# EDGAR Filing Document

**Accession Number:** 0001526622
**File Stem:** 0001526622-26-000054
**Filing Date:** 2026-4
**Character Count:** 39192
**Document Hash:** 931dadbec7ca6c14f8abff4f8b485560
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001526622-26-000054.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001526622-26-000054

**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 National Life Insurance Co Variable Life Separate Account
- **CENTRAL INDEX KEY:** 0001526622

**ORGANIZATION NAME:**
- **EIN:** 341022982
- **STATE OF INCORPORATION:** IA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497VPU
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-175768
- **FILM NUMBER:** 26919242

**BUSINESS ADDRESS:**
- **STREET 1:** PRINCIPAL FINANCIAL GROUP
- **STREET 2:** 711 HIGH STREET
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392
- **BUSINESS PHONE:** 515-247-5461

**MAIL ADDRESS:**
- **STREET 1:** PRINCIPAL FINANCIAL GROUP
- **STREET 2:** 711 HIGH STREET
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392

## Series and Classes Contracts Data

### Principal National Life Insurance Co Variable Life Separate Account (Series ID: S000034165)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000105323 | Principal Variable Universal Life Income III |  |

**Updating Summary Prospectus dated May 1, 2026**<br>**For Current Policy Owners**<br>

**PRINCIPAL® VARIABLE UNIVERSAL LIFE INCOME III**

**FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY**

**Issued by Principal National Life Insurance Company through its**

**Principal National Life Insurance Company Variable Life Separate Account**

You should read this Updating Summary Prospectus carefully, particularly the section titled Important Information You Should Consider about the Policy. This Updating Summary Prospectus is only for the use of current Policy owners.

This Updating Summary Prospectus is being mailed to you instead of the longer statutory prospectus that was mailed to you in the past. The statutory prospectus is also available to you and contains more information about the Policy, including its features, benefits, and risks. You can find the current statutory prospectus, Statement of Additional Information ("SAI"), and other information about the Policy, as well as information about the Underlying Funds online at Principal.com/VULIncome3Report. You can also obtain this information at no cost by calling 1-800-247-9988 or by sending an email request to Lifeinsurance@principal.com. For additional questions about your Policy, please contact your registered representative.

Additional information about certain investment products, including variable life insurance policies, has been prepared by the Securities and Exchange Commission's ("SEC's") staff and is available at Investor.gov.

The SEC has not approved or disapproved this Policy or passed upon the adequacy of this Updating Summary Prospectus. Any representation to the contrary is a criminal offense.

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| | |
|:---|:---|
| **Updating Summary Prospectus Contents**  | |
| Special Terms | <u>2</u> |
| Updated Information about Your Policy  | <u>2</u> |
| Important Information You Should Consider about the Policy | <u>[2](#ib75037b6f60f4931bb9805d9e9b89226_4)</u> |
| Appendix: Underlying Funds Available under the Policy | <u>5</u> |

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**Special Terms**

**The terms defined below are used throughout this prospectus.**

**Company (and we, us, our) – Principal National Life Insurance Company.**

**Data Pages - the pages of the policy which contain information specific to you, to the Insured and the Policy. Current or revised Data Pages may be sent to you from time to time which reflect the current status of your Policy.**

**Division – a part of the Separate Account which invests in shares of a corresponding Underlying Fund. The "Money Market Division" refers to the Fidelity VIP Government Money Market Division.**

**Face Amount – the amount used to determine the death benefit.**

**Fixed Account – the portion of the Policy Value that is held in our general account.**

**Insured – the person named as the "insured" on the Data Pages.**

**Owner – the person, including joint Owner, who owns all the rights and privileges of this Policy.**

**Policy Date – the date from which Monthly Dates, Policy Years and policy anniversaries are determined.**

**Separate Account – the Principal National Life Insurance Company Variable Life Separate Account, an account established by us which has Divisions to which Net Premiums may be allocated under the Policy.**

**Underlying Fund – a registered open-end investment company, or a separate investment account or portfolio thereof, in which a Division invests.**

**you, your – the Owner of the Policy.**

**Updated Information about Your Policy**

This is a summary of certain Policy 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 Policy.

<u>Portfolio Companies</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior to June 2, 2025, the name of the Acorn International Fund was the Wanger Acorn International Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior to July 28, 2025, the name of the Quality Equity Portfolio was the AMT Sustainable Equity Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior to December 1, 2025, the name of the Nomura VIP Small Cap Value Series was the Macquarie VIP Small Cap Value Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior to May 1, 2026, the name of the LVIP Avantis Large Cap Value Fund was the LVIP American Century Disciplined Core Value Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior to May 1, 2026, the name of the TOPS® Managed Risk Moderately Aggressive ETF Portfolio was the TOPS® Managed Risk Growth ETF Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior to May 1, 2026, the name of the TOPS® Managed Risk Moderate Growth ETF Portfolio was the TOPS® Managed Risk Moderate Growth ETF Portfolio.

**Important Information You Should Consider about the Policy**

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| | | | | |
|:---|:---|:---|:---|:---|
| **FEES AND EXPENSES** | **FEES AND EXPENSES** | **FEES AND EXPENSES** | **FEES AND EXPENSES** | **Location in Statutory Prospectus** |
| **Charges for Early Withdrawals** | Guaranteed Maximum: $56.93 per $1,000 of Face Amount (5.69%)<br>"Face Amount" refers to the amount used to determine the death benefit. If you fully surrender your Policy within ten years of the Policy Date shown on your Data Pages or a Face Amount increase, a surrender charge is imposed. For example, if you make an early withdrawal, you could pay a maximum surrender charge of up to $5,693 on a Policy with a Face Amount of $100,000. Surrender charges decline over time.  | Guaranteed Maximum: $56.93 per $1,000 of Face Amount (5.69%)<br>"Face Amount" refers to the amount used to determine the death benefit. If you fully surrender your Policy within ten years of the Policy Date shown on your Data Pages or a Face Amount increase, a surrender charge is imposed. For example, if you make an early withdrawal, you could pay a maximum surrender charge of up to $5,693 on a Policy with a Face Amount of $100,000. Surrender charges decline over time.  | Guaranteed Maximum: $56.93 per $1,000 of Face Amount (5.69%)<br>"Face Amount" refers to the amount used to determine the death benefit. If you fully surrender your Policy within ten years of the Policy Date shown on your Data Pages or a Face Amount increase, a surrender charge is imposed. For example, if you make an early withdrawal, you could pay a maximum surrender charge of up to $5,693 on a Policy with a Face Amount of $100,000. Surrender charges decline over time.  | SUMMARY: FEE TABLES - Transaction Fees |
| **Transaction Charges** | In addition to surrender charges, you may also be charged for other transactions, including a sales charge and taxes assessed on each premium paid, transfer fees for unscheduled Division transfers, and illustration fees.  | In addition to surrender charges, you may also be charged for other transactions, including a sales charge and taxes assessed on each premium paid, transfer fees for unscheduled Division transfers, and illustration fees.  | In addition to surrender charges, you may also be charged for other transactions, including a sales charge and taxes assessed on each premium paid, transfer fees for unscheduled Division transfers, and illustration fees.  | SUMMARY: FEE TABLES - Transaction Fees |
| **Ongoing Fees and Expenses** | In addition to surrender charges and transaction charges, an investment in the Policy is subject to certain ongoing fees and expenses, including fees and expenses covering the cost of insurance under the Policy and the cost of optional benefits under the Policy. Such fees and expenses are set based on the characteristics of the Insured (e.g., age, sex, and rating classification). You should view the Data Pages for rates applicable to you. "Data Pages" are the pages of the policy which contain information specific to you, to the Insured and the Policy. Current or revised Data Pages may be sent to you from time to time. | In addition to surrender charges and transaction charges, an investment in the Policy is subject to certain ongoing fees and expenses, including fees and expenses covering the cost of insurance under the Policy and the cost of optional benefits under the Policy. Such fees and expenses are set based on the characteristics of the Insured (e.g., age, sex, and rating classification). You should view the Data Pages for rates applicable to you. "Data Pages" are the pages of the policy which contain information specific to you, to the Insured and the Policy. Current or revised Data Pages may be sent to you from time to time. | In addition to surrender charges and transaction charges, an investment in the Policy is subject to certain ongoing fees and expenses, including fees and expenses covering the cost of insurance under the Policy and the cost of optional benefits under the Policy. Such fees and expenses are set based on the characteristics of the Insured (e.g., age, sex, and rating classification). You should view the Data Pages for rates applicable to you. "Data Pages" are the pages of the policy which contain information specific to you, to the Insured and the Policy. Current or revised Data Pages may be sent to you from time to time. | SUMMARY: FEE TABLES - Transaction Fees and Periodic Charges Other Than Annual Underlying Fund Expenses |
|  | Investors will also bear expenses associated with the Underlying Fund Companies, as shown in the following table: | Investors will also bear expenses associated with the Underlying Fund Companies, as shown in the following table: | Investors will also bear expenses associated with the Underlying Fund Companies, as shown in the following table: | SUMMARY: FEE TABLES - Annual Underlying Fund Expenses |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee** | **Minimum** | **Maximum** | SUMMARY: FEE TABLES - Annual Underlying Fund Expenses |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Options (Underlying Fund Fees and Expenses) | 0.20% | 2.50% | SUMMARY: FEE TABLES - Annual Underlying Fund Expenses |

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| | | |
|:---|:---|:---|
| **RISKS** | **RISKS** | **Location in Statutory Prospectus** |
| Risk of Loss | You can lose money by investing in a Policy. | PRINCIPAL RISKS OF INVESTING IN THE POLICY - Risk of Loss; Not a Short Term Investment |
| Not a Short-Term Investment | The Policy is not a short-term investment and is not appropriate for an investor that needs ready access to cash. If you take a withdrawal, any surrender charge will reduce the value of your Policy. | PRINCIPAL RISKS OF INVESTING IN THE POLICY - Risk of Loss; Not a Short Term Investment |
| Risks of Underlying Funds | An investment in the Policy is subject to the risk of poor investment performance and can vary depending on the performance of the Underlying Funds. Each Underlying Fund has its own unique risks. A comprehensive discussion of the risks of each Underlying Fund may be found in the Underlying Fund's prospectus. You should review these investment options before making an investment decision.. | PRINCIPAL RISKS OF INVESTING IN THE POLICY - Risks of Underlying Funds |
| Insurance Company Risks | An investment in the Policy is subject to the risks related to the Company. Any obligations (including under the Fixed Accounts), 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 at https://investors.principal.com/investor-relations/our-business/credit-ratings/default.aspx. | GENERAL DESCRIPTION OF THE POLICY - General Account |
| Contract Lapse | When the Policy lapses, it terminates with no value and no longer provides any life insurance benefit upon the death of the Insured. Poor investment performance, partial surrenders, or policy loans may increase the risk of lapse. If your Policy lapses, you can only reinstate it under certain conditions, including making certain payments.  | PRINCIPAL RISKS OF INVESTING IN THE POLICY - Policy Termination (Lapse) |

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| | | |
|:---|:---|:---|
| **RESTRICTIONS** | **RESTRICTIONS** | **Location in Statutory Prospectus** |
| Investments | While you may transfer amounts in the Divisions (which invest in shares of a corresponding Underlying Fund) and Fixed Accounts, certain restrictions and transfer fees apply with regard to the number and amount of such transfers. Transfers are also subject to the excessive trading and market timing polices described in this prospectus. | GENERAL DESCRIPTION OF THE POLICY - Limitations on Transfers |
| Investments | We reserve the right to remove or substitute Underlying Funds as investment options.  | GENERAL DESCRIPTION OF THE POLICY - Reservation of Rights |
| Optional Benefits | Some optional benefits under the Policy are subject to limitations, restrictions, and additional charges, including with respect to their availability and the amounts that may be paid under such benefits.  | OPTIONAL BENEFITS UNDER THE POLICY |
| Optional Benefits | Withdrawals may reduce the value of a benefit by an amount greater than the value withdrawn, which could significantly reduce the value or even terminate the benefit. | OPTIONAL BENEFITS UNDER THE POLICY |
| Optional Benefits | Not all of the options described in the prospectus are available or approved for use in every state.  | GENERAL DESCRIPTION OF THE POLICY - Material State Variations |

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| | |
|:---|:---|
| **TAXES** | **Location in Statutory Prospectus** |
| You should consult with a tax professional to determine the tax implications of an investment in, and payments received under, the Policy. There is no additional tax benefit to you if the Policy is purchased through a tax-qualified plan or individual retirement account (IRA), and withdrawals will be subject to ordinary income tax and may be subject to tax penalties | TAX ISSUES RELATED TO THE POLICY |

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|:---|:---|:---|
| **CONFLICTS OF INTEREST** | **CONFLICTS OF INTEREST** | **Location in Statutory Prospectus** |
| Investment Professional Compensation | The Company pays compensation to broker-dealers, financial institutions and other parties for the sale of the Policy, including commissions on premiums paid on the Policy. The Company and/or its affiliates may also pay other amounts such as marketing allowances, expense reimbursements and education payments. Such compensation may influence the financial intermediary or sales representative to recommend the purchase of this Policy over competing policies or over other investment options.  | PRINCIPAL RISKS OF INVESTING IN THE POLICY - Conflicts of Interest |
| Exchanges | Some financial representatives may have a financial incentive to offer a new policy in place of the one you already own. You should only exchange an existing Policy if you determine, after comparing the features, fees and risks of both policies, that it is preferable to purchase the new policy rather than continue to own an existing Policy. | PRINCIPAL RISKS OF INVESTING IN THE POLICY - Conflicts of Interest |

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**APPENDIX A**

**INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT**

The following is a list of Underlying Funds currently available under the Policy, which is subject to change. Before you invest, you should review the prospectuses for the Underlying Funds, as may be amended from time to time. These prospectuses contain more information about the Underlying Funds and their risks. You can find the prospectuses and other information about the Underlying Funds online at www.principal.com/VULIncome3Report. You can also request this information at no cost by calling 1-800-247-9988 or by sending an email request to lifeinsurance@principal.com.

The current expenses and performance information below reflects fees and expenses of the Underlying Funds, but does not reflect the other fees and expenses that your Policy may charge. Expenses would be higher and performance would be lower if these charges were included. Each Underlying Fund's past performance is not necessarily an indication of future performance.

Some of the Underlying Funds are "funds of funds." A fund of funds is a mutual fund that invests primarily in a portfolio of other mutual funds. Operating expenses shown for a fund of funds include the fees and expenses that such fund incurs indirectly as a result of investing in other funds. More detail about the risks of investing in a fund of funds is available in such fund's prospectus.

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|:---|:---|:---|:---|:---|:---|:---|
| <br>**Type** | <br>**Fund Name** | <br>**Adviser/**<br>**Subadviser** | <br>**Current**<br>**Expenses** | **Average Annual Total Returns (as of 12/31/25)** | **Average Annual Total Returns (as of 12/31/25)** | **Average Annual Total Returns (as of 12/31/25)** |
| <br>**Type** | <br>**Fund Name** | <br>**Adviser/**<br>**Subadviser** | <br>**Current**<br>**Expenses** | **1** <br>**Year** | **5** <br>**Year** | **10 Year** |
| Small/Mid U.S. Equity  | AB Variable Products Series Fund, Inc.<br>**Discovery Value Portfolio** <br>**Class A** | AllianceBernstein L.P. | 0.82% | 2.89% | 8.75% | 8.55% |
| International Equity  | AB Variable Products Series Fund, Inc.<br>**International Value Portfolio** <br>**Class A** <sup>1</sup> | AllianceBernstein L.P.  | 0.90% | 41.70% | 10.47% | 6.64% |
| Small/Mid U.S. Equity  | AB Variable Products Series Fund, Inc.<br>**Small Cap Growth Portfolio** <br>**Class A** <sup>12</sup> | Alliance Bernstein L.P.  | 0.90% | 4.80% | -0.44% | 11.26% |
| Asset Allocation  | American Funds Insurance Series®<br>**American Funds® Global Balanced Fund**<br>**Class 2** <sup>1</sup> | Capital Research and Management Company  | 0.76% | 17.14% | 6.11% | 7.69% |
| Large U.S. Equity  | American Funds Insurance Series®<br>**Growth Fund**<br>**Class 2** | Capital Research and Management Company  | 0.58% | 20.24% | 13.37% | 17.97% |

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|:---|:---|:---|:---|:---|:---|:---|
| International Equity  | American Funds Insurance Series®<br>**EUPAC Fund** <br>**Class 2** <sup>1,11</sup> | Capital Research and Management Company  | 0.72% | 26.77% | 3.40% | 7.00% |
| International Equity  | American Funds Insurance Series®<br>**New World Fund®**<br>**Class 2** <sup>1</sup> | Capital Research and Management Company  | 0.82% | 28.29% | 5.33% | 9.25% |
| Large U.S. Equity  | American Funds Insurance Series®<br>**Washington Mutual Investors Fund**<br>**Class 2** <sup>1</sup> | Capital Research and Management Company  | 0.50% | 17.21% | 13.89% | 12.36% |
| Small/Mid U.S. Equity  | BNY Mellon Investment Portfolios <br>**MidCap Stock Portfolio**<br>**Service Shares** <sup>1</sup> | BNY Mellon Investment Adviser, Inc./ Newton Investment Management North America, LLC  | 1.05% | 9.81% | 9.39% | 8.51% |
| Fixed Income  | Calvert Variable Trust, Inc. <br>**CVT Investment Grade Bond Index Portfolio**<br>**Class I** <sup>1</sup> | Calvert Research and Management/ Ameritas Investment Partners, Inc.  | 0.32% | 6.9% | -0.44% | 1.87% |
| Small/Mid U.S. Equity  | Calvert Variable Trust, Inc. <br>**CVT Russell 2000 Small Cap Index Portfolio** <br>**Class F** <sup>1</sup> | Calvert Research and Management/ Ameritas Investment Partners, Inc.  | 0.6% | 12.23% | 5.62% | 9.08% |
| Large U.S. Equity  | Calvert Variable Trust, Inc. <br>**CVT S&P 500 Index Portfolio** <sup>1,3</sup> | Calvert Research and Management/ Ameritas Investment Partners, Inc.  | 0.28% | 17.50% | 14.09% | 14.47% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Small/Mid U.S. Equity  | Calvert Variable Trust, Inc. <br>**CVT S&P MidCap 400 Index Portfolio**<br>**Class F** <sup>1</sup> | Calvert Research and Management/ Ameritas Investment Partners, Inc.  | 0.53% | 6.92% | 8.55% | 10.13% |
| International Equity  | Columbia Funds Variable Insurance Trust <br>**Acorn International Fund** <sup>1,5</sup> | Columbia Wanger Asset Management, LLC | 1.09% | 12.76 | -1.00 | 4.31 |
| Small/Mid U.S. Equity  | Deutsche DWS Variable Series II <br>**DWS Small Mid Cap Value VIP**<br>**Class B** | DWS Investment Management Americas, Inc.  | 1.17% | 17.85% | 9.27% | 7.18% |
| Large U.S. Equity  | Fidelity® Variable Insurance Products Trust I <br>**Fidelity® VIP Equity-Income Portfolio** <sup>SM</sup> <br>**Service Class 2** | Fidelity Management & Research Company, LLC/ FMR Investment Management (UK) Limited (FMR UK)<br>Fidelity Management & Research (Hong Kong) Limited (FMR H.K.)<br>Fidelity Management & Research (Japan) Limited (FMR Japan) | 0.71% | 18.75% | 12.23% | 11.32% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fixed Income  | Fidelity® Variable Insurance Products Trust I <br>**Fidelity® VIP High Income Portfolio**<br>**Service Class 2** | Fidelity Management & Research Company, LLC/ FMR Investment Management (UK) Limited (FMR UK)<br>Fidelity Management & Research (Hong Kong) Limited (FMR H.K.)<br>Fidelity Management & Research (Japan) Limited (FMR Japan) | 1.06% | 10.31% | 4.00% | 5.34% |
| Large U.S. Equity  | Fidelity® Variable Insurance Products Trust II <br>**Fidelity® VIP Contrafund** <sup>SM</sup> **Portfolio**<br>**Service Class 2**  | Fidelity Management & Research Company, LLC/ FMR Investment Management (UK) Limited (FMR UK)<br>Fidelity Management & Research (Hong Kong) Limited (FMR H.K.)<br>Fidelity Management & Research (Japan) Limited (FMR Japan) | 0.79% | 21.24% | 15.08% | 15.49% |
| Small/Mid U.S. Equity  | Fidelity® Variable Insurance Products Trust II<br>**Fidelity® VIP Extended Market Index Portfolio** <br>**Service Class 2** | Fidelity Management & Research Company, LLC/ Geode | 0.37% | 12.03% | 7.75% |  |

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|:---|:---|:---|:---|:---|:---|:---|
| International Equity  | Fidelity® Variable Insurance Products Trust II<br>**Fidelity® VIP International Index Portfolio**<br>**Service Class 2** | Fidelity Management & Research Company, LLC/ Geode | 0.41% | 32.82% | 7.76% | 6.79% |
| Asset Allocation  | Fidelity® Variable Insurance Products Trust II<br>**Fidelity® VIP Total Market Index Portfolio**<br>**Service Class 2** | Fidelity Management & Research Company, LLC/ Geode | 0.36% | 16.86% | 12.86% |  |
| Small/Mid U.S. Equity  | Fidelity® Variable Insurance Products Trust III<br>**Fidelity® VIP Mid Cap Portfolio**<br>**Service Class 2** | Fidelity Management & Research Company, LLC/ FMR Investment Management (UK) Limited (FMR UK)<br>Fidelity Management & Research (Hong Kong) Limited (FMR H.K.)<br>Fidelity Management & Research (Japan) Limited (FMR Japan) | 0.80% | 11.49% | 9.83% | 10.31% |

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|:---|:---|:---|:---|:---|:---|:---|
| Other - Equity Energy  | Fidelity® Variable Insurance Products Trust IV<br>**Fidelity® VIP Energy Portfolio**<br>**Service Class 2** <sup>4</sup> | Fidelity Management & Research Company, LLC/ FMR Investment Management (UK) Limited (FMR UK)<br>Fidelity Management & Research (Hong Kong) Limited (FMR H.K.)<br>Fidelity Management & Research (Japan) Limited (FMR Japan) | 0.85% | 10.34% | 23.86% | 7.69% |
| Money Market  | Fidelity® Variable Insurance Products Trust IV<br>**Fidelity® VIP Government Money Market Portfolio**<br>**Service Class**  | Fidelity Management & Research Company, LLC/ FMR Investment Management (UK) Limited (FMR UK)<br>Fidelity Management & Research (Hong Kong) Limited (FMR H.K.)<br>Fidelity Management & Research (Japan) Limited (FMR Japan) | 0.35% | 4.03% | 3.02% | 1.95% |
| International Equity  | Franklin Templeton Variable Insurance Product Trust<br>**Franklin Mutual Global Discovery VIP Fund**<br>**Class 2** | Franklin Mutual Advisers, LLC  | 1.16% | 23.34% | 12.00% | 8.52% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Large U.S. Equity  | Franklin Templeton Variable Insurance Product Trust<br>**Franklin Rising Dividends VIP Fund**<br>**Class 2** | Franklin Advisers, Inc.  | 0.89% | 11.80% | 9.50% | 12.10% |
| Small/Mid U.S. Equity  | Franklin Templeton Variable Insurance Product Trust<br>**Franklin Small Cap Value VIP Fund**<br>**Class 2** <sup>1</sup> | Franklin Mutual Advisers, LLC  | 0.91% | 7.65% | 8.86% | 9.81% |
| Fixed Income  | Franklin Templeton Variable Insurance Product Trust<br>**Templeton Global Bond VIP Fund**<br>**Class 2** <sup>1</sup> | Templeton Asset Management, Ltd.  | 0.75% | 15.73% | -0.96% | -0.15% |
| Large U.S. Equity  | Invesco Variable Insurance Funds<br>**Invesco V.I. American Franchise Fund**<br>**Series II** | Invesco Advisers, Inc.  | 1.1% | 11.39% | 10.08% | 14.58% |
| Small/Mid U.S. Equity  | Invesco Variable Insurance Funds<br>**Invesco V.I. American Value Fund**<br>**Series I** | Invesco Advisers, Inc.  | 0.89% | 21.00% | 17.85% | 12.29% |
| Large U.S. Equity  | Invesco Variable Insurance Funds<br>**Invesco V.I. Core Equity Fund**<br>**Series II** | Invesco Advisers, Inc.  | 1.05% | 15.88% | 12.52% | 11.46% |
| Other - Health  | Invesco Variable Insurance Funds<br>**Invesco V.I. Health Care Fund**<br>**Series I** | Invesco Advisers, Inc.  | 0.99% | 15.33% | 3.80% | 6.58% |
| Small/Mid U.S. Equity  | Invesco Variable Insurance Funds<br>**Invesco V.I. Main Street Mid Cap Fund**<br>**Series II** | Invesco Advisers, Inc.  | 1.19% | 8.96% | 8.83% | 9.08% |
| Small/Mid U.S. Equity  | Invesco Variable Insurance Funds<br>**Invesco V.I. Main Street Small Cap Fund®**<br>**Series II** | Invesco Advisers, Inc.  | 1.09% | 8.44% | 8.07% | 10.31% |
| International Equity  | Janus Aspen Series Trust <br>**Janus Henderson Global Sustainable Equity Portfolio**<br>**Service Shares** <sup>1</sup> | Janus Henderson Investors US LLC | 0.99% | 17.26% |  |  |
| Small/Mid U.S. Equity  | Janus Aspen Series Trust <br>**Janus Henderson Enterprise Portfolio**<br>**Service Shares** | Janus Henderson Investors US LLC | 0.97% | 7.41% | 7.35% | 12.51% |
| Large U.S. Equity  | Janus Aspen Series Trust <br>**Janus Henderson Forty Portfolio** <br>**Service Shares** | Janus Henderson Investors US LLC | 0.87% | 17.86% | 11.37% | 15.96% |

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|:---|:---|:---|:---|:---|:---|:---|
| Other - Technology  | Janus Aspen Series Trust <br>**Janus Henderson Global Technology and Innovation Portfolio**<br>**Service Shares** | Janus Henderson Investors US LLC | 0.97% | 24.84% | 13.44% | 21.18% |
| Small/Mid U.S. Equity  | Legg Mason Partners Variable Income Trust <br>**ClearBridge Variable Mid Cap Portfolio**<br>**Series I** | Franklin Templeton Fund Adviser, LLC/ ClearBridge Investments, LLC | 0.82% | 4.35% | 4.50% | 7.50% |
| Small/Mid U.S. Equity  | Lincoln Variable Insurance Products Trust <br>**LVIP American Century Capital Appreciation Fund**<br>**Service Class**  | Lincoln Financial Investments Corporation/ American Century Investment Management, Inc.  | 0.62% | 6.56% | 5.02% | 11.31% |
| Large U.S. Equity  | Lincoln Variable Insurance Products Trust <br>**LVIP Avantis Large Cap Value Fund**<br>**Service Class** <sup>8</sup> | Lincoln Financial Investments Corporation/ American Century Investment Management, Inc.  | 0.96% | 14.56% | 8.51% | 10.12% |
| Inflation - Protected Bond  | Lincoln Variable Insurance Products Trust <br>**LVIP American Century Inflation Protection Fund** <br>**Service Class** | 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 <br>**LVIP American Century Mid Cap Value Fund**<br>**Service Class** | Lincoln Financial Investments Corporation/ American Century Investment Management, Inc.  | 1.01% | 8.83% | 8.72% | 8.96% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Large U.S. Equity  | Lincoln Variable Insurance Products Trust <br>**LVIP American Century Value Fund**<br>**Service Class** | Lincoln Financial Investments Corporation/ American Century Investment Management, Inc.  | 0.86% | 15.85% | 11.47% | 10.07% |
| Small/Mid U.S. Equity  | Lord Abbett Series Fund, Inc. <br>**Developing Growth Portfolio**<br>**Class VC** <sup>1</sup> | Lord Abbett | 1.27% | 14.59% | -1.17% | 11.03% |
| Small/Mid U.S. Equity  | MFS® Variable Insurance Trust <br>**MFS® New Discovery Series**<br>**Service Class** <sup>1</sup> | Massachusetts Financial Services Company  | 1.12% | 12.56% | -0.54% | 10.46% |
| Other - Utilities  | MFS® Variable Insurance Trust <br>**MFS® Utilities Series**<br>**Service Class** <sup>1</sup> | Massachusetts Financial Services Company  | 1.03% | 14.76% | 7.38% | 9.22% |
| Small/Mid U.S. Equity  | MFS® Variable Insurance Trust <br>**MFS® Blended Research Small Cap Equity Portfolio**<br>**Service Class** <sup>1</sup> | Massachusetts Financial Services Company  | 0.83% | 5.49% | 6.62% | 8.82% |
| Small/Mid U.S. Equity  | MFS® Variable Insurance Trust III<br>**MFS® Mid Cap Value Portfolio**<br>**Service Class** <sup>1</sup> | Massachusetts Financial Services Company  | 1.04% | 5.75% | 9.90% | 9.69% |
| Small/Mid U.S. Equity  | MFS® Variable Insurance Trust III<br>**MFS® New Discovery Value Portfolio**<br>**Service Class** <sup>1</sup> | Massachusetts Financial Services Company  | 1.13% | 2.88% | 8.22% | 10.30% |
| Large U.S. Equity  | Neuberger Berman Advisers Management Trust <br>**Quality Equity Portfolio**<br>**Class I** <sup>6</sup> | Neuberger Berman Investment Advisers, LLC | 0.87% | 13.74% | 12.83% | 12.94% |
| Small/Mid U.S. Equity  | Nomura Funds <br>**Nomura VIP Small Cap Value Series** <br>**Service Class** <sup>1,7</sup> | Delaware Management Company, a series of Nomura Investment Management Business Trust | 1.04% | 7.83% | 8.93% | 8.84% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Asset Allocation  | Northern Lights Variable Trust <br>**TOPS** <sup>TM</sup> **Managed Risk Balanced ETF Portfolio** <br>**Class 2** | Valmark Advisers, Inc./ Milliman Financial Risk Management, LLC  | 0.76% | 9.03% | 3.83% | 4.92% |
| Asset Allocation  | Northern Lights Variable Trust <br>**TOPS** <sup>TM</sup> **Managed Risk Moderately Aggressive ETF Portfolio**<br>**Class 2** <sup>9</sup> | Valmark Advisers, Inc./ Milliman Financial Risk Management, LLC  | 0.75% | 11.65% | 5.36% | 6.13% |
| Asset Allocation  | Northern Lights Variable Trust <br>**TOPS** <sup>TM</sup> **Managed Risk Moderate ETF Portfolio**<br>**Class 2** <sup>10</sup> | Valmark Advisers, Inc./ Milliman Financial Risk Management, LLC  | 0.75% | 10.36% | 4.74% | 5.72% |
| Fixed Income  | Principal Variable Contract Funds, Inc. <br>**PVC – Core Plus Bond Account**<br>**Class 1**  | Principal Global Investors, LLC | 0.50 | 7.46% | -0.48% | 2.36% |
| International Equity  | Principal Variable Contract Funds, Inc. <br>**PVC – Diversified International Account**<br>**Class 1** | Principal Global Investors, LLC | 0.86% | 32.36% | 7.40% | 8.08% |
| Large U.S. Equity  | Principal Variable Contract Funds, Inc. <br>**PVC – Equity Income Account**<br>**Class 1** | Principal Global Investors, LLC | 0.48% | 15.50% | 10.21% | 11.51% |
| International Equity  | Principal Variable Contract Funds, Inc. <br>**PVC – Global Emerging Markets Account**<br>**Class 1**  | Principal Global Investors, LLC  | 1.12% | 37.27% | 5.06% | 8.12% |
| Fixed Income  | Principal Variable Contract Funds, Inc. <br>**PVC – Government & High-Quality Bond Account**<br>**Class 1** | Principal Global Investors, LLC | 0.50 | 7.91% | -0.23% | 1.26% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Large U.S. Equity  | Principal Variable Contract Funds, Inc. <br>**PVC – Large Cap Growth Account I**<br>**Class 1** <sup>1</sup> | Principal Global Investors, LLC/ Loss 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. <br>**PVC – Large Cap S&P 500 Index Account**<br>**Class 1** | Principal Global Investors, LLC | 0.20% | 17.62% | 14.14% | 14.52% |
| Small/Mid U.S. Equity  | Principal Variable Contract Funds, Inc. <br>**PVC – MidCap Account**<br>**Class 1** | Principal Global Investors, LLC | 0.53% | 1.78% | 8.33% | 12.58% |
| Large U.S. Equity  | Principal Variable Contract Funds, Inc. <br>**PVC – Principal Capital Appreciation Account**<br>**Class 2**  | Principal Global Investors, LLC | 0.88% | 13.22% | 13.53% | 14.07% |
| Asset Allocation | Principal Variable Contract Funds, Inc. <br>**PVC – Principal LifeTime 2020 Account**<br>**Class 1** | Principal Global Investors, LLC | 0.47% | 11.33% | 4.65% | 6.77% |
| Asset Allocation  | Principal Variable Contract Funds, Inc. <br>**PVC – Principal LifeTime 2030 Account**<br>**Class 1** | Principal Global Investors, LLC | 0.50% | 13.21% | 5.91% | 8.07% |
| Asset Allocation  | Principal Variable Contract Funds, Inc. <br>**PVC – Principal LifeTime 2040 Account**<br>**Class 1** | Principal Global Investors, LLC | 0.54% | 15.57% | 7.56% | 9.35% |
| Asset Allocation  | Principal Variable Contract Funds, Inc. <br>**PVC – Principal LifeTime 2050 Account**<br>**Class 1** | Principal Global Investors, LLC<br>T. Rowe Price Associates, Inc. | 0.58% | 17.50% | 8.77% | 10.22% |
| Asset Allocation  | Principal Variable Contract Funds, Inc. <br>**PVC – Principal LifeTime 2060 Account**<br>**Class 1** | Principal Global Investors, LLC | 0.61% | 17.68% | 8.97% | 10.35% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Asset Allocation  | Principal Variable Contract Funds, Inc. <br>**PVC – Principal LifeTime Strategic Income Account**<br>**Class 1** | Principal Global Investors, LLC | 0.48% | 10.45% | 3.48% | 4.98% |
| Small/Mid U.S. Equity  | Principal Variable Contract Funds, Inc. <br>**PVC – Real Estate Securities Account**<br>**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. <br>**PVC – Short-Term Income Account**<br>**Class 1** | Principal Global Investors, LLC | 0.42% | 5.48% | 2.33% | 2.52% |
| Small/Mid U.S. Equity  | Principal Variable Contract Funds, Inc. <br>**PVC – SmallCap Account**<br>**Class 1** | Principal Global Investors, LLC | 0.84% | 15.10% | 6.29% | 9.57% |
| Asset Allocation  | Principal Variable Contract Funds, Inc. <br>**PVC – Strategic Asset Management (SAM) – Balanced Portfolio**<br>**Class 1** | Principal Global Investors, LLC | 0.68% | 14.00% | 7.27% | 8.29% |
| Asset Allocation  | Principal Variable Contract Funds, Inc. <br>**PVC – Strategic Asset Management (SAM) – Conservative Balanced Portfolio**<br>**Class 1** | Principal Global Investors, LLC | 0.67% | 11.69% | 5.04% | 6.39% |
| Asset Allocation  | Principal Variable Contract Funds, Inc. <br>**PVC – Strategic Asset Management (SAM) – Conservative Growth Portfolio**<br>**Class 1** | 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**<br>**Class 1** | Principal Global Investors, LLC | 0.64% | 9.96% | 3.57% | 5.12% |
| Asset Allocation  | Principal Variable Contract Funds, Inc. <br>**PVC – Strategic Asset Management (SAM) – Strategic Growth Portfolio**<br>**Class 1** | Principal Global Investors, LLC | 0.75% | 16.86% | 10.16% | 10.96% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Large U.S. Equity  | Putnam Variable Trust<br>**Putnam VT Large Cap Growth Fund**<br>**Class IB** | Putnam Management, LLC (d/b/a Putnam Management)/ Franklin Advisers, Inc. | 0.88% | 14.34% | 13.44% | 17.66% |
| Small/Mid U.S. Equity  | Putnam Variable Trust<br>**Putnam VT Small Cap Growth Fund**<br>**Class IB** <sup>1</sup> | Putnam Management, LLC (d/b/a Putnam Management)/ Franklin Advisers, Inc. | 1.12% | 8.80% | 6.18% | 11.45% |
| Small/Mid U.S. Equity  | Putnam Variable Trust<br>**Putnam VT Small Cap Value Fund**<br>**Class IB** | Putnam Management, LLC (d/b/a Putnam Management)/ Franklin Advisers, Inc. | 1.02% | 5.27% | 10.99% | 9.13% |
| Other - Natural Resources  | VanEck Variable Insurance Products Trust<br>**VanEck VIP Global Resources Fund** <br>**Class S** | VanEck Associates Corporation  | 1.32% | 36.17% | 10.24% | 8.06% |

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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 is not available to new investors after February 1, 2013.

3. This Fund is not available to new investors after April 25, 2014.

4. This Fund became available for investment on May 31, 2025.

5. Prior to June 2, 2025, the name of this fund was the Wanger Acorn International Fund.

6. Prior to July 28, 2025, the name of this fund was the AMT Sustainable Equity Portfolio.

7. Prior to December 1, 2025, the name of this fund was the Macquarie VIP Small Cap Value Series.

8. Prior to May 1, 2026, the name of this fund was the LVIP American Century Disciplined Core Value Fund.

9. Prior to May 1, 2026, the name of this fund was the TOPS® Managed Risk Growth ETF Portfolio.

10. Prior to May 1, 2026, the name of this fund was the TOPS® Managed Risk Moderate Growth ETF Portfolio.

11. Prior to May 1, 2026, the name of this fund was the American Funds Insurance Series International Fund.

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