# EDGAR Filing Document

**Accession Number:** 0000009713
**File Stem:** 0000009713-25-000112
**Filing Date:** 2025-7
**Character Count:** 54640
**Document Hash:** e48b81399d556d71c8db8b676894ef0f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000009713-25-000112.hdr.sgml**: 20250710

**ACCESSION NUMBER**: 0000009713-25-000112

**CONFORMED SUBMISSION TYPE**: 497VPU

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250710

**DATE AS OF CHANGE**: 20250710

**EFFECTIVENESS DATE**: 20250710

**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:** 333-116220
- **FILM NUMBER:** 251115178

**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

## Series and Classes Contracts Data

### PRINCIPAL LIFE INSURANCE CO SEPARATE ACCOUNT B (Series ID: S000001542)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000004193 | Principal Investment Plus Variable Annuity |  |

**PRINCIPAL**<sup>®</sup> **INVESTMENT PLUS VARIABLE ANNUITY**

**(FOR APPLICATIONS SIGNED BEFORE AUGUST 1, 2013)**

**UPDATING SUMMARY PROSPECTUS**

**Dated May 1, 2025**

Principal Life Insurance Company ("the Company", "We", "Our" or "Us") no longer offers or issues this product. This Updating Summary Prospectus is only for the use of the current Owners of the product.

This Updating Summary Prospectus describes Principal<sup>®</sup> Investment Plus Variable Annuity, an individual, flexible premium, deferred variable annuity (the "Contract"), issued by the Company.

This Updating Summary Prospectus summarizes key features of the Contract. The statutory 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/InvestPlusReport. You can also obtain this information at no cost by calling 1-800-852-4450 or by sending an email request to annuityinternet@principal.com.

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

The Contract, certain Contract features and/or some of the Investment Options may not be available in all states or through all broker dealers.

At the time You purchased the Contract, You had the option of adding a Premium Payment Credit Rider. We have highlighted in grey boxes those portions of this Updating Summary Prospectus pertaining to that rider.

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**SPECIAL TERMS**

The terms defined below are used throughout this Prospectus.

**Accumulated Value** – the sum of the values in the DCA Plus Account(s), 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.

**Automatic Portfolio Rebalancing (APR)** – the Transfer of money among Your Separate Account Divisions on a set schedule to maintain a specified percentage in each Separate Account Division.

**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, 2010, the first Contract Year ends on June 4, 2011, and the first contract Anniversary falls on June 5, 2011).

**Data Page** – that portion of the Contract which contains the following: Owner and Annuitant data (names, gender, Annuitant age); the Contract issue date; maximum Annuitization Date; Contract charges and limits; benefits; and a summary of any optional benefits chosen by the Contract Owner.

**Dollar Cost Averaging Plus (DCA Plus) Account** – an account which uses a guaranteed interest rate to calculate interest earned for a specific amount of time.

**Fixed Account** – an account which uses a guaranteed interest rate to calculate interest earned.

**Investment Options** – the DCA Plus Accounts, 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.

**Premium Payment(s)** – the gross amount You contributed to the Contract.

**Qualified Plans** – 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.")

**Separate Account Division Value** – the sum of all divisions' values; each division's value is determined by multiplying the number of Units in that division by the Unit Value of that division.

**Surrender** – the withdrawal of all or part of the Accumulated Value of Your Contract.

**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.

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**Unit Value** – a measure used to determine the value of an investment 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.

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**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, 2023. This may not reflect all of the changes that have occurred since You entered into Your Contract.

The Investment Plus Variable Annuity GMWB Exchange Offer ("GMWB Exchange Offer") will no longer be available for new exchanges with applications signed July 1, 2025 and later.

**Underlying Mutual Funds**

Prior to May 1, 2025, the Principal VCF U.S. LargeCap S&P 500 Index Buffer January Account was known as the Principal VCF U.S. LargeCap Buffer January Account. This change will be reflected on 5/31/2025.

Prior to May 1, 2025, the Principal VCF U.S. LargeCap S&P 500 Index Buffer April Account was known as the Principal VCF U.S. LargeCap Buffer April Account. This change will be reflected on 5/31/2025.

Prior to May 1, 2025, the Principal VCF U.S. LargeCap S&P 500 Index Buffer July Account was known as the Principal VCF U.S. LargeCap Buffer July Account. This change will be reflected on 5/31/2025.

Prior to May 1, 2025, the Principal VCF U.S. LargeCap S&P 500 Index Buffer October Account was known as the Principal VCF U.S. LargeCap Buffer October Account. This change will be reflected on 5/31/2025.

The Guggenheim Investments VIF Global Managed Futures Strategy Fund is no longer available for investment.

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

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**KEY INFORMATION TABLE**

**IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **FEES AND EXPENSES** | **FEES AND EXPENSES** | **FEES AND EXPENSES** | **LOCATION IN EXPANDED**<br>**PROSPECTUS** |
| **Charges for Early Withdrawals** | | | | **7. CHARGES – Deferred Sales Load ("Surrender Charge")** |
| For Contracts without the Premium Payment Credit Rider | If you withdraw money from Your Contract within 7 years following Your last Premium Payment, You will be assessed a Surrender Charge. The maximum Surrender Charge is 6% of the amount withdrawn during the first three Contract Years, declining down to 0% over the 7-year time period. For example, if You make an early withdrawal within the first three Contract Years, You could pay a Surrender Charge of up to $6,000 on a $100,000 investment. | If you withdraw money from Your Contract within 7 years following Your last Premium Payment, You will be assessed a Surrender Charge. The maximum Surrender Charge is 6% of the amount withdrawn during the first three Contract Years, declining down to 0% over the 7-year time period. For example, if You make an early withdrawal within the first three Contract Years, You could pay a Surrender Charge of up to $6,000 on a $100,000 investment. | If you withdraw money from Your Contract within 7 years following Your last Premium Payment, You will be assessed a Surrender Charge. The maximum Surrender Charge is 6% of the amount withdrawn during the first three Contract Years, declining down to 0% over the 7-year time period. For example, if You make an early withdrawal within the first three Contract Years, You could pay a Surrender Charge of up to $6,000 on a $100,000 investment. |  |
| For Contracts with the Premium Payment Credit Rider | If You withdraw money from Your Contract within 9 years following Your last Premium Payment, You will be assessed a Surrender Charge. The maximum Surrender Charge is 8% of the amount withdrawn during the first two Contract Years, declining down to 0% over the 9-year time period. For example, if You make an early withdrawal within the first two Contract Years, You could pay a Surrender Charge of up to $8,000 on a $100,000 investment. | If You withdraw money from Your Contract within 9 years following Your last Premium Payment, You will be assessed a Surrender Charge. The maximum Surrender Charge is 8% of the amount withdrawn during the first two Contract Years, declining down to 0% over the 9-year time period. For example, if You make an early withdrawal within the first two Contract Years, You could pay a Surrender Charge of up to $8,000 on a $100,000 investment. | If You withdraw money from Your Contract within 9 years following Your last Premium Payment, You will be assessed a Surrender Charge. The maximum Surrender Charge is 8% of the amount withdrawn during the first two Contract Years, declining down to 0% over the 9-year time period. For example, if You make an early withdrawal within the first two Contract Years, You could pay a Surrender Charge of up to $8,000 on a $100,000 investment. |  |
| **Transaction Charges** | 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. | 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. | 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. | **7. CHARGES – Transaction Fees** |
| **Ongoing Fees and Expenses**<br>(annual charges) |  |  |  |  |
| The following part of the table describes the fees and expenses that You may pay each year, depending on the options You choose. Please refer to Your Data Page for information about the specific fees You will pay each year based on the options You have selected. | The following part of the table describes the fees and expenses that You may pay each year, depending on the options You choose. Please refer to Your Data Page for information about the specific fees You will pay each year based on the options You have selected. | The following part of the table describes the fees and expenses that You may pay each year, depending on the options You choose. Please refer to Your Data Page for information about the specific fees You will pay each year based on the options You have selected. | The following part of the table describes the fees and expenses that You may pay each year, depending on the options You choose. Please refer to Your Data Page for information about the specific fees You will pay each year based on the options You have selected. | The following part of the table describes the fees and expenses that You may pay each year, depending on the options You choose. Please refer to Your Data Page for information about the specific fees You will pay each year based on the options You have selected. |
|  | **ANNUAL FEE** | **MINIMUM** | **MAXIMUM** | **LOCATION IN EXPANDED PROSPECTUS** |
|  | 1. Base contract<sup>1</sup> | 1.40% | 1.40% | **7. CHARGES – Base Contract Annual Expenses** |
|  | 2. Investment Options (Underlying Mutual Fund fees and expenses)<sup>2</sup> | 0.20% | 2.86% | **APPENDIX A in this Updating Summary Prospectus - INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT** |
|  | 3. Optional benefits available for an additional charge | 0.60% <sup>3</sup> | 2.00% <sup>4</sup> | **7. CHARGES - Optional Benefit Rider Charges** |

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<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;This fee reflects the Mortality and Expense Risks Charge and Administration Charge. 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.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;As a percentage of the average net Underlying Mutual Fund assets.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;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.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;At the end of each calendar quarter, one-fourth of the annual charge is multiplied by the average quarterly For Life (or Investment Back, as applicable) withdrawal benefit base.

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| | |
|:---|:---|
| **Lowest and Highest Annual Cost Table**<br>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, <br>**which could add Surrender Charges that substantially increase costs.** | **Lowest and Highest Annual Cost Table**<br>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, <br>**which could add Surrender Charges that substantially increase costs.** |
| **LOWEST ANNUAL COST**<br>**$1,424** | **HIGHEST ANNUAL COST**<br>**$4,537** |
| Assumes: | Assumes: |
| <br>● Investment of $100,000<br>● 5% annual appreciation<br>● Least expensive combination of Base Contract charge and Underlying Mutual Fund fees and expenses<br>● No optional benefits<br>● No sales charges<br>● No additional purchase payments, Transfers or withdrawals | <br>● Investment of $100,000<br>● 5% annual appreciation<br>● Most expensive combination of Base Contract charge, optional benefits, and Underlying Mutual Fund fees and expenses<br>● No sales charges<br>● No additional purchase payments, Transfers or withdrawals |

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| | | |
|:---|:---|:---|
| | **RISKS** | **LOCATION IN EXPANDED**<br>**PROSPECTUS** |
| **Risk of Loss** | You can lose money by investing in this Contract. | **5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT – Poor Investment Performance** |
| **Not a Short-Term Investment** | This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash.<br>Surrender Charges apply for up to 7 years following Your last Premium Payment (9 years if You have the Premium Payment Credit Rider). 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** |
| **Risks Associated with 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.<br>• Each investment option (including the DCA Plus and Fixed Accounts) has its own unique risks.<br>• You should review the prospectuses for the available Underlying Mutual Funds before making an investment decision. | **5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT** |
| **Insurance Company Risks** | An investment in the Contract is subject to the risks related to the Company. Any obligations (including under the DCA Plus and 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 upon request by calling 1-800-852-4450. | **5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT – Insurance Company Risks** |

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| | | |
|:---|:---|:---|
| | **RESTRICTIONS** | **LOCATION IN EXPANDED**<br>**PROSPECTUS** |
| **Investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Limitations – If You purchased a Guaranteed Minimum Withdrawal Benefit ("GMWB") rider at the time You purchased Your Contract, the Underlying Mutual Funds available to You as Investment Options under the Contract will be limited.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Removal or Substitution of Underlying Mutual Funds - We reserve the right to remove, close or substitute the Underlying Mutual Funds that are available as Investment Options under the Contract. | **10. BENEFITS AVAILABLE UNDER THE CONTRACT - Guaranteed Minimum Withdrawal Benefit ("GMWB") Riders**<br>**8. GENERAL DESCRIPTION OF THE CONTRACT – Frequent Transfers among Divisions**<br>**8. GENERAL DESCRIPTION OF THE CONTRACT – Contract or Registrant Changes** |
| **Optional Benefits** | &nbsp;&nbsp;&nbsp;The following were optional benefits that may have been available for purchase at the time You purchased Your Contract: the Premium Payment Credit Rider; the Principal Income Builder 3 ("PIB 3") or Principal Income Builder 10 ("PIB 10"), both of which are GMWB riders; Enhanced Death Benefit rider; GMWB 1 rider, GMWB 2-SL Rider or GMWB 2-SL/JL Rider (all three of which were earlier types of GMWB riders) .<br>Having the Premium 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.<br>Having a GMWB rider: limits Your underlying Investment Options; restricts Your ability to terminate the rider until the 5th Contract Anniversary; and, if You take excess withdrawals, You will shorten the life of the rider, lower the withdrawal benefit payment(s) and/or cause the rider to terminate for lack of value. | **10. BENEFITS AVAILABLE UNDER THE CONTRACT** |

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| | | |
|:---|:---|:---|
| | **TAXES** | **LOCATION IN EXPANDED**<br>**PROSPECTUS** |
| **Tax Implications** | • You should consult with a tax professional to determine the tax implications of an investment in, withdrawals from and Surrenders of this Contract.<br>• 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.<br>• Premiums 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 59 1/2. | **13. TAXES** |
|  | **CONFLICTS OF INTEREST** | **LOCATION IN EXPANDED**<br>**PROSPECTUS** |
| **Financial Professional Compensation** | Your financial professional may receive compensation in the form of commissions for selling this Contract to You. Your financial professional may have a financial incentive to offer or recommend this Contract over another investment. | **16. ADDITIONAL INFORMATION ABOUT THE CONTRACT – Payments to Financial Intermediaries** |
| **Exchanges** | Your financial professional may have a financial incentive to offer You a new contract in place of the one You own. You should only consider exchanging Your Contract if You determine, after comparing the features, fees, and risks of both contracts, that it is in Your best interest to purchase the new contract rather than continuing to own Your existing Contract. | **8. GENERAL DESCRIPTION OF THE CONTRACT – Contract Provisions and Limitations – <u>Exchange Offers</u>** |

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**APPENDIX A**

**INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT**

The following is a list of Investment Options available under the Contract. Depending on the GMWB Rider You choose with Your Contract, You may not be able to invest in certain Investment Options. To obtain Underlying Mutual Fund statutory and summary prospectuses, You can visit www.principal.com/InvestPlusReport, call 1-800-852-4450, or send a request to annuityinternet@principal.com.

The 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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type** | **Portfolio** <br>**Advisor/Sub-advisor** | **Current Expenses (Net)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** |
|  |  |  | 1 year | 5 year | 10 year |
| Moderate Allocation | American Funds Insurance Series – Asset Allocation Fund <sup>(1)</sup> – Class 2 Shares<br>Capital Research and Management Company | 0.54% | 16.44% | 8.32% | 8.32% |
| Moderate Allocation | BlackRock 60/40 Target Allocation ETF V.I. Fund <sup>(1)(2)(3)</sup> – Class III <br>BlackRock Advisors LLC | 0.57% | 11.36% | 6.86% | 6.48% |
| Global Allocation | BlackRock Global Allocation V.I. Fund <sup>(1)(2)</sup> – Class III <br>BlackRock Advisors, LLC, sub-advisers are BlackRock (Singapore) Limited and BlackRock International Limited  | 1.02% | 9.01% | 5.74% | 5.33% |
| Tactical Allocation | PIMCO VIT All Asset Portfolio <sup>(1)(2)</sup> – Administrative Class<br>PIMCO/Research Affiliates | 2.27% | 3.74% | 4.42% | 4.37% |
| Moderately Conservative Allocation | Principal VCF Diversified Balanced Account <sup>(1)(3)</sup> – Class 2<br>Principal Global Investors, LLC | 0.48% | 9.67% | 5.76% | 6.07% |
| Moderately Conservative Allocation | Principal VCF Diversified Balanced Strategic Allocation Account <sup>(1)(3)</sup> – Class 2<br>Principal Global Investors, LLC | 0.55% | 8.83% | 5.29% | 5.68% |
| Moderate Allocation | Principal VCF Diversified Growth Account <sup>(1)(3)</sup> – Class 2 <br>Principal Global Investors, LLC | 0.49% | 12.26% | 7.58% | 7.51% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type** | **Portfolio** <br>**Advisor/Sub-advisor** | **Current Expenses (Net)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** |
|  |  |  | 1 year | 5 year | 10 year |
| Moderate Allocation | Principal VCF Diversified Growth Strategic Allocation Account <sup>(1)(3)</sup> – Class 2 <br>Principal Global Investors, LLC | 0.57% | 11.22% | 7.00% | 7.03% |
| Moderately Conservative Allocation | Principal VCF Diversified Income Account <sup>(1)(3)</sup> – Class 2 <br>Principal Global Investors, LLC | 0.48% | 7.11% | 3.91% | 4.59% |
| Target-Date 2020 | Principal VCF Principal LifeTime 2020 Account <sup>(3)</sup> – Class 1<br>Principal Global Investors, LLC | 0.50% | 7.43% | 4.94% | 5.51% |
| Target-Date 2030 | Principal VCF Principal LifeTime 2030 Account <sup>(3)</sup> – Class 1<br>Principal Global Investors, LLC | 0.52% | 9.05% | 6.22% | 6.63% |
| Target-Date 2040 | Principal VCF Principal LifeTime 2040 Account <sup>(3)</sup> – Class 1<br>Principal Global Investors, LLC | 0.58% | 11.55% | 7.66% | 7.69% |
| Target-Date 2050 | Principal VCF Principal LifeTime 2050 Account <sup>(3)</sup> – Class 1<br>Principal Global Investors, LLC | 0.62% | 13.29% | 8.62% | 8.38% |
| Target-Date Retirement | Principal VCF Principal LifeTime Strategic Income Account <sup>(3)</sup> – Class 1 <br>Principal Global Investors, LLC | 0.50% | 6.71% | 3.45% | 3.85% |
| Moderate Allocation | Principal VCF Strategic Asset Management ("SAM") Portfolios – Balanced Portfolio <sup>(3)</sup> – Class 1 <br>Principal Global Investors, LLC | 0.70% | 12.62% | 6.75% | 6.79% |
| Moderately Conservative Allocation | Principal VCF Strategic Asset Management ("SAM") Portfolios – Conservative Balanced Portfolio <sup>(3)</sup> – Class 1<br>Principal Global Investors, LLC | 0.67% | 8.97% | 4.65% | 5.14% |
| Moderately Aggressive Allocation | Principal VCF Strategic Asset Management ("SAM") Portfolios – Conservative Growth Portfolio <sup>(3)</sup> – Class 1<br>Principal Global Investors, LLC | 0.73% | 15.23% | 8.50% | 8.25% |
| Conservative Allocation | Principal VCF Strategic Asset Management ("SAM") Portfolios <sup>(3)</sup> – Flexible Income Portfolio – Class 1 <br>Principal Global Investors, LLC | 0.65% | 6.69% | 3.06% | 3.98% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type** | **Portfolio** <br>**Advisor/Sub-advisor** | **Current Expenses (Net)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** |
|  |  |  | 1 year | 5 year | 10 year |
| Aggressive Allocation | Principal VCF Strategic Asset Management ("SAM") Portfolios <sup>(3)</sup> – Strategic Growth Portfolio – Class 1 <br>Principal Global Investors, LLC | 0.75% | 17.02% | 9.88% | 9.07% |
| Aggressive Allocation | TOPS<sup>®</sup> Aggressive Growth ETF Portfolio <sup>(1)(3)</sup> – Investor Class Shares <br>Milliman Financial Risk Management, LLC through a sub-advisory agreement with ValMark Advisers, Inc. | 0.79% | 11.72% | 7.98% |  |
| Moderate Allocation | TOPS<sup>®</sup> Balanced ETF Portfolio <sup>(1)(3)</sup> – Investor Class Shares<br>Milliman Financial Risk Management, LLC through a sub-advisory agreement with ValMark Advisers, Inc. | 0.80% | 6.58% | 4.40% |  |
| Moderately Conservative Allocation | TOPS<sup>®</sup> Conservative ETF Portfolio <sup>(1)(3)</sup> – Investor Class Shares <br>Milliman Financial Risk Management, LLC through a sub-advisory agreement with ValMark Advisers, Inc. | 0.81% | 5.76% | 3.50% |  |
| Moderately Aggressive Allocation | TOPS<sup>®</sup> Growth ETF Portfolio <sup>(1)(3)</sup> – Investor Class Shares <br>Milliman Financial Risk Management, LLC through a sub-advisory agreement with ValMark Advisers, Inc. | 0.80% | 10.48% | 7.10% |  |
| Moderate Allocation | TOPS<sup>®</sup> Moderate Growth ETF Portfolio <sup>(1)(3)</sup> – Investor Class Shares <br>Milliman Financial Risk Management, LLC through a sub-advisory agreement with ValMark Advisers, Inc. | 0.79% | 8.48% | 5.79% |  |
| Bank Loan | Guggenheim Investments VIF <sup>(1)(2)</sup> – Series F (Guggenheim Floating Rate Strategies Series) <br>Guggenheim Partners Investment Management, LLC d/b/a Guggenheim Investments | 1.19% | 6.83% | 3.83% | 3.84% |
| Commodities Broad Basket | Rydex VI Commodities Strategy Fund <sup>(2)</sup><br>Security Investors, LLC, which operates under the name of Guggenheim Investments | 1.77% | 8.29% | 6.11% | 0.05% |
| Convertibles | EQ Advisors Trust 1290 VT Convertible Securities Portfolio <sup>(1)(2)</sup> – Class IB<br>Equitable Investment Management Group, LLC / SSGA Funds Management, Inc. | 0.90% | 9.76% | 6.75% | 6.94% |
| Diversified Emerging Markets | American Funds Insurance Series – New World Fund <sup>(1)(2)</sup> – Class 2 Shares <br>Capital Research and Management Company | 0.82% | 6.55% | 4.54% | 6.22% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type** | **Portfolio** <br>**Advisor/Sub-advisor** | **Current Expenses (Net)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** |
|  |  |  | 1 year | 5 year | 10 year |
| Diversified Emerging Markets | Principal VCF Global Emerging Markets Account – Class 1<br>Principal Global Investors, LLC | 1.14% | 6.51% | 2.14% | 3.21% |
| Equity Energy | Fidelity VIP Energy Portfolio – Service Class 2 <sup>(1)</sup><br>Fidelity Management & Research Co., LLC | 0.85% | 4.02% | 12.13% | 4.19% |
| Equity Precious Metals | VanEck VIP Trust – VanEck VIP Global Gold Fund – Class S <sup>(1)(2)</sup><br>Van Eck Associates Corporation | 1.45% | 14.41% | 5.46% | 6.69% |
| Foreign Large Blend | Principal VCF Diversified International Account – Class 1 <br>Principal Global Investors, LLC | 0.85% | 4.71% | 4.64% | 5.06% |
| Foreign Large Growth | Fidelity VIP Overseas Portfolio <sup>(1)</sup> – Service Class 2 <br>Fidelity Management & Research Co., LLC | 0.98% | 4.81% | 5.50% | 6.06% |
| Foreign Large Growth | Invesco V.I. EQV International Equity Fund – Series I Shares <br>Invesco Advisers, Inc. | 0.90% | 0.62% | 3.23% | 4.36% |
| Foreign Large Blend | MFS<sup>®</sup> International Intrinsic Value Portfolio <sup>(1)(2)</sup> – Service Class <br>MFS | 1.14% | 6.97% | 4.88% | 7.26% |
| Global Bond | Franklin Templeton VIP Trust – Templeton Global Bond VIP Fund <sup>(1)(2)</sup> – Class 4<br>Franklin Advisers, Inc | 0.85% | -11.42% | -4.93% | -2.12% |
| Global Large-Stock Blend | EQ Advisors Trust 1290 VT Smartbeta Equity ESG Portfolio <sup>(1)</sup> – Class IB <br>Equitable Investment Management Group, LLC/AXA Investment Managers US Inc | 1.10% | 16.44% | 9.63% | 9.42% |
| Global Large-Stock Growth | Janus Henderson Global Sustainable Equity Portfolio – Service Shares <sup>(1)(2)</sup><br>Janus Henderson Investors US LLC | 0.99% | 11.01% |  |  |
| Global Real Estate | Franklin Templeton VIP Trust – Franklin Global Real Estate VIP Fund <sup>(1)(2)</sup> – Class 2 <br>Franklin Advisers, Inc. | 1.25% | -0.32% | -0.30% | 2.30% |
| Global Small/Mid Stock | American Funds Insurance Series – Global Small Capitalization Fund <sup>(1)(2)</sup> – Class 2 Shares <br>Capital Research and Management Company | 0.90% | 2.33% | 3.01% | 5.81% |
| Health | Fidelity VIP Health Care Portfolio – Service Class 2 <sup>(1)</sup><br>Fidelity Management & Research Co., LLC | 0.84% | 4.86% | 5.19% |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type** | **Portfolio** <br>**Advisor/Sub-advisor** | **Current Expenses (Net)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** |
|  |  |  | 1 year | 5 year | 10 year |
| Health | Invesco V.I. Health Care Fund – Series I Shares <br>Invesco Advisers, Inc. | 0.99% | 4.17% | 3.64% | 5.40% |
| Health | T. Rowe Price Health Sciences Portfolio <sup>(1)</sup> – II (closed to new investors with an application signature date of 6/1/15 and later) <br>T. Rowe Price Associates, Inc. | 1.10% | 1.42% | 5.81% | 8.20% |
| High Yield Bond | PIMCO VIT High Yield Portfolio <sup>(1)</sup> – Administrative Class<br>PIMCO | 0.80% | 6.89% | 3.35% | 4.50% |
| Inflation-Protected Bond | LVIP American Century Inflation Protection Fund <sup>(1)(2)</sup> – Service Class<br>Lincoln Financial Investments Corporation sub-advised by American Century Investment Management, Inc.  | 0.72% | 1.54% | 1.22% | 1.73% |
| Intermediate Government | Principal VCF Government & High Quality Bond Account – Class 1<br>Principal Global Investors, LLC | 0.50% | 0.62% | -1.18% | 0.57% |
| Intermediate Core-Plus Bond | Janus Henderson Series Flexible Bond Portfolio <sup>(1)(2)</sup> – Service Shares <br>Janus Henderson Investors US LLC | 0.82% | 1.63% | 0.09% | 1.35% |
| Intermediate Core-Plus Bond | PIMCO VIT Total Return Portfolio <sup>(1)</sup> – Administrative Class<br>PIMCO | 0.79% | 2.53% | -0.03% | 1.53% |
| Intermediate Core-Plus Bond | Principal VCF Core Plus Bond Account – Class 1<br>Principal Global Investors, LLC | 0.49% | 0.90% | -0.09% | 1.58% |
| Large Blend | American Funds Insurance Series – Growth-Income Fund <sup>(1)</sup> – Class 2 Shares<br>Capital Research and Management Company | 0.53% | 24.23% | 13.01% | 12.20% |
| Large Blend | EQ Advisors Trust 1290 VT Socially Responsible Portfolio <sup>(1)</sup> – Class IB <br>Equitable Investment Management Group, LLC/BlackRock Investment Management, LLC | 0.90% | 21.70% | 13.57% | 12.09% |
| Large Blend | Neuberger Berman AMT Sustainable Equity Portfolio – I Class Shares <br>Neuberger Berman Investment Advisers, LLC | 0.89% | 25.84% | 13.97% | 11.44% |
| Large Blend | Principal VCF LargeCap S&P 500 Index Account – Class 1 <br>Principal Global Investors, LLC | 0.20% | 24.74% | 14.23% | 12.80% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type** | **Portfolio** <br>**Advisor/Sub-advisor** | **Current Expenses (Net)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** |
|  |  |  | 1 year | 5 year | 10 year |
| Large Blend | Principal VCF Principal Capital Appreciation Account – Class 1 <br>Principal Global Investors, LLC | 0.63% | 25.85% | 14.84% | 13.15% |
| Defined Outcome | Principal VCF U.S. LargeCap S&P 500 Index Buffer April Account – Class 2 <sup>(1)(2)(3)(4)(5)(7)</sup><br>Principal Global Investors, LLC | 0.99% | 18.41% |  |  |
| Defined Outcome | Principal VCF U.S. LargeCap S&P 500 Index Buffer January Account – Class 2 <sup>(1)(2)(3)(4)(5)(6)</sup><br>Principal Global Investors, LLC | 1.00% | 18.29% |  |  |
| Defined Outcome | Principal VCF U.S. LargeCap S&P 500 Index Buffer July Account – Class 2 <sup>(1)(2)(3)(4)(5)(8)</sup><br>Principal Global Investors, LLC | 0.99% | 17.89% |  |  |
| Defined Outcome | Principal VCF U.S. LargeCap S&P 500 Index Buffer October Account – Class 2 <sup>(1)(2)(3)(4)(5)(9)</sup><br>Principal Global Investors, LLC | 0.99% | 19.18% |  |  |
| Large Growth | LVIP American Century Ultra Fund <sup>(1)(2)</sup> – Service Class<br>Lincoln Financial Investments Corporation sub-advised by American Century Investment Management, Inc.  | 0.90% | 28.62% | 18.01% |  |
| Large Growth | CVT Nasdaq 100 Index Portfolio – Class F <sup>(1)(2)</sup><br>Ameritas Investment Partners, Inc. through a sub-advisory agreement with Calvert Research and Management | 0.73% | 24.89% | 19.29% |  |
| Large Growth | Fidelity VIP Contrafund® Portfolio <sup>(1)</sup> – Service Class 2<br>Fidelity Management & Research Co., LLC | 0.81% | 33.45% | 16.74% |  |
| Large Growth | Fidelity VIP Growth Portfolio <sup>(1)</sup> – Service Class 2<br>Fidelity Management & Research Co., LLC | 0.81% | 30.07% | 18.63% |  |
| Large Growth | Principal VCF Blue Chip Account <sup>(1)(2)(10)</sup> - Class 3 <br>Principal Global Investors, LLC | 0.90% | 21.00% |  |  |
| Large Growth | Principal VCF LargeCap Growth Account I <sup>(2)</sup> – Class 1 <br>Principal Global Investors, LLC/Brown Advisory, LLC & TRowe Price Associates, Inc. | 0.67% | 25.14% | 13.93% | 14.63% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type** | **Portfolio** <br>**Advisor/Sub-advisor** | **Current Expenses (Net)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** |
|  |  |  | 1 year | 5 year | 10 year |
| Large Growth | T. Rowe Price Blue Chip Growth Portfolio <sup>(1)</sup> – II <br>T. Rowe Price Associates, Inc. | 0.99% | 35.17% | 14.18% | 14.48% |
| Large Value | American Funds Insurance Series –Washington Mutual Investors Fund <sup>(1)(2)</sup> – Class 2 Shares <br>Capital Research and Management Company | 0.50% | 19.14% | 12.18% | 10.26% |
| Large Value | Fidelity VIP Equity-Income Portfolio <sup>(1)</sup> – Service Class 2 <br>Fidelity Management & Research Co., LLC | 0.72% | 15.06% | 9.80% | 8.94% |
| Large Value | MFS<sup>®</sup> Value Series <sup>(1)(2)</sup> – Service Class <br>MFS | 0.94% | 11.35% | 7.76% | 8.36% |
| Large Value | Principal VCF Equity Income Account – Class 1 <br>Principal Global Investors, LLC | 0.48% | 15.50% | 8.43% | 9.48% |
| Mid-Cap Blend | Fidelity VIP Mid Cap Portfolio <sup>(1)</sup> – Service Class 2 <br>Fidelity Management & Research C0., LLC | 0.82% | 17.18% | 11.06% | 8.94% |
| Mid-Cap Blend | Goldman Sachs VIT – Goldman Sachs Mid Cap Value Fund <sup>(2)</sup> – Institutional Shares<br>Goldman Sachs Asset Management, L.P. | 0.82% | 12.36% | 9.85% | 7.98% |
| Mid-Cap Growth | Janus Henderson Series Enterprise Portfolio <sup>(1)</sup> – Service Shares <br>Janus Henderson Investors US LLC | 0.97% | 15.32% | 9.61% | 12.12% |
| Mid-Cap Growth | LVIP American Century Capital Appreciation Fund <sup>(2)</sup> – Standard Class II (closed to new investors with an application signature date of 5/18/13 and later)<br>Lincoln Financial Investments Corporation sub-advised by American Century Investment Management, Inc.  | 0.79% | 24.98% | 11.42% | 10.96% |
| Mid-Cap Growth | Neuberger Berman AMT Mid-Cap Growth Portfolio <sup>(1)(2)</sup> – Class S (closed to new investors with an application signature date of 5/18/13 and later)<br>Neuberger Berman Investor Advisers LLC | 1.10% | 23.37% | 10.35% | 10.25% |
| Mid-Cap Growth | Principal VCF MidCap Account – Class 1 <br>Principal Global Investors, LLC | 0.53% | 20.27% | 11.65% | 12.57% |
| Mid-Cap Value | LVIP American Century Mid Cap Value Fund <sup>(1)(2)</sup> – Service Class<br>Lincoln Financial Investments Corporation sub-advised by American Century Investment Management, Inc.  | 1.01% | 8.52% | 7.13% | 7.87% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type** | **Portfolio** <br>**Advisor/Sub-advisor** | **Current Expenses (Net)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** |
|  |  |  | 1 year | 5 year | 10 year |
| Mid-Cap Value | Invesco V.I. American Value Fund – Series I Shares <br>Invesco Advisers, Inc. | 0.89% | 30.41% | 13.69% | 9.12% |
| Money Market | Fidelity VIP Government Money Market Portfolio – Initial Class<br>Fidelity Management & Research Co., LLC | 0.25% | 5.10% | 2.33% | 1.62% |
| Systematic Trend | Guggenheim Investments VIF Global Managed Futures Strategy Fund <sup>(2)</sup><br>Security Investors, LLC, which operates under the name of Guggenheim Investments | 2.11% | 0.37% | 3.73% | 0.75% |
| Multistrategy | Guggenheim Investments VIF Multi-Hedge Strategies Fund <sup>(2)</sup><br>Security Investors, LLC, which operates under the name of Guggenheim Investments | 1.82% | -3.66% | 2.43% | 1.68% |
| Natural Resources | VanEck VIP Trust – VanEck VIP Global Resources Fund <sup>(1)</sup> – Class S <br>Van Eck Associates Corporation | 1.30% | -3.09% | 7.28% | 0.57% |
| Real Estate | Principal VCF Real Estate Securities Account – Class 1 <br>Principal Global Investors, LLC sub-advised by Principal Real Estate Investors, LLC  | 0.79% | 5.59% | 3.90% | 6.25% |
| Short Term Bond | Columbia VP – Limited Duration Credit Fund <sup>(1)(2)</sup> – Class 2<br>Columbia Management Investment Advisors, LLC | 0.66% | 4.64% | 1.81% | 2.08% |
| Short Term Bond | PIMCO VIT Low Duration Portfolio <sup>(1)</sup> – Advisor Class<br>PIMCO | 0.77% | 4.39% | 0.98% | 1.18% |
| Short Term Bond | Principal VCF Short-Term Income Account – Class 1<br>Principal Global Investors, LLC | 0.41% | 5.09% | 1.92% | 2.05% |
| Small Blend | EQ Advisors Trust 1290 VT GAMCO Small Company Value Portfolio <sup>(1)</sup> – Class IB <br>Equitable Investment Management Group, LLC/GAMCO Asset Management, Inc | 1.05% | 11.59% | 10.58% | 8.80% |
| Small Blend | Goldman Sachs VIT – Goldman Sachs Small Cap Equity Insights Fund <sup>(2)</sup> – Institutional Shares <br>Goldman Sachs Asset Management, L.P. | 0.81% | 18.99% | 8.99% | 8.97% |
| Small Blend | Invesco V.I. Small Cap Equity Fund – Series I Shares <br>Invesco Advisers, Inc. | 0.95% | 18.09% | 10.89% | 8.09% |
| Small Blend | Principal VCF SmallCap Account – Class 1<br>Principal Global Investors, LLC | 0.84% | 6.99% | 7.57% | 8.03% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type** | **Portfolio** <br>**Advisor/Sub-advisor** | **Current Expenses (Net)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** | **Average Annual Total Returns**<br>**(as of 12/31/24)** |
|  |  |  | 1 year | 5 year | 10 year |
| Small Growth | AllianceBernstein VPS Small Cap Growth Portfolio <sup>(2)</sup> – Class A (closed to new investors with an application signature date of 2/1/13 and later)<br>AllianceBernstein L.P. | 0.90% | 18.64% | 7.53% | 10.60% |
| Small Growth | EQ Advisors Trust 1290 VT Micro Cap Portfolio <sup>(1)(2)</sup> – Class IB <br>Equitable Investment Management Group, LLC/Lord, Abbett & Co. LLC/BlackRock Investment Management, LLC | 1.15% | 20.06% | 9.77% |  |
| Small Growth | MFS<sup>®</sup> New Discovery Series <sup>(1)(2)</sup> – Service Class <br>MFS | 1.12% | 6.44% | 4.71% | 8.92% |
| Small Value | AllianceBernstein VPS Discovery Value Portfolio – Class A <br>AllianceBernstein L.P. | 0.81% | 10.02% | 8.86% | 7.63% |
| Small Value | Macquarie VIP Small Cap Value Series <sup>(1)</sup> – Service Class <br>Delaware Management Company sub-advised by Macquarie Investment Management Global Limited  | 1.04% | 11.02% | 6.83% | 7.30% |
| Small Value | DWS Small Mid Cap Value VIP <sup>(1)(2)</sup> – Class B <br>DWS Investment Management Americas, Inc. | 1.21% | 5.79% | 5.51% | 5.20% |
| Small Value | Franklin Templeton VIP Trust - Franklin Small Cap Value VIP Fund <sup>(1)(2)</sup> – Class 2 <br>Franklin Mutual Advisers, LLC | 0.90% | 11.71% | 8.36% | 8.17% |
| Technology | BNY Mellon IP Technology Growth Portfolio <sup>(1)</sup> – Service Shares <br>BNY Mellon Investment Adviser, Inc. | 1.15% | 25.39% | 15.29% | 14.79% |
| Utilities | MFS® Utilities Series (1)(2) – Service Class <br>MFS | 1.04% | 11.34% | 5.61% | 6.02% |

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<br><sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This underlying mutual fund pays 12b-1 fees to PSI.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This reflects an expense reimbursement and/or fee waiver arrangement that is in place and reported in the underlying mutual fund's <br>&nbsp;&nbsp;&nbsp;&nbsp;registration statement. This agreement may be terminated in the future and, therefore, the expense figures shown reflect temporary fee <br>&nbsp;&nbsp;&nbsp;&nbsp;reductions.

<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;This underlying mutual fund is a fund of funds. The fund of funds expenses may be higher than other fund types because the expenses <br>&nbsp;&nbsp;&nbsp;&nbsp;of the selected fund include the expenses of the funds it holds.

<sup>(4)</sup> <sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>This underlying mutual fund is not available in the state of New York.

<sup>(5)</sup> &nbsp;&nbsp;&nbsp;&nbsp;This underlying mutual fund may not be available through all broker-dealers.

<sup>(6)</sup> <sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup> Prior to May 1, 2025, the Principal VCF U.S. LargeCap S&P 500 Index Buffer January Account was known as the Principal VCF U.S. <br>&nbsp;&nbsp;&nbsp;&nbsp;LargeCap Buffer January Account.. This change will be reflected on 5/31/25

<sup>(7)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Prior to May 1, 2025, the Principal VCF U.S. LargeCap S&P 500 Index Buffer April Account was known as the Principal VCF U.S. <br>&nbsp;&nbsp;&nbsp;&nbsp;LargeCap Buffer April Account. This change will be reflected on 5/31/25

<sup>(8)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Prior to May 1, 2025, the Principal VCF U.S. LargeCap S&P 500 Index Buffer July Account was known as the Principal VCF U.S. <br>&nbsp;&nbsp;&nbsp;&nbsp;LargeCap Buffer July Account. This change will be reflected on 5/31/25

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<sup>(9)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Prior to May 1, 2025, the Principal VCF U.S. LargeCap S&P 500 Index Buffer October Account was known as the Principal VCF U.S. <br>&nbsp;&nbsp;&nbsp;&nbsp;LargeCap Buffer October Account. This change will be reflected on 5/31/25

<sup>(10)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Effective May 1, 2025, the Principal VCF Blue Chip Account - Class 3 merged into the Principal VCF Blue Chip Account - Class 2

<br>If You have a GMWB rider in force with Your Contract, Your Investment Options may be limited to the following Underlying Mutual Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diversified Balanced Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diversified Balanced Strategic Allocation Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diversified Growth Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diversified Growth Strategic Allocation Account and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diversified Income Account.

**Discontinued GMWB Investment Options (No Longer Available for Contracts issued on or after January 4, 2010)**

• GMWB Self-Build Model A;

• GMWB Self-Build Model B;

• GMWB Self-Build Model C;

• GMWB Self-Build Model D;

• Principal LifeTime 2020 Account;

• Principal LifeTime 2030 Account;\*

• Principal LifeTime Strategic Income Account;

• Strategic Asset Management Balanced Portfolio;

• Strategic Asset Management Conservative Balanced Portfolio; or

• Strategic Asset Management Flexible Income Portfolio.

\*&nbsp;&nbsp;&nbsp;&nbsp;Principal LifeTime 2030 Account was only available as an investment option with the GMWB 2 Rider.

For more information about: (1) GMWB Self-Build and GMWB Select Models, please see below; (2) Principal LifeTime Accounts, Strategic Asset Management (SAM) Portfolios, Diversified Growth, Diversified Balanced and Diversified Income Accounts; see the underlying fund's prospectus provided with this prospectus; (3) the Fixed and DCA Plus Accounts, see **8. GENERAL DESCRIPTION OF THE CONTRACT – Contract Provisions and Limitations**; and (4) Transfers under Your Contract, see **8. GENERAL DESCRIPTION OF THE CONTRACT – Contract Provisions and Limitations**.

<u>GMWB Self-Build Models</u>

**GMWB Self-Build Models are not available for Contracts issued on or after January 4, 2010.**

Each of the GMWB Self-Build Models requires You to allocate Your Separate Account Division Value and Premium Payments in specified percentages among asset classes and provides You limited ability to select the Separate Account Divisions that You wish to use to meet those allocation requirements. The major asset classes on which each model is based and the required allocations among those asset classes are shown in the following table.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Class** | **Model A** | **Model B** | **Model C** | **Model D** |
| Short-Term Fixed Income | 30% | 20% | 10% | 15% |
| Fixed Income | 40% | 30% | 20% | 15% |
| Balanced/Asset Allocation | 10% | 15% | 20% | 25% |
| Large US Equity | 20% | 25% | 30% | 25% |
| Small/Mid US Equity | 0% | 5% | 15% | 0% |
| International Equity | 0% | 5% | 5% | 20% |

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If You are invested in a GMWB Self-Build Model, You are directing us to allocate Your Separate Account Division Value and Premium Payments according to the allocation percentages You have set. In addition, You are directing us to automatically rebalance Your Separate Account Division Value each calendar quarter to match the allocation percentages You set in Your GMWB Self-Build Model. The sum of the percentages that You allocate to the Separate Account Divisions in an asset class or sub-class must equal the required aggregate percentage for that asset class or sub-class. The sum of the percentages You invest in all the asset classes must equal 100% of Your Separate Account Division Value.

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You may Transfer among the divisions within an asset class or sub-class as long as Your allocations for that asset class or sub-class equal the percentage established by Your chosen GMWB Self-Build Model, and You adhere to the Transfer provisions of Your Contract. We currently do not charge a fee for a Transfer. If we start charging a fee in the future, we will not impose such fee on the quarterly Automatic Portfolio Rebalancing.

You should note that most of the underlying funds available as options under the GMWB Self-Build Models are series of Principal Variable Contract Funds, Inc., which invest Your Contract value predominantly in underlying funds that are not managed by an affiliate of ours, a GMWB rider may not be appropriate for You.

To the extent that an underlying fund managed by PMC may be included as an option under a GMWB Self-Build Model, PMC will receive additional compensation from the management fee of the underlying fund. However, we do not take such potential financial benefit into account in selecting the underlying fund to be an option under a GMWB Self-Build Model.

We reserve the right to modify the list of available Separate Account Divisions in a GMWB Self-Build Model, subject to compliance with applicable regulations. We may make available other GMWB Models. We may also make changes to or restrict the availability of GMWB Models. Changes or restrictions will apply only to new purchases of the Contract or to You if You Transfer out of a GMWB Model and wish to Transfer back to that model.

In maintaining a GMWB Self-Build Model, You should consider Your personal objectives, investment time horizons, risk tolerance and other financial circumstances. You should also remember that asset allocation does not insure a profit or protect against loss. You may wish to ask Your financial representative for assistance in maintaining a model and choosing among the Separate Account Divisions available under that model. To discuss whether Your selections remain appropriate for Your needs, contact Your financial professional.

<u>GMWB Select Models</u>

**GMWB Select Models are not available for Contracts issued on or after November 21, 2008.**

Each of the GMWB Select Models requires You to allocate Your Separate Account Division Value and Premium Payments in specified percentages among asset classes. The major asset classes on which each model is based and the required allocations among those asset classes are shown in the following table.

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| | | | |
|:---|:---|:---|:---|
| **Asset Class** | **Model A** | **Model B** | **Model C** |
| Short-Term Fixed Income | 30% | 20% | 10% |
| Fixed Income | 40% | 30% | 20% |
| Large US Equity | 30% | 40% | 50% |
| Small/Mid US Equity | 0% | 5% | 15% |
| International Equity | 0% | 5% | 5% |

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If You are invested in a GMWB Select Model, You are directing us to allocate Your Premium Payments and Separate Account Division Value according to the allocation percentages shown in the chart above. In addition, You are directing us to automatically rebalance the Separate Account Division Value each calendar year to match the allocation percentages of Your chosen GMWB Select Model.

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**The name of the Contract is Principal**<sup>®</sup> **Investment Plus Variable Annuity. The EDGAR contract identifier number for the Contract is C000004193.**