International I Separate Account As of September 30, 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 $ 6,492,078 1.51% CSR Ltd 980,000 $ 3,649,258 0.85% Macquarie Group Ltd 29,446 $ 2,108,217 0.49%

Total Australia $ 12,249,553 2.85%

Belgium KBC Group NV 54,000 $ 4,581,331 1.07%

Total Belgium $ 4,581,331 1.07%

Brazil Qualicorp SA 228,000 $ 2,701,028 0.63% Kroton Educacional SA 408,000 $ 2,572,584 0.60%

Total Brazil $ 5,273,612 1.23%

Canada CCL Industries Inc 64,000 $ 3,097,031 0.72% West Fraser Timber Co Ltd 43,000 $ 2,481,266 0.58% Bank of Nova Scotia/The 33,000 $ 2,121,098 0.49%

Total Canada $ 7,699,395 1.79%

China Tencent Holdings Ltd 184,200 $ 8,053,352 1.87% AAC Technologies Holdings Inc 370,007 $ 6,261,105 1.46% Alibaba Group Holding Ltd 34,000 $ 5,872,140 1.37% Sunny Optical Technology Group Co Ltd 353,700 $ 5,678,297 1.32% Ping An Insurance Group Co of China Ltd 623,000 $ 4,812,310 1.12% Anhui Conch Cement Co Ltd 1,058,000 $ 4,246,522 0.99% China Merchants Bank Co Ltd 1,192,000 $ 4,220,935 0.98% Geely Automobile Holdings Ltd 1,354,000 $ 3,844,971 0.89% NetEase Inc 14,400 $ 3,798,864 0.88% Great Wall Motor Co Ltd 2,984,000 $ 3,693,190 0.86% YY Inc 33,000 $ 2,863,740 0.67% TravelSky Technology Ltd 1,062,000 $ 2,778,140 0.65% Autohome Inc 45,000 $ 2,703,600 0.63% New Oriental Education & Technology Group Inc 30,000 $ 2,647,800 0.62% China Construction Bank Corp 3,154,000 $ 2,635,015 0.61% Minth Group Ltd 477,000 $ 2,506,667 0.58% ENN Energy Holdings Ltd 306,000 $ 2,216,856 0.52% ANTA Sports Products Ltd 503,000 $ 2,120,568 0.49% China Shenhua Energy Co Ltd 830,000 $ 1,962,409 0.46%

Not FDIC or NCUA Insured PQ 6728 May Lose Value, Not a Deposit, No Bank or Credit Union Guarantee 9-17 Not Insured by any Federal Government Agency Informational data only. Do not use for audit purposes. International I Separate Account As of September 30, 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 Bank of China Ltd 3,600,000 $ 1,788,203 0.42% Agricultural Bank of China Ltd 3,966,000 $ 1,785,298 0.42% Zhejiang Expressway Co Ltd 1,430,000 $ 1,781,354 0.41%

Total China $ 78,271,337 18.20%

Finland UPM-Kymmene OYJ 74,000 $ 2,007,691 0.47%

Total Finland $ 2,007,691 0.47%

France Atos SE 53,082 $ 8,233,397 1.91% Valeo SA 84,550 $ 6,273,643 1.46% Thales SA 48,430 $ 5,484,686 1.28% Teleperformance 35,374 $ 5,277,365 1.23% AXA SA 105,000 $ 3,174,357 0.74% BNP Paribas SA 39,000 $ 3,146,338 0.73% Cie Generale des Etablissements Michelin 21,000 $ 3,063,915 0.71% Faurecia 39,000 $ 2,706,426 0.63% Capgemini SE 21,400 $ 2,508,593 0.58% Criteo SA 60,000 $ 2,490,000 0.58% CNP Assurances 93,000 $ 2,180,207 0.51% Cie Plastic Omnium SA 50,000 $ 2,138,885 0.50%

Total France $ 46,677,811 10.86%

Germany Infineon Technologies AG 197,000 $ 4,966,816 1.16% BASF SE 29,500 $ 3,142,802 0.73% MTU Aero Engines AG 15,257 $ 2,436,416 0.57% Covestro AG 26,500 $ 2,280,331 0.53% Allianz SE 10,118 $ 2,272,357 0.53% Daimler AG 28,055 $ 2,239,478 0.52%

Total Germany $ 17,338,199 4.03%

Hong Kong Xinyi Glass Holdings Ltd 2,304,000 $ 2,283,553 0.53% Man Wah Holdings Ltd 2,200,000 $ 1,974,152 0.46% Lee & Man Paper Manufacturing Ltd 1,500,000 $ 1,930,027 0.45%

Total Hong Kong $ 6,187,732 1.44%

Hungary Richter Gedeon Nyrt 92,000 $ 2,286,106 0.53%

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 Hungary $ 2,286,106 0.53%

Israel Nice Ltd 30,000 $ 2,439,300 0.57%

Total Israel $ 2,439,300 0.57%

Italy Brembo SpA 354,260 $ 5,996,611 1.39% Moncler SpA 87,000 $ 2,513,724 0.58%

Total Italy $ 8,510,335 1.98%

Japan Tokyo Electron Ltd 38,000 $ 5,850,065 1.36% Start Today Co Ltd 164,000 $ 5,197,183 1.21% Koito Manufacturing Co Ltd 80,800 $ 5,073,851 1.18% Haseko Corp 357,000 $ 4,763,941 1.11% Open House Co Ltd 95,000 $ 3,319,501 0.77% Brother Industries Ltd 139,000 $ 3,240,897 0.75% Nomura Research Institute Ltd 81,200 $ 3,171,106 0.74% Nitori Holdings Co Ltd 20,000 $ 2,860,236 0.67% Daito Trust Construction Co Ltd 15,000 $ 2,732,738 0.64% Bandai Namco Holdings Inc 66,300 $ 2,277,725 0.53% MISUMI Group Inc 86,000 $ 2,266,708 0.53% Taisei Corp 42,400 $ 2,223,536 0.52% Yaskawa Electric Corp 70,000 $ 2,221,778 0.52% Nissan Chemical Industries Ltd 62,900 $ 2,213,567 0.51% Suzuki Motor Corp 42,000 $ 2,204,374 0.51% Mitsubishi Tanabe Pharma Corp 94,000 $ 2,157,959 0.50% COMSYS Holdings Corp 90,000 $ 2,149,788 0.50% Kajima Corp 216,000 $ 2,146,914 0.50% Fukuoka Financial Group Inc 453,000 $ 2,095,436 0.49% SMC Corp/Japan 5,900 $ 2,084,832 0.48% Toyota Tsusho Corp 62,000 $ 2,037,667 0.47% Daiwa House Industry Co Ltd 58,000 $ 2,003,467 0.47% Sompo Holdings Inc 51,000 $ 1,987,441 0.46% Horiba Ltd 35,000 $ 1,981,680 0.46% Nitto Denko Corp 21,500 $ 1,793,344 0.42% MS&AD Insurance Group Holdings Inc 55,000 $ 1,772,451 0.41% Iida Group Holdings Co Ltd 91,000 $ 1,623,361 0.38% Kyowa Exeo Corp 68,000 $ 1,351,232 0.31%

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 Japan $ 74,802,778 17.40%

Korea, Republic Of Samsung Electronics Co Ltd 3,270 $ 7,358,232 1.71% Lotte Chemical Corp 11,400 $ 3,774,530 0.88% NCSoft Corp 6,800 $ 2,764,576 0.64% SK Innovation Co Ltd 14,000 $ 2,440,118 0.57% LG Chem Ltd 7,000 $ 2,404,866 0.56% Shinhan Financial Group Co Ltd 43,000 $ 1,900,527 0.44% KT&G Corp 18,863 $ 1,740,692 0.40%

Total Korea, Republic Of $ 22,383,540 5.21%

Netherlands ING Groep NV 238,000 $ 4,386,876 1.02%

Total Netherlands $ 4,386,876 1.02%

Russian Federation X5 Retail Group NV 75,000 $ 3,367,497 0.78% Sberbank of Russia PJSC 233,000 $ 3,322,466 0.77% Severstal PJSC 123,000 $ 1,840,970 0.43%

Total Russian Federation $ 8,530,933 1.98%

Singapore United Overseas Bank Ltd 178,000 $ 3,091,105 0.72% DBS Group Holdings Ltd 189,000 $ 2,909,479 0.68%

Total Singapore $ 6,000,584 1.40%

South Africa Kumba Iron Ore Ltd 137,000 $ 2,231,082 0.52% Mondi PLC 74,000 $ 1,989,499 0.46%

Total South Africa $ 4,220,582 0.98%

Spain Mapfre SA 922,000 $ 3,004,398 0.70% Amadeus IT Group SA 43,000 $ 2,796,651 0.65%

Total Spain $ 5,801,049 1.35%

Sweden JM AB 54,500 $ 1,714,602 0.40%

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 $ 1,714,602 0.40%

Switzerland Partners Group Holding AG 7,068 $ 4,798,451 1.12% Sika AG 550 $ 4,095,129 0.95% Georg Fischer AG 1,850 $ 2,283,086 0.53% Temenos Group AG 22,000 $ 2,247,063 0.52% Swiss Life Holding AG 5,797 $ 2,043,686 0.48%

Total Switzerland $ 15,467,416 3.60%

Taiwan, Province Of China Taiwan Semiconductor Manufacturing Co Ltd 200,800 $ 7,540,040 1.75% Largan Precision Co Ltd 31,300 $ 5,521,794 1.28% Win Semiconductors Corp 432,565 $ 2,780,554 0.65% Phison Electronics Corp 177,292 $ 2,107,647 0.49% Hon Hai Precision Industry Co Ltd 533,000 $ 1,851,060 0.43% Catcher Technology Co Ltd 197,000 $ 1,842,802 0.43%

Total Taiwan, Province Of China $ 21,643,897 5.03%

Thailand PTT PCL 185,000 $ 2,265,351 0.53% Thai Oil PCL 782,000 $ 2,170,567 0.50% PTT Global Chemical PCL 872,000 $ 2,015,496 0.47% Siam Cement PCL/The 130,000 $ 1,959,280 0.46%

Total Thailand $ 8,410,694 1.96%

Turkey Tupras Turkiye Petrol Rafinerileri AS 66,000 $ 2,252,334 0.52% KOC Holding AS 383,000 $ 1,756,953 0.41%

Total Turkey $ 4,009,287 0.93%

United Kingdom Ashtead Group PLC 200,000 $ 4,824,797 1.12% Persimmon PLC 135,000 $ 4,671,989 1.09% Taylor Wimpey PLC 1,575,052 $ 4,128,123 0.96% Bellway PLC 80,421 $ 3,557,442 0.83% Prudential PLC 148,238 $ 3,547,404 0.83% HSBC Holdings PLC 315,000 $ 3,111,227 0.72% Legal & General Group PLC 848,000 $ 2,955,681 0.69% Berkeley Group Holdings PLC 46,000 $ 2,292,486 0.53% 3i Group PLC 187,000 $ 2,289,460 0.53%

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 Intertek Group PLC 33,500 $ 2,239,238 0.52% Hays PLC 867,000 $ 2,202,155 0.51% Barratt Developments PLC 257,000 $ 2,117,209 0.49% JD Sports Fashion PLC 408,000 $ 2,045,575 0.48% Reckitt Benckiser Group PLC 20,700 $ 1,891,316 0.44% Bunzl PLC 62,000 $ 1,883,513 0.44%

Total United Kingdom $ 43,757,617 10.18%

United States First American Government Obligations Fund 13,217,996 $ 13,217,996 3.07%

Total United States $ 13,217,996 3.07%

Total Market Value $ 427,870,253 99.51%

Cash 2,102,480 0.49%

Total Net Assets $ 429,972,733 100.00%

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.