Global Multi-Strategy Separate Account-R6

Portfolio Composition

as of 04/30/2025

Asset Type	Net	Short	Long
U.S. Stocks	26.62%	4.98%	31.59%
U.S. Bonds	24.2%	7.41%	31.61%
Non-U.S. Bonds	23.76%	2.13%	25.89%
Cash	18.15%	88.3%	106.45%
Non-U.S. Stocks	6.35%	0.02%	6.37%
Convertibles	0.47%	0.0%	0.47%
Other	0.34%	0.01%	0.35%
Preferred	0.1%	0.0%	0.1%
Total	99.99%

Top 10 Holdings

as of 04/30/2025

What's this?

% of Net Assets

Principal Government Money Market R-6	20.90
5 Year Treasury Note Future June 25	5.61
Euro-Schatz Fut Jun25	4.22
2 Year Treasury Note Future June 25	3.23
Canada (Government of) 0%	2.47
Canada (Government of) 0%	2.46
E-Mini Russ 2000 Jun25	2.33
2 Year Treasury Note Future June 25	1.69
E-mini S&P 500 Future June 25	1.36
Recv Prtf Swap-Ms Usd	1.29

Total*: 45.56

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

View Full Portfolio Holdings

Morningstar Style Box™

as of 04/30/2025

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Stock Sector Breakdown

as of 04/30/2025

What's this?

% of Net Assets

Cyclical

31.18

Basic Materials	5.08
Consumer Cyclical	9.69
Financial Svcs	13.51
Real Estate	2.90

Defensive

20.08

Consumer Defensive	6.69
Healthcare	11.15
Utilities	2.24

Sensitive

48.75

Comm Svcs	11.80
Energy	5.92
Industrials	13.95
Technology	17.08

Analysis

as of 04/30/2025

Average Market Cap (mil):	$41,129.29
Price/Earnings Ratio:	16.50
Price/Book Ratio:	2.32
Price/Cash Flow Ratio:	9.35
Turnover Ratio:	146.90%
# Stock Holdings:	954
# Bond Holdings:	554
# Other Holdings:	510
Total # of Holdings:	2,018

� 2025 Morningstar, Inc. All Rights Reserved. Part of the mutual fund data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Portfolio holdings are subject to change and companies referenced in this report may not currently be held. Information is current as of the creation of this piece. Keep in mind that portfolio holdings are subject to risk. Click here for a complete list of the most recent publicly available holdings.

Before directing retirement funds to a separate account, investors should carefully consider the investment objectives, risks, charges and expenses of the separate account as well as their individual risk tolerance, time horizon and goals. For additional information contact us at 1-800-547-7754 or by visiting principal.com.

Some Separate Accounts are considered sub-advised investment options, while others are not. All Separate Accounts are available through a group annuity contract with the Principal Life Insurance Company®. Insurance products and plan administrative services are provided through Principal Life, a member of the Principal Financial Group®, Des Moines, IA 50392. See the fact sheets for the full names of the Separate Accounts. Certain investment options may not be available in all states or U.S. commonwealths. Principal Life reserves the right to defer payments or transfers from Principal Life Separate Accounts as described in the group annuity contracts providing access to the Separate Accounts or as required by applicable law. Such deferment will be based on factors that may include situations such as: unstable or disorderly financial markets; investment conditions which do not allow for orderly investment transactions; or investment, liquidity, and other risks. If you elect to allocate funds to a Separate Account, you may not be able to immediately withdraw them.

Investment and Insurance products are:
* Not insured by the FDIC or Any Federal Government Agency
* Not a Deposit or Other Obligation of, or Guaranteed by Credit Union or Bank
* Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested

For a Separate Account investment option, Total Investment Expense gross equals the sum of these expenses: (a)the amount of money, expressed as a percentage, deducted for the costs of managing a separate account where applicable, fees for plan administrative services and agent compensation, plus (b) if the separate account invests in an underlying mutual fund, the total fund operating expenses of the underlying mutual fund, plus (c) if an underlying mutual funds invests in other mutual funds, the weighted-average management fee of those other mutual funds, as listed in the most recent prospectus. The actual Total Investment Expense may change if an underlying mutual fund's allocation of assets to other mutual funds changes.

Principal Global Multi-Strategy investment option is available as a mutual fund and as a Separate Account that invests wholly in R6 class shares of the Principal Funds, Inc. Global Multi-Strategy R6 Fund. All voting rights associated with ownership of shares in the mutual fund are the rights of the Separate Account, not of contract holders investing in the Separate Account. For further information on the underlying mutual fund, see the prospectus of the fund (PGLSX) at https://www.principalam.com/us/fund/PGLSX

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.

These calculated returns reflect the historical performance of the oldest share class of the fund, adjusted to reflect a portion of the fees and expenses of this share class. For time periods prior to inception date of the fund, predecessor performance is reflected. Please see the fund's prospectus for more information on specific expenses, and the fund's most recent shareholder report for actual date of first sale. Expenses are deducted from income earned by the fund. As a result, dividends and investment results will differ for each share class.

Investment manager/sub-advisor means either the Investment Advisor or Sub-Advisor to the investment option or the underlying asset(s). Principal Life Insurance Company is the Investment Manager as defined by ERISA, with regard to the assets of some Separate Accounts. Refer to the factsheet for more information.

The risks associated with derivative investments include that the underlying security, interest rate, market index, or other financial asset will not move in the direction the Investment Adviser and/or Sub-Advisor anticipated, the possibility that there may be no liquid secondary market, the risk that adverse price movements in an instrument can result in a loss substantially greater than a fund's initial investment, the possibility that the counterparty may fail to perform its obligations; and the inability to close out certain hedged positions to avoid adverse tax consequences.

This Fund uses alternative strategies such as arbitrage, leverage, derivatives and shorting securities. Long/short investing does not guarantee lower risk associated with equity markets, capitalization, sector swings or other factors and may have higher turnover with additional tax consequences. Short selling risks include investment loss and added costs to cover short positions. International investing involves greater risks such as currency fluctuations, political/social instability and differing accounting standards. Use of alternative strategies may magnify risk. Securities such as bonds, equities, international and emerging market securities, and currencies are subject to risks associated with market and interest rate movements. The Fund is non-diversified and may be more susceptible to price volatility if the Fund does not meet its objective. Investors should not expect significant outperformance during market rallies. Additional risks are included in the Fund's prospectus.