International I Separate Account As of December 31, 2017

The schedule of investments listed below is for the Institutional class shares of the Principal Funds, Inc. International I Fund, in which this Separate Account solely invests.

SCHEDULE OF INVESTMENTS

MARKET % TOTAL NET ISSUER SHARES VALUE ASSETS Australia Aristocrat Leisure Ltd 393,041 $ 7,237,535 1.52% CSR Ltd 980,000 $ 3,623,172 0.76% Mineral Resources Ltd 150,000 $ 2,461,487 0.52% Macquarie Group Ltd 29,446 $ 2,277,498 0.48%

Total Australia $ 15,599,691 3.27%

Belgium KBC Group NV 54,000 $ 4,601,512 0.97%

Total Belgium $ 4,601,512 0.97%

Brazil Kroton Educacional SA 408,000 $ 2,263,933 0.48% Qualicorp SA 228,000 $ 2,130,471 0.45%

Total Brazil $ 4,394,404 0.92%

Canada West Fraser Timber Co Ltd 43,000 $ 2,653,548 0.56% Bank of Nova Scotia/The 33,000 $ 2,129,642 0.45%

Total Canada $ 4,783,190 1.00%

China Tencent Holdings Ltd 172,200 $ 8,912,720 1.87% AAC Technologies Holdings Inc 370,007 $ 6,548,554 1.37% Ping An Insurance Group Co of China Ltd 623,000 $ 6,461,799 1.36% Alibaba Group Holding Ltd 34,000 $ 5,862,620 1.23% Anhui Conch Cement Co Ltd 1,058,000 $ 4,965,971 1.04% China Merchants Bank Co Ltd 1,192,000 $ 4,719,203 0.99% Geely Automobile Holdings Ltd 1,354,000 $ 4,663,720 0.98% YY Inc 33,000 $ 3,730,980 0.78% Sunny Optical Technology Group Co Ltd 266,700 $ 3,386,359 0.71% TravelSky Technology Ltd 1,062,000 $ 3,174,602 0.67% Autohome Inc 45,000 $ 2,910,150 0.61% China Construction Bank Corp 3,154,000 $ 2,903,423 0.61% Minth Group Ltd 477,000 $ 2,868,436 0.60% New Oriental Education & Technology Group Inc 30,000 $ 2,820,000 0.59% PICC Property & Casualty Co Ltd 1,410,000 $ 2,701,244 0.57% NetEase Inc 7,400 $ 2,553,518 0.54% China Vanke Co Ltd 602,000 $ 2,395,651 0.50% ANTA Sports Products Ltd 503,000 $ 2,281,377 0.48% ENN Energy Holdings Ltd 306,000 $ 2,176,413 0.46%

Not FDIC or NCUA Insured PQ 6728 May Lose Value, Not a Deposit, No Bank or Credit Union Guarantee 12-17 Not Insured by any Federal Government Agency Informational data only. Do not use for audit purposes. International I Separate Account As of December 31, 2017

The schedule of investments listed below is for the Institutional class shares of the Principal Funds, Inc. International I Fund, in which this Separate Account solely invests.

SCHEDULE OF INVESTMENTS

MARKET % TOTAL NET ISSUER SHARES VALUE ASSETS People's Insurance Co Group of China Ltd/The 4,400,000 $ 2,160,724 0.45% China Shenhua Energy Co Ltd 830,000 $ 2,144,258 0.45% Agricultural Bank of China Ltd 3,966,000 $ 1,843,158 0.39% Bank of China Ltd 3,600,000 $ 1,763,051 0.37% Zhejiang Expressway Co Ltd 1,430,000 $ 1,570,719 0.33%

Total China $ 85,518,648 17.95%

Finland UPM-Kymmene OYJ 74,000 $ 2,297,312 0.48%

Total Finland $ 2,297,312 0.48%

France Atos SE 53,082 $ 7,717,583 1.62% Teleperformance 35,374 $ 5,063,770 1.06% Valeo SA 62,550 $ 4,659,389 0.98% AXA SA 105,000 $ 3,111,481 0.65% Kering 6,500 $ 3,059,718 0.64% Faurecia 39,000 $ 3,039,461 0.64% Cie Generale des Etablissements Michelin 21,000 $ 3,004,152 0.63% BNP Paribas SA 39,000 $ 2,901,148 0.61% Thales SA 24,430 $ 2,629,144 0.55% Capgemini SE 21,400 $ 2,534,649 0.53% Cie Plastic Omnium SA 50,000 $ 2,269,228 0.48% CNP Assurances 93,000 $ 2,145,258 0.45%

Total France $ 42,134,983 8.84%

Germany Covestro AG 53,756 $ 5,535,052 1.16% BASF SE 36,954 $ 4,051,309 0.85% Infineon Technologies AG 117,000 $ 3,186,394 0.67% Allianz SE 13,623 $ 3,117,586 0.65% MTU Aero Engines AG 15,257 $ 2,726,340 0.57% Daimler AG 28,055 $ 2,372,337 0.50% Drillisch AG 28,000 $ 2,309,363 0.48%

Total Germany $ 23,298,380 4.89%

Hong Kong Xinyi Glass Holdings Ltd 2,304,000 $ 2,994,880 0.63% Sino Biopharmaceutical Ltd 1,669,000 $ 2,950,642 0.62% Lee & Man Paper Manufacturing Ltd 1,500,000 $ 1,766,182 0.37%

The schedule of investments listed below is for the Institutional class shares of the Principal Funds, Inc. International I Fund, in which this Separate Account solely invests.

SCHEDULE OF INVESTMENTS

MARKET % TOTAL NET ISSUER SHARES VALUE ASSETS

Total Hong Kong $ 7,711,704 1.62%

Hungary Richter Gedeon Nyrt 92,000 $ 2,406,131 0.51%

Total Hungary $ 2,406,131 0.51%

Israel Nice Ltd 30,000 $ 2,757,300 0.58%

Total Israel $ 2,757,300 0.58%

Italy Moncler SpA 87,000 $ 2,719,399 0.57% Brembo SpA 147,260 $ 2,237,181 0.47%

Total Italy $ 4,956,580 1.04%

Japan Suzuki Motor Corp 119,000 $ 6,888,155 1.45% Tokyo Electron Ltd 38,000 $ 6,854,799 1.44% Koito Manufacturing Co Ltd 80,800 $ 5,657,080 1.19% Haseko Corp 357,000 $ 5,532,870 1.16% Open House Co Ltd 95,000 $ 5,110,219 1.07% Start Today Co Ltd 164,000 $ 4,977,910 1.04% Nomura Research Institute Ltd 81,200 $ 3,769,012 0.79% Brother Industries Ltd 139,000 $ 3,416,558 0.72% Yaskawa Electric Corp 70,000 $ 3,067,059 0.64% Daito Trust Construction Co Ltd 15,000 $ 3,055,968 0.64% Nitori Holdings Co Ltd 20,000 $ 2,846,490 0.60% Taisei Corp 57,200 $ 2,844,608 0.60% Kajima Corp 291,000 $ 2,795,899 0.59% COMSYS Holdings Corp 90,000 $ 2,609,341 0.55% Fukuoka Financial Group Inc 453,000 $ 2,534,854 0.53% Nissan Chemical Industries Ltd 62,900 $ 2,505,603 0.53% MISUMI Group Inc 86,000 $ 2,496,763 0.52% Toyota Tsusho Corp 62,000 $ 2,490,741 0.52% SMC Corp/Japan 5,900 $ 2,421,268 0.51% Nexon Co Ltd 80,000 $ 2,320,023 0.49% Stanley Electric Co Ltd 56,000 $ 2,265,900 0.48% Daiwa House Industry Co Ltd 58,000 $ 2,224,149 0.47% Bandai Namco Holdings Inc 66,300 $ 2,164,013 0.45% Horiba Ltd 35,000 $ 2,107,185 0.44% Sompo Holdings Inc 51,000 $ 1,968,639 0.41%

The schedule of investments listed below is for the Institutional class shares of the Principal Funds, Inc. International I Fund, in which this Separate Account solely invests.

SCHEDULE OF INVESTMENTS

MARKET % TOTAL NET ISSUER SHARES VALUE ASSETS Nitto Denko Corp 21,500 $ 1,901,648 0.40% Kyowa Exeo Corp 68,000 $ 1,757,981 0.37% Iida Group Holdings Co Ltd 91,000 $ 1,712,862 0.36%

Total Japan $ 90,297,598 18.95%

Korea, Republic Of Samsung Electronics Co Ltd 3,270 $ 7,769,230 1.63% NCSoft Corp 15,976 $ 6,666,862 1.40% Lotte Chemical Corp 11,400 $ 3,914,429 0.82% SK Innovation Co Ltd 14,000 $ 2,670,792 0.56% LG Chem Ltd 7,000 $ 2,646,948 0.56% KT&G Corp 18,863 $ 2,032,423 0.43% Shinhan Financial Group Co Ltd 43,000 $ 1,984,761 0.42%

Total Korea, Republic Of $ 27,685,446 5.81%

Netherlands ING Groep NV 238,000 $ 4,368,891 0.92%

Total Netherlands $ 4,368,891 0.92%

Russian Federation Sberbank of Russia PJSC 380,000 $ 6,405,105 1.34% X5 Retail Group NV 75,000 $ 2,826,993 0.59% Severstal PJSC 123,000 $ 1,882,253 0.40%

Total Russian Federation $ 11,114,351 2.33%

Singapore United Overseas Bank Ltd 289,000 $ 5,697,062 1.20% DBS Group Holdings Ltd 298,000 $ 5,511,892 1.16%

Total Singapore $ 11,208,954 2.35%

South Africa Kumba Iron Ore Ltd 176,864 $ 5,397,705 1.13%

Total South Africa $ 5,397,705 1.13%

Spain Amadeus IT Group SA 43,000 $ 3,094,379 0.65%

Total Spain $ 3,094,379 0.65%

Sweden Boliden AB 63,000 $ 2,154,457 0.45%

The schedule of investments listed below is for the Institutional class shares of the Principal Funds, Inc. International I Fund, in which this Separate Account solely invests.

SCHEDULE OF INVESTMENTS

MARKET % TOTAL NET ISSUER SHARES VALUE ASSETS

Total Sweden $ 2,154,457 0.45%

Switzerland Sika AG 828 $ 6,569,351 1.38% Partners Group Holding AG 7,068 $ 4,842,946 1.02% Temenos Group AG 22,000 $ 2,815,357 0.59% Georg Fischer AG 1,850 $ 2,442,308 0.51% Swiss Life Holding AG 5,797 $ 2,049,090 0.43%

Total Switzerland $ 18,719,053 3.93%

Taiwan, Province Of China Taiwan Semiconductor Manufacturing Co Ltd 200,800 $ 7,961,720 1.67% Largan Precision Co Ltd 31,300 $ 4,201,443 0.88% Win Semiconductors Corp 228,565 $ 2,160,090 0.45% Catcher Technology Co Ltd 197,000 $ 2,158,667 0.45% Phison Electronics Corp 177,292 $ 1,732,216 0.36%

Total Taiwan, Province Of China $ 18,214,136 3.82%

Thailand PTT PCL 185,000 $ 2,481,771 0.52% Thai Oil PCL 782,000 $ 2,481,469 0.52% PTT Global Chemical PCL 872,000 $ 2,272,743 0.48% Siam Cement PCL/The 130,000 $ 1,952,293 0.41%

Total Thailand $ 9,188,276 1.93%

Turkey Tupras Turkiye Petrol Rafinerileri AS 91,406 $ 2,929,231 0.61% KOC Holding AS 383,000 $ 1,866,053 0.39%

Total Turkey $ 4,795,284 1.01%

United Kingdom Ashtead Group PLC 232,430 $ 6,234,102 1.31% Persimmon PLC 135,000 $ 4,987,470 1.05% Taylor Wimpey PLC 1,575,052 $ 4,382,116 0.92% Legal & General Group PLC 1,139,530 $ 4,195,263 0.88% Bellway PLC 80,421 $ 3,855,351 0.81% Prudential PLC 148,238 $ 3,796,414 0.80% HSBC Holdings PLC 315,000 $ 3,238,615 0.68% Berkeley Group Holdings PLC 46,000 $ 2,602,023 0.55% Intertek Group PLC 33,500 $ 2,342,771 0.49% 3i Group PLC 187,000 $ 2,302,174 0.48%

The schedule of investments listed below is for the Institutional class shares of the Principal Funds, Inc. International I Fund, in which this Separate Account solely invests.

SCHEDULE OF INVESTMENTS

MARKET % TOTAL NET ISSUER SHARES VALUE ASSETS Barratt Developments PLC 257,000 $ 2,241,926 0.47% Hays PLC 867,000 $ 2,135,349 0.45% JD Sports Fashion PLC 408,000 $ 1,848,580 0.39% Bunzl PLC 62,000 $ 1,732,287 0.36%

Total United Kingdom $ 45,894,442 9.63%

United States Principal Government Money Market Fund 21,330,085 $ 21,330,085 4.48%

Total United States $ 21,330,085 4.48%

Total Market Value $ 473,922,889 99.48%

Cash 2,459,277 0.52%

Total Net Assets $ 476,382,166 100.00%

The schedule of investments listed below is for the Institutional class shares of the Principal Funds, Inc. International I Fund, in which this Separate Account solely invests.

International and global investment options are subject to additional risk due to fluctuating exchange rates, foreign accounting and financial policies, and other economic and political environments.

Portfolio holdings may not reflect the current portfolio composition. The holdings listed do not constitute a recommendation to purchase or sell a particular security.

This Separate Account invests solely in the Institutional class shares of the Principal Funds. 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.

Separate Accounts are available through a group annuity contract with Principal Life Insurance Company. Insurance products and plan administrative, if applicable, services are provided by Principal Life Insurance Company, a member of Principal Financial Group, Des Moines, IA 50392. See the fact sheet for the full name of the Separate Account. Certain investment options may not be available in all states or U.S. commonwealths. Principal Life Insurance Company 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 inherent in real estate (such as those associated with general and local economic conditions). If you elect to allocate funds to a Separate Account, you may not be able to immediately withdraw them.

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.

An investment option's unit value and investment return will vary with market conditions, and the principal value of an investment when you sell your shares may be more or less than the original cost.

Information is current as of the creation of this piece. Keep in mind that portfolio holdings are subject to risk.