# EDGAR Filing Document

**Accession Number:** 0001526622
**File Stem:** 0001526622-26-000055
**Filing Date:** 2026-4
**Character Count:** 95020
**Document Hash:** 76ea3f7a65c1f63f95d7d097fa0eb200
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001526622-26-000055.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001526622-26-000055

**CONFORMED SUBMISSION TYPE**: 497VPI

**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:** 497VPI
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-232969
- **FILM NUMBER:** 26919245

**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   |
|:---|:---|:---|
| C000215088 | Principal Variable Universal Life Income IV |  |

**Initial Summary Prospectus dated May 1, 2026**<br>**For New Investors**<br>

**PRINCIPAL® VARIABLE UNIVERSAL LIFE INCOME IV**

**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**

This Initial Summary Prospectus summarizes key features of the Principal Variable Universal Life Income IV flexible premium variable universal life insurance policy (the "Policy").

Before you invest, you should also review the prospectus for the Policy, which contains more information about the Policy's 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 https://www.principal.com/VULIncome4Report. 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 the Policy, please contact your registered representative.

You may cancel the Policy within the free look period without paying fees or penalties. In some states, this cancellation period may be longer. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total contract value. You should review this Expanded Prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.

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 Initial Summary Prospectus. Any representation to the contrary is a criminal offense.

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| | |
|:---|:---|
| **Initial Summary Prospectus Contents**  | |
| Glossary | <u>[2](#i78310c217cf84818937241e8729c16fa_1)</u> |
| Important Information You Should Consider about the Policy | <u>[5](#i78310c217cf84818937241e8729c16fa_1)</u> |
| Overview of the Policy | <u>[7](#i78310c217cf84818937241e8729c16fa_1)</u> |
| Standard Death Benefits | <u>[8](#i78310c217cf84818937241e8729c16fa_1)</u> |
| Other Benefits Available Under the Policy | <u>[11](#i78310c217cf84818937241e8729c16fa_1)</u> |
| Buying the Policy | <u>[13](#i78310c217cf84818937241e8729c16fa_1)</u> |
| How Your Policy Can Lapse | <u>[14](#i78310c217cf84818937241e8729c16fa_1)</u> |
| Making Withdrawals: Accessing the Money in Your Policy | <u>[15](#i78310c217cf84818937241e8729c16fa_1)</u> |
| Additional Information about Fees | <u>[16](#i78310c217cf84818937241e8729c16fa_4)</u> |
| Appendix: Underlying Funds Available under the Policy | <u>[20](#i78310c217cf84818937241e8729c16fa_4)</u> |

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**GLOSSARY**

**Adjustment –** change to your Policy resulting from an increase or decrease in Face Amount or a change in: tobacco status; death benefit option; risk classification or riders.

**Attained Age –** is the Insured's age on the birthday nearest to the Policy Date, plus the number of complete Policy Years that have elapsed since the Policy Date.

**Business Day –** any date that the New York Stock Exchange ("NYSE") is open for trading and trading is not restricted.

**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.

**Death Benefit Guarantee Premium Requirement –** the amount of premium required to be paid in order to maintain the protections of the death benefit guarantee rider.

**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.

**Dollar Cost Averaging (DCA) –** a program in which premiums are systematically transferred from one account or Division, typically the Fixed Account or money market Division, into other Division(s).

**Dollar Cost Averaging (DCA) Duration –** the length of time over which the entire Fixed DCA Account value is transferred to the Fixed Account and/or Divisions.

**Effective Date –** the date on which all requirements, including initial premium, for issuance of a Policy have been satisfied.

**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.

**Fixed Dollar Cost Averaging (DCA) Account –** a Fixed Account to which Net Premiums may be allocated and from which a portion of the Policy Value is transferred on a monthly basis over the DCA Duration.

**Gender** - the Gender of the Insured as shown on the Data Pages. If the policy is issued with a Unisex Gender, all rates, benefits and values that contain differences based on Gender, use a blend of male rates and female rates consistent with the percentage male/female blend shown for the mortality table referenced on the Data Pages.

**General Account –** assets of the Company other than those allocated to any of our Separate Accounts.

**Home Office** - the address shown on your policy cover page or such other address we provide.

**Initial Face Amount –** is the original Face Amount that was in effect on the Policy Date.

**Insured –** the person named as the "insured" on the Data Pages. The Insured may or may not be the Owner.

**Loan Account –** That portion of the Policy Value held in the General Account that reflects the Loan Indebtedness (if you have taken out a loan)..

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**Loan Indebtedness –** the amount of any outstanding policy loan(s) and unpaid loan interest.

**Monthly Date –** the day of the month which is the same day as the Policy Date. For example, if the Policy Date is September 5, 2021, the first Monthly Date is October 5, 2021.

**Monthly Policy Charge –** the amount subtracted from the Policy Value on each Monthly Date.

**Net Amount at Risk –** the result of:

• the death benefit (as described in the Policy) at the beginning of the policy month, divided by the Death Benefit Discount Rate shown on the Data Pages; minus

• the Policy Value at the beginning of the policy month calculated as if the Monthly Policy Charge was zero.

**Net Policy Value –** the Policy Value minus any Loan Indebtedness.

**Net Premium –** the gross premium paid less the deductions for the Premium Expense Charge. It is the amount of premium allocated to the Divisions, Fixed Account and/or Fixed DCA Account.

**Net Surrender Value –** Surrender Value minus any Loan Indebtedness.

**No-Lapse Guarantee Monthly Premium –** a premium which is required to be paid in order to guarantee the Policy will not terminate during the No-Lapse Guarantee Period.

**No-Lapse Guarantee Period** - the period for which the Policy is guaranteed not to terminate if the No-Lapse Guarantee Monthly Premium is paid.

The No-Lapse Guarantee Period varies based on the Insured's age, as follows:

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| | |
|:---|:---|
| **Insured's Age on Policy Date** | **No-Lapse Guarantee Period** |
| 0-75 years | first 10 Policy Years |
| 76 years | first 9 Policy Years |
| 77 years | first 8 Policy Years |
| 78 years | first 7 Policy Years |
| 79 years | first 6 Policy Years |
| 80+ years | first 5 Policy Years |

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

**Planned Periodic Premium –** the premium in the amount and frequency you plan to pay.

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

**Policy Maturity Date –** the date to which the Policy will stay in force, unless the death of the Insured occurs prior to that date, so long as all requirements outlined in the Policy are satisfied. The Policy Maturity Date is shown on the Data Pages. The Policy Maturity Date may be extended as described in the Maturity Date Extension provision.

**Policy Value –** the sum of the values in the Divisions, the Fixed Account, the Fixed DCA Account, and the Loan Account.

**Policy Year –** the one-year period beginning on the Policy Date and ending one day before the Policy anniversary and each subsequent one year period beginning on a Policy anniversary. For example, if the Policy Date is November 21, 2020, the first Policy Year ends on November 20, 2021.

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**Premium Expense Charge –** the charge deducted from premium payments to cover a sales charge and state, local and federal tax payments.

**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.

**Surrender Value –** Policy Value minus any surrender charge.

**Target Premium –** a premium amount which is used to determine the Premium Expense Charge under a Policy. The Target Premium is not required to be paid and can be calculated by using the rates in Appendix C in the statutory prospectus.

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

**Unit –** the accounting measure used to calculate the value of each Division.

**Valuation Period –** the period begins at the close of normal trading on the New York Stock Exchange ("NYSE"), generally 4:00 p.m. E.T. on each Business Day, and ends at the close of normal trading of the NYSE on the next Business Day.

**Written Request –** actual delivery to the Company at our Home Office of a written notice or request, signed and dated, on a form we supply or approve, or in such other form and substance that is acceptable to us. In states where permitted, we will require you to use the form(s) we provide for certain Written Requests, along with required supporting documentation, including, for example, for a policy surrender, a change of beneficiary, or a request to adjust your Policy. Written Requests may be mailed to us at:

Principal National Life Insurance Company

P.O. Box 10431

Des Moines, Iowa 50306-0431

Phone: 1-800-247-9988

Fax: 1-866-885-0390

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

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**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** | If you fully surrender your Policy within ten years of the Policy Date shown on your Data Pages or request a Face Amount increase, a surrender charge is imposed. "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 request a Face Amount increase, a surrender charge is imposed. "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 request a Face Amount increase, a surrender charge is imposed. "Face Amount" refers to the amount used to determine the death benefit. | SUMMARY: FEE TABLES - Transaction Fees<br>CHARGES AND DEDUCTIONS |
|  | For Policies dated before 12/15/2021: Guaranteed Maximum: $57.77 per $1,000 of Face Amount (5.78%). For example, if you make an early withdrawal, you could pay a maximum surrender charge of up to $5,777 on a Policy with a Face Amount of $100,000. Surrender charges decline over time. | For Policies dated before 12/15/2021: Guaranteed Maximum: $57.77 per $1,000 of Face Amount (5.78%). For example, if you make an early withdrawal, you could pay a maximum surrender charge of up to $5,777 on a Policy with a Face Amount of $100,000. Surrender charges decline over time. | For Policies dated before 12/15/2021: Guaranteed Maximum: $57.77 per $1,000 of Face Amount (5.78%). For example, if you make an early withdrawal, you could pay a maximum surrender charge of up to $5,777 on a Policy with a Face Amount of $100,000. Surrender charges decline over time. |  |
|  | For Policies dated 12/15/2021 and after (in states where approved; otherwise we apply the above charges regardless of Policy Date): Guaranteed Maximum: $57.54 per $1,000 of Face Amount (5.75%). For example, if you make an early withdrawal, you could pay a maximum surrender charge of up to $5,754 on a Policy with a Face Amount of $100,000. Surrender charges decline over time. | For Policies dated 12/15/2021 and after (in states where approved; otherwise we apply the above charges regardless of Policy Date): Guaranteed Maximum: $57.54 per $1,000 of Face Amount (5.75%). For example, if you make an early withdrawal, you could pay a maximum surrender charge of up to $5,754 on a Policy with a Face Amount of $100,000. Surrender charges decline over time. | For Policies dated 12/15/2021 and after (in states where approved; otherwise we apply the above charges regardless of Policy Date): Guaranteed Maximum: $57.54 per $1,000 of Face Amount (5.75%). For example, if you make an early withdrawal, you could pay a maximum surrender charge of up to $5,754 on a Policy with a Face Amount of $100,000. Surrender charges decline over time. |  |
| **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, a transaction fee for unscheduled partial transfers, 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, a transaction fee for unscheduled partial transfers, 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, a transaction fee for unscheduled partial transfers, transfer fees for unscheduled Division transfers, and illustration fees.  | SUMMARY: FEE TABLES - Transaction Fees<br>CHARGES AND DEDUCTIONS |
| **Ongoing Fees and Expenses**<br>**(annual charges)** | 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, as well as interest for any Loan Indebtedness. Certain 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.<br>Investors will also bear expenses associated with the Underlying Funds, as shown in the following table: | 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, as well as interest for any Loan Indebtedness. Certain 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.<br>Investors will also bear expenses associated with the Underlying Funds, as shown in the following table: | 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, as well as interest for any Loan Indebtedness. Certain 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.<br>Investors will also bear expenses associated with the Underlying Funds, as shown in the following table: | SUMMARY: FEE TABLES - Transaction Fees and Periodic Charges Other Than Annual Underlying Fund Expenses<br>SUMMARY: FEE TABLES - Annual Underlying Fund Expenses<br>CHARGES AND DEDUCTIONS<br>APPENDIX - Underlying Funds Available Under the Policy  |
|  | 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, as well as interest for any Loan Indebtedness. Certain 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.<br>Investors will also bear expenses associated with the Underlying Funds, as shown in the following table: | 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, as well as interest for any Loan Indebtedness. Certain 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.<br>Investors will also bear expenses associated with the Underlying Funds, as shown in the following table: | 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, as well as interest for any Loan Indebtedness. Certain 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.<br>Investors will also bear expenses associated with the Underlying Funds, as shown in the following table: | SUMMARY: FEE TABLES - Transaction Fees and Periodic Charges Other Than Annual Underlying Fund Expenses<br>SUMMARY: FEE TABLES - Annual Underlying Fund Expenses<br>CHARGES AND DEDUCTIONS<br>APPENDIX - Underlying Funds Available Under the Policy  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee** | **Minimum** | **Maximum** | SUMMARY: FEE TABLES - Transaction Fees and Periodic Charges Other Than Annual Underlying Fund Expenses<br>SUMMARY: FEE TABLES - Annual Underlying Fund Expenses<br>CHARGES AND DEDUCTIONS<br>APPENDIX - Underlying Funds Available Under the Policy  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Options (Underlying Fund Fees and Expenses) | 0.20% | 2.50% | SUMMARY: FEE TABLES - Transaction Fees and Periodic Charges Other Than Annual Underlying Fund Expenses<br>SUMMARY: FEE TABLES - Annual Underlying Fund Expenses<br>CHARGES AND DEDUCTIONS<br>APPENDIX - Underlying Funds Available Under the Policy  |

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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 Associated with Investment Options | An investment in the Policy is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Policy (e.g., the Underlying Funds). Each investment option (including the Fixed Accounts) have their 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 |
| Policy 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, failure to pay sufficient premiums, and unpaid policy loans and loan interest will 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)<br>POLICY TERMINATION AND REINSTATEMENT |

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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 from the Fixed Accounts are subject to significant limitations. Transfers are also subject to the excessive trading and market timing polices described in this prospectus.<br>We reserve the right to remove or substitute Underlying Funds as investment options. <br>Depending on your state, or your financial professional or your financial professional's firm, certain investment options may not be available.  | GENERAL DESCRIPTION OF THE POLICY - Limitations on Transfers<br>GENERAL DESCRIPTION OF THE POLICY - Reservation of Rights<br>GENERAL DESCRIPTION OF THE POLICY - Material State Variations<br>GENERAL DESCRIPTION OF THE POLICY - Financial Intermediary Variations |  |  | |
| 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 from the Fixed Accounts are subject to significant limitations. Transfers are also subject to the excessive trading and market timing polices described in this prospectus.<br>We reserve the right to remove or substitute Underlying Funds as investment options. <br>Depending on your state, or your financial professional or your financial professional's firm, certain investment options may not be available.  | GENERAL DESCRIPTION OF THE POLICY - Limitations on Transfers<br>GENERAL DESCRIPTION OF THE POLICY - Reservation of Rights<br>GENERAL DESCRIPTION OF THE POLICY - Material State Variations<br>GENERAL DESCRIPTION OF THE POLICY - Financial Intermediary Variations | 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. <br>Withdrawals may significantly reduce the value of a benefit.<br>Depending on your state, or your financial professional or your financial professional's firm, certain benefits may not be available or may be available on different terms. <br>Not all of the options described in the prospectus are available or approved for use in every state.  | OPTIONAL BENEFITS UNDER THE POLICY<br>OTHER BENEFITS AVAILABLE UNDER THE POLICY<br>GENERAL DESCRIPTION OF THE POLICY - Material State Variations<br>GENERAL DESCRIPTION OF THE POLICY - Financial Intermediary Variations<br>GENERAL DESCRIPTION OF THE POLICY - Material State Variations |
| 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. <br>Withdrawals may significantly reduce the value of a benefit.<br>Depending on your state, or your financial professional or your financial professional's firm, certain benefits may not be available or may be available on different terms. <br>Not all of the options described in the prospectus are available or approved for use in every state.  | OPTIONAL BENEFITS UNDER THE POLICY<br>OTHER BENEFITS AVAILABLE UNDER THE POLICY<br>GENERAL DESCRIPTION OF THE POLICY - Material State Variations<br>GENERAL DESCRIPTION OF THE POLICY - Financial Intermediary Variations<br>GENERAL DESCRIPTION OF THE POLICY - Material State Variations |  |  |  |

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|:---|:---|:---|
| **TAXES** | | **Location in Statutory Prospectus** |
| Tax Implications | 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, and any fees or penalties to terminate the existing policy, 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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**OVERVIEW OF THE POLICY**

This is a brief summary of the Policy's features. More detailed information follows later in this prospectus.

**Purpose**

The Policy is an individual flexible premium variable universal life insurance policy offered by the Company. The purpose of the Policy is primarily to provide death benefit protection upon the death of the Insured.

The Policy Value reflects your premium payments, partial surrenders, policy loans, unpaid loan interest policy expenses, interest credited to the Fixed Accounts, and/or investment experience of the Divisions. As a result, the Policy may be appropriate for persons seeking both life insurance protection and the potential for the accumulation of cash values. However, it is not suitable as a short-term investment due to the costs of insurance and the other expenses charged. In addition, withdrawals from the Policy (as well as loans) will increase the risk of lapse and may have adverse tax consequences.

**Premiums**

This is a "flexible premium" policy, which means you may choose the amount and frequency of premium payments (subject to certain limitations).

Net Premium payments are allocated to the Fixed Accounts and the Divisions according to your instructions. Each Division invests in a corresponding Underlying Fund. The Underlying Funds are mutual funds registered under the Investment Company Act of 1940 as open-end management investment companies. It is possible that the investment performance could cause a loss of the entire amount allocated to the Division. A full description of each Underlying Fund, its investment objectives, policies and restrictions, charges and expenses and other operational information is contained in its prospectus. Additional information about each Underlying Fund is provided in APPENDIX - UNDERLYING FUNDS AVAILABLE UNDER THE POLICY.

The Internal Revenue Code imposes limits on premiums under the guideline premium/cash value corridor test, as well as to determine whether the policy is classified as a Modified Endowment Contract. If you make a premium payment that we determine exceeds one or both of these limits, we reserve the right to only accept that portion of the payment that is within the applicable limit(s).

Payment of insufficient premiums may result in a lapse of the Policy.

**Contract Features**

**Death Benefits/Maturity Proceeds** 

Under the Policy, the Company guarantees to pay a death benefit for as long as the Policy is in force. The death proceeds are paid to the beneficiary(ies) when the Insured dies. Death proceeds are paid in cash or

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applied under a benefit payment option elected on the application (or, if no option was selected, Option 1). Subject to certain conditions, the death benefit option may be changed after the Policy has been issued.

If the Policy is in force and the Insured is living on the Policy Maturity Date, we will pay the Owner an amount equal to the Net Surrender Value unless the Extended Coverage Rider is in effect. Maturity proceeds are paid in cash lump sum or applied under a benefit payment option. The Policy terminates on the Policy Maturity Date unless extended by the Extended Coverage Rider.

**Surrenders and Withdrawal Options**

The Policy may be fully surrendered and any Net Surrender Value paid to the Owner. If the full surrender is within ten years of the Policy Date or a Face Amount increase, a surrender charge is imposed.

On or after the first policy anniversary and prior to the Policy Maturity Date, you may surrender a part of the Net Surrender Value. Unscheduled partial surrenders are subject to limitations on the number and amounts you may surrender.

On or after the first policy anniversary and prior to the Policy Maturity Date, you may elect to receive part of your Net Surrender Value automatically on any Monthly Date (known as a "scheduled partial surrender") in the amount and frequency you choose, subject to certain limitations. Once surrenders equal premiums paid, if there is any remaining Net Surrender Value, scheduled policy loans will automatically begin, unless you direct us otherwise.

Partial surrenders may significantly reduce the Policy Value, the death benefit, and any optional benefits and will increase the risk of lapse. Surrenders may also have adverse tax consequences.

**Loans**

A loan may be taken using the Policy as collateral. The maximum loan amount is 90% of the Net Surrender Value. You are charged interest on any Loan Indebtedness.

Outstanding policy loans and loan interest may significantly reduce the death benefit and any optional benefits, and will increase the risk of lapse. Unpaid Loan Indebtedness may also have adverse tax consequences.

**Transfers**

Subject to certain limitations, you may transfer funds among the Divisions and the Fixed Accounts. We also offer Automatic Portfolio Rebalancing. You may incur an additional fee for transfers.

**Optional Insurance Benefits**

Subject to certain conditions, you may add one or more optional insurance benefits to your Policy, including benefits that accelerate the payment of your death benefit under certain circumstances or help manage the risk of lapse. An additional charge may apply if you elect an optional benefit.

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**STANDARD DEATH BENEFITS**

Payment of the death proceeds will be made within seven Business Days of receipt of the required documentation. We pay death proceeds first to the assignee, if any, in a lump sum. We pay the remainder to your named beneficiary(ies) as described below. If no beneficiary(ies) survives the Insured, we will pay the death proceeds to the Owner or the Owner's estate unless you have given us Written Request otherwise.

We will pay death proceeds according to the benefit payment option (shown below) that you have chosen. If you do not select a benefit payment option, your named beneficiary(ies) may each choose to receive payment in a lump sum or according to a benefit payment option. If your beneficiary(ies) does not choose a benefit payment option, we will pay the death proceeds in a lump sum.

Death proceeds, calculated as of the date of death of the Insured, are A minus B minus C where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A is the death benefit plus any proceeds from any benefit rider on the Insured's life;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• B is any Loan Indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• C, if the Insured's death occurs during a grace period, is the lesser of any overdue Monthly Policy Charges and, if applicable, the amount required to meet any no lapse provision or Death Benefit Guarantee Premium Requirement.

We pay interest on death proceeds as required by law.

**Benefit Payment Instructions**

While the Insured is alive, you may give us instructions for payment of death proceeds under one of the fixed benefit payment options shown below. If we have not received written benefit payment instructions from you prior to the Insured's death, each of your beneficiaries may select either a lump sum distribution or one of the benefit payment options shown below. You may change your benefit payment instructions by sending us Written Request. If you change your beneficiary(ies) designation, your prior benefit payment instructions are automatically revoked.

**Benefit Payment Options** 

<u>Customized Benefit Arrangement</u> 

We will make benefit payments based on arrangements you have requested and we have agreed to in writing; e.g., equal payments made over a specified period of time; joint and survivor life income with a reduced survivor benefit, etc.

<u>Life Income</u> 

We will make benefit payments for a person's lifetime; payments stop after the death of that person. It is possible that we would make no payments if the person were to die before the first payment was due.

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<u>Life Income with Period Certain</u>

We will make benefit payments for the longer of a person's lifetime or a guaranteed period that you specify (must be between 5 to 30 years). If the person dies before all of the guaranteed payments have been made, we will continue to make the guaranteed payments to the person(s) you or your beneficiary designate until the end of the guaranteed period.

<u>Joint and Survivor Life Income</u>

We will make benefit payments for the longer of the lifetimes of two named people. Payments stop upon the death of the survivor of the two persons. It is possible that we would make no payments if both persons were to die before the first payment was due.

<u>Joint and Survivor Life Income with Period Certain</u>

We will make benefit payments for the longer of the lifetimes of two named people or a guaranteed payment period that you specify (must be between 5 to 30 years). If both people die before all of the guaranteed payments have been made, we will continue to make the guaranteed payments to the person(s) you or your beneficiary designates until the end of the guaranteed period.

These benefit payment options are also available if the Policy matures or is surrendered.

**Death Benefit Options**

The death benefit option is selected at the time of application. If a death benefit option is not chosen, the Policy will be issued with Death Benefit Option 1. The three death benefit options available are:

<u>Death Benefit Option 1</u>

The death benefit equals the greater of:

• the Face Amount; or

• the amount found by multiplying the Policy Value by the applicable percentage\*.

<u>Death Benefit Option 2</u>

The death benefit equals the greater of:

• the Face Amount plus the Policy Value; or

• the amount found by multiplying the Policy Value by the applicable percentage\*.

<u>Death Benefit Option 3</u>

The death benefit equals the greater of:

• the Face Amount plus the greater of a) premiums paid less partial surrenders and b) zero; or

• the amount found by multiplying the Policy Value by the applicable percentage\*.

\* The applicable percentage tables are in APPENDIX D to the statutory prospectus and are based on our interpretation of Section 7702 of the Internal Revenue Code. The table which applies to your Policy is determined by your choice of either the guideline premium/cash value corridor test or the cash value accumulation test.

**Change in Death Benefit Option**

You may change the death benefit option on or after the first policy anniversary. Up to two changes are allowed per Policy Year. Your request must be made in writing and approved by us. The effective date of the change will be the Monthly Date that coincides with, or next follows, our approval. If the death benefit option change involves a Face Amount decrease, you may elect to keep the current Face Amount, subject to underwriting review and approval.

The option may not be changed from Death Benefit Option 1 to Death Benefit Option 3 or from Death Benefit Option 2 to Death Benefit Option 3. We will increase or decrease the Face Amount so that the death benefit immediately after the change equals the death benefit before the change.

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**Maturity Proceeds**

If your Policy is in force and the Insured is living on the Policy Maturity Date shown on the Data Pages, you may elect to be paid the Policy's maturity proceeds which are equal to the Net Surrender Value.

**Adjustment Options**

<u>Increase in Face Amount</u>

You may request an increase provided that the Policy is not in a grace period and Monthly Policy Charges are not being waived under a rider. The minimum increase in Face Amount is $50,000 ($10,000 for special underwriting programs). A Face Amount increase request made during the No-Lapse Guarantee Period will increase the No-Lapse Guarantee Monthly Premium for the remainder of the No-Lapse Guarantee Period.

The request must be made on an Adjustment application. The application must be signed by the Owner(s) and the Insured. If your request is not approved, no changes are made to your Policy.

We will approve your request if:

• the Attained Age of the Insured does not exceed the maximum age limit that applies to the Policy on a new issue basis; and

• the amount of the Face Amount increase is at least the Minimum Face Amount Increase shown on the Data Pages; and

• you supply evidence which satisfies us that the Insured is alive and insurable under our underwriting guidelines then in effect; and

• the death proceeds less the Policy Value does not exceed our maximum limits as defined under our underwriting guidelines then in effect; and

• your policy is not in a grace period; and

• the Face Amount after adjustment is not less than the Minimum Face Amount shown on the Data Pages; and

• your Monthly Policy Charges or premiums are not being waived under any rider.

The increase in Face Amount is in a risk classification determined by us. The Adjustment is effective on the Monthly Date on or next following our approval of your request.

If you want insurance coverage to start at the time the Adjustment application is submitted, an "adjustment premium" payment must be sent with the completed application. The amount of the adjustment premium is based on the Face Amount of the Policy, issue age, Gender and tobacco status. This amount is shown on the policy illustration provided to you by your registered representative. If this amount is submitted with the application, an adjustment premium conditional receipt will be given to you. The receipt acknowledges the adjustment premium payment and details any interim conditional insurance coverage.

Any adjustment premium payment made in connection with the Adjustment application is held in our General Account without interest (for a period of up to 60 days) while we complete underwriting for the Adjustment. If we approve the Adjustment, on the effective date of the Adjustment, the amount of the adjustment premium payment being held minus the Premium Expense Charge is moved to the Divisions, Fixed Account and/or Fixed DCA Accounts according to your then current premium allocation percentages.

The cost of insurance charge will increase in the event of an increase in a Policy's Face Amount. If there is insufficient value to pay the higher charges after an increase in Face Amount, the entire Policy (not just

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the incremental increase in Face Amount) will terminate, unless the no-lapse or death benefit guarantees are in effect.

<u>Decrease in Face Amount</u> 

On or after the first policy anniversary, you may request a decrease in the Face Amount. No transaction fee is imposed on decreases in the Face Amount. A decrease in Face Amount lowers the cost of insurance charges but does not reduce surrender charges or the No-Lapse Guarantee Monthly Premium requirement. A request for a decrease requires the following:

• the request must be made on an Adjustment application;

• the application must be signed by the Owner(s);

• the Policy is not in a grace period;

• Monthly Policy Charges are not being waived under a waiver rider;

• the decrease is at least the minimum amount as determined by our underwriting guidelines in place at the time of your request;

• the decrease may not reduce the Face Amount below $100,000;

• cumulative Face Amount decreases in Policy Years two through five cannot exceed 35% of the Initial Face Amount; and

• if there have been previous increases in the total Face Amount, the decrease of total Face Amount will be made on a last in, first out basis.

A decrease may not be allowed if the decrease would cause a refund of premium and/or the distribution of the Policy Value in order to maintain compliance with the limits required by the Internal Revenue Code relating to the definition of life insurance.

**OTHER BENEFITS AVAILABLE UNDER THE POLICY** 

**In addition to the standard death benefit associated with the Policy, other standard and/or optional benefits may also be available. The following table summarizes information about those benefits. For information about the fees associated with each benefit included in the table, if any, see SUMMARY: FEE TABLES.** 

Subject to certain conditions, you may add one or more of the optional insurance benefits summarized in the table below. More information follows the table, and detailed information may be obtained from a registered representative or our Home Office. **Not all benefits (including those referred to below as "standard") are available to all Owners or in all states, and provisions may vary. In addition, depending on your financial professional or your financial professional's firm, certain benefits may not be available, or may be available on different terms. SEE GENERAL DESCRIPTION OF THE POLICY - Financial Intermediary Variations in the prospectus.**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Standard/**<br>**Optional** | **Charge** | **Brief Description of Restrictions/Limitations** |
| Change of Insured | allows the business to change the Insured when an employee leaves employment or ownership of the business changes | Optional  | No | available on business cases only  |
| Chronic Illness Death Benefit Advance Rider | allows you to receive an advance of a portion of the death benefit if the Insured is chronically ill | Standard<sup>(1)</sup> | No<sup>(2)</sup> | For terms and conditions, see Data Pages and the rider form for your specific state. Receipt of a death benefit advance may be taxable. Before you make a claim for an advance, seek assistance from your personal tax advisor. |
| Cost of Living Increase | provides increases in the Face Amount every three years, to the Insured's age 55, without requiring evidence of insurability | Standard<sup>(1)</sup> | No<sup>(3)</sup> |  |
| Death Benefit Guarantee | guarantees the Policy will not lapse before the Insured attains age 65 if premiums paid equal or exceed the Death Benefit Guarantee Premium requirement  | Standard<sup>(1)</sup> | No | If the rider terminates, it may not be reinstated. |
| Life Paid-Up (Overloan Protection) | Under certain circumstances, guarantees the Policy will not lapse when there is large Loan Indebtedness by converting the Policy to paid-up life insurance | Optional | Yes | Once the benefit begins, certain limitations and restrictions are imposed on the Policy. Consult your tax advisor regarding this rider. |
| Salary Increase | provides increases in the Face Amount, up to the rider benefit amount, based on salary adjustments without requiring evidence of insurability.  | Optional  | Yes | available on business cases only. If you elect this rider, we will not add the Cost of Living Increase Rider to your Policy. |
| Surrender Value Enhancement | provides for a waiver of a portion of the surrender charges for a limited time | Optional | Yes | only available for business and approved premium finance cases. Surrender cannot be related to a replacement or exchange. If you use this rider, you cannot use of the Cost of Living Increase Rider.  |
| Terminal Illness Death Benefit Advance Rider | allows You to request an advance of a portion of the death benefit if the Insured becomes terminally ill | Standard<sup>(1)</sup> | Yes<sup>(4)</sup> | Receipt of a death benefit advance may be taxable. Before you make a claim for an advance, seek assistance from your personal tax advisor. |
| Waiver of Monthly Policy Charge | pays the Monthly Policy Charges of the Policy if the Insured becomes disabled and loses his/her ability to earn an income.  | Optional  | Yes | approval required; may be added when Insured's Attained Age is not greater than 59. |
| Waiver of Specified Premium | pays the Planned Periodic Premium on the Policy if the Insured becomes disabled and loses his/her ability to earn an income.  | Optional  | Yes | approval required; may be added when Insured's Attained Age is not greater than 59.  |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;Availability of these riders varies. See the more detailed information in the statutory prospectus.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Death proceeds payable upon the death of the Insured will be reduced by the amount of the death proceeds advanced. In addition, we may, in the future, charge an administrative fee of up to $150 for each advance.

(3) &nbsp;&nbsp;&nbsp;&nbsp;Additional charges apply to increased Face Amount.

(4)&nbsp;&nbsp;&nbsp;&nbsp;Death proceeds payable upon the death of the Insured will be reduced by the amount of the death proceeds advanced plus interest charged. In addition, we may, in the future, charge an administrative fee of up to $150 for each death benefit advance.

**BUYING THE POLICY**

**Payment of Premiums**

You may make unscheduled premium payments and/or Planned Periodic Premiums. Planned Periodic Premiums are premiums in the amount and on the frequency you plan to pay. We will send premium reminder notices if you establish an annual, semiannual, or quarterly planned payment schedule. You may set up preauthorized withdrawals to allow us to automatically deduct premium payments from your checking or other financial institution account.

The amount and frequency of your premium payments affects the Policy Value, the Net Policy Value, and how long the Policy remains in force. Insufficient premium payments may cause the policy to lapse.

**Premium Limitations**

The Internal Revenue Code imposes limits on premiums under the guideline premium/cash value corridor test, as well as to determine whether the policy is classified as a Modified Endowment Contract. If you make a premium payment that we determine exceeds one or both of these limits, we reserve the right to only accept that portion of the payment that is within the applicable limit(s) and refund or apply the excess premium as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we receive such premium payments more than 30 days from the date the applicable limit will increase, we will refund the excess premium payment to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we receive such premium payments within 30 days from the date the applicable limit will increase, we will hold the excess premium payment in a non-interest bearing account and apply it to your policy once the applicable limit increases.

Except for any amount necessary to continue the policy in force, we reserve the right to refund any premium that increases the policy's death benefit by more than it increases the Policy Value. Alternatively, we may require satisfactory evidence of insurability.

The minimum initial premium required is the monthly No-Lapse Guarantee Monthly Premium. There is no minimum amount requirement for subsequent premiums; however, insufficient premium payments may cause the policy to lapse as described in POLICY TERMINATION AND REINSTATEMENT - Policy Termination (Lapse) of the statutory prospectus.

**Allocation of Premiums**

In most states, your initial Net Premium (and other Net Premium payments we receive) is allocated to the Divisions, the Fixed Account and/or Fixed DCA Account according to your premium allocation instructions.

In some states, your initial Net Premium (and other Net Premiums we receive prior to and on the Effective Date through twenty days after the Effective Date) is allocated to the Money Market Division at the end of the Business Day we receive the premium in good order. The "Money Market Division" refers to the Fidelity VIP Government Money Market Division throughout this prospectus. The money is reallocated to the Divisions, Fixed Account and/or Fixed DCA Account according to your instructions when this initial

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period ends (or on the first Business Day thereafter). This transfer will not be subject to any fees, nor will it be deemed a transfer for purposes of identifying market timing activity.

NOTE:&nbsp;&nbsp;&nbsp;&nbsp;We reserve the right to keep the initial premium payment in the Money Market Division longer than 20 days to correspond to a particular state's examination offer periods and/or replacement requirements.

For each Division, Fixed Account and Fixed DCA Account, the allocation percentage must be zero or a whole number. The total of all allocation percentages must equal 100. Net Premium payments are allocated as of the Valuation Period in which they are received in good order. Allocation changes are effective at the end of the Valuation Period in which your new instructions are received.

**HOW YOUR POLICY CAN LAPSE**

**Policy Termination (Lapse)**

During the No-Lapse Guarantee Period, a Policy will enter a grace period and is at risk of terminating if (i) the Policy does not satisfy the "no-lapse guarantee test" described below and (ii) the Net Surrender Value on any Monthly Date is less than the Monthly Policy Charge.

After the No-Lapse Guarantee Period, a Policy will enter a grace period and is at risk of terminating if the Net Surrender Value on any Monthly Date is less than the Monthly Policy Charge.

During a grace period, as described below, you may pay the minimum required premium to keep your Policy in force. A Policy will terminate if you have not paid the minimum required premium before the grace period expires.

The Policy also terminates:

• when you make a full Policy surrender;

• when death proceeds are paid; and

• when the maturity proceeds are paid.

When the Policy terminates, all privileges and rights of the Owner(s) and all optional insurance benefits will end. Subject to certain conditions, you may reinstate a policy that has terminated, as described below.

<u>No-Lapse Guarantee Test</u>

During the No-Lapse Guarantee Period, a Policy will not enter a grace period if it meets the "no-lapse guarantee test," even if the Policy's Net Surrender Value is insufficient to meet the Monthly Policy Charge. A Policy satisfies the no-lapse guarantee test if ((a) minus (b)) is greater than or equal to (c), where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;is the sum of the premiums paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;is the sum of all Loan Indebtedness and partial surrenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;is the sum of the No-Lapse Guarantee Monthly Premiums since the Policy Date to the most recent Monthly Date.

The no-lapse guarantee does not protect the Policy beyond the No-Lapse Guarantee Period. After the No-Lapse Guarantee Period, there is no guarantee that your Policy will stay in force even if you make premium payments under your Planned Periodic Premium schedule unless:

• Your Policy's Net Surrender Value is at least equal to the Monthly Policy Charge on the current Monthly Date; or

• the Death Benefit Guarantee Rider is in effect.

**Grace Period**

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If a policy is at risk of terminating, we will send you notice of a 61-day grace period during which you can pay the minimum required premium to keep your Policy in force. This grace period begins on the date we mail the notice of impending policy termination to you. The notice will be sent to your last post office address known to us and will tell you the amount of the minimum required premium to avoid termination of your Policy, payment instructions and the grace period end date. Your Policy will remain in force during the grace period. If we do not receive the minimum required premium payment by the end of the grace period, your Policy will terminate without value.

No partial surrenders, Face Amount Adjustments, or policy loans may be made during a grace period.

If the grace period ends before we receive the minimum required premium, we keep any remaining value in the Policy to cover past due Monthly Policy Charges. Adverse market fluctuations may cause the Policy to enter into subsequent grace periods.

The length of the Grace Period and/or the calculation for the minimum required premium may be different in some states.

<u>Death During Grace Period</u>

If the Insured dies during a grace period, we will pay the death benefit to the beneficiary(ies). The amount of the death benefit will be reduced by: all Monthly Policy Charges due and unpaid at the death of the Insured; and any Loan Indebtedness.

**Reinstatement**

Subject to certain conditions, you may reinstate a Policy that terminated. The Policy may be reinstated provided all of the following conditions are satisfied:

• such reinstatement is prior to the Policy Maturity Date;

• you have not surrendered the Policy;

• not more than three years have elapsed since the Policy terminated (this time period may vary by state);

• you supply evidence which satisfies us that the Insured is alive and is insurable;

• you either repay or reinstate any Loan Indebtedness existing at termination; and

• you make the minimum required reinstatement premium.

NOTE:&nbsp;&nbsp;&nbsp;&nbsp;The minimum required premium during a grace period and the minimum required premium to reinstate a policy are calculated differently. The minimum required premium for reinstatement is calculated so as to allow us to recover Monthly Policy Charges due and unpaid during the grace period and to provide enough Policy Value to pay three Monthly Policy Charges after reinstatement of the Policy. As a result, the minimum required premium for reinstatement will be higher than the minimum required premium for grace period.

Reinstatement will be effective on the next Monthly Date following the date we approve the reinstatement application. your rights and privileges as Owner(s) are restored upon reinstatement. The reinstated Policy will have the same Policy Date as the original Policy.

If a policy loan or loan interest was unpaid when the Policy terminated, the policy loan must be reinstated or repaid (loan interest does not accrue over the period the Policy was terminated). We do not require payment of Monthly Policy Charges during the period the Policy was terminated.

Premiums received with your reinstatement application are held in our General Account without interest while we complete underwriting for the reinstatement. If the reinstatement is approved, premiums are

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allocated to your selected Division(s), Fixed Account and/or Fixed DCA Account on the reinstatement date. We will use the premium allocation percentages in effect at the time of termination of the Policy unless you provide new allocation instructions.

If you reinstate your Policy and then it is fully surrendered, a surrender charge may be imposed. The surrender charge, if any, is calculated based on the number of years the Policy was in force. The period of time during which the Policy was terminated is not included in these calculations.

In most states, if you reinstate your Policy, the Death Benefit Guarantee Rider, the Life Paid-Up Rider, the Return of Cost of Insurance Rider and the Surrender Value Enhancement Rider are not reinstated.

**MAKING WITHDRAWALS: ACCESSING THE MONEY IN YOUR POLICY**

The Policy may be fully surrendered and any Net Surrender Value paid to the Owner. If the full surrender is within ten years of the Policy Date or a Face Amount increase, a surrender charge is imposed.

On or after the first policy anniversary and prior to the Policy Maturity Date, you may surrender a part of the Net Surrender Value. Unscheduled partial surrenders are subject to limitations on the number and amounts you may surrender.

On or after the first policy anniversary and prior to the Policy Maturity Date, you may elect to receive part of your Net Surrender Value automatically on any Monthly Date (known as a "scheduled partial surrender") in the amount and frequency you choose, subject to certain limitations. Once surrenders equal premiums paid, if there is any remaining Net Surrender Value, scheduled policy loans will automatically begin, unless you direct us otherwise.

<u>Unscheduled Partial Surrenders</u>

Up to two unscheduled partial surrenders may be made in a Policy Year. The minimum amount of a partial surrender is $500. The total of the amount(s) surrendered may not be greater than 75% of the current Net Surrender Value.

<u>Scheduled Partial Surrenders</u>

Partial surrenders may be scheduled on a monthly, quarterly, semiannual, or annual basis. Each scheduled partial surrender may not be greater than 90% of the Net Surrender Value (as of the date of the scheduled partial surrender).

<u>Full Surrender</u>

If the full surrender is within ten years of the Policy Date or a Face Amount increase, a surrender charge is imposed. Surrender charges are calculated based on the number of years the Policy was in force.

If you reinstate your Policy and then it is fully surrendered, a surrender charge may be imposed. The number of Policy Years is calculated from the original Policy Date through the surrender date - excluding the period during which the Policy was terminated.

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**ADDITIONAL INFORMATION ABOUT FEES**

**The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering or making withdrawals from the Policy. Please refer to your Data Pages for information about the specific fees you will pay based on the options you have elected.** 

**The first table describes the fees and expenses that you will pay at the time that you buy the Policy, partially or fully surrender the Policy, make withdrawals from the Policy, or transfer cash value between investment options.** 

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| | | |
|:---|:---|:---|
| **Transaction Fees** | **Transaction Fees** | **Transaction Fees** |
| **Charge** | **When Charge is Deducted** | **Amount Deducted** |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales Charge | upon receipt of premium |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  | 5.00% of premium paid |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current |  | 4.00% of premium paid, reducing to 2.00% after the first Policy Year. |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes (federal, state and local) | upon receipt of premium |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  | 3.25% of premium paid |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current |  | 3.25% of premium paid |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrender Charge - for Policy Dates on or after 12/15/2021 (full surrender of Policy)<sup>(1)</sup> | from surrender proceeds |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  | $57.54 per $1,000 of Face Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum |  | $12.48 per $1,000 of Face Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum Charge for Representative Insured<sup>(2)</sup> |  | $23.76 per $1,000 of Face Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer Fee for Unscheduled Division Transfer | upon each unscheduled Division transfer after the first unscheduled Division transfer in a Policy Year |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  | $25 per unscheduled transfer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Illustration Fee | upon each illustration after the first illustration in a Policy Year |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current |  |  |
| **Optional Insurance Benefits** | **Optional Insurance Benefits** | **Optional Insurance Benefits** |
| &nbsp;&nbsp;&nbsp;&nbsp;Terminal Illness Death Benefit Advance Rider (administrative fee) | at the time of death benefit advance |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  | $150 administrative fee |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chronic Illness Death Benefit Advance Rider (administrative fee) | at the time of death benefit advance |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  | $150 administrative fee |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current |  | $150 administrative fee |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Paid-Up Rider | on the date rider benefit begins |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum<sup>(3)</sup> |  | 13.50% of Policy Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current<br>(if the Policy is issued with the guideline premium/ cash value corridor test) |  | 5.50% of Policy Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current<br>(if the Policy is issued with the cash value accumulation test) |  | 9.50% of Policy Value |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrender Value Enhancement Rider | upon receipt of premium |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  | 2.00% of premium paid in excess of Target Premium  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current | Year 1 | 1.00% of premium paid in excess of Target Premium |
|  | Years 2-7 | 2.00% of premium paid in excess of Target Premium  |

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<sup>(1)</sup> This charge varies based on individual characteristics. The charge shown in the table may not be representative of the charge that you will pay. You may obtain more information about the particular charge that would apply to you from your registered representative or by phoning 1-800-247-9988.

<sup>(2)</sup> The representative insured is a 40-year-old male with a risk classification of preferred non-tobacco in Policy Year one.

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<sup>(3)</sup> If using the guidelines premium/cash value corridor test, the maximum fee is 7.5% of the Policy Value.

**This table describes the fees and expenses that you will pay periodically during the time that you own the Policy, not including Underlying Fund fees and expenses.**

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| | | |
|:---|:---|:---|
| **Periodic Charges Other Than Annual Underlying Fund Expenses** | **Periodic Charges Other Than Annual Underlying Fund Expenses** | **Periodic Charges Other Than Annual Underlying Fund Expenses** |
| **For Policy Dates on or after December 15, 2021** | **For Policy Dates on or after December 15, 2021** | **For Policy Dates on or after December 15, 2021** |
| **Charge** | **When Charge is Deducted** | **Amount Deducted** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Insurance<sup>(1)</sup> | monthly |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  | $83.33333 per $1,000 of Net Amount at Risk |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum |  | $0.00565 per $1,000 of Net Amount at Risk |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum Charge for Representative Insured<sup>(2)</sup> |  | $0.17167 per $1,000 of Net Amount at Risk |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Based Charge | monthly |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  | 0.15% of Division Value (annualized charge) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current |  | 0.00% of Division Value (annualized charge) |
| &nbsp;&nbsp;&nbsp;&nbsp;Monthly Administration Charge | monthly |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  | $25.00 per month |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current |  | $25.00 per month, decreasing to $10.00 per month after the first Policy Year. |
| &nbsp;&nbsp;&nbsp;&nbsp;Monthly Policy Issue Charge<sup>(1)</sup> | monthly |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  | $1.11925 per $1,000 of Face Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum |  | $0.06737 per $1,000 of Face Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum Charge for Representative Insured<sup>(2)</sup> |  | $0.29 per $1,000 of Face Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Policy Loan Charge<sup>(3)</sup> | annually (accrued daily) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  | 1.50% of Loan Indebtedness per year<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current |  | 1.50% of Loan Indebtedness per year<sup>(4)</sup> |
| **Optional Insurance Benefits** (Rates shown assume Insured's risk class is standard or better). | **Optional Insurance Benefits** (Rates shown assume Insured's risk class is standard or better). | **Optional Insurance Benefits** (Rates shown assume Insured's risk class is standard or better). |
| &nbsp;&nbsp;&nbsp;&nbsp;Terminal Illness Death Benefit Advance Rider (annual interest charge) | annually, if you have a death benefit advance (accrued daily) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  | 5.50% of death proceeds advanced per year |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current |  | 5.50% of death proceeds advanced per year<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Salary Increase Rider | monthly |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  | $0.13 per $1,000 of rider benefit in excess of $30,000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current |  | $0.13 per $1,000 of rider benefit in excess of $30,000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Waiver of Monthly Policy Charges Rider<sup>(1)</sup> | monthly |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  | $0.51 per $1,000 of Net Amount at Risk |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum |  | $0.01 per $1,000 of Net Amount at Risk |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum Charge for Representative Insured<sup>(2)</sup> |  | $0.02 per $1,000 of Net Amount at Risk |
| &nbsp;&nbsp;&nbsp;&nbsp;Waiver of Specified Premium Rider<sup>(1)</sup> | monthly |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  | $0.94 per $100 of Planned Periodic Premium |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum |  | $0.15 per $100 of Planned Periodic Premium |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum Charge for Representative Insured<sup>(2)</sup> |  | $0.40 per $100 of Planned Periodic Premium |

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<sup>(1)</sup> This charge varies based on individual characteristics. The charge shown in the table may not be representative of the charge that will pay. You may obtain more information about the particular charge that would apply to you from your registered representative or by phoning 1-800-247-9988.

<sup>(2)</sup> The representative insured is a 40-year-old male with a risk classification of preferred non-tobacco in Policy Year one.

<sup>(3)</sup> The difference between the interest charged on the Loan Indebtedness and the interest credited to the Loan Account.

<sup>(4)</sup> This charge decreases after Policy Year 10.

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**The following table shows the minimum and maximum total operating expenses charged by the Underlying Funds that you may pay periodically during the time that you own the Policy. A complete list of Underlying Funds, including their annual expenses, is provided in APPENDIX - UNDERLYING FUNDS AVAILABLE UNDER THE POLICY.**

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| | | |
|:---|:---|:---|
| **Annual Underlying Fund Expenses as of December 31, 2025** | **Minimum** | **Maximum** |
| Expenses that are deducted from Underlying Fund assets, including management fees, distribution and/or service (12b-1) fees and other expenses | 0.20% | 2.5% |

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**APPENDIX A**

**UNDERLYING FUNDS AVAILABLE UNDER THE POLICY**

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/VULIncome4Report. 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.

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

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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** | Alliance<br>Bernstein 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> | Alliance<br>Bernstein L.P.  | 0.90% | 41.70% | 10.47% | 6.64% |
| Asset Allocation  | American Funds Insurance Series®<br>**American Funds® Global Balanced Fund**<br>**Class 2** | 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>1,10</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** | 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% | 6.90% | -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% |
| 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>1,4</sup> | Columbia Wanger Asset Management, LLC | 1.09% | 12.76% | -1.00% | 4.31% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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% |  |
| 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 | 0.37% | 12.03% | 7.75% |  |
| 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>3</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 V<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% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| International Equity  | Franklin Templeton Variable Insurance Product Trust<br>**Franklin Mutual Global Discovery VIP Fund**<br>**Class 2** | Franklin Mutual Advisers, LLC  | 0.94% | 11.52% | 9.20% | 7.53% |
| 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>1,2</sup> | Janus Henderson Investors US LLC | 0.99% | 17.26% |  |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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% |
| 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>**Class 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>7</sup> | Lincoln Financial Investments Corporation/ American Century Investment Management, Inc.  | 0.96% | 14.56% | 8.51% | 10.12% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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% |
| 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 III<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% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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>5</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>1,6</sup> | Delaware Management Company, a series of Nomura Investment Management Business Trust | 1.04% | 7.83% | 8.93% | 8.84% |
| 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>8</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>9</sup> | Valmark Advisers, Inc./ Milliman Financial Risk Management, LLC  | 0.75% | 10.36% | 4.74% | 5.72% |
| Fixed Income  | Principal Variable Contract Funds, Inc. **PVC – Core Plus Bond Account** <br>**Class 1** | Principal Global Investors, LLC | 0.50% | 7.46% | -0.48% | 2.36% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| International Equity  | Principal Variable Contract Funds, Inc. **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. **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. **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. **PVC – Government & High-Quality Bond Account**<br>**Class 1** | Principal Global Investors, LLC | 0.50% | 7.91% | -0.23% | 1.26% |
| Large U.S. Equity  | Principal Variable Contract Funds, Inc. **PVC – Large Cap Growth Account I**<br>**Class 1** | Principal Global Investors, LLC/Liss Angeles Capital Management, LLC T. Rowe Price Associates, Inc. Westfield Capital Management Company, L.P.  | 0.67% | 11.39% | 9.44% | 15.00% |
| Large U.S. Equity  | Principal Variable Contract Funds, Inc. **PVC – Large Cap S&P 500 Index Account**<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. **PVC – MidCap Account**<br>**Class 2** | Principal Global Investors, LLC | 0.78% | 1.52% | 8.06% | 12.30% |
| Large U.S. Equity  | Principal Variable Contract Funds, Inc. **PVC – Principal Capital Appreciation Account**<br>**Class 1** | Principal Global Investors, LLC | 0.88% | 13.22% | 13.53% | 14.07% |
| Asset Allocation  | Principal Variable Contract Funds, Inc. **PVC – Principal LifeTime 2020 Account**<br>**Class 1** | Principal Global Investors, LLC | 0.47% | 11.33% | 4.65% | 6.77% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Asset Allocation  | Principal Variable Contract Funds, Inc. **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. **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. **PVC – Principal LifeTime 2050 Account**<br>**Class 1** | Principal Global Investors, LLC | 0.58% | 17.50% | 8.77% | 10.22% |
| Asset Allocation  | Principal Variable Contract Funds, Inc. **PVC – Principal LifeTime 2060 Account** <br>**Class 1** | Principal Global Investors, LLC | 0.61% | 17.68% | 8.97% | 10.35% |
| Asset Allocation  | Principal Variable Contract Funds, Inc. **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. **PVC – SmallCap Account**<br>**Class 1** | Principal Global Investors, LLC | 0.984% | 15.10% | 6.29% | 9.57% |
| Asset Allocation  | Principal Variable Contract Funds, Inc. **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. **PVC – Strategic Asset Management (SAM) – Conservative Balanced Portfolio**<br>**Class 1** | Principal Global Investors, LLC | 0.67% | 11.69% | 5.04% | 6.39% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Asset Allocation  | Principal Variable Contract Funds, Inc. **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% |
| 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** | 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 became available for investment on June 2, 2022.

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

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

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

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

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

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

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

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

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EDGAR Contract Identifier: C000215088

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