Principal VCF US LargeCap S&P 500 Index Buffer Apr Acct Div

Portfolio Composition

as of 11/30/2025

Asset Type	Net	Short	Long
U.S. Stocks	99.65%	4.24%	103.89%
Non-U.S. Stocks	0.49%	0.02%	0.51%
Other	0.04%	0.0%	0.04%
Cash	-0.18%	0.35%	0.18%
Total	100%

Top 10 Holdings

as of 11/30/2025

What's this?

% of Net Assets

iShares Core S&P 500 ETF	50.07
Call On E-mini S&P 500 Futures Mar26	15.84
Vanguard S&P 500 ETF	14.99
State Street(R) SPDR(R) Port S&P 500(R) ETF	13.03
SPDR(R) S&P 500(R) ETF	9.96
Call On E-mini S&P 500 Futures Mar26	3.92
Call On E-mini S&P 500 Futures Mar26	0.61
Call On E-mini S&P 500 Futures Mar26	0.34
Principal Government Money Market R-6	0.01

Total*: 108.76

*Values may exceed 100% if both long and short positions are included in the portfolio

Morningstar Style Box™

as of 11/30/2025

What's this?

Stock Sector Breakdown

as of 11/30/2025

What's this?

% of Net Assets

Cyclical

26.53

Basic Materials	1.50
Consumer Cyclical	10.40
Financial Svcs	12.76
Real Estate	1.87

Defensive

17.00

Consumer Defensive	4.86
Healthcare	9.77
Utilities	2.37

Sensitive

56.47

Comm Svcs	10.99
Energy	2.84
Industrials	7.34
Technology	35.30

Analysis

as of 11/30/2025

Average Market Cap (mil):	$465,366.88
Price/Earnings Ratio:	22.59
Price/Book Ratio:	4.58
Price/Cash Flow Ratio:	15.82
Turnover Ratio:	158.40%
# Stock Holdings:	0
# Bond Holdings:	0
# Other Holdings:	7
Total # of Holdings:	7

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* Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested

Investing involves risk, including possible loss of principal.

Fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions. The cumulative effect of fees and expenses can substantially reduce the growth of a participant's or beneficiary's retirement account. Participants and beneficiaries can visit the Employee Benefit Security Administration's website for an example demonstrating the long-term effect of fees and expenses.

Returns shown reflect all investment management charges and any miscellaneous expenses incurred by the underlying accounts of the divisions. Returns do not include premium expense charges and various monthly deductions (administration charges, cost of insurance, and mortality and expense risks charges) which vary by contract. In addition, results do not reflect the premium expense charge or the surrender charge levied if the policy is surrendered during the first 10 policy years, or within 10 years after a face amount increase. If these fees and charges had been deducted, the results shown would be significantly lower. These charges are explained fully in the prospectus and their effect upon cash surrender values are best explained by reviewing several hypothetical illustrations contained in the prospectus. For a personalized illustration of historical performance, which reflects the cost of insurance protection, contact your registered representative.

This material is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus for the Variable Universal Life product or Variable Annuity product and the underlying investment options. Insurance products from the Principal Financial Group® are issued by Principal National Life Insurance Company (except in New York) and Principal Life Insurance Company. Securities offered through Principal Securities, Inc., 800-247-9988, member SIPC. Principal National, Principal Life, and Principal Securities are members of the Principal Financial Group®, Des Moines, IA 50392.

The buffer funds have characteristics unlike many other traditional investment products and may not be suitable for all investors. These strategies could limit the upside participation of the buffer fund in rising equity markets relative to other funds. The buffer provides limited protection in the event of a market downturn; the buffer fund does not provide principal protection, and an investment may experience significant losses on its investment, including the loss of its entire investment. The buffer Fund may invest in FLEX Options, which are associated with additional risks. Due to the cost of the options used by the Fund, the correlation of the Funds performance to that of the Index is expected to be less than if the Fund invested directly in the Index without using options, and could be substantially less.

Investing involves risk, including possible loss of principal. Equity investment options involve greater risk, including heightened volatility, than fixed-income investment options.