Principal Variable Universal Life Income III^SM Performance Update

Principal Variable Universal Life Income III is issued by Principal National Life Insurance Company and distributed by Principal Securities, Inc., Member SIPC, and/or independent broker/dealers. Referenced companies are members of the Principal Financial Group^®, Des Moines, IA 50392.

The initial offering of Principal Variable Universal Life (VUL) Income III was November 21, 2011. Some of the underlying funds into which the divisions invest were offered prior to that date. Inception dates are noted.

Variable life insurance products are not Federal Deposit Insurance Corporation (FDIC) insured. They may lose value and there is no bank guarantee.

Total Expenses reflect any contractual fee waiver and/or expense reimbursement.

The "Daily Change in UV" Column reflects the difference in unit values between the data listed in the prior column and the business day preceding that date.

Calculated returns typically reflect the historical performance of the oldest share class of the fund, adjusted to reflect the fees and expenses of the in effect share class. Please see the fund's prospectus for more information on specific expenses, and the fund's most recent shareholder report for actual date of first sales. Expenses are deducted from income earned by the fund. As a result, dividends and investment results will differ for each share class.

V.I., VIP, VP, VPS, VIF, VT, VIT, IP and AMT refer to Variable Insurance, Variable Insurance Products, Variable Portfolios, Variable Products Series, Variable Insurance Fund, Variable Trust, Variable Insurance Trust, Investment Portfolios and Advisers Management Trust.

©2018-2020 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 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.

S&P 500^® and the S&P MidCap Index are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Principal National Life Insurance Company, Principal Life Insurance Company, and Principal Management Corporation. Products are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in the product.

Equity investment options involve greater risk, including heightened volatility, than fixed-income investment options. Fixed-income investment options are subject to interest rate risk, and their value will decline as interest rates rise. Neither the principal of bond investment options nor their yields are guaranteed by the U.S. or any other government entity. Fixed-income investment options that invest in mortgage securities are subject to increased risk due to real estate exposure.

The Fidelity Government Money Market investment option is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although this investment option seeks to preserve the value of an investment at $1 per unit, it is possible to lose money by investing in this investment option. The investment option's sponsor has no legal obligation to provide financial support to the investment option and you should not expect that the sponsor will provide financial support to the investment option at any time. The current yield reflects the current earnings of the fund, while the total return refers to a specific past holding period. The 7-Day Yield is the average income return over the previous seven days, assuming the rate stays the same for one year. It is the Fund's total income net of expenses, divided by the total number of outstanding shares and includes any applicable waiver or reimbursement.

While the underlying securities of the Fidelity Government Money Market, Short-Term Income and Government & High Quality Bond Division may be guaranteed by the U.S. government as to timely payment of principal and interest, investment values are not guaranteed.

The Fidelity VIP High Income investment option is subject to greater credit risk associated with high-yield bonds.

An investment in Fidelity VIP Contrafund, Fidelity VIP International Index, Templeton Global Bond VIP, Van Eck Global Resources, Janus Henderson Forty, AllianceBernstein International Value, Diversified International, Global Emerging Markets, Franklin Mutual Global Discovery VIP, American Funds International, Wanger International, American Funds New World and Invesco Health Care is subject to additional risk due to fluctuating exchange rates, foreign accounting and financial policies and other economic and political environments.

The Principal Variable Contracts LifeTime Accounts indirectly bear their pro rata share of the management fees incurred by the underlying funds in which this fund invests. Based on the asset allocation of the funds outlined in the prospectus dated May 1, 2023, the weighted average operating expenses of the underlying funds are: Principal LifeTime Strategic Income, 0.51%; Principal LifeTime 2020, 0.53%; Principal LifeTime 2030, 0.57%; Principal LifeTime 2040, 0.63%; Principal LifeTime 2050, 0.67%; Principal LifeTime 2060, 0.66%.

The Principal LifeTime Accounts, which are target-date accounts, invest in underlying Principal Funds. Each Principal LifeTime Account is managed toward a particular target (retirement) date, or the approximate date the participant or investor starts withdrawing money. As each Principal LifeTime Account approaches its target date, the investment mix becomes more conservative by increasing exposure to generally more conservative investment options and reducing exposure to typically more aggressive investment options. The asset allocation for each Principal LifeTime Account is regularly re-adjusted within a timeframe that extends 10-15 years beyond the target date, at which point it reaches its most conservative allocation. Principal LifeTime Accounts assume the value of the investor's account will be withdrawn gradually during retirement. Neither the principal nor the underlying assets of the Principal LifeTime Accounts are guaranteed at any time, including the target date. Investment risk remains at all times.

An investment in AllianceBernstein Discovery Value, American Century VP Mid Cap Value, Delaware Small Cap Value, Fidelity VIP Extended Market Index, Franklin Small Cap Value VIP, Invesco Main Street Mid Cap, Invesco American Value, MidCap, Calvert S&P MidCap 400 Index, American Century VP Capital Appreciation, Fidelity VIP Mid Cap, DWS Small Mid Cap Value, Invesco Main Street Small Cap, SmallCap, Calvert Russell 2000 Small Cap Index, AllianceBernstein Small Cap Growth, MFS New Discovery, BNY Mellon IP MidCap Stock,  MFS Mid Cap Value, MFS New Discovery Value, MFS Blended Research Small Cap Equity, Lord Abbett Developing Growth, Janus Henderson Enterprise, Principal VCF MidCap, and ClearBridge Mid Cap is subject to more fluctuation in value than other investment options with stocks of larger, more stable companies.

The LargeCap S&P 500 Index and Calvert VP  S&P 500 Index employ a "passive management", or indexing, investment approach designed to track the performance of the Standard & Poor's 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. The Portfolio attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the Index, holding each stock in approximately the same proportion as its weighting in the Index.

The Calvert S&P Mid Cap 400 Index, Fidelity VIP Extended Market Index, Fidelity VIP International Index, Fidelity VIP Total Market Index, Calvert S&P 500 Index, Calvert Russell 2000 SmallCap Index, and Large Cap S&P 500 Index are invested in the stocks of the index it tracks. Performance of indexes reflects the unmanaged result for the market segment the selected stocks represent. There is no assurance an index based investment option will match the performance of the index tracked.

Invesco Core Equity and Invesco Main Street Mid Cap can invest up to 25% of its assets in foreign securities that involve risks not associated with investing solely in the United States.

The Invesco Health Care and DWS Small Mid Cap Value performance may be affected by investments in initial public offerings (IPOs). The impact of the IPOs on a fund's performance depends on the strength of the IPO market and the size of the fund. IPOs may have less impact on a fund's performance as its assets grow.

The manager and administrator of the Franklin Small Cap Value and Franklin Rising Dividends VIP have agreed in advance to reduce their fees as a result of the fund's investment in a Franklin Templeton money market fund. This reduction is required by the Trust's board of trustees and an exemptive order by the Securities and Exchange Commission. This arrangement will continue as long as the exemptive order is relied upon.

Due to the sector focus of Invesco Health Care, Janus Henderson Global Technology and Innovation, Van Eck Global Resources and MFS Utilities, these investment options may experience greater volatility than investment options with a broader investment strategy. It is not intended to serve as a complete investment program by itself.

An investment in the Real Estate Securities Division is subject to risks inherent in real estate and Real Estate Securities Investment Trusts that are associated with general and local economic conditions.

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

The Principal Investors Strategic Asset Management Portfolio (SAM) indirectly bears its pro rata share of the management fees incurred by the underlying Principal Variable Contracts Fund in which this portfolio invests. Based on the asset allocation of the SAM Portfolio outlined in the prospectus dated May 1, 2022, the weighted average operating expenses of the underlying funds are: Flexible Income, 0.50%; Conservative Balanced, 0.54%; Balanced, 0.54%; Conservative Growth, 0.54%; Strategic Growth, 0.56%. While the operating expenses of the underlying mutual funds are not part of the SAM Portfolio operating expenses they are included in the Total Investment Expense. Performance results shown for the SAM Portfolios reflect the application of these expenses.

The cost of investing in TOPS Managed Risk Balanced ETF, TOPS Managed Risk Growth ETF and TOPS Managed Risk Moderate Growth ETF will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. Each ETF is subject to specific risks, depending on the nature of the fund.

TOPS Managed Risk Balanced ETF, TOPS Managed Risk Growth ETF and TOPS Managed Risk Moderate Growth ETF are new mutual funds and have a limited history of operation. The adviser and sub-adviser have not previously managed a mutual fund.

The TOPS^TM Portfolio indirectly bears its pro rata share of the management fees incurred by the underlying funds in which this portfolio invests. Based on the asset allocation of the TOPS^TM Portfolio outlined in the prospectus dated May 1, 2022, the weighted average operating expenses of the underlying funds are: Managed Risk Balanced ETF Portfolio, 0.10%; Managed Risk Growth ETF Portfolio, 0.09% and Managed Risk Moderate Growth ETF Portfolio, 0.09%.

Janus Henderson Forty is non-diversified. As a result, a single security's increase or decrease in value may have a greater impact on the investment option's NAV and total return. Although the investment option may satisfy the requirements for a diversified portfolio, its non-diversified classification gives the portfolio manager more flexibility to hold larger positions in a smaller number of securities than an investment option that is classified as diversified.

The initial offering of Class II shares for American Century VP Value took place on August 14, 2001. Returns prior to August 14, 2001, are those of the Original Class and do not include the effects of Class II shares' servicing and distribution expenses. Had Class II shares' .40% servicing and distribution expenses been reflected, returns prior to August 14, 2001 would have been .40% lower.

The AllianceBernstein VPS Small Cap Growth Portfolio is closed to new investors with an application signature date of 02/01/2013 and later.

Due to the social policy of the Neuberger Berman AMT Sustainable Equity Subaccount and Janus Henderson Global Sustainable, they may experience greater volatility than investment options with a broader investment strategy.

This investment option is subject to more fluctuation in value than other investment options with stocks of larger, more stable companies.

Principal National Life Insurance Company
Des Moines, IA 50392-0001
www.principal.com

Policy Form SN 56
Approval 2232519-092022

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