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Investment Type: separateaccount

Principal LifeTime 2065 Separate Account-Z

Quick Facts Inception Date: 12/29/2017 Extended Performance Inception Date: 09/06/2017 Morningstar Category: Target-Date 2065+ Total Net Assets (mil): $282.16	Investment Strategy    What's this? The investment seeks a total return consisting of long-term growth of capital and current income. The fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in 2065. It is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds ("PETF") and Principal Funds, Inc. ("PFI"). Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities.
Morningstar Style Box™   as of 08/31/2025    What's this?	Overall Morningstar Star Rating™   as of 09/30/2025    What's this? Out of 147 Target-Date 2065+ Funds Morningstar's Star Ratings reflect risk adjusted performance and are derived from a weighted average of the performance figures associated with its three, five, and ten-year (if applicable) time periods.

Total Returns

Month-End | Quarter-End

Average Annual Total Returns as of 09/30/2025

1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since      Inception* Total Return % 2.20 5.93 15.26 13.35 19.92 11.90 --- 10.43 S&P Target Date 2065+ Index % 2.98 7.07 16.65 14.80 20.88 12.80 --- --- Target-Date 2065+ Category % 3.10 6.80 16.92 14.89 20.76 12.23 --- --- Morningstar Percentile Rankings** --- --- --- 87 80 68 --- --- # of Funds in Category 302 273 249 237 147 104 --- ---

* Inception Date: 12/29/2017 ; Extended Performance Inception Date: 09/06/2017

**Morningstar percentile rankings are based on total returns.

Expenses   as of 09/30/2025 Total Investment Expense - Gross: 0.46% Total Investment Expense - Net: 0.46% Total Investment Expense Gross Per $1,000 Invested: $4.60

Inv Manager or Sub-Advisor

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Principal Global Investors

Portfolio Managers

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Scott W. Smith Since 09/06/2017 B.S. , Iowa State University

James W. Fennessey , CFA Since 09/06/2017 B.S. , Truman State University

Randy L. Welch Since 09/06/2017 M.B.A. , Drake University

Chad Severin Since 03/31/2025 Bachelor , Simpson College

May Tong , CFA Since 03/31/2025 B.A./B.S. , Boston College

Todd A. Jablonski , CFA Since 03/31/2025 M.B.A. , New York University