PRINCIPAL® PIVOT SERIES VARIABLE ANNUITY

UPDATING SUMMARY PROSPECTUS

Dated May 1, 2025
This Updating Summary Prospectus describes Principal® Pivot Series Variable Annuity, an individual, flexible premium, deferred variable annuity (the “Contract”), issued by Principal Life Insurance Company (“the Company”, “We”, “Our” or “Us”).
This Updating Summary Prospectus summarizes key features of the Contract. The statutory prospectus for the Contract (the “Expanded Prospectus”) contains more information about the Contract, including its features, benefits, and risks. You can find the Expanded Prospectus and other information about the Contract online at www.principal.com/PivotSeriesReport. You can also obtain this information at no cost by calling 1-800-852-4450 or by sending an email request to annuityinternet@principal.com.
Additional general information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s (“SEC”) staff and is available at Investor.gov.
The Contract, certain Contract features and/or some of the Investment Options may not be available in all states or through all broker dealers.







SPECIAL TERMS
The terms defined below are used throughout this prospectus.
Accumulated Value – the sum of the values in the Separate Account Divisions.
Anniversary(ies) – the same day and month of each year following the Contract Date.
Annuitant – the person, including any Joint Annuitant, on whose life the annuity benefit payment and deferred income payment, as applicable, is based. This person may or may not be the Owner.
Annuitization Date – the date all of the Owner’s Accumulated Value is applied to an annuity benefit payment option.
Contract Date – the date the Contract becomes effective and is used to determine Contract Years.
Contract Year – the one-year period beginning on the Contract Date and ending one day before the contract Anniversary and any subsequent one-year period beginning on a contract Anniversary (for example, if the contract date is February 5, 2021, the first Contract Year ends on February 4, 2022, and the first contract Anniversary falls on February 5, 2022).
Data Page – that portion of the Contract which contains the following: Owner and Annuitant data (names, gender, Annuitant age); the Contract Date; maximum Annuitization Date; Contract charges and limits; benefits; and a summary of any optional benefits chosen by the Contract Owner.
Division(s) – refer to the term “Separate Account Division” in this section.
Investment Options – the Separate Account Divisions.
Joint Annuitant – an Annuitant whose life determines the annuity benefit under this Contract. Any reference to the death of the Annuitant means the death of the first Annuitant to die.
Joint Owner – an Owner who has an undivided interest with the right of survivorship in this Contract with another Owner. Any reference to the death of the Owner means the death of the first Owner to die.
Owner – owns all the rights and privileges of this Contract (includes a Joint Owner, if any). If the Owner is not a natural person, the Owner must be an entity with its own taxpayer identification number.
Premium Payment(s) – the total amount You contributed to the Contract.
Qualified Plan – retirement plans that receive favorable tax treatment under Section 401 or 403(a) of the Internal Revenue Code.
Separate Account Division (Division(s)) – a part of the Separate Account that invests in shares of an Underlying Mutual Fund. (Referred to in the marketing materials as “sub-accounts.”)
Surrender - the withdrawal of all or part of the Accumulated Value of Your Contract.
Surrender Charge – the charge deducted upon certain partial Surrenders or total Surrender of the Contract Accumulated Value before the Annuitization Date.
Transfer(s) – moving all or a portion of Your Accumulated Value to or from one investment option or among several Investment Options. All Transfers initiated during the same Valuation Period are considered to be one Transfer for purposes of calculating the transaction fee, if any.
Underlying Mutual Fund – a registered open-end investment company, or a series or portfolio thereof, in which a Division invests.
Unit – the accounting measure used to determine Your proportionate interest in a Division.
2

Valuation Date (Valuation Days) – each day the New York Stock Exchange (“NYSE”) is open for trading and trading is not restricted.
Valuation Period – the period of time from one determination of the value of a Unit of a Division to the next. Each Valuation Period begins at the close of normal trading on the NYSE, generally 4:00 p.m. Eastern Time, on each Valuation Date and ends at the close of normal trading of the NYSE on the next Valuation Date.
We, Our, Us – Principal Life Insurance Company. We are also referred to throughout this prospectus as the Company.
You, Your – the Owner of this Contract, including any Joint Owner.
3

UPDATED INFORMATION ABOUT YOUR CONTRACT
The information in this Updating Summary Prospectus is a summary of certain Contract features that have changed since the statutory prospectus dated May 1, 2024. This may not reflect all of the changes that have occurred since You entered into Your Contract.

Underlying Mutual Funds

Prior to May 1, 2025, the Principal VCF U.S. LargeCap S&P 500 Index Buffer January Account was known as the Principal VCF U.S. LargeCap Buffer January Account. This change will be reflected on 5/31/2025.
Prior to May 1, 2025, the Principal VCF U.S. LargeCap S&P 500 Index Buffer April Account was known as the Principal VCF U.S. LargeCap Buffer April Account. This change will be reflected on 5/31/2025.
Prior to May 1, 2025, the Principal VCF U.S. LargeCap S&P 500 Index Buffer July Account was known as the Principal VCF U.S. LargeCap Buffer July Account. This change will be reflected on 5/31/2025.
Prior to May 1, 2025, the Principal VCF U.S. LargeCap S&P 500 Index Buffer October Account was known as the Principal VCF U.S. LargeCap Buffer October Account. This change will be reflected on 5/31/2025.
The Goldman Sachs VIT - Goldman Sachs Multi-Strategy Alternatives Portfolio is no longer available for investment.
The Guggenheim Investments VIF Global Managed Futures Strategy Fund is no longer available for investment.
The Guggenheim Investments VIF Long Short Equity Fund is no longer available for investment.
Effective May 1, 2025, the Principal VCF Blue Chip Account - Class 3 merged into the Principal VCF Blue Chip Account - Class 2.
For more information on the available underlying funds, please see the funds' prospectuses at the following website: www.principal.com/PivotSeriesReport.
4

KEY INFORMATION TABLE
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT
  FEES AND EXPENSES  
LOCATION IN EXPANDED
PROSPECTUS
 
Charges for Early Withdrawals

For applications signed on or after April 6, 2017







For applications signed before April 6, 2017

 


If You withdraw money from your Contract within five years following Your last Premium Payment, You will be assessed a Surrender Charge. The maximum Surrender Charge is 6% of the amount withdrawn during the first three Contract Years, declining down to 0% over the 5-year time period. For example, if You make an early withdrawal within the first three Contract Years, You could pay a Surrender Charge of up to $6,000 on a $100,000 investment.

If You withdraw money from Your Contract within seven years following Your last Premium Payment, You will be assessed a Surrender Charge. The maximum Surrender Charge is 6% of the amount withdrawn during the first three Contract Years, declining down to 0% over the 7-year time period. For example, if You make an early withdrawal within the first three Contract Years, You could pay a Surrender Charge of up to $6,000 on a $100,000 investment.		  7. CHARGES – Deferred Sales Load (“Surrender Charge”)
Transaction Charges In addition to Surrender Charges, You may also be charged for other transactions, such as when You exceed more than 12 unscheduled partial surrenders in a Contract Year or You make more than one unscheduled Transfer in a Contract Year.   7. CHARGES – Transaction Fees
5

  FEES AND EXPENSES  
LOCATION IN EXPANDED
PROSPECTUS
 
Ongoing Fees and Expenses
(annual charges)
 
The following part of the table describes the fees and expenses that You may pay each year, depending on the options you choose. Please refer to Your Data Page for information about the specific fees You will pay each year based on the options You have selected.
  ANNUAL FEE  
MINIMUM
 
  MAXIMUM  LOCATION IN EXPANDED PROSPECTUS
 
1. Base contract1

For applications signed on or after May 1, 2018

For applications signed on or after April 6, 2017 and before May 1, 2018

For applications signed before April 6, 2017
  

0.75%



1.00%




1.15%		  

0.75%



1.00%




1.15%		  7. CHARGES – Base Contract Annual Expenses
 
2. Investment Options (Underlying Mutual Fund fees and expenses)2
  0.45%2.86%  APPENDIX A in this Updating Summary Prospectus - INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT
 
3. Optional death benefit available for an additional charge3
  0.35%  0.45%  7. CHARGES
                                                         
 
1
This fee reflects the Mortality and Expense Risks Charge and Administration Charge. We assess each Division with a daily charge. The annual rate of the charge is the percentage of the average daily net assets of the Separate Account Divisions.
2
As a percentage of the average net Underlying Mutual Fund assets.
3
Quarterly charge as a percentage of the average quarterly Accumulated Value.

6

Lowest and Highest Annual Cost Table

Because Your Contract is customizable, the choices You make affect how much You will pay. To help You understand the cost of owning Your Contract, this table shows the lowest and highest cost You could pay each year, based on current charges. This estimate assumes that You do not take withdrawals from the Contract,
which could add surrender charges that substantially increase costs.
   
LOWEST ANNUAL COST
 
$1,085

HIGHEST ANNUAL COST
 
$3,361

 
   Assumes:  Assumes: 
   
 
●  Investment of $100,000
 
●  5% annual appreciation
 
●  Least expensive combination of Base Contract charge and Underlying Mutual Fund fees and expenses
 
●  No optional benefits
 
●  No sales charges
 
●  No additional Premium Payments, Transfers or withdrawals
  
 
●  Investment of $100,000
 
●  5% annual appreciation
 
●  Most expensive combination of Base Contract charge, optional benefits, and Underlying Mutual Fund fees and expenses
 
●  No sales charges
 
●  No additional Premium Payments, Transfers or withdrawals
 
7

   RISKS
LOCATION IN EXPANDED
PROSPECTUS
Risk of Loss  You can lose money by investing in this Contract.5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT – Poor Investment Performance
Not a Short-Term Investment  
This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash.

Surrender Charges apply for up to five years following Your last Premium Payment (for applications signed on or after April 6, 2017; seven years if signed earlier). These charges will reduce the value of Your Contract if You withdraw money during that time.
5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT – Liquidity Risk
Risks Associated with Investment Options  
•  An investment in this Contract is subject to the risk of poor investment performance and can vary depending on the performance of the Investment Options available under the Contract.

•  Each investment option has its own unique risks.

•  You should review the prospectuses for the available Underlying Mutual Funds before making an investment decision.
5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT
Insurance Company Risks  
An investment in the Contract is subject to the risks related to the Company. Any obligations, guarantees, or benefits are subject to the claims-paying ability of the Company. More information about the Company, including its financial strength ratings, is available upon request by calling 1-800-852-4450.
5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT – Insurance Company Risks
8

   RESTRICTIONS
LOCATION IN EXPANDED
PROSPECTUS
Investments  
•Limitations on Transfers – We reserve the right to charge you for each unscheduled Transfer after the first unscheduled Transfer in a Contract Year. We also reserve the right to limit Transfers in circumstances where frequent Transfers have been made.

•Removal or Substitution of Underlying Mutual Funds - We reserve the right to remove, close or substitute the underlying mutual funds that are available as investment options under the Contract.
8. GENERAL DESCRIPTION OF THE CONTRACT – Frequent Transfers among Divisions


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

For applications signed on or after April 6, 2017, the following optional riders were available:


For applications signed before April 6, 2017, the following optional riders were available:
  


Return of Premium Death Benefit; and
Annual Step-Up Death Benefit






Liquidity Max (“No Surrender Charge Rider;”)
Return of Premium Death Benefit; and
Annual Step-Up Death Benefit


10. BENEFITS AVAILABLE UNDER THE CONTRACT - Optional Death Benefit Riders




10. BENEFITS AVAILABLE UNDER THE CONTRACT - Liquidity Max
9

   TAXES    LOCATION IN EXPANDED   PROSPECTUS  
Tax Implications  
•  You should consult with a tax professional to determine the tax implications of an investment in, withdrawals from and Surrenders of this Contract.

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

•  Premiums that are made on a pre-tax basis and earnings on your Contract are taxed at ordinary income tax rates when you withdraw them. You also may have to pay a 10% penalty tax if you take a withdrawal before age 59½.
    13. TAXES
   CONFLICTS OF INTEREST    LOCATION IN EXPANDED   PROSPECTUS
Financial Professional Compensation  
Your financial professional may receive compensation in the form of commissions for selling this Contract to you. Your financial professional may have a financial incentive to offer or recommend this Contract over another investment.
    16. ADDITIONAL INFORMATION ABOUT THE CONTRACT – Payments to Financial Intermediaries
ExchangesYour financial professional may have a financial incentive to offer You a new contract in place of the one You own. You should only consider exchanging your Contract if you determine, after comparing the features, fees, and risks of both contracts, that it is in your best interest to purchase the new contract rather than continuing to own Your existing Contract.16. ADDITIONAL INFORMATION ABOUT THE CONTRACT – Payments to Financial Intermediaries

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APPENDIX A

INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT

The following is a list of Investment Options available under the Contract. To obtain Underlying Mutual Fund statutory and summary prospectuses, You can visit www.principal.com/PivotSeriesReport, call 1-800-852-4450, or send a request to annuityinternet@principal.com.
The expense and performance information below reflects fees and expenses of the Underlying Mutual Funds, but does not reflect the other fees and expenses that Your Contract may charge. Expenses would be higher and performance would be lower if these charges were included. Each Underlying Mutual Fund’s past performance is not necessarily an indication of future performance.
TypePortfolio

Advisor/Sub-advisor		Current Expenses (Net)Average Annual Total Returns

(as of 12/31/24)
1 year5 year10 year
Moderate Allocation
American Funds Insurance Series – Asset Allocation Fund (1) – Class 4 Shares

Capital Research and Management Company
0.79%16.11%8.04%8.05%
Moderate Allocation
American Funds Insurance Series - Managed Risk Asset Allocation Fund (1)(3) – Class P2 Shares

Capital Research and Management Company through a sub-advisory agreement with Milliman Financial Risk Management LLC
0.90%14.63%5.30%5.88%
Moderately Aggressive Allocation
American Funds Insurance Series - Managed Risk Growth Fund (1)(3) – Class P2 Shares

Capital Research and Management Company through a sub-advisory agreement with Milliman Financial Risk Management LLC
0.94%23.50%11.30%10.42%
Moderate Allocation
BlackRock 60/40 Target Allocation ETF V.I. Fund (1)(2)(3) – Class III

BlackRock Advisors LLC
0.57%11.36%6.86%6.48%
Global Allocation
BlackRock Global Allocation V.I. Fund (1)(2) – Class III

BlackRock Advisors, LLC sub-advisers are BlackRock (Singapore) Limited and BlackRock International Limited
1.02%9.01%5.74%5.33%
11

TypePortfolio

Advisor/Sub-advisor		Current Expenses (Net)Average Annual Total Returns

(as of 12/31/24)
1 year5 year10 year
Target-Date 2020
Fidelity VIP Freedom 2020 Portfolio (1)(3) – Service Class 2

Fidelity Management & Research Co., LLC
0.71%7.40%4.89%5.76%
Target-Date 2030
Fidelity VIP Freedom 2030 Portfolio (1)(3) – Service Class 2

Fidelity Management & Research Co., LLC
0.76%9.14%6.25%7.03%
Target-Date 2040
Fidelity VIP Freedom 2040 Portfolio (1)(3) – Service Class 2

Fidelity Management & Research Co., LLC
0.84%12.81%8.83%8.68%
Target-Date 2050
Fidelity VIP Freedom 2050 Portfolio (1)(3) – Service Class 2

Fidelity Management & Research Co., LLC
0.86%13.55%9.06%8.79%
Moderately Conservative Allocation
Franklin Templeton VIP Trust - Franklin Income VIP Fund (1)(2) – Class 4

Franklin Advisers, Inc.
0.82%7.08%5.17%5.16%
Tactical Allocation
Invesco V.I. Balanced-Risk Allocation Fund (1)(2)(3) – Series II

Invesco Advisors, Inc.
1.13%3.56%2.51%3.57%
Moderate Allocation
Janus Henderson Series Balanced Portfolio (1) – Service Shares

Janus Henderson Investors US LLC
0.87%15.15%8.06%8.40%
Tactical Allocation
PIMCO VIT All Asset Portfolio (1)(2)(3) – Advisor Class

PIMCO/Research Affiliates through a sub-advisory agreement with Pacific Investment Management Company LLC (PIMCO)
2.37%3.57%4.31%4.25%
Moderately Conservative Allocation
Principal VCF Diversified Balanced Strategic Allocation Account (1)(3)(7) – Class 2

Principal Global Investors, LLC
0.55%8.83%5.29%5.68%
Moderate Allocation
Principal VCF Diversified Growth Strategic Allocation Account (1)(3) – Class 2

Principal Global Investors, LLC
0.57%11.22%7.00%7.03%
Target-Date 2020
Principal VCF Principal LifeTime 2020 Account (3) – Class 1 (closed to new investors with an application signature date of 6/8/19 and later)

Principal Global Investors, LLC
0.50%7.43%4.94%5.51%
12

TypePortfolio

Advisor/Sub-advisor		Current Expenses (Net)Average Annual Total Returns

(as of 12/31/24)
1 year5 year10 year
Target-Date 2030
Principal VCF Principal LifeTime 2030 Account (3) – Class 1 (closed to new investors with an application signature date of 6/8/19 and later)

Principal Global Investors, LLC
0.52%9.05%6.22%6.63%
Target-Date 2040
Principal VCF Principal LifeTime 2040 Account (3) – Class 1 (closed to new investors with an application signature date of 6/8/19 and later)

Principal Global Investors, LLC
0.58%11.55%7.66%7.69%
Target-Date 2050
Principal VCF Principal LifeTime 2050 Account (3) – Class 1 (closed to new investors with an application signature date of 6/8/19 and later)

Principal Global Investors, LLC
0.62%13.29%8.62%8.38%
Moderate Allocation
Principal VCF Strategic Asset Management (“SAM”) Portfolios – Balanced Portfolio (1)(3) – Class 2

Principal Global Investors, LLC
0.95%12.38%6.48%6.52%
Moderately Conservative Allocation
Principal VCF Strategic Asset Management (“SAM”) Portfolios – Conservative Balanced Portfolio (1)(3) – Class 2

Principal Global Investors, LLC
0.92%8.69%4.39%4.89%
Moderately Aggressive Allocation
Principal VCF Strategic Asset Management (“SAM”) Portfolios – Conservative Growth Portfolio (1)(3) – Class 2

Principal Global Investors, LLC
0.98%14.94%8.24%7.98%
Conservative Allocation
Principal VCF Strategic Asset Management (“SAM”) Portfolios – Flexible Income Portfolio (1)(3) – Class 2

Principal Global Investors, LLC
0.90%6.43%2.82%3.73%
Aggressive Allocation
Principal VCF Strategic Asset Management (“SAM”) Portfolios – Strategic Growth Portfolio (1)(3) – Class 2

Principal Global Investors, LLC
1.00%16.68%9.61%8.79%
13

TypePortfolio

Advisor/Sub-advisor		Current Expenses (Net)Average Annual Total Returns

(as of 12/31/24)
1 year5 year10 year
Aggressive Allocation
TOPS® Aggressive Growth ETF Portfolio (1)(3) – Investor Class Shares

Milliman Financial Risk Management, LLC through a sub-advisory agreement with ValMark Advisers, Inc.
0.79%11.72%7.98%
Moderate Allocation
TOPS® Balanced ETF Portfolio (1)(3) – Investor Class Shares

Milliman Financial Risk Management, LLC through a sub-advisory agreement with ValMark Advisers, Inc.
0.80%6.58%4.40%
Moderately Conservative Allocation
TOPS® Conservative ETF Portfolio (1)(3) – Investor Class Shares

Milliman Financial Risk Management, LLC through a sub-advisory agreement with ValMark Advisers, Inc.
0.81%5.76%3.50%
Moderately Aggressive Allocation
TOPS® Growth ETF Portfolio (1)(3) – Investor Class Shares

Milliman Financial Risk Management, LLC through a sub-advisory agreement with ValMark Advisers, Inc.
0.80%10.48%7.10%
Moderate Allocation
TOPS® Moderate Growth ETF Portfolio (1)(3) – Investor Class Shares

Milliman Financial Risk Management, LLC through a sub-advisory agreement with ValMark Advisers, Inc.
0.79%8.48%5.79%
Bank Loan
Guggenheim Investments VIF (1)(2) – Series F (Guggenheim Floating Rate Strategies Series)

Guggenheim Partners Investment Management, LLC d/b/a Guggenheim Investments
1.19%6.83%3.83%3.84%
Commodities Broad Basket
PIMCO VIT CommodityRealReturn® Strategy Portfolio (1)(2)(3) – M Class

PIMCO
2.58%3.73%6.76%1.33%
Commodities Broad Basket
Rydex VI Commodities Strategy Fund (2)

Security Investors, LLC, which operates under the name of Guggenheim Investments
1.77%8.29%6.11%0.05%
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TypePortfolio

Advisor/Sub-advisor		Current Expenses (Net)Average Annual Total Returns

(as of 12/31/24)
1 year5 year10 year
Convertibles
EQ Advisors Trust 1290 VT Convertible Securities Portfolio (1)(2) – Class IB

Equitable Investment Management Group, LLC/SSGA Funds Management, Inc.
0.90%9.76%6.75%6.94%
Diversified Emerging Markets
American Funds Insurance Series - New World Fund (1)(2) – Class 4 Shares

Capital Research and Management Company
1.07%6.33%4.29%5.96%
Diversified Emerging Markets
Principal VCF Global Emerging Markets Account – Class 1 (closed to new investors with an application signature date of 6/8/19 and later)

Principal Global Investors, LLC
1.14%6.51%2.14%3.21%
Emerging Markets Bond
PIMCO VIT Emerging Markets Bond Portfolio (1) – Administrative Class

PIMCO
1.28%7.53%0.92%3.37%
Equity Energy
Fidelity VIP Energy Portfolio – Service Class 2 (1)

Fidelity Management & Research Co., LLC
0.85%4.02%12.13%4.19%
Equity Precious Metals
VanEck VIP Trust – VanEck VIP Global Gold Fund – Class S (1)(2)

Van Eck Associates Corporation
1.45%14.41%5.46%6.69%
Foreign Large Blend
CVT EAFE International Index Portfolio (1)(2) – Class F

Calvert Research and Management
0.68%2.95%4.18%4.60%
Foreign Large Blend
Principal VCF Diversified International Account – Class 1 (closed to new investors with an application signature date of 6/8/19 and later)

Principal Global Investors, LLC
0.85%4.71%4.64%5.06%
Foreign Large Growth
Fidelity VIP Overseas Portfolio (1) – Service Class 2

Fidelity Management & Research Company
0.98%4.81%5.50%6.06%
Foreign Large Growth
Invesco V.I. EQV International Equity Fund (1) – Series II Shares

Invesco Advisers, Inc.
1.15%0.34%2.97%4.10%
15

TypePortfolio

Advisor/Sub-advisor		Current Expenses (Net)Average Annual Total Returns

(as of 12/31/24)
1 year5 year10 year
Foreign Large Blend
MFS® International Intrinsic Value Portfolio (1)(2) – Service Class

MFS
1.14%6.97%4.88%7.26%
Global Allocation
American Funds Insurance Series - Managed Risk International Fund (1)(2)(3) – Class P2 Shares

Capital Research and Management Company through a sub-advisory agreement with Milliman Financial Risk Management LLC
1.10%-0.45%-2.52%0.78%
Global Bond
Franklin Templeton VIP Trust – Templeton Global Bond VIP Fund (1)(2) – Class 4

Franklin Advisers, Inc
0.85%-11.42%-4.93%-2.12%
Global Large-Stock Blend
EQ Advisors Trust 1290 VT SmartBeta Equity ESG Portfolio (1)(2) – Class IB

Equitable Investment Management Group, LLC/AXA Investment Managers US Inc
1.10%16.44%9.63%9.42%
Global Large-Stock Growth
Janus Henderson Global Sustainable Equity Portfolio (1)(2) – Service Shares

Janus Henderson Investors US LLC
0.99%11.01%
Global Real Estate
Franklin Templeton VIP Trust – Franklin Global Real Estate VIP Fund (1)(2) – Class 2

Franklin Advisors, Inc
1.25%-0.32%-0.30%2.30%
Global Small/Mid Stock
ALPS Global Opportunity Portfolio (1)(2) – Class III

ALPS Advisors, Inc
2.38%18.01%7.91%9.07%
Global Small/Mid Stock
American Funds Insurance Series – Global Small Capitalization Fund (1)(2) – Class 4 Shares

Capital Research and Management Company
1.15%2.12%2.74%5.54%
Health
Fidelity VIP Health Care Portfolio – Service Class 2 (1)

Fidelity Management & Research Co., LLC
0.84%4.86%5.19%
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TypePortfolio

Advisor/Sub-advisor		Current Expenses (Net)Average Annual Total Returns

(as of 12/31/24)
1 year5 year10 year
Health
Invesco V.I. Health Care Fund (1) – Series II Shares (closed to new investors with an application signature date of 6/4/2022 and later)

Invesco Advisers, Inc.
1.24%3.87%3.38%5.13%
High Yield Bond
PIMCO VIT High Yield Portfolio (1) – Administrative Class

PIMCO
0.80%6.89%3.35%4.50%
Inflation-Protected Bond
LVIP American Century Inflation Protection Fund (1)(2) – Service Class

Lincoln Financial Investments Corporation sub-advised by American Century Investment Management, Inc.
0.72%1.54%1.22%1.73%
Intermediate Government
Franklin Templeton VIP Trust – Franklin U.S. Government Securities VIP Fund (1) – Class 2

Franklin Advisers, Inc.
0.78%1.37%-0.52%0.53%
Intermediate Government
Principal VCF Government & High Quality Bond Account – Class 1 (closed to new investors with an application signature date of 6/8/19 and later)

Principal Global Investors, LLC
0.50%0.62%-1.18%0.57%
Intermediate Core Bond
CVT Investment Grade Bond Index Portfolio (1)(2) – Class F

Ameritas Investment Partners, Inc. through a sub-advisory agreement with Calvert Research and Management
0.57%0.78%-0.60%0.97%
Intermediate Core-Plus Bond
Janus Henderson Series Flexible Bond Portfolio (1)(2) – Service Shares

Janus Henderson Investors US LLC
0.82%1.63%0.09%1.35%
Intermediate Core-Plus Bond
PIMCO VIT Total Return Portfolio (1) – Administrative Class

PIMCO
0.79%2.53%-0.03%1.53%
Intermediate Core-Plus Bond
Principal VCF Core Plus Bond Account – Class 1 (closed to new investors with an application signature date of 6/8/19 and later)

Principal Global Investors, LLC
0.49%0.90%0.09%1.58%
17

TypePortfolio

Advisor/Sub-advisor		Current Expenses (Net)Average Annual Total Returns

(as of 12/31/24)
1 year5 year10 year
Large Blend
American Funds Insurance Series – Growth-Income Fund (1) – Class 4 Shares

Capital Research and Management Company
0.78%23.93%12.73%11.93%
Large Blend
EQ Advisors Trust 1290 VT Socially Responsible Portfolio (1) – Class IB

Equitable Investment Management Group, LLC/BlackRock Investment Management, LLC
0.90%21.70%13.57%12.09%
Large Blend
Franklin Templeton VIP Trust – Franklin Rising Dividends VIP Fund (1)(2) – Class 4

Franklin Advisers, Inc.
0.98%10.68%10.19%10.33%
Large Blend
Neuberger Berman AMT Sustainable Equity Portfolio (1) – S Class Shares

Neuberger Berman Investment Advisers LLC
1.15%25.52%13.68%11.18%
Large Blend
Principal VCF LargeCap S&P 500 Index Account (1) – Class 2

Principal Global Investors, LLC
0.45%24.39%13.94%12.52%
Large Blend
Principal VCF Principal Capital Appreciation Account (1) – Class 2

Principal Global Investors, LLC
0.88%25.54%14.56%12.88%
Defined Outcome
Principal VCF U.S. LargeCap S&P 500 Index Buffer April Account – Class 2 (1)(2)(3)(4)(5)(7)

Principal Global Investors, LLC
0.99%18.41%
Defined Outcome
Principal VCF U.S. LargeCap S&P 500 Index Buffer January Account – Class 2 (1)(2)(3)(4)(5)(6)

Principal Global Investors, LLC
1.00%18.29%
Defined Outcome
Principal VCF U.S. LargeCap S&P 500 Index Buffer July Account – Class 2 (1)(2)(3)(4)(5)(8)

Principal Global Investors, LLC
0.99%17.89%
Defined Outcome
Principal VCF U.S. LargeCap S&P 500 Index Buffer October Account – Class 2 (1)(2)(3)*4)(5)(9)

Principal Global Investors, LLC
0.99%19.18%
18

TypePortfolio

Advisor/Sub-advisor		Current Expenses (Net)Average Annual Total Returns

(as of 12/31/24)
1 year5 year10 year
Large Growth
Fidelity VIP Contrafund® Portfolio (1) – Service Class 2

Fidelity Management & Research Co., LLC
0.81%33.45%16.74%13.33%
Large Growth
Principal VCF Blue Chip Account (1)(2)(10) – Class 2

Principal Global Investors, LLC
0.90%21.00%
Large Growth
Principal VCF LargeCap Growth Account I (2) – Class 1 (closed to new investors with an application signature date of 6/8/19 and later)

Principal Global Investors, LLC/Brown Advisory, LLC & T. Rowe Price Associates, Inc.
0.67%25.14%13.93%14.63%
Large Growth
CVT Nasdaq 100 Index Portfolio (1)(2) – Class F

Ameritas Investment Partners, Inc. through a sub-advisory agreement with Calvert Research and Management
0.73%24.89%19.29%17.64%
Large Growth
Rydex VI NASDAQ 100 Fund (2) (closed to new investors with an application signature date of 6/4/2022 and later)

Security Investors, LLC, which operates under the name of Guggenheim Investments
1.70%23.91%17.87%16.48%
Large Growth
T. Rowe Price Blue Chip Growth Portfolio (1) – II

T. Rowe Price Associates, Inc.
0.99%35.17%14.18%14.48%
Large Value
LVIP American Century Value Fund (1)(2)(10) – Service Class

Lincoln Financial Investments Corporation sub-advised by American Century Investment Management, Inc.
0.86%9.29%8.41%8.01%
Large Value
American Funds Insurance Series – Washington Mutual Investors Fund (1)(2) – Class 4 Shares

Capital Research and Management Company
0.75%18.85%11.92%9.99%
Large Value
Principal VCF Equity Income Account (1) – Class 2

Principal Global Investors, LLC
0.73%15.23%8.15%9.21%
19

TypePortfolio

Advisor/Sub-advisor		Current Expenses (Net)Average Annual Total Returns

(as of 12/31/24)
1 year5 year10 year
Event Driven
The Merger Fund VL (2)

Virtus Investment Advisers, Inc.
1.54%3.44%3.40%3.41%
Mid-Cap Blend
BlackRock Advantage SMID Cap V.I. Fund (1)(2) – Class III

BlackRock Investment Management, LLC.
0.80%11.70%8.41%8.94%
Mid-Cap Blend
BNY Mellon IP MidCap Stock Portfolio (1)(2) – Service Shares

BNY Mellon Investment Adviser, Inc. through a sub-advisory agreement with Mellon Investments Corporation.
1.05%12.33%9.00%7.22%
Mid-Cap Blend
CVT S&P MidCap 400 Index Portfolio (1)(2) – Class F

Ameritas Investment Partners, Inc. through a sub-advisory agreement with Calvert Research and Management
0.53%13.29%9.77%9.07%
Mid-Cap Blend
Fidelity VIP Mid Cap Portfolio (1) – Service Class 2

Fidelity Management & Research Co., LLC
0.82%17.18%11.06%8.94%
Mid-Cap Blend
Goldman Sachs VIT – Goldman Sachs Mid Cap Value Fund (1)(2) – Service Shares

Goldman Sachs Asset Management, L.P.
1.07%12.12%9.57%7.71%
Mid-Cap Growth
Janus Henderson Series Enterprise Portfolio (1) – Service Shares

Janus Henderson Investors US LLC
0.97%15.32%9.61%12.12%
Mid-Cap Growth
Neuberger Berman AMT Mid-Cap Growth Portfolio (1)(2) – Class S

Neuberger Berman Investment Advisers, LLC
1.10%23.37%10.35%10.25%
Mid-Cap Growth
Principal VCF MidCap Account (1) – Class 2

Principal Global Investors, LLC
0.78%19.98%11.37%12.28%
Money Market
Fidelity VIP Government Money Market Portfolio (1) – Service Class 2

Fidelity Management & Research Co., LLC
0.50%4.84%2.17%1.44%
Multistrategy
DWS Alternative Asset Allocation VIP (1)(3) – Class B

RREEF America L.L.C. through a sub-advisory agreement with DWS Investment Management Americas Inc.
1.26%5.30%3.97%2.83%
20

TypePortfolio

Advisor/Sub-advisor		Current Expenses (Net)Average Annual Total Returns

(as of 12/31/24)
1 year5 year10 year
Systematic Trend
Guggenheim Investments VIF Global Managed Futures Strategy Fund (2)

Security Investors, LLC, which operates under the name of Guggenheim Investments
2.11%0.37%3.73%0.75%
Multistrategy
Guggenheim Investments VIF Multi-Hedge Strategies Fund (2)

Security Investors, LLC, which operates under the name of Guggenheim Investments
1.82%-3.66%2.43%1.68%
Natural Resources
Rydex VI Basic Materials Fund (2)

Security Investors, LLC, which operates under the name of Guggenheim Investments
1.73%-2.47%7.17%6.42%
Natural Resources
VanEck VIP Trust – VanEck VIP Global Resources Fund (1) – Class S

Van Eck Associates Corporation
1.30%-3.09%7.28%0.57%
Real Estate
Principal VCF Real Estate Securities Account (1) – Class 2

Principal Real Estate Investors, LLC with a sub-advisory agreement with Principal Global Investors, LLC
1.04%5.41%3.65%5.99%
Short Term Bond
Columbia VP – Limited Duration Credit Fund (1)(2) – Class 2

Columbia Management Investment Advisors, LLC
0.66%4.64%1.81%2.08%
Short Term Bond
PIMCO VIT Low Duration Portfolio (1) – Advisor Class

PIMCO
0.77%4.39%0.98%1.18%
Short-Term Bond
Principal VCF Short-Term Income Account – Class 1 (closed to new investors with an application signature date of 6/8/19 and later)

Principal Global Investors, LLC
0.41%5.09%1.92%2.05%
Small Blend
CVT Russell 2000 Small Cap Index Portfolio (1)(2) – Class F

Ameritas Investment Partners, Inc. through a sub-advisory agreement with Calvert Research and Management
0.59%11.00%6.93%7.24%
21

TypePortfolio

Advisor/Sub-advisor		Current Expenses (Net)Average Annual Total Returns

(as of 12/31/24)
1 year5 year10 year
Small Blend
EQ Advisors Trust 1290 VT GAMCO Small Company Value Portfolio (1) – Class IB

Equitable Investment Management Group, LLC/GAMCO Asset Management, Inc
1.05%11.59%10.58%8.80%
Small Blend
Goldman Sachs VIT – Goldman Sachs Small Cap Equity Insights Fund (1)(2) – Service Shares

Goldman Sachs Asset Management, L.P.
1.06%18.76%8.73%8.69%
Small Blend
Principal VCF SmallCap Account (1) – Class 2

Principal Global Investors, LLC
1.09%6.66%7.30%7.76%
Small Growth
ClearBridge Variable Small Cap Growth Portfolio (1) – Class II Shares

Franklin Templeton Fund Adviser, LLC sub-advised by ClearBridge Investments, LLC
1.05%4.23%5.13%7.66%
Small Growth
EQ Advisors Trust 1290 VT Micro Cap Portfolio (1)(2) – Class IB

Equitable Investment Management Group, LLC/Lord, Abbett & Co. LLC/BlackRock Investment Management, LLC
1.15%20.06%9.77%
Small Growth
MFS® New Discovery Series (1)(2) – Service Class

MFS
1.12%6.44%4.71%8.92%
Small Value
Columbia VP – Small Cap Value Fund (1)(2) – Class 2

Columbia Management Investment Advisors, LLC
1.13%8.67%10.98%8.98%
Small Value
DWS Small Mid Cap Value VIP (1)(2) – Class B

DWS Investment Management Americas Inc.
1.21%5.79%5.51%5.20%
Technology
Janus Henderson Series Global Technology and Innovation Portfolio (1) – Service Shares

Janus Henderson Investors US LLC
0.97%31.76%17.80%19.06%
Utilities
MFS® Utilities Series (1)(2) – Service Class

MFS
1.04%11.34%5.61%6.02%
22

(1)     This underlying mutual fund pays 12b-1 fees to PSI.
(2)     This reflects an expense reimbursement and/or fee waiver arrangement that is in place and reported in the underlying mutual fund’s registration statement. This agreement may be terminated in the future and, therefore, the expense figures shown reflect temporary fee reductions.
(3)     This underlying mutual fund is a fund of funds. The fund of funds expenses may be higher than other fund types because the expenses of the selected fund include the expenses of the funds it holds.
(4)     This underlying mutual fund is not available in the state of New York.
(5)    This underlying mutual fund may not be available through all broker-dealers.
(6) Prior to May 1, 2025, the Principal VCF U.S. LargeCap S&P 500 Index Buffer January Account was known as the Principal VCF U.S. LargeCap Buffer January Account. This change will be reflected on 5/31/25.
(7) Prior to May 1, 2025, the Principal VCF U.S. LargeCap S&P 500 Index Buffer April Account was known as the Principal VCF U.S. LargeCap Buffer April Account. This change will be reflected on 5/31/25.
(8) Prior to May 1, 2025, the Principal VCF U.S. LargeCap S&P 500 Index Buffer July Account was known as the Principal VCF U.S. LargeCap Buffer July Account. This change will be reflected on 5/31/25.
(9) Prior to May 1, 2025, the Principal VCF U.S. LargeCap S&P 500 Index Buffer October Account was known as the Principal VCF U.S. LargeCap Buffer October Account. This change will be reflected on 5/31/25.
(10) Effective May 1, 2025, the Principal VCF Blue Chip Account - Class 3 merged into the Principal VCF Blue Chip Account - Class 2.

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The name of the Contract is Principal® Pivot Series Variable Annuity. The EDGAR contract identifier number for the Contract is C000145948.
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