investment performance

Investment Performance

Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changesin interest rates and other market conditions so the value, when redeemed may be worth more or less than original costs. Current performance may be lower orhigher than the performance data shown.

In situations where the net and gross total investment expense figures are different, the mutual fund or underlying fund in which a Separate Account invests haswaived/capped a portion of its management fees through the date displayed in the Waiver Expiration Date or Contractual Cap Expiration Date column.Differences may also be shown due to the fund family choosing to pay certain expenses that would normally be payable by the fund. Returns displayed arealways based on net total investment expense.

For more performance information, including most recent month-end performance, visit www.principal.com, contact your representative of the PrincipalFinancial Group® (The Principal®), or call our participant contact center at 1-800-547-7754.

Average Annual Total Returns through 12/31/2016Percentile Rankings as of

12/31/2016

Inv Manager or Sub-AdvisorInvestment Option 1 yr. 3 yr. 5 yr. 10 yr.

SinceInception

InceptionDate 1 yr. 3 yr. 5 yr. 10 yr.

Total Inv.Exp. Net /

Gross

ContractualCap/WaiverExpire Date

Large U.S. EquityLarge Value

Edge Asset Management, Inc.

Equity Income Separate Account-R4 3, 12 15.14 7.36 12.03 5.92 8.29 06/30/2009 40 38 74 36 0.90 / 0.90-

-

Principal Global Investors

LargeCap Value Separate Account-R47.74 5.62 12.48 4.39 7.24 06/01/1995 97 80 65 75 0.83 / 0.83

-

-

Westwood / Barrow Hanley

LargeCap Value III Separate Account-R4 3, 21 12.74 7.26 13.30 3.15 5.26 12/29/2000 73 42 48 93 1.14 / 1.1502/28/2017

02/28/2017

Russell 1000 Value Index 17.34 8.59 14.80 5.72 - - - - - -

Morningstar Category Average - Large Value 14.81 6.84 12.97 5.38 Total Funds in Category 1268 1088 934 680 - -Large Blend


Capital Appreciation Separate Account-R4 3, 12,

16

8.83 7.62 13.40 7.24 11.91 06/30/2009 72 40 56 12 0.84 / 0.84-

-


LargeCap S&P 500 Index Separate Account-R4 2,

8, 33

11.36 8.26 14.02 6.38 8.82 01/01/1990 39 21 38 41 0.53 / 0.53-

-

Russell 3000 Index 12.74 8.43 14.67 7.07 - - - - - -

Standard & Poor's 500 Index 11.96 8.87 14.66 6.95 - - - - - -

Morningstar Category Average - Large Blend 10.37 6.80 13.18 6.07 Total Funds in Category 1409 1255 1106 814 - -

Principal Stable Value, Principal Pension Builder (SM) Z, Principal Trust Target CIT's, Principal Fixed Income Guaranteed Option, DC PCRP Guaranteed, DC PCRP Sep Accts - Version 18, R4

Large Growth

Am Century/Sawgrass Asset Mgmt

LargeCap Growth II Separate Account-R4 3, 21, 38 4.93 6.37 12.16 7.02 3.79 12/29/2000 38 43 69 50 1.23 / 1.2702/28/2017

02/28/2017

Columbus Circle Investors

LargeCap Growth Separate Account-R4-5.20 3.28 11.52 5.63 6.71 06/01/1995 96 86 79 82 0.93 / 0.93

-

-


Blue Chip Separate Account-R4 3, 12 8.45 7.90 - - 13.61 09/30/2013 12 15 - - 1.07 / 1.07-

-

T. Rowe Price/Brown Advisory

LargeCap Growth I Separate Account-R4 3, 21 0.60 5.47 13.15 7.86 4.45 12/29/2000 75 59 48 25 0.99 / 1.0102/28/2017

02/28/2017

Russell 1000 Growth Index 7.08 8.55 14.50 8.33 - - - - - -

Morningstar Category Average - Large Growth 3.23 5.70 12.94 6.91 Total Funds in Category 1463 1315 1154 809 - -Small/Mid U.S. EquityMid Cap Value

LA Capital Mgmt/Victory

MidCap Value I Separate Account-R4 1, 3, 21, 44 14.82 6.29 13.42 6.84 8.29 07/01/1999 74 68 63 45 1.26 / 1.3802/28/2018

02/28/2018

Principal Global/Barrow Hanley

MidCap Value III Separate Account-R4 1 12.08 5.74 13.66 6.75 10.31 01/01/1991 89 77 58 47 1.03 / 1.03-

-

Russell Midcap Value Index 20.00 9.45 15.70 7.59 - - - - - -

Morningstar Category Average - Mid Cap Value 18.06 6.84 13.81 6.76 Total Funds in Category 399 337 301 207 - -Mid Cap Blend


MidCap S&P 400 Index Separate Account-R4 1,

2, 10, 33

20.02 8.42 14.66 8.54 9.41 08/31/1999 12 18 29 15 0.53 / 0.53-

-

Standard & Poor's 400 MidCap Stock Index 20.74 9.04 15.33 9.16 - - - - - -

Morningstar Category Average - Mid Cap Blend 14.14 5.89 13.32 6.75 Total Funds in Category 427 371 332 219 - -Mid Cap Growth

Columbus Circle Investors

MidCap Growth Separate Account-R4 1 2.88 5.38 12.40 7.44 6.28 06/01/1995 71 30 39 34 1.03 / 1.03-

-

Robert Baird/William Blair

MidCap Growth III Separate Account-R4 1, 3, 21,

36

4.11 2.91 9.92 5.97 4.85 10/28/1999 62 69 82 72 1.33 / 1.3602/28/2017

02/28/2017

Russell Midcap Growth Index 7.33 6.23 13.51 7.83 - - - - - -

Morningstar Category Average - Mid CapGrowth

6.03 4.03 11.79 6.79 Total Funds in Category 644 588 504 368 - -

Small Value

DFA/Vaughan Nelson/LA Capital

SmallCap Value II Separate Account-R4 1, 3, 21 24.81 8.04 15.45 6.25 8.35 06/01/2004 61 35 24 66 1.39 / 1.4102/28/2017

02/28/2017

Russell 2000 Value Index 31.74 8.31 15.07 6.26 - - - - - -

Morningstar Category Average - Small Value 25.99 6.63 13.90 6.73 Total Funds in Category 405 347 308 195 - -


12/31/2016


SinceInception



Gross



Small Blend


SmallCap S&P 600 Index Separate Account-R4 1,

2, 9, 33

25.84 8.87 15.96 8.47 9.90 08/31/1999 15 11 13 13 0.53 / 0.53-

-


SmallCap Separate Account-R4 1, 40 17.11 6.95 15.69 7.01 10.97 01/01/1991 78 40 17 42 1.13 / 1.13-

-

Russell 2000 Index 21.31 6.74 14.46 7.07 - - - - - -

Standard & Poor's 600 Stock Index 26.56 9.47 16.62 9.03 - - - - - -

Morningstar Category Average - Small Blend 20.78 5.89 13.52 6.79 Total Funds in Category 750 626 534 360 - -Small Growth

AB/Brown/Emerald

SmallCap Growth I Separate Account-R4 1, 3, 21,

45

8.84 3.54 12.54 8.02 4.89 12/29/2000 61 55 45 26 1.41 / 1.4802/28/2017

02/28/2017

Russell 2000 Growth Index 11.32 5.05 13.74 7.76 - - - - - -

Morningstar Category Average - Small Growth 11.20 3.55 12.33 7.08 Total Funds in Category 669 599 531 389 - -Real Estate

Principal Real Estate Inv

Real Estate Securities Separate Account-R4 3, 7,

12

5.38 12.89 11.66 5.13 11.34 12/31/2002 67 27 21 20 1.41 / 1.41-

-

MSCI US REIT Index 8.60 13.23 11.86 4.96 - - - - - -

Morningstar Category Average - Real Estate 6.89 11.79 10.84 4.28 Total Funds in Category 267 235 208 136 - -International EquityDiversified Emerging Markets


International Emerging Markets SeparateAccount-R4 4

7.90 -3.74 0.36 0.63 7.33 01/01/1995 54 66 71 67 1.73 / 1.73-

-

MSCI Emerging Markets NR Index 11.19 -2.55 1.28 1.84 - - - - - -

Morningstar Category Average - DiversifiedEmerging Markets

8.47 -3.18 1.61 1.32 Total Funds in Category 813 606 425 173 - -

Foreign Large Value

Causeway / Barrow Hanley

Overseas Separate Account-R4 3, 4, 21 1.23 -3.28 5.72 - 4.18 09/30/2008 61 69 46 - 1.45 / 1.4802/28/2017

02/28/2017

MSCI EAFE Value Index 5.02 -2.14 6.28 -0.22 - - - - - -

Morningstar Category Average - Foreign LargeValue

3.34 -2.44 5.37 -0.25 Total Funds in Category 337 272 223 139 - -


12/31/2016


SinceInception



Gross



Foreign Large Blend

Origin Asset Management LLP

International I Separate Account-R4 3, 4, 21, 37 -5.04 -1.09 6.62 0.32 3.12 07/01/1999 94 24 27 51 1.35 / 1.3502/28/2017

02/28/2017


Diversified International Separate Account-R4 4 0.08 -1.32 6.12 0.83 6.64 05/20/1987 60 30 43 34 1.28 / 1.28-

-


International Equity Index SeparateAccount-R4 2, 3, 4, 27, 28, 33

0.44 -2.47 5.77 - 2.92 12/30/2009 54 61 52 - 0.73 / 0.73-

-

MSCI ACWI Ex USA Index 4.50 -1.78 5.00 0.96 - - - - - -

MSCI EAFE NR Index 1.00 -1.60 6.53 0.75 - - - - - -

Morningstar Category Average - Foreign LargeBlend

0.79 -2.10 5.75 0.54 Total Funds in Category 762 606 542 329 - -

Foreign Small/Mid Blend

Principal Global Investors/DFA

International SmallCap Separate Account-R4 1, 4,

13

1.77 1.70 9.82 2.90 10.57 01/01/1995 42 22 19 34 1.68 / 1.68-

-

MSCI World Ex US Small Cap Index 4.32 1.36 8.96 2.69 - - - - - -

Morningstar Category Average - ForeignSmall/Mid Blend


World Stock


Global Opportunities Separate Account-R4 3, 4, 12 0.41 1.61 - - 6.93 09/30/2013 86 61 - - 1.23 / 1.23-

-

MSCI All Country World Index 7.86 3.13 9.36 3.56 - - - - - -

Morningstar Category Average - World Stock 5.54 2.10 9.24 3.66 Total Funds in Category 1015 848 669 372 - -Global Real Estate


Global Real Estate Securities SeparateAccount-R4 3, 4, 7, 12, 33

0.07 5.44 9.90 - 2.45 09/30/2013 78 34 24 - 1.28 / 1.28-

-

FTSE EPRA/NAREIT Developed Index NR 4.06 5.90 9.48 1.48 - - - - - -

Morningstar Category Average - Global RealEstate


Balanced/Asset AllocationAllocation--15% to 30% Equity

Multiple Sub-Advisors

SAM Flexible Income Separate Account-R4 12,

14, 15, 18, 23, 26, 39, 43

6.31 3.27 5.35 4.87 5.70 01/16/2007 28 23 17 12 1.25 / 1.25-

-

SAM Flexible Income Blended Index 4.67 3.99 4.97 4.98 - - - - - -

Morningstar Category Average -Allocation--15% to 30% Equity



12/31/2016


SinceInception



Gross



Allocation--30% to 50% Equity


Diversified Real Asset Separate Account-R4 3, 12,

24, 33

5.46 -2.04 1.14 - 3.06 12/31/2010 65 99 100 - 1.27 / 1.2712/30/2017

12/30/2017


Global Diversified Income SeparateAccount-R4 3, 12, 19, 33

9.20 4.13 6.64 - 11.07 09/30/2013 16 11 22 - 1.16 / 1.16-

-


SAM Conservative Balanced SeparateAccount-R4 12, 14, 18, 23, 26, 39, 43

5.80 3.37 6.26 4.90 5.04 01/16/2007 59 34 32 20 1.35 / 1.35-

-

Diversified Real Asset Strategic Index 12.40 -0.19 1.31 - - - - - - -

Global Diversified Income Blended Index 10.25 2.56 6.32 - - - - - - -

SAM Conservative Balanced Blended Index 5.62 4.33 6.45 5.16 - - - - - -





SAM Balanced Separate Account-R4 12, 14, 18, 23,

26, 39, 43

6.29 3.68 7.94 5.10 6.79 01/16/2007 61 59 55 40 1.39 / 1.39-

-

SAM Balanced Blended Index 7.04 4.90 8.54 5.40 - - - - - -





SAM Conservative Growth SeparateAccount-R4 12, 14, 18, 23, 26, 39, 43

6.50 3.84 9.30 4.85 6.92 01/16/2007 72 40 35 34 1.46 / 1.46-

-

SAM Conservative Growth Blended Index 8.42 5.42 10.60 5.52 - - - - - -



Target-Date Retirement


Principal LifeTime Hybrid Income CIT R4 14, 18,

23, 26, 39, 55, 56, 57, 58, 59

4.16 2.37 3.66 - 5.58 07/07/2009 84 68 78 - 0.98 / 0.98-

-


Principal LifeTime Strategic Income SeparateAccount-R4 14, 18, 23, 26, 39, 42

4.40 2.41 4.22 2.67 4.14 03/30/2001 80 66 56 80 0.98 / 0.98-

-

S&P Target Date Retirement Income Index 5.01 3.20 4.66 3.89 - - - - - -

Morningstar Category Average - Target-DateRetirement


Allocation--85%+ Equity


SAM Strategic Growth Separate Account-R4 12,

14, 15, 18, 23, 26, 39, 43

5.65 3.78 10.27 4.75 7.25 01/16/2007 91 48 56 29 1.42 / 1.42-

-

SAM Strategic Growth Blended Index 9.28 5.65 12.04 5.46 - - - - - -

Morningstar Category Average -Allocation--85%+ Equity



12/31/2016


SinceInception



Gross



Target-Date 2000-2010


Principal LifeTime Hybrid 2010 CIT R4 14, 18, 23,

26, 39, 55, 56, 57, 58, 59

5.29 2.85 5.77 - 8.10 07/07/2009 77 70 59 - 0.98 / 0.98-

-


Principal LifeTime 2010 Separate Account-R4 14,

18, 23, 26, 39, 42

4.93 2.64 5.93 3.13 4.75 03/30/2001 86 77 57 87 1.02 / 1.02-

-

S&P Target Date 2010 Index 5.82 3.52 5.75 4.21 - - - - - -

Morningstar Category Average - Target-Date2000-2010


Target-Date 2015



26, 39, 55, 56, 57, 58, 59

5.99 3.19 6.67 - 9.03 07/07/2009 61 56 49 - 0.97 / 0.97-

-



18, 23, 26, 39, 42

5.15 2.71 6.66 - 4.09 02/29/2008 82 71 51 - 1.05 / 1.05-

-


Morningstar Category Average - Target-Date2015


Target-Date 2020



26, 39, 55, 56, 57, 58, 59

6.52 3.61 7.61 - 9.64 07/07/2009 43 32 25 - 0.97 / 0.97-

-



18, 23, 26, 39, 42

5.43 2.98 7.58 3.63 5.37 03/30/2001 77 60 27 59 1.07 / 1.07-

-




Target-Date 2025



26, 39, 55, 56, 57, 58, 59

7.07 3.91 8.28 - 10.46 07/07/2009 43 25 36 - 0.97 / 0.97-

-



18, 23, 26, 39, 42

5.62 3.12 8.06 - 4.42 02/29/2008 86 66 39 - 1.09 / 1.09-

-





12/31/2016


SinceInception



Gross



Target-Date 2030



26, 39, 55, 56, 57, 58, 59

7.57 4.15 8.86 - 10.94 07/07/2009 41 23 33 - 0.97 / 0.97-

-



18, 23, 26, 39, 42

5.49 3.17 8.50 3.81 5.48 03/30/2001 91 68 48 55 1.10 / 1.10-

-




Target-Date 2035



26, 39, 55, 56, 57, 58, 59

7.96 4.36 9.36 - 11.09 07/07/2009 42 19 40 - 0.96 / 0.96-

-



18, 23, 26, 39, 42

4.93 3.12 8.91 - 4.62 02/29/2008 94 75 58 - 1.12 / 1.12-

-




Target-Date 2040



26, 39, 55, 56, 57, 58, 59

8.28 4.51 9.83 - 11.43 07/07/2009 37 20 32 - 0.97 / 0.97-

-



18, 23, 26, 39, 42

5.05 3.15 9.23 3.88 5.64 03/30/2001 95 77 54 56 1.12 / 1.12-

-




Target-Date 2045



26, 39, 55, 56, 57, 58, 59

8.51 4.61 10.12 - 11.73 07/07/2009 38 17 33 - 0.98 / 0.98-

-



18, 23, 26, 39, 42

5.18 3.26 9.50 - 4.77 02/29/2008 94 77 64 - 1.14 / 1.14-

-





12/31/2016


SinceInception



Gross



Target-Date 2050



26, 39, 55, 56, 57, 58, 59

8.74 4.70 10.38 - 12.01 07/07/2009 34 20 20 - 0.98 / 0.98-

-



18, 23, 26, 39, 42

5.18 3.27 9.70 3.94 5.47 03/30/2001 93 75 54 55 1.14 / 1.14-

-




Target-Date 2055



26, 39, 55, 56, 57, 58, 59

8.94 4.78 10.46 - 12.18 07/07/2009 27 15 29 - 0.99 / 0.99-

-



18, 23, 26, 39, 42

5.32 3.31 9.72 - 4.71 02/29/2008 94 78 65 - 1.16 / 1.16-

-

S&P Target Date 2055 Index 9.94 4.92 10.82 - - - - - - -



Target-Date 2060+



23, 26, 39, 55, 56, 57, 58, 59

8.97 - - - 5.25 01/01/2014 20 - - - 0.99 / 0.99-

-



15, 18, 23, 26, 39, 42

5.28 3.24 - - 7.31 03/01/2013 94 50 - - 1.19 / 1.1902/28/2017

02/28/2017

S&P Target Date 2060+ Index 10.08 4.92 10.82 - - - - - - -

Morningstar Category Average - Target-Date2060+

7.81 3.31 - - Total Funds in Category 106 9 - - - -

Short-Term Fixed Income

Guaranteed Interest Account 2 year + 0.11 0.10 0.11 0.84 - 06/15/1941 - - - - -

-


-


-


-


-


-


12/31/2016


SinceInception



Gross



Stable Value

Morley Financial Services, Inc

Principal Stable Value Fund1.14 0.97 1.00 1.90 3.30 01/09/1997 - - - - 0.90 / 0.90

-

-

Bloomberg Barclays 1-3 Yr Government Index 0.87 0.69 0.59 2.18 - - - - - -Short Term Bond


Short-Term Income Separate Account-R4 3, 12, 17,

18, 33

2.04 1.19 1.82 2.82 3.73 12/31/2010 40 42 31 38 0.81 / 0.81-

-

Bloomberg Barclays Credit 1-3 Years Index 2.11 1.36 1.84 3.25 - - - - - -

Morningstar Category Average - Short TermBond


Money Market


Liquid Assets Separate Account-R4 6, 32, 47 -0.21 -0.46 -0.49 0.44 4.41 12/10/1980 - - - - 0.78 / 0.78-

-

SEC 7-Day Yield as of 12/31/2016 is 0.00% *** - - - - - - - - -

Bloomberg Barclays Treasury Bellwethers 3Month Index

0.35 0.16 0.14 0.84 - - - - - -

Morningstar Category Average - Money Market 0.09 0.04 0.03 0.66 Total Funds in Category 492 456 441 348 - -Fixed IncomeHigh Yield Bond

JP Morgan / Neuberger Berman

High Yield I Separate Account-R4 3, 5, 17, 18 13.58 3.17 6.05 6.98 6.82 12/31/2004 48 57 58 12 1.03 / 1.03-

-


High Yield Separate Account-R4 3, 5, 12, 17, 18 14.64 4.22 6.90 6.83 7.43 09/30/2013 33 21 22 15 0.98 / 0.9802/28/2017

02/28/2017

Bloomberg Barclays US Corp High Yld 2%Issuer Capped Index

17.13 4.67 7.36 7.55 - - - - - -

Morningstar Category Average - High YieldBond


Intermediate-Term Bond


Income Separate Account-R4 3, 12, 17, 18 5.07 2.83 3.45 5.06 7.26 06/30/2009 10 48 17 15 0.88 / 0.88-

-

Mellon Capital Mgmt

Bond Market Index Separate Account-R4 2, 17, 18 1.85 2.30 1.48 - 2.81 12/30/2009 86 74 91 - 0.63 / 0.63-

-


Core Plus Bond Separate Account-R4 17, 18, 33, 41 3.77 2.59 2.75 3.98 7.31 02/01/1983 31 61 44 61 0.93 / 0.93-

-

Bloomberg Barclays Aggregate Bond Index 2.65 3.03 2.23 4.34 - - - - - -

Morningstar Category Average -Intermediate-Term Bond



12/31/2016


SinceInception



Gross



Intermediate Government


Government & High Quality Bond SeparateAccount-R4 17, 18, 20

1.43 2.47 1.92 2.34 4.04 07/01/1993 21 27 13 95 0.78 / 0.78-

-

Bloomberg Barclays US Agency Fixed RateMBS Index

1.67 3.09 2.07 4.31 - - - - - -

Morningstar Category Average - IntermediateGovernment


Inflation-Protected Bond

BlackRock Financial Mgmt, Inc.

Inflation Protection Separate Account-R4 3, 17, 18,

33

3.44 1.21 0.19 1.01 1.02 12/31/2004 78 59 70 96 0.77 / 0.77-

-

Bloomberg Barclays US Treas TIPS Index 4.68 2.26 0.89 4.36 - - - - - -

Morningstar Category Average -Inflation-Protected Bond


Owned Real Estate


U.S. Property Separate Account-R4 29 8.55 11.31 11.64 4.44 6.63 01/01/1982 - - - - 1.37 / 1.37-

-

NFI-ODCE Equal-Weight - - - - - - - - - -Preferred Stock

Spectrum

Preferred Securities Separate Account-R4 3, 17, 18 3.33 6.31 7.67 5.81 5.76 05/31/2002 85 73 60 40 1.15 / 1.15-

-

Preferreds Blended Index 3.76 6.63 7.73 3.80 - - - - - -

Morningstar Category Average - Preferred Stock 5.66 6.49 7.79 5.45 Total Funds in Category 56 42 36 16 - -OtherMultialternative


Global Multi-Strategy Separate Account-R4 3, 12,

31, 33

2.88 1.70 3.12 - 2.89 09/30/2013 36 36 49 - 1.99 / 2.5012/30/2017

12/30/2017

Hedge Fund Research, Inc. Fund of FundsComposite Index

0.48 1.18 3.41 1.31 - - - - - -

Morningstar Category Average - Multialternative 1.38 0.61 3.14 1.65 Total Funds in Category 419 239 141 38 - -

Please see important information at the end of this presentation.

Asset Class Investment Option Name and DescriptionCrediting Rate

12/01/2016 - 05/31/2017Rate Level Service

Fee 50

Short-Term FixedIncome

Fixed Income Guaranteed Option 48,49

This group annuity contract is a guarantee, backed by the assets in the multi-billion dollar general account of the PrincipalLife Insurance Company (Principal Life). The contract makes benefit payments at book value (i.e., no market valueadjustments or surrender charge adjustments) for plan benefit events. An employer-level surrender of the plan's interest orinitiated transfer will be subject to either a 12-month irrevocable advance notice or a 5% surrender charge, whichever theemployer chooses. 1.10 51 0.65


12/31/2016


SinceInception



Gross



Asset Class Investment Option Name and Description Rate Level Service Fee

Fixed Income /Guaranteed Income

Principal Pension Builder(SM)Z ppb1, ppb2, ppb3, ppb4

This is a deferred income annuity which provides guaranteed income in retirement. Purchase rates vary basedon assumptions such as your age and current interest rate market; monthly income quotes will be available atthe time of purchase. The monthly guaranteed income amount assumes an income start date of age 65 or yournormal retirement date under your plan, if later. The default annuity form is a single-life annuity with a 10-yearcertain period beginning on the income start date, meaning income will be paid for 10 years or your lifetime,whichever is longer. Guarantees are backed by the General Account of Principal Life Insurance Company(Principal Life). Transfers from Principal Pension Builder may be subject to a surrender charge.

0.00


12/31/2016


SinceInception



Gross



Important InformationSub-advised Investment Options include Separate Accounts available through a group annuity contract with the Principal Life Insurance Company. Insuranceproducts and plan administrative services, if applicable, are provided by Principal Life Insurance Company a member of the Principal Financial Group, DesMoines, 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 thegroup annuity contracts providing access to the Separate Accounts or as required by applicable law. Such deferment will be based on factors that may includesituations 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 aSeparate Account, you may not be able to immediately withdraw them.

+ This is not a sub-advised investment option. Guarantees are backed by all the assets in the Principal Life general account.

*** The 7-Day Yield % more closely reflects the current earnings of this money market investment option than the total return displayed.

Percentile rankings are based on total returns in accordance with the appropriate Morningstar peer group.

Returns shown for periods of less than one year are not annualized. All returns displayed here are after Total Investment Expense of the investment option.

Investment options are subject to investment risk. Shares or unit values will fluctuate and investments, when redeemed, may be worth more or less than theiroriginal cost. This does not apply, however, to the guaranteed portions of group annuity contracts issued by Principal Life that constitute guaranteed benefitpolicies as defined in ERISA §401(b)(2)(B).

Any operating expenses of a mutual fund or underlying mutual fund that are part of net Total Investment Expense are obtained from the mutual fund's mostrecent prospectus. The operating expenses shown as part of Total Investment Expense include voluntary expense limits and fee credit.

Before directing retirement funds to a separate account, investors should carefully consider the investment objectives, risks, charges and expenses of theseparate account as well as their individual risk tolerance, time horizon and goals. For additional information contact us at 1-800-547-7754 or by visitingprincipal.com.

A surrender charge may apply to withdrawals or transfers from an unmatured guaranteed interest account. Results shown for guaranteed accounts are averageannual guaranteed interest rates.

The historical performance displayed for the guaranteed interest account are calculated as an accumulation of interest based on the average applicable interestrates in effect over the time period. Interest rates are market based and future interest rates will be based on future market conditions. Past rates are notindicative of expected future rates. Current rates may be lower or higher than what is shown here.

For a Separate Account investment option, Total Investment Expense gross equals the sum of these expenses: (a)the amount of money, expressed as apercentage, deducted for the costs of managing a separate account where applicable, fees for plan administrative services and agent compensation, plus (b) ifthe separate account invests in an underlying mutual fund, the total fund operating expenses of the underlying mutual fund, plus (c) if an underlying mutual fundsinvests in other mutual funds, the weighted-average management fee of those other mutual funds, as listed in the most recent prospectus. The actual TotalInvestment Expense may change if an underlying mutual fund’s allocation of assets to other mutual funds changes.

This report includes investment options that contain information from a variety of sources. A primary source is Morningstar which provides holdingsinformation, operations data, and rankings or statistics proprietary to Morningstar. Morningstar is generally the source of information on mutual fundsunaffiliated with the Principal.


(C) 2017 Morningstar, Inc. All Rights Reserved. Part of the investment data contained herein includes Morningstar peer group comparisons, ratings, holdingsand other data from its mutual fund and variable annuity databases and : (1) is proprietary to Morningstar and/or its content providers: (2) may not be copiedor distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages orlosses arising from any use of this information.

ppb1. Principal Pension BuilderSM is a deferred income annuity rider available through certain group annuity contracts with Principal Life Insurance Company,a member of the Principal Financial Group®, Des Moines Iowa 50392. Principal Pension Builder may not be available in all states.

Principal Pension Builder provides for the purchase of deferred income annuities that provide guaranteed income in retirement. Guaranteed income may changedue to elections by the plan fiduciary or participant, such as changing the income start date or annuity form or surrendering guaranteed income. Fundstransferred and contributions used to purchase guaranteed income through Principal Pension Builder will no longer be subject to market gains or losses. Inexchange, the participant is purchasing a guaranteed future income stream.

ppb2. Any transfer from Principal Pension BuilderSM will result in a 12-month restriction period during which investment transfers into Principal PensionBuilder will not be allowed. Contributions directed to Principal Pension Builder can continue.

ppb3. As an annuity, Principal Pension BuilderSM does not have investment performance, a management fee or expense ratio; those are concepts unique toinvestment products. If applicable, the Rate Level Service Fee illustrated represents a fee included in the purchase price of Principal Pension Builder for thepurpose of offsetting a portion of the fees the plan pays to Principal Life as a provider of administrative services to the plan, as agreed to by the plan fiduciary.

ppb4. The ability of Principal Life Insurance Company to pay the guarantee is based on the claims-paying ability of the general account and is subject to theterms of the contract.

Insurance products and plan administrative services are provided by Principal Life Insurance Company, a member of the Principal Financial Group®, DesMoines, IA 50392.

Compliance number: t16083102t1

1. Small-cap and mid-cap investment options are subject to more fluctuation in value and may have additional risks than other investment options with stocksof larger, more stable companies.

2. Each index based investment option is invested in the stocks or bonds of the index it tracks. Performance of indexes reflects the unmanaged results for themarket segment the selected stocks or bonds represent. There is no assurance an index based investment option will match the performance of the index tracked.

3. This Separate Account invests solely in the Institutional class shares of the Principal Funds. All voting rights associated with ownership of shares in themutual fund are the rights of the Separate Account, not of contract holders investing in the Separate Account. For further information on the underlying mutualfund, see the prospectus of the fund.

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

5. High yield investment options are subject to greater credit risk and volatility that is associated with high yield bonds.

6. Liquid asset investment options are not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC), or any other government agency.Although the investment option may seek to preserve the value of an investment, it is possible to lose money by investing in the portfolio.

7. Real Estate investment options are subject to investment and liquidity risk and other risks inherent in real estate such as those associated with general andlocal economic conditions. Property values can decline due to environmental and other reasons. In addition, fluctuation in interest rates can negatively impactthe performance of real estate investment options.


8. S&P 500 is a trademark of The McGraw-Hill Companies, Inc., and has been licensed for use by Principal Life Insurance Company and PrincipalManagement Corporation. The product is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representationregarding the advisability of investing in the product.

9. S&P SmallCap 600 is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by Principal Life Insurance Company and PrincipalManagement Corporation. The product is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representationregarding the advisability of investing in the product.

10. S&P MidCap 400 is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by Principal Life Insurance Company and PrincipalManagement Corporation. The product is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representationregarding the advisability of investing in the product.

12. These calculated returns reflect the historical performance of the oldest share class of the fund, adjusted to reflect a portion of the fees and expenses of thisshare class. For time periods prior to inception date of the fund, predecessor performance is reflected. Please see the fund's prospectus for more information onspecific expenses, and the fund's most recent shareholder report for actual date of first sale. Expenses are deducted from income earned by the fund. As a result,dividends and investment results will differ for each share class.

13. Effective November 13, 2006, Dimensional Fund Advisors (DFA) was added as an additional sub-advisor. Performance results displayed reflect allsub-advisors managing this portfolio during the time periods displayed.

14. Equity investment options involve greater risk, including heightened volatility, than fixed-income investment options. Fixed-income investment options aresubject to interest rate risk, and their value will decline as interest rates rise.

15. Asset allocation does not guarantee a profit or protect against a loss. Investing in real estate, small-cap, international, and high-yield investment optionsinvolves additional risks.

16. Small-cap and mid-cap stocks may have additional risks, including greater price volatility.

17. Fixed-income investment options are subject to interest rate risk, and their value will decline as interest rates rise. Neither the principal of bond investmentoptions nor their yields are guaranteed by the U.S. government.

18. Fixed-income and asset allocation investment options that invest in mortgage securities are subject to increased risk due to real estate exposure.

19. Fixed-income investment options are subject to interest rate risk, and their value will decline as interest rates rise. Lower-rated securities are subject toadditional credit and default risks. Risks associated with preferred securities differ from risks inherent with other investments. In particular, in the event ofbankruptcy, a company's preferred securities are senior to common stock but subordinated to all other types of corporate debt. International investing involvesincreased risks due to currency fluctuations, political or social instability, and differences in accounting standards, these risks are magnified in emergingmarkets. REIT securities are subject to risk factors associated with the real estate industry and tax factors of REIT registration.

20. Effective April 9, 2009, this portfolio is sub-advised by Edge Asset Management. Prior to April 9, 2009, the portfolio was sub-advised by Principal GlobalInvestors.

21. This Separate Account invests solely in the Institutional class share of a mutual fund (Fund) from Principal Funds, Inc. The manager of the Fund, PrincipalManagement Corporation, invests between 10% and 40% of the Fund's assets in common stocks in an attempt to match or exceed the performance of the Fund'sbenchmark index for performance.

23. Asset allocation and diversification do not ensure a profit or protect against a loss. Additionally there is no guarantee this investment option will provideadequate income at or through retirement.


24. Fixed-income investment options are subject to interest rate risk, and their value will decline as interest rates rise. Neither the principal of bond investmentoptions nor their yields are guaranteed by the U.S. or any other government entity. Concentrating investments in natural resources industries can be affectedsignificantly by events relating to those industries, such as variations in the commodities markets, weather, disease, embargoes, international, political andeconomic developments, the success of exploration projects, tax and other government regulations and other factors. Investment in derivatives entails specificrisks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. REIT securities are subject to risk factors associated with thereal estate industry and tax factors of REIT registration. An MLP that invests in a particular industry (e.g., oil and gas) may be harmed by detrimental economicevents within that industry. As partnerships, MLPs may be subject to less regulation (and less protection for investors) under state laws than corporations. Inaddition, MLPs may be subject to state taxation in certain jurisdictions, which may reduce the amount of income paid by an MLP to its investors.

26. The Investment Advisor will display "Multiple Sub-Advisors" for certain target-date, target-risk and specialty investment options where the assets aredirected by the Investment Manager to multiple underlying investment options. These underlying investment options may use multiple sub-advisors who areresponsible for the day-to-day management responsibilities.

27. The International Equity Index investment option described herein is indexed to an MSCI index.

28. The Statement of Additional Information for the underlying mutual fund contains a more detailed description of the limited relationship MSCI has withPrincipal and any related investments.

29. This investment option is subject to investment and liquidity risk and other risks inherent in real estate such as those associated with general and localeconomic conditions. If you elect to contribute funds into the U.S. Property Separate Account, withdrawals may be delayed for up to 3 years.

31. This fund utilizes alternative investment strategies such as arbitrage, leverage, derivatives, and shorting securities in addition to traditional investments.Investment risk may be magnified with the use of these alternative strategies. In addition, securities such as bonds, equities, commodities, international andemerging market securities, and currencies are used to implement the investment strategy. These investments are subject to risks associated with market andinterest rate movements. The fund is considered non-diversified which may make it more susceptible to price volatility if the fund does not meet its objective.Due to the nature of the investment process, investors should not expect significant outperformance during market rallies. Additional risks are included in thefunds prospectus. It is possible to lose money when investing in the fund.

32. The net return experienced may be negative if the costs to maintain and operate the Liquid Assets Separate Account exceed returns. Participants may also seenegative returns if plan expenses, if applicable, are netted or deducted from their accounts.

33. The risks associated with derivative investments include that the underlying security, interest rate, market index, or other financial asset will not move in thedirection the Investment Adviser and/or Sub-Advisor anticipated, the possibility that there may be no liquid secondary market, the risk that adverse pricemovements in an instrument can result in a loss substantially greater than a fund's initial investment, the possibility that the counterparty may fail to perform itsobligations; and the inability to close out certain hedged positions to avoid adverse tax consequences.

36. Effective January 13, 2014, this portfolio is sub-advised by Baird and William Baird and William Blair. Prior to January 13, 2014, this portfolio wassub-advised by Turner and Jacobs Levy. The portfolio has had various sub-advisors since its inception. Performance results displayed reflect all sub-advisorsmanaging this portfolio during the time periods displayed.

37. Effective June 3, 2014, this portfolio is sub-advised by Origin Asset Management. Prior to June 3, 2014, this portfolio was sub-advised by Fidelity andSchroders. The portfolio has had various sub-advisors since its inception. Performance results displayed reflect all sub-advisors managing this portfolio duringthe time periods displayed.

38. Effective December 30, 2014, this portfolio is sub-advised by American Century and Sawgrass Asset Management. Prior to December 30, 2014, theportfolio was sub-advised by American Century and Montag & Caldwell. The portfolio has had various sub-advisors since its inception. Performance resultsdisplayed reflect all sub-advisors managing this portfolio during the time periods displayed.

39. International and global investing involves greater risks such as currency fluctuations, political/social instability and differing accounting standards.

40. Formerly known as SmallCap Blend Separate Account.


41. Formerly known as Bond and Mortgage Separate Account.

42. This Separate Account invests directly in the Institutional class shares of a Principal LifeTime Fund. The mutual fund operating expenses for each PrincipalLifeTime Fund are reflected in the Total Investment Expense of the Separate Accounts well as the operating expenses of the underlying funds in which thePrincipal LifeTime Fund invests. Based on the asset allocation of the Principal LifeTime Funds as in the prospectus dated March 1, 2016, the weighted averageoperating expenses of the underlying funds are: Principal LifeTime Strategic Income, 0.58%; Principal LifeTime 2010, 0.63%; Principal LifeTime 2015, 0.66%;Principal LifeTime 2020, 0.68%; Principal LifeTime 2025, 0.70%; Principal LifeTime 2030, 0.71%; Principal LifeTime 2035, 0.73%; Principal LifeTime 2040,0.73%; Principal LifeTime 2045, 0.74%; Principal LifeTime 2050, 0.75%; Principal LifeTime 2055, 0.78%; Principal LifeTime 2060, 0.75%. For furtherinformation on all mutual fund expenses, see the prospectus of the underlying Principal LifeTime Fund. All voting rights associated with ownership of shares inthe mutual fund are the rights of the Separate Account, not of contract holders investing in the Separate Account.

43. This Separate Account invests directly in the Institutional class shares of a Principal Strategic Asset Management Portfolio (SAM). Performance resultsshown prior to January 16, 2007, are of the mutual fund (Institutional class performance adjusted based on the historical performance of the A class shares ofthe Fund where Institutional class shares is not available) only adjusted for the fees of the Separate Accounts since the Separate Account was not available. Theunderlying SAM Portfolio indirectly bears its pro rata share of the management fees incurred by the underlying Principal Fund in which this portfolio invests.Based on the asset allocation of the Principal Strategic Asset Management Portfolio outlined in the prospectus dated March 1, 2016, the weighted averageoperating expenses of the underlying funds are: Flexible Income, 0.55%; Conservative Balanced, 0.65%; Balanced, 0.70%; Conservative Growth, 0.77%;Strategic Growth, 0.73%. While the operating expenses of the underlying mutual funds are not part of the SAM Portfolio operating expenses they are included inthe Total Investment Expense. Performance results shown for the SAM Portfolio reflect the application of these expenses. For further information on all mutualfund expenses, see the prospectus of the underlying SAM Portfolio. All voting rights associated with ownership of shares in the mutual fund are the rights of theSeparate Account, not of contract holders investing in the Separate Account.

44. Effective June 30, 2016, this portfolio is sub-advised by LA Capital and Victory Capital. Prior to June 30, 2016, the portfolio was sub-advised by GoldmanSachs and LA Capital. The portfolio has had various sub-advisors since its inception. Performance results displayed reflect all sub-advisors managing thisportfolio during the time periods displayed.

45. Effective September 30, 2016, this portfolio is sub-advised by AB LP, Brown Advisory and Emerald Advisors, Inc. Prior to September 30, 2016, the portfoliowas sub-advised by AB LP, Brown Advisory, Emerald Advisors, Inc. and Columbus Circle Investors. The portfolio has had various sub-advisors since itsinception. Performance results displayed reflect all sub-advisors managing this portfolio during the time periods displayed.

47. Prior to January 1, 2017, the name of this investment option was Principal Money Market Separate Account.

48. Principal® Fixed Income Guaranteed Option is the Group Annuity Contract - Custodial Guaranteed Interest Contract available through Principal LifeInsurance Company, a member of the Principal Financial Group®, Des Moines Iowa 50392. May not be available in all states.

49. If the retirement program provides a participant access to the Fixed Income Guaranteed Option and Competing Plan Investment Options, participanttransfers, either directly or indirectly, to Competing Plan Investment Options will generally be subject to an Equity Wash. An Equity Wash requires that transfersmust be directed to a non-competing investment option under the plan for 90-days before such transferred amounts may be directed to any other CompetingPlan Investment Option. Competing Plan Investment Options include other guaranteed investment options, or fixed income, money market, or bond funds thathave ever had an average duration of 3.0 years or less.

50. The Fixed Income Guaranteed Option is a guarantee backed by the general account of Principal Life Insurance Company(Principal Life). As a guarantee, itdoes not have an investment management fee or expense ratio; those are concepts unique to investment products. The Rate Level Service Fee illustrated hererepresents the part of the overall fee arrangement that the plan pays for services from Principal Life as a provider of administrative services to the plan, asagreed to in the Service and Expense Agreement for the plan.

51. The crediting rate shown for the Fixed Income Guaranteed Option is an effective annual rate and is displayed here as the rate guaranteed by Principal Lifenet of the fees for administrative services to the plan illustrated in the Rate Level Service Fee column for the Fixed Income Guaranteed Option.


55. This Principal LifeTime Hybrid CIT indirectly bears its pro rata share of the Total Investment Expense incurred by the underlying investment options inwhich this fund invests. Based on the asset allocation of the Principal LifeTime Hybrid CITs as of March 31, 2016, the weighted average operating expenses ofthe underlying investment options are: Principal LifeTime Hybrid Income, 0.33%; Principal LifeTime Hybrid 2010, 0.33%; Principal LifeTime Hybrid 2015,0.32%; Principal LifeTime Hybrid 2020, 0.32%; Principal LifeTime Hybrid 2025, 0.32%; Principal LifeTime Hybrid 2030, 0.32%; Principal LifeTime Hybrid2035, 0.32%; Principal LifeTime Hybrid 2040, 0.32%; Principal LifeTime Hybrid 2045, 0.33%; Principal LifeTime Hybrid 2050, 0.33%; Principal LifeTimeHybrid 2055, 0.34%; Principal LifeTime Hybrid 2060, 0.34%. This fund may invest in underlying mutual funds. For more information on the underlying fundsand their expenses, see the prospectus for those funds.

56. Effective January 1, 2017, the trustee for the Principal LifeTime Hybrid Collective Investment Funds changed from Principal Trust Company to PrincipalGlobal Investors Trust Company. Principal Trust Target Date Collective Investment Funds were renamed the Principal LifeTime Hybrid Collective InvestmentFunds (CITs).

57. For the Principal Lifetime Hybrid Collective Investment Funds (CITS), Total Investment Expense Net equals the sum of these expenses: (a) the amount ofmoney, expressed as a percentage, deducted for the cost of managing the collective investment trust, and where applicable, fees for plan administrative servicesand compensation to your Financial Professional based on the amount of business they have with us including such factors as total deposits and assets, plus (b)if the collective investment trust invests in an underlying mutual fund, separate account, or collective investment trust, the total investment operating expenses ofthe underlying investment option, as listed in the most recent prospectus if applicable.

58. The Principal LifeTime Hybrid Collective Investment Funds (CITs) are collective investment trusts maintained by Principal Global Investors Trust Company,(the Trust Company). The Trust Company has retained Principal Global Investors, LLC (the Adviser), to serve as investment adviser with respect to the CITs,subject to the Trust Companys supervision and review. The Adviser is an indirect wholly owned subsidiary of Principal Financial Group. Inc. and is undercommon control with the Trust Company. The Adviser also manages portfolios which may be included as underlying investments in the CITs. The Adviserreceives management fees from these portfolios. The Adviser or other affiliates of the Trust Company may provide services to the CITs and may receive fees forsuch services. The CITs are available only to certain qualified retirement plans and governmental 457(b) plans.

59. The CITs are available only to certain qualified retirement plans and governmental 457(b) plans. The CITs are not mutual funds and are not registered withthe Securities and Exchange Commission, the State of Oregon, or any other regulatory body. Units of the CITs are not deposits or obligations of, guaranteed by,or insured by the Trust Company or any affiliate, and are not insured by the FDIC or any other federal or state government agency. The value of the CITs willfluctuate so that when redeemed, units may be worth more or less than the original cost. The declaration of trust, participation agreement, and disclosuredocuments contain important information about investment objectives, risks, fees and expenses associated with investment in the CITs and should be readcarefully before investing. The declaration of trust is available at principal.com. A copy of the participation agreement can be obtained from your planadministrator.

Benchmark Descriptions

Bloomberg Barclays 1-3 Yr Government Index is comprised of both the Treasury Bond Index and the Agency Bond Index.

Bloomberg Barclays Aggregate Bond Index represents securities that are domestic, taxable, and dollar denominated. The index covers the U.S. investment gradefixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Thesemajor sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

Bloomberg Barclays Credit 1-3 Years Index is composed of publicly issued U.S. corporate and specified foreign debentures and secured notes that meet thespecified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered.

Bloomberg Barclays Treasury Bellwethers 3 Month Index is composed of public obligations of the U. S. Treasury with a maturity of three months.

Bloomberg Barclays US Agency Fixed Rate MBS Index covers the fixed-rate mortgage-backed pass-through securities issued by GinnieMae (GNMA), FannieMae (FNMA), and Freddie Mae (FHLMC).

Bloomberg Barclays US Corp High Yld 2% Issuer Capped Index is an unmanaged index comprised of fixed rate, non-investment grade debt securities that aredollar denominated. The index limits the maximum exposure to any one issuer to 2%.


Bloomberg Barclays US Treas TIPS Index consists of inflation-protected securities issued by the U.S. Treasury.

Diversified Real Asset Strategic Index is composed of 35% Bloomberg Barclays U.S. Treasury TIPS Index, 20% S&P Global Infrastructure Index, 20% S&PGlobal Natural Resources Index, 15% Bloomberg Commodity Index, and 10% FTSE EPRA/NAREIT Developed Markets Index.

FTSE EPRA/NAREIT Developed Index NR is designed to represent general trends in eligible real estate equities worldwide.

Global Diversified Income Blended Index is composed of 40% Bloomberg Barclays Global Credit Index, 30% Bloomberg Barclays Global High Yield Index, and30% MSCI ACWI Value Index.

MSCI ACWI Ex USA Index is a free float-adjusted market capitalization index that is designed to measure the combined equity market performance ofdeveloped and emerging market countries excluding the US.

MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance ofdeveloped and emerging markets.

MSCI EAFE NR Index is listed for foreign stock funds (EAFE refers to Europe, Australia, and Far East). Widely accepted as a benchmark for international stockperformance, the EAFE Index is an aggregate of 21 individual country indexes.

MSCI EAFE Value Index is a subset of the MSCI EAFE Index, which is an unmanaged index that measures the stock returns of companies in developedeconomies outside of North America. The MSCI EAFE Value Index consists of securities classified by MSCI as most representing the value style.

MSCI Emerging Markets NR Index measures equity market performance in the global emerging markets. It consists of 26 emerging market countries in Europe,Latin America and the Pacific Basin.

MSCI US REIT Index is a capitalization-weighted benchmark index of most actively traded Real Estate Investment Trusts (REITs), designed to measure realestate performance.

MSCI World Ex US Small Cap Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance ofdeveloped markets. It offers an exhaustive representation of the Small Cap segment by targeting companies that are in the Investable Market Index but not in theStandard Index in a particular market.

NFI-ODCE Equal-Weight is the NCREIF Fund Index - Open End Diversified Core Equity. It is a fund-level equal-weighted, time-weighted return index andincludes property investments at ownership share, cash balances and leverage. The return series is net of the average fee charged by accounts that make up theindex.

Preferreds Blended Index is composed of 50% BofA Merrill Lynch Fixed Rate Preferred Securities Index and 50% BofA Merrill Lynch U.S. Capital SecuritiesIndex. The blended index historic returns reflect the allocation as of the time of production. Previous allocation changes are not restated.

Russell 1000 Growth Index is a market-capitalization weighted index of those firms in the Russell 1000 with higher price-to-book ratios and higher forecastedgrowth values.

Russell 1000 Value Index is a market-capitalization weighted index of those firms in the Russell 1000 with lower price-to-book ratios and lower forecastedgrowth values.

Russell 2000 Growth Index is a market-weighted total return index that measures the performance of companies within the Russell 2000 Index having higherprice-to-book ratio and higher forecasted growth values.

Russell 2000 Index consists of the smallest 2000 companies in the Russell 3000 Index, representing approximately 10% of the Russell 3000 total marketcapitalization.


Russell 2000 Value Index is a market-weighted total return index that measures the performance of companies within the Russell 2000 Index having lowerprice-to-book ratios and lower forecasted growth values.

Russell 2500 Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe. It includes those Russell 2500 Indexcompanies with lower price-to-book ratios and lower forecasted growth values.

Russell Midcap Growth Index is a market-weighted total return index that measures the performance of companies within the Russell Midcap Index havinghigher price-to-book ratios and higher forecasted growth values.

Russell Midcap Index includes firms 201 through 1000, based on market capitalization, from the Russell 3000 Index.

Russell Midcap Value Index is a market-weighted total return index that measures the performance of companies within the Russell Midcap index having lowerprice-to-book ratios and lower forecasted growth values.

S&P Target Date 2010 Index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to apre-determined schedule related to the respective target date.










S&P Target Date Retirement Income Index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retiredaccording to a pre-determined schedule related to the respective target date.

SAM Balanced Blended Index is composed of 15% MSCI EAFE Index, 45% Russell 3000 Index and 40% Bloomberg Barclays Aggregate Bond Index.

SAM Conservative Balanced Blended Index is composed of 10% MSCI EAFE Index, 30% Russell 3000 Index and 60% Bloomberg Barclays Aggregate BondIndex.


SAM Conservative Growth Blended Index is composed of 20% MSCI EAFE Index, 60% Russell 3000 Index and 20% Bloomberg Barclays Aggregate BondIndex.

SAM Flexible Income Blended Index is composed of 5% MSCI EAFE Index, 20% Russell 3000 Index and 75% Bloomberg Barclays Aggregate Bond Index.

SAM Strategic Growth Blended Index is composed of 25% MSCI EAFE Index, 70% Russell 3000 Index and 5% Bloomberg Barclays Aggregate Bond Index.

Standard & Poor's 1500 Total Market Stock Index is an index of small, medium and large stocks. It is comprised of stocks from the Standard & Poor's 500, 400and 600 stock indices.

Standard & Poor's 400 MidCap Stock Index includes approximately 10% of the capitalization of U.S. equity securities. These are comprised of stocks in themiddle capitalization range.

Standard & Poor's 500 Index is a market capitalization-weighted index of 500 widely held stocks often used as a proxy for the stock market.

Standard & Poor's 600 Stock Index is a small cap index that consists of 600 domestic stocks chosen for market size, liquidity, and industry group representation.

The Hedge Fund Research, Inc. Fund of Funds Composite Index is an equal-weighted index composed of over 650 constituent fund of funds, including bothdomestic and offshore funds.

The Russell 3000 Index is constructed to provide a comprehensive barometer of the broad market and accounts for nearly 98% of the total value of all equitytraded on the U.S. exchanges. It measures the stocks that are also members of either the Russell 1000 or the Russell 2000 indexes.


Glossary of Terms7 Day Yield - The 7-Day Yield % more closely reflects the current earnings of this money market investment option than the total return displayed.

Category Average Return - Morningstar takes the average return of the funds that exist in a category for the time period and divide by the number of funds thatexist for that time period. For calendar year category average returns, Morningstar includes funds that have merged, liquidated, or changed categories whencalculating category averages.

Total Investment Expense Gross - The maximum expense ratio that can be applied to an investment option. This includes expenses and management fees,including 12b-1 fees, administrative fees, and all other asset-based costs incurred by the investment option, except brokerage costs.

Total Investment Expense Net - Gross expense ratio less any fee waivers, reimbursements or caps. The expenses, as a percentage of net assets, actually borneby the fund. Investment performance results are always net of expense ratios.

Expense Waiver - The investment advisor can waive a portion of their management fees resulting in a lower net investment expense ratio.

Contractual Cap - A contractual agreement between the investment advisor and the fund to limit, as a percentage of net assets, the expenses borne by the fund.

Inception Date - Date on which the investment option began its operations.

Morningstar Category - The Morningstar Category identifies investment options based on their actual investment styles as measured by their underlyingportfolio holdings (portfolio statistics and compositions over the past three years).

Percentile Rankings - Each investment’s total returns are compared to other investments in the same Morningstar category for various time periods. Totalreturns are ranked on a scale from 1 to 100 where 1 represents the highest-returning 1% of investments and 100 represents the lowest returning investments.

Investment Advisor - May include Registered Investment Advisers as defined in the Advisers Act of 1940, Investment Advisers as defined in the InvestmentCompany Act of 1940, as well as a company employed by the investment option's advisor to handle the investment option's day-to-day management. In theseinstances, the portfolio manager generally works for the fund's subadvisor, and not the advisor. See definition of Multiple Sub-Advisor appearing elsewhere inthis presentation for greater detail about Sub-Advisors.


investment performance

Documents