Principal Variable Contracts Funds, Inc.

Supplement dated November 3, 2026

to the Prospectus and Statement of Additional Information

dated May 1, 2026 (both as previously supplemented)

(Not all Accounts are offered in all variable annuity and variable life contracts.)

This supplement updates information contained in the Prospectus and Statement of Additional Information. Please retain this supplement for future reference.

The changes described below are being made to the Prospectus and Statement of Additional Information.

Effective November 3, 2026, remove May Tong as a Portfolio Manager for the following funds:

LargeCap Growth I Account

Principal LifeTime Strategic Income Account

Principal LifeTime 2020 Account

Principal LifeTime 2030 Account

Principal LifeTime 2040 Account

Principal LifeTime 2050 Account

Principal LifeTime 2060 Account

(together, the “Funds”)

Accordingly, all references to May Tong in the Funds’ Prospectus and Statement of Additional Information are hereby deleted.

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