Class 3

Blue Chip Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about Blue Chip Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 3	$55	1.05%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$21,208
Total Number of Portfolio Holdings37
Portfolio Turnover Rate (annualized)17.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.43%
Investment Companies	0.68%
Other Assets and Liabilities	(0.11)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Technology	28.72%
Financial	26.58%
Communications	18.39%
Consumer, Non-cyclical	8.68%
Consumer, Cyclical	8.41%
Industrial	6.46%
Basic Materials	2.19%
Money Market Funds	0.68%
Other Assets and Liabilities	(0.11)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

PVC897SAR3-0

Class 1

Bond Market Index Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about Bond Market Index Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$7	0.15%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$2,363,215
Total Number of Portfolio Holdings4,386
Portfolio Turnover Rate (annualized)52.3%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
U.S. Government & Government Agency Obligations	69.12%
Bonds	29.43%
Investment Companies	3.13%
Municipal Bonds	0.49%
Other Assets and Liabilities	(2.17)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Government	46.30%
Mortgage Securities	27.57%
Financial	8.19%
Consumer, Non-cyclical	4.49%
Money Market Funds	3.13%
Utilities	2.26%
Communications	2.25%
Industrial	1.83%
Technology	1.80%
Energy	1.78%
Consumer, Cyclical	1.48%
Basic Materials	0.60%
Revenue Bonds	0.28%
General Obligation Unlimited	0.16%
Insured	0.04%
Prerefunded	0.01%
General Obligation Limited	0.00%
Other Assets and Liabilities	(2.17)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC5SAR1-0

Class 1

Core Plus Bond Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about Core Plus Bond Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$24	0.49%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$206,421
Total Number of Portfolio Holdings811
Portfolio Turnover Rate (annualized)157.7%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Bonds	69.44%
U.S. Government & Government Agency Obligations	33.03%
Investment Companies	3.65%
Senior Floating Rate Interests	2.04%
Other Assets and Liabilities ^{Footnote Reference*}	(8.16)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Mortgage Securities	35.31%
Financial	16.94%
Asset Backed Securities	10.67%
Government	7.38%
Consumer, Non-cyclical	6.32%
Energy	5.51%
Industrial	5.49%
Consumer, Cyclical	5.10%
Utilities	4.38%
Money Market Funds	3.65%
Communications	3.20%
Technology	2.76%
Basic Materials	1.45%
Other Assets and Liabilities^{Footnote Reference*}	(8.16)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC4SAR1-0

Class 1

Diversified Balanced Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about Diversified Balanced Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$3	0.05%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$697,780
Total Number of Portfolio Holdings5
Portfolio Turnover Rate (annualized)8.5%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.03%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Fixed Income Funds	49.84%
Domestic Equity Funds	43.15%
International Equity Funds	7.04%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC6SAR1-0

Class 2

Diversified Balanced Account

Semi-Annual Shareholder Report June 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$15	0.30%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$697,780
Total Number of Portfolio Holdings5
Portfolio Turnover Rate (annualized)8.5%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.03%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Fixed Income Funds	49.84%
Domestic Equity Funds	43.15%
International Equity Funds	7.04%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC6SAR2-0

Class 3

Diversified Balanced Account

Semi-Annual Shareholder Report June 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 3	$23	0.45%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$697,780
Total Number of Portfolio Holdings5
Portfolio Turnover Rate (annualized)8.5%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.03%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Fixed Income Funds	49.84%
Domestic Equity Funds	43.15%
International Equity Funds	7.04%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC6SAR3-0

Class 2

Diversified Balanced Adaptive Allocation Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about Diversified Balanced Adaptive Allocation Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$19	0.38%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$245,511
Total Number of Portfolio Holdings7
Portfolio Turnover Rate (annualized)11.4%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.04%
Other Assets and Liabilities	(0.04)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Fixed Income Funds	49.83%
Domestic Equity Funds	23.10%
Exchange-Traded Funds	20.06%
International Equity Funds	7.04%
Money Market Funds	0.01%
Other Assets and Liabilities	(0.04)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC52SAR2-0

Class 3

Diversified Balanced Adaptive Allocation Account

Semi-Annual Shareholder Report June 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 3	$27	0.53%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$245,511
Total Number of Portfolio Holdings7
Portfolio Turnover Rate (annualized)11.4%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.04%
Other Assets and Liabilities	(0.04)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Fixed Income Funds	49.83%
Domestic Equity Funds	23.10%
Exchange-Traded Funds	20.06%
International Equity Funds	7.04%
Money Market Funds	0.01%
Other Assets and Liabilities	(0.04)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC52SAR3-0

Class 2

Diversified Balanced Strategic Allocation Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about Diversified Balanced Strategic Allocation Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$16	0.31%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$126,049
Total Number of Portfolio Holdings5
Portfolio Turnover Rate (annualized)8.5%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.03%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Fixed Income Funds	49.83%
Domestic Equity Funds	43.16%
International Equity Funds	7.04%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC43SAR2-0

Class 3

Diversified Balanced Strategic Allocation Account

Semi-Annual Shareholder Report June 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 3	$23	0.46%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$126,049
Total Number of Portfolio Holdings5
Portfolio Turnover Rate (annualized)8.5%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.03%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Fixed Income Funds	49.83%
Domestic Equity Funds	43.16%
International Equity Funds	7.04%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC43SAR3-0

Class 2

Diversified Growth Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about Diversified Growth Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$15	0.30%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$2,898,679
Total Number of Portfolio Holdings5
Portfolio Turnover Rate (annualized)8.5%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.03%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Domestic Equity Funds	55.13%
Fixed Income Funds	34.85%
International Equity Funds	10.05%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC7SAR2-0

Class 3

Diversified Growth Account

Semi-Annual Shareholder Report June 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 3	$23	0.45%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$2,898,679
Total Number of Portfolio Holdings5
Portfolio Turnover Rate (annualized)8.5%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.03%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Domestic Equity Funds	55.13%
Fixed Income Funds	34.85%
International Equity Funds	10.05%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC7SAR3-0

Class 2

Diversified Growth Adaptive Allocation Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about Diversified Growth Adaptive Allocation Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$19	0.37%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$1,545,234
Total Number of Portfolio Holdings7
Portfolio Turnover Rate (annualized)13.2%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.01%
Other Assets and Liabilities	(0.01)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Domestic Equity Funds	35.11%
Fixed Income Funds	34.84%
Exchange-Traded Funds	20.02%
International Equity Funds	10.04%
Money Market Funds	0.00%
Other Assets and Liabilities	(0.01)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC53SAR2-0

Class 3

Diversified Growth Adaptive Allocation Account

Semi-Annual Shareholder Report June 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 3	$27	0.52%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$1,545,234
Total Number of Portfolio Holdings7
Portfolio Turnover Rate (annualized)13.2%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.01%
Other Assets and Liabilities	(0.01)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Domestic Equity Funds	35.11%
Fixed Income Funds	34.84%
Exchange-Traded Funds	20.02%
International Equity Funds	10.04%
Money Market Funds	0.00%
Other Assets and Liabilities	(0.01)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC53SAR3-0

Class 2

Diversified Growth Strategic Allocation Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about Diversified Growth Strategic Allocation Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$16	0.31%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$273,251
Total Number of Portfolio Holdings5
Portfolio Turnover Rate (annualized)12.2%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.03%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Domestic Equity Funds	55.14%
Fixed Income Funds	34.85%
International Equity Funds	10.04%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC44SAR2-0

Class 3

Diversified Growth Strategic Allocation Account

Semi-Annual Shareholder Report June 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 3	$24	0.46%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$273,251
Total Number of Portfolio Holdings5
Portfolio Turnover Rate (annualized)12.2%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.03%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Domestic Equity Funds	55.14%
Fixed Income Funds	34.85%
International Equity Funds	10.04%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC44SAR3-0

Class 2

Diversified Income Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about Diversified Income Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$16	0.31%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$233,980
Total Number of Portfolio Holdings5
Portfolio Turnover Rate (annualized)17.2%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.03%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Fixed Income Funds	64.86%
Domestic Equity Funds	31.14%
International Equity Funds	4.03%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC8SAR2-0

Class 3

Diversified Income Account

Semi-Annual Shareholder Report June 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 3	$23	0.46%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$233,980
Total Number of Portfolio Holdings5
Portfolio Turnover Rate (annualized)17.2%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.03%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Fixed Income Funds	64.86%
Domestic Equity Funds	31.14%
International Equity Funds	4.03%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC8SAR3-0

Class 1

Diversified International Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about Diversified International Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$44	0.85%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$264,040
Total Number of Portfolio Holdings118
Portfolio Turnover Rate (annualized)29.8%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	98.71%
Investment Companies	1.43%
Other Assets and Liabilities	(0.14)%
Total Net Assets	100.00%

Geographic Allocation

Top Locations	Percent of Net Assets
United Kingdom	16.16%
Japan	13.61%
France	10.01%
Canada	9.37%
China	5.48%
Netherlands	5.29%
United States	5.05%
Korea, Republic Of	4.18%
Taiwan	4.02%
Germany	2.99%
Denmark	2.74%
Hong Kong	2.31%
Mexico	2.29%
Ireland	2.19%
India	2.00%
Sweden	1.73%
Indonesia	1.59%
Spain	1.51%
Italy	1.50%
Switzerland	1.37%
Other Countries^{Footnote Reference*}	4.75%
Other Assets and Liabilities	(0.14)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes countries other than the top twenty

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC9SAR1-0

Class 1

Equity Income Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about Equity Income Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$25	0.48%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$683,382
Total Number of Portfolio Holdings69
Portfolio Turnover Rate (annualized)14.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	98.12%
Investment Companies	2.01%
Other Assets and Liabilities	(0.13)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	24.46%
Consumer, Non-cyclical	21.23%
Consumer, Cyclical	11.75%
Technology	10.95%
Industrial	9.70%
Energy	7.81%
Utilities	5.04%
Communications	4.74%
Basic Materials	2.44%
Money Market Funds	2.01%
Other Assets and Liabilities	(0.13)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC10SAR1-0

Class 2

Equity Income Account

Semi-Annual Shareholder Report June 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$38	0.73%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$683,382
Total Number of Portfolio Holdings69
Portfolio Turnover Rate (annualized)14.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	98.12%
Investment Companies	2.01%
Other Assets and Liabilities	(0.13)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	24.46%
Consumer, Non-cyclical	21.23%
Consumer, Cyclical	11.75%
Technology	10.95%
Industrial	9.70%
Energy	7.81%
Utilities	5.04%
Communications	4.74%
Basic Materials	2.44%
Money Market Funds	2.01%
Other Assets and Liabilities	(0.13)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC10SAR2-0

Class 3

Equity Income Account

Semi-Annual Shareholder Report June 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 3	$45	0.88%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$683,382
Total Number of Portfolio Holdings69
Portfolio Turnover Rate (annualized)14.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	98.12%
Investment Companies	2.01%
Other Assets and Liabilities	(0.13)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	24.46%
Consumer, Non-cyclical	21.23%
Consumer, Cyclical	11.75%
Technology	10.95%
Industrial	9.70%
Energy	7.81%
Utilities	5.04%
Communications	4.74%
Basic Materials	2.44%
Money Market Funds	2.01%
Other Assets and Liabilities	(0.13)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC10SAR3-0

Class 1

Global Emerging Markets Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about Global Emerging Markets Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$59	1.14%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$70,576
Total Number of Portfolio Holdings146
Portfolio Turnover Rate (annualized)30.8%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	97.51%
Preferred Stocks	1.70%
Investment Companies	1.21%
Other Assets and Liabilities	(0.42)%
Total Net Assets	100.00%

Geographic Allocation

Top Locations	Percent of Net Assets
China	20.47%
Taiwan	19.05%
India	17.94%
Korea, Republic Of	12.51%
Brazil	4.76%
Mexico	4.14%
Hong Kong	3.06%
South Africa	2.99%
Saudi Arabia	2.60%
Indonesia	2.46%
Greece	1.73%
United States	1.43%
Thailand	1.23%
Ireland	0.83%
Uruguay	0.70%
Turkey	0.67%
Netherlands	0.66%
Kuwait	0.45%
Colombia	0.42%
Luxembourg	0.42%
Other Countries^{Footnote Reference*}	1.90%
Other Assets and Liabilities	(0.42)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes countries other than the top twenty

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC12SAR1-0

Class 1

Government & High Quality Bond Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about Government & High Quality Bond Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$25	0.51%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$115,322
Total Number of Portfolio Holdings293
Portfolio Turnover Rate (annualized)209.2%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
U.S. Government & Government Agency Obligations	89.25%
Bonds	32.92%
Investment Companies	2.17%
Other Assets and Liabilities ^{Footnote Reference*}	(24.34)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Mortgage Securities	97.83%
Asset Backed Securities	18.82%
Government	5.52%
Money Market Funds	2.17%
Other Assets and Liabilities^{Footnote Reference*}	(24.34)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC11SAR1-0

Class 1

LargeCap Growth Account I

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about LargeCap Growth Account I (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$36	0.67%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$647,944
Total Number of Portfolio Holdings423
Portfolio Turnover Rate (annualized)36.3%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	97.05%
Investment Companies	2.96%
Convertible Preferred Stocks	0.07%
Other Assets and Liabilities ^{Footnote Reference*}	(0.08)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Technology	41.96%
Communications	19.01%
Consumer, Non-cyclical	16.95%
Financial	7.63%
Consumer, Cyclical	5.77%
Industrial	5.37%
Money Market Funds	2.54%
Exchange-Traded Funds	0.42%
Energy	0.34%
Basic Materials	0.07%
Utilities	0.02%
Other Assets and Liabilities^{Footnote Reference*}	(0.08)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC15SAR1-0

Class 1

LargeCap S&P 500 Index Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about LargeCap S&P 500 Index Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$11	0.21%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$2,821,961
Total Number of Portfolio Holdings506
Portfolio Turnover Rate (annualized)1.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	97.87%
Investment Companies	2.23%
Other Assets and Liabilities ^{Footnote Reference*}	(0.10)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Technology	30.71%
Consumer, Non-cyclical	16.86%
Communications	14.91%
Financial	13.17%
Consumer, Cyclical	7.71%
Industrial	6.96%
Energy	3.64%
Utilities	2.20%
Money Market Funds	1.93%
Basic Materials	1.71%
Exchange-Traded Funds	0.30%
Other Assets and Liabilities^{Footnote Reference*}	(0.10)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC16SAR1-0

Class 2

LargeCap S&P 500 Index Account

Semi-Annual Shareholder Report June 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$25	0.46%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$2,821,961
Total Number of Portfolio Holdings506
Portfolio Turnover Rate (annualized)1.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	97.87%
Investment Companies	2.23%
Other Assets and Liabilities ^{Footnote Reference*}	(0.10)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Technology	30.71%
Consumer, Non-cyclical	16.86%
Communications	14.91%
Financial	13.17%
Consumer, Cyclical	7.71%
Industrial	6.96%
Energy	3.64%
Utilities	2.20%
Money Market Funds	1.93%
Basic Materials	1.71%
Exchange-Traded Funds	0.30%
Other Assets and Liabilities^{Footnote Reference*}	(0.10)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC16SAR2-0

Class 1

LargeCap S&P 500 Managed Volatility Index Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about LargeCap S&P 500 Managed Volatility Index Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$20	0.37%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$167,353
Total Number of Portfolio Holdings508
Portfolio Turnover Rate (annualized)10.4%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	92.23%
Investment Companies	7.33%
Purchased Options	0.16%
Other Assets and Liabilities ^{Footnote Reference*}	0.28%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Technology	28.95%
Consumer, Non-cyclical	15.86%
Communications	14.06%
Financial	12.40%
Consumer, Cyclical	7.24%
Industrial	6.56%
Money Market Funds	6.48%
Energy	3.45%
Utilities	2.08%
Basic Materials	1.63%
Exchange-Traded Funds	0.85%
Purchased Options	0.16%
Other Assets and Liabilities^{Footnote Reference*}	0.28%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC42SAR1-0

Class 1

MidCap Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about MidCap Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$27	0.53%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$621,996
Total Number of Portfolio Holdings74
Portfolio Turnover Rate (annualized)9.7%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.92%
Investment Companies	0.19%
Other Assets and Liabilities	(0.11)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	28.70%
Consumer, Cyclical	26.70%
Technology	17.16%
Industrial	17.07%
Consumer, Non-cyclical	3.32%
Utilities	3.22%
Communications	3.14%
Basic Materials	0.61%
Money Market Funds	0.19%
Other Assets and Liabilities	(0.11)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC19SAR1-0

Class 2

MidCap Account

Semi-Annual Shareholder Report June 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$40	0.78%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$621,996
Total Number of Portfolio Holdings74
Portfolio Turnover Rate (annualized)9.7%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.92%
Investment Companies	0.19%
Other Assets and Liabilities	(0.11)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	28.70%
Consumer, Cyclical	26.70%
Technology	17.16%
Industrial	17.07%
Consumer, Non-cyclical	3.32%
Utilities	3.22%
Communications	3.14%
Basic Materials	0.61%
Money Market Funds	0.19%
Other Assets and Liabilities	(0.11)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC19SAR2-0

Class 1

Principal Capital Appreciation Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about Principal Capital Appreciation Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$34	0.63%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$204,842
Total Number of Portfolio Holdings94
Portfolio Turnover Rate (annualized)45.6%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.16%
Investment Companies	0.92%
Other Assets and Liabilities	(0.08)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Technology	29.20%
Consumer, Non-cyclical	15.36%
Financial	15.00%
Communications	12.39%
Consumer, Cyclical	10.65%
Industrial	9.04%
Energy	4.36%
Utilities	2.43%
Money Market Funds	0.92%
Basic Materials	0.73%
Other Assets and Liabilities	(0.08)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC21SAR1-0

Class 2

Principal Capital Appreciation Account

Semi-Annual Shareholder Report June 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$47	0.88%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$204,842
Total Number of Portfolio Holdings94
Portfolio Turnover Rate (annualized)45.6%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.16%
Investment Companies	0.92%
Other Assets and Liabilities	(0.08)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Technology	29.20%
Consumer, Non-cyclical	15.36%
Financial	15.00%
Communications	12.39%
Consumer, Cyclical	10.65%
Industrial	9.04%
Energy	4.36%
Utilities	2.43%
Money Market Funds	0.92%
Basic Materials	0.73%
Other Assets and Liabilities	(0.08)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC21SAR2-0

Class 1

Principal LifeTime 2020 Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about Principal LifeTime 2020 Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$1	0.01%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$142,952
Total Number of Portfolio Holdings19
Portfolio Turnover Rate (annualized)16.7%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.01%
Other Assets and Liabilities	(0.01)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Fixed Income Funds	55.71%
Domestic Equity Funds	29.59%
International Equity Funds	12.46%
Specialty Funds	2.25%
Other Assets and Liabilities	(0.01)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC23SAR1-0

Class 1

Principal LifeTime 2030 Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about Principal LifeTime 2030 Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$1	0.01%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$287,258
Total Number of Portfolio Holdings19
Portfolio Turnover Rate (annualized)37.5%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.00%
Other Assets and Liabilities	0.00%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Domestic Equity Funds	43.17%
Fixed Income Funds	39.55%
International Equity Funds	17.28%
Other Assets and Liabilities	0.00%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC24SAR1-0

Class 1

Principal LifeTime 2040 Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about Principal LifeTime 2040 Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$1	0.01%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$161,013
Total Number of Portfolio Holdings17
Portfolio Turnover Rate (annualized)28.4%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.00%
Other Assets and Liabilities	0.00%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Domestic Equity Funds	57.62%
International Equity Funds	23.38%
Fixed Income Funds	19.00%
Other Assets and Liabilities	0.00%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC25SAR1-0

Class 1

Principal LifeTime 2050 Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about Principal LifeTime 2050 Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$1	0.01%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$78,804
Total Number of Portfolio Holdings17
Portfolio Turnover Rate (annualized)21.8%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.01%
Other Assets and Liabilities	(0.01)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Domestic Equity Funds	68.48%
International Equity Funds	27.96%
Fixed Income Funds	3.57%
Other Assets and Liabilities	(0.01)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC26SAR1-0

Class 1

Principal LifeTime 2060 Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about Principal LifeTime 2060 Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$2	0.04%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$25,239
Total Number of Portfolio Holdings17
Portfolio Turnover Rate (annualized)20.3%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.03%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Domestic Equity Funds	68.75%
International Equity Funds	28.07%
Fixed Income Funds	3.21%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC41SAR1-0

Class 1

Principal LifeTime Strategic Income Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about Principal LifeTime Strategic Income Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$1	0.02%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$52,662
Total Number of Portfolio Holdings19
Portfolio Turnover Rate (annualized)22.1%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.01%
Other Assets and Liabilities	(0.01)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Fixed Income Funds	63.60%
Domestic Equity Funds	24.01%
International Equity Funds	10.13%
Specialty Funds	2.27%
Other Assets and Liabilities	(0.01)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC27SAR1-0

Class 1

Real Estate Securities Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about Real Estate Securities Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$39	0.79%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$143,655
Total Number of Portfolio Holdings39
Portfolio Turnover Rate (annualized)41.4%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	98.57%
Investment Companies	0.79%
Other Assets and Liabilities	0.64%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	97.93%
Money Market Funds	0.79%
Consumer, Cyclical	0.64%
Other Assets and Liabilities	0.64%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC28SAR1-0

Class 2

Real Estate Securities Account

Semi-Annual Shareholder Report June 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$51	1.04%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$143,655
Total Number of Portfolio Holdings39
Portfolio Turnover Rate (annualized)41.4%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	98.57%
Investment Companies	0.79%
Other Assets and Liabilities	0.64%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	97.93%
Money Market Funds	0.79%
Consumer, Cyclical	0.64%
Other Assets and Liabilities	0.64%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC28SAR2-0

Class 1

SAM Balanced Portfolio

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about SAM Balanced Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$12	0.23%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$600,532
Total Number of Portfolio Holdings26
Portfolio Turnover Rate (annualized)11.1%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.02%
Other Assets and Liabilities	(0.02)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Domestic Equity Funds	54.07%
Fixed Income Funds	31.96%
International Equity Funds	10.04%
Specialty Funds	3.04%
Money Market Funds	0.91%
Other Assets and Liabilities	(0.02)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC29SAR1-0

Class 2

SAM Balanced Portfolio

Semi-Annual Shareholder Report June 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$25	0.48%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$600,532
Total Number of Portfolio Holdings26
Portfolio Turnover Rate (annualized)11.1%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.02%
Other Assets and Liabilities	(0.02)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Domestic Equity Funds	54.07%
Fixed Income Funds	31.96%
International Equity Funds	10.04%
Specialty Funds	3.04%
Money Market Funds	0.91%
Other Assets and Liabilities	(0.02)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC29SAR2-0

Class 1

SAM Conservative Balanced Portfolio

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about SAM Conservative Balanced Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$12	0.24%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$164,722
Total Number of Portfolio Holdings25
Portfolio Turnover Rate (annualized)12.2%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.02%
Other Assets and Liabilities	(0.02)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Fixed Income Funds	55.20%
Domestic Equity Funds	35.15%
International Equity Funds	6.36%
Specialty Funds	2.54%
Money Market Funds	0.77%
Other Assets and Liabilities	(0.02)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC30SAR1-0

Class 2

SAM Conservative Balanced Portfolio

Semi-Annual Shareholder Report June 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$25	0.49%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$164,722
Total Number of Portfolio Holdings25
Portfolio Turnover Rate (annualized)12.2%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.02%
Other Assets and Liabilities	(0.02)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Fixed Income Funds	55.20%
Domestic Equity Funds	35.15%
International Equity Funds	6.36%
Specialty Funds	2.54%
Money Market Funds	0.77%
Other Assets and Liabilities	(0.02)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC30SAR2-0

Class 1

SAM Conservative Growth Portfolio

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about SAM Conservative Growth Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$12	0.23%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$406,685
Total Number of Portfolio Holdings25
Portfolio Turnover Rate (annualized)13.1%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.03%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Domestic Equity Funds	68.99%
Fixed Income Funds	13.77%
International Equity Funds	12.99%
Specialty Funds	3.42%
Money Market Funds	0.86%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC31SAR1-0

Class 2

SAM Conservative Growth Portfolio

Semi-Annual Shareholder Report June 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$25	0.48%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$406,685
Total Number of Portfolio Holdings25
Portfolio Turnover Rate (annualized)13.1%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.03%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Domestic Equity Funds	68.99%
Fixed Income Funds	13.77%
International Equity Funds	12.99%
Specialty Funds	3.42%
Money Market Funds	0.86%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC31SAR2-0

Class 1

SAM Flexible Income Portfolio

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about SAM Flexible Income Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$12	0.24%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$131,369
Total Number of Portfolio Holdings24
Portfolio Turnover Rate (annualized)18.6%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.03%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Fixed Income Funds	71.60%
Domestic Equity Funds	22.53%
International Equity Funds	3.69%
Specialty Funds	1.21%
Money Market Funds	1.00%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC32SAR1-0

Class 2

SAM Flexible Income Portfolio

Semi-Annual Shareholder Report June 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$25	0.49%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$131,369
Total Number of Portfolio Holdings24
Portfolio Turnover Rate (annualized)18.6%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.03%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Fixed Income Funds	71.60%
Domestic Equity Funds	22.53%
International Equity Funds	3.69%
Specialty Funds	1.21%
Money Market Funds	1.00%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC32SAR2-0

Class 1

SAM Strategic Growth Portfolio

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about SAM Strategic Growth Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$12	0.23%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$440,539
Total Number of Portfolio Holdings18
Portfolio Turnover Rate (annualized)12.3%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.03%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Domestic Equity Funds	78.17%
International Equity Funds	17.30%
Specialty Funds	3.57%
Money Market Funds	0.99%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC33SAR1-0

Class 2

SAM Strategic Growth Portfolio

Semi-Annual Shareholder Report June 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$25	0.48%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$440,539
Total Number of Portfolio Holdings18
Portfolio Turnover Rate (annualized)12.3%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.03%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Domestic Equity Funds	78.17%
International Equity Funds	17.30%
Specialty Funds	3.57%
Money Market Funds	0.99%
Other Assets and Liabilities	(0.03)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC33SAR2-0

Class 1

Short-Term Income Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about Short-Term Income Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$21	0.42%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$140,684
Total Number of Portfolio Holdings340
Portfolio Turnover Rate (annualized)57.0%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Bonds	95.07%
Investment Companies	4.39%
U.S. Government & Government Agency Obligations	1.01%
Other Assets and Liabilities ^{Footnote Reference*}	(0.47)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Asset Backed Securities	26.31%
Financial	22.29%
Mortgage Securities	16.24%
Utilities	9.80%
Consumer, Non-cyclical	5.62%
Money Market Funds	4.39%
Energy	4.21%
Industrial	3.11%
Communications	2.82%
Technology	2.40%
Basic Materials	1.22%
Consumer, Cyclical	1.07%
Government	0.99%
Other Assets and Liabilities^{Footnote Reference*}	(0.47)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC34SAR1-0

Class 1

SmallCap Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about SmallCap Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$42	0.84%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$171,943
Total Number of Portfolio Holdings129
Portfolio Turnover Rate (annualized)33.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	97.44%
Investment Companies	1.54%
Other Assets and Liabilities	1.02%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	21.51%
Industrial	21.00%
Consumer, Non-cyclical	18.30%
Technology	13.28%
Consumer, Cyclical	11.99%
Energy	5.06%
Utilities	3.14%
Basic Materials	2.13%
Money Market Funds	1.54%
Communications	1.03%
Other Assets and Liabilities	1.02%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC35SAR1-0

Class 2

SmallCap Account

Semi-Annual Shareholder Report June 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$55	1.09%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$171,943
Total Number of Portfolio Holdings129
Portfolio Turnover Rate (annualized)33.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	97.44%
Investment Companies	1.54%
Other Assets and Liabilities	1.02%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	21.51%
Industrial	21.00%
Consumer, Non-cyclical	18.30%
Technology	13.28%
Consumer, Cyclical	11.99%
Energy	5.06%
Utilities	3.14%
Basic Materials	2.13%
Money Market Funds	1.54%
Communications	1.03%
Other Assets and Liabilities	1.02%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC35SAR2-0

Class 2

U.S. LargeCap Buffer April Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about U.S. LargeCap Buffer April Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$50	0.95%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$59,532
Total Number of Portfolio Holdings9
Portfolio Turnover Rate (annualized)58.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	149.56%
Purchased Options	24.26%
Other Assets and Liabilities ^{Footnote Reference*}	(73.82)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Exchange-Traded Funds	149.56%
Purchased Options	24.26%
Money Market Funds	0.00%
Other Assets and Liabilities^{Footnote Reference*}	(73.82)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC902SAR2-0

Class 2

U.S. LargeCap Buffer January Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about U.S. LargeCap Buffer January Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$51	0.97%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$19,052
Total Number of Portfolio Holdings9
Portfolio Turnover Rate (annualized)221.1%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	107.62%
Purchased Options	17.16%
Other Assets and Liabilities ^{Footnote Reference*}	(24.78)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Exchange-Traded Funds	107.50%
Purchased Options	17.16%
Money Market Funds	0.12%
Other Assets and Liabilities^{Footnote Reference*}	(24.78)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC900SAR2-0

Class 2

U.S. LargeCap Buffer July Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about U.S. LargeCap Buffer July Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$51	0.97%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$86,127
Total Number of Portfolio Holdings9
Portfolio Turnover Rate (annualized)61.7%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	37.93%
Purchased Options	6.97%
Other Assets and Liabilities ^{Footnote Reference*}	55.10%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Exchange-Traded Funds	37.91%
Purchased Options	6.97%
Money Market Funds	0.02%
Other Assets and Liabilities^{Footnote Reference*}	55.10%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

PVC898SAR2-0

Class 2

U.S. LargeCap Buffer October Account

Semi-Annual Shareholder Report June 30, 2024

This semi-annual shareholder report contains important information about U.S. LargeCap Buffer October Account (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$50	0.96%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$19,736
Total Number of Portfolio Holdings9
Portfolio Turnover Rate (annualized)8.6%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	87.95%
Purchased Options	16.59%
Other Assets and Liabilities ^{Footnote Reference*}	(4.54)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Exchange-Traded Funds	87.88%
Purchased Options	16.59%
Money Market Funds	0.07%
Other Assets and Liabilities^{Footnote Reference*}	(4.54)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

Class 3

Blue Chip Account

What were the Fund costs for the last six months?

Fund Statistics

Graphical Representation of Holdings

Portfolio Allocation

Sector Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

PVC897SAR3-0

Class 1

Bond Market Index Account

What were the Fund costs for the last six months?

Fund Statistics

Graphical Representation of Holdings

Portfolio Allocation

Sector Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

PVC5SAR1-0

Class 1

Core Plus Bond Account

What were the Fund costs for the last six months?

Fund Statistics

Graphical Representation of Holdings

Portfolio Allocation

Sector Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

PVC4SAR1-0

Class 1

Diversified Balanced Account

What were the Fund costs for the last six months?

Fund Statistics

Graphical Representation of Holdings

Portfolio Allocation

Fund Type Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

PVC6SAR1-0

Class 2

Diversified Balanced Account

What were the Fund costs for the last six months?

Fund Statistics

Graphical Representation of Holdings

Portfolio Allocation

Fund Type Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

PVC6SAR2-0

Class 3

Diversified Balanced Account

What were the Fund costs for the last six months?

Fund Statistics

Graphical Representation of Holdings

Portfolio Allocation

Fund Type Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

PVC6SAR3-0

Class 2

Diversified Balanced Adaptive Allocation Account

What were the Fund costs for the last six months?

Fund Statistics

Graphical Representation of Holdings

Portfolio Allocation

Fund Type Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

PVC52SAR2-0

Class 3

Diversified Balanced Adaptive Allocation Account

What were the Fund costs for the last six months?

Fund Statistics

Graphical Representation of Holdings

Portfolio Allocation

Fund Type Allocation

Changes in and Disagreements with Accountants