Request URL: https://www.principal.com/InvestmentProfiles/holdings.faces
Investment Type: separateaccount

Diversified Income Separate Account-Z

Portfolio Composition

  as of 03/31/2025
   What's this?

Asset Type Net Short Long U.S. Bonds 69.54% 1.68%   71.22%   Non-U.S. Bonds 21.4% 0.0%   21.4%   Preferred 4.61% 0.0%   4.61%   U.S. Stocks 2.03% 0.0%   2.03%   Other 1.04% 0.23%   1.27%   Cash 0.97% 6.61%   7.59%   Convertibles 0.21% 0.0%   0.21%   Non-U.S. Stocks 0.2% 0.0%   0.2%   Total 100%

Top 10 Holdings   as of 03/31/2025    What's this? % of Net Assets Principal Government Money Market R-6 4.20 Cliffwater Enhanced Lending I 1.71 Specialty Stl Holdco Inc 14.44343% 1.64 Ultra US Treasury Bond Future June 25 1.48 Real Alloy Cmn 1.19 SNY TL 2L 0.86 ENGINEERED MACHINERY 0.62 Minerva Merger Subordinated Inc. 6.5% 0.59 Government National Mortgage Association 0.58 Baffinland Iron Mines Corporation and Baffinland Iron Mines LP 8.75% 0.53 Total*: 13.40 *Values may exceed 100% if both long and short positions are included in the portfolio View Full Portfolio Holdings	Morningstar Style Box™   as of 03/31/2025    What's this?
Credit Analysis   as of 03/31/2025    What's this? % Bonds AAA 19.90 AA 1.42 A 8.36 BBB 20.43 BB 12.17 B 20.09 Below B 10.89 Not Rated 6.74	Statistics   as of 03/31/2025 Average Eff Duration (yrs): 4.05 Average Eff Maturity (yrs): 11.67 Avg Weighted Coupon: 6.11 Avg Weighted Price: $95.65
Analysis   as of 03/31/2025 Turnover Ratio: 86.30% # Stock Holdings: 13 # Bond Holdings: 2,874 # Other Holdings: 126 Total # of Holdings: 3,013

© 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 Diversified Income 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 Diversified Income 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 (PGBLX) at https://www.principalam.com/us/fund/PGBLX 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. Fixed-income investment options are subject to interest rate risk, and their value will decline as interest rates rise. Lower-rated securities are subject to additional credit and default risks. Risks associated with preferred securities differ from risks inherent with other investments. In particular, in the event of bankruptcy, a company's preferred securities are senior to common stock but subordinated to all other types of corporate debt. International investing involves increased risks due to currency fluctuations, political or social instability, and differences in accounting standards, these risks are magnified in emerging markets, which may lack established legal, political, business, or social structures to support securities markets. 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.