Principal Life Insurance Separate Account B Co
04/30/2024 | Press release | Distributed by Public on 04/30/2024 11:32
Updating Summary Prospectus - Form 497VPU
Document
PRINCIPAL® VARIABLE ANNUITY
(Flexible Variable Annuity)
UPDATING SUMMARY PROSPECTUS
Dated May 1, 2024
Principal Life Insurance Company ("the Company", "we", "our" or "us") no longer offers or issues this product. This prospectus is only for the use of the current owners of the product.
This Updating Summary Prospectus describes Principal® Variable Annuity (Flexible Variable Annuity), an individual, flexible premium, deferred variable annuity (the "Contract"), issued by the Company through Principal Life Insurance Company Separate Account B ("Separate Account").
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/FVAreport. You can also obtain this information at no cost by calling 1-800-852-4450 or by sending an email request to [email protected].
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.
UPDATED INFORMATION ABOUT YOUR CONTRACT
The information in this Updating Summary Prospectus is a summary of certain Contract features that have changed since the statutory prospectus dated May 1, 2023. This may not reflect all of the changes that have occurred since you entered into your Contract.
Underlying Mutual Funds
Effective June 1, 2024, the Calvert VP Nasdaq 100 Index Portfolio will be known as the CVT Nasdaq 100 Index Portfolio.
Effective June 1, 2024, the Principal VCF Diversified Balanced Managed Volatility Account will be known as the Principal VCF Diversified Balanced Strategic Allocation Account.
Effective June 1, 2024, the Principal VCF Diversified Growth Managed Volatility Account will be known as the Principal VCF Diversified Growth Strategic Allocation Account.
Effective June 1, 2024, the Delaware VIP Small Cap Value Series will be known as the Macquarie VIP Small Cap Value Series.
Prior to April 26, 2024, the LVIP American Century Inflation Protection Fund was known as the American Century VP Inflation Protection Fund.
Prior to April 26, 2024, the LVIP American Century Ultra Fund was known as the American Century VP Ultra Fund.
Prior to April 26, 2024, the LVIP American Century Disciplined Core Value Fund was known as the American Century VP Disciplined Core Value Fund.
Prior to April 26, 2024, the LVIP American Century Value Fund was known as the American Century VP Value Fund.
Prior to April 26, 2024, the LVIP American Century Mid Cap Value Fund was known as the American Century VP Mid Cap Value Fund.
The American Funds Insurance Series - Growth-Income Fund - Class 2 Shares will be available on June 1, 2024.
For more information on the available underlying funds, please see the funds' prospectuses at the following website: www.principal.com/FVAreport.
KEY INFORMATION TABLE
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT
| FEES AND EXPENSES |
LOCATION IN EXPANDED
PROSPECTUS
|
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| Charges for Early Withdrawals | If you withdraw money from your Contract within 7 years following your last purchase 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 |
2
|
Ongoing Fees and Expenses
(annual charges)
|
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| 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
|
1.30% | 1.30% | 7. CHARGES - Base Contract Annual Expenses | |||||
|
2. Investment options (underlying mutual fund fees and expenses)2
|
0.21% | 4.52% | APPENDIX A in this Updating Summary Prospectus - INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT | |||||
|
3. Optional death benefit available for an additional charge3
|
0.20% | 0.20% |
7. CHARGES - Optional Death Benefit Rider 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
|
As a percentage of the average quarterly accumulated value. The annual maximum and current percentage in New York is 0.15%, which is deducted each calendar quarter.
|
3
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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.
|
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|
LOWEST ANNUAL COST
$1,358
|
HIGHEST ANNUAL COST
$4,620
|
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| 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 purchase 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 purchase payments, transfers or withdrawals
|
4
| RISKS |
LOCATION IN EXPANDED
PROSPECTUS
|
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| 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 7 years following your last purchase payment. 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 (including the DCA Plus and Fixed Accounts) 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 (including under the DCA Plus and Fixed Accounts), guarantees, or benefits are subject to the claims-paying ability of the Company. More information about the Company, including its financial strength ratings, is available upon request by calling 1-800-852-4450.
|
5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT - Insurance Company Risks | |
| RESTRICTIONS |
LOCATION IN EXPANDED
PROSPECTUS
|
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| 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.
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8. GENERAL DESCRIPTION OF THE CONTRACT - Frequent Transfers among Divisions
8. GENERAL DESCRIPTION OF THE CONTRACT - Contract or Registrant Changes
|
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| Optional Benefits |
The Annual Enhanced Death Benefit Rider was an optional benefit you could have purchased at the time you purchased your Contract.
|
10. BENEFITS AVAILABLE UNDER THE CONTRACT |
5
| TAXES |
LOCATION IN EXPANDED
PROSPECTUS
|
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| 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.
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13. TAXES | ||||
| CONFLICTS OF INTEREST |
LOCATION IN EXPANDED
PROSPECTUS
|
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| 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 had a financial incentive to offer or recommend this Contract over another investment.
|
16. ADDITIONAL INFORMATION ABOUT THE CONTRACT - Payments to Financial Intermediaries | ||||
| Exchanges |
Your financial professional may have a financial incentive to offer you a new contract in place of the one you own. You should only consider exchanging your Contract if you determine, after comparing the features, fees, and risks of both contracts, that it is in your best interest to purchase the new contract rather than continuing to own your existing Contract.
|
8. GENERAL DESCRIPTION OF THE CONTRACT - Contract Provisions and Limitations - Exchange Offers |
6
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/FVAreport, call 1-800-852-4450, or send a request to [email protected].
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.
| Type |
Portfolio
Advisor/Sub-advisor
|
Current Expenses (Net) |
Average Annual Total Returns
(as of 12/31/23)
|
||
| 1 year | 5 year | 10 year | |||
| Asset Allocation |
American Funds Insurance Series - Asset Allocation Fund (1) - Class 2 Shares
Capital Research and Management Company
|
0.55% | 14.27% | 9.20% | 7.25% |
| Asset Allocation |
BlackRock 60/40 Target Allocation ETF V.I. Fund (1)(2)(3) - Class III
BlackRock Advisors, LLC
|
0.56% | 15.32% | 8.69% | |
| Asset 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% | 12.49% | 7.39% | 4.63% |
| Asset Allocation |
Principal VCF Diversified Balanced Account (3) - Class 1
Principal Global Investors, LLC
|
0.23% | 14.17% | 7.63% | 6.03% |
| Asset Allocation |
Principal VCF Diversified Balanced Strategic Allocation Account (1)(3)(8) - Class 2
Principal Global Investors, LLC
|
0.55% | 13.09% | 5.92% | 5.49% |
| Asset Allocation |
Principal VCF Diversified Growth Strategic Allocation Account (1)(3)(9) - Class 2
Principal Global Investors, LLC
|
0.58% | 15.60% | 8.68% | 6.62% |
| Asset Allocation |
Principal VCF Principal LifeTime 2020 Account (3) - Class 1
Principal Global Investors, LLC
|
0.55% | 12.26% | 6.95% | 5.34% |
| Asset Allocation |
Principal VCF Principal LifeTime 2030 Account (3) - Class 1
Principal Global Investors, LLC
|
0.58% | 15.09% | 8.64% | 6.33% |
7
| Type |
Portfolio
Advisor/Sub-advisor
|
Current Expenses (Net) |
Average Annual Total Returns
(as of 12/31/23)
|
||
| 1 year | 5 year | 10 year | |||
| Asset Allocation |
Principal VCF Principal LifeTime 2040 Account (3) - Class 1
Principal Global Investors, LLC
|
0.64% | 18.27% | 10.10% | 7.16% |
| Asset Allocation |
Principal VCF Principal LifeTime 2050 Account (3) - Class 1
Principal Global Investors, LLC
|
0.69% | 20.38% | 11.02% | 7.68% |
| Asset Allocation |
Principal VCF Principal LifeTime Strategic Income Account (3) - Class 1
Principal Global Investors, LLC
|
0.54% | 10.79% | 4.54% | 3.64% |
| Asset Allocation |
Principal VCF Strategic Asset Management ("SAM") Portfolios (3) - Balanced Portfolio - Class 1
Principal Global Investors, LLC
|
0.73% | 16.00% | 8.12% | 6.23% |
| Asset Allocation |
Principal VCF Strategic Asset Management ("SAM") Portfolios - Conservative Balanced Portfolio (3) - Class 1
Principal Global Investors, LLC
|
0.70% | 11.97% | 5.95% | 4.87% |
| Asset Allocation |
Principal VCF Strategic Asset Management ("SAM") Portfolios (3) - Conservative Growth Portfolio - Class 1
Principal Global Investors, LLC
|
0.77% | 19.37% | 10.12% | 7.49% |
| Asset Allocation |
Principal VCF Strategic Asset Management ("SAM") Portfolios (3) - Flexible Income Portfolio - Class 1
Principal Global Investors, LLC
|
0.65% | 9.37% | 4.29% | 3.92% |
| Asset Allocation |
Principal VCF Strategic Asset Management ("SAM") Portfolios (3) - Strategic Growth Portfolio - Class 1
Principal Global Investors, LLC
|
0.80% | 21.86% | 11.78% | 8.26% |
| Asset 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% | 17.10% | 10.27% |
8
| Type |
Portfolio
Advisor/Sub-advisor
|
Current Expenses (Net) |
Average Annual Total Returns
(as of 12/31/23)
|
||
| 1 year | 5 year | 10 year | |||
| Asset 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% | 11.17% | 6.15% | |
| Asset 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% | 8.96% | 4.57% | |
| Asset Allocation |
TOPS® Growth ETF Portfolio (1)(3) - Investor Class Shares
Milliman Financial Risk Management, LLC through a sub-advisory agreement with ValMark Advisers, Inc.
|
0.79% | 15.81% | 9.20% | |
| Asset 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% | 13.21% | 7.68% | |
| Bank Loan |
Guggenheim Investments VIF (1)(2) - Series F (Guggenheim Floating Rate Strategies Series)
Guggenheim Partners Investment Management, LLC d/b/a Guggenheim Investments
|
1.18% | 11.12% | 3.98% | 3.40% |
| Commodities |
Rydex VI Commodities Strategy Fund (2)
Security Investors, LLC, which operates under the name of Guggenheim Investments
|
1.78% | (6.24)% | 7.44% | (4.79)% |
| Convertibles |
EQ Advisors Trust 1290 VT Convertible Securities Portfolio (1)(2) - Class IB
Equitable Investment Management Group, LLC /SSGA Funds Management, Inc.
|
0.90% | 13.73% | 9.37% | 6.84% |
| Diversified Emerging Markets |
American Funds Insurance Series - New World Fund (1)(2) - Class 2 Shares
Capital Research and Management Company
|
0.82% | 15.99% | 8.64% | 4.69% |
| Diversified Emerging Markets |
Principal VCF Global Emerging Markets Account (1) - Class 1
Principal Global Investors, LLC
|
1.16% | 12.53% | 4.18% | 2.17% |
| Equity Energy |
Fidelity VIP Energy Portfolio - Service Class 2 (1)
Fidelity Management & Research Company LLC
|
0.86% | 0.70% | 13.36% | 2.37% |
| Equity Precious Metals |
VanEck VIP Trust - VanEck VIP Global Gold Fund (1)(2) - Class S
Van Eck Associates Corporation
|
1.45% | 10.41% | 9.61% | 4.61% |
9
| Type |
Portfolio
Advisor/Sub-advisor
|
Current Expenses (Net) |
Average Annual Total Returns
(as of 12/31/23)
|
||
| 1 year | 5 year | 10 year | |||
| Foreign Large Blend |
Principal VCF Diversified International Account - Class 1
Principal Global Investors, LLC
|
0.89% | 17.45% | 8.01% | 4.23% |
| Foreign Large Growth |
Fidelity VIP Overseas Portfolio (1) - Service Class 2
Fidelity Management & Research Company LLC
|
0.98% | 20.22% | 8.39% | 4.48% |
| Foreign Large Growth |
MFS® International Intrinsic Value Portfolio (1)(2) - Service Class
MFS
|
1.14% | 17.37% | 8.31% | 6.66% |
| Global Bond |
Franklin Templeton VIP Trust (1)(2) - Templeton Global Bond VIP Fund - Class 4
Franklin Advisers, Inc
|
0.85% | 2.82% | (2.23)% | (0.76)% |
| 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% | 16.49% | 11.53% | 8.52% |
| Global Large-Stock Growth |
Janus Henderson Global Sustainable Equity Portfolio - Service Shares (1)(2)
Janus Henderson Investors US LLC
|
1.12% | 23.24% | ||
| Global Real Estate |
Franklin Templeton VIP Trust - Franklin Global Real Estate VIP Fund (1)(2) - Class 2
Franklin Advisers, Inc.
|
1.25% | 11.43% | 3.88% | 3.78% |
| Global Small/Mid Stock |
American Funds Insurance Series - Global Small Capitalization Fund (1)(2) - Class 2 Shares
Capital Research and Management Company
|
0.91% | 16.17% | 8.31% | 5.78% |
| Health |
Fidelity VIP Health Care Portfolio - Service Class 2 (1)
Fidelity Management & Research LLC
|
0.84% | 4.01% | ||
| Health |
Invesco V.I. Health Care Fund - Series I Shares
Invesco Advisers, Inc.
|
0.98% | 3.02% | 8.75% | 6.87% |
| High Yield Bond |
American Funds Insurance Series - American High-Income Trust (1)(2) - Class 2 Shares
Capital Research and Management Company
|
0.57% | 12.45% | 6.09% | 4.41% |
| Inflation-Protected Bond |
LVIP American Century Inflation Protection Fund (1)(2)(11) - Service Class
Lincoln Financial Investments Corporation sub-advised by American Century Investment Management, Inc.
|
0.77% | 3.40% | 2.65% | 1.90% |
| Intermediate Government |
Principal VCF Government & High Quality Bond Account - Class 1
Principal Global Investors, LLC
|
0.53% | 4.64% | (0.06)% | 1.01% |
10
| Type |
Portfolio
Advisor/Sub-advisor
|
Current Expenses (Net) |
Average Annual Total Returns
(as of 12/31/23)
|
|||
| 1 year | 5 year | 10 year | ||||
| Intermediate-Term Bond |
Janus Henderson Series Flexible Bond Portfolio (1)(2) - Service Shares
Janus Henderson Investors US LLC
|
0.82% | 5.29% | 1.55% | 1.66% | |
| Intermediate-Term Bond |
Principal VCF Core Plus Bond Account - Class 1
Principal Global Investors, LLC
|
0.50% | 5.34% | 1.61% | 2.01% | |
| Large Blend |
American Funds Insurance Series - Growth-Income Fund (1)(16) - Class 2 Shares
Capital Research and Management Company
|
0.53% | 26.14% | 13.36% | 10.91% | |
| Large Blend |
EQ Advisors Trust 1290 VT Socially Responsible Portfolio (1) - Class IB
Equitable Investment Management Group, LLC / BlackRock Investment Management, LLC
|
0.92% | 27.50% | 15.12% | 11.32% | |
| Large Blend |
Invesco V.I. Core Equity Fund - Series I Shares
Invesco Advisers, Inc.
|
0.80% | 23.36% | 12.95% | 7.79% | |
| Large Blend |
Principal VCF LargeCap S&P 500 Index Account - Class 1
Principal Global Investors, LLC
|
0.21% | 25.97% | 15.37% | 11.72% | |
| Large Blend |
Principal VCF Principal Capital Appreciation Account - Class 1
Principal Global Investors, LLC
|
0.65% | 25.15% | 16.03% | 11.89% | |
| Large Blend |
Principal VCF U.S. LargeCap Buffer April Account - Class 2 (1)(2)(3)(5)(6)(7)
Principal Global Investors, LLC
|
1.03% | ||||
| Large Blend |
Principal VCF U.S. LargeCap Buffer January Account - Class 2 (1)(2)(3)(6)(7)
Principal Global Investors, LLC
|
1.03% | 19.42% | |||
| Large Blend |
Principal VCF U.S. LargeCap Buffer July Account - Class 2 (1)(2)(3)(6)(7)
Principal Global Investors, LLC
|
1.00% | 18.23% | |||
| Large Blend |
Principal VCF U.S. LargeCap Buffer October Account - Class 2 (1)(2)(3)(6)(7)
Principal Global Investors, LLC
|
1.01% | 19.45% | |||
| Large Growth |
LVIP American Century Ultra Fund (2)(12) - Standard Class II
Lincoln Financial Investments Corporation sub-advised by American Century Investment Management, Inc.
|
0.75 | % | 43.51% | 19.24% | 14.64% |
11
| Type |
Portfolio
Advisor/Sub-advisor
|
Current Expenses (Net) |
Average Annual Total Returns
(as of 12/31/23)
|
||
| 1 year | 5 year | 10 year | |||
| Large Growth |
CVT Nasdaq 100 Index Portfolio (1)(2)(4) - Class F
Ameritas Investment Partners, Inc. through a sub-advisory agreement with Calvert Research and Management
|
0.73% | 54.02% | 21.79% | 17.05% |
| Large Growth |
Fidelity VIP Contrafund® Portfolio (1) - Service Class
Fidelity Management & Research Company LLC
|
0.66% | 33.45% | 16.65% | 11.61% |
| Large Growth |
Fidelity VIP Growth Portfolio (1) - Service Class
Fidelity Management & Research Company LLC
|
0.68% | 36.09% | 19.52% | 14.68% |
| Large Growth |
Invesco V.I. American Franchise Fund - Series I Shares
Invesco Advisers, Inc.
|
0.86% | 40.93% | 16.16% | 11.70% |
| Large Growth |
Principal VCF Blue Chip Account (1)(2) - Class 3
Principal Global Investors, LLC
|
1.05% | 39.09% | ||
| Large Growth |
Principal VCF LargeCap Growth Account I (2) - Class 1
Principal Global Investors, LLC/Brown Advisory, LLC & TRowe Price Associates, Inc.
|
0.69% | 40.34% | 15.66% | 13.01% |
| Large Value |
LVIP American Century Disciplined Core Value Fund (2)(13) - Standard Class II
Lincoln Financial Investments Corporation sub-advised by American Century Investment Management, Inc.
|
0.71% | 8.65% | 10.19% | 8.19% |
| Large Value |
LVIP American Century Value Fund (1)(2)(14) - Service Class II
Lincoln Financial Investments Corporation sub-advised by American Century Investment Management, Inc.
|
0.86% | 9.02% | 11.71% | 8.36% |
| Large Value |
American Funds Insurance Series - Washington Mutual Investors Fund (1)(2) - Class 2 Shares
Capital Research and Management Company
|
0.52% | 17.29% | 12.60% | 9.91% |
| Large Value |
Fidelity VIP Equity-Income Portfolio (1) - Service Class 2
Fidelity Management & Research Company LLC
|
0.72% | 10.38% | 12.01% | 8.31% |
| Large Value |
Principal VCF Equity Income Account - Class 1
Principal Global Investors, LLC
|
0.49% | 11.22% | 10.87% | 9.22% |
| Mid-Cap Blend |
Goldman Sachs VIT - Goldman Sachs Mid Cap Value Fund (2) - Institutional Shares
Goldman Sachs Asset Management, L.P.
|
0.84% | 11.42% | 13.36% | 8.10% |
12
| Type |
Portfolio
Advisor/Sub-advisor
|
Current Expenses (Net) |
Average Annual Total Returns
(as of 12/31/23)
|
||
| 1 year | 5 year | 10 year | |||
| Mid-Cap Growth |
Invesco V.I. Discovery Mid Cap Growth Fund - Series I
Invesco Advisers, Inc.
|
0.87% | 13.15% | 12.77% | 9.79% |
| Mid-Cap Growth |
Janus Henderson Series Enterprise Portfolio (1) - Service Shares
Janus Henderson Investors US LLC
|
0.97% | 17.78% | 13.14% | 11.82% |
| Mid-Cap Growth |
Principal VCF MidCap Account - Class 1
Principal Global Investors, LLC
|
0.55% | 26.08% | 15.60% | 11.87% |
| Mid-Cap Value |
LVIP American Century Mid Cap Value Fund (1)(2)(15) - Service Class
Lincoln Financial Investments Corporation sub-advised by American Century Investment Management, Inc.
|
1.01% | 6.03% | 10.90% | 8.61% |
| Money Market |
Fidelity VIP Government Money Market Portfolio - Initial Class
Fidelity Management & Research Company LLC
|
0.27% | 4.89% | 1.72% | 1.11% |
| Multialternative |
Guggenheim Investments VIF Global Managed Futures Strategy Fund (2)
Security Investors, LLC, which operates under the name of Guggenheim Investments
|
2.05% | 3.80% | 5.28% | 1.87% |
| Multialternative |
Guggenheim Investments VIF Long Short Equity Fund
Security Investors, LLC, which operates under the name of Guggenheim Investments
|
1.92% | 12.75% | 5.76% | 3.32% |
| Multialternative |
Guggenheim Investments VIF Multi-Hedge Strategies Fund (2)
Security Investors, LLC, which operates under the name of Guggenheim Investments
|
1.75% | 4.37% | 4.21% | 2.52% |
| Natural Resources |
VanEck VIP Trust - VanEck VIP Global Resources Fund (1) - Class S
Van Eck Associates Corporation
|
1.36% | (3.84)% | 10.34% | (1.26)% |
| Real Estate |
Principal VCF Real Estate Securities Account - Class 1
Principal Real Estate Investors, LLC through a sub-advisory agreement with Principal Global Investors, LLC
|
0.80% | 13.33% | 8.52% | 8.71% |
13
| Type |
Portfolio
Advisor/Sub-advisor
|
Current Expenses (Net) |
Average Annual Total Returns
(as of 12/31/23)
|
||
| 1 year | 5 year | 10 year | |||
| Short-Term Fixed Income |
Columbia VP - Limited Duration Credit Fund (1)(2) - Class 2
Columbia Management Investment Advisors, LLC
|
0.66% | 6.66% | 2.36% | 1.65% |
| Short-Term Fixed Income |
PIMCO VIT Low Duration Portfolio (1) - Advisor Class
PIMCO
|
0.79% | 4.87% | 0.88% | 0.82% |
| Short-Term Fixed Income |
Principal VCF Short-Term Income Account - Class 1
Principal Global Investors, LLC
|
0.43% | 5.60% | 1.84% | 1.72% |
| Small Blend |
EQ Advisors Trust 1290 VT GAMCO Small Company Value Portfolio (1) - Class IB
Equitable Investment Management Group, LLC / GAMCO Asset Management, Inc
|
1.06% | 21.04% | 12.82% | 7.94% |
| Small Blend |
Goldman Sachs VIT - Goldman Sachs Small Cap Equity Insights Fund (2) - Institutional Shares
Goldman Sachs Asset Management, L.P.
|
0.82% | 19.28% | 10.04% | 7.80% |
| Small Blend |
Invesco V.I. Main Street Small Cap Fund (1) - Series II
Invesco Advisors, Inc.
|
1.13% | 17.82% | 12.79% | 8.66% |
| Small Blend |
Invesco V.I. Small Cap Equity Fund - Series I Shares
Invesco Advisers, Inc.
|
0.95% | 16.57% | 12.44% | 6.55% |
| Small Blend |
Principal VCF SmallCap Account - Class 1
Principal Global Investors, LLC
|
0.85% | 15.53% | 11.39% | 7.81% |
| 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% | 7.62% | 11.41% | |
| Small Growth |
MFS® New Discovery Series (1)(2) - Service Class
MFS
|
1.12% | 14.25% | 10.81% | 7.41% |
| Small Value |
AllianceBernstein VPS Discovery Value Portfolio - Class A
AllianceBernstein L.P.
|
0.81% | 17.18% | 10.78% | 7.55% |
14
| Type |
Portfolio
Advisor/Sub-advisor
|
Current Expenses (Net) |
Average Annual Total Returns
(as of 12/31/23)
|
||
| 1 year | 5 year | 10 year | |||
| Small Value |
Macquarie VIP Small Cap Value Series (1)(10) - Service Class
Delaware Management Company
|
1.08% | 9.10% | 9.87% | 6.77% |
| Small Value |
DWS Small Mid Cap Value VIP (1)(2) - Class B
DWS Investment Management Americas, Inc.
|
1.17% | 14.59% | 8.38% | 5.13% |
| Small Value |
Franklin Templeton VIP Trust - Franklin Small Cap Value VIP Fund (1)(2) - Class 2
Franklin Mutual Advisers, LLC
|
0.91% | 12.75% | 11.06% | 7.04% |
| Technology |
Invesco V.I. Technology Fund - Series I Shares
Invesco Advisers, Inc.
|
0.98% | 46.94% | 14.92% | 12.24% |
(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) Effective June 1, 2024, the Calvert VP Nasdaq 100 Index Portfolio will be known as the CVT Nasdaq 100 Index Portfolio.
(5) This Fund is not showing Average Annual Total Returns because operation of the Fund is less than a year old and will not have annual returns for the years shown.
(6) This underlying mutual fund is not available in the state of New York.
(7) This underlying mutual fund may not be available through all broker-dealers.
(8) Effective June 1, 2024, the Principal VCF Diversified Balanced Managed Volatility Account will be known as the Principal VCF Diversified Balanced Strategic Allocation Account.
(9) Effective June 1, 2024, the Principal VCF Diversified Growth Managed Volatility Account will be known as the Principal VCF Diversified Growth Strategic Allocation Account.
(10) Effective June 1, 2024, the Delaware VIP Small Cap Value Series will be known as the Macquarie VIP Small Cap Value Series.
(11) Prior to April 26, 2024, this fund was known as the American Century VP Inflation Protection Fund - Class II.
(12) Prior to April 26, 2024, this fund was known as the American Century VP Ultra Fund - Class I.
(13) Prior to April 26, 2024, this fund was known as the American Century VP Disciplined Core Value Fund - Class I.
(14) Prior to April 26, 2024, this fund was known as the American Century VP Value Fund - Class II.
(15) Prior to April 26, 2024, this fund was known as the American Century VP Mid Cap Value Fund - Class II.
(16) Investment Option will be available on June 1, 2024.
15
The name of the Contract is Principal® Variable Annuity (Flexible Variable Annuity). The EDGAR contract identifier number for the Contract is C000004194.
16