Principal^® Pivot Series Variable Annuity Performance Update - For applications signed before April 6, 2017

Not all investment advisors or variable subaccounts listed are available in every state.

Portfolio Inception Date and Since Portfolio Inception column refer to the date the underlying funds into which the subaccounts invest were established. Subaccount Inception Date and Since Subaccount Inception Date columns refer to the date that each subaccount was included in the separate account.

Performance including surrender charges for each subaccount is based on the Subaccount Inception Date. Performance excluding surrender charges is based on the Portfolio Inception Date. The time frame for each may vary.

The "Daily Change in UV" column reflects the difference in unit values between the date listed in the prior column and the business day preceding that date.

Performance data prior to the inception date of the separate account represent adjusted hypothetical performance.

VP and VIP refer to Variable Portfolios and Variable Insurance Products.

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Calculated returns typically reflect the historical performance of the oldest share class of the fund, adjusted to reflect the fees and expenses of the in effect share class. Please see the fund's prospectus for more information on specific expenses, and the fund's most recent shareholder report for actual date of first sale. Expenses are deducted from income earned by the fund. As a result, dividends and investment results will differ for each share class.

S&P 500® is a trademark of S&P Global and is used under license. The product is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in the product.

While the underlying securities of the Franklin U.S. Government Securities VIP Fund, Government & High Quality Bond, Short-Term Income, and Fidelity VIP Government Money Market Subaccounts are guaranteed by the U.S. government as to timely payment of principal and interest. Account values are not guaranteed.

PIMCO VIT High Yield Portfolio is subject to greater credit risk associated with high yield bonds.

Investments in the Diversified International, American Funds Global Small Capitalization, American Funds New World, American Funds Managed Risk International, Calvert EAFE International Index, Fidelity VIP Contrafund, Fidelity VIP Energy, Fidelity VIP Health Care, Fidelity VIP Overseas, Templeton Global Bond Securities, Franklin Global Real Estate, Franklin Income VIP, Invesco V.I. Health Care, Invesco V.I. International Equity, MFS International Intrinsic Value Portfolio, Global Emerging Markets, Alps Global Opportunity, Rydex Basic Materials, T. Rowe Price Blue Chip Growth Portfolio, VanEck Global Gold and VanEck Global Resources subaccounts are subject to additional risk due to fluctuating exchange rates, foreign accounting and financial policies, and other economic and political environments.

Investments in SmallCap, MidCap, Calvert VP Russell 2000 Index, Calvert VP S&P MidCap 400 Index, DWS Small MidCap Value VIP,EQ Advisors Trust - 1290 VT Convertible Securities, EQ Advisors Trust - 1290 VT GAMCO Small Company Value, EQ Advisors Trust - 1290 VT Micro Cap, Fidelity VIP MidCap, Goldman Sachs VIT MidCap Value, BNY Mellon IP MidCap Stock, Neuberger Berman Mid-Cap Growth, BlackRock Advantage SMID Cap V.I., Columbia Small Cap Value, ClearBridge Small Cap Growth, MFS New Discovery and Goldman Sachs VIT Small Cap Equity Insights Subaccounts are subject to more fluctuation in value than other investment options with stocks of larger, more stable companies.

DWS Equity 500 Index and LargeCap S&P 500 Index Subaccounts employs a "passive management"-or indexing-investment approach designed to track the performance of the Standard& Poor's 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. The Portfolio attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the Index, holding each stock in approximately the same proportion as its weighting in the Index.

Calvert EAFE International Index, Calvert VP Russell 2000 Index, Calvert VP S&P MidCap 400 Index, LargeCap S&P 500 Index and DWS Equity 500 Index Subaccounts are invested in the stocks of the index it tracks. Performance of indexes reflects the unmanaged result for the market segment the selected stocks represent. There is no assurance an index based investment option will match the performance of the index tracked.

DWS Small Mid Cap Value, Fidelity VIP Health Care and Invesco V.I. Health Care subaccounts performance may be affected by investments in initial public offerings (IPOs). The impact of the IPOs on a fund's performance depends on the strength of the IPO market and the size of the fund. IPOs may have less impact on a fund's performance as its assets grow.

The manager and administrator have agreed in advance to reduce their fees as a result of the Franklin Rising Dividends Fund's investment in a Franklin Templeton money market fund. This reduction is required by the Trust's board of trustees and an exemptive order by the Securities and Exchange Commission; this arrangement will continue as long as the exemptive order is relied upon.

Due to the sector focus of the Fidelity VIP Energy, Fidelity VIP Health Care, Franklin Global Real Estate, Janus Henderson Global Technology and Innovation Division, Invesco V.I. Health Care, MFS Utilities, Rydex Basic Materials, VanEck Global Gold, and VanEck Global Resources subaccounts, they may experience greater volatility than investment options with a broader investment strategy. It is not intended to serve as a complete investment program by itself.

Due to the social policy for EQ Advisors Trust 1290 VT Socially Responsible Portfolio, Janus Henderson Global Sustainable Equity Portfolio and Neuberger Berman Sustainable Equity, it may experience greater volatility than investment options with a broader investment strategy.

An investment in the Real Estate Securities Subaccount is subject to risks inherent in real estate and Real Estate Investment Trusts that are associated with general and local economic conditions.

SAM Balanced, SAM Conservative Balanced, SAM Conservative Growth, SAM Flexible Income, SAM Strategic Growth, Diversified Growth Managed Volatility, Diversified Balanced Managed Volatility, DWS Alternative Asset Allocation VIP, American Funds Insurance Series Asset Allocation Fund, Franklin Income VIP, TOPS Conservative ETF, TOPS Balanced ETF, TOPS Moderate Growth ETF, TOPS Growth ETF, TOPS Aggressive Growth ETF, PIMCO All Asset, LifeTime 2020, LifeTime 2030, LifeTime 2040, LifeTime 2050, Fidelity Freedom LifeTime 2020, Fidelity Freedom LifeTime 2030, Fidelity Freedom LifeTime 2040, Fidelity Freedom LifeTime 2050, BlackRock Global Allocation, BlackRock 60/40 Target Allocation ETF V.I. Fund, Goldman Sachs VIT Multi-Strategy Alternatives, Janus Henderson Balanced and Invesco V.I. Balanced-Risk do not guarantee a profit or protect against a loss. Investing in real estate, small-cap, international and high-yield investment options involves additional risks.

The Principal Variable Contracts LifeTime Accounts indirectly bear their pro rata share of the management fees incurred by the underlying funds in which this fund invests. Based on the asset allocation of the funds outlined in the prospectus dated May 1, 2023, the weighted average operating expenses of the underlying funds are: Principal LifeTime Strategic Income, 0.51%; Principal LifeTime 2020, 0.53%; Principal LifeTime 2030, 0.57%; Principal LifeTime 2040, 0.63%; Principal LifeTime 2050, 0.67%; Principal LifeTime 2060, 0.66%.

The Principal LifeTime Accounts, which are target-date accounts, invest in underlying Principal Funds. Each Principal LifeTime Account is managed toward a particular target (retirement) date, or the approximate date the participant or investor starts withdrawing money. As each Principal LifeTime Account approaches its target date, the investment mix becomes more conservative by increasing exposure to generally more conservative investment options and reducing exposure to typically more aggressive investment options. The asset allocation for each Principal LifeTime Account is regularly re-adjusted within a timeframe that extends 10-15 years beyond the target date, at which point it reaches its most conservative allocation. Principal LifeTime Accounts assume the value of the investor's account will be withdrawn gradually during retirement. Neither the principal nor the underlying assets of the Principal LifeTime Accounts are guaranteed at any time, including the target date. Investment risk remains at all times.

The Principal Investors Strategic Asset Management (SAM) portfolios indirectly bear their pro rata share of the management fees incurred by the underlying funds in which these portfolios invest. Based on the asset allocation of the SAM portfolios outlined in the prospectus dated May 1, 2023, the weighted average operating expenses of the underlying funds are: Flexible Income, 0.46%; Conservative Balanced, 0.51%; Balanced, 0.53%; Conservative Growth, 0.55%; and Strategic Growth, 0.56%. While the operating expenses of the underlying mutual funds are not part of the SAM portfolio operating expenses, they are included in the Total Investment Expense. Performance results shown for the SAM portfolios reflect the application of these expenses.

The DWS Alternative Asset Allocation VIP fund indirectly pays a portion of the expenses incurred by the underlying funds, which lowers performance. To the extent that the fund's allocations favor underlying funds with higher expenses, the overall cost of investing paid by the fund will be higher. Based on the asset allocation of the funds outlined in the prospectus dated May 1, 2023, the weighted average operating expense of the underlying funds is: 0.60%.

The Principal VCF Diversified Balanced Managed Volatility Account indirectly bears its pro rata share of the management fees incurred by the underlying funds in which this fund invests. Based on the asset allocation of the funds outlined in the May 1, 2023 prospectus, the weighted average operating expense of the underlying funds is: 0.27%.

The Principal VCF Diversified Growth Managed Volatility Account indirectly bears its pro rata share of the management fees incurred by the underlying funds in which this fund invests. Based on the asset allocation of the funds outlined in the May 1, 2023 prospectus, the weighted average operating expense of the underlying funds is: 0.30%.

Guggenheim Investments Multi-Hedge Strategies -- The "Short Sales Dividend and Interest Expense" associated with the Guggenheim Multi-Hedge Strategies fund is not a fee charged to the shareholder, and it is generally offset by an unrealized capital gain within the fund. "Short Sales Dividend and Interest Expense" is incurred when the Fund short sells a security to gain the inverse exposure necessary to meet its investment objective. The Fund must pay out the dividend rate on an equity security, the coupon rate of a fixed income security, and interest expense associated with either, to the lender and records these as an expense of the Fund and reflects these expenses in its financial statements. However, any such dividend or interest expense on a security sold short generally has the effect of reducing the market value of the shorted security-thus increasing the Fund's unrealized gain or reducing the Fund's unrealized loss on its short sale transaction. "Short Sales Dividend and Interest Expense" is not a fee charged to the shareholder by the advisor or other service provider. Rather it is more similar to the transaction costs or capital expenditures associated with the day-to-day management of any mutual fund. See prospectus for more information.

The Guggenheim Global Managed Futures Strategy Fund's investment objective and principal investment strategies changed on July 11, 2011 and September 27, 2012. Prior to September 27, 2012, the Fund sought to achieve positive absolute returns using an investment methodology based primarily on the S&P DTI's systematic rules-based trend-following strategy. Prior to July 11, 2011, the Fund sought to provide investment results that matched, before fees and expenses, the performance of the S&P DTI. Therefore, the performance and average annual total returns shown for periods prior to July 11, 2011 may have differed had the Fund's current investment objective and principal investment strategy been in effect during those periods.

Effective 10/30/2013 the Fund's name was changed to Variable Insurance Long Short Equity Fund from Variable Insurance U.S. Long Short Momentum Fund and certain changes were made to the Fund's principal investment strategies. Prior to 5/28/2010, the fund did not employ a hedging model to achieve its objective; therefore, the performance and average annual total returns shown for periods prior to 5/28/2010 may have differed had the Fund's current investment strategy been in effect during those periods.

Please note, while Guggenheim Floating Rate securities may offer the potential for lower interest rate sensitivity, funds which invest in floating rate securities are subject to significant credit and valuation risk associated with the underlying loans in the portfolio.

The Calvert Nasdaq 100 fund and the Rydex NASDAQ 100 fund are not sponsored, endorsed, sold or promoted by the Nasdaq. The Nasdaq makes no warranty, implied or expressed, to the purchasers of the fund or any member of the public regarding the advisability of investing in index funds or the ability of the Nasdaq to track general stock market performance. The Nasdaq does not guarantee the accuracy and/or the completeness of the Nasdaq 100 Index® or any data included therein.

The S&P GSCI^TM Commodity Index is a registered trademark of the Standard & Poor's. The Rydex Commodities Strategy Division is not sponsored, endorsed, sold or promoted by the Standard & Poor's Companies.

The goal of the American Funds Managed Risk Asset Allocation, American Funds Managed Risk International and American Funds Managed Risk Growth Fund's protection strategy is to stabilize the volatility of the fund around a target volatility level and reduce the downside exposure of the fund during periods of significant market declines. In situations of extreme market volatility, the short positions held in exchange-traded equity index futures could potentially eliminate the fund's net economic exposure to equity securities.

For the Columbia Limited Duration Credit, and BlackRock 60/40 Target Allocation ETF V.I. Fund Divisions the bond values fluctuate in price so the value of your investment can go down depending on market conditions. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments.

The PIMCO All Asset option invests in other PIMCO Funds and performance is subject to underlying investment weightings which will vary. The cost of investing in this investment option will generally be higher than the cost of investing in a fund that invests directly in individual stocks and bonds. This investment option is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund.

With the Alps Global Opportunity Division there are inherent risks in investing in private equity companies, which encompass financial institutions or vehicles whose principal business is to invest in and lend capital to privately held companies. Generally, little public information exists for private and thinly traded companies and there is a risk that investors may not be able to make a fully informed investment decision. Listed Private Equity Companies may have relatively concentrated investment portfolios, consisting of a relatively small number of holdings. A consequence of this limited number of investments is that the aggregate returns realized may be adversely impacted by the poor performance of a small number of investments, or even a single investment, particularly if a company experiences the need to write down the value of an investment.

For the BlackRock 60/40 Target Allocation ETF V.I. Fund the International investing involves special risks including, but not limited to currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility.

Investing in commodity-linked derivative instruments may subject the PIMCO Commodity Real Return Strategy option to greater volatility than investment in traditional securities.

The Goldman Sachs VIT Multi-Strategy Portfolio is subject to the risk factors of the underlying funds in direct proportion to its investments in those underlying funds, and the ability of the Portfolio to meet its investment objective is directly related to the ability of the underlying funds to meet their investment objectives, as well as the allocation among those underlying funds by the Investment Adviser.

Merger-arbitrage and event- driven investing involves the risk that the adviser's evaluation of the outcome of a proposed event, whether it be a merger, reorganization, regulatory issue or other event, will prove incorrect and that the Fund's return on the investment will be negative. Investments in foreign companies may entail political, cultural, regulatory, legal, and tax risks different from those associated with comparable transactions in the United States. The frequency of The Merger Fund transactions will vary from year to year, though merger arbitrage portfolios typically have higher turnover rates than portfolios of typical long-only funds.

The cost of investing in TOPS Conservative ETF, TOPS Balanced ETF, TOPS Moderate Growth ETF, TOPS Growth ETF, and TOPS Aggressive Growth ETF will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. Each ETF is subject to specific risks, depending on the nature of the fund.

The TOPS^TM portfolios indirectly bear their pro rata share of the management fees incurred by the underlying funds in which these portfolios invest. Based on the asset allocation of the TOPS^TM portfolios outlined in the prospectus dated May 1, 2023, the weighted average operating expenses of the underlying funds are: Conservative ETF Portfolio, 0.09%; Balanced ETF Portfolio, 0.09%; Moderate Growth ETF Portfolio, 0.09%; Growth ETF Portfolio, 0.09%; and Aggressive Growth ETF Portfolio, 0.08%.

EQ Advisors Trust 1290 VT SmartBeta Equity ESG - A portfolio comprised of stocks intended to reduce exposure to uncompensated risk may not necessarily be less sensitive to a change in the broad market price level and may not accurately estimate the risk/return outcome of stocks. Portfolio investments may exhibit higher volatility than expected or underperform the markets. The portfolio's strategy may result in the portfolio underperforming the general securities markets, particularly during periods of strong positive market performance.

EQ Advisors Trust 1290 VT Convertible Securities - The value of a convertible security fluctuates in relation to changes in interest rates and the credit quality of the issuer and, in addition, fluctuates in relation to the underlying common stock. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument, which may be less than the current market price of the security.

Effective June 8, 2019, Short-Term Income, Core Plus Bond, Government & High Quality Bond, LargeCap Growth I, Diversified International, Global Emerging Markets, Principal LifeTime 2020, Principal LifeTime 2030, Principal LifeTime 2040, and Principal LifeTime 2050 are no longer available to customers with an application signature date on or after June 8, 2019.

This Fidelity VIP Freedom Portfolio indirectly bears its pro rata share of the management fees incurred by the underlying funds in which this fund invests. Based on the asset allocation of the funds outlined in the prospectus dated May 1, 2023, the weighted average operating expenses of the underlying funds are: Fidelity VIP Freedom 2020 Portfolio, 0.48%; Fidelity VIP Freedom 2030 Portfolio, 0.54%; Fidelity VIP Freedom 2040 Portfolio, 0.63%; Fidelity Freedom 2050 Portfolio, 0.63%.

For the Fidelity VIP Energy fund and the VanEck Global Gold fund, investing in commodity-linked derivatives and commodity-related companies may increase volatility. Price movements are outside of the fund's control and may be influenced by weather and climate conditions, livestock disease, war, terrorism, political conflicts and economic events, interest rates, currency and exchange rates, government regulation and taxation. International investing involves special risks including, but not limited to, currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets. Investments in natural resources industries can be affected by variations in commodities markets, weather, disease, embargoes, political and economic developments, taxes and other government regulations.

The Invesco V.I. Health Care fund and the Rydex Nasdaq 100 fund are closed to new investors with an application signature date of June 4, 2023, and later.

While the Portfolio of the U.S. LargeCap Buffer Accounts employs a "passive management" - or indexing-investment approach designed to track the performance of the Standard & Poor's 500 Index (a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies), the performance can vary greatly from the Index because of the underlying protections of this account. This account employs a defined outcome strategy, but there is no guarantee that such outcomes will be achieved. The defined outcomes may only be realized if you are holding shares on the first day of an outcome period and continue to hold them on the last day of the outcome period. If you purchase shares after an outcome period has begun, or sell shares prior to the outcome period conclusion, you may experience investment returns very different from those that the fund seeks to provide.

Variable annuities are not Federal Deposit Insurance Corporation (FDIC) insured. They may lose value and there is no bank guarantee.

This investment option is subject to more fluctuation in value than other investment options with stocks of larger, more stable companies.

The Principal Variable Annuity is issued by Principal Life Insurance Company® Principal Variable Contracts Funds are distributed by Principal Funds Distributor, Inc. Securities offered through Principal Securities, Inc., member SIPC, and/or independent broker/dealers. Referenced companies are members of Principal Financial Group, Des Moines, IOWA 50392, principal.com.

© 2023 Principal Financial Services, Inc.

Principal®, Principal Financial Group®, and Principal and the logomark design are registered trademarks of Principal Financial Services, Inc., a Principal Financial Group company, in the United States and are the trademarks and service marks of Principal Financial Services, Inc., in various countries around the world.

Policy Form #SF948
Approval #2867747-052023

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