiverSource^® RAVA 5 Select^® Variable Annuity (RAVA 5 Select) (Offered for contract applications signed prior to April 30, 2012)

RiverSource^® RAVA 5 Access^® Variable Annuity (RAVA 5 Access) (Offered for contract applications signed prior to April 30, 2012)

RiverSource^® RAVA 5 Advantage^® Variable Annuity (RAVA 5 Advantage) (Offered for contract applications signed on or after April 29, 2013)

RiverSource^® RAVA 5 Select^® Variable Annuity (RAVA 5 Select) (Offered for contract applications signed on or after April 29, 2013)

RiverSource^® RAVA 5 Access^® Variable Annuity (RAVA 5 Access) (Offered for contract applications signed on or after April 29, 2013)

RiverSource^® RAVA 5 Advantage^® Variable Annuity (RAVA 5 Advantage) (Offered for contract applications signed on or after April 29, 2019)

RiverSource^® RAVA 5 Choice^SM Variable Annuity (RAVA 5 Choice)

RiverSource^® RAVA 5 Access^® Variable Annuity (RAVA 5 Access) (Offered for contract applications signed on or after June 22, 2020)

RiverSource^® RAVA Apex Variable Annuity (RAVA Apex)

RiverSource^® RAVA Vista Variable Annuity (RAVA Vista)

RiverSource^® Flexible Portfolio Annuity (FPA)

RiverSource^® Retirement Group Annuity Contract I (Retirement GAC I)

RiverSource^® Retirement Group Annuity Contract II (Retirement GAC II)

RiverSource^® Retirement Advisor Variable Annuity – Band 3 (RAVA Band 3)*

RiverSource^® Retirement Advisor Advantage Variable Annuity – Band 3 (RAVA Advantage Band 3)*

*	New contracts are no longer being issued for this product. As a result, an annual contract prospectus and statement of additional information are no longer distributed. An annual report for this product is distributed to all current contract holders.

The Account is comprised of various divisions. Each division invests exclusively in shares of the following funds or portfolios (collectively, the Funds), which are registered under the 1940 Act as open-end management investment companies. The name of each Fund and the corresponding division name are provided below. Each division is comprised of subaccounts. Individual variable annuity accounts invest in subaccounts. For each division, the financial statements are comprised of a statement of assets



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			116

and liabilities as of December 31, 2023, a related statement of operations for the year then ended and statements of changes in net assets for each of the two years in the period then ended, all presented to reflect a full twelve month period except as noted below.


Division		Fund
AB VPS Dyn Asset Alloc, Cl B		AB VPS Dynamic Asset Allocation Portfolio (Class B)
AB VPS Intl Val, Cl B		AB VPS International Value Portfolio (Class B)
AB VPS Lg Cap Gro, Cl B		AB VPS Large Cap Growth Portfolio (Class B)
AB VPS Relative Val, Cl B		AB VPS Relative Value Portfolio (Class B) (previously AB VPS Growth and Income Portfolio (Class B))
AB VPS Sus Gbl Thematic, Cl B		AB VPS Sustainable Global Thematic Portfolio (Class B)
Allspg VT Index Asset Alloc, Cl 2		Allspring VT Index Asset Allocation Fund – Class 2
Allspg VT Intl Eq, Cl 2		Allspring VT International Equity Fund – Class 2⁽¹⁾
Allspg VT Opp, Cl 2		Allspring VT Opportunity Fund – Class 2
Allspg VT Sm Cap Gro, Cl 2		Allspring VT Small Cap Growth Fund – Class 2
ALPS Alerian Engy Infr, Class III		ALPS/Alerian Energy Infrastructure Portfolio: Class III
AC VP Intl, Cl I		American Century VP International, Class I⁽²⁾
AC VP Intl, Cl II		American Century VP International, Class II⁽³⁾
AC VP Mid Cap Val, Cl II		American Century VP Mid Cap Value, Class II⁽⁴⁾
AC VP Ultra, Cl II		American Century VP Ultra^®, Class II⁽⁵⁾
AC VP Val, Cl I		American Century VP Value, Class I⁽⁶⁾
AC VP Val, Cl II		American Century VP Value, Class II⁽⁷⁾
BlackRock Adv SMID Cap VI, Cl III		BlackRock Advantage SMID Cap V.I. Fund (Class III)⁽⁸⁾
BlackRock Global Alloc, Cl III		BlackRock Global Allocation V.I. Fund (Class III)
BNY Mellon Sus US Eq, Serv		BNY Mellon Sustainable U.S. Equity Portfolio, Inc. – Service Shares⁽⁸⁾
Calvert VP EAFE Intl Index, Cl F		Calvert VP EAFE International Index Portfolio – Class F⁽⁸⁾ (renamed to CVT EAFE International Index Portfolio – Class F effective sometime during the second quarter of 2024)
Calvert VP Nasdaq 100 Index, Cl F		Calvert VP Nasdaq 100 Index Portfolio – Class F⁽⁸⁾ (renamed to CVT Nasdaq 100 Index Portfolio – Class F effective sometime during the second quarter of 2024)
Calv VP Russ 2000 Sm Cap Ind, Cl F		Calvert VP Russell 2000^® Small Cap Index Portfolio – Class F⁽⁸⁾ (renamed to CVT Russell 2000^® Small Cap Index Portfolio – Class F effective sometime during the second quarter of 2024)
Calvert VP SRI Bal, Cl F		Calvert VP SRI Balanced Portfolio – Class F⁽⁸⁾
Calvert VP SRI Bal, Cl I		Calvert VP SRI Balanced Portfolio – Class I
CB Var Sm Cap Gro, Cl I		ClearBridge Variable Small Cap Growth Portfolio – Class I
Col VP Bal, Cl 2		Columbia Variable Portfolio – Balanced Fund (Class 2)
Col VP Bal, Cl 3		Columbia Variable Portfolio – Balanced Fund (Class 3)
Col VP Commodity Strategy, Cl 2		Columbia Variable Portfolio – Commodity Strategy Fund (Class 2)
Col VP Contrarian Core, Cl 2		Columbia Variable Portfolio – Contrarian Core Fund (Class 2)
Col VP Disciplined Core, Cl 2		Columbia Variable Portfolio – Disciplined Core Fund (Class 2)
Col VP Disciplined Core, Cl 3		Columbia Variable Portfolio – Disciplined Core Fund (Class 3)
Col VP Divd Opp, Cl 2		Columbia Variable Portfolio – Dividend Opportunity Fund (Class 2)
Col VP Divd Opp, Cl 3		Columbia Variable Portfolio – Dividend Opportunity Fund (Class 3)
Col VP Emerg Mkts Bond, Cl 2		Columbia Variable Portfolio – Emerging Markets Bond Fund (Class 2)
Col VP Emer Mkts, Cl 2		Columbia Variable Portfolio – Emerging Markets Fund (Class 2)
Col VP Emer Mkts, Cl 3		Columbia Variable Portfolio – Emerging Markets Fund (Class 3)
Col VP Global Strategic Inc, Cl 2		Columbia Variable Portfolio – Global Strategic Income Fund (Class 2)
Col VP Global Strategic Inc, Cl 3		Columbia Variable Portfolio – Global Strategic Income Fund (Class 3)
Col VP Govt Money Mkt, Cl 2		Columbia Variable Portfolio – Government Money Market Fund (Class 2)
Col VP Govt Money Mkt, Cl 3		Columbia Variable Portfolio – Government Money Market Fund (Class 3)
Col VP Hi Yield Bond, Cl 2		Columbia Variable Portfolio – High Yield Bond Fund (Class 2)
Col VP Hi Yield Bond, Cl 3		Columbia Variable Portfolio – High Yield Bond Fund (Class 3)
Col VP Inc Opp, Cl 2		Columbia Variable Portfolio – Income Opportunities Fund (Class 2)
Col VP Inc Opp, Cl 3		Columbia Variable Portfolio – Income Opportunities Fund (Class 3)
Col VP Inter Bond, Cl 2		Columbia Variable Portfolio – Intermediate Bond Fund (Class 2)
Col VP Inter Bond, Cl 3		Columbia Variable Portfolio – Intermediate Bond Fund (Class 3)
Col VP Lg Cap Gro, Cl 2		Columbia Variable Portfolio – Large Cap Growth Fund (Class 2)
Col VP Lg Cap Gro, Cl 3		Columbia Variable Portfolio – Large Cap Growth Fund (Class 3)
Col VP Lg Cap Index, Cl 2		Columbia Variable Portfolio – Large Cap Index Fund (Class 2)
Col VP Lg Cap Index, Cl 3		Columbia Variable Portfolio – Large Cap Index Fund (Class 3)



117		∎ RIVERSOURCE VARIABLE ACCOUNT 10


Division		Fund
Col VP Limited Duration Cr, Cl 2		Columbia Variable Portfolio – Limited Duration Credit Fund (Class 2)
Col VP Long Govt/Cr Bond, Cl 2		Columbia Variable Portfolio – Long Government/Credit Bond Fund (Class 2)
Col VP Overseas Core, Cl 2		Columbia Variable Portfolio – Overseas Core Fund (Class 2)
Col VP Overseas Core, Cl 3		Columbia Variable Portfolio – Overseas Core Fund (Class 3)
Col VP Select Lg Cap Eq, Cl 2		Columbia Variable Portfolio – Select Large Cap Equity Fund (Class 2)⁽⁸⁾
Col VP Select Lg Cap Val, Cl 2		Columbia Variable Portfolio – Select Large Cap Value Fund (Class 2)
Col VP Select Lg Cap Val, Cl 3		Columbia Variable Portfolio – Select Large Cap Value Fund (Class 3)
Col VP Select Mid Cap Gro, Cl 2		Columbia Variable Portfolio – Select Mid Cap Growth Fund (Class 2)
Col VP Select Mid Cap Gro, Cl 3		Columbia Variable Portfolio – Select Mid Cap Growth Fund (Class 3)
Col VP Select Mid Cap Val, Cl 2		Columbia Variable Portfolio – Select Mid Cap Value Fund (Class 2)
Col VP Select Mid Cap Val, Cl 3		Columbia Variable Portfolio – Select Mid Cap Value Fund (Class 3)
Col VP Select Sm Cap Val, Cl 2		Columbia Variable Portfolio – Select Small Cap Value Fund (Class 2)
Col VP Select Sm Cap Val, Cl 3		Columbia Variable Portfolio – Select Small Cap Value Fund (Class 3)
Col VP Sel Gbl Tech, Cl 2		Columbia Variable Portfolio – Seligman Global Technology Fund (Class 2)⁽⁸⁾
Col VP Sm Cap Val, Cl 2		Columbia Variable Portfolio – Small Cap Value Fund (Class 2)⁽⁸⁾
Col VP Strategic Inc, Cl 2		Columbia Variable Portfolio – Strategic Income Fund (Class 2)
Col VP US Govt Mtge, Cl 2		Columbia Variable Portfolio – U.S. Government Mortgage Fund (Class 2)
Col VP US Govt Mtge, Cl 3		Columbia Variable Portfolio – U.S. Government Mortgage Fund (Class 3)
CS Commodity Return, Cl 1		Credit Suisse Trust – Commodity Return Strategy Portfolio, Class 1
CTIVP AC Div Bond, Cl 2		CTIVP^® – American Century Diversified Bond Fund (Class 2)
CTIVP BR Gl Infl Prot Sec, Cl 2		CTIVP^® – BlackRock Global Inflation-Protected Securities Fund (Class 2)
CTIVP BR Gl Infl Prot Sec, Cl 3		CTIVP^® – BlackRock Global Inflation-Protected Securities Fund (Class 3)
CTIVP CenterSquare Real Est, Cl 2		CTIVP^® – CenterSquare Real Estate Fund (Class 2)
CTIVP MFS Val, Cl 2		CTIVP^® – MFS^® Value Fund (Class 2)
CTIVP MS Adv, Cl 2		CTIVP^® – Morgan Stanley Advantage Fund (Class 2) (renamed to CTIVP^® – Westfield Select Large Cap Growth Fund (Class 2) effective sometime during the second quarter of 2024)
CTIVP Prin Blue Chip Gro, Cl 1		CTIVP^® – Principal Blue Chip Growth Fund (Class 1)
CTIVP Prin Blue Chip Gro, Cl 2		CTIVP^® – Principal Blue Chip Growth Fund (Class 2)
CTIVP T Rowe Price LgCap Val, Cl 2		CTIVP^® – T. Rowe Price Large Cap Value Fund (Class 2)
CTIVP TCW Core Plus Bond, Cl 2		CTIVP^® – TCW Core Plus Bond Fund (Class 2)
CTIVP Vty Sycamore Estb Val, Cl 2		CTIVP^® – Victory Sycamore Established Value Fund (Class 2)
CTIVP Vty Sycamore Estb Val, Cl 3		CTIVP^® – Victory Sycamore Established Value Fund (Class 3)
CTIVP Westfield Mid Cap Gro, Cl 2		CTIVP^® – Westfield Mid Cap Growth Fund (Class 2)
Del Ivy VIP Asset Strategy, Cl II		Delaware Ivy VIP Asset Strategy, Class II (renamed to Macquarie VIP Asset Strategy Series – Service Class effective sometime during the second quarter of 2024)
Del VIP for Inc, Serv Cl		Delaware VIP^® Fund for Income Series – Service Class⁽⁸⁾ (renamed to Macquarie VIP Fund for Income Series – Service Class effective sometime during the second quarter of 2024)
Del VIP Intl, Serv Cl		Delaware VIP^® International Series – Service Class^(8),(9)
DWS Alt Asset Alloc VIP, Cl B		DWS Alternative Asset Allocation VIP, Class B
EV VT Floating-Rate Inc, Init Cl		Eaton Vance VT Floating-Rate Income Fund – Initial Class
Fid VIP Contrafund, Serv Cl 2		Fidelity^® VIP Contrafund^SM Portfolio Service Class 2
Fid VIP Emer Mkts, Serv Cl 2		Fidelity^® VIP Emerging Markets Portfolio Service Class 2⁽⁸⁾
Fid VIP Energy, Serv Cl 2		Fidelity^® VIP Energy Portfolio Service Class 2⁽⁸⁾
Fid VIP Gro & Inc, Serv Cl		Fidelity^® VIP Growth & Income Portfolio Service Class
Fid VIP Gro & Inc, Serv Cl 2		Fidelity^® VIP Growth & Income Portfolio Service Class 2
Fid VIP Gro Opp, Serv Cl 2		Fidelity^® VIP Growth Opportunities Portfolio Service Class 2⁽⁸⁾
Fid VIP Intl Cap Appr, Serv Cl 2		Fidelity^® VIP International Capital Appreciation Portfolio Service Class 2⁽⁸⁾
Fid VIP Invest Gr, Serv Cl 2		Fidelity^® VIP Investment Grade Bond Portfolio Service Class 2⁽⁸⁾
Fid VIP Mid Cap, Serv Cl		Fidelity^® VIP Mid Cap Portfolio Service Class
Fid VIP Mid Cap, Serv Cl 2		Fidelity^® VIP Mid Cap Portfolio Service Class 2
Fid VIP Overseas, Serv Cl		Fidelity^® VIP Overseas Portfolio Service Class
Fid VIP Overseas, Serv Cl 2		Fidelity^® VIP Overseas Portfolio Service Class 2
Fid VIP Strategic Inc, Serv Cl 2		Fidelity^® VIP Strategic Income Portfolio Service Class 2
Frank Global Real Est, Cl 2		Franklin Global Real Estate VIP Fund – Class 2
Frank Inc, Cl 2		Franklin Income VIP Fund – Class 2
Frank Inc, Cl 4		Franklin Income VIP Fund – Class 4⁽⁸⁾
Frank Mutual Gbl Dis, Cl 4		Franklin Mutual Global Discovery VIP Fund – Class 4⁽⁸⁾
Frank Mutual Shares, Cl 2		Franklin Mutual Shares VIP Fund – Class 2



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			118


Division		Fund
Frank Sm Cap Val, Cl 2		Franklin Small Cap Value VIP Fund – Class 2
Frank Sm Cap Val, Cl 4		Franklin Small Cap Value VIP Fund – Class 4⁽⁸⁾
GS VIT Mid Cap Val, Inst		Goldman Sachs VIT Mid Cap Value Fund – Institutional Shares
GS VIT Multi-Strategy Alt, Advisor		Goldman Sachs VIT Multi-Strategy Alternatives Portfolio – Advisor Shares
GS VIT Multi-Strategy Alt, Serv		Goldman Sachs VIT Multi-Strategy Alternatives Portfolio – Service Shares⁽⁸⁾
GS VIT Sm Cap Eq Insights, Inst		Goldman Sachs VIT Small Cap Equity Insights Fund – Institutional Shares
GS VIT Sm Cap Eq Insights, Serv		Goldman Sachs VIT Small Cap Equity Insights Fund – Service Shares⁽⁸⁾
GS VIT U.S. Eq Insights, Inst		Goldman Sachs VIT U.S. Equity Insights Fund – Institutional Shares
Invesco VI Am Fran, Ser I		Invesco V.I. American Franchise Fund, Series I Shares
Invesco VI Am Fran, Ser II		Invesco V.I. American Franchise Fund, Series II Shares
Invesco VI Bal Risk Alloc, Ser II		Invesco V.I. Balanced-Risk Allocation Fund, Series II Shares
Invesco VI Comstock, Ser II		Invesco V.I. Comstock Fund, Series II Shares
Invesco VI Core Eq, Ser I		Invesco V.I. Core Equity Fund, Series I Shares
Invesco VI Core Plus Bond, Ser II		Invesco V.I. Core Plus Bond Fund, Series II Shares⁽⁸⁾
Invesco VI Dis Mid Cap Gro, Ser I		Invesco V.I. Discovery Mid Cap Growth Fund, Series I Shares
Invesco VI Dis Mid Cap Gro, Ser II		Invesco V.I. Discovery Mid Cap Growth Fund, Series II Shares
Invesco VI Div Divd, Ser I		Invesco V.I. Diversified Dividend Fund, Series I Shares
Invesco VI Div Divd, Ser II		Invesco V.I. Diversified Dividend Fund, Series II Shares
Invesco VI EQV Intl Eq, Ser II		Invesco V.I. EQV International Equity Fund, Series II Shares
Invesco VI Global, Ser II		Invesco V.I. Global Fund, Series II Shares
Invesco VI Gbl Strat Inc, Ser II		Invesco V.I. Global Strategic Income Fund, Series II Shares
Invesco VI Hlth, Ser II		Invesco V.I. Health Care Fund, Series II Shares
Invesco VI Main St, Ser II		Invesco V.I. Main Street Fund^®, Series II Shares
Invesco VI Mn St Sm Cap, Ser II		Invesco V.I. Main Street Small Cap Fund^®, Series II Shares
Invesco VI Tech, Ser I		Invesco V.I. Technology Fund, Series I Shares
Invesco VI Tech, Ser II		Invesco V.I. Technology Fund, Series II Shares⁽⁸⁾
Janus Henderson VIT Bal, Serv		Janus Henderson VIT Balanced Portfolio: Service Shares
Janus Henderson VIT Enter, Serv		Janus Henderson VIT Enterprise Portfolio: Service Shares
Janus Henderson VIT Flex Bd, Serv		Janus Henderson VIT Flexible Bond Portfolio: Service Shares
Janus Henderson VIT Forty, Serv		Janus Henderson VIT Forty Portfolio: Service Shares⁽⁸⁾
Janus Hend VIT Gbl Tech Innov, Srv		Janus Henderson VIT Global Technology and Innovation Portfolio: Service Shares
Janus Henderson VIT Overseas, Serv		Janus Henderson VIT Overseas Portfolio: Service Shares
Janus Henderson VIT Res, Serv		Janus Henderson VIT Research Portfolio: Service Shares
Lazard Ret Emer Mkts Eq, Serv		Lazard Retirement Emerging Markets Equity Portfolio – Service Shares⁽⁸⁾
Lazard Ret Global Dyn MA, Serv		Lazard Retirement Global Dynamic Multi-Asset Portfolio – Service Shares
Lord Abt Bond Debenture, Cl VC		Lord Abbett Series Fund Bond Debenture Portfolio – Class VC⁽⁸⁾
Lord Abt Short Dur Inc, Cl VC		Lord Abbett Series Fund Short Duration Income Portfolio – Class VC⁽⁸⁾
LVIP JPM US Eq, Serv Cl		LVIP JPMorgan U.S. Equity Fund – Service Class^(10),(11)
MFS Gbl Real Est, Serv Cl		MFS^® Global Real Estate Portfolio – Service Class⁽⁸⁾
MFS Intl Gro, Serv Cl		MFS^® International Growth Portfolio – Service Class⁽⁸⁾
MFS Mass Inv Gro Stock, Serv Cl		MFS^® Massachusetts Investors Growth Stock Portfolio – Service Class
MFS New Dis, Serv Cl		MFS^® New Discovery Series – Service Class
MFS Research Intl, Serv Cl		MFS^® Research International Portfolio – Service Class⁽⁸⁾
MFS Utilities, Serv Cl		MFS^® Utilities Series – Service Class
MS VIF Dis, Cl II		Morgan Stanley VIF Discovery Portfolio, Class II Shares
MS VIF Global Real Est, Cl II		Morgan Stanley VIF Global Real Estate Portfolio, Class II Shares
NB AMT Intl Eq, Cl S		Neuberger Berman AMT International Equity Portfolio (Class S)⁽¹²⁾
NB AMT Sus Eq, Cl S		Neuberger Berman AMT Sustainable Equity Portfolio (Class S)
NB AMT US Eq Index PW Strat, Cl S		Neuberger Berman AMT U.S. Equity Index PutWrite Strategy Portfolio (Class S)⁽¹³⁾
PIMCO VIT All Asset, Advisor Cl		PIMCO VIT All Asset Portfolio, Advisor Class
PIMCO VIT Glb Man As Alloc, Adv Cl		PIMCO VIT Global Managed Asset Allocation Portfolio, Advisor Class
PIMCO VIT Tot Return, Advisor Cl		PIMCO VIT Total Return Portfolio, Advisor Class
Put VT Global Hlth Care, Cl IB		Putnam VT Global Health Care Fund – Class IB Shares
Put VT Intl Eq, Cl IB		Putnam VT International Equity Fund – Class IB Shares
Put VT Intl Val, Cl IB		Putnam VT International Value Fund – Class IB Shares⁽⁸⁾
Put VT Lg Cap Val, Cl IB		Putnam VT Large Cap Value Fund – Class IB Shares⁽⁸⁾
Put VT Sus Fut, Cl IB		Putnam VT Sustainable Future Fund – Class IB Shares⁽⁸⁾
Put VT Sus Leaders, Cl IA		Putnam VT Sustainable Leaders Fund – Class IA Shares
Put VT Sus Leaders, Cl IB		Putnam VT Sustainable Leaders Fund – Class IB Shares



119		∎ RIVERSOURCE VARIABLE ACCOUNT 10


Division		Fund
Royce Micro-Cap, Invest Cl		Royce Capital Fund – Micro-Cap Portfolio, Investment Class
Temp Global Bond, Cl 2		Templeton Global Bond VIP Fund – Class 2
Third Ave VST Third Ave Value		Third Avenue VST Third Avenue Value Portfolio
VanEck VIP Global Gold, Cl S		VanEck VIP Global Gold Fund (Class S Shares)
VP Aggr, Cl 2		Variable Portfolio – Aggressive Portfolio (Class 2)
VP Aggr, Cl 4		Variable Portfolio – Aggressive Portfolio (Class 4)
VP Conserv, Cl 2		Variable Portfolio – Conservative Portfolio (Class 2)
VP Conserv, Cl 4		Variable Portfolio – Conservative Portfolio (Class 4)
VP Man Risk, Cl 2		Variable Portfolio – Managed Risk Fund (Class 2)
VP Man Risk US, Cl 2		Variable Portfolio – Managed Risk U.S. Fund (Class 2)
VP Man Vol Conserv, Cl 2		Variable Portfolio – Managed Volatility Conservative Fund (Class 2)
VP Man Vol Conserv Gro, Cl 2		Variable Portfolio – Managed Volatility Conservative Growth Fund (Class 2)
VP Man Vol Gro, Cl 2		Variable Portfolio – Managed Volatility Growth Fund (Class 2)
VP Man Vol Mod Gro, Cl 2		Variable Portfolio – Managed Volatility Moderate Growth Fund (Class 2)
VP Mod, Cl 2		Variable Portfolio – Moderate Portfolio (Class 2)
VP Mod, Cl 4		Variable Portfolio – Moderate Portfolio (Class 4)
VP Mod Aggr, Cl 2		Variable Portfolio – Moderately Aggressive Portfolio (Class 2)
VP Mod Aggr, Cl 4		Variable Portfolio – Moderately Aggressive Portfolio (Class 4)
VP Mod Conserv, Cl 2		Variable Portfolio – Moderately Conservative Portfolio (Class 2)
VP Mod Conserv, Cl 4		Variable Portfolio – Moderately Conservative Portfolio (Class 4)
VP Ptnrs Core Bond, Cl 2		Variable Portfolio – Partners Core Bond Fund (Class 2)
VP Ptnrs Core Eq, Cl 2		Variable Portfolio – Partners Core Equity Fund (Class 2)
VP Ptnrs Core Eq, Cl 3		Variable Portfolio – Partners Core Equity Fund (Class 3)
VP Ptnrs Intl Core Eq, Cl 2		Variable Portfolio – Partners International Core Equity Fund (Class 2)
VP Ptnrs Intl Gro, Cl 2		Variable Portfolio – Partners International Growth Fund (Class 2)
VP Ptnrs Intl Val, Cl 2		Variable Portfolio – Partners International Value Fund (Class 2)
VP Ptnrs Sm Cap Gro, Cl 2		Variable Portfolio – Partners Small Cap Growth Fund (Class 2)
VP Ptnrs Sm Cap Val, Cl 2		Variable Portfolio – Partners Small Cap Value Fund (Class 2)
VP Ptnrs Sm Cap Val, Cl 3		Variable Portfolio – Partners Small Cap Value Fund (Class 3)
VP US Flex Conserv Gro, Cl 2		Variable Portfolio – U.S. Flexible Conservative Growth Fund (Class 2)
VP US Flex Gro, Cl 2		Variable Portfolio – U.S. Flexible Growth Fund (Class 2)
VP US Flex Mod Gro, Cl 2		Variable Portfolio – U.S. Flexible Moderate Growth Fund (Class 2)
Wanger Acorn		Wanger Acorn
Wanger Intl		Wanger International
WA Var Global Hi Yd Bond, Cl II		Western Asset Variable Global High Yield Bond Portfolio – Class II

⁽¹⁾

Allspring VT International Equity Fund – Class 2 is scheduled to liquidate sometime during the second quarter of 2024.

⁽²⁾

American Century VP International, Class I is scheduled to reorganize into LVIP American Century International Fund, Standard Class II sometime during the second quarter of 2024.

⁽³⁾

American Century VP International, Class II is scheduled to reorganize into LVIP American Century International Fund, Service Class sometime during the second quarter of 2024.

⁽⁴⁾

American Century VP Mid Cap Value, Class II is scheduled to reorganize into LVIP American Century Mid Cap Value Fund, Service Class sometime during the second quarter of 2024.

⁽⁵⁾

American Century VP Ultra^®, Class II is scheduled to reorganize into LVIP American Century Ultra^® Fund, Service Class sometime during the second quarter of 2024.

⁽⁶⁾

American Century VP Value, Class I is scheduled to reorganize into LVIP American Century Value Fund, Standard Class II sometime during the second quarter of 2024.

⁽⁷⁾

American Century VP Value, Class II is scheduled to reorganize into LVIP American Century Value Fund, Service Class sometime during the second quarter of 2024.

⁽⁸⁾

For the period May 2, 2022 (commencement of operations) to December 31, 2022.

⁽⁹⁾

Delaware VIP^® International Series – Service Class is scheduled to merge into Delaware Ivy VIP International Core Equity – Class II sometime during the second quarter of 2024. In addition, subsequent to the merger, the fund name will change to Macquerie VIP International Core Equity Series – Service Class.

⁽¹⁰⁾

JPMorgan Insurance Trust U.S. Equity Portfolio – Class 2 Shares merged into LVIP JPMorgan U.S. Equity Fund – Service Class on April 28, 2023.

⁽¹¹⁾

For the period April 28, 2023 (commencement of operations) to December 31, 2023.

⁽¹²⁾

Neuberger Berman AMT International Equity Portfolio (Class S) is scheduled to liquidate sometime during the second quarter of 2024.

⁽¹³⁾

Neuberger Berman AMT U.S. Equity Index PutWrite Strategy Portfolio (Class S) is scheduled to liquidate sometime during the second quarter of 2024.

The assets of each division of the Account are not chargeable with liabilities arising out of the business conducted by any other segregated asset account or by RiverSource Life.

RiverSource Life serves as issuer of the contracts.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			120

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Investments in the Funds

Investment transactions are accounted for on the date the shares are purchased and sold. Realized gains and losses on the sales of investments are computed using the average cost method. Income from dividends and gains from realized capital gain distributions are reinvested in additional shares of the Funds and are recorded as income by the divisions on the ex-dividend date.

Unrealized appreciation or depreciation of investments in the accompanying financial statements represents the division’s share of the Funds’ undistributed net investment income, undistributed realized gain or loss and the unrealized appreciation or depreciation on their investment securities.

The Account categorizes its fair value measurements according to a three-level hierarchy. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the fair value measurement. 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 Funds in the Accounts have been measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are not therefore categorized in the fair value hierarchy. There were no transfers between levels in the period ended December 31, 2023.

Variable Payout

Net assets allocated to contracts in the payout period are periodically compared to a computation which uses the Annuity 2000 Basic Mortality Table and which assumes future mortality improvement. The assumed investment return is 3.5% or 5% based on the annuitant’s election, or as regulated by the laws of the respective states. The mortality risk is fully borne by RiverSource Life and may result in additional amounts being transferred into the variable annuity account by RiverSource Life to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to the insurance company.

Federal Income Taxes

RiverSource Life is taxed as a life insurance company. The Account is treated as part of RiverSource Life for federal income tax purposes. Under existing federal income tax law, no income taxes are payable with respect to any investment income of the Account to the extent the earnings are credited under the contracts. Based on this, no charge is being made currently to the Account for federal income taxes. RiverSource Life will review periodically the status of this policy. In the event of changes in the tax law, a charge may be made in future years for any federal income taxes that would be attributable to the contracts.

Subsequent Events

Management has evaluated Account related events and transactions that occurred through the date the financial statements were issued. Management noted there were no items requiring adjustments or additional disclosures in the Account’s financial statements.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates.

3. VARIABLE ACCOUNT EXPENSES

RiverSource Life deducts a daily mortality and expense risk fee equal, on an annual basis, to the following percent of the average daily net assets of each subaccount.


Product		Mortality and expense risk fee
RAVA		0.75% to 0.95% (depending on the contract selected)
RAVA Select		1.00% to 1.20% (depending on the contract selected)
RAVA Advantage Band 3		0.55%



121		∎ RIVERSOURCE VARIABLE ACCOUNT 10


Product		Mortality and expense risk fee
RAVA Advantage Plus		0.55% to 0.95% (depending on the contract selected)
RAVA Select Plus		0.75% to 1.20% (depending on the contract selected)
RAVA 4 Advantage		0.85% to 1.05% (depending on the contract selected)
RAVA 4 Select		1.10% to 1.30% (depending on the contract selected)
RAVA 4 Access		1.25% to 1.45% (depending on the contract selected)
RAVA 5 Advantage (Offered for contract applications signed on or after April 30, 2012 but prior to April 29, 2013)		0.95% to 1.50% (depending on the contract selected)
RAVA 5 Select (Offered for contract applications signed on or after April 30, 2012 but prior to April 29, 2013)		1.30% to 1.75% (depending on the contract selected)
RAVA 5 Access (Offered for contract applications signed on or after April 30, 2012 but prior to April 29, 2013)		1.45% to 1.90% (depending on the contract selected)
RAVA 5 Advantage (Offered for contract applications signed prior to April 30, 2012)		0.85% to 1.40% (depending on the contract selected)
RAVA 5 Select (Offered for contract applications signed prior to April 30, 2012)		1.20% to 1.65% (depending on the contract selected)
RAVA 5 Access (Offered for contract applications signed prior to April 30, 2012)		1.35% to 1.80% (depending on the contract selected)
RAVA 5 Advantage (Offered for contract applications signed on or after April 29, 2013)		0.95% to 1.45% (depending on the contract selected)
RAVA 5 Select (Offered for contract applications signed on or after April 29, 2013)		0.95% to 1.70% (depending on the contract selected)
RAVA 5 Access (Offered for contract applications signed on or after April 29, 2013)		0.95% to 1.85% (depending on the contract selected)
RAVA 5 Advantage (Offered for contract applications signed on or after April 29, 2019)		0.95% to 1.45% (depending on the contract selected)
RAVA 5 Choice		0.95% to 1.55% (depending on the contract selected)
RAVA 5 Access (Offered for contract applications signed on or after June 22, 2020)		0.95% to 1.30% (depending on the contract selected)
RAVA Apex		0.65% to 1.50% (depending on the contract selected)
RAVA Vista		0.90% to 1.55% (depending on the contract selected)
FPA		1.25%
Retirement GAC I		0.60%
Retirement GAC II		0.95%
RAVA Band 3		0.55%
RAVA Advantage		0.75% to 0.95% (depending on the contract selected)

4. CONTRACT CHARGES

RiverSource Life deducts a contract administrative charge of $50 per year on the contract anniversary. This charge reimburses RiverSource Life for expenses incurred in establishing and maintaining the annuity records. Certain products may waive this charge based upon the underlying contract value.

Optional riders are available on certain products and if selected, the related fees are deducted annually from the contract value on the contract anniversary.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			122

5. SURRENDER CHARGES

RiverSource Life may assess a surrender charge to help it recover certain expenses related to the sale of the annuity. Such charges are not treated as a separate expense of the divisions as they are ultimately deducted from contract surrender benefits paid by RiverSource Life. Charges by RiverSource Life for surrenders are not identified on an individual division basis.

6. RELATED PARTY TRANSACTIONS

RiverSource Life is a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial).

The following table reflects fees paid by certain affiliated funds to Ameriprise Financial and its affiliates.


Fee Agreement:		Fees Paid To:
Management Agreement		Columbia Management Investment Advisers, LLC
Shareholder Services Agreement		Columbia Management Investment Services Corp.
Plan and Agreement of Distribution		Columbia Management Investment Distributors, Inc.
Investment Advisory Agreement		Columbia Wanger Asset Management, LLC
Administrative Services Agreement		Columbia Wanger Asset Management, LLC

7. INVESTMENT TRANSACTIONS

The divisions’ purchases of Funds’ shares, including reinvestment of dividend distributions, for the year ended December 31, 2023 were as follows:


Division	Purchases
AB VPS Dyn Asset Alloc, Cl B	$	243,803
AB VPS Intl Val, Cl B		2,770,387
AB VPS Lg Cap Gro, Cl B		22,689,317
AB VPS Relative Val, Cl B		8,323,358
AB VPS Sus Gbl Thematic, Cl B		3,165,105
Allspg VT Index Asset Alloc, Cl 2		987,080
Allspg VT Intl Eq, Cl 2		1,176,920
Allspg VT Opp, Cl 2		4,368,454
Allspg VT Sm Cap Gro, Cl 2		5,617,356
ALPS Alerian Engy Infr, Class III		4,573,313
AC VP Intl, Cl I		285,040
AC VP Intl, Cl II		1,521,755
AC VP Mid Cap Val, Cl II		7,514,612
AC VP Ultra, Cl II		8,090,254
AC VP Val, Cl I		3,763,706
AC VP Val, Cl II		27,299,485
BlackRock Adv SMID Cap VI, Cl III		1,347,834
BlackRock Global Alloc, Cl III		6,988,289
BNY Mellon Sus US Eq, Serv		2,876,098
Calvert VP EAFE Intl Index, Cl F		1,913,913
Calvert VP Nasdaq 100 Index, Cl F		6,518,485
Calv VP Russ 2000 Sm Cap Ind, Cl F		2,998,852
Calvert VP SRI Bal, Cl F		1,299,842
Calvert VP SRI Bal, Cl I		997,794
CB Var Sm Cap Gro, Cl I		1,191,380
Col VP Bal, Cl 2		25,174,024
Col VP Bal, Cl 3		35,331,388
Col VP Commodity Strategy, Cl 2		6,323,432
Col VP Contrarian Core, Cl 2		15,330,423
Col VP Disciplined Core, Cl 2		6,826,059
Col VP Disciplined Core, Cl 3		2,499,280
Col VP Divd Opp, Cl 2		12,738,534
Col VP Divd Opp, Cl 3		2,802,856
Col VP Emerg Mkts Bond, Cl 2		1,364,125
Col VP Emer Mkts, Cl 2		3,670,003
Col VP Emer Mkts, Cl 3		1,555,516
Col VP Global Strategic Inc, Cl 2		1,570,409
Col VP Global Strategic Inc, Cl 3		2,856,855
Col VP Govt Money Mkt, Cl 2		54,265,082


Division	Purchases
Col VP Govt Money Mkt, Cl 3	$	31,580,850
Col VP Hi Yield Bond, Cl 2		7,598,394
Col VP Hi Yield Bond, Cl 3		7,703,199
Col VP Inc Opp, Cl 2		4,942,342
Col VP Inc Opp, Cl 3		5,608,883
Col VP Inter Bond, Cl 2		22,218,520
Col VP Inter Bond, Cl 3		17,458,390
Col VP Lg Cap Gro, Cl 2		15,869,156
Col VP Lg Cap Gro, Cl 3		4,407,879
Col VP Lg Cap Index, Cl 2		42,908,718
Col VP Lg Cap Index, Cl 3		19,613,887
Col VP Limited Duration Cr, Cl 2		16,607,438
Col VP Long Govt/Cr Bond, Cl 2		6,212,516
Col VP Overseas Core, Cl 2		5,270,597
Col VP Overseas Core, Cl 3		2,089,377
Col VP Select Lg Cap Eq, Cl 2		2,085,032
Col VP Select Lg Cap Val, Cl 2		9,337,235
Col VP Select Lg Cap Val, Cl 3		2,331,948
Col VP Select Mid Cap Gro, Cl 2		5,721,024
Col VP Select Mid Cap Gro, Cl 3		1,936,693
Col VP Select Mid Cap Val, Cl 2		4,024,917
Col VP Select Mid Cap Val, Cl 3		820,398
Col VP Select Sm Cap Val, Cl 2		3,339,790
Col VP Select Sm Cap Val, Cl 3		930,514
Col VP Sel Gbl Tech, Cl 2		6,335,124
Col VP Sm Cap Val, Cl 2		1,233,957
Col VP Strategic Inc, Cl 2		14,505,739
Col VP US Govt Mtge, Cl 2		2,772,333
Col VP US Govt Mtge, Cl 3		3,244,298
CS Commodity Return, Cl 1		3,468,304
CTIVP AC Div Bond, Cl 2		5,751,104
CTIVP BR Gl Infl Prot Sec, Cl 2		4,530,614
CTIVP BR Gl Infl Prot Sec, Cl 3		6,346,764
CTIVP CenterSquare Real Est, Cl 2		3,845,308
CTIVP MFS Val, Cl 2		6,665,313
CTIVP MS Adv, Cl 2		2,054,518
CTIVP Prin Blue Chip Gro, Cl 1		1,354,525
CTIVP Prin Blue Chip Gro, Cl 2		4,888,237
CTIVP T Rowe Price LgCap Val, Cl 2		4,328,875



123		∎ RIVERSOURCE VARIABLE ACCOUNT 10


Division	Purchases
CTIVP TCW Core Plus Bond, Cl 2	$	5,513,722
CTIVP Vty Sycamore Estb Val, Cl 2		9,038,727
CTIVP Vty Sycamore Estb Val, Cl 3		2,688,244
CTIVP Westfield Mid Cap Gro, Cl 2		3,563,469
Del Ivy VIP Asset Strategy, Cl II		991,923
Del VIP for Inc, Serv Cl		546,245
Del VIP Intl, Serv Cl		483,547
DWS Alt Asset Alloc VIP, Cl B		2,821,022
EV VT Floating-Rate Inc, Init Cl		11,690,197
Fid VIP Contrafund, Serv Cl 2		38,224,453
Fid VIP Emer Mkts, Serv Cl 2		1,424,132
Fid VIP Energy, Serv Cl 2		1,689,825
Fid VIP Gro & Inc, Serv Cl		2,642,180
Fid VIP Gro & Inc, Serv Cl 2		9,963,007
Fid VIP Gro Opp, Serv Cl 2		6,064,081
Fid VIP Intl Cap Appr, Serv Cl 2		3,052,384
Fid VIP Invest Gr, Serv Cl 2		7,690,545
Fid VIP Mid Cap, Serv Cl		1,894,962
Fid VIP Mid Cap, Serv Cl 2		18,539,231
Fid VIP Overseas, Serv Cl		623,292
Fid VIP Overseas, Serv Cl 2		2,923,072
Fid VIP Strategic Inc, Serv Cl 2		26,876,874
Frank Global Real Est, Cl 2		1,813,527
Frank Inc, Cl 2		13,098,609
Frank Inc, Cl 4		4,492,632
Frank Mutual Gbl Dis, Cl 4		340,612
Frank Mutual Shares, Cl 2		7,251,098
Frank Sm Cap Val, Cl 2		9,603,865
Frank Sm Cap Val, Cl 4		2,119,136
GS VIT Mid Cap Val, Inst		4,228,899
GS VIT Multi-Strategy Alt, Advisor		1,319,249
GS VIT Multi-Strategy Alt, Serv		781,151
GS VIT Sm Cap Eq Insights, Inst		239,342
GS VIT Sm Cap Eq Insights, Serv		627,199
GS VIT U.S. Eq Insights, Inst		1,374,471
Invesco VI Am Fran, Ser I		353,680
Invesco VI Am Fran, Ser II		2,597,793
Invesco VI Bal Risk Alloc, Ser II		2,991,409
Invesco VI Comstock, Ser II		17,069,553
Invesco VI Core Eq, Ser I		1,947,348
Invesco VI Core Plus Bond, Ser II		3,401,599
Invesco VI Dis Mid Cap Gro, Ser I		358,472
Invesco VI Dis Mid Cap Gro, Ser II		436,298
Invesco VI Div Divd, Ser I		2,287,543
Invesco VI Div Divd, Ser II		1,312,068
Invesco VI EQV Intl Eq, Ser II		904,393
Invesco VI Global, Ser II		16,279,124
Invesco VI Gbl Strat Inc, Ser II		4,458,145
Invesco VI Hlth, Ser II		790,901
Invesco VI Main St, Ser II		560,448
Invesco VI Mn St Sm Cap, Ser II		8,295,707
Invesco VI Tech, Ser I		1,382,744
Invesco VI Tech, Ser II		2,428,575
Janus Henderson VIT Bal, Serv		18,505,482
Janus Henderson VIT Enter, Serv		1,248,148
Janus Henderson VIT Flex Bd, Serv		13,579,603
Janus Henderson VIT Forty, Serv		1,642,013
Janus Hend VIT Gbl Tech Innov, Srv		2,883,729
Janus Henderson VIT Overseas, Serv		2,314,788
Janus Henderson VIT Res, Serv		6,417,805
Lazard Ret Emer Mkts Eq, Serv		360,894


Division	Purchases
Lazard Ret Global Dyn MA, Serv	$	1,053,212
Lord Abt Bond Debenture, Cl VC		2,766,604
Lord Abt Short Dur Inc, Cl VC		7,435,923
LVIP JPM US Eq, Serv Cl		3,466,415
MFS Gbl Real Est, Serv Cl		733,186
MFS Intl Gro, Serv Cl		2,652,534
MFS Mass Inv Gro Stock, Serv Cl		5,326,087
MFS New Dis, Serv Cl		713,903
MFS Research Intl, Serv Cl		1,405,539
MFS Utilities, Serv Cl		16,838,897
MS VIF Dis, Cl II		6,269,513
MS VIF Global Real Est, Cl II		668,435
NB AMT Intl Eq, Cl S		290,837
NB AMT Sus Eq, Cl S		2,610,214
NB AMT US Eq Index PW Strat, Cl S		1,892,568
PIMCO VIT All Asset, Advisor Cl		3,441,834
PIMCO VIT Glb Man As Alloc, Adv Cl		851,579
PIMCO VIT Tot Return, Advisor Cl		12,577,602
Put VT Global Hlth Care, Cl IB		4,613,239
Put VT Intl Eq, Cl IB		575,483
Put VT Intl Val, Cl IB		2,181,391
Put VT Lg Cap Val, Cl IB		5,470,276
Put VT Sus Fut, Cl IB		1,682,428
Put VT Sus Leaders, Cl IA		2,948,072
Put VT Sus Leaders, Cl IB		4,147,333
Royce Micro-Cap, Invest Cl		130,577
Temp Global Bond, Cl 2		1,025,260
Third Ave VST Third Ave Value		1,129,736
VanEck VIP Global Gold, Cl S		4,351,037
VP Aggr, Cl 2		48,406,167
VP Aggr, Cl 4		5,386,764
VP Conserv, Cl 2		43,204,740
VP Conserv, Cl 4		12,234,062
VP Man Risk, Cl 2		16,999,197
VP Man Risk US, Cl 2		19,542,843
VP Man Vol Conserv, Cl 2		48,483,352
VP Man Vol Conserv Gro, Cl 2		50,885,260
VP Man Vol Gro, Cl 2		87,155,273
VP Man Vol Mod Gro, Cl 2		96,382,130
VP Mod, Cl 2		105,499,212
VP Mod, Cl 4		10,474,950
VP Mod Aggr, Cl 2		52,194,660
VP Mod Aggr, Cl 4		8,817,963
VP Mod Conserv, Cl 2		43,559,026
VP Mod Conserv, Cl 4		8,474,231
VP Ptnrs Core Bond, Cl 2		4,646,877
VP Ptnrs Core Eq, Cl 2		840,783
VP Ptnrs Core Eq, Cl 3		826,676
VP Ptnrs Intl Core Eq, Cl 2		4,279,871
VP Ptnrs Intl Gro, Cl 2		2,005,155
VP Ptnrs Intl Val, Cl 2		2,745,565
VP Ptnrs Sm Cap Gro, Cl 2		2,628,944
VP Ptnrs Sm Cap Val, Cl 2		1,118,350
VP Ptnrs Sm Cap Val, Cl 3		1,118,320
VP US Flex Conserv Gro, Cl 2		32,253,401
VP US Flex Gro, Cl 2		53,129,947
VP US Flex Mod Gro, Cl 2		34,870,519
Wanger Acorn		1,441,127
Wanger Intl		2,981,964
WA Var Global Hi Yd Bond, Cl II		1,667,376



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			124

8. FINANCIAL HIGHLIGHTS

The table below shows certain financial information regarding the divisions.


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
AB VPS Dyn Asset Alloc, Cl B
2023		7,078		$1.39	to	$1.20		$9,303		0.61	%		0.55	%	to	1.90	%		12.85	%	to	11.35	%
2022		7,606		$1.23	to	$1.08		$8,891		2.55	%		0.55	%	to	1.90	%		(19.12	%)	to	(20.21	%)
2021		8,157		$1.52	to	$1.35		$11,850		1.61	%		0.55	%	to	1.90	%		8.68	%	to	7.22	%
2020		7,782		$1.40	to	$1.26		$10,461		1.52	%		0.55	%	to	1.90	%		4.29	%	to	2.89	%
2019		9,012		$1.34	to	$1.23		$11,673		1.80	%		0.55	%	to	1.90	%		14.61	%	to	13.07	%
AB VPS Intl Val, Cl B
2023		39,261		$2.17	to	$0.91		$66,348		0.68	%		0.55	%	to	1.45	%		14.20	%	to	13.18	%
2022		43,733		$1.90	to	$0.80		$64,852		4.13	%		0.55	%	to	1.45	%		(14.27	%)	to	(15.03	%)
2021		46,915		$2.22	to	$0.94		$81,262		1.65	%		0.55	%	to	1.45	%		10.25	%	to	9.26	%
2020		52,865		$2.01	to	$0.86		$83,459		1.53	%		0.55	%	to	1.45	%		1.65	%	to	0.74	%
2019		60,148		$1.98	to	$0.86		$93,276		0.77	%		0.55	%	to	1.45	%		16.15	%	to	15.11	%
AB VPS Lg Cap Gro, Cl B
2023		25,046		$4.96	to	$4.27		$148,095		—			0.60	%	to	1.90	%		33.98	%	to	32.26	%
2022		25,048		$3.70	to	$3.23		$111,582		—			0.60	%	to	1.90	%		(29.11	%)	to	(30.03	%)
2021		24,175		$5.22	to	$4.62		$152,637		—			0.60	%	to	1.90	%		27.88	%	to	26.23	%
2020		24,181		$4.08	to	$3.66		$119,644		—			0.60	%	to	1.90	%		34.34	%	to	32.60	%
2019		23,413		$3.04	to	$2.76		$86,613		—			0.60	%	to	1.90	%		33.56	%	to	31.84	%
AB VPS Relative Val, Cl B
2023		19,455		$4.02	to	$1.10		$71,874		1.28	%		0.55	%	to	1.55	%		11.11	%	to	10.01	%
2022		21,769		$3.62	to	$1.00		$72,788		1.10	%		0.55	%	to	1.55	%		(4.94	%)	to	(0.06	%)⁽⁷⁾
2021		23,359		$3.80	to	$2.96		$82,840		0.63	%		0.55	%	to	1.45	%		27.14	%	to	26.00	%
2020		26,311		$2.99	to	$2.35		$73,638		1.34	%		0.55	%	to	1.45	%		1.91	%	to	1.00	%
2019		29,990		$2.94	to	$2.33		$82,516		1.02	%		0.55	%	to	1.45	%		22.93	%	to	21.83	%
AB VPS Sus Gbl Thematic, Cl B
2023		3,352		$3.09	to	$1.07		$9,733		0.03	%		0.55	%	to	1.55	%		15.07	%	to	13.93	%
2022		3,065		$2.69	to	$0.94		$7,697		—			0.55	%	to	1.55	%		(27.57	%)	to	(6.14	%)⁽⁷⁾
2021		3,296		$3.71	to	$3.27		$11,645		—			0.55	%	to	1.45	%		21.90	%	to	20.81	%
2020		3,590		$3.05	to	$2.71		$10,374		0.42	%		0.55	%	to	1.45	%		38.32	%	to	37.08	%
2019		3,339		$2.20	to	$1.97		$7,016		0.17	%		0.55	%	to	1.45	%		29.07	%	to	27.91	%
Allspg VT Index Asset Alloc, Cl 2
2023		5,574		$3.73	to	$3.42		$20,062		0.96	%		0.55	%	to	1.20	%		16.07	%	to	15.31	%
2022		5,962		$3.22	to	$2.96		$18,562		0.63	%		0.55	%	to	1.20	%		(17.48	%)	to	(18.01	%)
2021		6,570		$3.90	to	$3.61		$24,848		0.59	%		0.55	%	to	1.20	%		15.36	%	to	14.61	%
2020		7,351		$3.38	to	$3.15		$24,171		0.82	%		0.55	%	to	1.20	%		15.94	%	to	15.20	%
2019		8,230		$2.92	to	$2.74		$23,399		1.09	%		0.55	%	to	1.20	%		19.50	%	to	18.72	%
Allspg VT Intl Eq, Cl 2
2023		12,007		$2.12	to	$1.31		$21,423		1.45	%		0.55	%	to	1.45	%		14.93	%	to	13.90	%
2022		13,606		$1.84	to	$1.15		$21,237		3.65	%		0.55	%	to	1.45	%		(12.37	%)	to	(13.15	%)
2021		14,752		$2.10	to	$1.33		$26,283		1.08	%		0.55	%	to	1.45	%		6.28	%	to	5.33	%
2020		16,331		$1.98	to	$1.26		$27,472		2.58	%		0.55	%	to	1.45	%		4.35	%	to	3.42	%
2019		18,783		$1.89	to	$1.22		$30,400		3.69	%		0.55	%	to	1.45	%		14.85	%	to	13.82	%
Allspg VT Opp, Cl 2
2023		8,454		$5.58	to	$2.86		$41,208		—			0.55	%	to	1.90	%		25.81	%	to	24.13	%
2022		9,954		$4.43	to	$2.30		$38,727		—			0.55	%	to	1.90	%		(21.24	%)	to	(22.30	%)
2021		11,269		$5.63	to	$2.96		$55,858		0.04	%		0.55	%	to	1.90	%		24.09	%	to	22.43	%
2020		12,694		$4.54	to	$2.42		$50,846		0.44	%		0.55	%	to	1.90	%		20.34	%	to	18.73	%
2019		14,921		$3.77	to	$2.04		$49,566		0.28	%		0.55	%	to	1.90	%		30.74	%	to	28.99	%



125		∎ RIVERSOURCE VARIABLE ACCOUNT 10


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Allspg VT Sm Cap Gro, Cl 2
2023		18,920		$4.12	to	$2.15		$70,724		—			0.55	%	to	1.90	%		3.54	%	to	2.15	%
2022		19,710		$3.97	to	$2.10		$71,369		—			0.55	%	to	1.90	%		(34.78	%)	to	(35.66	%)
2021		21,888		$6.09	to	$3.27		$122,035		—			0.55	%	to	1.90	%		7.05	%	to	5.61	%
2020		23,583		$5.69	to	$3.10		$123,475		—			0.55	%	to	1.90	%		56.92	%	to	54.82	%
2019		24,616		$3.63	to	$2.00		$82,575		—			0.55	%	to	1.90	%		24.14	%	to	22.48	%
ALPS Alerian Engy Infr, Class III
2023		34,442		$1.32	to	$1.14		$43,193		3.05	%		0.55	%	to	1.90	%		13.28	%	to	11.77	%
2022		38,045		$1.16	to	$1.02		$42,306		4.78	%		0.55	%	to	1.90	%		16.68	%	to	15.12	%
2021		31,011		$1.00	to	$0.89		$29,707		2.06	%		0.55	%	to	1.90	%		37.02	%	to	35.18	%
2020		31,725		$0.73	to	$0.66		$22,314		2.78	%		0.55	%	to	1.90	%		(25.54	%)	to	(26.54	%)
2019		35,763		$0.98	to	$0.89		$33,932		1.50	%		0.55	%	to	1.90	%		19.75	%	to	18.15	%
AC VP Intl, Cl I
2023		2,880		$2.30	to	$2.09		$6,221		1.41	%		0.55	%	to	0.95	%		11.96	%	to	11.51	%
2022		3,217		$2.05	to	$1.87		$6,233		1.50	%		0.55	%	to	0.95	%		(25.17	%)	to	(25.47	%)
2021		3,597		$2.75	to	$2.51		$9,341		0.16	%		0.55	%	to	0.95	%		8.15	%	to	7.72	%
2020		3,871		$2.54	to	$2.33		$9,327		0.49	%		0.55	%	to	0.95	%		25.19	%	to	24.69	%
2019		4,271		$2.03	to	$1.87		$8,221		0.88	%		0.55	%	to	0.95	%		27.72	%	to	27.21	%
AC VP Intl, Cl II
2023		7,365		$2.47	to	$1.03		$16,816		1.25	%		0.55	%	to	1.55	%		11.81	%	to	10.71	%
2022		7,608		$2.21	to	$0.93		$16,058		1.35	%		0.55	%	to	1.55	%		(25.27	%)	to	(6.43	%)⁽⁷⁾
2021		8,507		$2.96	to	$3.01		$24,400		0.02	%		0.55	%	to	1.20	%		8.01	%	to	7.31	%
2020		9,218		$2.74	to	$2.81		$24,485		0.38	%		0.55	%	to	1.20	%		24.97	%	to	24.15	%
2019		9,677		$2.19	to	$2.26		$20,637		0.75	%		0.55	%	to	1.20	%		27.44	%	to	26.61	%
AC VP Mid Cap Val, Cl II
2023		11,493		$3.30	to	$1.04		$38,655		2.17	%		0.55	%	to	1.55	%		5.45	%	to	4.40	%
2022		12,448		$3.13	to	$0.99		$40,249		2.11	%		0.55	%	to	1.55	%		(1.92	%)	to	(0.64	%)⁽⁷⁾
2021		12,841		$3.19	to	$3.46		$42,771		1.00	%		0.55	%	to	1.45	%		22.34	%	to	21.25	%
2020		14,793		$2.61	to	$2.85		$40,391		1.63	%		0.55	%	to	1.45	%		0.56	%	to	(0.35	%)
2019		19,355		$2.59	to	$2.86		$52,756		1.91	%		0.55	%	to	1.45	%		28.29	%	to	27.14	%
AC VP Ultra, Cl II
2023		8,647		$6.05	to	$5.40		$49,845		—			0.55	%	to	1.45	%		42.49	%	to	41.21	%
2022		8,897		$4.24	to	$3.83		$36,106		—			0.55	%	to	1.45	%		(32.83	%)	to	(33.43	%)
2021		9,890		$6.32	to	$5.75		$60,002		—			0.55	%	to	1.45	%		22.32	%	to	21.23	%
2020		11,057		$5.16	to	$4.74		$54,981		—			0.55	%	to	1.45	%		48.73	%	to	47.40	%
2019		11,208		$3.47	to	$3.22		$37,737		—			0.55	%	to	1.45	%		33.72	%	to	32.53	%
AC VP Val, Cl I
2023		5,194		$5.63	to	$5.11		$27,678		2.38	%		0.55	%	to	0.95	%		8.50	%	to	8.07	%
2022		5,778		$5.19	to	$4.73		$28,456		2.09	%		0.55	%	to	0.95	%		(0.01	%)	to	(0.41	%)
2021		6,246		$5.19	to	$4.75		$30,851		1.73	%		0.55	%	to	0.95	%		23.83	%	to	23.33	%
2020		6,916		$4.19	to	$3.85		$27,765		2.28	%		0.55	%	to	0.95	%		0.42	%	to	0.02	%
2019		8,222		$4.17	to	$3.85		$32,899		2.11	%		0.55	%	to	0.95	%		26.34	%	to	25.83	%
AC VP Val, Cl II
2023		46,305		$4.65	to	$2.47		$177,917		2.23	%		0.55	%	to	1.90	%		8.42	%	to	6.98	%
2022		51,027		$4.29	to	$2.31		$180,526		1.96	%		0.55	%	to	1.90	%		(0.24	%)	to	(1.57	%)
2021		49,692		$4.30	to	$2.35		$178,573		1.59	%		0.55	%	to	1.90	%		23.60	%	to	21.95	%
2020		53,117		$3.48	to	$1.92		$155,093		2.14	%		0.55	%	to	1.90	%		0.28	%	to	(1.06	%)
2019		63,453		$3.47	to	$1.94		$184,130		1.96	%		0.55	%	to	1.90	%		26.23	%	to	24.53	%
BlackRock Adv SMID Cap VI, Cl III
2023		1,529		$1.14	to	$1.12		$1,730		3.19	%		0.65	%	to	1.55	%		17.86	%	to	16.82	%
2022		341		$0.97	to	$0.96		$329		5.43	%		0.65	%	to	1.55	%		(4.28	%)⁽⁷⁾	to	(4.84	%)⁽⁷⁾



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			126


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
BlackRock Global Alloc, Cl III
2023		44,971		$1.75	to	$1.49		$74,396		2.48	%		0.55	%	to	1.90	%		11.88	%	to	10.37	%
2022		48,231		$1.56	to	$1.35		$71,677		—			0.55	%	to	1.90	%		(16.53	%)	to	(17.64	%)
2021		51,484		$1.87	to	$1.64		$92,142		0.83	%		0.55	%	to	1.90	%		5.83	%	to	4.41	%
2020		49,337		$1.77	to	$1.57		$83,868		1.34	%		0.55	%	to	1.90	%		20.05	%	to	18.43	%
2019		51,774		$1.47	to	$1.33		$73,748		1.25	%		0.55	%	to	1.90	%		17.11	%	to	15.55	%
BNY Mellon Sus US Eq, Serv
2023		2,647		$1.13	to	$1.12		$2,990		0.14	%		0.65	%	to	1.55	%		22.71	%	to	21.61	%
2022		258		$0.92	to	$0.92		$239		—			0.65	%	to	1.55	%		(7.93	%)⁽⁷⁾	to	(8.48	%)⁽⁷⁾
Calvert VP EAFE Intl Index, Cl F
2023		2,801		$1.14	to	$1.12		$3,180		3.77	%		0.65	%	to	1.55	%		16.77	%	to	15.73	%
2022		1,106		$0.98	to	$0.97		$1,081		8.22	%		0.65	%	to	1.55	%		(2.06	%)⁽⁷⁾	to	(2.64	%)⁽⁷⁾
Calvert VP Nasdaq 100 Index, Cl F
2023		7,195		$1.30	to	$1.28		$9,295		0.47	%		0.65	%	to	1.55	%		53.03	%	to	51.66	%
2022		2,273		$0.85	to	$0.84		$1,929		0.44	%		0.65	%	to	1.55	%		(16.49	%)⁽⁷⁾	to	(16.98	%)⁽⁷⁾
Calv VP Russ 2000 Sm Cap Ind, Cl F
2023		4,332		$1.10	to	$1.08		$4,726		1.24	%		0.65	%	to	1.55	%		15.61	%	to	14.57	%
2022		1,554		$0.95	to	$0.94		$1,475		1.76	%		0.65	%	to	1.55	%		(6.07	%)⁽⁷⁾	to	(6.63	%)⁽⁷⁾
Calvert VP SRI Bal, Cl F
2023		1,315		$1.10	to	$1.08		$1,433		2.01	%		0.65	%	to	1.55	%		15.67	%	to	14.64	%
2022		344		$0.95	to	$0.94		$326		3.11	%		0.65	%	to	1.55	%		(5.21	%)⁽⁷⁾	to	(5.79	%)⁽⁷⁾
Calvert VP SRI Bal, Cl I
2023		7,788		$2.87	to	$2.82		$21,222		1.58	%		0.55	%	to	1.20	%		16.19	%	to	15.43	%
2022		8,225		$2.47	to	$2.44		$19,357		1.18	%		0.55	%	to	1.20	%		(15.88	%)	to	(16.42	%)
2021		9,172		$2.93	to	$2.92		$25,775		1.16	%		0.55	%	to	1.20	%		14.49	%	to	13.74	%
2020		9,850		$2.56	to	$2.57		$24,246		1.51	%		0.55	%	to	1.20	%		14.63	%	to	13.88	%
2019		10,384		$2.24	to	$2.26		$22,358		1.56	%		0.55	%	to	1.20	%		23.72	%	to	22.92	%
CB Var Sm Cap Gro, Cl I
2023		4,265		$3.77	to	$3.24		$15,058		—			0.55	%	to	1.45	%		7.81	%	to	6.85	%
2022		4,501		$3.49	to	$3.03		$14,793		—			0.55	%	to	1.45	%		(29.24	%)	to	(29.87	%)
2021		4,824		$4.94	to	$4.33		$22,500		—			0.55	%	to	1.45	%		11.99	%	to	10.99	%
2020		5,487		$4.41	to	$3.90		$22,942		—			0.55	%	to	1.45	%		42.48	%	to	41.20	%
2019		6,213		$3.09	to	$2.76		$18,309		—			0.55	%	to	1.45	%		26.18	%	to	25.05	%
Col VP Bal, Cl 2
2023		91,069		$1.06	to	$1.03		$95,274		—			0.60	%	to	1.55	%		20.38	%	to	19.24	%
2022		70,090		$0.88	to	$0.86		$61,116		—			0.60	%	to	1.55	%		(17.36	%)	to	(18.14	%)
2021		23,656		$1.06	to	$1.06		$25,051		—			0.60	%	to	1.55	%		6.03	%⁽⁶⁾	to	5.37	%⁽⁶⁾
Col VP Bal, Cl 3
2023		177,389		$3.46	to	$2.19		$568,979		—			0.55	%	to	1.90	%		20.57	%	to	18.96	%
2022		183,169		$2.87	to	$1.84		$489,962		—			0.55	%	to	1.90	%		(17.20	%)	to	(18.31	%)
2021		198,849		$3.46	to	$2.25		$643,716		—			0.55	%	to	1.90	%		14.11	%	to	12.58	%
2020		202,406		$3.03	to	$2.00		$577,612		—			0.55	%	to	1.90	%		16.94	%	to	15.37	%
2019		200,210		$2.59	to	$1.73		$493,462		—			0.55	%	to	1.90	%		22.11	%	to	20.47	%
Col VP Commodity Strategy, Cl 2
2023		21,658		$0.80	to	$0.69		$16,350		20.62	%		0.55	%	to	1.90	%		(7.64	%)	to	(8.88	%)
2022		29,909		$0.86	to	$0.76		$24,623		28.61	%		0.55	%	to	1.90	%		18.05	%	to	16.47	%
2021		15,752		$0.73	to	$0.65		$11,016		—			0.55	%	to	1.90	%		31.29	%	to	29.53	%
2020		8,170		$0.56	to	$0.50		$4,373		20.03	%		0.55	%	to	1.90	%		(2.09	%)	to	(3.40	%)
2019		8,107		$0.57	to	$0.52		$4,460		0.93	%		0.55	%	to	1.90	%		7.19	%	to	5.75	%



127		∎ RIVERSOURCE VARIABLE ACCOUNT 10


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Col VP Contrarian Core, Cl 2
2023		45,709		$3.43	to	$2.97		$149,161		—			0.55	%	to	1.90	%		31.17	%	to	29.41	%
2022		45,630		$2.62	to	$2.29		$114,015		—			0.55	%	to	1.90	%		(19.30	%)	to	(20.38	%)
2021		46,001		$3.24	to	$2.88		$143,414		—			0.55	%	to	1.90	%		23.28	%	to	21.63	%
2020		46,707		$2.63	to	$2.37		$118,781		—			0.55	%	to	1.90	%		21.33	%	to	19.71	%
2019		48,211		$2.17	to	$1.98		$101,337		—			0.55	%	to	1.90	%		32.08	%	to	30.31	%
Col VP Disciplined Core, Cl 2
2023		11,160		$3.48	to	$3.00		$52,064		—			0.60	%	to	1.90	%		23.34	%	to	21.75	%
2022		10,728		$2.82	to	$2.47		$40,774		—			0.60	%	to	1.90	%		(19.42	%)	to	(20.46	%)
2021		10,168		$3.50	to	$3.10		$48,058		—			0.60	%	to	1.90	%		31.64	%	to	29.94	%
2020		10,030		$2.66	to	$2.39		$36,162		—			0.60	%	to	1.90	%		13.15	%	to	11.69	%
2019		10,947		$2.35	to	$2.14		$35,044		—			0.60	%	to	1.90	%		23.72	%	to	22.12	%
Col VP Disciplined Core, Cl 3
2023		87,846		$3.49	to	$3.55		$339,236		—			0.55	%	to	1.45	%		23.55	%	to	22.45	%
2022		96,320		$2.83	to	$2.90		$302,302		—			0.55	%	to	1.45	%		(19.27	%)	to	(20.00	%)
2021		105,498		$3.50	to	$3.63		$411,739		—			0.55	%	to	1.45	%		31.84	%	to	30.66	%
2020		116,774		$2.65	to	$2.77		$347,019		—			0.55	%	to	1.45	%		13.36	%	to	12.34	%
2019		131,960		$2.34	to	$2.47		$346,230		—			0.55	%	to	1.45	%		23.95	%	to	22.84	%
Col VP Divd Opp, Cl 2
2023		33,217		$2.53	to	$2.19		$98,976		—			0.60	%	to	1.90	%		4.22	%	to	2.87	%
2022		33,985		$2.43	to	$2.13		$97,769		—			0.60	%	to	1.90	%		(1.98	%)	to	(3.24	%)
2021		27,966		$2.48	to	$2.20		$82,699		—			0.60	%	to	1.90	%		25.14	%	to	23.53	%
2020		26,193		$1.98	to	$1.78		$62,077		—			0.60	%	to	1.90	%		0.30	%	to	(1.00	%)
2019		27,679		$1.98	to	$1.80		$65,706		—			0.60	%	to	1.90	%		23.02	%	to	21.43	%
Col VP Divd Opp, Cl 3
2023		93,884		$4.67	to	$2.46		$365,624		—			0.55	%	to	1.45	%		4.38	%	to	3.45	%
2022		106,455		$4.47	to	$2.38		$398,253		—			0.55	%	to	1.45	%		(1.78	%)	to	(2.66	%)
2021		112,748		$4.55	to	$2.45		$432,848		—			0.55	%	to	1.45	%		25.33	%	to	24.20	%
2020		128,498		$3.63	to	$1.97		$395,051		—			0.55	%	to	1.45	%		0.47	%	to	(0.43	%)
2019		148,528		$3.62	to	$1.98		$456,364		—			0.55	%	to	1.45	%		23.24	%	to	22.14	%
Col VP Emerg Mkts Bond, Cl 2
2023		9,315		$1.07	to	$0.92		$9,458		5.25	%		0.55	%	to	1.90	%		9.42	%	to	7.95	%
2022		10,088		$0.97	to	$0.85		$9,401		4.03	%		0.55	%	to	1.90	%		(16.62	%)	to	(17.73	%)
2021		11,854		$1.17	to	$1.04		$13,330		3.68	%		0.55	%	to	1.90	%		(2.99	%)	to	(4.29	%)
2020		12,122		$1.21	to	$1.09		$14,140		3.23	%		0.55	%	to	1.90	%		6.58	%	to	5.14	%
2019		13,256		$1.13	to	$1.03		$14,563		4.87	%		0.55	%	to	1.90	%		11.47	%	to	9.98	%
Col VP Emer Mkts, Cl 2
2023		38,481		$1.23	to	$1.06		$47,969		—			0.60	%	to	1.90	%		8.54	%	to	7.15	%
2022		40,466		$1.14	to	$0.99		$46,712		—			0.60	%	to	1.90	%		(33.47	%)	to	(34.33	%)
2021		37,968		$1.71	to	$1.51		$66,169		0.84	%		0.60	%	to	1.90	%		(8.03	%)	to	(9.22	%)
2020		32,764		$1.86	to	$1.66		$62,343		0.43	%		0.60	%	to	1.90	%		32.37	%	to	30.66	%
2019		32,611		$1.40	to	$1.27		$47,056		0.14	%		0.60	%	to	1.90	%		30.49	%	to	28.80	%
Col VP Emer Mkts, Cl 3
2023		28,396		$3.07	to	$1.67		$68,435		—			0.55	%	to	1.45	%		8.71	%	to	7.74	%
2022		31,922		$2.82	to	$1.55		$71,144		—			0.55	%	to	1.45	%		(33.34	%)	to	(33.94	%)
2021		35,031		$4.23	to	$2.35		$117,350		0.99	%		0.55	%	to	1.45	%		(7.84	%)	to	(8.67	%)
2020		38,326		$4.59	to	$2.57		$139,658		0.56	%		0.55	%	to	1.45	%		32.63	%	to	31.44	%
2019		45,589		$3.46	to	$1.96		$125,995		0.18	%		0.55	%	to	1.45	%		30.71	%	to	29.54	%
Col VP Global Strategic Inc, Cl 2
2023		9,372		$0.93	to	$0.80		$8,915		3.11	%		0.60	%	to	1.90	%		8.82	%	to	7.41	%
2022		9,863		$0.85	to	$0.74		$8,660		3.18	%		0.60	%	to	1.90	%		(14.14	%)	to	(15.25	%)
2021		9,729		$0.99	to	$0.88		$9,991		3.67	%		0.60	%	to	1.90	%		0.43	%	to	(0.87	%)
2020		9,357		$0.99	to	$0.88		$9,602		5.12	%		0.60	%	to	1.90	%		3.96	%	to	2.62	%
2019		9,897		$0.95	to	$0.86		$9,811		—			0.60	%	to	1.90	%		10.10	%	to	8.67	%



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			128


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Col VP Global Strategic Inc, Cl 3
2023		28,567		$1.82	to	$1.12		$44,431		3.26	%		0.55	%	to	1.45	%		9.21	%	to	8.23	%
2022		31,815		$1.66	to	$1.03		$45,420		3.43	%		0.55	%	to	1.45	%		(14.08	%)	to	(14.85	%)
2021		35,882		$1.93	to	$1.21		$59,979		3.92	%		0.55	%	to	1.45	%		0.59	%	to	(0.32	%)
2020		38,477		$1.92	to	$1.22		$64,308		5.22	%		0.55	%	to	1.45	%		4.11	%	to	3.17	%
2019		43,214		$1.85	to	$1.18		$69,749		—			0.55	%	to	1.45	%		10.30	%	to	9.31	%
Col VP Govt Money Mkt, Cl 2
2023		157,215		$1.02	to	$0.87		$148,910		4.38	%		0.60	%	to	1.90	%		3.84	%	to	2.50	%
2022		160,765		$0.98	to	$0.85		$146,821		1.24	%		0.60	%	to	1.90	%		0.50	%	to	(0.79	%)
2021		102,600		$0.98	to	$0.86		$93,666		0.01	%		0.60	%	to	1.90	%		(0.59	%)	to	(1.87	%)
2020		100,549		$0.98	to	$0.88		$92,735		0.13	%		0.60	%	to	1.90	%		(0.36	%)	to	(1.66	%)
2019		54,408		$0.98	to	$0.89		$50,523		1.60	%		0.60	%	to	1.90	%		1.03	%	to	(0.30	%)
Col VP Govt Money Mkt, Cl 3
2023		112,497		$1.26	to	$0.94		$126,338		4.50	%		0.55	%	to	1.45	%		4.02	%	to	3.09	%
2022		125,779		$1.21	to	$0.91		$135,605		1.22	%		0.55	%	to	1.45	%		0.61	%	to	(0.29	%)
2021		101,435		$1.21	to	$0.91		$110,390		0.01	%		0.55	%	to	1.45	%		(0.53	%)	to	(1.41	%)
2020		123,715		$1.21	to	$0.93		$135,583		0.18	%		0.55	%	to	1.45	%		(0.27	%)	to	(1.16	%)
2019		86,619		$1.22	to	$0.94		$96,069		1.73	%		0.55	%	to	1.45	%		1.21	%	to	0.30	%
Col VP Hi Yield Bond, Cl 2
2023		26,480		$1.64	to	$1.41		$48,187		5.28	%		0.60	%	to	1.90	%		11.20	%	to	9.77	%
2022		27,215		$1.47	to	$1.28		$44,830		5.01	%		0.60	%	to	1.90	%		(11.31	%)	to	(12.45	%)
2021		28,938		$1.66	to	$1.46		$54,019		4.95	%		0.60	%	to	1.90	%		4.17	%	to	2.82	%
2020		27,679		$1.59	to	$1.42		$49,734		5.59	%		0.60	%	to	1.90	%		5.67	%	to	4.31	%
2019		28,414		$1.51	to	$1.36		$48,520		5.77	%		0.60	%	to	1.90	%		15.83	%	to	14.33	%
Col VP Hi Yield Bond, Cl 3
2023		38,417		$3.36	to	$2.22		$115,280		5.38	%		0.55	%	to	1.45	%		11.47	%	to	10.47	%
2022		43,790		$3.01	to	$2.01		$118,266		5.08	%		0.55	%	to	1.45	%		(11.19	%)	to	(11.99	%)
2021		50,238		$3.39	to	$2.28		$153,394		4.93	%		0.55	%	to	1.45	%		4.29	%	to	3.35	%
2020		55,713		$3.25	to	$2.21		$163,849		5.64	%		0.55	%	to	1.45	%		5.96	%	to	5.01	%
2019		66,858		$3.07	to	$2.10		$185,992		5.75	%		0.55	%	to	1.45	%		16.08	%	to	15.04	%
Col VP Inc Opp, Cl 2
2023		15,262		$1.60	to	$1.37		$26,797		4.92	%		0.60	%	to	1.90	%		10.70	%	to	9.27	%
2022		15,640		$1.44	to	$1.25		$24,877		5.14	%		0.60	%	to	1.90	%		(10.75	%)	to	(11.89	%)
2021		15,562		$1.61	to	$1.42		$27,881		8.91	%		0.60	%	to	1.90	%		3.52	%	to	2.18	%
2020		15,674		$1.56	to	$1.39		$27,225		4.58	%		0.60	%	to	1.90	%		5.04	%	to	3.68	%
2019		17,985		$1.48	to	$1.34		$29,843		4.81	%		0.60	%	to	1.90	%		15.44	%	to	13.94	%
Col VP Inc Opp, Cl 3
2023		29,011		$2.69	to	$2.14		$71,590		5.03	%		0.55	%	to	1.45	%		10.90	%	to	9.91	%
2022		32,732		$2.43	to	$1.95		$73,104		5.16	%		0.55	%	to	1.45	%		(10.70	%)	to	(11.50	%)
2021		37,714		$2.72	to	$2.20		$94,708		8.85	%		0.55	%	to	1.45	%		3.90	%	to	2.97	%
2020		42,052		$2.61	to	$2.14		$101,999		4.60	%		0.55	%	to	1.45	%		5.16	%	to	4.21	%
2019		49,492		$2.49	to	$2.05		$114,398		4.99	%		0.55	%	to	1.45	%		15.59	%	to	14.56	%
Col VP Inter Bond, Cl 2
2023		60,739		$1.17	to	$1.00		$72,989		2.14	%		0.60	%	to	1.90	%		5.46	%	to	4.09	%
2022		48,671		$1.11	to	$0.97		$55,788		2.91	%		0.60	%	to	1.90	%		(17.71	%)	to	(18.78	%)
2021		50,375		$1.35	to	$1.19		$70,444		3.08	%		0.60	%	to	1.90	%		(1.18	%)	to	(2.45	%)
2020		47,138		$1.36	to	$1.22		$66,938		2.67	%		0.60	%	to	1.90	%		11.60	%	to	10.16	%
2019		38,012		$1.22	to	$1.11		$48,594		2.96	%		0.60	%	to	1.90	%		8.38	%	to	6.98	%
Col VP Inter Bond, Cl 3
2023		119,388		$2.09	to	$1.38		$216,758		2.22	%		0.55	%	to	1.45	%		5.61	%	to	4.67	%
2022		126,393		$1.98	to	$1.32		$218,263		3.03	%		0.55	%	to	1.45	%		(17.62	%)	to	(18.36	%)
2021		145,682		$2.41	to	$1.62		$306,148		3.17	%		0.55	%	to	1.45	%		(0.90	%)	to	(1.79	%)
2020		160,950		$2.43	to	$1.65		$342,523		2.75	%		0.55	%	to	1.45	%		11.83	%	to	10.83	%
2019		159,192		$2.17	to	$1.49		$305,425		3.11	%		0.55	%	to	1.45	%		8.52	%	to	7.55	%



129		∎ RIVERSOURCE VARIABLE ACCOUNT 10


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Col VP Lg Cap Gro, Cl 2
2023		21,127		$4.36	to	$3.74		$115,306		—			0.60	%	to	1.90	%		41.92	%	to	40.09	%
2022		19,630		$3.07	to	$2.67		$76,441		—			0.60	%	to	1.90	%		(31.94	%)	to	(32.82	%)
2021		19,443		$4.51	to	$3.97		$111,805		—			0.60	%	to	1.90	%		27.58	%	to	25.94	%
2020		17,772		$3.53	to	$3.15		$80,335		—			0.60	%	to	1.90	%		33.61	%	to	31.88	%
2019		16,736		$2.65	to	$2.39		$56,838		—			0.60	%	to	1.90	%		34.72	%	to	32.98	%
Col VP Lg Cap Gro, Cl 3
2023		38,438		$3.31	to	$4.38		$131,653		—			0.55	%	to	1.45	%		42.17	%	to	40.90	%
2022		42,115		$2.33	to	$3.11		$101,467		—			0.55	%	to	1.45	%		(31.82	%)	to	(32.43	%)
2021		47,378		$3.42	to	$4.60		$168,058		—			0.55	%	to	1.45	%		27.83	%	to	26.69	%
2020		55,016		$2.67	to	$3.63		$152,397		—			0.55	%	to	1.45	%		33.83	%	to	32.63	%
2019		62,416		$2.00	to	$2.74		$128,985		—			0.55	%	to	1.45	%		35.02	%	to	33.80	%
Col VP Lg Cap Index, Cl 2
2023		88,753		$1.16	to	$1.13		$101,415		—			0.60	%	to	1.55	%		24.90	%	to	23.73	%
2022		54,509		$0.93	to	$0.91		$50,101		—			0.60	%	to	1.55	%		(19.03	%)	to	(19.79	%)
2021		23,421		$1.14	to	$1.14		$26,667		—			0.60	%	to	1.55	%		13.93	%⁽⁶⁾	to	13.22	%⁽⁶⁾
Col VP Lg Cap Index, Cl 3
2023		132,545		$4.05	to	$3.26		$528,874		—			0.55	%	to	1.90	%		25.13	%	to	23.46	%
2022		141,826		$3.24	to	$2.64		$454,456		—			0.55	%	to	1.90	%		(18.89	%)	to	(19.98	%)
2021		149,903		$3.99	to	$3.30		$595,823		—			0.55	%	to	1.90	%		27.52	%	to	25.81	%
2020		152,958		$3.13	to	$2.62		$479,900		—			0.55	%	to	1.90	%		17.25	%	to	15.68	%
2019		156,149		$2.67	to	$2.27		$420,166		—			0.55	%	to	1.90	%		30.23	%	to	28.49	%
Col VP Limited Duration Cr, Cl 2
2023		66,869		$1.06	to	$0.99		$74,958		3.05	%		0.55	%	to	1.90	%		6.08	%	to	4.66	%
2022		70,475		$1.00	to	$0.94		$74,819		0.52	%		0.55	%	to	1.90	%		(6.87	%)	to	(8.12	%)
2021		59,735		$1.07	to	$1.03		$68,215		1.39	%		0.55	%	to	1.90	%		(1.38	%)	to	(2.71	%)
2020		54,109		$1.09	to	$1.06		$62,924		2.54	%		0.55	%	to	1.90	%		4.99	%	to	3.58	%
2019		39,044		$1.04	to	$1.02		$43,437		2.09	%		0.55	%	to	1.90	%		6.88	%	to	5.44	%
Col VP Long Govt/Cr Bond, Cl 2
2023		14,703		$1.07	to	$0.92		$15,002		3.29	%		0.55	%	to	1.90	%		6.10	%	to	4.67	%
2022		10,846		$1.01	to	$0.88		$10,487		2.36	%		0.55	%	to	1.90	%		(28.09	%)	to	(29.06	%)
2021		12,912		$1.40	to	$1.24		$17,456		1.65	%		0.55	%	to	1.90	%		(4.00	%)	to	(5.28	%)
2020		19,114		$1.46	to	$1.31		$27,008		2.51	%		0.55	%	to	1.90	%		16.43	%	to	14.87	%
2019		12,488		$1.25	to	$1.14		$15,275		2.52	%		0.55	%	to	1.90	%		18.77	%	to	17.17	%
Col VP Overseas Core, Cl 2
2023		20,026		$1.66	to	$1.47		$36,445		1.66	%		0.60	%	to	1.90	%		14.64	%	to	13.16	%
2022		19,479		$1.45	to	$1.29		$31,077		0.76	%		0.60	%	to	1.90	%		(15.41	%)	to	(16.50	%)
2021		19,064		$1.71	to	$1.55		$36,106		1.09	%		0.60	%	to	1.90	%		9.09	%	to	7.68	%
2020		14,948		$1.57	to	$1.44		$26,029		1.43	%		0.60	%	to	1.90	%		8.19	%	to	6.78	%
2019		14,848		$1.45	to	$1.35		$23,958		1.82	%		0.60	%	to	1.90	%		24.38	%	to	22.80	%
Col VP Overseas Core, Cl 3
2023		27,311		$1.80	to	$1.59		$51,120		1.83	%		0.55	%	to	1.45	%		14.84	%	to	13.81	%
2022		30,269		$1.57	to	$1.40		$49,413		0.80	%		0.55	%	to	1.45	%		(15.27	%)	to	(16.03	%)
2021		32,569		$1.85	to	$1.66		$63,000		1.18	%		0.55	%	to	1.45	%		9.28	%	to	8.30	%
2020		36,058		$1.69	to	$1.54		$64,166		1.56	%		0.55	%	to	1.45	%		8.33	%	to	7.36	%
2019		42,438		$1.56	to	$1.43		$69,942		1.96	%		0.55	%	to	1.45	%		24.63	%	to	23.52	%
Col VP Select Lg Cap Eq, Cl 2
2023		2,393		$1.17	to	$1.16		$2,785		—			0.65	%	to	1.55	%		26.94	%	to	25.81	%
2022		544		$0.92	to	$0.92		$501		—			0.65	%	to	1.55	%		(8.22	%)⁽⁷⁾	to	(8.76	%)⁽⁷⁾
Col VP Select Lg Cap Val, Cl 2
2023		17,249		$3.05	to	$2.67		$66,072		—			0.60	%	to	1.90	%		4.48	%	to	3.14	%
2022		17,438		$2.92	to	$2.58		$64,723		—			0.60	%	to	1.90	%		(2.65	%)	to	(3.90	%)
2021		13,936		$3.00	to	$2.69		$53,745		—			0.60	%	to	1.90	%		25.23	%	to	23.61	%
2020		9,450		$2.40	to	$2.18		$29,243		—			0.60	%	to	1.90	%		6.17	%	to	4.80	%
2019		9,809		$2.26	to	$2.08		$28,733		—			0.60	%	to	1.90	%		25.67	%	to	24.05	%



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			130


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Col VP Select Lg Cap Val, Cl 3
2023		11,454		$4.28	to	$3.15		$43,542		—			0.55	%	to	1.45	%		4.65	%	to	3.72	%
2022		13,975		$4.09	to	$3.04		$50,932		—			0.55	%	to	1.45	%		(2.49	%)	to	(3.36	%)
2021		12,549		$4.20	to	$3.15		$47,197		—			0.55	%	to	1.45	%		25.46	%	to	24.33	%
2020		10,598		$3.34	to	$2.53		$31,993		—			0.55	%	to	1.45	%		6.37	%	to	5.41	%
2019		13,028		$3.14	to	$2.40		$36,838		—			0.55	%	to	1.45	%		25.85	%	to	24.72	%
Col VP Select Mid Cap Gro, Cl 2
2023		10,620		$2.88	to	$2.48		$35,129		—			0.60	%	to	1.90	%		24.18	%	to	22.58	%
2022		10,060		$2.32	to	$2.02		$27,061		—			0.60	%	to	1.90	%		(31.42	%)	to	(32.31	%)
2021		9,970		$3.38	to	$2.99		$39,277		—			0.60	%	to	1.90	%		15.57	%	to	14.08	%
2020		9,288		$2.92	to	$2.62		$31,803		—			0.60	%	to	1.90	%		34.27	%	to	32.54	%
2019		8,303		$2.18	to	$1.98		$21,266		—			0.60	%	to	1.90	%		34.02	%	to	32.29	%
Col VP Select Mid Cap Gro, Cl 3
2023		18,490		$4.53	to	$3.26		$67,844		—			0.55	%	to	1.45	%		24.40	%	to	23.29	%
2022		19,888		$3.64	to	$2.64		$58,878		—			0.55	%	to	1.45	%		(31.30	%)	to	(31.91	%)
2021		22,032		$5.30	to	$3.88		$95,791		—			0.55	%	to	1.45	%		15.77	%	to	14.73	%
2020		24,410		$4.57	to	$3.38		$92,335		—			0.55	%	to	1.45	%		34.49	%	to	33.29	%
2019		27,275		$3.40	to	$2.54		$77,186		—			0.55	%	to	1.45	%		34.28	%	to	33.08	%
Col VP Select Mid Cap Val, Cl 2
2023		11,612		$2.93	to	$2.54		$40,998		—			0.60	%	to	1.90	%		9.39	%	to	7.98	%
2022		12,350		$2.68	to	$2.35		$40,200		—			0.60	%	to	1.90	%		(10.20	%)	to	(11.36	%)
2021		11,773		$2.99	to	$2.65		$42,971		—			0.60	%	to	1.90	%		31.18	%	to	29.49	%
2020		10,747		$2.28	to	$2.05		$29,999		—			0.60	%	to	1.90	%		6.61	%	to	5.23	%
2019		11,553		$2.14	to	$1.95		$30,378		—			0.60	%	to	1.90	%		30.46	%	to	28.78	%
Col VP Select Mid Cap Val, Cl 3
2023		10,964		$4.33	to	$2.95		$40,179		—			0.55	%	to	1.45	%		9.58	%	to	8.60	%
2022		12,744		$3.95	to	$2.72		$42,797		—			0.55	%	to	1.45	%		(10.06	%)	to	(10.86	%)
2021		13,270		$4.39	to	$3.05		$49,753		—			0.55	%	to	1.45	%		31.41	%	to	30.23	%
2020		15,060		$3.34	to	$2.34		$43,098		—			0.55	%	to	1.45	%		6.82	%	to	5.86	%
2019		18,698		$3.13	to	$2.21		$50,177		—			0.55	%	to	1.45	%		30.70	%	to	29.53	%
Col VP Select Sm Cap Val, Cl 2
2023		7,937		$2.55	to	$2.22		$25,205		—			0.60	%	to	1.90	%		12.17	%	to	10.73	%
2022		7,906		$2.27	to	$2.01		$22,558		—			0.60	%	to	1.90	%		(15.43	%)	to	(16.53	%)
2021		6,959		$2.68	to	$2.40		$23,615		—			0.60	%	to	1.90	%		29.84	%	to	28.16	%
2020		5,865		$2.07	to	$1.88		$15,402		—			0.60	%	to	1.90	%		8.27	%	to	6.87	%
2019		5,336		$1.91	to	$1.76		$12,996		—			0.60	%	to	1.90	%		16.74	%	to	15.23	%
Col VP Select Sm Cap Val, Cl 3
2023		6,967		$5.01	to	$2.63		$29,240		—			0.55	%	to	1.45	%		12.36	%	to	11.35	%
2022		7,805		$4.45	to	$2.36		$29,169		—			0.55	%	to	1.45	%		(15.29	%)	to	(16.04	%)
2021		8,094		$5.26	to	$2.82		$36,039		—			0.55	%	to	1.45	%		30.08	%	to	28.92	%
2020		8,684		$4.04	to	$2.18		$30,099		—			0.55	%	to	1.45	%		8.46	%	to	7.48	%
2019		10,587		$3.73	to	$2.03		$33,704		—			0.55	%	to	1.45	%		16.94	%	to	15.89	%
Col VP Sel Gbl Tech, Cl 2
2023		6,245		$1.23	to	$1.22		$7,657		—			0.65	%	to	1.55	%		43.93	%	to	42.65	%
2022		1,146		$0.86	to	$0.85		$980		—			0.65	%	to	1.55	%		(15.93	%)⁽⁷⁾	to	(16.44	%)⁽⁷⁾
Col VP Sm Cap Val, Cl 2
2023		1,342		$1.20	to	$1.18		$1,595		0.49	%		0.65	%	to	1.55	%		20.87	%	to	19.80	%
2022		409		$0.99	to	$0.98		$404		0.18	%		0.65	%	to	1.55	%		(1.99	%)⁽⁷⁾	to	(2.56	%)⁽⁷⁾
Col VP Strategic Inc, Cl 2
2023		62,276		$1.35	to	$1.16		$77,774		3.47	%		0.60	%	to	1.90	%		8.56	%	to	7.15	%
2022		60,974		$1.25	to	$1.09		$70,436		2.71	%		0.60	%	to	1.90	%		(12.05	%)	to	(13.19	%)
2021		60,277		$1.42	to	$1.25		$79,642		5.31	%		0.60	%	to	1.90	%		1.03	%	to	(0.28	%)
2020		54,322		$1.40	to	$1.25		$71,367		3.34	%		0.60	%	to	1.90	%		5.99	%	to	4.62	%
2019		53,222		$1.32	to	$1.20		$66,277		3.69	%		0.60	%	to	1.90	%		9.57	%	to	8.15	%



131		∎ RIVERSOURCE VARIABLE ACCOUNT 10


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Col VP US Govt Mtge, Cl 2
2023		14,811		$1.05	to	$0.90		$14,761		2.54	%		0.60	%	to	1.90	%		4.80	%	to	3.45	%
2022		16,021		$1.01	to	$0.87		$15,283		1.79	%		0.60	%	to	1.90	%		(14.83	%)	to	(15.93	%)
2021		15,497		$1.18	to	$1.04		$17,497		1.80	%		0.60	%	to	1.90	%		(1.78	%)	to	(3.05	%)
2020		14,174		$1.20	to	$1.07		$16,346		2.42	%		0.60	%	to	1.90	%		4.23	%	to	2.87	%
2019		12,058		$1.15	to	$1.04		$13,377		2.51	%		0.60	%	to	1.90	%		5.87	%	to	4.49	%
Col VP US Govt Mtge, Cl 3
2023		28,406		$1.51	to	$1.04		$37,449		2.67	%		0.55	%	to	1.45	%		4.97	%	to	4.04	%
2022		31,984		$1.44	to	$1.00		$40,242		1.98	%		0.55	%	to	1.45	%		(14.73	%)	to	(15.50	%)
2021		37,439		$1.69	to	$1.19		$55,348		1.89	%		0.55	%	to	1.45	%		(1.61	%)	to	(2.49	%)
2020		41,015		$1.72	to	$1.22		$61,786		2.50	%		0.55	%	to	1.45	%		4.38	%	to	3.44	%
2019		42,323		$1.65	to	$1.18		$61,670		2.69	%		0.55	%	to	1.45	%		6.03	%	to	5.08	%
CS Commodity Return, Cl 1
2023		18,490		$0.65	to	$0.58		$11,445		21.54	%		0.55	%	to	1.45	%		(9.61	%)	to	(10.42	%)
2022		21,993		$0.72	to	$0.65		$15,137		15.31	%		0.55	%	to	1.45	%		15.40	%	to	14.37	%
2021		21,050		$0.62	to	$0.57		$12,605		4.76	%		0.55	%	to	1.45	%		27.20	%	to	26.06	%
2020		21,423		$0.49	to	$0.45		$10,128		5.96	%		0.55	%	to	1.45	%		(2.02	%)	to	(2.90	%)
2019		25,441		$0.50	to	$0.47		$12,321		0.87	%		0.55	%	to	1.45	%		6.11	%	to	5.16	%
CTIVP AC Div Bond, Cl 2
2023		18,390		$1.12	to	$0.96		$20,880		3.12	%		0.60	%	to	1.90	%		4.70	%	to	3.35	%
2022		15,338		$1.07	to	$0.93		$16,738		2.93	%		0.60	%	to	1.90	%		(16.02	%)	to	(17.10	%)
2021		14,286		$1.28	to	$1.12		$18,609		2.04	%		0.60	%	to	1.90	%		(0.31	%)	to	(1.59	%)
2020		15,575		$1.28	to	$1.14		$20,436		1.74	%		0.60	%	to	1.90	%		7.60	%	to	6.20	%
2019		14,158		$1.19	to	$1.08		$17,326		5.54	%		0.60	%	to	1.90	%		8.74	%	to	7.34	%
CTIVP BR Gl Infl Prot Sec, Cl 2
2023		17,710		$1.14	to	$0.98		$21,070		8.95	%		0.60	%	to	1.90	%		3.27	%	to	1.94	%
2022		20,991		$1.11	to	$0.96		$24,291		4.59	%		0.60	%	to	1.90	%		(18.17	%)	to	(19.24	%)
2021		19,577		$1.35	to	$1.19		$27,836		0.57	%		0.60	%	to	1.90	%		3.80	%	to	2.46	%
2020		13,758		$1.30	to	$1.16		$18,927		0.45	%		0.60	%	to	1.90	%		8.31	%	to	6.92	%
2019		13,689		$1.20	to	$1.09		$17,491		3.03	%		0.60	%	to	1.90	%		6.98	%	to	5.61	%
CTIVP BR Gl Infl Prot Sec, Cl 3
2023		30,734		$1.58	to	$1.32		$45,399		8.82	%		0.55	%	to	1.45	%		3.39	%	to	2.46	%
2022		36,009		$1.53	to	$1.29		$51,673		4.45	%		0.55	%	to	1.45	%		(18.04	%)	to	(18.77	%)
2021		39,791		$1.87	to	$1.59		$69,964		0.69	%		0.55	%	to	1.45	%		3.91	%	to	2.97	%
2020		39,638		$1.80	to	$1.55		$67,369		0.56	%		0.55	%	to	1.45	%		8.52	%	to	7.54	%
2019		45,328		$1.66	to	$1.44		$71,210		3.16	%		0.55	%	to	1.45	%		7.22	%	to	6.26	%
CTIVP CenterSquare Real Est, Cl 2
2023		10,611		$1.86	to	$1.62		$22,631		1.78	%		0.60	%	to	1.90	%		12.88	%	to	11.43	%
2022		11,996		$1.65	to	$1.45		$22,847		1.34	%		0.60	%	to	1.90	%		(24.78	%)	to	(25.76	%)
2021		11,723		$2.19	to	$1.96		$29,846		1.10	%		0.60	%	to	1.90	%		40.36	%	to	38.55	%
2020		12,537		$1.56	to	$1.41		$22,818		4.18	%		0.60	%	to	1.90	%		(5.75	%)	to	(6.97	%)
2019		13,727		$1.66	to	$1.52		$26,591		1.61	%		0.60	%	to	1.90	%		25.41	%	to	23.78	%
CTIVP MFS Val, Cl 2
2023		21,939		$2.87	to	$2.50		$75,303		—			0.60	%	to	1.90	%		7.13	%	to	5.75	%
2022		22,716		$2.68	to	$2.36		$73,528		—			0.60	%	to	1.90	%		(6.91	%)	to	(8.11	%)
2021		21,551		$2.88	to	$2.57		$75,491		—			0.60	%	to	1.90	%		24.36	%	to	22.76	%
2020		21,073		$2.32	to	$2.09		$59,610		—			0.60	%	to	1.90	%		2.72	%	to	1.39	%
2019		20,500		$2.26	to	$2.06		$56,639		—			0.60	%	to	1.90	%		28.74	%	to	27.08	%
CTIVP MS Adv, Cl 2
2023		6,283		$3.07	to	$2.62		$24,647		—			0.60	%	to	1.90	%		29.84	%	to	28.17	%
2022		6,721		$2.37	to	$2.05		$20,677		—			0.60	%	to	1.90	%		(41.57	%)	to	(42.32	%)
2021		7,330		$4.05	to	$3.55		$38,806		—			0.60	%	to	1.90	%		(4.92	%)	to	(6.15	%)
2020		6,352		$4.26	to	$3.78		$35,501		—			0.60	%	to	1.90	%		74.44	%	to	72.19	%
2019		5,228		$2.44	to	$2.19		$16,824		—			0.60	%	to	1.90	%		26.09	%	to	24.47	%



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			132


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
CTIVP Prin Blue Chip Gro, Cl 1
2023		41,831		$2.74	to	$2.56		$111,833		—			0.55	%	to	1.45	%		38.77	%	to	37.54	%
2022		47,724		$1.98	to	$1.86		$92,282		—			0.55	%	to	1.45	%		(28.40	%)	to	(29.04	%)
2021		53,190		$2.76	to	$2.62		$144,175		—			0.55	%	to	1.45	%		17.92	%	to	16.87	%
2020		62,336		$2.34	to	$2.24		$143,801		—			0.55	%	to	1.45	%		31.21	%	to	30.04	%
2019		72,360		$1.78	to	$1.73		$127,746		—			0.55	%	to	1.45	%		31.03	%	to	29.86	%
CTIVP Prin Blue Chip Gro, Cl 2
2023		10,303		$4.09	to	$3.52		$53,451		—			0.60	%	to	1.90	%		38.38	%	to	36.59	%
2022		10,321		$2.96	to	$2.58		$39,157		—			0.60	%	to	1.90	%		(28.62	%)	to	(29.54	%)
2021		9,638		$4.15	to	$3.66		$51,911		—			0.60	%	to	1.90	%		17.57	%	to	16.05	%
2020		9,749		$3.53	to	$3.15		$44,895		—			0.60	%	to	1.90	%		30.82	%	to	29.13	%
2019		9,576		$2.70	to	$2.44		$33,854		—			0.60	%	to	1.90	%		30.65	%	to	28.96	%
CTIVP T Rowe Price LgCap Val, Cl 2
2023		13,904		$2.49	to	$2.17		$42,260		—			0.60	%	to	1.90	%		8.63	%	to	7.23	%
2022		14,600		$2.29	to	$2.03		$41,199		—			0.60	%	to	1.90	%		(5.73	%)	to	(6.95	%)
2021		12,161		$2.43	to	$2.18		$36,641		—			0.60	%	to	1.90	%		24.23	%	to	22.63	%
2020		10,703		$1.96	to	$1.78		$26,085		—			0.60	%	to	1.90	%		1.81	%	to	0.50	%
2019		10,056		$1.92	to	$1.77		$24,140		—			0.60	%	to	1.90	%		25.47	%	to	23.85	%
CTIVP TCW Core Plus Bond, Cl 2
2023		18,366		$1.07	to	$0.92		$19,442		2.31	%		0.60	%	to	1.90	%		4.91	%	to	3.57	%
2022		15,688		$1.02	to	$0.89		$15,903		0.89	%		0.60	%	to	1.90	%		(14.82	%)	to	(15.92	%)
2021		15,052		$1.20	to	$1.05		$17,938		1.13	%		0.60	%	to	1.90	%		(1.99	%)	to	(3.26	%)
2020		17,213		$1.22	to	$1.09		$21,080		2.20	%		0.60	%	to	1.90	%		8.02	%	to	6.63	%
2019		9,903		$1.13	to	$1.02		$11,268		2.37	%		0.60	%	to	1.90	%		7.93	%	to	6.54	%
CTIVP Vty Sycamore Estb Val, Cl 2
2023		15,978		$3.55	to	$3.08		$66,318		—			0.60	%	to	1.90	%		9.02	%	to	7.61	%
2022		15,979		$3.25	to	$2.86		$61,811		—			0.60	%	to	1.90	%		(3.58	%)	to	(4.82	%)
2021		14,888		$3.37	to	$3.01		$60,951		—			0.60	%	to	1.90	%		30.76	%	to	29.07	%
2020		13,877		$2.58	to	$2.33		$43,610		—			0.60	%	to	1.90	%		7.16	%	to	5.77	%
2019		15,555		$2.41	to	$2.20		$45,795		—			0.60	%	to	1.90	%		27.09	%	to	25.44	%
CTIVP Vty Sycamore Estb Val, Cl 3
2023		9,202		$5.36	to	$3.91		$43,664		—			0.55	%	to	1.45	%		9.21	%	to	8.23	%
2022		10,010		$4.91	to	$3.61		$43,664		—			0.55	%	to	1.45	%		(3.42	%)	to	(4.28	%)
2021		10,178		$5.09	to	$3.77		$46,158		—			0.55	%	to	1.45	%		31.03	%	to	29.85	%
2020		10,052		$3.88	to	$2.90		$34,992		—			0.55	%	to	1.45	%		7.31	%	to	6.35	%
2019		12,437		$3.62	to	$2.73		$40,364		—			0.55	%	to	1.45	%		27.31	%	to	26.17	%
CTIVP Westfield Mid Cap Gro, Cl 2
2023		7,553		$3.05	to	$2.63		$29,092		—			0.60	%	to	1.90	%		24.43	%	to	22.83	%
2022		7,344		$2.45	to	$2.14		$23,011		—			0.60	%	to	1.90	%		(26.23	%)	to	(27.18	%)
2021		7,227		$3.32	to	$2.94		$30,841		—			0.60	%	to	1.90	%		15.72	%	to	14.22	%
2020		7,361		$2.87	to	$2.57		$27,283		—			0.60	%	to	1.90	%		26.42	%	to	24.79	%
2019		7,956		$2.27	to	$2.06		$23,436		—			0.60	%	to	1.90	%		40.95	%	to	39.13	%
Del Ivy VIP Asset Strategy, Cl II
2023		8,132		$1.61	to	$1.39		$12,557		2.06	%		0.55	%	to	1.90	%		13.31	%	to	11.80	%
2022		9,145		$1.42	to	$1.24		$12,502		1.52	%		0.55	%	to	1.90	%		(15.21	%)	to	(16.34	%)
2021		10,019		$1.67	to	$1.49		$16,237		1.59	%		0.55	%	to	1.90	%		9.84	%	to	8.37	%
2020		10,756		$1.52	to	$1.37		$15,965		2.00	%		0.55	%	to	1.90	%		13.25	%	to	11.73	%
2019		12,187		$1.34	to	$1.23		$16,046		2.12	%		0.55	%	to	1.90	%		21.11	%	to	19.48	%
Del VIP for Inc, Serv Cl
2023		912		$1.07	to	$1.06		$974		5.86	%		0.65	%	to	1.55	%		12.12	%	to	11.12	%
2022		413		$0.96	to	$0.95		$396		—			0.65	%	to	1.55	%		(3.70	%)⁽⁷⁾	to	(4.27	%)⁽⁷⁾
Del VIP Intl, Serv Cl
2023		857		$1.03	to	$1.02		$879		0.97	%		0.65	%	to	1.55	%		12.54	%	to	11.54	%
2022		432		$0.92	to	$0.91		$396		—			0.65	%	to	1.55	%		(7.86	%)⁽⁷⁾	to	(8.41	%)⁽⁷⁾



133		∎ RIVERSOURCE VARIABLE ACCOUNT 10


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
DWS Alt Asset Alloc VIP, Cl B
2023		13,734		$1.23	to	$1.05		$16,055		6.64	%		0.55	%	to	1.90	%		5.09	%	to	3.69	%
2022		15,555		$1.17	to	$1.02		$17,388		6.64	%		0.55	%	to	1.90	%		(8.25	%)	to	(9.47	%)
2021		12,269		$1.28	to	$1.12		$15,007		1.58	%		0.55	%	to	1.90	%		11.73	%	to	10.24	%
2020		10,984		$1.14	to	$1.02		$12,104		2.51	%		0.55	%	to	1.90	%		4.74	%	to	3.34	%
2019		13,011		$1.09	to	$0.98		$13,753		3.56	%		0.55	%	to	1.90	%		13.72	%	to	12.20	%
EV VT Floating-Rate Inc, Init Cl
2023		50,310		$1.72	to	$1.06		$80,842		8.19	%		0.55	%	to	1.55	%		10.60	%	to	9.51	%
2022		57,322		$1.55	to	$0.97		$83,655		4.66	%		0.55	%	to	1.55	%		(3.27	%)	to	(2.68	%)⁽⁷⁾
2021		52,307		$1.61	to	$1.39		$79,386		2.90	%		0.55	%	to	1.45	%		3.06	%	to	2.13	%
2020		53,306		$1.56	to	$1.36		$78,848		3.33	%		0.55	%	to	1.45	%		1.41	%	to	0.53	%
2019		75,165		$1.54	to	$1.36		$109,951		4.32	%		0.55	%	to	1.45	%		6.49	%	to	5.54	%
Fid VIP Contrafund, Serv Cl 2
2023		123,150		$4.34	to	$3.15		$507,551		0.26	%		0.55	%	to	1.90	%		32.39	%	to	30.62	%
2022		133,029		$3.28	to	$2.41		$416,576		0.26	%		0.55	%	to	1.90	%		(26.89	%)	to	(27.87	%)
2021		143,617		$4.48	to	$3.34		$618,452		0.03	%		0.55	%	to	1.90	%		26.81	%	to	25.11	%
2020		156,503		$3.53	to	$2.67		$534,239		0.08	%		0.55	%	to	1.90	%		29.52	%	to	27.78	%
2019		172,296		$2.73	to	$2.09		$456,586		0.21	%		0.55	%	to	1.90	%		30.56	%	to	28.81	%
Fid VIP Emer Mkts, Serv Cl 2
2023		1,829		$1.04	to	$1.03		$1,893		2.66	%		0.65	%	to	1.55	%		8.77	%	to	7.81	%
2022		617		$0.96	to	$0.95		$590		5.28	%		0.65	%	to	1.55	%		(4.74	%)⁽⁷⁾	to	(5.30	%)⁽⁷⁾
Fid VIP Energy, Serv Cl 2
2023		1,982		$1.17	to	$1.15		$2,295		2.81	%		0.65	%	to	1.55	%		0.05	%	to	(0.84	%)
2022		681		$1.16	to	$1.16		$792		5.09	%		0.65	%	to	1.55	%		15.45	%⁽⁷⁾	to	14.76	%⁽⁷⁾
Fid VIP Gro & Inc, Serv Cl
2023		10,014		$4.27	to	$3.88		$40,195		1.56	%		0.55	%	to	0.95	%		17.93	%	to	17.46	%
2022		10,958		$3.62	to	$3.30		$37,405		1.56	%		0.55	%	to	0.95	%		(5.54	%)	to	(5.92	%)
2021		11,782		$3.84	to	$3.51		$42,718		2.29	%		0.55	%	to	0.95	%		25.07	%	to	24.58	%
2020		12,829		$3.07	to	$2.82		$37,319		2.01	%		0.55	%	to	0.95	%		7.14	%	to	6.72	%
2019		14,530		$2.86	to	$2.64		$39,574		3.51	%		0.55	%	to	0.95	%		29.23	%	to	28.71	%
Fid VIP Gro & Inc, Serv Cl 2
2023		23,416		$4.55	to	$1.16		$96,519		1.50	%		0.55	%	to	1.55	%		17.72	%	to	16.55	%
2022		23,378		$3.87	to	$1.00		$84,649		1.46	%		0.55	%	to	1.55	%		(5.69	%)	to	(0.41	%)⁽⁷⁾
2021		24,392		$4.10	to	$3.74		$95,670		2.17	%		0.55	%	to	1.20	%		24.95	%	to	24.14	%
2020		27,581		$3.28	to	$3.01		$86,752		1.91	%		0.55	%	to	1.20	%		7.00	%	to	6.31	%
2019		31,792		$3.07	to	$2.83		$93,498		3.45	%		0.55	%	to	1.20	%		28.97	%	to	28.13	%
Fid VIP Gro Opp, Serv Cl 2
2023		7,196		$1.22	to	$1.20		$8,689		—			0.65	%	to	1.55	%		44.36	%	to	43.08	%
2022		1,783		$0.84	to	$0.84		$1,499		—			0.65	%	to	1.55	%		(17.23	%)⁽⁷⁾	to	(17.72	%)⁽⁷⁾
Fid VIP Intl Cap Appr, Serv Cl 2
2023		3,267		$1.17	to	$1.15		$3,798		0.25	%		0.65	%	to	1.55	%		26.37	%	to	25.22	%
2022		689		$0.93	to	$0.92		$637		0.22	%		0.65	%	to	1.55	%		(6.69	%)⁽⁷⁾	to	(7.24	%)⁽⁷⁾
Fid VIP Invest Gr, Serv Cl 2
2023		7,882		$1.00	to	$0.99		$7,862		4.31	%		0.65	%	to	1.55	%		5.32	%	to	4.38	%
2022		859		$0.95	to	$0.95		$817		7.27	%		0.65	%	to	1.55	%		(4.16	%)⁽⁷⁾	to	(4.73	%)⁽⁷⁾
Fid VIP Mid Cap, Serv Cl
2023		5,939		$11.06	to	$10.03		$62,092		0.50	%		0.55	%	to	0.95	%		14.38	%	to	13.92	%
2022		6,630		$9.67	to	$8.81		$60,815		0.40	%		0.55	%	to	0.95	%		(15.32	%)	to	(15.66	%)
2021		7,266		$11.42	to	$10.44		$78,981		0.50	%		0.55	%	to	0.95	%		24.82	%	to	24.32	%
2020		8,169		$9.15	to	$8.40		$71,389		0.55	%		0.55	%	to	0.95	%		17.39	%	to	16.92	%
2019		9,419		$7.79	to	$7.18		$70,309		0.77	%		0.55	%	to	0.95	%		22.67	%	to	22.18	%



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			134


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Fid VIP Mid Cap, Serv Cl 2
2023		65,759		$7.01	to	$2.36		$337,242		0.38	%		0.55	%	to	1.90	%		14.17	%	to	12.65	%
2022		70,982		$6.14	to	$2.09		$320,729		0.27	%		0.55	%	to	1.90	%		(15.43	%)	to	(16.56	%)
2021		76,803		$7.27	to	$2.51		$412,423		0.36	%		0.55	%	to	1.90	%		24.62	%	to	22.95	%
2020		84,028		$5.83	to	$2.04		$364,896		0.40	%		0.55	%	to	1.90	%		17.22	%	to	15.65	%
2019		97,978		$4.97	to	$1.76		$363,510		0.66	%		0.55	%	to	1.90	%		22.50	%	to	20.86	%
Fid VIP Overseas, Serv Cl
2023		4,139		$2.43	to	$2.21		$9,498		0.95	%		0.55	%	to	0.95	%		19.75	%	to	19.27	%
2022		4,330		$2.03	to	$1.85		$8,318		0.96	%		0.55	%	to	0.95	%		(25.00	%)	to	(25.30	%)
2021		4,660		$2.71	to	$2.48		$11,967		0.44	%		0.55	%	to	0.95	%		18.92	%	to	18.44	%
2020		5,118		$2.28	to	$2.09		$11,088		0.34	%		0.55	%	to	0.95	%		14.86	%	to	14.40	%
2019		5,912		$1.98	to	$1.83		$11,189		1.61	%		0.55	%	to	0.95	%		26.97	%	to	26.47	%
Fid VIP Overseas, Serv Cl 2
2023		16,514		$2.88	to	$1.72		$40,198		0.80	%		0.55	%	to	1.45	%		19.56	%	to	18.50	%
2022		17,219		$2.41	to	$1.46		$35,279		0.80	%		0.55	%	to	1.45	%		(25.09	%)	to	(25.76	%)
2021		19,522		$3.22	to	$1.96		$53,906		0.32	%		0.55	%	to	1.45	%		18.74	%	to	17.67	%
2020		21,628		$2.71	to	$1.67		$50,424		0.22	%		0.55	%	to	1.45	%		14.70	%	to	13.67	%
2019		24,147		$2.36	to	$1.47		$49,487		1.45	%		0.55	%	to	1.45	%		26.80	%	to	25.67	%
Fid VIP Strategic Inc, Serv Cl 2
2023		134,874		$1.27	to	$1.10		$162,987		4.45	%		0.55	%	to	1.90	%		8.58	%	to	7.13	%
2022		131,771		$1.17	to	$1.02		$147,370		3.39	%		0.55	%	to	1.90	%		(12.00	%)	to	(13.18	%)
2021		138,730		$1.33	to	$1.18		$177,205		2.56	%		0.55	%	to	1.90	%		2.97	%	to	1.58	%
2020		127,920		$1.29	to	$1.16		$159,418		3.05	%		0.55	%	to	1.90	%		6.57	%	to	5.14	%
2019		135,767		$1.21	to	$1.10		$159,517		3.40	%		0.55	%	to	1.90	%		10.05	%	to	8.57	%
Frank Global Real Est, Cl 2
2023		19,107		$3.49	to	$1.10		$46,209		2.88	%		0.55	%	to	1.45	%		10.82	%	to	9.83	%
2022		22,064		$3.15	to	$1.00		$48,213		2.42	%		0.55	%	to	1.45	%		(26.47	%)	to	(27.12	%)
2021		23,528		$4.28	to	$1.37		$70,706		0.89	%		0.55	%	to	1.45	%		26.09	%	to	24.97	%
2020		26,984		$3.40	to	$1.10		$64,477		3.29	%		0.55	%	to	1.45	%		(5.91	%)	to	(6.75	%)
2019		31,459		$3.61	to	$1.18		$80,181		2.64	%		0.55	%	to	1.45	%		21.70	%	to	20.61	%
Frank Inc, Cl 2
2023		38,683		$1.66	to	$1.43		$60,747		5.16	%		0.55	%	to	1.90	%		8.03	%	to	6.58	%
2022		41,040		$1.53	to	$1.34		$59,978		4.85	%		0.55	%	to	1.90	%		(5.99	%)	to	(7.25	%)
2021		38,475		$1.63	to	$1.45		$60,037		4.60	%		0.55	%	to	1.90	%		16.12	%	to	14.56	%
2020		38,728		$1.40	to	$1.27		$52,301		5.97	%		0.55	%	to	1.90	%		0.14	%	to	(1.21	%)
2019		46,150		$1.40	to	$1.28		$62,607		5.35	%		0.55	%	to	1.90	%		15.42	%	to	13.87	%
Frank Inc, Cl 4
2023		5,805		$1.05	to	$1.03		$6,034		4.84	%		0.65	%	to	1.55	%		7.85	%	to	6.88	%
2022		2,561		$0.97	to	$0.96		$2,476		7.34	%		0.65	%	to	1.55	%		(3.02	%)⁽⁷⁾	to	(3.59	%)⁽⁷⁾
Frank Mutual Gbl Dis, Cl 4
2023		421		$1.18	to	$1.17		$496		2.88	%		0.65	%	to	1.55	%		19.36	%	to	18.29	%
2022		134		$0.99	to	$0.99		$134		1.49	%		0.65	%	to	1.55	%		(0.78	%)⁽⁷⁾	to	(1.37	%)⁽⁷⁾
Frank Mutual Shares, Cl 2
2023		23,728		$3.12	to	$1.84		$62,315		1.87	%		0.55	%	to	1.90	%		12.84	%	to	11.33	%
2022		26,191		$2.77	to	$1.66		$61,099		1.83	%		0.55	%	to	1.90	%		(7.94	%)	to	(9.17	%)
2021		28,365		$3.01	to	$1.82		$72,024		2.85	%		0.55	%	to	1.90	%		18.51	%	to	16.93	%
2020		32,570		$2.54	to	$1.56		$69,793		2.71	%		0.55	%	to	1.90	%		(5.56	%)	to	(6.83	%)
2019		39,528		$2.69	to	$1.67		$89,848		1.80	%		0.55	%	to	1.90	%		21.90	%	to	20.26	%
Frank Sm Cap Val, Cl 2
2023		22,656		$7.52	to	$2.33		$114,080		0.52	%		0.55	%	to	1.90	%		12.13	%	to	10.63	%
2022		25,398		$6.71	to	$2.10		$113,286		1.00	%		0.55	%	to	1.90	%		(10.56	%)	to	(11.75	%)
2021		26,794		$7.50	to	$2.38		$134,339		1.02	%		0.55	%	to	1.90	%		24.68	%	to	23.00	%
2020		28,578		$6.02	to	$1.94		$115,452		1.50	%		0.55	%	to	1.90	%		4.61	%	to	3.22	%
2019		32,667		$5.75	to	$1.88		$126,596		1.05	%		0.55	%	to	1.90	%		25.66	%	to	23.97	%



135		∎ RIVERSOURCE VARIABLE ACCOUNT 10


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Frank Sm Cap Val, Cl 4
2023		2,839		$1.11	to	$1.09		$3,129		0.42	%		0.65	%	to	1.55	%		11.95	%	to	10.93	%
2022		1,205		$0.99	to	$0.98		$1,192		0.83	%		0.65	%	to	1.55	%		(1.65	%)⁽⁷⁾	to	(2.23	%)⁽⁷⁾
GS VIT Mid Cap Val, Inst
2023		13,864		$8.58	to	$5.45		$106,603		1.00	%		0.55	%	to	1.20	%		10.81	%	to	10.09	%
2022		15,316		$7.74	to	$4.95		$106,671		0.68	%		0.55	%	to	1.20	%		(10.48	%)	to	(11.06	%)
2021		16,894		$8.65	to	$5.57		$131,913		0.46	%		0.55	%	to	1.20	%		30.23	%	to	29.39	%
2020		19,376		$6.64	to	$4.31		$116,602		0.62	%		0.55	%	to	1.20	%		7.81	%	to	7.11	%
2019		22,573		$6.16	to	$4.02		$126,366		0.77	%		0.55	%	to	1.20	%		30.81	%	to	29.96	%
GS VIT Multi-Strategy Alt, Advisor
2023		9,708		$1.04	to	$0.92		$9,647		6.44	%		0.55	%	to	1.90	%		6.94	%	to	5.51	%
2022		10,136		$0.97	to	$0.87		$9,493		3.47	%		0.55	%	to	1.90	%		(7.36	%)	to	(8.59	%)
2021		7,940		$1.05	to	$0.95		$8,057		1.38	%		0.55	%	to	1.90	%		4.08	%	to	2.68	%
2020		7,250		$1.01	to	$0.93		$7,104		1.83	%		0.55	%	to	1.90	%		5.99	%	to	4.57	%
2019		6,769		$0.95	to	$0.88		$6,290		2.68	%		0.55	%	to	1.90	%		8.01	%	to	6.55	%
GS VIT Multi-Strategy Alt, Serv
2023		1,052		$1.03	to	$1.01		$1,078		9.18	%		0.65	%	to	1.55	%		7.07	%	to	6.12	%
2022		401		$0.96	to	$0.96		$387		12.27	%		0.65	%	to	1.55	%		(3.71	%)⁽⁷⁾	to	(4.27	%)⁽⁷⁾
GS VIT Sm Cap Eq Insights, Inst
2023		901		$5.45	to	$4.94		$4,602		1.00	%		0.55	%	to	0.95	%		18.62	%	to	18.15	%
2022		975		$4.59	to	$4.18		$4,209		0.31	%		0.55	%	to	0.95	%		(19.82	%)	to	(20.14	%)
2021		1,088		$5.73	to	$5.24		$5,878		0.45	%		0.55	%	to	0.95	%		23.11	%	to	22.62	%
2020		1,238		$4.65	to	$4.27		$5,451		0.22	%		0.55	%	to	0.95	%		7.99	%	to	7.56	%
2019		1,456		$4.31	to	$3.97		$5,957		0.48	%		0.55	%	to	0.95	%		24.16	%	to	23.66	%
GS VIT Sm Cap Eq Insights, Serv
2023		902		$1.12	to	$1.11		$1,008		1.29	%		0.65	%	to	1.55	%		18.18	%	to	17.13	%
2022		330		$0.95	to	$0.95		$314		0.25	%		0.65	%	to	1.55	%		(5.77	%)⁽⁷⁾	to	(6.32	%)⁽⁷⁾
GS VIT U.S. Eq Insights, Inst
2023		23,461		$4.23	to	$3.46		$93,870		0.68	%		0.55	%	to	1.45	%		23.13	%	to	22.03	%
2022		26,352		$3.44	to	$2.84		$85,875		0.79	%		0.55	%	to	1.45	%		(20.18	%)	to	(20.89	%)
2021		29,415		$4.30	to	$3.59		$120,460		0.78	%		0.55	%	to	1.45	%		28.70	%	to	27.54	%
2020		34,242		$3.34	to	$2.81		$109,201		0.84	%		0.55	%	to	1.45	%		16.90	%	to	15.86	%
2019		40,322		$2.86	to	$2.43		$110,217		1.21	%		0.55	%	to	1.45	%		24.52	%	to	23.41	%
Invesco VI Am Fran, Ser I
2023		3,517		$3.87	to	$3.70		$13,220		—			0.55	%	to	0.95	%		40.16	%	to	39.60	%
2022		3,864		$2.76	to	$2.65		$10,393		—			0.55	%	to	0.95	%		(31.49	%)	to	(31.76	%)
2021		4,117		$4.03	to	$3.88		$16,208		—			0.55	%	to	0.95	%		11.31	%	to	10.87	%
2020		4,758		$3.62	to	$3.50		$16,877		0.07	%		0.55	%	to	0.95	%		41.57	%	to	41.01	%
2019		5,370		$2.56	to	$2.48		$13,489		—			0.55	%	to	0.95	%		36.01	%	to	35.46	%
Invesco VI Am Fran, Ser II
2023		11,541		$3.76	to	$3.39		$41,827		—			0.55	%	to	1.45	%		39.83	%	to	38.58	%
2022		13,038		$2.69	to	$2.44		$33,926		—			0.55	%	to	1.45	%		(31.67	%)	to	(32.28	%)
2021		14,122		$3.94	to	$3.61		$53,938		—			0.55	%	to	1.45	%		11.04	%	to	10.04	%
2020		16,180		$3.55	to	$3.28		$55,833		—			0.55	%	to	1.45	%		41.22	%	to	39.95	%
2019		19,916		$2.51	to	$2.34		$48,830		—			0.55	%	to	1.45	%		35.68	%	to	34.46	%
Invesco VI Bal Risk Alloc, Ser II
2023		22,516		$1.35	to	$1.17		$29,098		—			0.55	%	to	1.90	%		5.82	%	to	4.40	%
2022		26,236		$1.28	to	$1.12		$32,129		7.41	%		0.55	%	to	1.90	%		(14.98	%)	to	(16.12	%)
2021		25,890		$1.50	to	$1.34		$37,476		3.03	%		0.55	%	to	1.90	%		8.66	%	to	7.21	%
2020		25,880		$1.38	to	$1.25		$34,796		7.46	%		0.55	%	to	1.90	%		9.39	%	to	7.92	%
2019		31,724		$1.27	to	$1.16		$39,137		—			0.55	%	to	1.90	%		14.25	%	to	12.72	%



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			136


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Invesco VI Comstock, Ser II
2023		25,314		$4.23	to	$1.12		$95,816		1.55	%		0.55	%	to	1.55	%		11.48	%	to	10.37	%
2022		27,918		$3.80	to	$1.01		$95,536		1.35	%		0.55	%	to	1.55	%		0.29	%	to	0.68	%⁽⁷⁾
2021		29,782		$3.79	to	$2.71		$102,722		1.57	%		0.55	%	to	1.45	%		32.31	%	to	31.13	%
2020		36,170		$2.86	to	$2.07		$94,658		2.13	%		0.55	%	to	1.45	%		(1.63	%)	to	(2.51	%)
2019		42,757		$2.91	to	$2.12		$113,810		1.67	%		0.55	%	to	1.45	%		24.26	%	to	23.14	%
Invesco VI Core Eq, Ser I
2023		12,684		$5.29	to	$5.29		$67,844		0.73	%		1.25	%	to	1.25	%		21.84	%	to	21.84	%
2022		13,894		$4.34	to	$4.34		$61,007		0.91	%		1.25	%	to	1.25	%		(21.53	%)	to	(21.53	%)
2021		15,101		$5.53	to	$5.53		$84,521		0.66	%		1.25	%	to	1.25	%		26.15	%	to	26.15	%
2020		16,461		$4.38	to	$4.38		$73,056		1.34	%		1.25	%	to	1.25	%		12.44	%	to	12.44	%
2019		18,198		$3.90	to	$3.90		$71,851		0.94	%		1.25	%	to	1.25	%		27.36	%	to	27.36	%
Invesco VI Core Plus Bond, Ser II
2023		3,782		$0.99	to	$0.98		$3,735		3.83	%		0.65	%	to	1.55	%		5.16	%	to	4.23	%
2022		387		$0.95	to	$0.94		$366		1.32	%		0.65	%	to	1.55	%		(4.93	%)⁽⁷⁾	to	(5.50	%)⁽⁷⁾
Invesco VI Dis Mid Cap Gro, Ser I
2023		11,608		$1.38	to	$1.35		$15,945		—			0.55	%	to	1.20	%		12.53	%	to	11.81	%
2022		12,594		$1.23	to	$1.21		$15,421		—			0.55	%	to	1.20	%		(31.36	%)	to	(31.80	%)
2021		14,159		$1.79	to	$1.77		$25,333		—			0.55	%	to	1.20	%		18.45	%	to	17.68	%
2020		15,946		$1.51	to	$1.50		$24,155		0.05	%		0.55	%	to	1.20	%		51.03	%⁽⁵⁾	to	50.36	%⁽⁵⁾
Invesco VI Dis Mid Cap Gro, Ser II
2023		7,520		$1.37	to	$1.32		$10,148		—			0.55	%	to	1.45	%		12.23	%	to	11.23	%
2022		8,247		$1.22	to	$1.19		$9,954		—			0.55	%	to	1.45	%		(31.51	%)	to	(32.12	%)
2021		9,306		$1.78	to	$1.75		$16,458		—			0.55	%	to	1.45	%		18.14	%	to	17.08	%
2020		10,622		$1.51	to	$1.50		$15,963		—			0.55	%	to	1.45	%		50.65	%⁽⁵⁾	to	49.72	%⁽⁵⁾
Invesco VI Div Divd, Ser I
2023		6,442		$2.84	to	$2.61		$17,683		1.96	%		0.55	%	to	1.20	%		8.45	%	to	7.75	%
2022		7,439		$2.62	to	$2.43		$18,878		1.89	%		0.55	%	to	1.20	%		(2.22	%)	to	(2.85	%)
2021		7,765		$2.68	to	$2.50		$20,232		2.10	%		0.55	%	to	1.20	%		18.24	%	to	17.48	%
2020		8,941		$2.26	to	$2.13		$19,755		2.93	%		0.55	%	to	1.20	%		(0.41	%)	to	(1.05	%)
2019		11,136		$2.27	to	$2.15		$24,624		2.84	%		0.55	%	to	1.20	%		24.40	%	to	23.60	%
Invesco VI Div Divd, Ser II
2023		3,624		$2.65	to	$2.45		$9,457		1.70	%		0.85	%	to	1.45	%		7.85	%	to	7.21	%
2022		4,379		$2.45	to	$2.29		$10,598		1.68	%		0.85	%	to	1.45	%		(2.75	%)	to	(3.33	%)
2021		4,426		$2.52	to	$2.37		$11,041		1.92	%		0.85	%	to	1.45	%		17.59	%	to	16.89	%
2020		5,209		$2.15	to	$2.03		$11,057		2.70	%		0.85	%	to	1.45	%		(0.98	%)	to	(1.57	%)
2019		6,610		$2.17	to	$2.06		$14,194		2.55	%		0.85	%	to	1.45	%		23.72	%	to	22.98	%
Invesco VI EQV Intl Eq, Ser II
2023		17,008		$2.48	to	$1.89		$38,321		—			0.55	%	to	1.45	%		17.22	%	to	16.18	%
2022		19,003		$2.12	to	$1.63		$36,630		1.41	%		0.55	%	to	1.45	%		(18.95	%)	to	(19.68	%)
2021		20,910		$2.61	to	$2.02		$49,860		1.03	%		0.55	%	to	1.45	%		5.03	%	to	4.09	%
2020		23,326		$2.49	to	$1.94		$53,197		2.08	%		0.55	%	to	1.45	%		13.11	%	to	12.10	%
2019		27,790		$2.20	to	$1.73		$56,237		1.25	%		0.55	%	to	1.45	%		27.54	%	to	26.39	%
Invesco VI Global, Ser II
2023		33,561		$4.40	to	$2.44		$123,102		—			0.55	%	to	1.90	%		33.71	%	to	31.92	%
2022		37,552		$3.29	to	$1.85		$103,293		—			0.55	%	to	1.90	%		(32.31	%)	to	(33.22	%)
2021		41,188		$4.87	to	$2.77		$168,530		—			0.55	%	to	1.90	%		14.54	%	to	13.00	%
2020		44,144		$4.25	to	$2.45		$158,216		0.44	%		0.55	%	to	1.90	%		26.64	%	to	24.94	%
2019		49,088		$3.36	to	$1.96		$139,266		0.64	%		0.55	%	to	1.90	%		30.73	%	to	28.98	%
Invesco VI Gbl Strat Inc, Ser II
2023		78,192		$1.73	to	$0.90		$123,483		—			0.55	%	to	1.90	%		8.01	%	to	6.56	%
2022		85,984		$1.60	to	$0.85		$126,018		—			0.55	%	to	1.90	%		(12.20	%)	to	(13.37	%)
2021		98,263		$1.83	to	$0.98		$164,758		4.16	%		0.55	%	to	1.90	%		(4.09	%)	to	(5.38	%)
2020		109,621		$1.91	to	$1.03		$192,491		5.23	%		0.55	%	to	1.90	%		2.43	%	to	1.06	%
2019		128,020		$1.86	to	$1.02		$220,135		3.41	%		0.55	%	to	1.90	%		10.00	%	to	8.52	%



137		∎ RIVERSOURCE VARIABLE ACCOUNT 10


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Invesco VI Hlth, Ser II
2023		10,054		$3.30	to	$2.98		$32,073		—			0.55	%	to	1.45	%		2.20	%	to	1.29	%
2022		11,724		$3.23	to	$2.95		$36,734		—			0.55	%	to	1.45	%		(14.01	%)	to	(14.78	%)
2021		12,805		$3.75	to	$3.46		$46,666		0.00	%		0.55	%	to	1.45	%		11.43	%	to	10.43	%
2020		14,173		$3.37	to	$3.13		$46,553		0.10	%		0.55	%	to	1.45	%		13.57	%	to	12.56	%
2019		14,951		$2.96	to	$2.78		$43,401		—			0.55	%	to	1.45	%		31.46	%	to	30.28	%
Invesco VI Main St, Ser II
2023		1,307		$1.76	to	$1.69		$2,299		0.48	%		0.85	%	to	1.45	%		21.79	%	to	21.07	%
2022		1,597		$1.45	to	$1.40		$2,295		1.10	%		0.85	%	to	1.45	%		(20.98	%)	to	(21.46	%)
2021		1,925		$1.83	to	$1.78		$3,503		0.51	%		0.85	%	to	1.45	%		26.15	%	to	25.40	%
2020		2,060		$1.45	to	$1.42		$2,976		1.13	%		0.85	%	to	1.45	%		12.73	%	to	12.06	%
2019		2,502		$1.29	to	$1.27		$3,213		0.80	%		0.85	%	to	1.45	%		30.62	%	to	29.84	%
Invesco VI Mn St Sm Cap, Ser II
2023		23,472		$5.00	to	$2.68		$98,221		0.96	%		0.55	%	to	1.90	%		17.18	%	to	15.61	%
2022		23,898		$4.26	to	$2.32		$85,386		0.25	%		0.55	%	to	1.90	%		(16.50	%)	to	(17.62	%)
2021		26,168		$5.11	to	$2.82		$112,646		0.18	%		0.55	%	to	1.90	%		21.59	%	to	19.96	%
2020		27,781		$4.20	to	$2.35		$98,850		0.37	%		0.55	%	to	1.90	%		18.98	%	to	17.38	%
2019		31,718		$3.53	to	$2.00		$94,237		—			0.55	%	to	1.90	%		25.44	%	to	23.76	%
Invesco VI Tech, Ser I
2023		7,330		$3.52	to	$3.58		$24,846		—			0.55	%	to	1.20	%		46.14	%	to	45.20	%
2022		8,033		$2.41	to	$2.46		$18,662		—			0.55	%	to	1.20	%		(40.28	%)	to	(40.67	%)
2021		8,637		$4.03	to	$4.15		$33,694		—			0.55	%	to	1.20	%		13.78	%	to	13.05	%
2020		10,030		$3.55	to	$3.67		$34,515		—			0.55	%	to	1.20	%		45.31	%	to	44.37	%
2019		10,550		$2.44	to	$2.55		$25,039		—			0.55	%	to	1.20	%		35.14	%	to	34.26	%
Invesco VI Tech, Ser II
2023		2,929		$1.17	to	$1.15		$3,408		—			0.65	%	to	1.55	%		45.77	%	to	44.47	%
2022		610		$0.80	to	$0.80		$490		—			0.65	%	to	1.55	%		(20.88	%)⁽⁷⁾	to	(21.36	%)⁽⁷⁾
Janus Henderson VIT Bal, Serv
2023		89,611		$1.51	to	$1.40		$132,210		1.82	%		0.55	%	to	1.90	%		14.51	%	to	12.97	%
2022		88,215		$1.32	to	$1.24		$113,816		0.98	%		0.55	%	to	1.90	%		(17.07	%)	to	(18.18	%)
2021		87,752		$1.59	to	$1.52		$137,239		0.69	%		0.55	%	to	1.90	%		16.27	%	to	14.70	%
2020		74,253		$1.37	to	$1.32		$100,413		1.60	%		0.55	%	to	1.90	%		13.40	%	to	11.88	%
2019		56,949		$1.21	to	$1.18		$68,253		1.82	%		0.55	%	to	1.90	%		21.60	%	to	19.98	%
Janus Henderson VIT Enter, Serv
2023		4,828		$3.20	to	$2.91		$14,534		0.09	%		0.55	%	to	0.95	%		17.13	%	to	16.67	%
2022		5,343		$2.73	to	$2.49		$13,772		0.08	%		0.55	%	to	0.95	%		(16.61	%)	to	(16.94	%)
2021		5,926		$3.27	to	$3.00		$18,370		0.24	%		0.55	%	to	0.95	%		15.90	%	to	15.44	%
2020		6,521		$2.82	to	$2.60		$17,484		—			0.55	%	to	0.95	%		18.53	%	to	18.06	%
2019		7,645		$2.38	to	$2.20		$17,333		0.05	%		0.55	%	to	0.95	%		34.42	%	to	33.88	%
Janus Henderson VIT Flex Bd, Serv
2023		54,461		$1.10	to	$0.95		$57,033		3.72	%		0.55	%	to	1.90	%		4.72	%	to	3.33	%
2022		49,715		$1.05	to	$0.92		$49,951		1.97	%		0.55	%	to	1.90	%		(14.37	%)	to	(15.51	%)
2021		54,882		$1.23	to	$1.09		$64,705		1.63	%		0.55	%	to	1.90	%		(1.66	%)	to	(2.97	%)
2020		55,739		$1.25	to	$1.12		$67,139		2.47	%		0.55	%	to	1.90	%		9.65	%	to	8.18	%
2019		44,425		$1.14	to	$1.04		$49,020		2.88	%		0.55	%	to	1.90	%		8.68	%	to	7.22	%
Janus Henderson VIT Forty, Serv
2023		2,031		$1.20	to	$1.18		$2,427		0.20	%		0.65	%	to	1.55	%		38.75	%	to	37.51	%
2022		550		$0.87	to	$0.86		$477		0.21	%		0.65	%	to	1.55	%		(14.36	%)⁽⁷⁾	to	(14.87	%)⁽⁷⁾
Janus Hend VIT Gbl Tech Innov, Srv
2023		9,595		$3.69	to	$1.29		$33,980		—			0.55	%	to	1.55	%		53.43	%	to	51.91	%
2022		9,650		$2.40	to	$0.85		$22,290		—			0.55	%	to	1.55	%		(37.47	%)	to	(16.26	%)⁽⁷⁾
2021		11,042		$3.84	to	$8.59		$41,320		0.11	%		0.55	%	to	1.20	%		17.10	%	to	16.34	%
2020		12,474		$3.28	to	$7.38		$39,831		—			0.55	%	to	1.20	%		49.90	%	to	48.93	%
2019		13,302		$2.19	to	$4.96		$28,362		—			0.55	%	to	1.20	%		44.03	%	to	43.09	%



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			138


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Janus Henderson VIT Overseas, Serv
2023		10,521		$2.07	to	$1.09		$20,209		1.43	%		0.55	%	to	1.55	%		9.98	%	to	8.89	%
2022		10,668		$1.88	to	$1.00		$19,075		1.70	%		0.55	%	to	1.55	%		(9.34	%)	to	(0.29	%)⁽⁷⁾
2021		10,886		$2.08	to	$3.21		$21,627		1.02	%		0.55	%	to	1.20	%		12.67	%	to	11.94	%
2020		11,852		$1.84	to	$2.86		$20,942		1.20	%		0.55	%	to	1.20	%		15.39	%	to	14.64	%
2019		13,664		$1.60	to	$2.50		$20,973		1.82	%		0.55	%	to	1.20	%		26.01	%	to	25.20	%
Janus Henderson VIT Res, Serv
2023		15,163		$4.17	to	$3.35		$58,985		0.06	%		0.55	%	to	1.90	%		42.03	%	to	40.13	%
2022		15,712		$2.94	to	$2.39		$43,311		—			0.55	%	to	1.90	%		(30.45	%)	to	(31.38	%)
2021		16,792		$4.23	to	$3.48		$66,914		0.02	%		0.55	%	to	1.90	%		19.39	%	to	17.79	%
2020		18,250		$3.54	to	$2.96		$61,214		0.22	%		0.55	%	to	1.90	%		31.85	%	to	30.08	%
2019		20,124		$2.68	to	$2.27		$51,489		0.31	%		0.55	%	to	1.90	%		34.48	%	to	32.68	%
Lazard Ret Emer Mkts Eq, Serv
2023		332		$1.13	to	$1.11		$374		7.35	%		0.65	%	to	1.55	%		21.48	%	to	20.40	%
2022		43		$0.93	to	$0.93		$42		3.94	%		0.65	%	to	1.55	%		(6.40	%)⁽⁷⁾	to	(6.96	%)⁽⁷⁾
Lazard Ret Global Dyn MA, Serv
2023		6,834		$1.54	to	$1.33		$10,001		—			0.55	%	to	1.90	%		10.21	%	to	8.73	%
2022		8,731		$1.40	to	$1.23		$11,622		0.08	%		0.55	%	to	1.90	%		(17.83	%)	to	(18.93	%)
2021		10,498		$1.70	to	$1.51		$17,083		2.74	%		0.55	%	to	1.90	%		11.32	%	to	9.83	%
2020		11,732		$1.53	to	$1.38		$17,230		0.61	%		0.55	%	to	1.90	%		0.26	%	to	(1.09	%)
2019		14,412		$1.53	to	$1.39		$21,230		0.05	%		0.55	%	to	1.90	%		17.14	%	to	15.57	%
Lord Abt Bond Debenture, Cl VC
2023		3,237		$1.01	to	$0.99		$3,236		8.46	%		0.65	%	to	1.55	%		5.87	%	to	4.91	%
2022		935		$0.95	to	$0.95		$887		20.62	%		0.65	%	to	1.55	%		(4.49	%)⁽⁷⁾	to	(5.05	%)⁽⁷⁾
Lord Abt Short Dur Inc, Cl VC
2023		8,565		$1.02	to	$1.01		$8,707		6.76	%		0.65	%	to	1.55	%		4.37	%	to	3.45	%
2022		2,326		$0.98	to	$0.97		$2,273		11.65	%		0.65	%	to	1.55	%		(1.84	%)⁽⁷⁾	to	(2.43	%)⁽⁷⁾
LVIP JPM US Eq, Serv Cl
2023		3,279		$1.17	to	$1.15		$3,819		1.03	%		0.65	%	to	1.55	%		16.04	%⁽⁸⁾	to	15.34	%⁽⁸⁾
MFS Gbl Real Est, Serv Cl
2023		1,148		$0.90	to	$0.89		$1,029		0.55	%		0.65	%	to	1.55	%		10.49	%	to	9.50	%
2022		483		$0.82	to	$0.81		$394		1.65	%		0.65	%	to	1.55	%		(16.74	%)⁽⁷⁾	to	(17.24	%)⁽⁷⁾
MFS Intl Gro, Serv Cl
2023		2,680		$1.11	to	$1.10		$2,962		1.17	%		0.65	%	to	1.55	%		13.66	%	to	12.66	%
2022		611		$0.98	to	$0.97		$597		0.40	%		0.65	%	to	1.55	%		(1.98	%)⁽⁷⁾	to	(2.56	%)⁽⁷⁾
MFS Mass Inv Gro Stock, Serv Cl
2023		26,423		$2.73	to	$2.52		$70,051		0.05	%		0.55	%	to	1.45	%		23.03	%	to	21.93	%
2022		29,550		$2.22	to	$2.07		$63,985		—			0.55	%	to	1.45	%		(19.89	%)	to	(20.61	%)
2021		31,273		$2.77	to	$2.61		$84,817		0.03	%		0.55	%	to	1.45	%		24.97	%	to	23.85	%
2020		35,260		$2.22	to	$2.10		$76,753		0.22	%		0.55	%	to	1.45	%		21.53	%	to	20.44	%
2019		36,777		$1.82	to	$1.75		$66,117		0.34	%		0.55	%	to	1.45	%		38.82	%	to	37.58	%
MFS New Dis, Serv Cl
2023		8,074		$3.92	to	$4.03		$30,053		—			0.55	%	to	1.20	%		13.63	%	to	12.89	%
2022		8,688		$3.45	to	$3.57		$28,558		—			0.55	%	to	1.20	%		(30.38	%)	to	(30.83	%)
2021		9,511		$4.96	to	$5.16		$45,049		—			0.55	%	to	1.20	%		1.02	%	to	0.36	%
2020		10,533		$4.91	to	$5.15		$49,536		—			0.55	%	to	1.20	%		44.78	%	to	43.85	%
2019		11,428		$3.39	to	$3.58		$37,250		—			0.55	%	to	1.20	%		40.50	%	to	39.59	%
MFS Research Intl, Serv Cl
2023		1,693		$1.08	to	$1.07		$1,821		1.00	%		0.65	%	to	1.55	%		12.09	%	to	11.10	%
2022		439		$0.97	to	$0.96		$423		2.42	%		0.65	%	to	1.55	%		(3.09	%)⁽⁷⁾	to	(3.66	%)⁽⁷⁾



139		∎ RIVERSOURCE VARIABLE ACCOUNT 10


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
MFS Utilities, Serv Cl
2023		30,875		$5.15	to	$1.89		$128,927		3.30	%		0.55	%	to	1.90	%		(2.86	%)	to	(4.17	%)
2022		35,725		$5.30	to	$1.97		$153,188		2.24	%		0.55	%	to	1.90	%		(0.07	%)	to	(1.41	%)
2021		35,894		$5.31	to	$2.00		$154,358		1.52	%		0.55	%	to	1.90	%		13.20	%	to	11.68	%
2020		40,895		$4.69	to	$1.79		$155,077		2.21	%		0.55	%	to	1.90	%		5.04	%	to	3.63	%
2019		46,751		$4.46	to	$1.73		$169,548		3.78	%		0.55	%	to	1.90	%		24.12	%	to	22.45	%
MS VIF Dis, Cl II
2023		18,521		$3.79	to	$2.30		$66,636		—			0.55	%	to	1.90	%		43.34	%	to	41.43	%
2022		19,128		$2.64	to	$1.63		$48,221		—			0.55	%	to	1.90	%		(63.17	%)	to	(63.67	%)
2021		18,790		$7.18	to	$4.48		$129,812		—			0.55	%	to	1.90	%		(11.68	%)	to	(12.87	%)
2020		19,577		$8.13	to	$5.14		$154,281		—			0.55	%	to	1.90	%		150.66	%	to	147.31	%
2019		18,470		$3.24	to	$2.08		$58,529		—			0.55	%	to	1.90	%		39.20	%	to	37.33	%
MS VIF Global Real Est, Cl II
2023		9,225		$1.40	to	$1.25		$12,332		1.95	%		0.55	%	to	1.45	%		9.87	%	to	8.88	%
2022		10,342		$1.27	to	$1.15		$12,632		4.44	%		0.55	%	to	1.45	%		(26.60	%)	to	(27.26	%)
2021		11,545		$1.73	to	$1.58		$19,270		2.35	%		0.55	%	to	1.45	%		23.16	%	to	22.05	%
2020		13,408		$1.41	to	$1.29		$18,246		4.39	%		0.55	%	to	1.45	%		(15.32	%)	to	(16.08	%)
2019		16,636		$1.66	to	$1.54		$26,812		2.61	%		0.55	%	to	1.45	%		17.41	%	to	16.35	%
NB AMT Intl Eq, Cl S
2023		4,909		$1.53	to	$1.47		$7,414		0.05	%		0.55	%	to	1.45	%		12.66	%	to	11.66	%
2022		5,709		$1.36	to	$1.32		$7,669		1.55	%		0.55	%	to	1.45	%		(23.12	%)	to	(23.81	%)
2021		6,175		$1.77	to	$1.73		$10,827		0.32	%		0.55	%	to	1.45	%		12.73	%	to	11.72	%
2020		6,800		$1.57	to	$1.55		$10,623		0.50	%		0.55	%	to	1.45	%		11.95	%	to	10.95	%
2019		7,924		$1.40	to	$1.40		$11,112		0.15	%		0.55	%	to	1.45	%		26.98	%	to	25.85	%
NB AMT Sus Eq, Cl S
2023		4,558		$3.25	to	$2.83		$17,390		0.08	%		0.60	%	to	1.90	%		25.81	%	to	24.19	%
2022		4,439		$2.59	to	$2.28		$13,471		0.12	%		0.60	%	to	1.90	%		(19.14	%)	to	(20.18	%)
2021		4,556		$3.20	to	$2.85		$17,173		0.18	%		0.60	%	to	1.90	%		22.43	%	to	20.85	%
2020		4,405		$2.61	to	$2.36		$13,612		0.38	%		0.60	%	to	1.90	%		18.56	%	to	17.03	%
2019		4,590		$2.20	to	$2.02		$12,006		0.30	%		0.60	%	to	1.90	%		24.83	%	to	23.21	%
NB AMT US Eq Index PW Strat, Cl S
2023		6,908		$1.32	to	$1.16		$8,745		—			0.55	%	to	1.90	%		14.37	%	to	12.84	%
2022		6,788		$1.16	to	$1.03		$7,542		—			0.55	%	to	1.90	%		(11.76	%)	to	(12.95	%)
2021		5,209		$1.31	to	$1.19		$6,586		0.32	%		0.55	%	to	1.90	%		17.30	%	to	15.72	%
2020		4,401		$1.12	to	$1.02		$4,769		0.86	%		0.55	%	to	1.90	%		7.67	%	to	6.22	%
2019		4,240		$1.04	to	$0.96		$4,286		0.16	%		0.55	%	to	1.90	%		14.63	%	to	13.09	%
PIMCO VIT All Asset, Advisor Cl
2023		26,172		$2.04	to	$1.28		$50,062		2.82	%		0.55	%	to	1.90	%		7.43	%	to	5.98	%
2022		28,886		$1.90	to	$1.21		$51,711		7.56	%		0.55	%	to	1.90	%		(12.35	%)	to	(13.53	%)
2021		28,910		$2.17	to	$1.40		$59,799		10.91	%		0.55	%	to	1.90	%		15.41	%	to	13.86	%
2020		32,326		$1.88	to	$1.23		$58,128		4.85	%		0.55	%	to	1.90	%		7.32	%	to	5.88	%
2019		39,328		$1.75	to	$1.16		$66,173		2.77	%		0.55	%	to	1.90	%		11.13	%	to	9.64	%
PIMCO VIT Glb Man As Alloc, Adv Cl
2023		3,886		$1.48	to	$1.26		$5,409		2.10	%		0.55	%	to	1.90	%		12.25	%	to	10.73	%
2022		4,495		$1.32	to	$1.14		$5,605		1.90	%		0.55	%	to	1.90	%		(18.84	%)	to	(19.93	%)
2021		4,798		$1.63	to	$1.43		$7,409		2.38	%		0.55	%	to	1.90	%		11.99	%	to	10.47	%
2020		4,148		$1.45	to	$1.29		$5,747		7.83	%		0.55	%	to	1.90	%		16.08	%	to	14.51	%
2019		4,415		$1.25	to	$1.13		$5,298		2.12	%		0.55	%	to	1.90	%		16.32	%	to	14.77	%
PIMCO VIT Tot Return, Advisor Cl
2023		59,225		$1.07	to	$0.93		$60,236		3.48	%		0.55	%	to	1.90	%		5.25	%	to	3.84	%
2022		54,369		$1.02	to	$0.89		$52,773		2.52	%		0.55	%	to	1.90	%		(14.85	%)	to	(15.99	%)
2021		56,072		$1.19	to	$1.06		$64,182		1.72	%		0.55	%	to	1.90	%		(1.91	%)	to	(3.22	%)
2020		54,942		$1.22	to	$1.10		$64,444		1.99	%		0.55	%	to	1.90	%		7.94	%	to	6.50	%
2019		39,647		$1.13	to	$1.03		$43,292		2.89	%		0.55	%	to	1.90	%		7.65	%	to	6.21	%



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			140


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Put VT Global Hlth Care, Cl IB
2023		6,060		$4.91	to	$1.09		$24,465		0.30	%		0.55	%	to	1.55	%		8.54	%	to	7.47	%
2022		5,652		$4.52	to	$1.01		$23,143		0.41	%		0.55	%	to	1.55	%		(5.19	%)	to	2.06	%⁽⁷⁾
2021		5,821		$4.77	to	$4.35		$26,302		1.11	%		0.55	%	to	1.20	%		18.75	%	to	17.98	%
2020		6,500		$4.01	to	$3.69		$24,820		0.48	%		0.55	%	to	1.20	%		15.64	%	to	14.89	%
2019		7,149		$3.47	to	$3.21		$23,677		—			0.55	%	to	1.20	%		29.58	%	to	28.74	%
Put VT Intl Eq, Cl IB
2023		4,622		$2.33	to	$2.22		$10,188		0.04	%		0.55	%	to	1.20	%		17.86	%	to	17.10	%
2022		4,961		$1.98	to	$1.89		$9,303		1.58	%		0.55	%	to	1.20	%		(15.23	%)	to	(15.78	%)
2021		5,340		$2.33	to	$2.25		$11,852		1.17	%		0.55	%	to	1.20	%		8.22	%	to	7.52	%
2020		5,740		$2.16	to	$2.09		$11,820		1.62	%		0.55	%	to	1.20	%		11.48	%	to	10.76	%
2019		6,274		$1.93	to	$1.89		$11,617		1.43	%		0.55	%	to	1.20	%		24.47	%	to	23.66	%
Put VT Intl Val, Cl IB
2023		2,141		$1.20	to	$1.18		$2,552		0.83	%		0.65	%	to	1.55	%		17.91	%	to	16.87	%
2022		270		$1.02	to	$1.01		$275		—			0.65	%	to	1.55	%		1.80	%⁽⁷⁾	to	1.19	%⁽⁷⁾
Put VT Lg Cap Val, Cl IB
2023		6,203		$1.16	to	$1.14		$7,147		1.44	%		0.65	%	to	1.55	%		14.92	%	to	13.90	%
2022		1,744		$1.01	to	$1.00		$1,756		—			0.65	%	to	1.55	%		0.54	%⁽⁷⁾	to	(0.06	%)⁽⁷⁾
Put VT Sus Fut, Cl IB
2023		1,495		$1.12	to	$1.10		$1,671		—			0.65	%	to	1.55	%		27.69	%	to	26.55	%
2022		29		$0.88	to	$0.87		$27		—			0.65	%	to	1.55	%		(12.79	%)⁽⁷⁾	to	(13.31	%)⁽⁷⁾
Put VT Sus Leaders, Cl IA
2023		12,137		$6.35	to	$6.35		$77,572		0.75	%		1.25	%	to	1.25	%		24.85	%	to	24.85	%
2022		13,260		$5.09	to	$5.09		$67,887		0.84	%		1.25	%	to	1.25	%		(23.68	%)	to	(23.68	%)
2021		14,649		$6.67	to	$6.67		$98,211		0.34	%		1.25	%	to	1.25	%		22.30	%	to	22.30	%
2020		15,847		$5.45	to	$5.45		$86,886		0.63	%		1.25	%	to	1.25	%		27.46	%	to	27.46	%
2019		17,005		$4.28	to	$4.28		$73,160		0.69	%		1.25	%	to	1.25	%		35.02	%	to	35.02	%
Put VT Sus Leaders, Cl IB
2023		8,858		$5.22	to	$1.15		$35,481		0.51	%		0.55	%	to	1.55	%		25.42	%	to	24.17	%
2022		7,392		$4.16	to	$0.93		$29,066		0.55	%		0.55	%	to	1.55	%		(23.33	%)	to	(7.80	%)⁽⁷⁾
2021		7,904		$5.43	to	$5.04		$41,649		0.14	%		0.55	%	to	1.20	%		22.86	%	to	22.06	%
2020		8,424		$4.42	to	$4.13		$36,224		0.42	%		0.55	%	to	1.20	%		28.19	%	to	27.36	%
2019		9,530		$3.45	to	$3.24		$32,045		0.45	%		0.55	%	to	1.20	%		35.61	%	to	34.73	%
Royce Micro-Cap, Invest Cl
2023		1,549		$7.38	to	$6.70		$10,731		—			0.55	%	to	0.95	%		18.13	%	to	17.66	%
2022		1,702		$6.25	to	$5.69		$10,011		—			0.55	%	to	0.95	%		(22.86	%)	to	(23.17	%)
2021		1,881		$8.10	to	$7.41		$14,415		—			0.55	%	to	0.95	%		29.27	%	to	28.75	%
2020		2,174		$6.27	to	$5.76		$12,923		—			0.55	%	to	0.95	%		23.12	%	to	22.62	%
2019		2,431		$5.09	to	$4.69		$11,773		—			0.55	%	to	0.95	%		18.90	%	to	18.42	%
Temp Global Bond, Cl 2
2023		21,204		$0.87	to	$0.75		$17,502		—			0.55	%	to	1.90	%		2.32	%	to	0.95	%
2022		25,466		$0.85	to	$0.75		$20,671		—			0.55	%	to	1.90	%		(5.47	%)	to	(6.74	%)
2021		28,021		$0.90	to	$0.80		$24,169		—			0.55	%	to	1.90	%		(5.51	%)	to	(6.78	%)
2020		29,605		$0.95	to	$0.86		$27,164		8.50	%		0.55	%	to	1.90	%		(5.80	%)	to	(7.07	%)
2019		35,065		$1.01	to	$0.92		$34,358		7.17	%		0.55	%	to	1.90	%		1.45	%	to	0.09	%
Third Ave VST Third Ave Value
2023		1,993		$5.90	to	$5.35		$11,135		2.34	%		0.55	%	to	0.95	%		20.15	%	to	19.67	%
2022		2,166		$4.91	to	$4.47		$10,107		1.49	%		0.55	%	to	0.95	%		15.47	%	to	15.01	%
2021		2,361		$4.25	to	$3.89		$9,570		0.69	%		0.55	%	to	0.95	%		21.39	%	to	20.91	%
2020		2,673		$3.50	to	$3.22		$8,951		2.67	%		0.55	%	to	0.95	%		(2.93	%)	to	(3.32	%)
2019		3,063		$3.61	to	$3.33		$10,588		0.27	%		0.55	%	to	0.95	%		11.85	%	to	11.40	%



141		∎ RIVERSOURCE VARIABLE ACCOUNT 10


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
VanEck VIP Global Gold, Cl S
2023		27,682		$1.14	to	$0.99		$29,906		—			0.55	%	to	1.90	%		9.80	%	to	8.34	%
2022		28,070		$1.04	to	$0.91		$27,791		—			0.55	%	to	1.90	%		(13.83	%)	to	(14.99	%)
2021		26,221		$1.21	to	$1.07		$30,258		11.86	%		0.55	%	to	1.90	%		(14.48	%)	to	(15.63	%)
2020		24,609		$1.41	to	$1.27		$33,396		2.86	%		0.55	%	to	1.90	%		37.87	%	to	36.02	%
2019		19,858		$1.02	to	$0.94		$19,650		—			0.55	%	to	1.90	%		37.99	%	to	36.14	%
VP Aggr, Cl 2
2023		323,688		$2.61	to	$1.87		$789,147		—			0.55	%	to	1.90	%		16.58	%	to	15.02	%
2022		353,190		$2.24	to	$1.63		$745,332		—			0.55	%	to	1.90	%		(18.63	%)	to	(19.72	%)
2021		379,327		$2.75	to	$2.03		$993,245		—			0.55	%	to	1.90	%		15.12	%	to	13.58	%
2020		447,140		$2.39	to	$1.79		$1,022,254		—			0.55	%	to	1.90	%		14.36	%	to	12.82	%
2019		514,782		$2.09	to	$1.58		$1,033,752		—			0.55	%	to	1.90	%		20.92	%	to	19.30	%
VP Aggr, Cl 4
2023		173,886		$2.61	to	$2.31		$431,464		—			0.55	%	to	1.45	%		16.55	%	to	15.51	%
2022		195,567		$2.24	to	$2.00		$417,888		—			0.55	%	to	1.45	%		(18.64	%)	to	(19.36	%)
2021		212,647		$2.75	to	$2.48		$560,596		—			0.55	%	to	1.45	%		15.14	%	to	14.11	%
2020		244,947		$2.39	to	$2.17		$563,163		—			0.55	%	to	1.45	%		14.33	%	to	13.30	%
2019		297,629		$2.09	to	$1.92		$600,819		—			0.55	%	to	1.45	%		21.01	%	to	19.93	%
VP Conserv, Cl 2
2023		327,628		$1.43	to	$1.10		$438,602		—			0.55	%	to	1.90	%		7.87	%	to	6.43	%
2022		364,058		$1.32	to	$1.03		$453,757		—			0.55	%	to	1.90	%		(16.01	%)	to	(17.13	%)
2021		386,140		$1.57	to	$1.24		$575,776		—			0.55	%	to	1.90	%		2.25	%	to	0.88	%
2020		444,639		$1.54	to	$1.23		$651,949		—			0.55	%	to	1.90	%		8.70	%	to	7.25	%
2019		334,581		$1.42	to	$1.15		$452,819		—			0.55	%	to	1.90	%		10.14	%	to	8.67	%
VP Conserv, Cl 4
2023		215,364		$1.43	to	$1.26		$289,935		—			0.55	%	to	1.45	%		7.80	%	to	6.84	%
2022		246,692		$1.32	to	$1.18		$309,416		—			0.55	%	to	1.45	%		(15.96	%)	to	(16.71	%)
2021		279,904		$1.57	to	$1.42		$419,557		—			0.55	%	to	1.45	%		2.25	%	to	1.34	%
2020		345,597		$1.54	to	$1.40		$508,729		—			0.55	%	to	1.45	%		8.64	%	to	7.66	%
2019		322,396		$1.42	to	$1.30		$438,288		—			0.55	%	to	1.45	%		10.14	%	to	9.15	%
VP Man Risk, Cl 2
2023		195,838		$1.22	to	$1.12		$232,534		—			0.55	%	to	1.90	%		11.64	%	to	10.15	%
2022		196,286		$1.09	to	$1.02		$209,643		—			0.55	%	to	1.90	%		(17.84	%)	to	(18.94	%)
2021		203,989		$1.33	to	$1.25		$266,275		—			0.55	%	to	1.90	%		10.12	%	to	8.64	%
2020		185,210		$1.21	to	$1.16		$220,500		—			0.55	%	to	1.90	%		7.20	%	to	5.76	%
2019		159,500		$1.13	to	$1.09		$177,905		—			0.55	%	to	1.90	%		15.42	%	to	13.87	%
VP Man Risk US, Cl 2
2023		276,365		$1.36	to	$1.25		$366,203		—			0.55	%	to	1.90	%		13.92	%	to	12.39	%
2022		289,531		$1.19	to	$1.11		$338,221		—			0.55	%	to	1.90	%		(17.67	%)	to	(18.77	%)
2021		246,733		$1.45	to	$1.37		$351,655		—			0.55	%	to	1.90	%		12.72	%	to	11.21	%
2020		207,706		$1.29	to	$1.23		$263,829		—			0.55	%	to	1.90	%		9.19	%	to	7.72	%
2019		146,325		$1.18	to	$1.14		$171,094		—			0.55	%	to	1.90	%		17.67	%	to	16.09	%
VP Man Vol Conserv, Cl 2
2023		458,306		$1.19	to	$1.04		$526,283		—			0.55	%	to	1.90	%		7.28	%	to	5.84	%
2022		510,679		$1.11	to	$0.99		$548,639		—			0.55	%	to	1.90	%		(16.45	%)	to	(17.57	%)
2021		529,357		$1.33	to	$1.20		$683,876		—			0.55	%	to	1.90	%		2.06	%	to	0.69	%
2020		649,932		$1.30	to	$1.19		$826,131		—			0.55	%	to	1.90	%		7.53	%	to	6.09	%
2019		430,973		$1.21	to	$1.12		$511,641		—			0.55	%	to	1.90	%		11.30	%	to	9.81	%
VP Man Vol Conserv Gro, Cl 2
2023		854,946		$1.29	to	$1.16		$1,086,575		—			0.55	%	to	1.90	%		9.37	%	to	7.91	%
2022		938,364		$1.18	to	$1.07		$1,094,441		—			0.55	%	to	1.90	%		(17.52	%)	to	(18.62	%)
2021		1,036,906		$1.43	to	$1.32		$1,472,908		—			0.55	%	to	1.90	%		4.88	%	to	3.47	%
2020		1,128,542		$1.37	to	$1.27		$1,535,498		—			0.55	%	to	1.90	%		8.55	%	to	7.10	%
2019		1,086,807		$1.26	to	$1.19		$1,368,390		—			0.55	%	to	1.90	%		13.37	%	to	11.85	%



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			142


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
VP Man Vol Gro, Cl 2
2023		6,709,472		$1.51	to	$1.42		$10,404,577		—			0.55	%	to	1.90	%		13.96	%	to	12.44	%
2022		7,214,937		$1.32	to	$1.26		$9,852,364		—			0.55	%	to	1.90	%		(19.87	%)	to	(20.94	%)
2021		7,665,951		$1.65	to	$1.59		$13,115,191		—			0.55	%	to	1.90	%		11.28	%	to	9.79	%
2020		7,572,902		$1.48	to	$1.45		$11,679,063		—			0.55	%	to	1.90	%		10.69	%	to	9.20	%
2019		7,648,690		$1.34	to	$1.33		$10,691,504		—			0.55	%	to	1.90	%		17.61	%	to	16.03	%
VP Man Vol Mod Gro, Cl 2
2023		7,556,338		$1.41	to	$1.37		$11,297,787		—			0.55	%	to	1.90	%		11.66	%	to	10.16	%
2022		8,355,742		$1.26	to	$1.24		$11,208,244		—			0.55	%	to	1.90	%		(18.60	%)	to	(19.69	%)
2021		9,058,517		$1.55	to	$1.55		$14,986,546		—			0.55	%	to	1.90	%		8.10	%	to	6.65	%
2020		9,435,051		$1.43	to	$1.45		$14,491,911		—			0.55	%	to	1.90	%		9.77	%	to	8.30	%
2019		9,915,419		$1.31	to	$1.34		$13,928,600		—			0.55	%	to	1.90	%		15.53	%	to	13.98	%
VP Mod, Cl 2
2023		3,490,897		$1.99	to	$1.46		$6,534,930		—			0.55	%	to	1.90	%		12.34	%	to	10.84	%
2022		3,731,168		$1.77	to	$1.32		$6,245,287		—			0.55	%	to	1.90	%		(17.06	%)	to	(18.18	%)
2021		3,901,973		$2.13	to	$1.61		$7,909,032		—			0.55	%	to	1.90	%		8.41	%	to	6.95	%
2020		3,989,791		$1.97	to	$1.50		$7,493,232		—			0.55	%	to	1.90	%		12.25	%	to	10.74	%
2019		4,164,098		$1.75	to	$1.36		$6,996,952		—			0.55	%	to	1.90	%		15.50	%	to	13.95	%
VP Mod, Cl 4
2023		2,620,111		$1.99	to	$1.76		$4,944,759		—			0.55	%	to	1.45	%		12.32	%	to	11.32	%
2022		2,930,322		$1.77	to	$1.58		$4,942,959		—			0.55	%	to	1.45	%		(17.04	%)	to	(17.78	%)
2021		3,257,133		$2.14	to	$1.92		$6,649,080		—			0.55	%	to	1.45	%		8.45	%	to	7.47	%
2020		3,634,891		$1.97	to	$1.79		$6,870,098		—			0.55	%	to	1.45	%		12.17	%	to	11.17	%
2019		4,146,579		$1.76	to	$1.61		$7,014,436		—			0.55	%	to	1.45	%		15.54	%	to	14.50	%
VP Mod Aggr, Cl 2
2023		990,336		$2.28	to	$1.65		$2,117,397		—			0.55	%	to	1.90	%		14.31	%	to	12.78	%
2022		1,127,206		$1.99	to	$1.46		$2,119,616		—			0.55	%	to	1.90	%		(18.04	%)	to	(19.14	%)
2021		1,295,509		$2.43	to	$1.80		$2,993,307		—			0.55	%	to	1.90	%		11.69	%	to	10.19	%
2020		1,529,551		$2.18	to	$1.64		$3,180,301		—			0.55	%	to	1.90	%		13.41	%	to	11.89	%
2019		1,759,401		$1.92	to	$1.46		$3,240,508		—			0.55	%	to	1.90	%		18.06	%	to	16.48	%
VP Mod Aggr, Cl 4
2023		603,948		$2.28	to	$2.02		$1,308,145		—			0.55	%	to	1.45	%		14.28	%	to	13.26	%
2022		689,542		$2.00	to	$1.78		$1,312,157		—			0.55	%	to	1.45	%		(18.02	%)	to	(18.75	%)
2021		783,176		$2.43	to	$2.19		$1,824,824		—			0.55	%	to	1.45	%		11.72	%	to	10.72	%
2020		903,028		$2.18	to	$1.98		$1,890,515		—			0.55	%	to	1.45	%		13.39	%	to	12.37	%
2019		1,095,299		$1.92	to	$1.76		$2,029,967		—			0.55	%	to	1.45	%		18.10	%	to	17.04	%
VP Mod Conserv, Cl 2
2023		648,002		$1.68	to	$1.26		$1,021,214		—			0.55	%	to	1.90	%		9.90	%	to	8.43	%
2022		712,621		$1.53	to	$1.16		$1,025,805		—			0.55	%	to	1.90	%		(16.55	%)	to	(17.66	%)
2021		787,086		$1.83	to	$1.41		$1,363,432		—			0.55	%	to	1.90	%		5.16	%	to	3.75	%
2020		848,396		$1.74	to	$1.36		$1,404,346		—			0.55	%	to	1.90	%		10.40	%	to	8.92	%
2019		853,533		$1.58	to	$1.25		$1,285,589		—			0.55	%	to	1.90	%		12.89	%	to	11.38	%
VP Mod Conserv, Cl 4
2023		508,546		$1.68	to	$1.49		$807,957		—			0.55	%	to	1.45	%		9.88	%	to	8.90	%
2022		581,044		$1.53	to	$1.36		$843,640		—			0.55	%	to	1.45	%		(16.56	%)	to	(17.31	%)
2021		665,339		$1.83	to	$1.65		$1,162,608		—			0.55	%	to	1.45	%		5.21	%	to	4.26	%
2020		755,456		$1.74	to	$1.58		$1,259,908		—			0.55	%	to	1.45	%		10.38	%	to	9.39	%
2019		848,431		$1.58	to	$1.45		$1,287,128		—			0.55	%	to	1.45	%		12.87	%	to	11.86	%
VP Ptnrs Core Bond, Cl 2
2023		14,110		$1.11	to	$0.95		$15,773		2.55	%		0.60	%	to	1.90	%		5.42	%	to	4.07	%
2022		12,423		$1.05	to	$0.91		$13,252		1.45	%		0.60	%	to	1.90	%		(14.11	%)	to	(15.22	%)
2021		11,968		$1.22	to	$1.08		$14,907		1.16	%		0.60	%	to	1.90	%		(2.01	%)	to	(3.26	%)
2020		11,429		$1.25	to	$1.11		$14,577		1.88	%		0.60	%	to	1.90	%		7.33	%	to	5.94	%
2019		8,894		$1.16	to	$1.05		$10,597		2.13	%		0.60	%	to	1.90	%		7.74	%	to	6.35	%



143		∎ RIVERSOURCE VARIABLE ACCOUNT 10


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
VP Ptnrs Core Eq, Cl 2
2023		3,211		$3.14	to	$2.72		$11,488		—			0.60	%	to	1.90	%		23.69	%	to	22.10	%
2022		3,470		$2.54	to	$2.23		$10,090		—			0.60	%	to	1.90	%		(18.05	%)	to	(19.10	%)
2021		3,521		$3.10	to	$2.75		$12,507		—			0.60	%	to	1.90	%		28.41	%	to	26.75	%
2020		3,800		$2.42	to	$2.17		$10,567		—			0.60	%	to	1.90	%		16.03	%	to	14.53	%
2019		4,244		$2.08	to	$1.90		$10,227		—			0.60	%	to	1.90	%		25.45	%	to	23.83	%
VP Ptnrs Core Eq, Cl 3
2023		5,663		$3.41	to	$2.98		$18,292		—			0.55	%	to	1.45	%		23.87	%	to	22.76	%
2022		6,635		$2.76	to	$2.43		$17,356		—			0.55	%	to	1.45	%		(17.89	%)	to	(18.62	%)
2021		7,412		$3.36	to	$2.98		$23,707		—			0.55	%	to	1.45	%		28.63	%	to	27.48	%
2020		8,699		$2.61	to	$2.34		$21,712		—			0.55	%	to	1.45	%		16.20	%	to	15.16	%
2019		11,078		$2.25	to	$2.03		$23,860		—			0.55	%	to	1.45	%		25.69	%	to	24.56	%
VP Ptnrs Intl Core Eq, Cl 2
2023		12,129		$1.55	to	$1.37		$20,031		1.13	%		0.60	%	to	1.90	%		16.65	%	to	15.14	%
2022		10,609		$1.33	to	$1.19		$15,090		1.68	%		0.60	%	to	1.90	%		(20.12	%)	to	(21.15	%)
2021		8,261		$1.66	to	$1.51		$14,774		1.57	%		0.60	%	to	1.90	%		12.51	%	to	11.05	%
2020		5,101		$1.48	to	$1.36		$8,115		0.22	%		0.60	%	to	1.90	%		10.29	%	to	8.88	%
2019		5,071		$1.34	to	$1.25		$7,349		2.57	%		0.60	%	to	1.90	%		17.70	%	to	16.17	%
VP Ptnrs Intl Gro, Cl 2
2023		19,142		$1.59	to	$1.39		$33,812		0.24	%		0.60	%	to	1.90	%		13.77	%	to	12.31	%
2022		20,432		$1.40	to	$1.24		$31,851		—			0.60	%	to	1.90	%		(27.31	%)	to	(28.25	%)
2021		20,542		$1.93	to	$1.73		$44,210		—			0.60	%	to	1.90	%		9.67	%	to	8.25	%
2020		18,933		$1.76	to	$1.60		$37,314		0.09	%		0.60	%	to	1.90	%		21.57	%	to	20.00	%
2019		18,390		$1.44	to	$1.33		$29,908		0.93	%		0.60	%	to	1.90	%		25.61	%	to	23.98	%
VP Ptnrs Intl Val, Cl 2
2023		17,866		$1.37	to	$1.23		$24,465		1.94	%		0.60	%	to	1.90	%		16.27	%	to	14.77	%
2022		18,872		$1.18	to	$1.07		$22,304		2.17	%		0.60	%	to	1.90	%		(12.29	%)	to	(13.41	%)
2021		17,333		$1.34	to	$1.24		$23,456		1.93	%		0.60	%	to	1.90	%		10.98	%	to	9.53	%
2020		14,868		$1.21	to	$1.13		$18,225		0.74	%		0.60	%	to	1.90	%		(4.71	%)	to	(5.94	%)
2019		16,045		$1.27	to	$1.20		$20,752		3.61	%		0.60	%	to	1.90	%		12.52	%	to	11.08	%
VP Ptnrs Sm Cap Gro, Cl 2
2023		5,906		$1.97	to	$1.70		$15,824		—			0.60	%	to	1.90	%		6.30	%	to	4.93	%
2022		5,632		$1.85	to	$1.62		$14,256		—			0.60	%	to	1.90	%		(29.55	%)	to	(30.46	%)
2021		4,587		$2.63	to	$2.33		$16,540		—			0.60	%	to	1.90	%		7.37	%	to	5.99	%
2020		3,948		$2.45	to	$2.20		$13,307		—			0.60	%	to	1.90	%		37.61	%	to	35.83	%
2019		3,823		$1.78	to	$1.62		$9,390		—			0.60	%	to	1.90	%		20.22	%	to	18.67	%
VP Ptnrs Sm Cap Val, Cl 2
2023		4,597		$2.04	to	$1.77		$11,216		—			0.60	%	to	1.90	%		10.42	%	to	9.00	%
2022		4,739		$1.85	to	$1.63		$10,581		—			0.60	%	to	1.90	%		(13.68	%)	to	(14.79	%)
2021		4,206		$2.14	to	$1.91		$10,987		—			0.60	%	to	1.90	%		23.01	%	to	21.43	%
2020		3,231		$1.74	to	$1.57		$6,905		—			0.60	%	to	1.90	%		3.36	%	to	2.03	%
2019		3,438		$1.68	to	$1.54		$7,128		—			0.60	%	to	1.90	%		18.81	%	to	17.28	%
VP Ptnrs Sm Cap Val, Cl 3
2023		12,365		$4.54	to	$2.27		$47,500		—			0.55	%	to	1.45	%		10.65	%	to	9.66	%
2022		13,574		$4.10	to	$2.07		$47,332		—			0.55	%	to	1.45	%		(13.54	%)	to	(14.31	%)
2021		14,915		$4.75	to	$2.42		$60,409		—			0.55	%	to	1.45	%		23.21	%	to	22.10	%
2020		17,789		$3.85	to	$1.98		$58,544		—			0.55	%	to	1.45	%		3.55	%	to	2.62	%
2019		20,084		$3.72	to	$1.93		$63,888		—			0.55	%	to	1.45	%		19.00	%	to	17.93	%
VP US Flex Conserv Gro, Cl 2
2023		244,360		$1.18	to	$1.16		$301,739		—			0.55	%	to	1.90	%		10.61	%	to	9.14	%
2022		252,349		$1.07	to	$1.06		$282,912		—			0.55	%	to	1.90	%		(17.19	%)	to	(18.30	%)
2021		252,398		$1.29	to	$1.30		$343,216		—			0.55	%	to	1.90	%		6.91	%	to	5.47	%
2020		298,161		$1.21	to	$1.23		$381,005		—			0.55	%	to	1.90	%		5.29	%	to	3.88	%
2019		216,805		$1.15	to	$1.19		$264,362		—			0.55	%	to	1.90	%		14.23	%	to	12.70	%



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			144


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
VP US Flex Gro, Cl 2
2023		2,426,805		$1.37	to	$1.42		$3,678,128		—			0.55	%	to	1.90	%		16.16	%	to	14.61	%
2022		2,536,094		$1.18	to	$1.24		$3,322,898		—			0.55	%	to	1.90	%		(19.17	%)	to	(20.26	%)
2021		2,507,111		$1.45	to	$1.55		$4,081,955		—			0.55	%	to	1.90	%		14.87	%	to	13.32	%
2020		2,383,120		$1.27	to	$1.37		$3,392,122		—			0.55	%	to	1.90	%		4.23	%	to	2.83	%
2019		2,087,385		$1.21	to	$1.33		$2,862,487		—			0.55	%	to	1.90	%		19.54	%	to	17.94	%
VP US Flex Mod Gro, Cl 2
2023		1,352,692		$1.28	to	$1.29		$1,861,012		—			0.55	%	to	1.90	%		13.24	%	to	11.73	%
2022		1,428,099		$1.13	to	$1.15		$1,742,584		—			0.55	%	to	1.90	%		(17.99	%)	to	(19.09	%)
2021		1,457,022		$1.38	to	$1.43		$2,177,512		—			0.55	%	to	1.90	%		10.86	%	to	9.38	%
2020		1,429,369		$1.24	to	$1.30		$1,935,524		—			0.55	%	to	1.90	%		4.95	%	to	3.54	%
2019		1,326,348		$1.18	to	$1.26		$1,718,525		—			0.55	%	to	1.90	%		16.93	%	to	15.36	%
Wanger Acorn
2023		32,426		$6.05	to	$1.10		$159,429		—			0.55	%	to	1.55	%		21.07	%	to	19.87	%
2022		36,060		$5.00	to	$0.92		$147,223		—			0.55	%	to	1.55	%		(33.83	%)	to	(9.83	%)⁽⁷⁾
2021		39,685		$7.55	to	$3.70		$246,177		0.72	%		0.55	%	to	1.45	%		8.30	%	to	7.33	%
2020		45,839		$6.97	to	$3.45		$263,234		—			0.55	%	to	1.45	%		23.55	%	to	22.44	%
2019		54,642		$5.64	to	$2.82		$253,728		0.26	%		0.55	%	to	1.45	%		30.38	%	to	29.21	%
Wanger Intl
2023		30,060		$4.46	to	$1.03		$104,635		0.31	%		0.55	%	to	1.55	%		16.32	%	to	15.16	%
2022		33,274		$3.83	to	$0.90		$100,085		0.91	%		0.55	%	to	1.55	%		(34.21	%)	to	(9.03	%)⁽⁷⁾
2021		36,342		$5.82	to	$2.73		$166,989		0.55	%		0.55	%	to	1.45	%		18.16	%	to	17.10	%
2020		41,614		$4.93	to	$2.33		$162,608		2.05	%		0.55	%	to	1.45	%		13.74	%	to	12.72	%
2019		50,662		$4.33	to	$2.07		$174,505		0.79	%		0.55	%	to	1.45	%		29.28	%	to	28.12	%
WA Var Global Hi Yd Bond, Cl II
2023		9,036		$1.25	to	$1.08		$10,681		4.99	%		0.55	%	to	1.90	%		9.35	%	to	7.89	%
2022		9,922		$1.14	to	$1.00		$10,760		6.23	%		0.55	%	to	1.90	%		(14.35	%)	to	(15.49	%)
2021		9,903		$1.33	to	$1.18		$12,619		4.22	%		0.55	%	to	1.90	%		0.49	%	to	(0.86	%)
2020		8,499		$1.33	to	$1.19		$10,857		3.76	%		0.55	%	to	1.90	%		6.53	%	to	5.11	%
2019		9,240		$1.24	to	$1.14		$11,151		5.39	%		0.55	%	to	1.90	%		13.39	%	to	11.86	%

⁽¹⁾	The accumulation unit values and total returns are presented as a range of values based on the variable annuity contracts with the lowest and highest expense ratios.

⁽²⁾

These amounts represent the dividends, excluding distributions of capital gains, received by the division from the underlying fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude variable account expenses that result in direct reductions in the unit values. The recognition of investment income by the division is affected by the timing of the declaration of dividends by the underlying fund in which the division invests. These ratios are annualized for periods less than one year.

⁽³⁾

These ratios represent the annualized contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.

⁽⁴⁾

These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for the period indicated or from the effective date through the end of the reporting period. Although the total return is presented as a range of values based on the subaccounts representing the lowest and highest expense ratios, some individual subaccount total returns are not within the ranges presented due to the introduction of new subaccounts during the year and other market factors.

⁽⁵⁾	New subaccount operations commenced on April 24, 2020.

⁽⁶⁾	New subaccount operations commenced on May 3, 2021.

⁽⁷⁾	New subaccount operations commenced on May 2, 2022.

⁽⁸⁾	New subaccount operations commenced on April 28, 2023.



145		∎ RIVERSOURCE VARIABLE ACCOUNT 10

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE BOARD OF DIRECTORS AND SHAREHOLDER OF

RIVERSOURCE LIFE INSURANCE COMPANY

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of RiverSource Life Insurance Company and its subsidiaries (the “Company”) as of December 31, 2023 and 2022, and the related consolidated statements of income, of comprehensive income, of shareholder’s equity and of cash flows for each of the three years in the period ended December 31, 2023, including the related notes (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.

Change in Accounting Principle

As discussed in Note 3 to the consolidated financial statements, the Company changed the manner in which it accounts for long-duration insurance contracts in 2023.

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. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

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. 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.

F-1

Valuation of market risk benefits

As described in Notes 2 and 12 to the consolidated financial statements, market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Market risk benefits include certain contract features on variable annuity products that provide minimum guarantees to contractholders. Market risk benefits are measured at fair value, at the individual contract level, using a non-option-based valuation approach or an option-based valuation approach, dependent upon the fee structure of the contract. The significant assumptions used by management to develop the fair value measurements of market risk benefits include utilization of guaranteed withdrawals, surrender rate, market volatility, nonperformance risk and mortality rate. As of December 31, 2023, the market risk benefits asset was $1,427 million and the market risk benefits liability was $1,762 million.

The principal considerations for our determination that performing procedures relating to the valuation of market risk benefits is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the market risk benefits, (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence related to management’s significant assumptions related to utilization of guaranteed withdrawals, surrender rate, market volatility, nonperformance risk and mortality rate (collectively, the significant market risk benefit assumptions), and (iii) 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 market risk benefits, including controls over the reasonableness of the significant market risk benefit assumptions. These procedures also included, among others, (i) evaluating management’s process for developing the fair value estimate of the market risk benefits, (ii) testing, on a sample basis, the completeness and accuracy of data used in the estimate, and (iii) the involvement of professionals with specialized skill and knowledge to assist in evaluating the reasonableness of the significant market risk benefit assumptions based on industry knowledge and data as well as historical Company data and experience, and the continued appropriateness of unchanged assumptions.


/s/ PricewaterhouseCoopers LLP
Minneapolis, Minnesota
February 22, 2024

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

F-2

RiverSource Life Insurance Company

CONSOLIDATED BALANCE SHEETS

(in millions, except share amounts)


December 31,	2023			2022⁽¹⁾
Assets
Investments:
Available-for-Sale: Fixed maturities, at fair value (amortized cost: 2023, $19,871; 2022, $17,331; allowance for credit losses: 2023, $2; 2022, $22)	$	19,374		$	16,135
Mortgage loans, at amortized cost (allowance for credit losses: 2023, $10; 2022, $11)		1,725			1,768
Policy loans		912			847
Other investments (allowance for credit losses: 2023, nil; 2022, nil)		165			207
Total investments		22,176			18,957
Investments of consolidated investment entities, at fair value		2,099			2,354
Cash and cash equivalents		2,598			2,611
Cash of consolidated investment entities, at fair value		87			133
Market risk benefits		1,427			1,015
Reinsurance recoverables (allowance for credit losses: 2023, $27;2022, $23)		4,284			4,228
Receivables		6,702			7,577
Receivables of consolidated investment entities, at fair value		28			20
Accrued investment income		176			145
Deferred acquisition costs		2,696			2,759
Other assets		6,977			4,726
Other assets of consolidated investment entities, at fair value		1			2
Separate account assets		74,634			70,876
Total assets	$	123,885		$	115,403

Liabilities and Shareholder’s Equity
Liabilities:
Policyholder account balances, future policy benefits and claims	$	37,535		$	34,122
Market risk benefits		1,762			2,118
Short-term borrowings		201			201
Long-term debt		500			500
Debt of consolidated investment entities, at fair value		2,155			2,363
Other liabilities		5,896			4,131
Other liabilities of consolidated investment entities, at fair value		45			119
Separate account liabilities		74,634			70,876
Total liabilities		122,728			114,430
Shareholder’s equity:
Common stock, $30 par value; 100,000 shares authorized, issued and outstanding		3			3
Additional paid-in capital		2,466			2,466
Accumulated deficit		(618	)		(412	)
Accumulated other comprehensive income (loss), net of tax		(694	)		(1,084	)
Total shareholder’s equity		1,157			973
Total liabilities and shareholder’s equity	$	123,885		$	115,403

⁽¹⁾	Certain prior period amounts have been restated. See Note 3 for more information.

See Notes to Consolidated Financial Statements.

F-3

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF INCOME

(in millions)


Years Ended December 31,	2023			2022⁽¹⁾			2021⁽¹⁾
Revenues
Premiums	$	448		$	306		$	(871	)
Net investment income		1,304			827			827
Policy and contract charges		2,020			2,078			2,250
Other revenues		590			644			616
Net realized investment gains (losses)		(70	)		(100	)		595
Total revenues		4,292			3,755			3,417

Benefits and expenses
Benefits, claims, losses and settlement expenses		1,348			236			(157	)
Interest credited to fixed accounts		654			665			600
Remeasurement (gains) losses of future policy benefit reserves		(20	)		1			(52	)
Change in fair value of market risk benefits		798			311			(113	)
Amortization of deferred acquisition costs		239			241			245
Interest and debt expense		192			108			105
Other insurance and operating expenses		697			682			751
Total benefits and expenses		3,908			2,244			1,379
Pretax income (loss)		384			1,511			2,038
Income tax provision (benefit)		(10	)		209			316
Net income	$	394		$	1,302		$	1,722

⁽¹⁾	Certain prior period amounts have been restated. See Note 3 for more information.

See Notes to Consolidated Financial Statements.

F-4

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)


Years Ended December 31,	2023			2022⁽¹⁾			2021⁽¹⁾

Net income	$	394		$	1,302		$	1,722
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities		509			(2,035	)		(848	)
Effect of changes in discount rate assumptions on certain long-duration contracts		(54	)		861			284
Effect of changes in instrument-specific credit risk on market risk benefits		(65	)		407			100
Total other comprehensive income (loss), net of tax		390			(767	)		(464	)
Total comprehensive income (loss)	$	784		$	535		$	1,258

⁽¹⁾	Certain prior period amounts have been restated. See Note 3 for more information.

See Notes to Consolidated Financial Statements.

F-5

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF SHAREHOLDER’S EQUITY

(in millions)


	Common Shares		Additional Paid-In Capital		Retained Earnings (Deficit)			Accumulated Other Comprehensive Income (Loss)			Total
Balances at January 1, 2021	$	3	$	2,466	$	(76	)	$	1,184		$	3,577
Cumulative effect of adoption of long-duration contracts guidance		—		—		(860	)		(1,037	)		(1,897	)
Net income		—		—		1,722			—			1,722
Other comprehensive loss, net of tax		—		—		—			(464	)		(464	)
Cash dividends to Ameriprise Financial, Inc.		—		—		(1,900	)		—			(1,900	)

Balances at December 31, 2021⁽¹⁾		3		2,466		(1,114	)		(317	)		1,038
Net income		—		—		1,302			—			1,302
Other comprehensive loss, net of tax		—		—		—			(767	)		(767	)
Cash dividends to Ameriprise Financial, Inc.		—		—		(600	)		—			(600	)

Balances at December 31, 2022⁽¹⁾		3		2,466		(412	)		(1,084	)		973
Net income		—		—		394			—			394
Other comprehensive income, net of tax		—		—		—			390			390
Cash dividends to Ameriprise Financial, Inc.		—		—		(600	)		—			(600	)
Balances at December 31, 2023	$	3	$	2,466	$	(618	)	$	(694	)	$	1,157

⁽¹⁾	Certain prior period amounts have been restated. See Note 3 for more information.

See Notes to Consolidated Financial Statements.

F-6

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)


Years Ended December 31,	2023			2022⁽¹⁾			2021⁽¹⁾
Cash Flows from Operating Activities
Net income	$	394		$	1,302		$	1,722
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, amortization and accretion, net		(205	)		(201	)		(98	)
Deferred income tax (benefit) expense		100			154			138
Contractholder and policyholder charges, non-cash		(403	)		(395	)		(390	)
Loss from equity method investments		26			48			72
Net realized investment (gains) losses		46			(3	)		(611	)
Impairments and provision for loan losses		(20	)		91			(3	)
Net losses (gains) of consolidated investment entities		23			17			(20	)
Changes in operating assets and liabilities:
Deferred acquisition costs		63			62			(9	)
Policyholder account balances, future policy benefits and claims, and market risk benefits, net		3,474			1,013			1,482
Derivatives, net of collateral		(666	)		311			(575	)
Reinsurance recoverables		100			84			(19	)
Receivables		333			279			114
Accrued investment income		(31	)		(21	)		10
Current income tax, net		(323	)		72			(321	)
Other operating assets and liabilities of consolidated investment entities		(5	)		2			20
Other, net		134			136			66
Net cash provided by (used in) operating activities		3,040			2,951			1,578

Cash Flows from Investing Activities
Available-for-Sale securities:
Proceeds from sales		617			1,309			555
Maturities, sinking fund payments and calls		963			1,563			2,804
Purchases		(4,187	)		(5,600	)		(3,677	)
Proceeds from sales, maturities and repayments of mortgage loans		118			141			272
Funding of mortgage loans		(74	)		(124	)		(215	)
Proceeds from sales and collections of other investments		29			24			93
Purchase of other investments		(15	)		(46	)		(32	)
Purchase of investments by consolidated investment entities		(427	)		(961	)		(1,603	)
Proceeds from sales, maturities and repayments of investments by consolidated investment entities		643			615			1,047
Purchase of equipment and software		(10	)		(13	)		(13	)
Change in policy loans, net		(65	)		(13	)		12
Cash paid for deposit receivable		(39	)		(45	)		(377	)
Cash received for deposit receivable		774			550			254
Advance on line of credit to Ameriprise Financial, Inc.		(850	)		(1,034	)		(1	)
Repayment from Ameriprise Financial, Inc. on line of credit		850			1,034			1
Cash paid for written options with deferred premiums		(59	)		(619	)		(552	)
Cash received from written options with deferred premiums		43			204			106
Other, net		25			21			(39	)
Net cash provided by (used in) investing activities		(1,664	)		(2,994	)		(1,365	)

Cash Flows from Financing Activities
Policyholder account balances:
Deposits and other additions		1,476			1,169			1,553
Net transfers from (to) separate accounts		(132	)		(162	)		(273	)
Surrenders and other benefits		(2,102	)		(1,459	)		(1,365	)
Proceeds from line of credit with Ameriprise Financial, Inc.		—			—			6
Payments on line of credit with Ameriprise Financial, Inc.		—			—			(6	)
Cash paid for purchased options with deferred premiums		(53	)		(197	)		(156	)
Cash received for purchased options with deferred premiums		251			378			1,350
Borrowings by consolidated investment entities		—			341			1,756
Repayments of debt by consolidated investment entities		(275	)		(4	)		(1,142	)
Cash dividends to Ameriprise Financial, Inc.		(600	)		(600	)		(1,900	)
Net cash provided by (used in) financing activities		(1,435	)		(534	)		(177	)
Net increase (decrease) in cash and cash equivalents		(59	)		(577	)		36
Cash and cash equivalents at beginning of period		2,744			3,321			3,285
Cash and cash equivalents at end of period	$	2,685		$	2,744		$	3,321

Supplemental Disclosures:
Income taxes paid (received), net	$	215		$	(17	)	$	496
Interest paid excluding consolidated investment entities		28			3			—
Interest paid by consolidated investment entities		177			75			90
Non-cash investing activity:
Exchange of an investment that resulted in a realized gain and an increase to amortized cost		—			—			17
Investments transferred in connection with reinsurance transaction		—			—			7,513

⁽¹⁾	Certain prior period amounts have been restated. See Note 3 for more information.

See Notes to Consolidated Financial Statements.

F-7

RiverSource Life Insurance Company

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. NATURE OF BUSINESS AND BASIS OF PRESENTATION

RiverSource Life Insurance Company is a stock life insurance company with one wholly owned stock life insurance company subsidiary, RiverSource Life Insurance Co. of New York (“RiverSource Life of NY”). RiverSource Life Insurance Company is a wholly owned subsidiary of Ameriprise Financial, Inc. (“Ameriprise Financial”).

•

RiverSource Life Insurance Company is domiciled in Minnesota and holds Certificates of Authority in American Samoa, the District of Columbia and all states except New York. RiverSource Life Insurance Company issues insurance and annuity products.

•

RiverSource Life of NY is domiciled and holds a Certificate of Authority in New York. RiverSource Life of NY issues insurance and annuity products.

RiverSource Life Insurance Company also wholly owns RiverSource Tax Advantaged Investments, Inc. (“RTA”) and Columbia Cent CLO Advisors, LLC (“Columbia Cent”). RTA is a stock company domiciled in Delaware and is a limited partner in affordable housing partnership investments. Columbia Cent provides asset management services to collateralized loan obligations (“CLOs”).

The accompanying Consolidated Financial Statements include the accounts of RiverSource Life Insurance Company and companies in which it directly or indirectly has a controlling financial interest and variable interest entities (“VIEs”) in which it is the primary beneficiary (collectively, the “Company”). All intercompany transactions and balances have been eliminated in consolidation.

The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) which vary in certain respects from reporting practices prescribed or permitted by state insurance regulatory authorities as described in Note 16. Certain reclassifications of prior period amounts have been made to conform with the current presentation.

The Company 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.

The Company’s principal products are variable annuities, structured variable annuities, universal life (“UL”) insurance, including indexed universal life (“IUL”) and variable universal life (“VUL”) insurance, which are issued primarily to individuals. Waiver of premium and accidental death benefit riders are generally available with UL products, in addition to other benefit riders. Variable annuity contract purchasers can choose to add optional benefit riders to their contracts, such as guaranteed minimum death benefits (“GMDB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum accumulation benefits (“GMAB”) riders.

The Company also offers payout annuities, term life insurance and disability income (“DI”) insurance.

The Company’s business is sold through the advisor network of Ameriprise Financial Services, LLC (“AFS”), a subsidiary of Ameriprise Financial. RiverSource Distributors, Inc., a subsidiary of Ameriprise Financial, serves as the principal underwriter and distributor of variable annuity and life insurance products issued by the Company.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company adopted Accounting Standards Update (“ASU”), Financial Services — Insurance — Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”), effective January 1, 2023 with a transition date of January 1, 2021. The significant accounting policies for market risk benefits (“MRB”); deferred acquisition costs (“DAC”); deferred sales inducement costs (“DSIC”); reinsurance; policyholder account balances, future policy benefits and claims; and unearned revenue liability were added or updated as a result of adopting the new accounting standard. See Note 3 for additional information related to the transition approach and adoption impact.

Principles of Consolidation

A VIE is an entity that either has equity investors that lack certain essential characteristics of a controlling financial interest (including substantive voting rights, the obligation to absorb the entity’s losses, or the rights to receive the entity’s returns) or has equity investors that do not provide sufficient financial resources for the entity to support its activities.

Voting interest entities (“VOEs”) are those entities that do not qualify as a VIE. The Company consolidates VOEs in which it holds a greater than 50% voting interest. The Company generally accounts for entities using the equity method when it holds a greater than 20% but less than 50% voting interest or when the Company exercises significant influence over the entity. All other investments that are not reported at fair value as trading or Available-for-Sale securities are accounted for using the measurement alternative method when the Company owns less than a 20% voting interest and does not exercise significant influence. Under the

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measurement alternative, the investment is recorded at the cost basis, less impairments, if any, plus or minus observable price changes of identical or similar investments of the same issuer.

A VIE is consolidated by the reporting entity that determines it has both:

•

the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and

•

the obligation to absorb potentially significant losses or the right to receive potentially significant benefits to the VIE.

All VIEs are assessed for consolidation under this framework. When evaluating entities for consolidation, the Company considers its contractual rights in determining whether it has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. In determining whether the Company has this power, it considers whether it is acting in a role that enables it to direct the activities that most significantly impact the economic performance of an entity or if it is acting in an agent role.

In determining whether the Company has the obligation to absorb potential significant losses of the VIE or the right to receive potential significant benefits from the VIE that could potentially be significant to the VIE, the Company considers an analysis of its rights to receive benefits such as investment returns and its obligation to absorb losses associated with any investment in the VIE in conjunction with other qualitative factors. Management and incentive fees that are at market and commensurate with the level of services provided, and where the Company does not hold other interests in the VIE that would absorb more than an insignificant amount of the VIE’s expected losses or receive more than an insignificant amount of the VIE’s expected residual returns, are not considered a variable interest and are excluded from the analysis.

The consolidation guidance has a scope exception for reporting entities with interests in registered money market funds which do not have an explicit support agreement.

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, valuation of derivative instruments, litigation reserves, future policy benefits, market risk benefits, 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.

Investments

Available-for-Sale Securities

Available-for-Sale securities are carried at fair value with unrealized gains (losses) recorded in accumulated other comprehensive income (“AOCI”), net of impacts to benefit reserves, reinsurance recoverables and income taxes. Gains and losses are recognized on a trade date basis in the Consolidated Statements of Income 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, the Company 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 the Company will be required to sell the security before its anticipated recovery. If either of these conditions exist, the Company 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, the Company 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 investment gains (losses). 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 the Company 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

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the security. The significant inputs to cash flow projections consider potential debt restructuring terms, projected cash flows available to pay creditors and the Company’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), the Company 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 Accrued investment income. 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 Net investment income.

Other Investments

Other investments primarily reflect the Company’s interests in affordable housing partnerships and syndicated loans. Affordable housing partnerships are accounted for under the equity method.

Financing Receivables

Financing receivables are comprised of commercial loans, policy loans, and deposit 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 are recorded within Mortgage loans and syndicated loans are recorded within Other investments. Commercial mortgage loans are loans on commercial properties that are originated by the Company. Syndicated loans represent the Company’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 Net investment income.

Policy Loans

Policy loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to policy loans, there is no allowance for credit losses.

Interest income is accrued as earned on the unpaid principal balances of the loans. Interest income recognized on policy loans is recorded in Net investment income.

Deposit Receivables

For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability related to insurance risk in accordance with applicable accounting standards. If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits made and any related embedded derivatives are included in Receivables. As amounts are received, consistent with the underlying contracts, deposit receivables are adjusted. Deposit receivables are accreted using the interest method and the accretion is reported in Other revenues.

See Note 7 for additional information on financing receivables.

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. The methods and information used to develop the allowance for credit losses for each class of financing receivable are discussed below.

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 investment gains (losses) and is reduced/increased by net charge-offs/recoveries.

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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 the Company 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.

Deposit Receivables

The allowance for credit losses is calculated on an individual reinsurer basis. Deposit receivables are collateralized by underlying trust arrangements. Management evaluates the terms of the reinsurance and trust agreements, the nature of the underlying assets, and the potential for changes in the collateral value when considering the need for an allowance for credit losses.

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. When a loan is placed on nonaccrual status, unpaid accrued interest is reversed. Interest payments received on loans on nonaccrual status are generally applied to principal 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 the Company 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 the Company concludes that all or a portion of the commercial mortgage loan or syndicated loan is uncollectible. Factors used by the Company 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 the Company 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 within Other assets.

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.

Reinsurance

The Company cedes insurance risk to other insurers under reinsurance agreements.

Reinsurance premiums paid and benefits received are accounted for consistently with the basis used in accounting for the policies from which risk is reinsured and consistently with the terms of the reinsurance contracts. Reinsurance premiums paid for traditional life, long term care (“LTC”) and DI insurance and life contingent payout annuities, net of the change in any prepaid reinsurance asset, are reported as a reduction of Premiums. Reinsurance recoveries are reported as components of Benefits, claims, losses and settlement expenses.

UL and VUL reinsurance premiums are reported as a reduction of Policy and contract charges. In addition, for UL and VUL insurance policies, the net cost of reinsurance ceded, which represents the discounted amount of the expected cash flows between the reinsurer and the Company, is classified as an asset and amortized based on estimated gross profits (“EGPs”) over the period the reinsurance policies are in-force. Changes in the net cost of reinsurance are reflected as a component of Policy and contract charges.

Insurance liabilities are reported before the effects of reinsurance. Policyholder account balances, future policy benefits and claims recoverable under reinsurance contracts are recorded within Reinsurance recoverables, net of the allowance for credit losses. The Company evaluates the financial condition of its reinsurers prior to entering into new reinsurance contracts and on a

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periodic basis during the contract term. The allowance for credit losses related to reinsurance recoverable is based on applying observable industry data including insurer ratings, default and loss severity data to the Company’s reinsurance recoverable balances. Management evaluates the results of the calculation and considers differences between the industry data and the Company’s data. Such differences include that the Company has no actual history of significant losses and that industry data may contain non-life insurers. This evaluation is inherently subjective as it requires estimates, which may be susceptible to significant change given the long-term nature of these receivables. In addition, the Company has a reinsurance protection agreement that provides credit protections for its reinsured LTC business. The allowance for credit losses on reinsurance recoverable is recorded through provisions charged to Benefits, claims, losses and settlement expenses.

The Company also assumes life insurance and fixed annuity risk from other insurers in limited circumstances. Reinsurance premiums received and benefits paid are accounted for consistently with the basis used in accounting for the policies from which risk is reinsured and consistently with the terms of the reinsurance contracts. Liabilities for assumed business are recorded within Policyholder account balances, future policy benefits and claims.

See Note 9 for additional information on reinsurance.

Land, Buildings, Equipment and Software

Land, buildings, equipment and internally developed software are carried at cost less accumulated depreciation or amortization and are reflected within Other assets. The Company uses the straight-line method of depreciation and amortization over periods ranging from three to 39 years.

As of December 31, 2023 and 2022, land, buildings, equipment and software were $117 million and $123 million, net of accumulated depreciation of $244 million and $229 million as of December 31, 2023 and 2022, respectively. Depreciation and amortization expense for the years ended December 31, 2023, 2022 and 2021 was $15 million, $13 million and $14 million, respectively.

Derivative Instruments and Hedging Activities

Freestanding derivative instruments are recorded at fair value and are reflected in Other assets or Other liabilities. The Company’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. The accounting for changes in the fair value of a derivative instrument depends on its intended use and the resulting hedge designation, if any. The Company primarily uses derivatives as economic hedges that are not designated as accounting hedges or do not qualify for hedge accounting treatment. The Company occasionally designates derivatives as (i) hedges of changes in the fair value of assets, liabilities, or firm commitments (“fair value hedges”) or (ii) hedges of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedges”).

Derivative instruments that are entered into for hedging purposes are designated as such at the time the Company enters into the contract. For all derivative instruments that are designated for hedging activities, the Company documents all of the hedging relationships between the hedge instruments and the hedged items at the inception of the relationships. Management also documents its risk management objectives and strategies for entering into the hedge transactions. The Company assesses, at inception and on a quarterly basis, whether derivatives designated as hedges are highly effective in offsetting the fair value or cash flows of hedged items. If it is determined that a derivative is no longer highly effective as a hedge, the Company will discontinue the application of hedge accounting.

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. Changes in fair value of derivatives are presented in the Consolidated Statements of Income based on the nature and use of the instrument. Changes in fair value of derivatives used as economic hedges are presented in the Consolidated Statements of Income with the corresponding change in the hedged asset or liability.

For derivative instruments that qualify as fair value hedges, changes in the fair value of the derivatives, as well as changes in the fair value of the hedged assets, liabilities or firm commitments, are recognized on a net basis in current period earnings. The carrying value of the hedged item is adjusted for the change in fair value from the designated hedged risk. If a fair value hedge designation is removed or the hedge is terminated prior to maturity, previous adjustments to the carrying value of the hedged item are recognized into earnings over the remaining life of the hedged item.

For derivative instruments that qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instruments is reported in AOCI and reclassified into earnings when the hedged item or transaction impacts earnings. The amount that is reclassified into earnings is presented in the Consolidated Statements of Income with the hedged instrument or transaction impact. Any ineffective portion of the gain or loss is reported in current period earnings as a component of Net investment income. If a hedge designation is removed or a hedge is terminated prior to maturity, the amount previously recorded in AOCI is reclassified to earnings over the period that the hedged item impacts earnings. For hedge relationships that are discontinued because the forecasted transaction is not expected to occur according to the original strategy, any related amounts previously recorded in AOCI are recognized in earnings immediately.

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RiverSource Life Insurance Company

The equity component of indexed annuity, structured variable annuity and IUL obligations are considered embedded derivatives. Additionally, certain annuities contain GMAB and GMWB provisions. These GMAB and GMWB provisions are accounted for as market risk benefits under ASU 2018-12.

See Note 14 for information regarding the Company’s fair value measurement of derivative instruments and Note 18 for the impact of derivatives on the Consolidated Statements of Income.

Market Risk Benefits

Market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Market risk benefits include certain contract features on variable annuity products that provide minimum guarantees to contractholders. Guarantees accounted for as market risk benefits include GMDB, guaranteed minimum income benefit (“GMIB”), GMWB and GMAB. If a contract contains multiple market risk benefits, those market risk benefits are bundled together as a single compound market risk benefit.

Market risk benefits are measured at fair value, at the individual contract level, using a non-option-based valuation approach or an option-based valuation approach dependent upon the fee structure of the contract. Changes in fair value are recognized in net income each period with the exception of the portion of the change in fair value due to a change in the instrument-specific credit risk, which is recognized in OCI.

Deferred Acquisition Costs

The Company incurs costs in connection with acquiring new and renewal insurance and annuity businesses. The portion of these costs which are incremental and direct to the acquisition of a new or renewal insurance policy or annuity contract are deferred. Significant costs capitalized include sales based compensation related to the acquisition of new and renewal insurance policies and annuity contracts, medical inspection costs for successful sales, and a portion of employee compensation and benefit costs based upon the amount of time spent on successful sales. Sales based compensation paid to Ameriprise Financial’s advisors and employees and third-party distributors is capitalized. Employee compensation and benefits costs which are capitalized relate primarily to sales efforts, underwriting and processing. All other costs which are not incremental direct costs of acquiring an insurance policy or annuity contract are expensed as incurred. The DAC associated with insurance policies or annuity contracts that are significantly modified or internally replaced with another contract are accounted for as write-offs. These transactions are anticipated in establishing amortization periods and other valuation assumptions.

The Company monitors other DAC amortization assumptions, such as persistency, mortality, morbidity, and variable annuity benefit utilization each quarter and, when assessed independently, each could impact the Company’s DAC balances. Unamortized DAC is reduced for actual experience in excess of expected experience.

The analysis of DAC balances and the corresponding amortization considers all relevant factors and assumptions described previously. Unless the Company’s management identifies a significant deviation over the course of the quarterly monitoring, management reviews and updates these DAC amortization assumptions annually in the third quarter of each year.

DAC is amortized on a constant-level basis for the grouped contracts over the expected contract term to approximate straight-line amortization. Contracts are grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability for future policy benefits. DAC related to all long-duration product types (except for life contingent payout annuities) is grouped on a calendar-year annual basis for each legal entity. Further disaggregation is reported for any contracts that include an additional liability for death or other insurance benefit. DAC related to life contingent payout annuities is grouped on a calendar-year annual basis for each legal entity for policies issued prior to 2021 and on a quarterly basis for each legal entity thereafter.

DAC related to annuity products (including variable deferred annuities, structured variable annuities, fixed deferred annuities, and life contingent payout annuities) is amortized based on initial premium. DAC related to life insurance products (including UL insurance, VUL insurance, IUL insurance, term life insurance, and whole life insurance) is amortized based on original specified amount (i.e., face amount). DAC related to DI insurance is amortized based on original monthly benefit.

The accounting contract term for annuity products (except for life contingent payout annuities) is the projected accumulation period. Life contingent payout annuities are amortized over the period which annuity payments are expected to be paid. The accounting contract term for life insurance products is the projected life of the contract. DI insurance is amortized over the projected life of the contract, including the claim paying period.

Deferred Sales Inducement Costs

Deferred sales inducements are contract features that are intended to attract new customers or to persuade existing customers to keep their current policy. Sales inducement costs consist of bonus interest credits and premium credits added to certain annuity contract and insurance policy values. These benefits are capitalized to the extent they are incremental to amounts that would be credited on similar contracts without the applicable feature. The amounts capitalized are amortized on a constant level basis using the same methodology and assumptions used to amortize DAC on a constant level basis. DSIC is recorded in Other assets and amortization of DSIC is recorded in Benefits, claims, losses and settlement expenses.

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Separate Account Assets and Liabilities

Separate account assets represent funds held for the benefit of and Separate account liabilities represent the obligation to the variable annuity contractholders and variable life insurance policyholders who have a contractual right to receive the benefits of their contract or policy and bear the related investment risk. Gains and losses on separate account assets accrue directly to the contractholder or policyholder and are not reported in the Company’s Consolidated Statements of Income. Separate account assets are recorded at fair value and Separate account liabilities are equal to the assets recognized.

Policyholder Account Balances, Future Policy Benefits and Claims

The Company establishes reserves to cover the benefits associated with non-traditional and traditional long-duration products. Non-traditional long-duration products include variable and structured variable annuity contracts, fixed annuity contracts and UL and VUL policies. Traditional long-duration products include term life, whole life, DI and LTC insurance.

Non-Traditional Long-Duration Products

The liabilities for non-traditional long-duration products include fixed account values on variable and fixed annuities and UL and VUL policies, non-life contingent payout annuities, liabilities for guaranteed benefits associated with variable annuities (including structured variable annuities), and embedded derivatives for structured variable annuities, indexed annuities, and IUL products.

Liabilities for fixed account values on variable annuities, structured variable annuities, fixed deferred annuities, and UL and VUL policies are equal to accumulation values, which are the cumulative gross deposits and credited interest less withdrawals and various charges. The liability for non-life contingent payout annuities is recognized as the present value of future payments using the effective yield at inception of the contract.

A portion of the Company’s UL and VUL policies have product features that result in profits followed by losses from the insurance component of the contract. These profits followed by losses can be generated by the cost structure of the product or secondary guarantees in the contract. The secondary guarantee ensures that, subject to specified conditions, the policy will not terminate and will continue to provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges. The liability for these future losses is determined at the reporting date by estimating the death benefits in excess of account value and recognizing the excess over the estimated life based on expected assessments (e.g. cost of insurance charges, contractual administrative charges, similar fees and investment margin). See Note 10 for information regarding the liability for contracts with secondary guarantees. Liabilities for fixed deferred indexed annuity, structured variable annuity and IUL products are equal to the accumulation of host contract values, guaranteed benefits, and the fair value of embedded derivatives.

See Note 12 for information regarding variable annuity guarantees.

Embedded Derivatives

The fair value of embedded derivatives related to structured variable annuities, indexed annuities and IUL fluctuate based on equity markets and interest rates and the estimate of the Company’s nonperformance risk and is recorded in Policyholder account balances, future policy benefits and claims. See Note 14 for information regarding the fair value measurement of embedded derivatives.

Traditional Long-Duration Products

The liabilities for traditional long-duration products include cash flows related to unpaid amounts on reported claims, estimates of benefits payable on claims incurred but not yet reported and estimates of benefits that will become payable on term life, whole life, DI, LTC, and life contingent payout annuity policies as claims are incurred in the future. The claim liability (also referred to as disabled life reserve) is presented together as one liability for future policy benefits.

A liability for future policy benefits, which is the present value of estimated future policy benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of estimated future net premiums to be collected from policyholders, is accrued as premium revenue is recognized. Expected insurance benefits are accrued over the life of the contract in proportion to premium revenue recognized (referred to as the net premium approach). The net premium ratio reflects cash flows from contract inception to contract termination (i.e., through the claim paying period) and cannot exceed 100%.

Assumptions utilized in the net premium approach, including mortality, morbidity, and terminations, are reviewed as part of experience studies at least annually or more frequently if suggested by evidence. Expense assumptions and actual expenses are updated within the net premium calculation consistent with other policyholder assumptions.

The updated cash flows used in the calculation are discounted using a forward rate curve. The discount rate represents an upper-medium-grade (i.e., low credit risk) fixed-income instrument yield (i.e., an A rating) that reflects the duration characteristics of the liability. Discount rates are locked in annually, at the end of each year for all products, except life contingent payout annuities, and calculated as the monthly average discount rate curves for the year. For life contingent payout annuities, the discount rates are locked in quarterly at the end of each quarter based on the average of the three months for the quarter.

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The liability for future policy benefits will be updated for actual experience at least on an annual basis and concurrent with changes to cash flow assumptions. When net premiums are updated for cash flow changes, the estimated cash flows over the entire life of a group of contracts are updated using historical experience and updated future cash flow assumptions.

The revised net premiums are used to calculate an updated liability for future policy benefits as of the beginning of the reporting period, discounted at the original locked in rate (i.e., contract issuance rate). The updated liability for future policy benefits as of the beginning of the reporting period is then compared with the carrying amount of the liability as of that date prior to updating cash flow assumptions to determine the current period remeasurement gain or loss reflected in current period earnings. The revised net premiums are then applied as of the beginning of the quarter to calculate the benefit expense for the current reporting period.

The difference between the updated carrying amount of the liability for future policy benefits measured using the current discount rate assumption and the original discount rate assumption is recognized in OCI. The interest accretion rate remains the original discount rate used at contract issue date.

If the updating of cash flow assumptions results in the present value of future benefits and expenses exceeding the present value of future gross premiums, a charge to net income is recorded for the current reporting period such that net premiums are set equal to gross premiums. In subsequent periods, the liability for future policy benefits is accrued with net premiums set equal to gross premiums.

Contracts (except for life contingent payout annuities sold subsequent to December 31, 2020) are grouped into cohorts by contract type and issue year, as well as by legal entity and reportable segment. Life contingent payout annuities sold in periods beginning in 2021 are grouped into quarterly cohorts.

See Note 10 for information regarding the liabilities for traditional long-duration products.

Deferred Profit Liability

For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (“DPL”). Gross premiums are measured using assumptions consistent with those used in the measurement of the liability for future policy benefits, including discount rate, mortality, lapses and expenses.

The DPL is amortized and recognized as premium revenue in proportion to expected future benefit payments from annuity contracts. Interest is accreted on the balance of the DPL using the discount rate determined at contract issuance. The Company reviews and updates its estimate of cash flows from the DPL at the same time as the estimates of cash flows for the liability for future policy benefits. When cash flows are updated, the updated estimates are used to recalculate the DPL at contract issuance. The recalculated DPL as of the beginning of the current reporting period is compared to the carrying amount of the DPL as of the beginning of the current reporting period, and any difference is recognized as either a charge or credit to premium revenue.

DPL is recorded in Policyholder account balances, future policy benefits and claims and included as a reconciling item within Note 10.

Unearned Revenue Liability

The Company’s UL and VUL policies require payment of fees or other policyholder assessments in advance for services to be provided in future periods. These charges are deferred as unearned revenue and amortized consistent with DAC amortization factors. The unearned revenue liability is recorded in Other liabilities and the amortization is recorded in Policy and contract charges.

Income Taxes

The Company qualifies as a life insurance company for federal income tax purposes. As such, the Company is subject to the Internal Revenue Code provisions applicable to life insurance companies.

The Company’s taxable income is included in the consolidated federal income tax return of Ameriprise Financial. The Company provides for income taxes on a separate return basis, except that, under an agreement between Ameriprise Financial and the Company, 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 the Company 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.

The Company’s provision for income taxes represents the net amount of income taxes that the Company expects to pay or to receive from various taxing jurisdictions in connection with its operations. The Company provides for income taxes based on amounts that the Company 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.

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RiverSource Life Insurance Company

In connection with the provision for income taxes, the 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.

The Company is required to establish a valuation allowance for any portion of its 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. Management may need to identify and implement appropriate planning strategies to ensure its ability to realize deferred tax assets and reduce the likelihood of the establishment of a valuation allowance with respect to such assets. See Note 20 for additional information on the Company’s valuation allowance.

Changes in tax rates and tax law are accounted for in the period of enactment. Deferred tax assets and liabilities are adjusted for the effect of a change in tax laws or rates and the effect is included in net income.

Revenue Recognition

Premiums on traditional life, DI and LTC insurance products and life contingent payout annuities are net of reinsurance ceded and are recognized as revenue when due.

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.

Mortality and expense risk fees are based on a percentage of the fair value of assets held in the Company’s separate accounts and recognized when assessed. Variable annuity guaranteed benefit rider charges, cost of insurance charges on UL and VUL insurance and contract charges (net of reinsurance premiums and cost of reinsurance for UL insurance products) and surrender charges on annuities and UL and VUL insurance are recognized as revenue when assessed.

Realized gains and losses on the sale of securities, other than equity method investments, are recognized using the specific identification method, on a trade date basis.

Fees received under marketing support and distribution services arrangements are recognized as revenue when earned.

See Note 4 for further discussion of accounting policies on revenue from contracts with customers.

3. 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 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. The Company adopted the standard on January 1, 2023. The adoption of this update did not have an impact on the Company’s consolidated financial condition and results of operations and modifications to disclosures are immaterial in the current period.

Financial Services — Insurance — Targeted Improvements to the Accounting for Long-Duration Contracts

In August 2018, the FASB updated the accounting standard related to long-duration insurance contracts (ASU 2018-12). The guidance changes elements of the measurement models and disclosure requirements for an insurer’s long-duration insurance contract benefits and acquisition costs by expanding the use of fair value accounting to certain contract benefits, requiring updates, if any, and at least annually, to assumptions used to measure liabilities for future policy benefits, changing the amortization pattern of deferred acquisition costs to a constant-level basis and removing certain shadow adjustments previously recorded in AOCI. Adoption of the accounting standard did not impact overall cash flows, insurance subsidiaries’ dividend capacity, or regulatory capital requirements.

F-16

RiverSource Life Insurance Company

When the Company adopted the standard effective January 1, 2023 with a transition date of January 1, 2021 (the “transition date”), opening equity was adjusted for the adoption impacts to retained earnings and AOCI and prior periods presented (i.e. 2021 and 2022) were restated. The adoption impact as of January 1, 2021 was a reduction in total equity of $1.9 billion, of which $0.9 billion and $1.0 billion were reflected in retained earnings and AOCI, respectively.

The following table presents the effects of the adoption of the above new accounting standard to the Company’s previously reported Consolidated Balance Sheets:


(in millions)	As Filed December 31, 2022			Adjustment			Post-adoption December 31, 2022			As Filed December 31, 2021			Adjustment			Post-adoption December 31, 2021
Assets
Market risk benefits	$	—		$	1,015		$	1,015		$	—		$	539		$	539
Reinsurance recoverables (allowance for credit losses: 2022, $23; 2021, $11)		4,412			(184	)		4,228			4,529			927			5,456
Deferred acquisition costs		3,141			(382	)		2,759			2,757			64			2,821
Other assets		4,791			(65	)		4,726			7,015			296			7,311
Total assets	$	115,019		$	384		$	115,403		$	139,427		$	1,826		$	141,253
Liabilities and Shareholder’s Equity
Liabilities:
Policyholder account balances, future policy benefits and claims	$	36,057		$	(1,935	)	$	34,122		$	35,744		$	(727	)	$	35,017
Market risk benefits		—			2,118			2,118			—			3,440			3,440
Other liabilities		4,120			11			4,131			6,303			216			6,519
Total liabilities		114,236			194			114,430			137,286			2,929			140,215
Shareholder’s equity:
Accumulated deficit		(799	)		387			(412	)		(912	)		(202	)		(1,114	)
Accumulated other comprehensive income (loss), net of tax		(887	)		(197	)		(1,084	)		584			(901	)		(317	)
Total shareholder’s equity		783			190			973			2,141			(1,103	)		1,038
Total liabilities and shareholder’s equity	$	115,019		$	384		$	115,403		$	139,427		$	1,826		$	141,253

The following table presents the effects of the adoption of the above new accounting standard to the Company’s previously reported Consolidated Statements of Income:


	Years Ended December 31,
(in millions)	As Filed 2022		Adjustment			Post-adoption 2022		As Filed 2021		Adjustment			Post-adoption 2021
Revenues
Policy and contract charges	$	2,091	$	(13	)	$	2,078	$	2,304	$	(54	)	$	2,250
Total revenues		3,768		(13	)		3,755		3,471		(54	)		3,417
Benefits and expenses
Benefits, claims, losses and settlement expenses		1,366		(1,130	)		236		715		(872	)		(157	)
Remeasurement (gains) losses of future policy benefit reserves		—		1			1		—		(52	)		(52	)
Change in fair value of market risk benefits		—		311			311		—		(113	)		(113	)
Amortization of deferred acquisition costs		196		45			241		112		133			245
Other insurance and operating expenses		670		12			682		738		13			751
Total benefits and expenses		3,005		(761	)		2,244		2,270		(891	)		1,379
Pretax income (loss)		763		748			1,511		1,201		837			2,038
Income tax provision (benefit)		50		159			209		137		179			316
Net income (loss)	$	713	$	589		$	1,302	$	1,064	$	658		$	1,722

The adoption of the standard did not affect the previously reported totals for net cash flows provided by (used in) operating, investing, or financing activities.

Leases — Common Control Arrangements

In March 2023, the FASB proposed amendments to ASU 2016-02, Leases (“Topic 842”). The update applicable to all entities requires leasehold improvements associated with common control leases to be amortized over the useful life of the leasehold improvements to the common control group as long as the lessee controls the use of the underlying asset through a lease and to be accounted for as a transfer between entities under common control through an adjustment to equity if, and when, the lessee no longer controls the use of the underlying asset. The amendments are effective for interim and annual periods beginning after December 15, 2023. Early adoption is permitted for both interim and annual financial statements that have not yet been made

F-17

RiverSource Life Insurance Company

available for issuance. The Company early adopted the update during the second quarter of 2023 and will apply the amendments prospectively as of the beginning of 2023 to all new and existing leasehold improvements recognized on or after that date with any remaining unamortized balance of existing leasehold improvements amortized over their remaining useful life to the common control group determined at that date. The adoption of this update did not have a material impact on the Company’s consolidated financial condition and results of operations.

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 financial condition and results of operations 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 financial condition and results of operations as the standard is disclosure-related only.

4. REVENUE FROM CONTRACTS WITH CUSTOMERS

The following table presents disaggregated revenue from contracts with customers and a reconciliation to total revenues reported on the Consolidated Statements of Income:


	Years Ended December 31,
(in millions)	2023		2022		2021
Policy and contract charges
Affiliated (from Columbia Management Investment Distributors, Inc.)	$	152	$	164	$	193
Unaffiliated		14		14		17
Total		166		178		210
Other revenues
Administrative fees
Affiliated (from Columbia Management Investment Services, Corp.)		39		42		49
Unaffiliated		17		18		20
		56		60		69
Other fees
Affiliated (from Columbia Management Investment Advisers, LLC (“CMIA”) and Columbia Wanger Asset Management, LLC)		307		334		389
Unaffiliated		4		4		5
		311		338		394
Total		367		398		463
Total revenue from contracts with customers		533		576		673
Revenue from other sources⁽¹⁾		3,759		3,179		2,744
Total revenues	$	4,292	$	3,755	$	3,417

⁽¹⁾	Amounts primarily consist of revenue associated with insurance and annuity products and investment income from financial instruments.

The following discussion describes the nature, timing, and uncertainty of revenues and cash flows arising from the Company’s contracts with customers.

Policy and Contract Charges

The Company earns revenue for providing distribution-related services to affiliated and unaffiliated mutual funds that are available as underlying investments in its variable annuity and variable life insurance products. The performance obligation is satisfied at the time the mutual fund is distributed. Revenue is recognized over the time the mutual fund is held in the variable product and is generally earned based on a fixed rate applied, as a percentage, to the net asset value of the fund. The revenue is

F-18

RiverSource Life Insurance Company

not recognized at the time of sale because it is variably constrained due to factors outside the Company’s control, including market volatility and how long the fund(s) remain in the insurance policy or annuity contract. The revenue will not be recognized until it is probable that a significant reversal will not occur. These fees are accrued and collected on a monthly basis.

Other Revenues

Administrative Fees

The Company earns revenue for providing customer support, contract servicing and administrative services for affiliated and unaffiliated mutual funds that are available as underlying instruments in its variable annuity and variable life insurance products. The transfer agent and administration revenue is earned daily based on a fixed rate applied, as a percentage, to assets under management. These performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. These fees are accrued and collected on a monthly basis.

Other Fees

The Company earns revenue for providing affiliated and unaffiliated partners an opportunity to educate the financial advisors of its affiliate, AFS, that sell the Company’s products as well as product and marketing personnel to support the offer, sale and servicing of funds within the Company’s variable annuity and variable life insurance products. These payments allow the parties to train and support the advisors, explain the features of their products, and distribute marketing and educational materials. The affiliated revenue is earned based on a rate, updated at least annually, which is applied, as a percentage, to the market value of assets invested. The unaffiliated revenue is earned based on a fixed rate applied, as a percentage, to the market value of assets invested. These performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. These fees are accrued and collected on a monthly basis.

Receivables

Receivables for revenue from contracts with customers are recognized when the performance obligation is satisfied and the Company has an unconditional right to the revenue. Receivables related to revenues from contracts with customers were $49 million and $48 million as of December 31, 2023 and 2022, respectively.

5. VARIABLE INTEREST ENTITIES

The Company provides asset management services to CLOs which are considered to be VIEs that are sponsored by the Company. In addition, the Company invests in structured investments other than CLOs and certain affordable housing partnerships which are considered VIEs. The Company consolidates the CLOs if the Company is deemed to be the primary beneficiary. The Company has no obligation to provide financial or other support to the non-consolidated VIEs beyond its initial investment and existing future funding commitments, and the Company has not provided any additional support to these entities. The Company has unfunded commitments related to consolidated CLOs of $24 million and $30 million as of December 31, 2023 and 2022, respectively.

See Note 2 for further discussion of the Company’s accounting policy on consolidation.

Structured Investments

The Company invests in structured investments which are considered VIEs for which it is not the sponsor. These structured investments typically invest in fixed income instruments and are managed by third parties and include asset backed securities and commercial and residential mortgage backed securities. The Company classifies these investments as Available-for-Sale securities. The Company has determined that it is not the primary beneficiary of these structures due to the size of the Company’s investment in the entities and position in the capital structure of these entities.

Additionally, the Company invests in CLOs for which it is the sponsor. CLOs are asset backed financing entities collateralized by a pool of assets, primarily syndicated loans and, to a lesser extent, high-yield bonds. Multiple tranches of debt securities are issued by a CLO, offering investors various maturity and credit risk characteristics. The debt securities issued by the CLOs are non-recourse to the Company. The CLO’s debt holders have recourse only to the assets of the CLO. The assets of the CLOs cannot be used by the Company. Scheduled debt payments are based on the performance of the CLO’s collateral pool. The Company earns management fees from the CLOs based on the value of the CLO’s collateral pool and, in certain instances, may also receive incentive fees. The fee arrangement is at market and commensurate with the level of effort required to provide those services. The Company has invested in a portion of the unrated, junior subordinated notes and highly rated senior notes of certain CLOs. The Company consolidates certain CLOs where it is the primary beneficiary and has the power to direct the activities that most significantly impact the economic performance of the CLO.

The Company’s maximum exposure to loss with respect to structured investments and non-consolidated CLOs is limited to its amortized cost. The Company classifies these investments as Available-for-Sale securities. See Note 6 for additional information on these investments.

Affordable Housing Partnerships and Other Real Estate Partnerships

The Company is a limited partner in affordable housing partnerships that qualify for government-sponsored low income housing tax credit programs and partnerships that invest in multi-family residential properties that were originally developed with an

F-19

RiverSource Life Insurance Company

affordable housing component. The Company has determined it is not the primary beneficiary and therefore does not consolidate these partnerships.

A majority of the limited partnerships are VIEs. The Company’s maximum exposure to loss as a result of its investment in the VIEs is limited to the carrying value. The carrying value is reflected in other investments and was $70 million and $92 million as of December 31, 2023 and 2022, respectively. The Company’s liability related to original purchase commitments not yet remitted to the VIEs was not material as of December 31, 2023 and 2022, respectively. The Company has not provided any additional support and is not contractually obligated to provide additional support to the VIEs beyond the funding commitments.

Fair Value of Assets and Liabilities

The Company categorizes its fair value measurements according to a three-level hierarchy. See Note 14 for the definition of the three levels of the fair value hierarchy.

The following tables present the balances of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis:


	December 31, 2023
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Investments:
Corporate debt securities	$	—	$	40	$	—	$	40
Common stocks		—		5		—		5
Syndicated loans		—		1,991		63		2,054
Total investments		—		2,036		63		2,099
Receivables		—		28		—		28
Other assets		—		1		—		1
Total assets at fair value	$	—	$	2,065	$	63	$	2,128
Liabilities
Debt⁽¹⁾	$	—	$	2,155	$	—	$	2,155
Other liabilities		—		45		—		45
Total liabilities at fair value	$	—	$	2,200	$	—	$	2,200


	December 31, 2022
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Investments:
Corporate debt securities	$	—	$	35	$	—	$	35
Common stocks		—		3		—		3
Syndicated loans		—		2,191		125		2,316
Total investments		—		2,229		125		2,354
Receivables		—		20		—		20
Other assets		—		1		1		2
Total assets at fair value	$	—	$	2,250	$	126	$	2,376
Liabilities
Debt⁽¹⁾	$	—	$	2,363	$	—	$	2,363
Other liabilities		—		119		—		119
Total liabilities at fair value	$	—	$	2,482	$	—	$	2,482

⁽¹⁾	The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.1 billion and $2.4 billion as of December 31, 2023 and 2022, respectively.

F-20

RiverSource Life Insurance Company

The following tables provide a summary of changes in Level 3 assets held by consolidated investment entities measured at fair value on a recurring basis:


(in millions)	Syndicated Loans			Other Assets
Balance at January 1, 2023	$	125		$	1
Total gains (losses) included in:
Net income		(4	)⁽¹⁾		—
Purchases		45			—
Sales		(10	)		—
Settlements		(16	)		—
Transfers into Level 3		122			—
Transfers out of Level 3		(199	)		(1	)
Balance at December 31, 2023	$	63		$	—
Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2023	$	(1	)⁽¹⁾	$	—


(in millions)	Common Stocks			Syndicated Loans			Other Assets
Balance at January 1, 2022	$	—		$	64		$	3
Total gains (losses) included in:
Net income		—			(11	)⁽¹⁾		—
Purchases		—			69			—
Sales		—			(4	)		—
Settlements		—			(8	)		—
Transfers into Level 3		2			218			1
Transfers out of Level 3		(2	)		(203	)		(3	)
Balance at December 31, 2022	$	—		$	125		$	1
Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2022	$	—		$	(10	)⁽¹⁾	$	—


(in millions)	Syndicated Loans			Other Assets
Balance at January 1, 2021	$	92		$	2
Total gains (losses) included in:
Net income		2	⁽¹⁾		1	⁽¹⁾
Purchases		106			—
Sales		(38	)		—
Settlements		(49	)		—
Transfers into Level 3		119			2
Transfers out of Level 3		(150	)		(2	)
Deconsolidation of consolidated investment entities		(18	)		—
Balance at December 31, 2021	$	64		$	3
Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2021	$	—		$	1	⁽¹⁾

⁽¹⁾	Included in Net investment income.

Securities and loans transferred from Level 3 primarily represent assets with fair values that are now obtained from a third-party pricing service with observable inputs or priced in active markets. Securities and loans transferred to Level 3 represent assets with fair values that are now based on a single non-binding broker quote.

All Level 3 measurements as of December 31, 2023 and 2022 were obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company.

Determination of Fair Value

Assets

Investments

The fair value of syndicated loans obtained from third-party pricing services using a market approach with observable inputs is classified as Level 2. The fair value of syndicated loans obtained from third-party pricing services with a single non-binding broker quote as the underlying valuation source is classified as Level 3. The underlying inputs used in non-binding broker quotes are not readily available to the Company. See Note 14 for a description of the Company’s determination of the fair value of corporate debt securities, common stocks and other investments.

Receivables

For receivables of the consolidated CLOs, the carrying value approximates fair value as the nature of these assets has historically been short-term and the receivables have been collectible. The fair value of these receivables is classified as Level 2.

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RiverSource Life Insurance Company

Liabilities

Debt

The fair value of the CLOs’ assets, typically syndicated bank loans, is more observable than the fair value of the CLOs’ debt tranches for which market activity is limited and less transparent. As a result, the fair value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets and is classified as Level 2.

Other Liabilities

Other liabilities consist primarily of securities purchased but not yet settled held by consolidated CLOs. The carrying value approximates fair value as the nature of these liabilities has historically been short-term. The fair value of these liabilities is classified as Level 2. Other liabilities also include accrued interest on CLO debt.

Fair Value Option

The Company has elected the fair value option for the financial assets and liabilities of the consolidated CLOs. Management believes that the use of the fair value option better matches the changes in fair value of assets and liabilities related to the CLOs.

The following table presents the fair value and unpaid principal balance of loans and debt for which the fair value option has been elected:


	December 31,
(in millions)	2023			2022
Syndicated loans
Unpaid principal balance	$	2,190		$	2,525
Excess unpaid principal over fair value		(136	)		(209	)
Fair value	$	2,054		$	2,316
Fair value of loans more than 90 days past due	$	—		$	—
Fair value of loans in nonaccrual status		13			23
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both		40			48
Debt
Unpaid principal balance	$	2,362		$	2,636
Excess unpaid principal over fair value		(207	)		(273	)
Carrying value ⁽¹⁾	$	2,155		$	2,363

⁽¹⁾	The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.1 billion and $2.4 billion as of December 31, 2023 and 2022, respectively.

Interest income from syndicated loans, bonds and structured investments is recorded based on contractual rates in Net investment income. Gains and losses related to changes in the fair value of investments are recorded in Net investment income and gains and losses on sales of investments are recorded in Net realized investment gains (losses). Interest expense on debt is recorded in Interest and debt expense with gains and losses related to changes in the fair value of debt recorded in Net investment income.

Total net gains (losses) recognized in Net investment income related to the changes in fair value of investments the Company owns in the consolidated CLOs where it has elected the fair value option and collateralized financing entity accounting were immaterial for the years ended December 31, 2023, 2022 and 2021.

Debt of the consolidated investment entities and the stated interest rates were as follows:


	Carrying Value				Weighted Average Interest Rate
	December 31,				December 31,
(in millions)	2023		2022		2023			2022
Debt of consolidated CLOs due 2028-2034	$	2,155	$	2,363		6.6	%		5.3	%

The debt of the consolidated CLOs has both fixed and floating interest rates, which range from nil to 14.8%. The interest rates on the debt of CLOs are weighted average rates based on the outstanding principal and contractual interest rates.

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RiverSource Life Insurance Company

6. INVESTMENTS

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


	December 31, 2023
Description of Securities (in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses			Fair Value
Fixed maturities:
Corporate debt securities	$	10,828	$	405	$	(497	)	$	(1	)	$	10,735
Residential mortgage backed securities		3,886		20		(264	)		—			3,642
Commercial mortgage backed securities		2,784		6		(193	)		—			2,597
State and municipal obligations		717		61		(19	)		(1	)		758
Asset backed securities		1,545		7		(21	)		—			1,531
Foreign government bonds and obligations		12		—		—			—			12
U.S. government and agency obligations		99		—		—			—			99
Total	$	19,871	$	499	$	(994	)	$	(2	)	$	19,374


	December 31, 2022
Description of Securities (in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses			Fair Value
Fixed maturities:
Corporate debt securities	$	9,349	$	180	$	(803	)	$	(20	)	$	8,706
Residential mortgage backed securities		3,254		8		(303	)		—			2,959
Commercial mortgage backed securities		2,904		2		(255	)		—			2,651
State and municipal obligations		761		53		(26	)		(2	)		786
Asset backed securities		1,025		10		(38	)		—			997
Foreign government bonds and obligations		37		—		(2	)		—			35
U.S. government and agency obligations		1		—		—			—			1
Total	$	17,331	$	253	$	(1,427	)	$	(22	)	$	16,135

As of December 31, 2023 and 2022, accrued interest of $168 million and $139 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Accrued investment income.

As of December 31, 2023 and 2022, fixed maturity securities comprised approximately 87% and 85%, respectively, of the Company’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”). The Company 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, the Company may utilize ratings from other NRSROs or rate the securities internally. As of December 31, 2023 and 2022, $265 million and $257 million, respectively, of securities were internally rated by CMIA, an affiliate of the Company, using criteria similar to those used by NRSROs.

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


	December 31, 2023							December 31, 2022
Ratings (in millions, except percentages)	Amortized Cost		Fair Value		Percent of Total Fair Value			Amortized Cost		Fair Value		Percent of Total Fair Value
AAA	$	4,558	$	4,337		22	%	$	6,313	$	5,754		36	%
AA		3,961		3,799		20			1,159		1,188		7
A		2,213		2,279		12			1,572		1,594		10
BBB		8,813		8,633		44			7,646		7,023		43
Below investment grade ⁽¹⁾		326		326		2			641		576		4
Total fixed maturities	$	19,871	$	19,374		100	%	$	17,331	$	16,135		100	%

⁽¹⁾

The amortized cost of below investment grade securities includes interest in non-consolidated CLOs managed by the Company of $1 million as of both December 31, 2023 and 2022. The fair value of below investment grade securities includes interest in non-consolidated CLOs managed by the Company of $1 million as of both December 31, 2023 and 2022. These securities are not rated but are included in below investment grade due to their risk characteristics.

F-23

RiverSource Life Insurance Company

As of December 31, 2023, approximately 61% 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 36% of securities rated AAA were GNMA, FNMA and FHLMC mortgage backed securities. As of December 31, 2023, the Company had holdings in Ameriprise Advisor Financing 2, LLC (“AAF 2”), an affiliate of the Company, totaling $554 million that was 48% of the Company’s total shareholder’s equity. Also, the Company had an additional 34 issuers with holdings totaling $5.8 billion that individually were between 10% and 23% of the Company’s total shareholder’s equity as of December 31, 2023. As of December 31, 2022, the Company had holdings in AAF 2 totaling $544 million that was 56% of the Company’s total shareholder’s equity. Also, the Company had an additional 30 issuers with holdings totaling $4.4 billion that individually were between 10% and 22% of the Company’s total shareholder’s equity as of December 31, 2022. There were no other holdings of any other issuer greater than 10% of the Company’s 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 for which no allowance for credit losses has been recorded:


	December 31, 2023
(in millions, except number of securities)	Less than 12 months							12 months or more							Total
Description of Securities	Number of Securities		Fair Value		Unrealized Losses			Number of Securities		Fair Value		Unrealized Losses			Number of Securities		Fair Value		Unrealized Losses
Corporate debt securities		43	$	410	$	(8	)		340	$	4,735	$	(489	)		383	$	5,145	$	(497	)
Residential mortgage backed securities		30		389		(4	)		204		2,114		(260	)		234		2,503		(264	)
Commercial mortgage backed securities		20		264		(4	)		196		2,062		(189	)		216		2,326		(193	)
State and municipal obligations		5		29		(1	)		47		137		(18	)		52		166		(19	)
Asset backed securities		5		102		—			32		684		(21	)		37		786		(21	)
Foreign government bonds and obligations		—		—		—			2		6		—			2		6		—
U.S. government and agency obligations		1		—		—			—		—		—			1		—		—
Total		104	$	1,194	$	(17	)		821	$	9,738	$	(977	)		925	$	10,932	$	(994	)

	December 31, 2022
(in millions, except number of securities)	Less than 12 months							12 months or more							Total
Description of Securities	Number of Securities		Fair Value		Unrealized Losses			Number of Securities		Fair Value		Unrealized Losses			Number of Securities		Fair Value		Unrealized Losses
Corporate debt securities		405	$	5,028	$	(443	)		100	$	1,532	$	(360	)		505	$	6,560	$	(803	)
Residential mortgage backed securities		189		1,643		(117	)		52		826		(186	)		241		2,469		(303	)
Commercial mortgage backed securities		176		1,746		(149	)		58		666		(106	)		234		2,412		(255	)
State and municipal obligations		40		126		(15	)		26		59		(11	)		66		185		(26	)
Asset backed securities		39		808		(28	)		4		60		(10	)		43		868		(38	)
Foreign government bonds and obligations		10		32		(1	)		1		1		(1	)		11		33		(2	)
Total		859	$	9,383	$	(753	)		241	$	3,144	$	(674	)		1,100	$	12,527	$	(1,427	)

As part of the Company’s ongoing monitoring process, management determined that 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. The Company did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors. The Company does not intend to sell these securities and does not believe that it is more likely than not that the Company 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 94% and 93%, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.

F-24

RiverSource Life Insurance Company

The following table presents a rollforward of the allowance for credit losses on Available-for-Sale securities:


(in millions)	Corporate Debt Securities			State and Municipal Obligations			Total
Balance at January 1, 2021	$	10		$	—		$	10
Additions for which credit losses were not previously recorded		—			1			1
Charge-offs		(10	)		—			(10	)
Balance at December 31, 2021		—			1			1
Additions for which credit losses were not previously recorded		20			—			20
Additional increases (decreases) on securities that had an allowance recorded in a previous period		—			1			1
Balance at December 31, 2022		20			2			22
Additions for which credit losses were not previously recorded		1			—			1
Reductions for securities sold during the period (realized)		(20	)		(1	)		(21	)
Balance at December 31, 2023	$	1		$	1		$	2

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


	Years Ended December 31,
(in millions)	2023			2022			2021
Gross realized investment gains	$	11		$	28		$	576
Gross realized investment losses		(57	)		(25	)		(6	)
Credit reversals (losses)		20			(21	)		(1	)
Other impairments		(1	)		(70	)		(13	)
Total	$	(27	)	$	(88	)	$	556

Previously recorded allowance for credit losses was reversed during the year ended December 31, 2023 primarily due to the sale of a corporate debt security in the communications industry. Credit losses for the year ended December 31, 2022 primarily related to recording an allowance for credit losses on a corporate debt security in the communications industry. Credit losses for the year ended December 31, 2021 primarily related to recording an allowance for credit losses on certain state and municipal securities. Other impairments for the years ended December 31, 2023, 2022 and 2021 related to Available-for-Sale securities which the Company intended to sell.

See Note 19 for a rollforward of net unrealized investment gains (losses) included in AOCI.

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


(in millions)	Amortized Cost		Fair Value
Due within one year	$	552	$	546
Due after one year through five years		1,845		1,812
Due after five years through 10 years		4,280		4,018
Due after 10 years		4,979		5,228
		11,656		11,604
Residential mortgage backed securities		3,886		3,642
Commercial mortgage backed securities		2,784		2,597
Asset backed securities		1,545		1,531
Total	$	19,871	$	19,374

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.

The following is a summary of Net investment income:


	Years Ended December 31,
(in millions)	2023		2022		2021
Fixed maturities	$	830	$	615	$	643
Mortgage loans		69		73		102
Other investments		431		159		101
		1,330		847		846
Less: investment expenses		26		20		19
Total	$	1,304	$	827	$	827

F-25

RiverSource Life Insurance Company

Net realized investment gains (losses) are summarized as follows:


	Years Ended December 31,
(in millions)	2023			2022			2021
Fixed maturities	$	(27	)	$	(88	)	$	556
Mortgage loans		1			(1	)		57
Other investments		(44	)		(11	)		(18	)
Total	$	(70	)	$	(100	)	$	595

7. FINANCING RECEIVABLES

Financing receivables are comprised of commercial loans, policy loans and deposit receivables. See Note 2 for information regarding the Company’s accounting policies related to financing receivables and the allowance for credit losses.

Allowance for Credit Losses

The following table presents a rollforward of the allowance for credit losses:


(in millions)	Commercial Loans
Balance at January 1, 2021	$	35
Provisions		(23	)
Balance at December 31, 2021		12
Provisions		1
Charge-offs		(2	)
Balance at December 31, 2022		11
Provisions		(1	)
Balance at December 31, 2023	$	10

The decrease in the allowance for credit losses provision for commercial loans in 2021 reflected the sale of certain commercial mortgage loans and syndicated loans in conjunction with the fixed deferred and payout annuity reinsurance transaction in 2021.

As of December 31, 2023 and 2022, accrued interest on commercial loans was $15 million and $14 million, respectively, and is recorded in Accrued investment income and excluded from the amortized cost basis of commercial loans.

Purchases and Sales

There were no commercial mortgage loans sold for the years ended December 31, 2023 and 2022. During the year ended December 31, 2021, the Company sold $746 million of commercial mortgage loans.

During the years ended December 31, 2023, 2022 and 2021, the Company purchased $1 million, $42 million and $26 million, respectively, of syndicated loans, and sold $1 million, nil and $340 million, respectively, of syndicated loans.

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

Credit Quality Information

There were no nonperforming loans as of both December 31, 2023 and 2022. All loans were considered to be performing.

Commercial Loans

Commercial Mortgage Loans

The Company reviews the credit worthiness of the borrower and the performance of the underlying properties in order to determine the risk of loss on commercial mortgage loans. Loan-to-value ratio is the primary credit quality indicator included in this review.

Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates when credit risk changes. Commercial mortgage loans which management has assigned its highest risk rating were less than 1% of total commercial mortgage loans as of both December 31, 2023 and 2022. Loans with the highest risk rating represent distressed loans which the Company 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.

F-26

RiverSource Life Insurance Company

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


	December 31, 2023
Loan-to-Value Ratio (in millions)	2023		2022		2021		2020		2019		Prior		Total
> 100%	$	—	$	—	$	—	$	—	$	2	$	20	$	22
80% - 100%		—		—		—		2		11		49		62
60% - 80%		55		26		6		14		40		102		243
40% - 60%		7		46		129		49		65		343		639
< 40%		7		31		43		37		71		580		769
Total	$	69	$	103	$	178	$	102	$	189	$	1,094	$	1,735


	December 31, 2022
Loan-to-Value Ratio (in millions)	2022		2021		2020		2019		2018		Prior		Total
> 100%	$	—	$	—	$	2	$	2	$	—	$	39	$	43
80% - 100%		1		9		2		20		7		30		69
60% - 80%		39		85		17		52		9		104		306
40% - 60%		49		84		64		80		55		426		758
< 40%		16		8		27		42		78		432		603
Total	$	105	$	186	$	112	$	196	$	149	$	1,031	$	1,779

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, the Company reviews the concentrations of credit risk by region and property type. Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:


	Loans				Percentage
	December 31,				December 31,
(in millions)	2023		2022		2023			2022
East North Central	$	180	$	192		10	%		11	%
East South Central		47		51		3			3
Middle Atlantic		97		100		6			6
Mountain		130		120		8			7
New England		21		17		1			1
Pacific		595		601		34			34
South Atlantic		452		467		26			26
West North Central		105		115		6			6
West South Central		108		116		6			6
Total	$	1,735	$	1,779		100	%		100	%

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


	Loans				Percentage
	December 31,				December 31,
(in millions)	2023		2022		2023			2022
Apartments	$	454	$	465		26	%		26	%
Hotel		13		14		1			1
Industrial		293		295		17			17
Mixed use		54		55		3			3
Office		230		243		13			14
Retail		546		576		32			32
Other		145		131		8			7
Total	$	1,735	$	1,779		100	%		100	%

Syndicated Loans

The investment in syndicated loans as of December 31, 2023 and 2022 was $57 million and $72 million, respectively. The Company’s syndicated loan portfolio is diversified across industries and issuers. There were no syndicated loans past due as of both December 31, 2023 and 2022. The Company 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.

F-27

RiverSource Life Insurance Company

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


	December 31, 2023
Internal Risk Rating (in millions)	2023		2022		2021		2020		2019		Prior		Total
Risk 5	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Risk 4		—		—		—		—		—		—		—
Risk 3		—		—		7		—		1		1		9
Risk 2		6		1		9		2		6		—		24
Risk 1		6		2		9		1		5		1		24
Total	$	12	$	3	$	25	$	3	$	12	$	2	$	57


	December 31, 2022
Internal Risk Rating (in millions)	2022		2021		2020		2019		2018		Prior		Total
Risk 5	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Risk 4		—		—		—		—		—		—		—
Risk 3		—		5		—		3		—		2		10
Risk 2		5		13		2		5		—		11		36
Risk 1		3		5		1		3		5		9		26
Total	$	8	$	23	$	3	$	11	$	5	$	22	$	72

Policy Loans

Policy loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to policy loans, there is no allowance for credit losses.

Deposit Receivables

Deposit receivables were $6.5 billion and $7.4 billion as of December 31, 2023 and 2022, respectively. Deposit receivables are collateralized by the fair value of the assets held in trusts. Based on management’s evaluation of the collateral value relative to the deposit receivables, the allowance for credit losses for deposit receivables was not material as of both December 31, 2023 and 2022.

Modifications with Borrowers Experiencing Financial Difficulty

Modifications of financing receivables with borrowers experiencing financial difficulty by the Company were not material during the year ended December 31, 2023.

8. DEFERRED ACQUISITION COSTS AND DEFERRED SALES INDUCEMENT COSTS

The following tables summarize the balances of and changes in DAC, including the January 1, 2021 adoption of ASU 2018-12.


(in millions)	Variable Annuities			Structured Variable Annuities			Fixed Annuities			Fixed Indexed Annuities			Universal Life Insurance			Variable Universal Life Insurance
Pre-adoption balance at December 31, 2020	$	1,671		$	22		$	43		$	7		$	100		$	452
Effect of shadow reserve adjustments		42			4			18			1			31			53
Post-adoption balance at January 1, 2021		1,713			26			61			8			131			505
Capitalization of acquisition costs		110			71			—			—			3			54
Amortization		(145	)		(6	)		(8	)		(1	)		(9	)		(47	)
Balance at December 31, 2021	$	1,678		$	91		$	53		$	7		$	125		$	512


(in millions)	Indexed Universal Life Insurance			Other Life Insurance			Life Contingent Payout Annuities		Term and Whole Life Insurance			Disability Income Insurance			Total, All Products
Pre-adoption balance at December 31, 2020	$	108		$	(3	)	$	—	$	19		$	89		$	2,508
Effect of shadow reserve adjustments		149			6			—		—			—			304
Post-adoption balance at January 1, 2021		257			3			—		19			89			2,812
Capitalization of acquisition costs		9			—			1		2			4			254
Amortization		(18	)		—			—		(2	)		(9	)		(245	)
Balance at December 31, 2021	$	248		$	3		$	1	$	19		$	84		$	2,821

F-28

RiverSource Life Insurance Company


(in millions)	Variable Annuities			Structured Variable Annuities			Fixed Annuities			Fixed Indexed Annuities			Universal Life Insurance			Variable Universal Life Insurance
Balance at January 1, 2022	$	1,678		$	91		$	53		$	7		$	125		$	512
Capitalization of acquisition costs		39			73			—			—			1			55
Amortization		(135	)		(15	)		(8	)		(1	)		(8	)		(46	)
Balance at December 31, 2022	$	1,582		$	149		$	45		$	6		$	118		$	521


(in millions)	Indexed Universal Life Insurance			Other Life Insurance		Life Contingent Payout Annuities		Term and Whole Life Insurance			Disability Income Insurance			Total, All Products
Balance at January 1, 2022	$	248		$	3	$	1	$	19		$	84		$	2,821
Capitalization of acquisition costs		5			—		1		1			4			179
Amortization		(17	)		—		—		(2	)		(9	)		(241	)
Balance at December 31, 2022	$	236		$	3	$	2	$	18		$	79		$	2,759


(in millions)	Variable Annuities			Structured Variable Annuities			Fixed Annuities			Fixed Indexed Annuities			Universal Life Insurance			Variable Universal Life Insurance
Balance at January 1, 2023	$	1,582		$	149		$	45		$	6		$	118		$	521
Capitalization of acquisition costs		23			83			—			—			—			57
Amortization		(124	)		(24	)		(10	)		(1	)		(8	)		(44	)
Balance at December 31, 2023	$	1,481		$	208		$	35		$	5		$	110		$	534


(in millions)	Indexed Universal Life Insurance			Other Life Insurance			Life Contingent Payout Annuities		Term and Whole Life Insurance			Disability Income Insurance			Total, All Products
Balance at January 1, 2023	$	236		$	3		$	2	$	18		$	79		$	2,759
Capitalization of acquisition costs		4			—			4		1			4			176
Amortization		(17	)		(1	)		—		(2	)		(8	)		(239	)
Balance at December 31, 2023	$	223		$	2		$	6	$	17		$	75		$	2,696

The following tables summarize the balances of and changes in DSIC, including the January 1, 2021 adoption of ASU 2018-12. DSIC are recorded in Other assets.


(in millions)	Variable Annuities			Fixed Annuities			Total, All Products
Pre-adoption balance at December 31, 2020	$	173		$	14		$	187
Effect of shadow reserve adjustments		8			8			16
Post-adoption balance at January 1, 2021		181			22			203
Capitalization of sales inducement costs		1			—			1
Amortization		(18	)		(3	)		(21	)
Balance at December 31, 2021	$	164		$	19		$	183


(in millions)	Variable Annuities			Fixed Annuities			Total, All Products
Balance at January 1, 2022	$	164		$	19		$	183
Capitalization of sales inducement costs		1			—			1
Amortization		(16	)		(3	)		(19	)
Balance at December 31, 2022	$	149		$	16		$	165


(in millions)	Variable Annuities			Fixed Annuities			Total, All Products
Balance at January 1, 2023	$	149		$	16		$	165
Amortization		(15	)		(4	)		(19	)
Balance at December 31, 2023	$	134		$	12		$	146

F-29

RiverSource Life Insurance Company

9. REINSURANCE

The Company reinsures a portion of the insurance risks associated with its traditional life, DI and LTC insurance products through reinsurance agreements with unaffiliated reinsurance companies. The Company reinsures 100% of its insurance risk associated with its life contingent payout annuity policies in force as of June 30, 2021 through a reinsurance agreement with Global Atlantic Financial Group’s subsidiary Commonwealth Annuity and Life Insurance Company. Policies issued on or after July 1, 2021 and policies issued by RiverSource Life of NY are not subject to this reinsurance agreement.

Reinsurance contracts do not relieve the Company from its primary obligation to policyholders.

The Company generally reinsures 90% of the death benefit liability for new term life insurance policies beginning in 2001 (RiverSource Life of NY began in 2002) and new individual UL and VUL insurance policies beginning in 2002 (2003 for RiverSource Life of NY). Policies issued prior to these dates are not subject to these same reinsurance levels.

However, for IUL policies issued after September 1, 2013 and VUL policies issued after January 1, 2014, the Company generally reinsures 50% of the death benefit liability. Similarly, the Company reinsures 50% of the death benefit and morbidity liabilities related to its UL product with LTC benefits.

The maximum amount of life insurance risk the Company will retain is $10 million on a single life and $10 million on any flexible premium survivorship life policy; however, reinsurance agreements are in place such that retaining more than $1.5 million of insurance risk on a single life or a flexible premium survivorship life policy is very unusual. Risk on UL and VUL policies is reinsured on a yearly renewable term basis. Risk on most term life policies starting in 2001 (2002 for RiverSource Life of NY) is reinsured on a coinsurance basis, a type of reinsurance in which the reinsurer participates proportionally in all material risks and premiums associated with a policy.

The Company also has life insurance and fixed annuity risk previously assumed under reinsurance arrangements with unaffiliated insurance companies.

For existing LTC policies, the Company has continued ceding 50% of the risk on a coinsurance basis to subsidiaries of Genworth Financial, Inc. (“Genworth”) and retains the remaining risk. For RiverSource Life of NY, this reinsurance arrangement applies for 1996 and later issues only, which are 89% of the total RiverSource Life of NY in force policies. Under these agreements, the Company has the right, but never the obligation, to recapture some, or all, of the risk ceded to Genworth.

Generally, the Company retains at most $5,000 per month of risk per life on DI policies sold on policy forms introduced in most states starting in 2007 (2010 for RiverSource Life of NY) and reinsures the remainder of the risk on a coinsurance basis with unaffiliated reinsurance companies. The Company retains all risk for new claims on DI contracts sold on other policy forms introduced prior to 2007 (2010 for RiverSource Life of NY). The Company also retains all risk on accidental death benefit claims and substantially all risk associated with waiver of premium provisions.

As of December 31, 2023 and 2022, traditional life and UL insurance policies in force were $198.8 billion and $198.9 billion, respectively, of which $144.7 billion and $146.2 billion as of December 31, 2023 and 2022 were reinsured at the respective year ends.

The effect of reinsurance on premiums for traditional long-duration products was as follows:


	Years Ended December 31,
(in millions)	2023			2022			2021
Direct premiums	$	674		$	530		$	490
Reinsurance ceded		(226	)		(224	)		(1,361	)
Net premiums	$	448		$	306		$	(871	)

Policy and contract charges are presented on the Consolidated Statements of Income net of $180 million, $165 million and $152 million of reinsurance ceded for non-traditional long-duration products for the years ended December 31, 2023, 2022 and 2021, respectively.

The amount of claims recovered through reinsurance on all contracts was $438 million, $435 million and $404 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Reinsurance recoverables include approximately $2.8 billion and $2.7 billion related to LTC risk ceded to Genworth as of December 31, 2023 and 2022, respectively.

Policyholder account balances, future policy benefits and claims include $376 million and $388 million related to previously assumed reinsurance arrangements as of December 31, 2023 and 2022, respectively.

F-30

RiverSource Life Insurance Company

10. POLICYHOLDER ACCOUNT BALANCES, FUTURE POLICY BENEFITS AND CLAIMS

Policyholder account balances, future policy benefits and claims consisted of the following:


	December 31,		December 31,
(in millions)	2023		2022
Policyholder account balances
Policyholder account balances	$	27,947	$	24,986
Future policy benefits
Liability for future policy benefits		7,763		7,495
Deferred profit liability		81		62
Additional liabilities for insurance guarantees		1,321		1,186
Other insurance and annuity liabilities		213		177
Total future policy benefits		9,378		8,920
Policy claims and other policyholders’ funds		210		216
Total policyholder account balances, future policy benefits and claims	$	37,535	$	34,122

Variable Annuities

Purchasers of variable annuities can select from a variety of investment options and can elect to allocate a portion to a fixed account. A vast majority of the premiums received for variable annuity contracts are held in separate accounts where the assets are held for the exclusive benefit of those contractholders.

Most of the variable annuity contracts issued by the Company contain a GMDB. The Company previously offered contracts with GMAB, GMWB, and GMIB provisions. See Note 2 and Note 12 for information regarding the Company’s variable annuity guarantees. See Note 14 and Note 18 for additional information regarding the Company’s derivative instruments used to hedge risks related to these guarantees.

Structured Variable Annuities

Structured variable annuities provide contractholders the option to allocate a portion of their account value to an indexed account held in a non-insulated separate account with the contractholder’s rate of return, which may be positive or negative, tied to selected indices. The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value. The Company hedges the equity and interest rate risk related to the indexed account with freestanding derivative instruments.

Fixed Annuities

Fixed annuities include deferred, payout and fixed deferred indexed annuity contracts. In 2020, the Company discontinued sales of fixed deferred and fixed deferred indexed annuities.

Deferred contracts offer a guaranteed minimum rate of interest and security of the principal invested. Payout contracts guarantee a fixed income payment for life or the term of the contract. Liabilities for fixed annuities in a benefit or payout status are based on future estimated payments using established industry mortality tables and interest rates.

The Company’s fixed index annuity product is a fixed annuity that includes an indexed account. The rate of interest credited above the minimum guarantee for funds allocated to the indexed account is linked to the performance of the specific index for the indexed account (subject to a cap). The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value.

See Note 18 for additional information regarding the Company’s derivative instruments used to hedge the risk related to indexed accounts.

Insurance Liabilities

UL policies accumulate cash value that increases by a fixed interest rate. Purchasers of VUL can select from a variety of investment options and can elect to allocate a portion of their account balance to a fixed account or a separate account. A vast majority of the premiums received for VUL policies are held in separate accounts where the assets are held for the exclusive benefit of those policyholders.

IUL is a UL policy that includes an indexed account. The rate of credited interest for funds allocated by a contractholder to the indexed account is linked to the performance of the specific index for the indexed account (subject to stated account parameters, which include a cap and floor, or a spread). The policyholder may allocate all or a portion of the policy value to a fixed or any available indexed account. The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at at fair value. The Company hedges the interest credited rate including equity and interest rate risk related to the indexed account with freestanding derivative instruments. See Note 18 for additional information regarding the Company’s derivative instruments used to hedge the risk related to IUL.

F-31

RiverSource Life Insurance Company

The Company also offers term life insurance as well as DI products. The Company no longer offers standalone LTC products and whole life insurance but has in force policies from prior years.

Insurance liabilities include accumulation values, incurred but not reported claims, obligations for anticipated future claims, unpaid reported claims and claim adjustment expenses.

The balances of and changes in policyholder account balances were as follows:


(in millions, except percentages)	Variable Annuities			Structured Variable Annuities			Fixed Annuities			Fixed Indexed Annuities			Non-Life Contingent Payout Annuities
Balance at January 1, 2023	$	4,752		$	6,410		$	6,799		$	312		$	471
Contract deposits		73			3,084			47			—			91
Policy charges		(10	)		—			—			—			—
Surrenders and other benefits		(759	)		(156	)		(1,086	)		(10	)		(127	)
Net transfer from (to) separate account liabilities		(25	)		—			—			—			—
Variable account index-linked adjustments		—			1,403			—			—			—
Interest credited		142			1			222			5			9
Balance at December 31, 2023	$	4,173		$	10,742		$	5,982		$	307		$	444
Weighted-average crediting rate		3.3	%		1.8	%		3.6	%		2.0	%		N/A
Cash surrender value⁽¹⁾	$	4,146		$	10,129		$	5,974		$	278			N/A


(in millions, except percentages)	Universal Life Insurance			Variable Universal Life Insurance			Indexed Universal Life Insurance			Other Life Insurance			Total, All Products
Balance at January 1, 2023	$	1,544		$	1,520		$	2,654		$	524		$	24,986
Contract deposits		123			272			193			1			3,884
Policy charges		(176	)		(94	)		(121	)		—			(401	)
Surrenders and other benefits		(69	)		(78	)		(53	)		(44	)		(2,382	)
Net transfer from (to) separate account liabilities		—			(107	)		—			—			(132	)
Variable account index-linked adjustments		—			—			—			—			1,403
Interest credited		52			56			82			20			589
Balance at December 31, 2023	$	1,474		$	1,569		$	2,755		$	501		$	27,947
Weighted-average crediting rate		3.6	%		3.9	%		2.0	%		4.0	%
Net amount at risk	$	8,740		$	57,291		$	14,407		$	141
Cash surrender value⁽¹⁾	$	1,330		$	1,065		$	2,271		$	326


(in millions, except percentages)	Variable Annuities			Structured Variable Annuities			Fixed Annuities			Fixed Indexed Annuities			Non-Life Contingent Payout Annuities
Balance at January 1, 2022	$	4,972		$	4,458		$	7,251		$	323		$	527
Contract deposits		146			2,784			55			—			53
Policy charges		(8	)		—			—			—			—
Surrenders and other benefits		(450	)		(41	)		(744	)		(17	)		(124	)
Net transfer from (to) separate account liabilities		(60	)		—			—			—			—
Variable account index-linked adjustments		—			(791	)		—			—			—
Interest credited		152			—			237			6			15
Balance at December 31, 2022	$	4,752		$	6,410		$	6,799		$	312		$	471
Weighted-average crediting rate		3.2	%		1.1	%		3.5	%		1.9	%		N/A
Cash surrender value⁽¹⁾	$	4,720		$	5,986		$	6,786		$	277			N/A

F-32

RiverSource Life Insurance Company


(in millions, except percentages)	Universal Life Insurance			Variable Universal Life Insurance			Indexed Universal Life Insurance			Other Life Insurance			Total, All Products
Balance at January 1, 2022	$	1,602		$	1,493		$	2,534		$	563		$	23,723
Contract deposits		134			233			218			(3	)		3,620
Policy charges		(178	)		(91	)		(116	)		—			(393	)
Surrenders and other benefits		(67	)		(70	)		(50	)		(56	)		(1,619	)
Net transfer from (to) separate account liabilities		—			(102	)		—			—			(162	)
Variable account index-linked adjustments		—			—			—			—			(791	)
Interest credited		53			57			68			20			608
Balance at December 31, 2022	$	1,544		$	1,520		$	2,654		$	524		$	24,986
Weighted-average crediting rate		3.6	%		3.9	%		2.0	%		4.0	%
Net amount at risk	$	9,187		$	57,354		$	15,043		$	149
Cash surrender value⁽¹⁾	$	1,382		$	1,054		$	2,148		$	348

⁽¹⁾	Cash surrender value represents the amount of the contractholder’s account balances distributable at the balance sheet date less certain surrender charges. For VA and VUL, the cash surrender value shown is the proportion of the total cash surrender value related to their fixed account liabilities.

Refer to Note 12 for the net amount at risk for market risk benefits associated with variable and structured variable annuities. Fixed, fixed indexed, and non-life contingent payout annuities do not have net amount at risk in excess of account value. Net amount at risk for insurance products is calculated as the death benefit amount in excess of applicable account values, host, embedded derivative, and separate account liabilities.

The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates (“GMIRs”) and the range of the difference between rates credited to policyholders and contractholders as of December 31, 2023 and 2022 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated. Rates are reset at management’s discretion, subject to guaranteed minimums.


							December 31, 2023
							Account Values with Crediting Rates
(in millions, except percentages)	Range of Guaranteed Minimum Crediting Rates						At Guaranteed Minimum		1-49 bps above Guaranteed Minimum		50-99 bps above Guaranteed Minimum		100-150 bps above Guaranteed Minimum		Greater than 150 bps above Guaranteed Minimum		Total
Fixed accounts of variable annuities		1	%	–	1.99	%	$	43	$	131	$	52	$	15	$	2	$	243
		2	%	–	2.99	%		137		1		—		—		—		138
		3	%	–	3.99	%		2,214		—		—		1		—		2,215
		4	%	–	5.00	%		1,514		—		—		—		—		1,514

		Total					$	3,908	$	132	$	52	$	16	$	2	$	4,110

Fixed accounts of structured variable annuities		1	%	–	1.99	%	$	1	$	18	$	7	$	2	$	—	$	28
		2	%	–	2.99	%		11		—		—		—		—		11
		3	%	–	3.99	%		—		—		—		—		—		—
		4	%	–	5.00	%		—		—		—		—		—		—

		Total					$	12	$	18	$	7	$	2	$	—	$	39

Fixed annuities		1	%	–	1.99	%	$	107	$	377	$	183	$	93	$	—	$	760
		2	%	–	2.99	%		36		14		1		—		—		51
		3	%	–	3.99	%		2,816		1		—		—		—		2,817
		4	%	–	5.00	%		2,339		—		—		—		—		2,339

		Total					$	5,298	$	392	$	184	$	93	$	—	$	5,967

Non-indexed accounts of fixed indexed annuities		1	%	–	1.99	%	$	—	$	2	$	7	$	13	$	—	$	22
		2	%	–	2.99	%		—		—		—		—		—		—
		3	%	–	3.99	%		—		—		—		—		—		—
		4	%	–	5.00	%		—		—		—		—		—		—

		Total					$	—	$	2	$	7	$	13	$	—	$	22

Universal life insurance		1	%	–	1.99	%	$	—	$	—	$	—	$	—	$	—	$	—
		2	%	–	2.99	%		51		3		9		—		—		63
		3	%	–	3.99	%		854		1		4		4		—		863
		4	%	–	5.00	%		518		1		—		—		—		519

		Total					$	1,423	$	5	$	13	$	4	$	—	$	1,445

F-33

RiverSource Life Insurance Company


							December 31, 2023
							Account Values with Crediting Rates
(in millions, except percentages)	Range of Guaranteed Minimum Crediting Rates						At Guaranteed Minimum			1-49 bps above Guaranteed Minimum			50-99 bps above Guaranteed Minimum			100-150 bps above Guaranteed Minimum			Greater than 150 bps above Guaranteed Minimum			Total
Fixed accounts of variable universal life insurance		1	%	–	1.99	%	$	—		$	2		$	4		$	—		$	24		$	30
		2	%	–	2.99	%		13			12			—			1			8			34
		3	%	–	3.99	%		122			2			3			6			—			133
		4	%	–	5.00	%		607			6			—			—			—			613

		Total					$	742		$	22		$	7		$	7		$	32		$	810

Non-indexed accounts of indexed universal life insurance		1	%	–	1.99	%	$	—		$	—		$	2		$	—		$	—		$	2
		2	%	–	2.99	%		128			—			—			—			—			128
		3	%	–	3.99	%		—			—			—			—			—			—
		4	%	–	5.00	%		—			—			—			—			—			—

		Total					$	128		$	—		$	2		$	—		$	—		$	130

Other life insurance		1	%	–	1.99	%	$	—		$	—		$	—		$	—		$	—		$	—
		2	%	–	2.99	%		—			—			—			—			—			—
		3	%	–	3.99	%		30			—			—			—			—			30
		4	%	–	5.00	%		295			—			—			—			—			295

		Total					$	325		$	—		$	—		$	—		$	—		$	325

Total		1	%	–	1.99	%	$	151		$	530		$	255		$	123		$	26		$	1,085
		2	%	–	2.99	%		376			30			10			1			8			425
		3	%	–	3.99	%		6,036			4			7			11			—			6,058
		4	%	–	5.00	%		5,273			7			—			—			—			5,280

		Total					$	11,836		$	571		$	272		$	135		$	34		$	12,848

Percentage of total account values that reset in:
Next 12 months								99.9	%		99.5	%		99.3	%		100.0	%		100.0	%		99.9	%
> 12 months to 24 months								0.1			0.5			0.6			—			—			0.1
> 24 months								—			—			0.1			—			—			—
Total								100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

F-34

RiverSource Life Insurance Company


							December 31, 2022
							Account Values with Crediting Rates
(in millions, except percentages)	Range of Guaranteed Minimum Crediting Rates						At Guaranteed Minimum		1-49 bps above Guaranteed Minimum		50-99 bps above Guaranteed Minimum		100-150 bps above Guaranteed Minimum		Greater than 150 bps above Guaranteed Minimum		Total
Fixed accounts of variable annuities		1	%	–	1.99	%	$	169	$	102	$	18	$	—	$	—	$	289
		2	%	–	2.99	%		177		—		—		—		—		177
		3	%	–	3.99	%		2,611		—		—		1		—		2,612
		4	%	–	5.00	%		1,611		—		—		—		—		1,611

		Total					$	4,568	$	102	$	18	$	1	$	—	$	4,689

Fixed accounts of structured variable annuities		1	%	–	1.99	%	$	12	$	7	$	3	$	1	$	—	$	23
		2	%	–	2.99	%		—		—		—		—		—		—
		3	%	–	3.99	%		—		—		—		—		—		—
		4	%	–	5.00	%		—		—		—		—		—		—

		Total					$	12	$	7	$	3	$	1	$	—	$	23

Fixed annuities		1	%	–	1.99	%	$	460	$	402	$	132	$	33	$	10	$	1,037
		2	%	–	2.99	%		67		—		—		—		—		67
		3	%	–	3.99	%		3,344		—		—		—		—		3,344
		4	%	–	5.00	%		2,333		—		—		—		—		2,333

		Total					$	6,204	$	402	$	132	$	33	$	10	$	6,781

Non-indexed accounts of fixed indexed annuities		1	%	–	1.99	%	$	1	$	3	$	7	$	14	$	—	$	25
		2	%	–	2.99	%		—		—		—		—		—		—
		3	%	–	3.99	%		—		—		—		—		—		—
		4	%	–	5.00	%		—		—		—		—		—		—

		Total					$	1	$	3	$	7	$	14	$	—	$	25

Universal life insurance		1	%	–	1.99	%	$	—	$	—	$	—	$	—	$	—	$	—
		2	%	–	2.99	%		55		—		1		—		—		56
		3	%	–	3.99	%		885		1		2		—		—		888
		4	%	–	5.00	%		569		—		—		—		—		569

		Total					$	1,509	$	1	$	3	$	—	$	—	$	1,513

Fixed accounts of variable universal life insurance		1	%	–	1.99	%	$	4	$	3	$	2	$	—	$	9	$	18
		2	%	–	2.99	%		30		—		1		2		2		35
		3	%	–	3.99	%		134		1		1		1		—		137
		4	%	–	5.00	%		648		—		—		—		—		648

		Total					$	816	$	4	$	4	$	3	$	11	$	838

Non-indexed accounts of indexed universal life insurance		1	%	–	1.99	%	$	—	$	—	$	3	$	—	$	—	$	3
		2	%	–	2.99	%		126		—		—		—		—		126
		3	%	–	3.99	%		—		—		—		—		—		—
		4	%	–	5.00	%		—		—		—		—		—		—

		Total					$	126	$	—	$	3	$	—	$	—	$	129

Other life insurance		1	%	–	1.99	%	$	—	$	—	$	—	$	—	$	—	$	—
		2	%	–	2.99	%		—		—		—		—		—		—
		3	%	–	3.99	%		32		—		—		—		—		32
		4	%	–	5.00	%		314		—		—		—		—		314

		Total					$	346	$	—	$	—	$	—	$	—	$	346

Total		1	%	–	1.99	%	$	646	$	517	$	165	$	48	$	19	$	1,395
		2	%	–	2.99	%		455		—		2		2		2		461
		3	%	–	3.99	%		7,006		2		3		2		—		7,013
		4	%	–	5.00	%		5,475		—		—		—		—		5,475

		Total					$	13,582	$	519	$	170	$	52	$	21	$	14,344

F-35

RiverSource Life Insurance Company


		December 31, 2022
		Account Values with Crediting Rates
(in millions, except percentages)	Range of Guaranteed Minimum Crediting Rates	At Guaranteed Minimum			1-49 bps above Guaranteed Minimum			50-99 bps above Guaranteed Minimum			100-150 bps above Guaranteed Minimum			Greater than 150 bps above Guaranteed Minimum			Total
Percentage of total account values that reset in:
Next 12 months			99.8	%		96.3	%		93.8	%		100.0	%		100.0	%		99.6	%
> 12 months to 24 months			0.1			3.0			5.8			—			—			0.3
> 24 months			0.1			0.7			0.4			—			—			0.1
Total			100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

The following tables summarize the balances of and changes in the liability for future policy benefits, including the January 1, 2021 adoption of ASU 2018-12:


(in millions)	Life Contingent Payout Annuities			Term and Whole Life Insurance		Disability Income Insurance		Long Term Care Insurance			Total, All Products
Pre-adoption balance at December 31, 2020	$	1,536		$	633	$	530	$	5,749		$	8,448
Effect of shadow reserve adjustments		(175	)		—		—		(566	)		(741	)
Adjustments for loss contracts (with premiums in excess of gross premiums) under the modified retrospective approach		4			—		—		35			39
Effect of change in deferred profit liability		(43	)		—		—		—			(43	)
Effect of remeasurement of the liability at the current single A discount rate		215			265		238		1,965			2,683
Post-adoption balance at January 1, 2021		1,537			898		768		7,183			10,386
Less: reinsurance recoverable		—			601		24		3,623			4,248
Post-adoption balance at January 1, 2021, after reinsurance recoverable	$	1,537		$	297	$	744	$	3,560		$	6,138

F-36

RiverSource Life Insurance Company


(in millions, except percentages)	Life Contingent Payout Annuities			Term and Whole Life Insurance			Disability Income Insurance			Long Term Care Insurance			Total, All Products
Present Value of Expected Net Premiums:
Balance at January 1, 2021	$	—		$	702		$	238		$	1,831		$	2,771
Beginning balance at original discount rate		—			536			183			1,498			2,217
Effect of changes in cash flow assumptions		—			—			—			(6	)		(6	)
Effect of actual variances from expected experience		—			56			(35	)		(61	)		(40	)
Adjusted beginning of year balance	$	—		$	592		$	148		$	1,431		$	2,171
Issuances		38			78			18			—			134
Interest accrual		—			29			9			73			111
Net premiums collected		(38	)		(63	)		(20	)		(184	)		(305	)
Derecognition (lapses)		—			—			—			—			—
Ending balance at original discount rate	$	—		$	636		$	155		$	1,320		$	2,111
Effect of changes in discount rate assumptions		—			141			33			227			401
Balance at December 31, 2021	$	—		$	777		$	188		$	1,547		$	2,512
Present Value of Future Policy Benefits:
Balance at January 1, 2021	$	1,537		$	1,600		$	1,006		$	9,014		$	13,157
Beginning balance at original discount rate		1,321			1,169			714			6,716			9,920
Effect of changes in cash flow assumptions		—			—			—			(8	)		(8	)
Effect of actual variances from expected experience		(14	)		58			(40	)		(124	)		(120	)
Adjusted beginning of year balance	$	1,307		$	1,227		$	674		$	6,584		$	9,792
Issuances		39			78			18			—			135
Interest accrual		53			70			39			347			509
Benefit payments		(168	)		(120	)		(43	)		(336	)		(667	)
Derecognition (lapses)		—			—			—			—			—
Ending balance at original discount rate	$	1,231		$	1,255		$	688		$	6,595		$	9,769
Effect of changes in discount rate assumptions		139			343			226			1,755			2,463
Balance at December 31, 2021	$	1,370		$	1,598		$	914		$	8,350		$	12,232
Adjustment due to reserve flooring	$	—		$	1		$	—		$	—		$	1
Net liability for future policy benefits	$	1,370		$	822		$	726		$	6,803		$	9,721
Less: reinsurance recoverable		1,265			558			25			3,443			5,291
Net liability for future policy benefits, after reinsurance recoverable	$	105		$	264		$	701		$	3,360		$	4,430
Discounted expected future gross premiums	$	—		$	2,005		$	1,158		$	1,623		$	4,786
Expected future gross premiums	$	—		$	2,815		$	1,395		$	1,905		$	6,115
Expected future benefit payments	$	1,707		$	2,159		$	1,217		$	11,568		$	16,651
Weighted average interest accretion rate		4.2	%		6.5	%		5.9	%		5.3	%
Weighted average discount rate		2.6	%		2.8	%		2.8	%		2.9	%
Weighted average duration of liability (in years)		7			8			9			10

F-37

RiverSource Life Insurance Company


(in millions, except percentages)	Life Contingent Payout Annuities			Term and Whole Life Insurance			Disability Income Insurance			Long Term Care Insurance			Total, All Products

Present Value of Expected Net Premiums:
Balance at January 1, 2022	$	—		$	777		$	188		$	1,547		$	2,512
Beginning balance at original discount rate		—			636			155			1,320			2,111
Effect of changes in cash flow assumptions		—			1			1			52			54
Effect of actual variances from expected experience		—			47			(22	)		(48	)		(23	)
Adjusted beginning of year balance	$	—		$	684		$	134		$	1,324		$	2,142
Issuances		42			57			12			—			111
Interest accrual		—			34			7			65			106
Net premiums collected		(42	)		(67	)		(16	)		(169	)		(294	)
Derecognition (lapses)		—			—			—			—			—
Ending balance at original discount rate	$	—		$	708		$	137		$	1,220		$	2,065
Effect of changes in discount rate assumptions		—			(22	)		(3	)		(13	)		(38	)
Balance at December 31, 2022	$	—		$	686		$	134		$	1,207		$	2,027
Present Value of Future Policy Benefits:
Balance at January 1, 2022	$	1,370		$	1,598		$	914		$	8,350		$	12,232
Beginning balance at original discount rate		1,231			1,255			688			6,595			9,769
Effect of changes in cash flow assumptions		—			(8	)		1			42			35
Effect of actual variances from expected experience		(13	)		52			(28	)		(36	)		(25	)
Adjusted beginning of year balance	$	1,218		$	1,299		$	661		$	6,601		$	9,779
Issuances		42			57			12			—			111
Interest accrual		49			73			38			336			496
Benefit payments		(154	)		(116	)		(42	)		(368	)		(680	)
Derecognition (lapses)		—			—			—			—			—
Ending balance at original discount rate	$	1,155		$	1,313		$	669		$	6,569		$	9,706
Effect of changes in discount rate assumptions		(90	)		6			27			(130	)		(187	)
Balance at December 31, 2022	$	1,065		$	1,319		$	696		$	6,439		$	9,519
Adjustment due to reserve flooring	$	—		$	3		$	—		$	—		$	3
Net liability for future policy benefits	$	1,065		$	636		$	562		$	5,232		$	7,495
Less: reinsurance recoverable		949			443			19			2,649			4,060
Net liability for future policy benefits, after reinsurance recoverable	$	116		$	193		$	543		$	2,583		$	3,435
Discounted expected future gross premiums	$	—		$	1,855		$	926		$	1,381		$	4,162
Expected future gross premiums	$	—		$	3,183		$	1,331		$	1,908		$	6,422
Expected future benefit payments	$	1,595		$	2,234		$	1,169		$	11,229		$	16,227
Weighted average interest accretion rate		4.1	%		6.4	%		6.1	%		5.2	%
Weighted average discount rate		5.2	%		5.5	%		5.4	%		5.4	%
Weighted average duration of liability (in years)		6			7			8			9

F-38

RiverSource Life Insurance Company


(in millions, except percentages)	Life Contingent Payout Annuities			Term and Whole Life Insurance			Disability Income Insurance			Long Term Care Insurance			Total, All Products
Present Value of Expected Net Premiums:
Balance at January 1, 2023	$	—		$	686		$	134		$	1,207		$	2,027
Beginning balance at original discount rate		—			708			137			1,220			2,065
Effect of changes in cash flow assumptions		—			(19	)		(19	)		19			(19	)
Effect of actual variances from expected experience		—			(2	)		(18	)		(3	)		(23	)
Adjusted beginning of year balance	$	—		$	687		$	100		$	1,236		$	2,023
Issuances		177			55			12			—			244
Interest accrual		1			36			5			59			101
Net premiums collected		(178	)		(70	)		(12	)		(158	)		(418	)
Derecognition (lapses)		—			—			—			—			—
Ending balance at original discount rate	$	—		$	708		$	105		$	1,137		$	1,950
Effect of changes in discount rate assumptions		—			(5	)		(1	)		9			3
Balance at December 31, 2023	$	—		$	703		$	104		$	1,146		$	1,953
Present Value of Future Policy Benefits:
Balance at January 1, 2023	$	1,065		$	1,319		$	696		$	6,439		$	9,519
Beginning balance at original discount rate		1,155			1,313			669			6,569			9,706
Effect of changes in cash flow assumptions		—			(18	)		(25	)		9			(34	)
Effect of actual variances from expected experience		(10	)		(1	)		(29	)		5			(35	)
Adjusted beginning of year balance	$	1,145		$	1,294		$	615		$	6,583		$	9,637
Issuances		177			56			11			—			244
Interest accrual		50			73			37			329			489
Benefit payments		(150	)		(132	)		(42	)		(405	)		(729	)
Derecognition (lapses)		—			—			—			—			—
Ending balance at original discount rate	$	1,222		$	1,291		$	621		$	6,507		$	9,641
Effect of changes in discount rate assumptions		(58	)		34			40			54			70
Balance at December 31, 2023	$	1,164		$	1,325		$	661		$	6,561		$	9,711
Adjustment due to reserve flooring	$	—		$	5		$	—		$	—		$	5
Net liability for future policy benefits	$	1,164		$	627		$	557		$	5,415		$	7,763
Less: reinsurance recoverable		880			440			22			2,738			4,080
Net liability for future policy benefits, after reinsurance recoverable	$	284		$	187		$	535		$	2,677		$	3,683
Discounted expected future gross premiums	$	—		$	1,764		$	904		$	1,325		$	3,993
Expected future gross premiums	$	—		$	2,938		$	1,269		$	1,786		$	5,993
Expected future benefit payments	$	1,726		$	2,166		$	1,068		$	10,850		$	15,810
Weighted average interest accretion rate		4.2	%		6.2	%		6.1	%		5.0	%
Weighted average discount rate		4.9	%		5.1	%		5.1	%		5.1	%
Weighted average duration of liability (in years)		7			7			8			8

Impacts of the annual review of policy benefit reserves assumptions are reflected within the effect of changes in cash flow assumptions in the disaggregated rollforwards above. The annual review of policy benefit reserves assumptions in the third quarter of 2023 resulted in a net decrease in future policy benefit reserves, primarily due to updates to LTC premium rate increase assumptions. The annual review of policy benefit reserves assumptions in the third quarter of 2022 resulted in a net decrease in future policy benefit reserves, primarily due to updates to LTC morbidity, premium rate increase and benefit reduction assumptions, and updates to Term Life lapse assumptions. The annual review of policy benefit reserves assumptions in the third quarter of 2021 resulted in a net decrease in future policy benefit reserves, primarily due to updates to LTC premium rate increase and benefit reduction assumptions.

F-39

RiverSource Life Insurance Company

The balances of and changes in additional liabilities related to insurance guarantees were as follows:


(in millions, except percentages)	Universal Life Insurance			Variable Universal Life Insurance			Other Life Insurance			Total, All Products
Balance at January 1, 2023	$	1,100		$	74		$	12		$	1,186
Interest accrual		35			5			1			41
Benefit accrual		128			8			2			138
Benefit payments		(50	)		(18	)		(4	)		(72	)
Effect of actual variances from expected experience		(13	)		11			(2	)		(4	)
Impact of change in net unrealized (gains) losses on securities		25			1			6			32
Balance at December 31, 2023	$	1,225		$	81		$	15		$	1,321
Weighted average interest accretion rate		3.0	%		6.9	%		4.0	%
Weighted average discount rate		3.2	%		7.1	%		4.0	%
Weighted average duration of reserves (in years)		10			8			6


(in millions, except percentages)	Universal Life Insurance			Variable Universal Life Insurance			Other Life Insurance			Total, All Products
Balance at January 1, 2022	$	1,120		$	76		$	46		$	1,242
Interest accrual		32			5			1			38
Benefit accrual		108			8			—			116
Benefit payments		(43	)		(14	)		(4	)		(61	)
Effect of actual variances from expected experience		(19	)		2			(2	)		(19	)
Impact of change in net unrealized (gains) losses on securities		(98	)		(3	)		(29	)		(130	)
Balance at December 31, 2022	$	1,100		$	74		$	12		$	1,186
Weighted average interest accretion rate		2.9	%		7.0	%		4.1	%
Weighted average discount rate		3.2	%		7.1	%		4.0	%
Weighted average duration of reserves (in years)		10			8			6

The amount of revenue and interest recognized in the Statement of Income was as follows:


	Years Ended December 31,
	2023				2022				2021
(in millions)	Gross Premiums		Interest Expense		Gross Premiums		Interest Expense		Gross Premiums		Interest Expense
Life contingent payout annuities	$	196	$	49	$	45	$	49	$	39	$	53
Term and whole life insurance		169		37		169		39		166		41
Disability income insurance		124		32		127		31		131		30
Long term care insurance		185		270		189		271		192		274
Total	$	674	$	388	$	530	$	390	$	528	$	398

The following tables summarize the balances of and changes in unearned revenue, including the January 1, 2021 adoption of ASU 2018-12.


(in millions)	Universal Life Insurance			Variable Universal Life Insurance			Indexed Universal Life Insurance			Total, All Products
Pre-adoption balance at December 31, 2020	$	19		$	76		$	—		$	95
Effect of shadow reserve adjustments		5			10			153			168
Post-adoption balance at January 1, 2021		24			86			153			263
Deferral of revenue		3			34			55			92
Amortization		(1	)		(8	)		(13	)		(22	)
Balance at December 31, 2021	$	26		$	112		$	195		$	333
Balance at January 1, 2022	$	26		$	112		$	195		$	333
Deferral of revenue		2			48			54			104
Amortization		(1	)		(10	)		(16	)		(27	)
Balance at December 31, 2022	$	27		$	150		$	233		$	410
Balance at January 1, 2023	$	27		$	150		$	233		$	410
Deferral of revenue		1			59			52			112
Amortization		(1	)		(13	)		(19	)		(33	)
Balance at December 31, 2023	$	27		$	196		$	266		$	489

F-40

RiverSource Life Insurance Company

11. SEPARATE ACCOUNT ASSETS AND LIABILITIES

The fair value of separate account assets is invested exclusively in mutual funds.

The balances of and changes in separate account liabilities were as follows:


(in millions)	Variable Annuities			Variable Universal Life			Total
Balance at January 1, 2023	$	63,223		$	7,653		$	70,876
Premiums and deposits		835			459			1,294
Policy charges		(1,343	)		(292	)		(1,635	)
Surrenders and other benefits		(5,378	)		(317	)		(5,695	)
Investment return		8,477			1,250			9,727
Net transfer from (to) general account		25			42			67
Balance at December 31, 2023	$	65,839		$	8,795		$	74,634
Cash surrender value	$	64,280		$	8,263		$	72,543

(in millions)	Variable Annuities			Variable Universal Life			Total
Balance at January 1, 2022	$	82,862		$	9,376		$	92,238
Premiums and deposits		1,067			425			1,492
Policy charges		(1,396	)		(278	)		(1,674	)
Surrenders and other benefits		(4,923	)		(286	)		(5,209	)
Investment return		(14,450	)		(1,654	)		(16,104	)
Net transfer from (to) general account		63			70			133
Balance at December 31, 2022	$	63,223		$	7,653		$	70,876
Cash surrender value	$	61,461		$	7,200		$	68,661

12. MARKET RISK BENEFITS

Market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Most of the variable annuity contracts issued by the Company contain a GMDB provision. The Company previously offered contracts containing GMWB, GMAB, or GMIB provisions.

The GMDB provisions provide a specified minimum return upon death of the contractholder. The death benefit payable is the greater of (i) the contract value less any purchase payment credits subject to recapture less a pro-rata portion of any rider fees, or (ii) the GMDB provisions specified in the contract. The Company has the following primary GMDB provisions:

•

Return of premium — provides purchase payments minus adjusted partial surrenders.

•

Reset — provides that the value resets to the account value at specified contract anniversary intervals minus adjusted partial surrenders. This provision was often provided in combination with the return of premium provision and is no longer offered.

•

Ratchet — provides that the value ratchets up to the maximum account value at specified anniversary intervals, plus subsequent purchase payments less adjusted partial surrenders.

The variable annuity contracts with GMWB riders typically have account values that are based on an underlying portfolio of mutual funds, the values of which fluctuate based on fund performance. At contract issue, the guaranteed amount is equal to the amount deposited but the guarantee may be increased annually to the account value (a “step-up”) in the case of favorable market performance or by a benefit credit if the contract includes this provision.

The Company has GMWB riders in force, which contain one or more of the following provisions:

•

Withdrawals at a specified rate per year until the amount withdrawn is equal to the guaranteed amount.

•

Withdrawals at a specified rate per year for the life of the contractholder (“GMWB for life”).

•

Withdrawals at a specified rate per year for joint contractholders while either is alive.

•

Withdrawals based on performance of the contract.

•

Withdrawals based on the age withdrawals begin.

•

Credits are applied annually for a specified number of years to increase the guaranteed amount as long as withdrawals have not been taken.

F-41

RiverSource Life Insurance Company

Variable annuity contractholders age 79 or younger at contract issue could obtain a principal-back guarantee by purchasing the optional GMAB rider for an additional charge. The GMAB rider guarantees that, regardless of market performance at the end of the 10-year waiting period, the contract value will be no less than the original investment or a specified percentage of the highest anniversary value, adjusted for withdrawals. If the contract value is less than the guarantee at the end of the 10-year period, a lump sum will be added to the contract value to make the contract value equal to the guarantee value.

Individual variable annuity contracts may have both a death benefit and a living benefit. Net amount at risk is quantified for each benefit and a composite net amount at risk is calculated using the greater of the death benefit or living benefit for each individual contract. The net amount at risk for GMDB and GMAB is defined as the current guaranteed benefit amount in excess of the current contract value. The net amount at risk for GMIB is defined as the greater of the present value of the minimum guaranteed annuity payments less the current contract value or zero. The net amount at risk for GMWB is defined as the greater of the present value of the minimum guaranteed withdrawal payments less the current contract value or zero.

The following tables summarize the balances of and changes in market risk benefits, including the January 1, 2021 adoption of ASU 2018-12:


	(in millions)
Pre-adoption balance at December 31, 2020	$	3,084
Effect of shadow reserve adjustments		(3	)
Adjustments for the cumulative effect of the changes in instrument-specific credit risk on market risk benefits between the original contract issuance date and the transition date		670
Adjustments to the host contract for differences between previous carrying amount and fair value measurement for the market risk benefits under the option-based method of valuation		20
Adjustments for the remaining difference (exclusive of the instrument-specific credit risk change and host contract adjustments) between previous carrying amount and fair value measurements for the market risk benefits		1,058
Post-adoption balance at January 1, 2021	$	4,829


	Years Ended December 31,
(in millions, except age)	2023			2022			2021
Balance at beginning of period	$	1,103		$	2,901		$	4,829
Issuances		17			27			45
Interest accrual and time decay		(53	)		(237	)		(294	)
Reserve increase from attributed fees collected		788			810			819
Reserve release for benefit payments and derecognition		(35	)		(29	)		(8	)
Effect of changes in interest rates and bond markets		(367	)		(4,193	)		(1,053	)
Effect of changes in equity markets and subaccount performance		(1,267	)		2,258			(1,558	)
Effect of changes in equity index volatility		(67	)		205			73
Actual policyholder behavior different from expected behavior		5			17			52
Effect of changes in other future expected assumptions		128			(139	)		123
Effect of changes in the instrument-specific credit risk on market risk benefits		83			(517	)		(127	)
Balance at end of period	$	335		$	1,103		$	2,901
Reconciliation of the gross balances in an asset or liability position:
Asset position	$	1,427		$	1,015		$	539
Liability position		(1,762	)		(2,118	)		(3,440	)
Net asset (liability) position	$	(335	)	$	(1,103	)	$	(2,901	)
Guaranteed benefit amount in excess of current account balances (net amount at risk):
Death benefits	$	913		$	2,781		$	251
Living benefits	$	2,513		$	3,364		$	195
Composite (greater of)	$	3,308		$	5,830		$	441
Weighted average attained age of contractholders		69			68			68
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period	$	(1,551	)	$	(2,044	)	$	(2,502	)
Changes in unrealized (gains) losses in other comprehensive income relating to liabilities held at end of period	$	84		$	(505	)	$	(102	)

F-42

RiverSource Life Insurance Company

The following tables provide a summary of the significant inputs and assumptions used in the fair value measurements developed by the Company or reasonably available to the Company of market risk benefits:


	December 31, 2023
	Fair Value		Valuation Technique	Significant Inputs and Assumptions	Range						Weighted Average
	(in millions)
Market risk benefits	$	335	Discounted cash flow	Utilization of guaranteed withdrawals⁽¹⁾		0.0	%	–	48.0	%		11.6	%
				Surrender rate⁽²⁾		0.3	%	–	75.0	%		3.7	%
				Market volatility⁽³⁾		0.0	%	–	25.2	%		10.6	%
				Nonperformance risk⁽⁴⁾		85 bps						85	bps
				Mortality rate⁽⁵⁾		0.0	%	–	41.6	%		1.6	%

	December 31, 2022
	Fair Value		Valuation Technique	Significant Inputs and Assumptions	Range						Weighted Average
	(in millions)
Market risk benefits	$	1,103	Discounted cash flow	Utilization of guaranteed withdrawals⁽¹⁾		0.0	%	–	48.0	%		11.0	%
				Surrender rate⁽²⁾		0.2	%	–	45.6	%		3.6	%
				Market volatility⁽³⁾		0.0	%	–	26.6	%		12.1	%
				Nonperformance risk⁽⁴⁾		95 bps						95	bps
				Mortality rate⁽⁵⁾		0.0	%	–	41.6	%		1.5	%

⁽¹⁾

The utilization of guaranteed withdrawals represents the percentage of contractholders that will begin withdrawing in any given year. The weighted average utilization rate represents the average assumption, weighted based on the benefit base. The calculation excludes policies that have already started taking withdrawals.

⁽²⁾	The weighted average surrender rate represents the average assumption weighted based on the account value of each contract.

⁽³⁾	Market volatility represents the implied volatility of each contractholder’s mix of funds. The weighted average market volatility represents the average volatility across all contracts, weighted by the size of the guaranteed benefit.

⁽⁴⁾	The nonperformance risk is the spread added to the U.S. Treasury curve.

⁽⁵⁾	The weighted average mortality rate represents the average assumption weighted based on the account value of each contract.

Changes to Significant Inputs and Assumptions:

During the years ended December 31, 2023 and 2022, the Company updated inputs and assumptions based on management’s review of experience studies. These updates resulted in the following notable changes in the fair value estimates of market risk benefits calculations:

Year ended December 31, 2023

•

Updates to utilization of guaranteed withdrawals assumptions resulted in a decrease to pre-tax income of $18 million.

•

Updates to surrender assumptions resulted in a decrease to pre-tax income of $110 million.

Year ended December 31, 2022

•

Updates to utilization of guaranteed withdrawals assumptions resulted in a decrease to pre-tax income of $39 million.

•

Updates to surrender assumptions resulted in a decrease to pre-tax income of $200 million.

•

Updates to mortality assumptions resulted in a decrease to pre-tax income of $49 million.

Refer to the rollforward of market risk benefits for the impacts of changes to interest rate, equity market, volatility and nonperformance risk assumptions.

Uncertainty of Fair Value Measurements

Significant increases (decreases) in utilization and volatility used in the fair value measurement of market risk benefits in isolation would have resulted in a significantly higher (lower) liability value.

Significant increases (decreases) in nonperformance risk and surrender assumptions used in the fair value measurement of market risk benefits in isolation would have resulted in a significantly lower (higher) liability value.

Significant increases (decreases) in mortality assumptions used in the fair value measurement of the death benefit portion of market risk benefits in isolation would have resulted in a significantly higher (lower) liability value whereas significant increases (decreases) in mortality rates used in the fair values measurement of the life contingent portion of market risk benefits in isolation would have resulted in a significantly lower (higher) liability value.

Surrender assumptions, utilization assumptions and mortality assumptions vary with the type of base product, type of rider, duration of the policy, age of the contractholder, calender year of the projection, previous withdrawal history, and the relationship between the value of the guaranteed benefit and the contract accumulation value.

F-43

RiverSource Life Insurance Company

Determination of Fair Value

The Company values market risk benefits using internal valuation models. These models include observable capital market assumptions and significant unobservable inputs related to implied volatility as well as contractholder behavior assumptions that include margins for risk, all of which the Company believes a market participant would expect. The fair value also reflects a current estimate of the Company’s nonperformance risk. Given the significant unobservable inputs to this valuation, these measurements are classified as Level 3.

13. DEBT

Short-Term Borrowings

RiverSource Life Insurance Company is a member of the Federal Home Loan Bank (“FHLB”) of Des Moines which provides access to collateralized borrowings. As of December 31, 2023 and 2022, the Company had accessed collateralized borrowings and pledged (granted a lien on) certain investments, primarily commercial mortgage backed securities, with an aggregate fair value of $1.1 billion and $962 million, respectively. The amount of the Company’s liability including accrued interest was $201 million as of both December 31, 2023 and 2022. The remaining maturity of outstanding FHLB advances was less than three months as of both December 31, 2023 and 2022. The weighted average annualized interest rate on the FHLB advances held as of December 31, 2023 and 2022 was 5.6% and 4.6%, respectively.

Lines of Credit

RiverSource Life Insurance Company, as the borrower, has amended its revolving credit agreement with Ameriprise Financial as the lender. The aggregate amount outstanding under this line of credit may not exceed 3% of RiverSource Life Insurance Company’s statutory admitted assets (excluding separate accounts) as of the prior year end. Prior to June 1, 2023, the interest rate for any borrowing under the agreement was established by reference to London Interbank Offered Rate (“LIBOR”) for U.S. dollar deposits with maturities comparable to the relevant interest period, plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. In June 2023, in anticipation of the end of the publication of U.S. dollar LIBOR, an amendment to the agreement changed the interest rate to Daily Simple Secured Overnight Financing Rate plus 0.1% (“Adjusted Daily Simple SOFR”) plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. Amounts borrowed may be repaid at any time with no prepayment penalty. There were no amounts outstanding on this line of credit as of both December 31, 2023 and 2022.

RiverSource Life of NY, as the borrower, has amended its revolving credit agreement with Ameriprise Financial as the lender. The aggregate amount outstanding under this line of credit may not exceed the lesser of $25 million or 3% of RiverSource Life of NY’s statutory admitted assets (excluding separate accounts) as of the prior year end. Prior to July 1, 2023, the interest rate for any borrowing under the agreement was established by reference to LIBOR for U.S. dollar deposits with maturities comparable to the relevant interest period. In July 2023, in anticipation of the end of the publication of U.S. dollar LIBOR, an amendment to the agreement changed the interest rate to Adjusted Daily Simple SOFR plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. Amounts borrowed may be repaid at any time with no prepayment penalty. The credit agreement is amended to extend the maturity on an annual basis with Ameriprise Financial, subject to the New York Department of Financial Services’ non-disapproval. There were no amounts outstanding on this line of credit as of both December 31, 2023 and 2022.

RTA, as the borrower, has amended its revolving credit agreement with Ameriprise Financial as the lender not to exceed $100 million. Prior to June 1, 2023, the interest rate for any borrowing under the agreement was established by reference to LIBOR for U.S. dollar deposits with maturities comparable to the relevant interest period, plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. In June 2023, in anticipation of the end of the publication of U.S. dollar LIBOR, an amendment to the agreement changed the interest rate to Adjusted Daily Simple SOFR plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. Amounts borrowed may be repaid at any time with no prepayment penalty. This line of credit is automatically renewed annually with Ameriprise Financial. There were no amounts outstanding on this line of credit as of both December 31, 2023 and 2022.

Long-Term Debt

The Company has a $500 million unsecured 3.5% surplus note due December 31, 2050 to Ameriprise Financial. The surplus note is subordinate in right of payment to the prior payment in full of the Company’s obligations to policyholders, claimants and beneficiaries and all other creditors. No payment of principal or interest shall be made without the prior approval of the Minnesota Department of Commerce and such payments shall be made only from RiverSource Life Insurance Company’s statutory surplus. Interest payments, which commenced on June 30, 2021, are due semiannually in arrears on June 30 and December 31. Subject to the preceding conditions, the Company may prepay all or a portion of the principal at any time. The outstanding balance was $500 million as of both December 31, 2023 and 2022 and is recorded in Long-term debt.

F-44

RiverSource Life Insurance Company

14. 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

The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company’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 (See Note 5 for the balances of assets and liabilities for consolidated investment entities):


	December 31, 2023
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Available-for-Sale securities:
Corporate debt securities	$	—	$	10,283	$	452	$	10,735
Residential mortgage backed securities		—		3,642		—		3,642
Commercial mortgage backed securities		—		2,597		—		2,597
State and municipal obligations		—		758		—		758
Asset backed securities		—		976		555		1,531
Foreign government bonds and obligations		—		12		—		12
U.S. government and agency obligations		99		—		—		99
Total Available-for-Sale securities		99		18,268		1,007		19,374
Cash equivalents		558		2,012		—		2,570
Market risk benefits		—		—		1,427		1,427	⁽¹⁾
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives		—		—		51		51
Other assets:
Interest rate derivative contracts		1		184		—		185
Equity derivative contracts		65		4,945		—		5,010
Foreign exchange derivative contracts		1		20		—		21
Credit derivative contracts		—		1		—		1
Total other assets		67		5,150		—		5,217
Separate account assets at net asset value (“NAV”)								74,634	⁽²⁾
Total assets at fair value	$	724	$	25,430	$	2,485	$	103,273

Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives		—		3		49	$	52
IUL embedded derivatives		—		—		873		873
Structured variable annuity embedded derivatives		—		—		1,011		1,011
Total policyholder account balances, future policy benefits and claims		—		3		1,933		1,936	⁽³⁾
Market risk benefits		—		—		1,762		1,762	⁽¹⁾
Other liabilities:
Interest rate derivative contracts		1		304		—		305
Equity derivative contracts		95		3,355		—		3,450
Foreign exchange derivative contracts		1		3		—		4
Credit derivative contracts		—		106		—		106
Total other liabilities		97		3,768		—		3,865
Total liabilities at fair value	$	97	$	3,771	$	3,695	$	7,563

F-45

RiverSource Life Insurance Company


	December 31, 2022
(in millions)	Level 1		Level 2		Level 3			Total
Assets
Available-for-Sale securities:
Corporate debt securities	$	—	$	8,311	$	395		$	8,706
Residential mortgage backed securities		—		2,959		—			2,959
Commercial mortgage backed securities		—		2,651		—			2,651
State and municipal obligations		—		786		—			786
Asset backed securities		—		452		545			997
Foreign government bonds and obligations		—		35		—			35
U.S. government and agency obligations		1		—		—			1
Total Available-for-Sale securities		1		15,194		940			16,135
Cash equivalents		1,063		1,529		—			2,592
Market risk benefits		—		—		1,015			1,015	⁽¹⁾
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives		—		—		48			48
Other assets:
Interest rate derivative contracts		7		260		—			267
Equity derivative contracts		129		2,564		—			2,693
Foreign exchange derivative contracts		—		34		—			34
Credit derivative contracts		—		13		—			13
Total other assets		136		2,871		—			3,007
Separate account assets at NAV									70,876	⁽²⁾
Total assets at fair value	$	1,200	$	19,594	$	2,003		$	93,673

Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives	$	—	$	3	$	44		$	47
IUL embedded derivatives		—		—		739			739
Structured variable annuity embedded derivatives		—		—		(137	)		(137	)⁽⁴⁾
Total policyholder account balances, future policy benefits and claims		—		3		646			649	⁽⁵⁾
Market risk benefits		—		—		2,118			2,118	⁽¹⁾
Other liabilities:
Interest rate derivative contracts		4		351		—			355
Equity derivative contracts		138		2,228		—			2,366
Foreign exchange derivative contracts		6		4		—			10
Total other liabilities		148		2,583		—			2,731
Total liabilities at fair value	$	148	$	2,586	$	2,764		$	5,498

⁽¹⁾	See Note 12 for additional information related to market risk benefits, including the balances of and changes in market risk benefits as well as the significant inputs and assumptions used in the fair value measurements of market risk benefits.

⁽²⁾	Amounts are comprised of financial instruments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy.

⁽³⁾	The Company’s adjustment for nonperformance risk resulted in a $195 million cumulative decrease to the embedded derivatives as of December 31, 2023.

⁽⁴⁾	The fair value of the structured variable annuity embedded derivatives was a net asset as of December 31, 2022 and the amount is presented as a contra liability.

⁽⁵⁾	The Company’s adjustment for nonperformance risk resulted in a $139 million cumulative decrease to the embedded derivatives as of December 31, 2022.

F-46

RiverSource Life Insurance Company

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


	Available-for-Sale Securities								Receivables
(in millions)	Corporate Debt Securities			Asset Backed Securities		Total			Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
Balance at January 1, 2023	$	395		$	545	$	940		$	48
Total gains (losses) included in:
Net income		—			—		—	⁽¹⁾		6
Other comprehensive income (loss)		12			10		22			—
Purchases		110			—		110			—
Settlements		(65	)		—		(65	)		(3	)
Balance at December 31, 2023	$	452		$	555	$	1,007		$	51
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2023	$	11		$	10	$	21		$	—


	Policyholder Account Balances, Future Policy Benefits and Claims
(in millions)	Fixed Deferred Indexed Annuity Embedded Derivatives			IUL Embedded Derivatives			Structured Variable Annuity Embedded Derivatives			Total
Balance at January 1, 2023	$	44		$	739		$	(137	)⁽⁴⁾	$	646
Total (gains) losses included in:
Net income		8	⁽²⁾		198	⁽²⁾		1,166	⁽³⁾		1,372
Issues		—			59			104			163
Settlements		(3	)		(123	)		(122	)		(248	)
Balance at December 31, 2023	$	49		$	873		$	1,011		$	1,933
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2023	$	—		$	198	⁽²⁾	$	1,166	⁽³⁾	$	1,364


	Available-for-Sale Securities												Receivables
(in millions)	Corporate Debt Securities			Commercial Mortgage Backed Securities			Asset Backed Securities			Total			Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
Balance at January 1, 2022	$	496		$	—		$	291		$	787		$	59
Total gains (losses) included in:
Net income		(1	)		—			—			(1	)⁽¹⁾		(8	)
Other comprehensive income (loss)		(44	)		—			(25	)		(69	)		—
Purchases		29			30			564			623			—
Settlements		(85	)		—			(285	)		(370	)		(3	)
Transfers out of Level 3		—			(30	)		—			(30	)		—
Balance at December 31, 2022	$	395		$	—		$	545		$	940		$	48
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2022	$	(1	)	$	—		$	—		$	(1	)⁽¹⁾	$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2022	$	(42	)	$	—		$	(21	)	$	(63	)	$	—

F-47

RiverSource Life Insurance Company


	Policyholder Account Balances, Future Policy Benefits and Claims
(in millions)	Fixed Deferred Indexed Annuity Embedded Derivatives			IUL Embedded Derivatives			Structured Variable Annuity Embedded Derivatives			Total
Balance at January 1, 2022	$	56		$	905		$	406		$	1,367
Total (gains) losses included in:
Net income		(9	)⁽²⁾		(105	)⁽²⁾		(633	)⁽³⁾		(747	)
Issues		—			51			90			141
Settlements		(3	)		(112	)		—			(115	)
Balance at December 31, 2022	$	44		$	739		$	(137	)⁽⁴⁾	$	646
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2022	$	—		$	(105	)⁽²⁾	$	(633	)⁽³⁾	$	(738	)


	Available-for-Sale Securities												Receivables
(in millions)	Corporate Debt Securities			Residential Mortgage Backed Securities			Asset Backed Securities			Total			Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
Balance at January 1, 2021	$	766		$	9		$	395		$	1,170		$	—
Total gains (losses) included in:
Net income		(1	)		—			—			(1	)⁽¹⁾		3
Other comprehensive income (loss)		(10	)		—			(1	)		(11	)		—
Purchases		108			—			—			108			—
Issues		—			—			—			—			57
Settlements		(119	)		—			(81	)		(200	)		(1	)
Transfers into Level 3		168			—			2			170			—
Transfers out of Level 3		(416	)		(9	)		(24	)		(449	)		—
Balance at December 31, 2021	$	496		$	—		$	291		$	787		$	59
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2021	$	(1	)	$	—		$	—		$	(1	)⁽¹⁾	$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2021	$	(8	)	$	—		$	(1	)	$	(9	)	$	—


	Policyholder Account Balances, Future Policy Benefits and Claims
(in millions)	Fixed Deferred Indexed Annuity Embedded Derivatives			IUL Embedded Derivatives			Structured Variable Annuity Embedded Derivatives			Total
Balance at January 1, 2021	$	49		$	935		$	70		$	1,054
Total (gains) losses included in:
Net income		10	⁽²⁾		68	⁽²⁾		393	⁽³⁾		471
Issues		—			—			(28	)		(28	)
Settlements		(3	)		(98	)		(29	)		(130	)
Balance at December 31, 2021	$	56		$	905		$	406		$	1,367
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2021	$	—		$	68	⁽²⁾	$	—		$	68

⁽¹⁾	Included in Net investment income.

⁽²⁾	Included in Interest credited to fixed accounts.

⁽³⁾	Included in Benefits, claims, losses and settlement expenses.

⁽⁴⁾	The fair value of the structured variable annuity embedded derivatives was a net asset as of January 1, 2023 and December 31, 2022 and the amounts are presented as contra liabilities.

The increase (decrease) to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $51 million, $45 million and $(23) million, net of the reinsurance accrual, for the years ended December 31, 2023, 2022 and 2021, respectively.

F-48

RiverSource Life Insurance Company

Securities transferred from Level 3 primarily represent securities with fair values that are now obtained from a third-party pricing service with observable inputs or fair values that were included in an observable transaction with a market participant. 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 the Company or reasonably available to the Company of Level 3 assets and liabilities:



	December 31, 2023
	Fair Value		Valuation Technique	Unobservable Input	Range				Weighted Average
	(in millions)
Corporate debt securities (private placements)	$	451	Discounted cash flow	Yield/spread to U.S. Treasuries⁽¹⁾		1.0%	–	2.4%		1.2	%
Asset backed securities	$	555	Discounted cash flow	Annual default rate		3.1%				3.1	%
				Loss severity		25.0%				25.0	%
				Yield/spread to U.S. Treasuries⁽²⁾		275 bps	–	515 bps		284	bps
Fixed deferred indexed annuity ceded embedded derivatives	$	51	Discounted cash flow	Surrender rate⁽³⁾		0.0%	–	66.8%		1.4	%
Fixed deferred indexed annuity embedded derivatives	$	49	Discounted cash flow	Surrender rate⁽³⁾		0.0%	–	66.8%		1.4	%
				Nonperformance risk⁽⁴⁾		85 bps				85	bps
IUL embedded derivatives	$	873	Discounted cash flow	Nonperformance risk⁽⁴⁾		85 bps				85	bps
Structured variable annuity embedded derivatives	$	1,011	Discounted cash flow	Surrender rate⁽³⁾		0.5%	–	75.0%		2.6	%
				Nonperformance risk⁽⁴⁾		85 bps				85	bps



	December 31, 2022
	Fair Value			Valuation Technique	Unobservable Input	Range				Weighted Average
	(in millions)
Corporate debt securities (private placements)	$	395		Discounted cash flow	Yield/spread to U.S. Treasuries⁽¹⁾		1.1%	–	2.3%		1.4	%
Asset backed securities	$	545		Discounted cash flow	Annual default rate		2.4%				2.4	%
					Loss severity		25.0%				25.0	%
					Yield/spread to U.S. Treasuries⁽²⁾		320 bps	–	550 bps		329	bps
Fixed deferred indexed annuity ceded embedded derivatives	$	48		Discounted cash flow	Surrender rate⁽³⁾		0.0%	–	66.8%		1.4	%
Fixed deferred indexed annuity embedded derivatives	$	44		Discounted cash flow	Surrender rate⁽³⁾		0.0%	–	66.8%		1.4	%
					Nonperformance risk⁽⁴⁾		95 bps				95	bps
IUL embedded derivatives	$	739		Discounted cash flow	Nonperformance risk⁽⁴⁾		95 bps				95	bps
Structured variable annuity embedded derivatives	$	(137	)⁽⁵⁾	Discounted cash flow	Surrender rate⁽³⁾		0.8%	–	40.0%		0.9	%
					Nonperformance risk⁽⁴⁾		95 bps				95	bps

⁽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.

⁽²⁾	The weighted average for the yield/spread to U.S. Treasuries for asset backed securities is calculated as the sum of each tranche’s balance multiplied by its spread to U.S. Treasuries divided by the aggregate balances of the tranches.

⁽³⁾	The weighted average surrender rate represents the average assumption weighted based on the account value of each contract.

⁽⁴⁾	The nonperformance risk is the spread added to the U.S. Treasury curve.

⁽⁵⁾	The fair value of the structured variable annuity embedded derivatives was a net asset as of December 31, 2022 and the amount is presented as a contra liability.

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 the Company.

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 and asset backed securities in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in the annual default rate used in the fair value measurement of Level 3 asset backed securities in isolation, generally, would have resulted in a significantly lower (higher) fair value measurement and significant increases (decreases) in loss severity in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in the surrender assumption used in the fair value measurement of the fixed deferred indexed annuity ceded embedded derivatives in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in nonperformance risk used in the fair value measurement of the IUL embedded derivatives in isolation would have resulted in a significantly lower (higher) fair value measurement.

F-49

RiverSource Life Insurance Company

Significant increases (decreases) in nonperformance risk and surrender assumption used in the fair value measurements of the fixed deferred indexed annuity embedded derivatives and structured variable annuity embedded derivatives in isolation would have resulted in a significantly lower (higher) liability value.

Determination of Fair Value

The Company uses valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The Company’s market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The Company’s income approach uses valuation techniques to convert future projected cash flows to a single discounted present value amount. When applying either approach, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs.

The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy.

Assets

Available-for-Sale Securities

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

Level 1 securities primarily include U.S. Treasuries.

Level 2 securities primarily include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, state and municipal obligations, asset backed securities and foreign government 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. The fair value of securities included in an observable transaction with a market participant are also considered Level 2 when the market is not active.

Level 3 securities primarily 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 the Company. The Company’s privately placed corporate bonds are typically based on a single non-binding broker quote. The fair value of affiliated asset backed securities is determined using a discounted cash flow model. Inputs used to determine the expected cash flows include assumptions about discount rates and default, prepayment and recovery rates of the underlying assets. Given the significance of the unobservable inputs to this fair value measurement, the fair value of the investment in the affiliated asset backed securities is classified as Level 3.

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. The Company reviews the exception reporting and resolves the exceptions through reaffirmation of the price or recording an appropriate fair value estimate. The Company also performs subsequent transaction testing. The Company performs annual due diligence of third-party pricing services. The Company’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. The Company also considers the results of its exception reporting controls and any resulting price challenges that arise.

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. Actively traded money market funds are measured at their NAV and classified as Level 1. U.S. Treasuries are also classified as Level 1. The Company’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.

Receivables

The Company reinsured its fixed deferred indexed annuity products which have an indexed account that is accounted for as an embedded derivative. The Company uses discounted cash flow models to determine the fair value of these ceded embedded derivatives. The fair value of fixed deferred indexed annuity ceded embedded derivatives includes significant observable interest rates, volatilities and equity index levels and significant unobservable surrender rates. Given the significance of the unobservable surrender rates, these embedded derivatives are classified as Level 3.

F-50

RiverSource Life Insurance Company

Other Assets

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 also 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 swaps and the majority of options. The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial as of both December 31, 2023 and 2022. See Note 17 and Note 18 for further information on the credit risk of derivative instruments and related collateral.

Separate Account Assets

The fair value of assets held by separate accounts is determined by the NAV of the funds in which those separate accounts are invested. The NAV is used as a practical expedient for fair value and represents the exit price for the separate account. Separate account assets are excluded from classification in the fair value hierarchy.

Liabilities

Policyholder Account Balances, Future Policy Benefits and Claims

There is no active market for the transfer of the Company’s embedded derivatives attributable to the provisions of fixed deferred indexed annuity, structured variable annuity and IUL products.

The Company uses a discounted cash flow model to determine the fair value of the embedded derivatives associated with the provisions of its equity index annuity product. The projected cash flows generated by this model are based on significant observable inputs related to interest rates, volatilities and equity index levels and, therefore, are classified as Level 2.

The Company uses discounted cash flow models to determine the fair value of the embedded derivatives associated with the provisions of its fixed deferred indexed annuity, structured variable annuity and IUL products. The structured variable annuity product is a limited flexible purchase payment annuity that offers 45 different indexed account options providing equity market exposure and a fixed account. Each indexed account includes a protection option (a buffer or a floor). If the index has a negative return, contractholder losses will be reduced by a buffer or limited to a floor. The portion allocated to an indexed account is accounted for as an embedded derivative. The fair value of fixed deferred indexed annuity, structured variable annuity and IUL embedded derivatives includes significant observable interest rates, volatilities and equity index levels and significant unobservable surrender rates and the estimate of the Company’s nonperformance risk. Given the significance of the unobservable surrender rates and the nonperformance risk assumption, the fixed deferred indexed annuity, structured variable annuity and IUL embedded derivatives are classified as Level 3.

The embedded derivatives attributable to these provisions are recorded in Policyholder account balances, future policy benefits and claims.

Other Liabilities

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 also 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 swaps and the majority of options. The Company’s nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of both December 31, 2023 and 2022. See Note 17 and Note 18 for further information on the credit risk of derivative instruments and related collateral.

Fair Value on a Nonrecurring Basis

The Company assesses its investment in affordable housing partnerships for impairment. The investments that are determined to be impaired are written down to their fair value. The Company uses a discounted cash flow model to measure the fair value of these investments. Inputs to the discounted cash flow model are estimates of future net operating losses and tax credits available to the Company and discount rates based on market condition and the financial strength of the syndicator (general partner). The balance of affordable housing partnerships measured at fair value on a nonrecurring basis was $41 million and $58 million as of December 31, 2023 and 2022, respectively, and is classified as Level 3 in the fair value hierarchy.

F-51

RiverSource Life Insurance Company

Assets and Liabilities Not Reported at Fair Value

The following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value:


	December 31, 2023
	Carrying Value		Fair Value
(in millions)	Carrying Value		Level 1		Level 2		Level 3		Total
Financial Assets
Mortgage loans, net	$	1,725	$	—	$	—	$	1,599	$	1,599
Policy loans		912		—		912		—		912
Other investments		76		—		54		22		76
Receivables		6,514		—		—		5,566		5,566
Financial Liabilities
Policyholder account balances, future policy benefits and claims	$	16,641	$	—	$	—	$	14,243	$	14,243
Short-term borrowings		201		—		201		—		201
Long-term debt		500		—		339		—		339
Other liabilities		5		—		—		5		5
Separate account liabilities — investment contracts		332		—		332		—		332


	December 31, 2022
	Carrying Value		Fair Value
(in millions)	Carrying Value		Level 1		Level 2		Level 3		Total
Financial Assets
Mortgage loans, net	$	1,768	$	—	$	—	$	1,600	$	1,600
Policy loans		847		—		847		—		847
Other investments		89		—		69		20		89
Receivables		7,372		—		—		6,174		6,174
Financial Liabilities
Policyholder account balances, future policy benefits and claims	$	14,450	$	—	$	—	$	12,470	$	12,470
Short-term borrowings		201		—		201		—		201
Long-term debt		500		—		315		—		315
Other liabilities		8		—		—		7		7
Separate account liabilities — investment contracts		298		—		298		—		298

Other investments include syndicated loans and the Company’s membership in the FHLB. Receivables include deposit receivables. See Note 7 for additional information on mortgage loans, policy loans, syndicated loans and deposit receivables.

Policyholder account balances, future policy benefits and claims include fixed annuities in deferral status, non-life contingent fixed annuities in payout status, indexed and structured variable annuity host contracts, and the fixed portion of a small number of variable annuity contracts classified as investment contracts. See Note 10 for additional information on these liabilities. Short-term borrowings include FHLB borrowings. Long-term debt includes the surplus note with Ameriprise Financial. See Note 13 for further information on short-term borrowings and long-term debt. Other liabilities include future funding commitments to affordable housing partnerships and other real estate partnerships. Separate account liabilities are related to certain annuity products that are classified as investment contracts.

15. RELATED PARTY TRANSACTIONS

Revenues

See Note 4 for information about revenues from contracts with customers earned by the Company from related party transactions with affiliates.

The Company is the lessor of one real estate property which it leases to Ameriprise Financial under an operating lease that expires November 30, 2029. The Company earned $5 million in rental income for each of the years ended December 31, 2023, 2022 and 2021, which is reflected in Other revenues. The Company expects to earn $5 million in each year of the five year period ending December 31, 2028 and a total of $4 million thereafter.

Expenses

Charges by Ameriprise Financial and affiliated companies to the Company for use of joint facilities, technology support, marketing services and other services aggregated $338 million, $320 million and $345 million for the years ended December 31, 2023, 2022 and 2021, respectively. Certain of these costs are included in DAC. Expenses allocated to the Company may not be reflective of expenses that would have been incurred by the Company on a stand-alone basis.

F-52

RiverSource Life Insurance Company

Income Taxes

The Company’s taxable income is included in the consolidated federal income tax return of Ameriprise Financial. The net amount due from (to) Ameriprise Financial for federal income taxes was $269 million and $(56) million as of December 31, 2023 and 2022, respectively, which is reflected in Other assets and Other liabilities, respectively.

Investments

The Company invested in AA and A rated asset backed securities issued by AAF as of December 31, 2021 and in AA, A and BBB rated asset backed securities issued by AAF 2 as of December 31, 2023 and 2022, both affiliates of the Company. The asset backed securities are collateralized by a portfolio of loans issued to advisors affiliated with AFS, an affiliated broker dealer. During the third quarter of 2022, the Company redeemed the outstanding AA and A rated securities issued by AAF at par and invested $564 million in new AA, A and BBB rated asset backed securities issued by AAF 2. As of December 31, 2023 and 2022, the fair value of these asset backed securities was $554 million and $544 million, respectively. The fair value of these asset backed securities is reported in Investments: Available-for-Sale Fixed maturities, at fair value. Interest income from these asset backed securities was $34 million, $17 million and $12 million for the years ended December 31, 2023, 2022 and 2021, respectively, and is reported in Net investment income.

Lines of Credit

RiverSource Life Insurance Company, as the lender, has amended its revolving credit agreement with Ameriprise Financial as the borrower. This line of credit is not to exceed 3% of RiverSource Life Insurance Company’s statutory admitted assets as of the prior year end. Prior to June 1, 2023, the interest rate for any borrowing under the agreement was established by reference to LIBOR for U.S. dollar deposits with maturities comparable to the relevant interest period, plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. In June 2023, in anticipation of the end of the publication of U.S. dollar LIBOR, an amendment to the agreement changed the interest rate to Adjusted Daily Simple SOFR plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. In the event of default, an additional 1% interest will accrue during such period of default. There were no amounts outstanding on this revolving credit agreement as of both December 31, 2023 and 2022. See Note 13 for information about additional lines of credit with an affiliate.

Long-Term Debt

See Note 13 for information about a surplus note to an affiliate.

Dividends, Return of Capital or Distributions

Cash dividends and return of capital or distributions paid and received by RiverSource Life Insurance Company were as follows:


	Years Ended December 31,
(in millions)	2023		2022		2021
Dividends paid to Ameriprise Financial	$	600	$	600	$	1,900
Dividend received from RiverSource Life of NY		50		63		—
Dividends received from RTA		—		—		50
Return of capital received from RTA		75		80		—

For dividends and other distributions from the life insurance companies, advance notification was provided to state insurance regulators prior to payments. See Note 16 for additional information.

16. REGULATORY REQUIREMENTS

The National Association of Insurance Commissioners (“NAIC”) defines Risk-Based Capital (“RBC”) requirements for insurance companies. The RBC requirements are used by the NAIC and state insurance regulators to identify companies that merit regulatory actions designed to protect policyholders. These requirements apply to the Company. The Company has met its minimum RBC requirements.

Insurance companies are required to prepare statutory financial statements in accordance with the accounting practices prescribed or permitted by the insurance departments of their respective states of domicile, which vary materially from GAAP. Prescribed statutory accounting practices include publications of the NAIC, as well as state laws, regulations and general administrative rules. The more significant differences from GAAP include charging policy acquisition costs to expense as incurred, establishing annuity and insurance reserves using different actuarial methods and assumptions, classifying surplus notes as a component of statutory surplus rather than debt, valuing investments on a different basis and excluding certain assets from the balance sheet by charging them directly to surplus, such as a portion of the net deferred income tax assets.

F-53

RiverSource Life Insurance Company

State insurance statutes contain limitations as to the amount of dividends and other distributions that insurers may make without providing prior notification to state regulators. For RiverSource Life Insurance Company, payments in excess of unassigned surplus, as determined in accordance with accounting practices prescribed by the State of Minnesota, require advance notice to the Minnesota Department of Commerce, RiverSource Life Insurance Company’s primary regulator, and are subject to potential disapproval. RiverSource Life Insurance Company’s statutory unassigned deficit was $582 million and $679 million as of December 31, 2023 and 2022, respectively.

In addition, dividends or distributions whose fair market value, together with that of other dividends or distributions made within the preceding 12 months, exceed the greater of the previous year’s statutory net gain from operations or 10% of the previous year-end statutory capital and surplus are referred to as “extraordinary dividends.” Extraordinary dividends also require advance notice to the Minnesota Department of Commerce, and are subject to potential disapproval. Statutory capital and surplus was $3.1 billion as of both December 31, 2023 and 2022.

Statutory net gain from operations and net income for RiverSource Life Insurance Company are summarized as follows:


	Years Ended December 31,
(in millions)	2023		2022		2021
Statutory net gain from operations	$	1,331	$	1,615	$	1,366
Statutory net income		845		1,769		253

Government debt securities of $4 million as of both December 31, 2023 and 2022 were on deposit with various states as required by law.

17. OFFSETTING ASSETS AND LIABILITIES

Certain financial instruments and derivative instruments are eligible for offset in the Consolidated Balance Sheets. The Company’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. The Company’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 the Company’s assets subject to master netting arrangements:


	December 31, 2023
	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
(in millions)	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets				Financial Instruments⁽¹⁾			Cash Collateral			Securities Collateral			Net Amount
Derivatives:
OTC	$	5,170	$	—	$	5,170	$	(3,694	)	$	(1,101	)	$	(357	)	$	18
OTC cleared		9		—		9		(9	)		—			—			—
Exchange-traded		38		—		38		(18	)		—			—			20
Total	$	5,217	$	—	$	5,217	$	(3,721	)	$	(1,101	)	$	(357	)	$	38


	December 31, 2022
	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
(in millions)	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets				Financial Instruments⁽¹⁾			Cash Collateral			Securities Collateral			Net Amount
Derivatives:
OTC	$	2,887	$	—	$	2,887	$	(2,313	)	$	(565	)	$	(5	)	$	4
OTC cleared		23		—		23		(9	)		—			—			14
Exchange-traded		97		—		97		(75	)		—			—			22
Total	$	3,007	$	—	$	3,007	$	(2,397	)	$	(565	)	$	(5	)	$	40

⁽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.

F-54

RiverSource Life Insurance Company

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


	December 31, 2023
	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
(in millions)	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets				Financial Instruments⁽¹⁾			Cash Collateral			Securities Collateral			Net Amount
Derivatives:
OTC	$	3,812	$	—	$	3,812	$	(3,694	)	$	(34	)	$	(78	)	$	6
OTC cleared		35		—		35		(9	)		—			—			26
Exchange-traded		18		—		18		(18	)		—			—			—
Total	$	3,865	$	—	$	3,865	$	(3,721	)	$	(34	)	$	(78	)	$	32


	December 31, 2022
	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
(in millions)	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets				Financial Instruments⁽¹⁾			Cash Collateral			Securities Collateral			Net Amount
Derivatives:
OTC	$	2,630	$	—	$	2,630	$	(2,313	)	$	(38	)	$	(277	)	$	2
OTC cleared		9		—		9		(9	)		—			—			—
Exchange-traded		92		—		92		(75	)		—			(17	)		—
Total	$	2,731	$	—	$	2,731	$	(2,397	)	$	(38	)	$	(294	)	$	2

⁽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 the Company is less than the amount due to the Company, there is a risk of loss if the counterparty fails to perform or provide additional collateral. To mitigate this risk, the Company monitors collateral values regularly and requires additional collateral when necessary. When the value of collateral pledged by the Company declines, it may be required to post additional collateral.

Freestanding derivative instruments are reflected in Other assets and Other liabilities. Cash collateral pledged by the Company is reflected in Other assets and cash collateral accepted by the Company is reflected in Other liabilities. See Note 18 for additional disclosures related to the Company’s derivative instruments and Note 5 for information related to derivatives held by consolidated investment entities.

18. DERIVATIVES AND HEDGING ACTIVITIES

Derivative instruments enable the Company 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. The Company primarily enters into derivative agreements for risk management purposes related to the Company’s products and operations.

Certain of the Company’s freestanding derivative instruments are subject to master netting arrangements. The Company’s policy on the recognition of derivatives on the Consolidated Balance Sheets is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. See Note 17 for additional information regarding the estimated fair value of the Company’s freestanding derivatives after considering the effect of master netting arrangements and collateral.

F-55

RiverSource Life Insurance Company

Generally, the Company uses derivatives as economic hedges and accounting hedges. The following table presents the notional value and gross fair value of derivative instruments, including embedded derivatives:


	December 31, 2023						December 31, 2022
	Notional		Gross Fair Value				Notional		Gross Fair Value
(in millions)	Notional		Assets⁽¹⁾		Liabilities⁽²⁾		Notional		Assets⁽¹⁾		Liabilities⁽²⁾
Derivatives not designated as hedging instruments
Interest rate contracts	$	42,516	$	185	$	305	$	101,302	$	267	$	355
Equity contracts		81,905		5,010		3,450		67,416		2,693		2,366
Credit contracts		3,375		1		106		1,802		13		—
Foreign exchange contracts		2,952		21		4		2,870		34		10
Total non-designated hedges		130,748		5,217		3,865		173,390		3,007		2,731
Embedded derivatives
IUL		N/A		—		873		N/A		—		739
Fixed deferred indexed annuities and deposit receivables		N/A		51		52		N/A		48		47
Structured variable annuity⁽³⁾		N/A		—		1,011		N/A		—		(137	)
Total embedded derivatives		N/A		51		1,936		N/A		48		649
Total derivatives	$	130,748	$	5,268	$	5,801	$	173,390	$	3,055	$	3,380

N/A	Not applicable.

⁽¹⁾	The fair value of freestanding derivative assets is included in Other assets and the fair value of ceded derivative assets related to deposit receivables is included in Receivables.

⁽²⁾	The fair value of freestanding derivative liabilities is included in Other liabilities. The fair value of IUL, fixed deferred indexed annuity and structured variable annuity embedded derivatives is included in Policyholder account balances, future policy benefits and claims.

⁽³⁾

The fair value of the structured variable annuity embedded derivatives as of December 31, 2023 included $1.0 billion of individual contracts in a liability position and $15 million of individual contracts in an asset position. The fair value of the structured variable annuity embedded derivatives as of December 31, 2022 included $194 million of individual contracts in a liability position and $331 million of individual contracts in an asset position.

See Note 14 for additional information regarding the Company’s fair value measurement of derivative instruments.

As of December 31, 2023 and 2022, investment securities with a fair value of $1.5 billion and $1.7 billion, respectively, were pledged to meet contractual obligations under derivative contracts, of which $145 million and $302 million, respectively, may be sold, pledged or rehypothecated by the counterparty. As of December 31, 2023 and 2022, investment securities with a fair value of $376 million and $14 million, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $314 million and $5 million, respectively, may be sold, pledged or rehypothecated by the Company. As of both December 31, 2023 and 2022, the Company had sold, pledged, or rehypothecated none of these securities. In addition, as of both December 31, 2023 and 2022, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets.

The following table presents a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Income:


(in millions)	Net Investment Income		Benefits, Claims, Losses and Settlement Expenses			Interest Credited to Fixed Accounts			Change in Fair Value of Market Risk Benefits
Year Ended December 31, 2023
Interest rate contracts	$	—	$	(5	)	$	—		$	(422	)
Equity contracts		—		770			79			(1,239	)
Credit contracts		—		—			—			7
Foreign exchange contracts		—		—			—			5
IUL embedded derivatives		—		—			(75	)		—
Fixed deferred indexed annuity and deposit receivables embedded derivatives		—		—			(3	)		—
Structured variable annuity embedded derivatives		—		(1,166	)		—			—
Total gain (loss)	$	—	$	(401	)	$	1		$	(1,649	)

F-56

RiverSource Life Insurance Company


(in millions)	Net Investment Income		Benefits, Claims, Losses and Settlement Expenses			Interest Credited to Fixed Accounts			Change in Fair Value of Market Risk Benefits

Year Ended December 31, 2022
Interest rate contracts	$	—	$	(26	)	$	—		$	(2,874	)
Equity contracts		—		(164	)		(126	)		899
Credit contracts		—		—			—			279
Foreign exchange contracts		—		—			—			105
IUL embedded derivatives		—		—			217			—
Fixed deferred indexed annuity and deposit receivables embedded derivatives		—		—			4			—
Structured variable annuity embedded derivatives		—		633			—			—
Total gain (loss)	$	—	$	443		$	95		$	(1,591	)

Year Ended December 31, 2021
Interest rate contracts	$	—	$	—		$	—		$	(886	)
Equity contracts		1		34			91			(851	)
Credit contracts		—		—			—			43
Foreign exchange contracts		—		—			—			5
IUL embedded derivatives		—		—			30			—
Fixed deferred indexed annuity and deposit receivables embedded derivatives		—		—			(8	)		—
Structured variable annuity embedded derivatives		—		(393	)		—			—
Total gain (loss)	$	1	$	(359	)	$	113		$	(1,689	)

The Company holds derivative instruments that either do not qualify or are not designated for hedge accounting treatment. These derivative instruments are used as economic hedges of equity, interest rate, credit and foreign currency exchange rate risk related to various products and transactions of the Company.

The deferred premium associated with certain of the above options is paid or received semi-annually over the life of the contract or at maturity. The following is a summary of the payments the Company is scheduled to make and receive for these options as of December 31, 2023:


(in millions)	Premiums Payable		Premiums Receivable
2024	$	131	$	23
2025		121		20
2026		247		88
2027		20		—
2028		30		—
2029-2030		378		—
Total	$	927	$	131

Actual timing and payment amounts may differ due to future settlements, modifications or exercises of the contracts prior to the full premium being paid or received.

Structured variable annuity and IUL products have returns tied to the performance of equity markets. As a result of fluctuations in equity markets, the obligation incurred by the Company related to structured variable annuity and IUL products will positively or negatively impact earnings over the life of these products. The equity components of structured variable annuity and IUL product obligations are considered embedded derivatives, which are bifurcated from their host contracts for valuation purposes and reported on the Consolidated Balance Sheets at fair value with changes in fair value reported in earnings. As a means of economically hedging its obligations under the provisions of these products, the Company enters into interest rate swaps, index options and futures contracts.

As discussed in Note 12, the Company issues variable annuity contracts that provide protection to contractholders from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. The Company economically hedges its obligations under these market risk benefits using options, swaptions, swaps and futures.

F-57

RiverSource Life Insurance Company

Credit Risk

Credit risk associated with the Company’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, the Company 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 17 for additional information on the Company’s credit exposure related to derivative assets.

Certain of the Company’s derivative contracts contain provisions that adjust the level of collateral the Company is required to post based on the Company’s financial strength rating (or based on the debt rating of the Company’s parent, Ameriprise Financial). Additionally, certain of the Company’s derivative contracts contain provisions that allow the counterparty to terminate the contract if the Company does not maintain a specific financial strength rating or Ameriprise Financial’s debt does not maintain a specific credit rating (generally an investment grade rating). If these termination provisions were to be triggered, the Company’s counterparty could require immediate settlement of any net liability position. As of December 31, 2023 and 2022, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $62 million and $234 million, respectively. The aggregate fair value of assets posted as collateral for such instruments as of December 31, 2023 and 2022 was $55 million and $232 million, respectively. If the credit contingent provisions of derivative contracts in a net liability position as of both December 31, 2023 and 2022 were triggered, the aggregate fair value of additional assets that would be required to be posted as collateral or needed to settle the instruments immediately would have been $7 million and $2 million as of December 31, 2023 and 2022, respectively.

19. SHAREHOLDER’S EQUITY

The following tables provide the amounts related to each component of OCI:


	Year Ended December 31, 2023
(in millions)	Pretax			Income Tax Benefit (Expense)			Net of Tax
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period⁽¹⁾	$	652		$	(144	)	$	508
Reclassification of net (gains) losses on securities included in net income⁽²⁾		27			(7	)		20
Impact of benefit reserves and reinsurance recoverables		(24	)		5			(19	)
Net unrealized gains (losses) on securities		655			(146	)		509
Effect of changes in discount rate assumptions on certain long-duration contracts		(69	)		15			(54	)
Effect of changes in instrument-specific credit risk on MRBs		(83	)		18			(65	)
Total other comprehensive income (loss)	$	503		$	(113	)	$	390


	Year Ended December 31, 2022
(in millions)	Pretax			Income Tax Benefit (Expense)			Net of Tax
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period⁽¹⁾	$	(2,784	)	$	595		$	(2,189	)
Reclassification of net (gains) losses on securities included in net income⁽²⁾		88			(19	)		69
Impact of benefit reserves and reinsurance recoverables		103			(18	)		85
Net unrealized gains (losses) on securities		(2,593	)		558			(2,035	)
Effect of changes in discount rate assumptions on certain long-duration contracts		1,095			(234	)		861
Effect of changes in instrument-specific credit risk on MRBs		517			(110	)		407
Total other comprehensive income (loss)	$	(981	)	$	214		$	(767	)

F-58

RiverSource Life Insurance Company


	Year Ended December 31, 2021
(in millions)	Pretax			Income Tax Benefit (Expense)			Net of Tax
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period⁽¹⁾	$	(527	)	$	111		$	(416	)
Reclassification of net (gains) losses on securities included in net income⁽²⁾		(556	)		117			(439	)
Impact of benefit reserves and reinsurance recoverables		8			(1	)		7
Net unrealized gains (losses) on securities		(1,075	)		227			(848	)
Effect of changes in discount rate assumptions on certain long-duration contracts		361			(77	)		284
Effect of changes in instrument-specific credit risk on MRBs		127			(27	)		100
Total other comprehensive income (loss)	$	(587	)	$	123		$	(464	)

⁽¹⁾	Includes impairments on Available-for-Sale securities related to factors other than credit that were recognized in OCI during the period.

⁽²⁾	Reclassification amounts are recorded in Net realized investment gains (losses).

Other comprehensive income (loss) related to net unrealized gains (losses) on securities includes three components: (i) unrealized gains (losses) that arose from changes in the market value of securities that were held during the period; (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; and (iii) other adjustments primarily consisting of changes in insurance and annuity asset and liability balances, such as benefit reserves and reinsurance recoverables, to reflect the expected impact on their carrying values had the unrealized gains (losses) been realized as of the respective balance sheet dates.

The following table presents the changes in the balances of each component of AOCI, net of tax:


(in millions)	Net Unrealized Gains (Losses) on Securities			Effect of Changes in Discount Rate Assumptions			Effect of Changes in Instrument- Specific Credit Risk on MRBs			Other			Total
Balance at January 1, 2021	$	1,185		$	—		$	—		$	(1	)	$	1,184
Cumulative effect of adoption of long-duration contracts guidance		707			(1,217	)		(527	)		—			(1,037	)
OCI before reclassifications		(409	)		284			100			—			(25	)
Amounts reclassified from AOCI		(439	)		—			—			—			(439	)
Total OCI		(848	)		284			100			—			(464	)
Balance at December 31, 2021		1,044			(933	)		(427	)		(1	)		(317	)
OCI before reclassifications		(2,104	)		861			407			—			(836	)
Amounts reclassified from AOCI		69			—			—			—			69
Total OCI		(2,035	)		861			407			—			(767	)
Balance at December 31, 2022		(991	)		(72	)		(20	)		(1	)		(1,084	)
OCI before reclassifications		489			(54	)		(65	)		—			370
Amounts reclassified from AOCI		20			—			—			—			20
Total OCI		509			(54	)		(65	)		—			390
Balance at December 31, 2023	$	(482	)	$	(126	)	$	(85	)	$	(1	)	$	(694	)

20. INCOME TAXES

The components of income tax provision (benefit) were as follows:


	Years Ended December 31,
(in millions)	2023			2022			2021
Current income tax
Federal	$	(112	)	$	57		$	172
State		2			(2	)		6
Total current income tax		(110	)		55			178
Deferred income tax
Federal		98			150			136
State		2			4			2
Total deferred income tax		100			154			138
Total income tax provision (benefit)	$	(10	)	$	209		$	316

F-59

RiverSource Life Insurance Company

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


	Years Ended December 31,
	2023			2022			2021
Tax at U.S. statutory rate		21.0	%		21.0	%		21.0	%
Changes in taxes resulting from:
Dividends received deduction		(8.2	)		(2.3	)		(1.7	)
Low income housing tax credits		(8.0	)		(2.9	)		(3.3	)
Foreign tax credit, net of addback		(7.0	)		(1.7	)		(0.9	)
Audit adjustments		(3.4	)		—			—
Uncertain tax positions		1.6			—			—
Other, net		1.5			(0.3	)		0.4
Income tax provision (benefit)		(2.5	)%		13.8	%		15.5	%

The decrease in the Company’s effective tax rate for the year ended December 31, 2023 compared to 2022 is primarily due to lower pretax income in the current year.

The decrease in the Company’s effective tax rate for the year ended December 31, 2022 compared to 2021 is primarily due to lower pretax income relative to tax preferred items.

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 the Company’s deferred income tax assets and liabilities, which are included net within Other assets or Other liabilities, were as follows:


	December 31,
(in millions)	2023		2022⁽¹⁾
Deferred income tax assets
Insurance and annuity benefits including corresponding hedges	$	1,244	$	1,431
Investments including net unrealized on Available-for-Sale securities		118		165
Other		30		29
Gross deferred income tax assets		1,392		1,625
Less: valuation allowance		30		30
Total deferred income tax assets		1,362		1,595
Deferred income tax liabilities
Deferred acquisition costs		380		410
Other		56		52
Gross deferred income tax liabilities		436		462
Net deferred income tax assets	$	926	$	1,133

⁽¹⁾	Prior period amounts have been reclassified to conform to current year presentation and primarily relate to derivative activity being presented with the liabilities they are hedging and remaining investments being presented together inclusive of net unrealized on Available-for-Sale securities.

Included in the Company’s deferred income tax assets are tax benefits related to state net operating losses of $28 million, net of federal benefit, which will expire beginning December 31, 2024. Based on analysis of the Company’s tax position as of December 31, 2023, management believes it is more likely than not that the Company will not realize certain state net operating losses of $28 million and state deferred tax assets of $2 million; therefore, a valuation allowance of $30 million has been established.

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


(in millions)	2023			2022			2021
Balance at January 1	$	37		$	37		$	38
Reductions for tax positions related to the current year		(3	)		(1	)		(1	)
Additions for tax positions of prior years		65			1			—
Reductions for tax positions of prior years		(71	)		—			—
Reductions due to lapse of statutes of limitations		(1	)		—			—
Balance at December 31	$	27		$	37		$	37

F-60

RiverSource Life Insurance Company

If recognized, approximately $19 million, $20 million and $20 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. The Company estimates that the total amount of gross unrecognized tax benefits may decrease by approximately $2 million in the next 12 months primarily due to state statutes of limitations expirations.

The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. The Company recognized a net increase of $8 million, nil and a net increase of $1 million in interest and penalties for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the Company had a payable of $11 million and $3 million related to accrued interest and penalties, respectively.

The Company 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 the Company, are currently under examination by various jurisdictions for years ranging from 2017 through 2021.

21. COMMITMENTS AND CONTINGENCIES

Commitments

The following table presents the Company’s funding commitments as of December 31:


(in millions)	2023		2022
Commercial mortgage loans	$	15	$	—

Contingencies

The Company and its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions, concerning matters arising in connection with the conduct of its activities. These include proceedings specific to the Company as well as proceedings generally applicable to business practices in the industries in which it operates. The Company can also be subject to legal proceedings arising out of its general business activities, such as its investments, contracts and employment relationships. Uncertain economic conditions, heightened and sustained volatility in the financial markets and significant financial reform legislation may increase the likelihood that clients and other persons or regulators may present or threaten legal claims or that regulators increase the scope or frequency of examinations of the Company or the insurance industry generally.

As with other insurance companies, the level of regulatory activity and inquiry concerning the Company’s businesses remains elevated. From time to time, the Company and its affiliates, including AFS and RiverSource Distributors, Inc. receive requests for information from, and/or are subject to examination or claims by various state, federal and other domestic authorities. The Company and its affiliates typically have numerous pending matters, which include information requests, exams or inquiries regarding their business activities and practices and other subjects, including from time to time: sales and distribution of, and disclosure practices related to, various products, including the Company’s insurance and annuity products; supervision of associated persons, including AFS financial advisors and RiverSource Distributors, Inc.’s wholesalers; administration of insurance and annuity claims; security of client information; and transaction monitoring systems and controls. The Company and its affiliates are cooperating with the applicable regulators.

These pending matters are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. The Company cannot predict with certainty if, how, or when any such proceedings will be initiated or resolved. Matters frequently need to be more developed before a potential loss or range of loss can be reasonably estimated for any matter. An adverse outcome in any matter could result in an adverse judgment, a settlement, fine, penalty, or other sanction, and may lead to further claims, examinations, or adverse publicity each of which could have a material adverse effect on the Company’s consolidated financial condition, results of operations, or liquidity.

In accordance with applicable accounting standards, the Company establishes an accrued liability for contingent litigation and regulatory matters when those matters present loss contingencies that are both probable and can be reasonably estimated. The Company discloses the nature of the contingency when management believes there is at least a reasonable possibility that the outcome may be material to the Company’s consolidated financial statements and, where feasible, an estimate of the possible loss. In such cases, there still may be an exposure to loss in excess of any amounts reasonably estimated and accrued. When a loss contingency is not both probable and reasonably estimable, the Company does not establish an accrued liability, but continues to

F-61

RiverSource Life Insurance Company

monitor, in conjunction with any outside counsel handling a matter, further developments that would make such loss contingency both probable and reasonably estimable. Once the Company establishes an accrued liability with respect to a loss contingency, the Company continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established, and any appropriate adjustments are made each quarter.

Guaranty Fund Assessments

RiverSource Life Insurance Company and RiverSource Life of NY are required by law to be a member of the guaranty fund association in every state where they are licensed to do business. In the event of insolvency of one or more unaffiliated insurance companies, the Company could be adversely affected by the requirement to pay assessments to the guaranty fund associations. The Company projects its cost of future guaranty fund assessments based on estimates of insurance company insolvencies provided by the National Organization of Life and Health Insurance Guaranty Associations and the amount of its premiums written relative to the industry-wide premium in each state. The Company accrues the estimated cost of future guaranty fund assessments when it is considered probable that an assessment will be imposed, the event obligating the Company to pay the assessment has occurred and the amount of the assessment can be reasonably estimated.

The Company has a liability for estimated guaranty fund assessments and a related premium tax asset. As of December 31, 2023 and 2022, the estimated liability was $34 million and $12 million, respectively. As of December 31, 2023 and 2022, the related premium tax asset was $29 million and $10 million, respectively. The expected period over which guaranty fund assessments will be made and the related tax credits recovered is not known.

F-62




RiverSource Life Insurance Company 70100 Ameriprise Financial Center Minneapolis, MN 55474 1-800-862-7919		RiverSource Distributors, Inc. (Distributor), Member FINRA. Issued by RiverSource Life Insurance Company, Minneapolis, Minnesota. Affiliated with Ameriprise Financial Services, LLC.

ANN9123_12_C01_(05/24)		© 2008-2024 RiverSource Life Insurance Company. All rights reserved.