Press Release

RiverSource^SM Diversified Equity Income Fund (Y-Share) Receives 2006 Lipper Fund Award in Equity Income Category

Fund's three-year risk-adjusted performance tops equity income peers for second consecutive year

MINNEAPOLIS — March 22, 2006 — RiverSource Diversified Equity Income Fund – Y share class – has received the 2006 Lipper Fund Award as the leading fund in its Lipper equity income category for the three-year period ending Dec. 31, 2005. It's the second consecutive year that RiverSource Diversified Equity Income Fund has received the award.

A Lipper Fund Award is presented to one fund in each Lipper category for achieving the strongest trend of consistent risk-adjusted performance against its category peers over a three-year period.

"RiverSource Diversified Equity Income Fund is one of four funds managed by our Deep Value Team that has provided shareholders with competitive absolute and relative performance," said Michelle Keeley, senior equity leader and head of fixed income for RiverSource Investments. "For the fund to receive this award two years in a row is a testament to the strength of the Deep Value Team and its commitment to strive to deliver consistent, competitive performance."

RiverSource Diversified Equity Income Fund is managed by a team of three portfolio managers: Warren Spitz, Steve Schroll and Laton Spahr. Spitz is the senior member of the team and has been the lead portfolio manager since November 2000. During that time, the fund has provided shareholders with competitive risk-adjusted performance through various market cycles.

"This is well-deserved recognition for an outstanding group of investment professionals," Keeley said. "Warren and the team have done an excellent job of delivering for clients and providing advisors and 401(k) plan sponsors with products they can rely on."

In addition to RiverSource Diversified Equity Income, the Deep Value Team at RiverSource Investments manages the following mutual funds:

• RiverSouce^SM Dividend Opportunity Fund
• RiverSource^SM Equity Value Fund
• RiverSource^SM Mid Cap Value Fund

The team also manages institutional and retail sub-accounts and other portfolios.

RiverSource Investments, LLC, is a subsidiary of Ameriprise Financial, Inc. (NYSE:AMP).

Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Users acknowledge that they have not relied upon any warranty, condition, guarantee, or representation made by Lipper. Any use of the data for analyzing, managing, or trading financial instruments is at the user's own risk. This is not an offer to buy or sell securities.

About Lipper: Lipper, a wholly owned subsidiary of Reuters, is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries, and media organizations. Lipper clients manage more than 95% of U.S. fund assets. The firm, founded in 1973 and headquartered in New York, tracks 125,000 funds worldwide through its offices in major financial capitals in North America, Europe, and Asia.

Lipper Rankings are based on annualized total returns and do not reflect sales charges. The performance information shown represents past performance and is not a guarantee of future results. Fund returns for all periods would have been lower if the applicable sales charge were included. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.riversource.com/investments.

RiverSource Diversified Equity Income Fund average annual total returns and Lipper rankings as of 12-31-05 – Y shares:
Ticker Symbol (IDQYX)
1YR – 13.50%, 2nd of 227 funds
3YR – 24.11%, 1st of 163 funds
5YR – 9.83%, 5th of 131 funds
10YR – 10.67%, 10th of 73 funds

RiverSource Diversified Equity Income Fund average annual total returns and Lipper rankings as of 12-31-05 – A Shares:
Ticker Symbol (INDZX)
1YR – 13.33%, 3rd of 227 funds
3YR – 23.88%, 2nd of 163 funds
5YR – 9.76%, 6th of 131 funds
10YR – 10.54%, 14th of 73 funds

Source: Lipper

RiverSource Investments develops and manages asset growth, preservation and income solutions that revolve around the needs of today's investors. The firm's specialized investment platform provides access to investment and research professionals located in strategic investment centers in the U.S. and overseas. As a leading source of investment insight and innovation, RiverSource Investments delivers a full range of solutions across the risk return spectrum, to retail investors and their advisors and to institutional investors including corporations, pension funds, governments, foundations and endowments. For more information, visit www.riversource.com/investments.

RiverSource Investments, LLC is an SEC-registered investment adviser that offers investment products and services under the names RiverSource Institutional Advisors, RiverSource Alternative Investments, RiverSource Capital Management and RiverSource Insurance Assets.

Ameriprise Financial, Inc. is a leading financial planning and services company that provides solutions for clients' asset accumulation, income management and insurance protection needs. Through a nationwide network of more than 10,000 financial advisors, Ameriprise Financial delivers tailored solutions to clients through a comprehensive and personalized financial planning approach built on a long-term relationship with a knowledgeable advisor. The Company specializes in meeting the retirement-related financial needs of the mass affluent. Financial advisory services and investments are available through Ameriprise Financial Services, Member FINRA and SIPC. For more information, visit www.ameriprise.com.

You should consider the investment objective, risks, charges and expenses for a fund carefully before investing. For a free copy of a prospectus, which contains this and other information about RiverSource Funds, please call (888) 791-3380 or visit www.riversource.com/investments. Read the prospectus carefully before you invest.

Class Y shares are only offered to qualified institutional investors. The following investors are eligible to purchase Class Y shares: Certain qualified employee benefit plans; trust companies or similar institutions, and charitable organizations that meet the definition in Section 501(c)(3) of the Internal Revenue Code and have at least $10 million invested in RiverSource funds; nonqualified deferred compensation plans whose participants are included in a qualified employee benefit plan; state sponsored college savings plans established under Section 529 of the Internal Revenue Code.

Stocks of mid-capitalization companies involve substantial risk. Historically, these stocks have experienced greater price volatility than stocks of larger companies, and they can be expected to do so in the future.

Investment products, including shares of mutual funds involve risks including possible loss of principal and fluctuation in value.

RiverSource Funds are managed by RiverSource Investments, LLC and distributed by Ameriprise Financial Services, Inc., Member FINRA. Both companies are part of Ameriprise Financial, Inc.

Ameriprise Financial Services, Inc., Member FINRA, RiverSource Investments, LLC, Threadneedle Asset Management Holdings Limited, Ameriprise Retirement Services and Ameriprise Trust Company are part of Ameriprise Financial, Inc.

For more information, please contact Ryan Lund at 612-671-3459 or ryan.s.lund@ampf.com.

Media Contacts

Benjamin Pratt
Vice President, External Communications
(612) 678-5881
(612) 671-5112 (fax)
benjamin.j.pratt@ampf.com

For RiverSource Investments, Institutional Advisors, Insurance and Annuities

Ryan Lund
Director, Media Relations
(612) 671-3459
(612) 671-5112 (fax)
ryan.s.lund@ampf.com

For RiverSource Insurance and Annuities

Todd Wold
Manager, Media Relations
(612) 671-6583
(612) 671-5112 (fax)
todd.wold@ampf.com