0000009713-26-000168.txt : 20260430 0000009713-26-000168.hdr.sgml : 20260430 20260429194059 ACCESSION NUMBER: 0000009713-26-000168 CONFORMED SUBMISSION TYPE: 497VPU PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20260430 DATE AS OF CHANGE: 20260429 EFFECTIVENESS DATE: 20260430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Principal Life Insurance Co Separate Account B CENTRAL INDEX KEY: 0000009713 ORGANIZATION NAME: EIN: 420127290 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497VPU SEC ACT: 1933 Act SEC FILE NUMBER: 333-40254 FILM NUMBER: 26919162 BUSINESS ADDRESS: STREET 1: THE PRINCIPAL FINANCIAL GROUP STREET 2: 711 HIGH STREET CITY: DES MOINES STATE: IA ZIP: 50392 BUSINESS PHONE: 515-247-5461 MAIL ADDRESS: STREET 1: THE PRINCIPAL FINANCIAL GROUP STREET 2: 711 HIGH STREET CITY: DES MOINES STATE: IA ZIP: 50392 FORMER COMPANY: FORMER CONFORMED NAME: PRINCIPAL LIFE INSURANCE CO SEPARATE ACCOUNT B DATE OF NAME CHANGE: 20011016 FORMER COMPANY: FORMER CONFORMED NAME: PRINCIPAL MUTUAL LIFE INSURANCE COMPANY SEPARATE ACCOUNT B DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: BANKERS LIFE CO SEPARATE ACCOUNT B DATE OF NAME CHANGE: 19870317 0000009713 S000001542 PRINCIPAL LIFE INSURANCE CO SEPARATE ACCOUNT B C000004195 Principal Variable Annuity (Flexible Variable Annuity with Purchase Payment Credit) 497VPU 1 principalflexiblevariablea.htm 497VPU VA FVA USP 2026 Document

PRINCIPAL® VARIABLE ANNUITY
(Flexible Variable Annuity with Purchase Payment Credit)

UPDATING SUMMARY PROSPECTUS

Dated May 1, 2026


This Updating Summary Prospectus describes Principal® Variable Annuity (Flexible Variable Annuity with Purchase Payment Credit), an individual, flexible premium, deferred variable annuity (the “Contract”), issued by the Company through Principal Life Insurance Company Separate Account B (“Separate Account”).
This Updating Summary Prospectus summarizes key features of the Contract. The prospectus for the Contract (the “Expanded Prospectus”) contains more information about the Contract, including its features, benefits, and risks. You can find the Expanded Prospectus and other information about the Contract online at www.principal.com/FVAwPPCreport. You can also obtain this information at no cost by calling 1-800-852-4450 or by sending an email request to https://www.annuityinternet@principal.com.
The Contract is a complex investment and involves risks, including potential loss of principal and accumulated earnings. The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Full and partial surrenders could result in surrender charges, taxes, and tax penalties. Our obligations under the Contract are subject to our financial strength and claims-paying ability.
Additional general information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s ("SEC") staff and is available at https://www.Investor.gov.








Updating Summary Prospectus Contents
Special Terms
2
Updated Information about Your Contract
4
Key Information Table
5
Appendix: Investment Options Available Under the Contract
10

SPECIAL TERMS
The terms defined below are used throughout this Prospectus.
Accumulated Value (Contract Accumulated Value) - the sum of the values in the Fixed Account and the Separate Account Divisions.
Anniversary(ies) - the same date and month of each year following the Contract Date.
Annuitant - the person, including any Joint Annuitant, on whose life the annuity benefit payment is based. This person may or may not be the Owner.
Annuitization Date - the date all of the Owner’s Accumulated Value is applied to an annuity benefit payment option.
Contract Date - the date that the Contract is issued and which is used to determine Contract Years.
Contract Year - the one-year period beginning on the Contract Date and ending one day before the contract Anniversary and any subsequent one-year period beginning on a contract Anniversary (for example, if the Contract Date is June 5, 2004, the first Contract Year ends on June 4, 2005, and the first contract Anniversary falls on June 5, 2005).
Data Page - that portion of the Contract which contains the following: Owner and Annuitant data (names, gender, Annuitant age); the Contract Date; maximum Annuitization Date; Contract charges and limits; benefits; and a summary of any optional benefits selected by the Contract Owner.
Division(s) - refer to the term “Separate Account Division” in this Section
Fixed Account – an account that earns guaranteed interest.
Investment Options - the Fixed Account and Separate Account Divisions.
Joint Annuitant - an Annuitant whose life determines the annuity benefit under this Contract. Any reference to the death of the Annuitant means the death of the first Annuitant to die.
Joint Owner - an Owner who has an undivided interest with the right of survivorship in this Contract with another Owner. Any reference to the death of the Owner means the death of the first Owner to die.
Owner - the person, including Joint Owner, who owns all the rights and privileges of this Contract. For the Principal® Variable Annuity Exchange Offer, owner refers to the original Owner.
Purchase Payments - the gross amount You contributed to the Contract.
Qualified Plan(s) - retirement plans which receive favorable tax treatment under Section 401 or 403(a) of the Internal Revenue Code.
Separate Account Division (Division(s)) - a part of the Separate Account which invests in shares of an Underlying Mutual Fund. (Referred to in the marketing materials as “sub-accounts.”)
Surrender - the withdrawal of all or part of the Accumulated Value of Your Contract.
2

Surrender Charge - the charge deducted upon certain partial Surrenders or total Surrender of the Contract before the Annuitization Date.
Transfer - moving all or a portion of Your Accumulated Value to or from one investment option or among several Investment Options. All Transfers initiated during the same Valuation Period are considered to be one Transfer for purposes of calculating the transaction fee, if any.
Underlying Mutual Fund - a registered open-end investment company, or a series or portfolio thereof, in which a Division invests.
Unit - the accounting measure used to determine Your proportionate interest in a Division.
Valuation Date (Valuation Days) - each day the New York Stock Exchange (“NYSE”) is open for trading and trading is not restricted.
Valuation Period - the period of time from one determination of the value of a Unit of a Division to the next. Each Valuation Period begins at the close of normal trading on the NYSE, generally 4:00 p.m. Eastern Time, on each Valuation Date and ends at the close of normal trading of the NYSE on the next Valuation Date.
We, Our, Us - Principal Life Insurance Company. We are also referred to throughout this prospectus as the Company.
You, Your - the owner of this Contract, including any Joint Owner.
3


UPDATED INFORMATION ABOUT YOUR CONTRACT
The information in this Updating Summary Prospectus is a summary of certain Contract features that have changed since the statutory prospectus dated May 1, 2025. This may not reflect all of the changes that have occurred since You entered into Your Contract.
The Principal® Variable Annuity Exchange Offer (“Exchange Offer”) will no longer be available for new exchanges with applications signed July 1, 2025, and later.
Underlying Mutual Funds
•Prior to December 1, 2025, the name of the Nomura VIP Small Cap Value Series was the Macquarie VIP Small Cap Value Series.
•On or about May 1, 2026, the PVC Diversified Growth Strategic Allocation Account merged into the PVC Diversified Growth Adaptive Allocation Account.
•On or about May 1, 2026, the PVC Diversified Balanced Strategic Allocation Account merged into the PVC Diversified Balanced Adaptive Allocation Account.
•Prior to April 30, 2026, the name of the MFS International Intrinsic Equity Portfolio was the MFS ® International Intrinsic Value Portfolio.
•Prior to May 1, 2026, the name of the LVIP Avantis Large Cap Value Fund was the LVIP American Century Disciplined Core Value Fund.
•Prior to May 1, 2026, the name of the TOPS ® Aggressive ETF Portfolio was the TOPS ® Aggressive Growth ETF Portfolio.
•Prior to May 1, 2026, the name of the TOPS ® Moderately Aggressive ETF Portfolio was the TOPS ® Growth ETF Portfolio.
•Prior to May 1, 2026, the name of the TOPS ® Moderate ETF Portfolio was the TOPS ® Moderate Growth ETF Portfolio.
•Prior to May 1, 2026, the name of the Columbia Variable Small Cap Value Discovery Fund was the Columbia Variable Portfolio Small Cap Value Fund.

For more information on the available underlying funds, please see the funds' prospectuses at the following website: https://www.principal.com/FVAwPPCreport.

4

KEY INFORMATION TABLE
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT

  FEES, EXPENSES AND ADJUSTMENTS  
LOCATION IN EXPANDED
PROSPECTUS
 
Are there Charges or Adjustments for Early Withdrawals?
 
Yes. If you withdraw money from your Contract within 9 contract years following your last purchase payment, you will be assessed a surrender charge. The maximum surrender charge when your Contract includes the Purchase Payment Credit Rider is 8%. . For example, if you make an early withdrawal within 9 contract years of making a purchase payment , you could pay a surrender charge of up to $8,000 on a $100,000 investment. Losses due to surrender charges will be greater if there are also taxes and tax penalties.
  
4. FEE TABLE

7. CHARGES – Deferred Sales Load (“Surrender Charge”)
Are There Transaction Charges?
 
Yes. In addition to surrender charges, you may also be charged for other transactions, such as when you exceed more than 12 unscheduled partial surrenders in a contract year or you make more than one unscheduled transfer in a contract year.
  
4. FEE TABLE

7. CHARGES – Transaction Fees
Are There Ongoing Fees and Expenses?
(annual charges)
 
Yes. The following part of the table describes the fees and expenses that you may pay each year, depending on the options you chose. Please refer to your data page for information about the specific fees you will pay each year based on the options you have elected.
4. FEE TABLE

  ANNUAL FEE  
MINIMUM
 
  MAXIMUM  LOCATION IN PROSPECTUS
 
1. Base contract1
  1.30%  1.30%  
7. CHARGES
 
2. Underlying mutual fund fees and expenses2
  
0.20%
  2.50%  APPENDIX A - INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT
 
3. Optional Benefits available for an additional charge (for a single optional benefit, if elected)
  
0.20%3
  
0.60%4
  

                                                         
 
1
This fee reflects the Mortality and Expense Risks Charge and Administration Charge, and an amount attributable to the annual fee for administrative expenses. We assess each division with a daily charge. The annual rate of the charge is the percentage of the average daily net assets of the Separate Account divisions.
2
As a percentage of the average net underlying mutual fund assets.
3
The annual charge for the rider is 0.20% of the accumulated value (0.15% in New York). The charge is equal to 0.05% (0.0375% in New York) of the average accumulated value during the calendar quarter.
4
The current annual charge for the rider is 0.60% of the average daily net assets of the Separate Account divisions.
5

Lowest and Highest Annual Cost Table

Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, this table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the Contract which could add surrender charges that substantially increase costs.
  
LOWEST ANNUAL COST
 
$1,349

HIGHEST ANNUAL COST
 
$3,412

 
  Assumes:  Assumes: 
  
 
●  Investment of $100,000
 
●  5% annual appreciation
 
●  Least expensive Base Contract charge, and underlying mutual fund fees and expenses
 
●  No optional benefits
 
●  No sales charges
 
●  No additional purchase payments, transfers or withdrawals
  
 
●  Investment of $100,000
 
●  5% annual appreciation
 
●  Most expensive Base Contract charge, underlying mutual fund fees and expenses, and charge for optional benefit
 
●  No sales charges
 
●  No additional purchase payments, transfers or withdrawals
 
6

   RISKS
LOCATION IN EXPANDED
PROSPECTUS
Is There a Risk of Loss from Poor Performance?
  
Yes. You can lose money by investing in this Contract.
5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT – Poor Investment Performance
Is this a Short Term Investment?
  
No. This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash.
Amounts surrendered from the Contract may result in surrender charges, taxes and tax penalties, and may significantly reduce Contract benefits.
Surrender charges apply for up to 9 years following your last purchase payment. These charges will reduce the value of your Contract if you withdraw money during that time.
5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT – Liquidity Risk
What are the Risks Associated with the Investment Options?
  
•  An investment in this Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the (Contract (e.g., the divisions of the Separate Account).
•  Each investment option (including the Fixed Account) has its own unique risks.
•  You should review the prospectuses for the available underlying mutual funds before making an investment decision.
5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT
What are the Risks Related to the Insurance Company?
  
An investment in the Contract is subject to the risks related to the Company. Any obligations (including under the Fixed Account), guarantees, or benefits are subject to the claims-paying ability of the Company. More information about the Company, including its financial strength ratings, is available upon request by calling the following toll-free telephone number: 1-800-852-4450.
5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT – Insurance Company Risks
   RESTRICTIONS
LOCATION IN EXPANDED
PROSPECTUS
7

Are There Restrictions on the Investment Options?
  
Yes.
•There may be restrictions that limit the investment options that you choose.
•Investment Limitations - In purchasing the Contract, the underlying mutual funds available to you as investment options under the Contract are limited to those investment options included on Appendix A.
•Limitations on Transfers – We reserve the right to charge you for each unscheduled transfer after the first unscheduled transfer in a contract year. We also reserve the right to limit transfers in circumstances where frequent transfers have been made.
•We reserve the right to add or close Separate Account divisions and fixed options. We reserve the right to substitute the Separate Account divisions' underlying mutual funds that are available as investment options under the Contract.

•Allocations to and from the Separate Account divisions and the Fixed Account may be subject to restrictions.

•We reserve the right to impose additional restrictions on purchase payments.

•Depending on your state, or your financial professional or your financial professional's firm, certain investment options may not be available.
10. BENEFITS AVAILABLE UNDER THE CONTRACT

8. GENERAL DESCRIPTION OF THE CONTRACT – Frequent Transfers among Divisions

8. GENERAL DESCRIPTION OF THE CONTRACT – Contract or Registrant Changes

8. GENERAL DESCRIPTION OF THE CONTRACT - Financial Intermediary Variations


APPENDIX A - INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT
8

Are There Any Restrictions on Contract Benefits?   
Yes.
•There are restrictions and limitations relating to the benefits offered under the Contract (e.g., death benefits).

•Except as otherwise provided, Contract benefits may be modified or terminated by us.

•Partial surrenders (including any applicable surrender charges and fees) and partial annuitizations will reduce the value of the death benefit, perhaps significantly, and the reduction could be greater than the amount withdrawn).

•Optional benefits are no longer available for purchase.

•Depending on your state, or your financial professional or your financial professional's firm, certain benefits may not be available or may be available on different terms.

•The Purchase Payment Credit and Enhanced Death Benefit were optional benefits you could have purchased at the time you purchased your Contract. Having the Purchase Payment Credit rider extends the surrender charge period for your Contract and the value of the credit may be more than offset by the additional charges for the rider.
10. BENEFITS AVAILABLE UNDER THE CONTRACT

8. GENERAL DESCRIPTION OF THE CONTRACT - Financial Intermediary Variations
9

   TAXES      LOCATION IN EXPANDED    PROSPECTUS  
What are the Contract's Tax Implications?
  
•  You should consult with a tax professional to determine the tax implications of an investment in, and payments received under this Contract.

•  If you purchase the Contract through a tax-qualified plan or individual retirement account (IRA), such plan or IRA already provides tax deferral under the Code and there are fees and charges in an annuity that may not be included in such other investments. The tax deferral of the annuity does not provide any additional tax benefits for such a plan or IRA.

•  Purchase payments that are made on a pre-tax basis and earnings on your Contract are taxed at ordinary income tax rates when you withdraw them. You also may have to pay a 10% penalty tax if you take a withdrawal before age 59½.
    13. TAXES
   CONFLICTS OF INTEREST      LOCATION IN EXPANDED     PROSPECTUS  
How Are Financial Professionals Compensated?
  
Your financial professional may have received compensation in the form of commissions for selling this Contract to you. Your financial professional may have had a financial incentive to offer or recommend this Contract over another investment.
    
7. CHARGES - Distribution of the Contract

16. ADDITIONAL INFORMATION ABOUT THE CONTRACT – Payments to Financial Intermediaries
Should I Exchange My Contract?
  
Your financial professional may have a financial incentive to offer you a new contract in place of the one you already own. You should only exchange your contract if you determine, after comparing the features, fees, and risks of both contracts, and any fees or penalties to terminate the existing contract, that is preferable to you to purchase the new contract rather than continuing to own your existing contract.
    8. GENERAL DESCRIPTION OF THE CONTRACT – Contract Provisions and Limitations – Exchange Offers








APPENDIX A

INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT

Variable Options

10

The following is a list of underlying mutual funds available under the Contract. More information about the underlying funds is available in the underlying mutual fund statutory and summary prospectuses, which may be amended from time to time and can be found online at https://www.principal.com/FVAwPPCreport, call 1-800-852-4450, or by sending a request to annuityinternet@principal.com.

The current expense and performance information below reflects fees and expenses of the underlying mutual funds, but does not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these charges were included. Each underlying mutual fund’s past performance is not necessarily an indication of future performance.

The availability of investment options may vary depending in your financial professional or your financial professional's firm. See 8. GENERAL DESCRIPTION OF THE CONTRACT - Financial Intermediary Variations in the Expanded Prospectus.


Type

Fund Name

Adviser/
Subadviser

Current
Expenses
Average Annual Total Returns (as of 12/31/25)
1
Year
5
Year
10 Year
Small/Mid U.S. Equity
AB Variable Products Series Fund, Inc.
Discovery Value Portfolio
Class A
AllianceBernstein L.P.
0.82%
2.89%
8.75%
8.55%
High Yield Bond
American Funds Insurance Series®
American High-Income Trust ®
Class 2 1,2
Capital Research and Management Company
0.62%
8.24%
5.60%
6.96%
Moderate Allocation
American Funds Insurance Series®
Asset Allocation Fund
Class 2
Capital Research and Management Company
0.54%
15.85%
8.97%
9.77%
International Equity
American Funds Insurance Series®
SMALLCAP World Fund 14
Class 2 1,2
Capital Research and Management Company
0.90%
14.64%
0.49%
7.23%
Large Blend
American Funds Insurance Series®
Growth-Income Fund
Class 2 1,2
Capital Research and Management Company
0.53%
18.06%
13.90%
13.92%
International Equity
American Funds Insurance Series®
New World Fund ®
Class 2 1,2
Capital Research and Management Company
0.82%
28.29%
5.33%
9.25%














Large U.S. Equity
American Funds Insurance Series®
Washington Mutual Investors Fund
Class 2 1,2
Capital Research and Management Company
0.50%
17.21%
13.89%
12.36%
Global Allocation
BlackRock Variable Series Funds, Inc.
BlackRock Global Allocation V.I. Fund
Class III
BlackRock Advisors, LLC/BlackRock (Singapore) Limited
BlackRock International Limited
1.01%
19.42%
5.51%
7.33%
Moderate Allocation
BlackRock Variable Series Funds, Inc.
40/60 Target Allocation ETF V.I. Fund
Class III 2,3
BlackRock Advisors, LLC
0.33%
15.37%
7.05%
8.45%
Large Growth
Calvert Variable Trust, Inc.
CVT Nasdaq 100 Index Portfolio
Class F 2
Calvert Research and Management/ Ameritas Investment Partners, Inc.
0.74%
20.10%
14.45%
18.79%
Short-Term Bond
Columbia Funds Variable Insurance Trust II
Select Short Corporate Income Fund
Class 2 1,2,15
Columbia Management Investment Advisers, LLC
0.66%
6.00%
1.90%
2.94%
Small/Mid U.S. Equity
Deutsche DWS Variable Series II
DWS Small Mid Cap Value VIP
Class B 2
DWS Investment Management Americas, Inc.
1.17%
17.85%
9.27%
7.18%
Convertibles
EQ Advisors Trust SM
1290 VT Convertible Securities Portfolio
Class IB 1,2
Equitable Investment Management Group, LLC/ SSGA Funds Management, Inc.
0.90%
15.79%
2.91%
8.89%














Small Blend
EQ Advisors Trust SM
1290 VT GAMCO Small Company Value Portfolio
Class IB
Equitable Investment Management Group, LLC/ GAMCO Asset Management, Inc.
1.05%
12.82%
11.24%
10.77%
Small Growth
EQ Advisors Trust SM
1290 VT Micro Cap Portfolio
Class IB 1,2
Equitable Investment Management Group, LLC/ Lord, Abbett & Co. LLC
1.15%
16.42%
4.31%
12.26%
Global Large - Stock Blend
EQ Advisors Trust SM
1290 VT SmartBeta Equity ESG Portfolio
Class IB
Equitable Investment Management Group, LLC/ AXA Investment Managers US Inc.
1.10%
13.95%
10.21%
10.74%
Large Blend
EQ Advisors Trust SM
1290 VT Socially Responsible Portfolio
Class IB
Equitable Investment Management Group, LLC/ BlackRock Investment Management, LLC
0.90%
17.23%
13.04%
13.83%
Large U.S. Equity
Fidelity® Variable Insurance Products Trust I
Fidelity® VIP Equity-Income Portfolio SM
Service Class 2
Fidelity Management & Research Company, LLC/FMR Investment Management (UK) Limited (FMR UK)
Fidelity Management & Research (Hong Kong) Limited (FMR H.K.)
Fidelity Management & Research (Japan) Limited (FMR Japan)
0.71%
18.75%
12.23%
11.32%














Large U.S. Equity
Fidelity® Variable Insurance Products Trust I
Fidelity® VIP Growth Portfolio
Service Class
Fidelity Management & Research Company, LLC/FMR Investment Management (UK) Limited (FMR UK)
Fidelity Management & Research (Hong Kong) Limited (FMR H.K.)
Fidelity Management & Research (Japan) Limited (FMR Japan)
0.65%
14.80%
13.59%
17.33%
Foreign Large Growth
Fidelity® Variable Insurance Products Trust I
Fidelity® VIP Overseas Portfolio
Service Class 2
Fidelity Management & Research Company, LLC/FMR Investment Management (UK) Limited (FMR UK)
Fidelity Management & Research (Hong Kong) Limited (FMR H.K.)
Fidelity Management & Research (Japan) Limited (FMR Japan)
0.97%
20.05%
6.35%
7.66%














Large U.S. Equity
Fidelity® Variable Insurance Products Trust II
Fidelity® VIP Contrafund SM Portfolio
Service Class
Fidelity Management & Research Company, LLC/FMR Investment Management (UK) Limited (FMR UK)
Fidelity Management & Research (Hong Kong) Limited (FMR H.K.)
Fidelity Management & Research (Japan) Limited (FMR Japan)
0.64%
21.42%
15.26%
15.66%
Other - Equity Energy
Fidelity® Variable Insurance Products Trust IV
Fidelity® VIP Energy Portfolio
Service Class 2
Fidelity Management & Research Company, LLC/FMR Investment Management (UK) Limited (FMR UK)
Fidelity Management & Research (Hong Kong) Limited (FMR H.K.)
Fidelity Management & Research (Japan) Limited (FMR Japan)
0.85%
10.34%
23.86%
7.69%














Other - Health
Fidelity® Variable Insurance Products Trust IV
Fidelity® VIP Health Care Portfolio
Service Class 2
Fidelity Management & Research Company, LLC/FMR Investment Management (UK) Limited (FMR UK)
Fidelity Management & Research (Hong Kong) Limited (FMR H.K.)
Fidelity Management & Research (Japan) Limited (FMR Japan)
0.84%
14.10%
3.92%

Money Market
Fidelity® Variable Insurance Products Trust V
Fidelity® VIP Government Money Market Portfolio
Initial Class
Fidelity Management & Research Company, LLC/FMR Investment Management (UK) Limited (FMR UK)
Fidelity Management & Research (Hong Kong) Limited (FMR H.K.)
Fidelity Management & Research (Japan) Limited (FMR Japan)
0.25%
4.13%
3.10%
2.03%
Global Real Estate
Franklin Templeton Variable Insurance Product Trust
Franklin Global Real Estate VIP Fund
Class 2 1
Franklin Advisers, Inc.
1.25%
7.93%
2.36%
3.03%














Small/Mid U.S. Equity
Franklin Templeton Variable Insurance Product Trust
Franklin Small Cap Value VIP Fund
Class 2 1
Franklin Mutual Advisers, LLC
0.91%
7.65%
8.86%
9.81%
Fixed Income
Franklin Templeton Variable Insurance Product Trust
Templeton Global Bond VIP Fund
Class 2 1
Templeton Asset Management, Ltd.
0.75%
15.73%
-0.96%
-0.15%
Mid-Cap Blend
Goldman Sachs Variable Insurance Trust
Goldman Sachs Mid Cap Value Fund
Institutional Shares 1
Goldman Sachs Asset Management, L.P.
0.81%
9.39%
10.05%
10.02%
Small/Mid U.S. Equity
Goldman Sachs Variable Insurance Trust
Goldman Sachs Small Cap Equity Insights Fund
Institutional Shares 1
Goldman Sachs Asset Management, L.P.
0.81%
16.14%
10.47%
10.84%
Bank Loan
Guggenheim Variable Funds Trust
Series F (Floating Rate Strategies Series)
Gugg VT 1
Guggenheim Partners Investment Management, LLC
1.15%
3.57%
4.56%
4.12%
Large U.S. Equity
Invesco Variable Insurance Funds
Invesco V.I. American Franchise Fund
Series I
Invesco Advisers, Inc.
0.85%
11.67%
10.35%
14.87%
Large U.S. Equity
Invesco Variable Insurance Funds
Invesco V.I. Core Equity Fund
Series I
Invesco Advisers, Inc.
0.8%
16.17%
12.81%
11.73%
Small/Mid U.S. Equity
Invesco Variable Insurance Funds
Invesco V.I. Discovery Mid Cap Growth Fund
Series I
Invesco Advisers, Inc.
0.86%
4.79%
3.90%
11.38%
Other - Health
Invesco Variable Insurance Funds
Invesco V.I. Health Care Fund
Series I
Invesco Advisers, Inc.
0.99%
15.33%
3.80%
6.58%














Small/Mid U.S. Equity
Invesco Variable Insurance Funds
Invesco V.I. Main Street Small Cap Fund®
Series II
Invesco Advisers, Inc.
1.09%
8.44%
8.07%
10.31%
Small/Mid U.S. Equity
Invesco Variable Insurance Funds
Invesco V.I. Small Cap Equity Fund
Series I
Invesco Advisers, Inc.
0.96%
8.05%
7.32%
9.55%
Other - Technology
Invesco Variable Insurance Funds
Invesco V.I. Technology Fund
Series I
Invesco Advisers, Inc.
0.96%
20.47%
10.30%
15.78%
International Equity
Janus Aspen Series Trust
Janus Henderson Global Sustainable Equity Portfolio
Service Shares 1,2
Janus Henderson Investors US LLC
0.99%
17.26%


Small/Mid U.S. Equity
Janus Aspen Series Trust
Janus Henderson Enterprise Portfolio
Service Shares
Janus Henderson Investors US LLC
0.97%
7.41%
7.35%
12.51%
Intermediate Core - Plus Bond
Janus Aspen Series Trust
Janus Henderson Flexible Bond Portfolio
Service Shares 1,2
Janus Henderson Investors US LLC
0.82%
7.22%
-0.47%
2.07%
Large U.S. Equity
Lincoln Variable Insurance Products Trust
LVIP Avantis Large Cap Value Fund
Standard Class II 2,10
Lincoln Financial Investments Corporation/American Century Investment Management, Inc.
0.71%
14.86%
8.78%
10.39%
Inflation - Protected Bond
Lincoln Variable Insurance Products Trust
LVIP American Century Inflation Protection Fund
Service Class 2
Lincoln Financial Investments Corporation/American Century Investment Management, Inc.
0.72%
6.33%
0.62%
2.61%














Small/Mid U.S. Equity
Lincoln Variable Insurance Products Trust
LVIP American Century Mid Cap Value Fund
Service Class 2
Lincoln Financial Investments Corporation/American Century Investment Management, Inc.
1.01%
8.83%
8.72%
8.96%
Large U.S. Equity
Lincoln Variable Insurance Products Trust
LVIP American Century Ultra Fund
Standard Class II 2
Lincoln Financial Investments Corporation/American Century Investment Management, Inc.
0.75%
12.84%
11.68%
17.16%
Large U.S. Equity
Lincoln Variable Insurance Products Trust
LVIP American Century Value Fund
Service Class 2
Lincoln Financial Investments Corporation/American Century Investment Management, Inc.
0.86%
15.85%
11.47%
10.07%
Small/Mid U.S. Equity
MFS® Variable Insurance Trust
MFS® New Discovery Series
Service Class 1,2
Massachusetts Financial Services Company
1.12%
12.56%
-0.54%
10.46%
International Equity
MFS® Variable Insurance Trust II
MFS® International Intrinsic Equity Portfolio
Service Class 1,2,9
Massachusetts Financial Services Company
1.14%
32.96%
7.02%
9.68%
Small/Mid U.S. Equity
Nomura Funds
Ivy Variable Insurance Portfolios/Nomura VIP Small Cap Value Series
Service Class 1,6
Delaware Management Company, a series of Nomura Investment Management Business Trust
1.04%
7.83%
8.93%
8.84%
Aggressive Allocation
Northern Lights Variable Trust
TOPS TM Aggressive ETF Portfolio
Investor Class 3,11
Valmark Advisers, Inc./ Milliman Financial Risk Management, LLC
0.79%
18.53%
9.15%
9.99%
Moderate Allocation
Northern Lights Variable Trust
TOPS TM Balanced ETF Portfolio
Investor Class 3
Valmark Advisers, Inc./ Milliman Financial Risk Management, LLC
0.79%
12.59%
5.26%
6.10%














Moderately Conservative Allocation
Northern Lights Variable Trust
TOPS TM Conservative ETF Portfolio
Investor Class 3
Valmark Advisers, Inc./ Milliman Financial Risk Management, LLC
0.81%
9.76%
4.09%
4.77%
Moderately Conservative Allocation
Northern Lights Variable Trust
TOPS TM Moderately Aggressive ETF Portfolio
Investor Class 3,12
Valmark Advisers, Inc./ Milliman Financial Risk Management, LLC
0.79%
17.74%
8.30%
9.12%
Moderate Allocation
Northern Lights Variable Trust
TOPS TM Moderate ETF Portfolio
Investor Class 3,13
Valmark Advisers, Inc./ Milliman Financial Risk Management, LLC
0.78%
14.87%
6.66%
7.63%
Short-Term Fixed Income
PIMCO Variable Insurance Trust
PIMCO Low Duration Portfolio
Advisor Class 3
Pacific Investment Management Company, LLC
0.76%
5.42%
1.47%
1.69%
Large Growth
Principal Variable Contract Funds, Inc.
PVC – Blue Chip Account
Class 2 1,2
Principal Global Investors, LLC
0.90%
9.32%
9.56%

Fixed Income
Principal Variable Contract Funds, Inc.
PVC – Core Plus Bond Account
Class 1
Principal Global Investors, LLC
0.50%
7.46%
-0.48%
2.36%
Moderately Conservative Allocation
Principal Variable Contract Funds, Inc.
PVC – Diversified Balanced Account
Class 1 3
Principal Global Investors, LLC
0.24%
12.46%
5.93%
7.51%
Moderately Conservative Allocation
Principal Variable Contract Funds, Inc.
PVC – Diversified Balanced Adaptive Allocation Account
Class 2 3,8
Principal Global Investors, LLC
0.53%
7.00%
4.50%

Moderate Allocation
Principal Variable Contract Funds, Inc.
PVC – Diversified Growth Adaptive Allocation Account
Class 2 3,7
Principal Global Investors, LLC
0.53%
7.31%
6.13%















International Equity
Principal Variable Contract Funds, Inc.
PVC – Diversified International Account
Class 1
Principal Global Investors, LLC
0.86%
32.36%
7.40%
8.08%
Large U.S. Equity
Principal Variable Contract Funds, Inc.
PVC – Equity Income Account
Class 1
Principal Global Investors, LLC
0.48%
15.50%
10.21%
11.51%
International Equity
Principal Variable Contract Funds, Inc.
PVC – Global Emerging Markets Account
Class 1
Principal Global Investors, LLC
1.12%
37.27%
5.06%
8.12%
Fixed Income
Principal Variable Contract Funds, Inc.
PVC – Government & High-Quality Bond Account
Class 1
Principal Global Investors, LLC
0.50%
7.91%
-0.23%
1.26%
Large U.S. Equity
Principal Variable Contract Funds, Inc.
PVC – Large Cap Growth Account I
Class 1 1,2
Principal Global Investors, LLC/Los Angeles Capital Management, LLC T. Rowe Price Associates, Inc. Westfield Capital Management Company, L.P.
0.67%
11.39%
9.44%
15.00%
Large U.S. Equity
Principal Variable Contract Funds, Inc.
PVC – Large Cap S&P 500 Index Account
Class 1
Principal Global Investors, LLC
0.20%
17.62%
14.14%
14.52%
Small/Mid U.S. Equity
Principal Variable Contract Funds, Inc.
PVC – MidCap Account
Class 1
Principal Global Investors, LLC
0.53%
1.78%
8.33%
12.58%
Large U.S. Equity
Principal Variable Contract Funds, Inc.
PVC – Principal Capital Appreciation Account
Class 1
Principal Global Investors, LLC
0.63%
13.52%
13.82%
14.35%














Asset Allocation
Principal Variable Contract Funds, Inc.
PVC – Principal LifeTime 2020 Account
Class 1 3
Principal Global Investors, LLC
0.47%
11.33%
4.65%
6.77%
Asset Allocation
Principal Variable Contract Funds, Inc.
PVC – Principal LifeTime 2030 Account 3
Class 1
Principal Global Investors, LLC
0.50%
13.21%
5.91%
8.07%
Asset Allocation
Principal Variable Contract Funds, Inc.
PVC – Principal LifeTime 2040 Account
Class 1 3
Principal Global Investors, LLC
0.54%
15.57%
7.56%
9.35%
Asset Allocation
Principal Variable Contract Funds, Inc.
PVC – Principal LifeTime 2050 Account
Class 1 3
Principal Global Investors, LLC
0.58%
17.50%
8.77%
10.22%
Asset Allocation
Principal Variable Contract Funds, Inc.
PVC – Principal LifeTime Strategic Income Account
Class 1 3
Principal Global Investors, LLC
0.48%
10.45%
3.48%
4.98%
Small/Mid U.S. Equity
Principal Variable Contract Funds, Inc.
PVC – Real Estate Securities Account
Class 1
Principal Global Investors, LLC/Principal Real Estate Investors, LLC
0.78%
1.24%
4.88%
5.94%
Short - Term Fixed Income
Principal Variable Contract Funds, Inc.
PVC – Short-Term Income Account
Class 1
Principal Global Investors, LLC
0.42%
5.48%
2.33%
2.52%
Small/Mid U.S. Equity
Principal Variable Contract Funds, Inc.
PVC – SmallCap Account
Class 1
Principal Global Investors, LLC
1.10%
14.78%
6.02%
9.29%














Asset Allocation
Principal Variable Contract Funds, Inc.
PVC – Strategic Asset Management (SAM) – Balanced Portfolio
Class 1 3
Principal Global Investors, LLC
0.68%
14.00%
7.27%
8.29%
Asset Allocation
Principal Variable Contract Funds, Inc.
PVC – Strategic Asset Management (SAM) – Conservative Balanced Portfolio
Class 1 3
Principal Global Investors, LLC
0.67%
11.69%
5.04%
6.39%
Asset Allocation
Principal Variable Contract Funds, Inc.
PVC – Strategic Asset Management (SAM) – Conservative Growth Portfolio
Class 1 3
Principal Global Investors, LLC
0.72%
15.56%
9.00%
9.94%
Asset Allocation
Principal Variable Contract Funds, Inc.
PVC – Strategic Asset Management (SAM) – Flexible Income Portfolio
Class 1 3
Principal Global Investors, LLC
0.64%
9.96%
3.57%
5.12%
Asset Allocation
Principal Variable Contract Funds, Inc.
PVC – Strategic Asset Management (SAM) – Strategic Growth Portfolio
Class 1 3
Principal Global Investors, LLC
0.75%
16.86%
10.16%
10.96%
Defined Outcome
Principal Variable Contract Funds, Inc.
PVC – U.S. LargeCap S&P 500 Index Buffer April Account
Class 2 1,2,3,4,5
Principal Global Investors, LLC
0.98%
11.95%


Defined Outcome
Principal Variable Contract Funds, Inc.
PVC – U.S. LargeCap S&P 500 Index Buffer January Account
Class 2 1,2,3,4,5
Principal Global Investors, LLC
0.99%
12.74%
















Defined Outcome
Principal Variable Contract Funds, Inc.
PVC – U.S. LargeCap S&P 500 Index Buffer July Account
Class 2 1,2,3,4,5
Principal Global Investors, LLC
1.00%
13.26%


Defined Outcome
Principal Variable Contract Funds, Inc.
PVC – U.S. LargeCap S&P 500 Index Buffer October Account
Class 2 1,2,3,4,5
Principal Global Investors, LLC
0.99%
13.10%


Commodities Broad Basket
Rydex Variable Trust
Commodities Strategy Fund
Rydex VT 1,2
Security Investors, LLC (d/b/a Guggenheim Investments)
1.73%
4.89%
12.80%
4.76%
Systematic Trend
Rydex Variable Trust
Global Managed Futures Strategy Fund
Rydex VT 1,2
Security Investors, LLC (d/b/a Guggenheim Investments)
2.18%
3.65%
3.94%
1.27%
Multistrategy
Rydex Variable Trust
Multi-Hedge Strategies Fund
Rydex VT 1,2
Security Investors, LLC (d/b/a Guggenheim Investments)
1.75%
1.25%
1.23%
1.62%
Equity - Precious Metals
VanEck Variable Insurance Products Trust
VanEck VIP Global Gold Fund
Class S 1
VanEck Associates Corporation
1.30%
164.43%
20.00%
20.89%
Other - Natural Resources
VanEck Variable Insurance Products Trust
VanEck VIP Global Resources Fund
Class S
VanEck Associates Corporation
1.32%
36.17%
10.24%
8.06%

1. The Fund's current expenses are subject to a temporary expense reimbursement and/or fee waiver arrangement that is in place. This arrangement may be terminated in the future and, therefore, the expense figures shown reflect temporary fee reductions. Please refer to the Fund's prospectus for more information.
2. This Fund pays 12b-1 fees to Principal Securities, Inc. ("PSI").
3. This Fund is a fund of funds. The funds of funds expenses may be higher than other fund types because the expenses of the selected Fund include the expenses of the funds it holds.
4. This Fund is not available in the state of New York.
5. This Fund may not be available through all broker-dealers.
6. Prior to December 1, 2025, the name of this fund was the Macquarie VIP Small Cap Value Series.
7. On or about May 1, 2026, the PVC Diversified Growth Strategic Allocation Account merged into the PVC Diversified Growth Adaptive Allocation Account.














8. On or about May 1, 2026, the PVC Diversified Balanced Strategic Allocation Account merged into the PVC Diversified Balanced Adaptive Allocation Account.
9. Prior to April 30, 2026, the name of this fund was the MFS ® International Intrinsic Value Portfolio.
10. Prior to May 1, 2026, the name of this fund was the LVIP American Century Disciplined Core Value Fund.
11. Prior to May 1, 2026, the name of this fund was the TOPS ® Aggressive Growth ETF Portfolio.
12. Prior to May 1, 2026, the name of this fund was the TOPS ® Growth ETF Portfolio.
13. Prior to May 1, 2026, the name of this fund was the TOPS ® Moderate Growth ETF Portfolio.
14. Prior to May 1, 2026, the name of this fund was the American Funds Insurance Series Small Capitalization Fund.
15. Prior to May 1, 2026, the name of this fund was the Columbia Variable Portfolio Limited Duration Credit Fund.

Fixed Options

These are the fixed interest options currently available under the Contract. We may change the features of the fixed interest options listed below, offer new fixed interest options, and terminate existing fixed interest options. We will provide you with written notice before doing so. See 8. GENERAL DESCRIPTION OF THE CONTRACT - Fixed Account in the Expanded Prospectus.

Name
Term
Minimum Guaranteed Interest Rate
Fixed Account
N/A
3.00%































EDGAR Contract Identifier: C000004195