Principal VCF U.S. LargeCap Buffer January Account Division

Quick Facts

Inception Date:	12/28/2022
Morningstar Category:	Large Blend
Total Net Assets (mil):	$88.61

Investment Strategy

What's this?
The investment seeks to provide investors with returns (before fees and expenses) based on the S&P 500 Price Return Index. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in exchange-traded funds ("ETFs") and options that reference the S&P 500 Price Return Index (the "Index") at the time of each purchase. The index represents U.S. equities with risk/return characteristics of the large cap universe.

Morningstar Style Box™

as of 02/29/2024

What's this?

Overall Morningstar Star Rating™

What's this?

Out of Funds

Star Rating Not Rated

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

The investment results shown represent historical returns based upon the assumption variable universal life insurance products and variable annuity products were available for the periods shown. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data shown. Since the investment results and unit values of the divisions will fluctuate, the policy's accumulated value may at any time be more or less than the total premiums paid under the contract, including upon surrender of the contract. For more performance information, including the most recent month-end performance, please contact 800-247-9988 for variable life products or 800-852-4450 for variable annuity products.

Month-End | Quarter-End

Average Annual Total Returns as of 03/31/2024

	1 Month	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception*
Total Return %	2.46	7.65	7.65	21.73	---	---	---	22.12
Russell 1000 Index %	3.21	10.30	10.30	29.87	10.45	14.76	12.68	---
Large Blend Category %	3.30	9.95	9.95	27.24	9.88	13.65	11.45	---
Morningstar Percentile Rankings**	---	---	---	82	---	---	---	---
# of Funds in Category	1488	1482	1482	1422	1293	1179	888	---

* Inception Date: 12/28/2022

**Morningstar percentile rankings are based on total returns.

Expenses

as of 03/31/2024

Total Investment Expense - Net:

0.98%

Inv Manager or Sub-Advisor

What's this?

Principal Global Investors

Portfolio Managers

What's this?

Aaron J. Siebel
Since 12/28/2022
B.A. , University of Iowa

Tyler O'Donnell
Since 08/01/2023

� 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.

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.

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.

Russell 1000 Index measures the performance of the large-cap segment of the US equity securities. It is a subset of the Russell 3000 index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership.

The buffer funds have characteristics unlike many other traditional investment products and may not be suitable for all investors. These strategies could limit the upside participation of the buffer fund in rising equity markets relative to other funds. The buffer provides limited protection in the event of a market downturn; the buffer fund does not provide principal protection, and an investment may experience significant losses on its investment, including the loss of its entire investment. The buffer Fund may invest in FLEX Options, which are associated with additional risks. Due to the cost of the options used by the Fund, the correlation of the Funds performance to that of the Index is expected to be less than if the Fund invested directly in the Index without using options, and could be substantially less.

Investing involves risk, including possible loss of principal. Equity investment options involve greater risk, including heightened volatility, than fixed-income investment options.