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Investment Type: coli

Real Estate Securities Division

Portfolio Composition

  as of 02/29/2024
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Asset Type Net Short Long U.S. Stocks 98.2% 0.0%   98.2%   Cash 1.74% 0.0%   1.74%   U.S. Bonds 0.07% 0.0%   0.07%   Total 100.01%

Top 10 Holdings   as of 02/29/2024    What's this? % of Net Assets Prologis Inc 7.38 Welltower Inc 6.45 Equinix Inc 6.20 Extra Space Storage Inc 5.14 Ventas Inc 4.71 Digital Realty Trust Inc 4.70 AvalonBay Communities Inc 4.68 American Tower Corp 4.39 VICI Properties Inc Ordinary Shares 4.21 Invitation Homes Inc 3.77 Total*: 51.65 *Values may exceed 100% if both long and short positions are included in the portfolio

Morningstar Style Box™   as of 02/29/2024    What's this?

Stock Sector Breakdown   as of 02/29/2024    What's this? % of Net Assets Cyclical 100.00 Consumer Cyclical 0.73 Real Estate 99.27 Defensive --- Sensitive ---

Analysis   as of 02/29/2024 Average Market Cap (mil): $21,597.73 Price/Earnings Ratio: 34.56 Price/Book Ratio: 1.80 Price/Cash Flow Ratio: 15.47 Turnover Ratio: 16.20% # Stock Holdings: 40 # Bond Holdings: 0 # Other Holdings: 2 Total # of Holdings: 42

© 2024 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. Past performance is no guarantee of future results. Investment options are subject to investment risk. Shares or unit values will fluctuate and investments, when redeemed, may be worth more or less than their original cost. The initial offering of Executive Variable Universal Life (Executive VUL) was May 28, 2002. The initial offering of Benefit Variable Universal Life (Benefit VUL) was September, 2002. The initial offering of PrinFlex® Life was February 7, 1997. The initial offering of Principal Variable Universal Life (VUL) Income was August 23, 2004. The initial offering of Principal Variable Universal Life (VUL) Income Plus, the VUL Income with the Surrender Charge Adjustment Rider, was February 18, 2006. The initial offering of Principal Variable Universal Life (VUL) Accumulator II was February 11, 2003. The initial offering of Variable Universal Life Accumulator was November 19, 2001. The initial offering of Flex Variable Life Insurance was November 1, 1988. The initial offering of Survivorship Variable Universal Life was July 1, 1999. The initial offering of The Principal Variable Annuity was June 16, 1994. The initial offering of Principal Freedom Variable Annuity was April 30, 1999. The initial offering of The Principal Investment Plus Variable Annuity was January 4, 2005. The initial offering of Principal Freedom Variable Annuity 2 was September 18, 2006. The initial offering of Principal Variable Universal Life (VUL) Income II was 07/03/2008. The initial offering of Executive Variable Universal Life II (Executive VUL II) was October 3, 2008. The initial offering of Benefit Variable Universal Life II (Benefit VUL II) was October 3, 2008. Some of the underlying funds into which the divisions invest were offered prior to these dates. Inception dates are noted. 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. Not FDIC Insured May Lose Value - Not a Deposit - No Bank Guarantee Not Insured by any Federal Government Agency

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.

U.S. REIT Linked Index composition: For March 01, 2024, and after, the index is 100% the FTSE NAREIT All Equity REIT Index, and for the period prior to March 01, 2024, it is 100% the MSCI US REIT Index. The FTSE NAREIT All Equity REIT Index measures the performance of all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria. A REIT is a company that owns, and in most cases, operates income-producing real estate. This investment option is considered non-diversified, which means it, or the underlying mutual fund, can invest a higher percentage of its assets in of fewer individual issuers than a diversified investment. As a result, changes in the value of a single investment could cause greater fluctuations, gain or loss, in the net asset value than would occur if it was more diversified. Real Estate investment options are subject to investment and liquidity risk and other risks inherent in real estate such as those associated with general and local economic conditions. Property values can decline due to environmental and other reasons. In addition, fluctuation in interest rates can negatively impact the performance of real estate investment options.