PIMCO All Asset Division

Portfolio Composition

as of 12/31/2024

Asset Type	Net	Short	Long
U.S. Bonds	48.57%	36.97%	85.54%
Other	37.97%	0.28%	38.25%
Non-U.S. Bonds	27.88%	44.52%	72.4%
U.S. Stocks	7.74%	6.96%	14.7%
Non-U.S. Stocks	5.43%	0.0%	5.44%
Preferred	0.04%	0.0%	0.04%
Convertibles	0.01%	0.0%	0.01%
Cash	-27.65%	122.06%	94.41%
Total	99.99%

Top 10 Holdings

as of 12/31/2024

What's this?

% of Net Assets

Pimco Fds	18.97
Pimco Fds	15.27
PIMCO Low Duration Instl	11.73
PIMCO Total Return Instl	8.27
PIMCO International Bond (USD-Hdg) Instl	4.96
PIMCO Emerging Mkts Lcl Ccy and Bd Instl	4.01
PIMCO High Yield Instl	3.94
PIMCO TRENDS Managed Futures Strat Instl	3.87
PIMCO RAE Worldwide Long/Short PLUS Inst	3.50
PIMCO RAE Fundamental AdvantagePLUS Inst	3.39

Total*: 77.89

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

Morningstar Style Box™

as of 12/31/2024

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Stock Sector Breakdown

as of 12/31/2024

What's this?

% of Net Assets

Cyclical

36.44

Basic Materials	1.60
Consumer Cyclical	13.55
Financial Svcs	16.64
Real Estate	4.65

Defensive

28.61

Consumer Defensive	21.39
Healthcare	6.57
Utilities	0.65

Sensitive

34.96

Comm Svcs	3.93
Energy	6.16
Industrials	12.34
Technology	12.53

Analysis

as of 12/31/2024

---	Price/Earnings Ratio:
10.13	Price/Book Ratio:
1.14	Price/Cash Flow Ratio:
4.85	Turnover Ratio:
45.00%	# Stock Holdings:
0	# Bond Holdings:
0	# Other Holdings:
42	Total # of Holdings:
42

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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.

Equity investment options involve greater risk, including heightened volatility, than fixed-income investment options. Fixed-income investment options are subject to interest rate risk, and their value will decline as interest rates rise.

Asset allocation does not guarantee a profit or protect against a loss. Investing in real estate, small-cap, international, and high-yield investment options involves additional risks.

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.

Returns do not take into account any variable annuity contract fees, your actual returns could be lower.

Fixed-income and asset allocation investment options that invest in mortgage securities are subject to increased risk due to real estate exposure.