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  3. Principal® Lifetime Income Solutions
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Principal® Lifetime Income Solutions
Performance Update

Variable annuities are long term investments and thus are not suitable for everyone; earnings grow tax-deferred.

The initial offering of The Principal® Lifetime Income Solutions was May 21, 2011. The separate account that funds the contract was established on January 12, 1970.

The investment results shown represent historical returns based upon the assumption that the Principal® Lifetime Income Solutions was available for the periods shown. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data shown.

The return and principal value of an investment in any subaccount will fluctuate so that the value, when redeemed, may be worth more or less than its original cost.

Except where noted, investment results include all charges and expenses, including a contingent deferred surrender charge (which declines from a maximum of 6%) but excluding any additional charges for riders.

Before investing in a variable annuity, investors should carefully consider the investment objectives, risks, charges and expenses of the contract and its underlying investment options. This and other information is contained in the free prospectus and, if available, the summary prospectus which can be obtained online or call customer service at 1.800.852.4450. Please read the prospectus and, if available, the summary prospectus carefully before investing.

Equity investment options involve greater risk, including heightened volatility, than fixed-income investment options. Fixed-income investment options are subject to interest rate risk, and their value will decline as interest rates rise. Fixed-income investment options that invest in mortgage securities are subject to increased risk due to real estate exposure.

An investment in the Fidelity VIP Government Money Market subaccount is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the subaccounts. Although the subaccount seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The subaccounts sponsor has no legal obligation to provide financial support to the subaccount, and you should not expect that the sponsor will provide financial support to the subaccount at any time. The current yield reflects the current earnings of the fund, while the total return refers to a specific past holding period. The 7-Day Yield is the average income return over the previous seven days, assuming the rate stays the same for one year. It is the Fund's total income net of expenses, divided by the total number of outstanding shares and includes any applicable waiver or reimbursement.

The Money Market Subaccount is only available to contract owners in the state of California, and only during the free look period.

Principal® Lifetime Income Solutions
Monthly Performance Update		 Performance Including Surrender Charges
Average Annual Total Returns %
as of 05/31/2023
Subaccount Subaccount
Inception
Date		 Total
Expenses		 Unit Value
(UV)
as of
06/02/2023		 Daily
Change
in UV		 YTD 1 Year 3 Year 5 Year 10 Year Since
Portfolio
Inception *		 Since
Subaccount
Inception *
SHORT-TERM FIXED INCOME
FIDELITY GOV MONEY MARKET 02/05/2016 0.23% 9.791775 0.000930 -4.74 -4.18 -2.03 -0.69 n/a n/a -0.32
Current 7-day yield % 4.88
As of 05/31/2023 		 
BALANCED/ASSET ALLOCATION
DIV BALNCD MNGD VOLATILTY 10/31/2013 0.57% 14.080157 0.084214 -2.18 -7.96 0.30 2.50 n/a 3.58 3.58
DIV GROWTH MNGD VOLATILTY 10/31/2013 0.60% 15.562634 0.135819 -1.53 -7.34 2.57 3.59 n/a 4.67 4.67
DIVERSIFIED BALANCED 12/30/2009 0.49% 19.428183 0.120186 -1.71 -7.79 0.75 2.85 4.16 4.96 4.96
DIVERSIFIED GROWTH 12/30/2009 0.51% 22.904729 0.209514 -0.90 -7.18 3.17 4.01 5.44 6.22 6.22
DIVERSIFIED INCOME 05/15/2012 0.47% 14.487350 0.045439 -2.46 -8.42 -1.65 1.62 2.83 3.29 3.29



Principal® Lifetime Income Solutions
Monthly Performance Update		 Performance Excluding Surrender Charges
Average Annual Total Returns %
as of 05/31/2023
Subaccount Portfolio
Inception
Date		 Total
Expenses		 Unit Value
(UV)
as of
06/02/2023		 Daily
Change
in UV		 YTD 1 Year 3 Year 5 Year 10 Year Since
Portfolio
Inception		 Since
Subaccount
Inception
SHORT-TERM FIXED INCOME
FIDELITY GOV MONEY MARKET 04/01/1982 0.23% 9.791775 0.000930 1.26 1.82 -0.32 -0.09 -0.61 2.37 -0.32
Current 7-day yield % 4.88
As of 05/31/2023 		 
BALANCED/ASSET ALLOCATION
DIV BALNCD MNGD VOLATILTY 10/31/2013 0.57% 14.080157 0.084214 3.82 -1.96 1.93 3.04 n/a 3.58 3.58
DIV GROWTH MNGD VOLATILTY 10/31/2013 0.60% 15.562634 0.135819 4.47 -1.34 4.13 4.11 n/a 4.67 4.67
DIVERSIFIED BALANCED 12/30/2009 0.49% 19.428183 0.120186 4.29 -1.79 2.37 3.38 4.16 4.96 4.96
DIVERSIFIED GROWTH 12/30/2009 0.51% 22.904729 0.209514 5.10 -1.18 4.71 4.52 5.44 6.22 6.22
DIVERSIFIED INCOME 05/15/2012 0.47% 14.487350 0.045439 3.54 -2.42 0.05 2.18 2.83 3.29 3.29

*Denotes performance for partial period � since Inception Date noted. If Inception Date is less than one year from the date of these returns, the performance is a cumulative return, not an annual return.

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

Portfolio Inception Date and Since Portfolio Inception columns 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.

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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.

�2018-2020 Morningstar, Inc. All Rights Reserved. Part of the mutual fund data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Principal Variable Contracts Fund Diversified Balanced Managed Volatility Account, Principal Variable Contracts Fund Diversified Growth Managed Volatility Account, Principal Variable Contracts Fund Diversified Balanced Account, Principal Variable Contracts Fund Diversified Growh Account, and Principal Variable Contracts Fund Diversified Income Account do not guarantee a profit or protect against loss. Investing in real estate, small-cap, international, and high-yield investment options involves additional risks.

While the underlying securities of the Fidelity VIP Money Market Subaccount may be guaranteed by the U.S. Government as to timely payment of principal and interest, investment values are not guaranteed.

The Principal Variable Contracts Diversified Balanced 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 prospectus dated May 1, 2021, the weighted average operating expense of the underlying funds is: 0.19%.

The Principal Variable Contracts Diversified Growth 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 prospectus dated May 1, 2021, the weighted average operating expense of the underlying funds is: 0.21%.

The Principal Variable Contracts Diversified Income 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 prospectus dated May 1, 2021, the weighted average operating expense of the underlying funds is: 0.17%.

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, 2021 prospectus, the weighted average operating expense of the underlying funds is: 0.26%.

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, 2021 prospectus, the weighted average operating expense of the underlying funds is: 0.30%.

The Principal VCF Diversified Balanced and Diversified Growth Accounts are closed to new investors with an application signature date of 12/01/2013 and later.

The Principal PVC Money Market Subaccount is closed to new investors with an application signature date of 2/6/2016 and later.

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

The Principal® Lifetime Income Solutions is issued by Principal Life Insurance Company and distributed by Principal Securities, Inc, member SIPC. Principal Life and Principal Securities are members of the Principal Financial Group®, Des Moines, Iowa, 50392-0200, 800/852-4450.

Policy Form # SF 749
Approval #1193816-062023

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