Class 2

Blue Chip Account

Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Blue Chip Account (the "Fund") for the period of April 30, 2025 to June 30, 2025. 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^{Footnote Reference*}	0.90%^{Footnote Reference†}

Footnote	Description
Footnote^*	Expenses are for the period from April 30, 2025, date operations commenced, through June 30, 2025. Expenses for the full reporting period would be higher.
Footnote^†	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$26,925
Total Number of Portfolio Holdings42
Portfolio Turnover Rate (annualized)31.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.33%
Investment Companies	0.67%
Other Assets and Liabilities	0.00%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Technology	27.00%
Financial	24.04%
Communications	21.67%
Industrial	8.76%
Consumer, Cyclical	8.04%
Consumer, Non-cyclical	7.46%
Basic Materials	2.36%
Money Market Funds	0.67%
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

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.

PVC897SAR2-0

Class 1

Bond Market Index Account

Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Bond Market Index Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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	$8	0.15%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$1,885,911
Total Number of Portfolio Holdings4,159
Portfolio Turnover Rate (annualized)44.8%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
U.S. Government & Government Agency Obligations	69.99%
Bonds	28.71%
Investment Companies	2.05%
Municipal Bonds	0.57%
Other Assets and Liabilities	(1.32)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Government	48.26%
Mortgage Securities	26.01%
Financial	8.20%
Consumer, Non-cyclical	4.15%
Utilities	2.40%
Communications	2.12%
Money Market Funds	2.05%
Industrial	1.93%
Technology	1.78%
Energy	1.76%
Consumer, Cyclical	1.49%
Basic Materials	0.60%
Revenue Bonds	0.33%
General Obligation Unlimited	0.18%
Insured	0.04%
Prerefunded	0.01%
General Obligation Limited	0.01%
Other Assets and Liabilities	(1.32)%
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, 2025

This semi-annual shareholder report contains important information about Core Plus Bond Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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	0.49%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$209,421
Total Number of Portfolio Holdings793
Portfolio Turnover Rate (annualized)204.7%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Bonds	62.32%
U.S. Government & Government Agency Obligations	34.74%
Investment Companies	7.60%
Senior Floating Rate Interests	2.60%
Other Assets and Liabilities^{Footnote Reference*}	(7.26)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Mortgage Securities	33.69%
Financial	17.48%
Government	9.56%
Asset Backed Securities	9.42%
Consumer, Non-cyclical	5.61%
Exchange-Traded Funds	5.36%
Utilities	4.70%
Industrial	3.98%
Energy	3.53%
Consumer, Cyclical	3.47%
Communications	3.36%
Technology	3.24%
Money Market Funds	2.24%
Basic Materials	1.62%
Other Assets and Liabilities^{Footnote Reference*}	(7.26)%
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, 2025

This semi-annual shareholder report contains important information about Diversified Balanced Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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)$556,399
Total Number of Portfolio Holdings5
Portfolio Turnover Rate (annualized)13.7%

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	49.50%
Domestic Equity Funds	43.44%
International Equity Funds	7.08%
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

PVC6SAR1-0

Class 2

Diversified Balanced Account

Semi-Annual Shareholder Report June 30, 2025

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)$556,399
Total Number of Portfolio Holdings5
Portfolio Turnover Rate (annualized)13.7%

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	49.50%
Domestic Equity Funds	43.44%
International Equity Funds	7.08%
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

PVC6SAR2-0

Class 2

Diversified Balanced Adaptive Allocation Account

Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Diversified Balanced Adaptive Allocation Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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)$219,914
Total Number of Portfolio Holdings7
Portfolio Turnover Rate (annualized)64.5%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.09%
Other Assets and Liabilities	(0.09)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Fixed Income Funds	49.50%
Domestic Equity Funds	23.21%
Exchange-Traded Funds	20.29%
International Equity Funds	7.09%
Money Market Funds	0.00%
Other Assets and Liabilities	(0.09)%
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 2

Diversified Balanced Strategic Allocation Account

Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Diversified Balanced Strategic Allocation Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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)$96,936
Total Number of Portfolio Holdings5
Portfolio Turnover Rate (annualized)13.6%

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	49.54%
Domestic Equity Funds	43.40%
International Equity Funds	7.09%
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 2

Diversified Growth Account

Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Diversified Growth Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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)$2,056,227
Total Number of Portfolio Holdings5
Portfolio Turnover Rate (annualized)12.9%

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	55.40%
Fixed Income Funds	34.54%
International Equity Funds	10.09%
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 2

Diversified Growth Adaptive Allocation Account

Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Diversified Growth Adaptive Allocation Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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	$18	0.37%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$1,450,539
Total Number of Portfolio Holdings7
Portfolio Turnover Rate (annualized)69.2%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	100.11%
Other Assets and Liabilities	(0.11)%
Total Net Assets	100.00%

Fund Type Allocation

Fund Type	Percent of Net Assets
Domestic Equity Funds	35.23%
Fixed Income Funds	34.50%
Exchange-Traded Funds	20.28%
International Equity Funds	10.10%
Money Market Funds	0.00%
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

PVC53SAR2-0

Class 2

Diversified Growth Strategic Allocation Account

Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Diversified Growth Strategic Allocation Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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)$217,430
Total Number of Portfolio Holdings5
Portfolio Turnover Rate (annualized)12.8%

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	55.35%
Fixed Income Funds	34.58%
International Equity Funds	10.10%
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 2

Diversified Income Account

Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Diversified Income Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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)$191,708
Total Number of Portfolio Holdings5
Portfolio Turnover Rate (annualized)16.3%

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
Fixed Income Funds	64.55%
Domestic Equity Funds	31.42%
International Equity Funds	4.06%
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 1

Diversified International Account

Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Diversified International Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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	$46	0.85%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$281,882
Total Number of Portfolio Holdings108
Portfolio Turnover Rate (annualized)24.0%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	98.11%
Investment Companies	1.45%
Other Assets and Liabilities	0.44%
Total Net Assets	100.00%

Geographic Allocation

Top Locations	Percent of Net Assets
United Kingdom	16.65%
Japan	12.50%
France	10.70%
Germany	7.29%
Canada	6.92%
China	6.34%
Netherlands	4.32%
Taiwan	3.91%
United States	3.67%
Hong Kong	2.83%
India	2.09%
Korea, Republic Of	1.99%
Italy	1.97%
Greece	1.79%
Ireland	1.76%
Spain	1.65%
Switzerland	1.51%
Denmark	1.30%
Sweden	1.30%
Austria	1.23%
Other Locations^{Footnote Reference*}	7.84%
Other Assets and Liabilities	0.44%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies

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, 2025

This semi-annual shareholder report contains important information about Equity Income Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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	0.48%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$707,562
Total Number of Portfolio Holdings64
Portfolio Turnover Rate (annualized)12.3%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	98.09%
Investment Companies	2.13%
Other Assets and Liabilities	(0.22)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	27.06%
Consumer, Non-cyclical	19.72%
Consumer, Cyclical	13.17%
Technology	10.17%
Industrial	10.00%
Energy	6.77%
Utilities	4.55%
Communications	4.31%
Basic Materials	2.34%
Money Market Funds	2.13%
Other Assets and Liabilities	(0.22)%
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, 2025

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	$37	0.73%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$707,562
Total Number of Portfolio Holdings64
Portfolio Turnover Rate (annualized)12.3%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	98.09%
Investment Companies	2.13%
Other Assets and Liabilities	(0.22)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	27.06%
Consumer, Non-cyclical	19.72%
Consumer, Cyclical	13.17%
Technology	10.17%
Industrial	10.00%
Energy	6.77%
Utilities	4.55%
Communications	4.31%
Basic Materials	2.34%
Money Market Funds	2.13%
Other Assets and Liabilities	(0.22)%
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 1

Global Emerging Markets Account

Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Global Emerging Markets Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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	$63	1.16%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$74,119
Total Number of Portfolio Holdings121
Portfolio Turnover Rate (annualized)36.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	97.62%
Investment Companies	1.73%
Preferred Stocks	0.88%
Other Assets and Liabilities	(0.23)%
Total Net Assets	100.00%

Geographic Allocation

Top Locations	Percent of Net Assets
China	23.08%
Taiwan	19.26%
India	16.84%
Korea, Republic Of	9.04%
Brazil	4.19%
Greece	3.69%
Hong Kong	3.60%
Indonesia	2.55%
Mexico	2.20%
Uruguay	1.79%
South Africa	1.73%
Saudi Arabia	1.67%
Poland	1.42%
Singapore	1.26%
Peru	1.01%
Canada	0.77%
Vietnam	0.75%
United States	0.55%
Luxembourg	0.52%
United Kingdom	0.51%
Other Locations^{Footnote Reference*}	3.80%
Other Assets and Liabilities	(0.23)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies

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, 2025

This semi-annual shareholder report contains important information about Government & High Quality Bond Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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	0.50%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$108,545
Total Number of Portfolio Holdings279
Portfolio Turnover Rate (annualized)300.2%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
U.S. Government & Government Agency Obligations	89.85%
Bonds	26.26%
Investment Companies	1.75%
Other Assets and Liabilities^{Footnote Reference*}	(17.86)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Mortgage Securities	98.46%
Asset Backed Securities	14.50%
Government	3.15%
Money Market Funds	1.75%
Other Assets and Liabilities^{Footnote Reference*}	(17.86)%
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, 2025

This semi-annual shareholder report contains important information about LargeCap Growth Account I (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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	$35	0.68%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$617,971
Total Number of Portfolio Holdings409
Portfolio Turnover Rate (annualized)51.5%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	97.75%
Investment Companies	2.38%
Convertible Preferred Stocks	0.11%
Other Assets and Liabilities^{Footnote Reference*}	(0.24)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Technology	43.17%
Communications	21.53%
Consumer, Non-cyclical	12.69%
Financial	7.74%
Industrial	6.48%
Consumer, Cyclical	5.68%
Money Market Funds	2.20%
Energy	0.46%
Exchange-Traded Funds	0.18%
Basic Materials	0.06%
Utilities	0.05%
Other Assets and Liabilities^{Footnote Reference*}	(0.24)%
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, 2025

This semi-annual shareholder report contains important information about LargeCap S&P 500 Index Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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	$10	0.20%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$2,530,371
Total Number of Portfolio Holdings508
Portfolio Turnover Rate (annualized)1.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	97.21%
Investment Companies	2.93%
Other Assets and Liabilities^{Footnote Reference*}	(0.14)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Technology	30.99%
Communications	15.64%
Financial	14.56%
Consumer, Non-cyclical	14.12%
Consumer, Cyclical	7.88%
Industrial	7.33%
Energy	2.93%
Money Market Funds	2.60%
Utilities	2.32%
Basic Materials	1.44%
Exchange-Traded Funds	0.33%
Other Assets and Liabilities^{Footnote Reference*}	(0.14)%
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, 2025

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	$23	0.45%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$2,530,371
Total Number of Portfolio Holdings508
Portfolio Turnover Rate (annualized)1.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	97.21%
Investment Companies	2.93%
Other Assets and Liabilities^{Footnote Reference*}	(0.14)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Technology	30.99%
Communications	15.64%
Financial	14.56%
Consumer, Non-cyclical	14.12%
Consumer, Cyclical	7.88%
Industrial	7.33%
Energy	2.93%
Money Market Funds	2.60%
Utilities	2.32%
Basic Materials	1.44%
Exchange-Traded Funds	0.33%
Other Assets and Liabilities^{Footnote Reference*}	(0.14)%
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, 2025

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, 2025 to June 30, 2025. 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	$19	0.37%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$132,962
Total Number of Portfolio Holdings510
Portfolio Turnover Rate (annualized)17.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	93.22%
Investment Companies	6.02%
Purchased Options	0.03%
Other Assets and Liabilities^{Footnote Reference*}	0.73%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Technology	29.71%
Communications	14.99%
Financial	13.95%
Consumer, Non-cyclical	13.53%
Consumer, Cyclical	7.57%
Industrial	7.04%
Money Market Funds	4.52%
Energy	2.82%
Utilities	2.23%
Exchange-Traded Funds	1.50%
Basic Materials	1.38%
Purchased Options	0.03%
Other Assets and Liabilities^{Footnote Reference*}	0.73%
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, 2025

This semi-annual shareholder report contains important information about MidCap Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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)$655,752
Total Number of Portfolio Holdings75
Portfolio Turnover Rate (annualized)14.8%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.86%
Investment Companies	0.41%
Other Assets and Liabilities	(0.27)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	29.33%
Consumer, Cyclical	23.58%
Industrial	20.43%
Technology	15.80%
Utilities	3.60%
Consumer, Non-cyclical	3.30%
Communications	2.32%
Basic Materials	1.50%
Money Market Funds	0.41%
Other Assets and Liabilities	(0.27)%
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, 2025

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)$655,752
Total Number of Portfolio Holdings75
Portfolio Turnover Rate (annualized)14.8%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.86%
Investment Companies	0.41%
Other Assets and Liabilities	(0.27)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	29.33%
Consumer, Cyclical	23.58%
Industrial	20.43%
Technology	15.80%
Utilities	3.60%
Consumer, Non-cyclical	3.30%
Communications	2.32%
Basic Materials	1.50%
Money Market Funds	0.41%
Other Assets and Liabilities	(0.27)%
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, 2025

This semi-annual shareholder report contains important information about Principal Capital Appreciation Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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	$32	0.63%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$233,261
Total Number of Portfolio Holdings99
Portfolio Turnover Rate (annualized)59.4%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.63%
Investment Companies	0.60%
Other Assets and Liabilities	(0.23)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Technology	29.11%
Financial	16.50%
Communications	15.46%
Consumer, Non-cyclical	12.83%
Consumer, Cyclical	9.71%
Industrial	7.98%
Energy	3.86%
Utilities	2.52%
Basic Materials	1.66%
Money Market Funds	0.60%
Other Assets and Liabilities	(0.23)%
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, 2025

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	$44	0.88%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$233,261
Total Number of Portfolio Holdings99
Portfolio Turnover Rate (annualized)59.4%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.63%
Investment Companies	0.60%
Other Assets and Liabilities	(0.23)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Technology	29.11%
Financial	16.50%
Communications	15.46%
Consumer, Non-cyclical	12.83%
Consumer, Cyclical	9.71%
Industrial	7.98%
Energy	3.86%
Utilities	2.52%
Basic Materials	1.66%
Money Market Funds	0.60%
Other Assets and Liabilities	(0.23)%
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, 2025

This semi-annual shareholder report contains important information about Principal LifeTime 2020 Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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)$143,798
Total Number of Portfolio Holdings18
Portfolio Turnover Rate (annualized)42.7%

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
Fixed Income Funds	57.26%
Domestic Equity Funds	29.37%
International Equity Funds	12.97%
Specialty Funds	0.40%
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

PVC23SAR1-0

Class 1

Principal LifeTime 2030 Account

Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Principal LifeTime 2030 Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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)$320,417
Total Number of Portfolio Holdings18
Portfolio Turnover Rate (annualized)48.1%

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
Fixed Income Funds	41.55%
Domestic Equity Funds	40.06%
International Equity Funds	17.91%
Specialty Funds	0.48%
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, 2025

This semi-annual shareholder report contains important information about Principal LifeTime 2040 Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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)$206,799
Total Number of Portfolio Holdings15
Portfolio Turnover Rate (annualized)51.8%

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	54.34%
International Equity Funds	24.38%
Fixed Income Funds	21.28%
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

PVC25SAR1-0

Class 1

Principal LifeTime 2050 Account

Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Principal LifeTime 2050 Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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)$93,218
Total Number of Portfolio Holdings15
Portfolio Turnover Rate (annualized)65.3%

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	65.43%
International Equity Funds	29.61%
Fixed Income Funds	4.96%
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

PVC26SAR1-0

Class 1

Principal LifeTime 2060 Account

Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Principal LifeTime 2060 Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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)$34,452
Total Number of Portfolio Holdings15
Portfolio Turnover Rate (annualized)71.3%

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	66.40%
International Equity Funds	30.09%
Fixed Income Funds	3.52%
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

PVC41SAR1-0

Class 1

Principal LifeTime Strategic Income Account

Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Principal LifeTime Strategic Income Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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	0.03%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$54,244
Total Number of Portfolio Holdings18
Portfolio Turnover Rate (annualized)41.5%

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
Fixed Income Funds	63.81%
Domestic Equity Funds	24.91%
International Equity Funds	10.86%
Specialty Funds	0.42%
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

PVC27SAR1-0

Class 1

Real Estate Securities Account

Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Real Estate Securities Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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	0.78%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$249,394
Total Number of Portfolio Holdings37
Portfolio Turnover Rate (annualized)16.0%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.05%
Investment Companies	0.59%
Other Assets and Liabilities	0.36%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	98.50%
Money Market Funds	0.59%
Consumer, Cyclical	0.55%
Other Assets and Liabilities	0.36%
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, 2025

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	$52	1.03%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$249,394
Total Number of Portfolio Holdings37
Portfolio Turnover Rate (annualized)16.0%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.05%
Investment Companies	0.59%
Other Assets and Liabilities	0.36%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	98.50%
Money Market Funds	0.59%
Consumer, Cyclical	0.55%
Other Assets and Liabilities	0.36%
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, 2025

This semi-annual shareholder report contains important information about SAM Balanced Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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)$570,035
Total Number of Portfolio Holdings28
Portfolio Turnover Rate (annualized)48.1%

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	55.53%
Fixed Income Funds	32.50%
International Equity Funds	8.79%
Specialty Funds	2.41%
Money Market Funds	0.79%
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, 2025

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)$570,035
Total Number of Portfolio Holdings28
Portfolio Turnover Rate (annualized)48.1%

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	55.53%
Fixed Income Funds	32.50%
International Equity Funds	8.79%
Specialty Funds	2.41%
Money Market Funds	0.79%
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, 2025

This semi-annual shareholder report contains important information about SAM Conservative Balanced Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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)$158,737
Total Number of Portfolio Holdings28
Portfolio Turnover Rate (annualized)40.4%

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	55.51%
Domestic Equity Funds	34.55%
International Equity Funds	7.16%
Specialty Funds	1.87%
Money Market Funds	0.93%
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, 2025

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)$158,737
Total Number of Portfolio Holdings28
Portfolio Turnover Rate (annualized)40.4%

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	55.51%
Domestic Equity Funds	34.55%
International Equity Funds	7.16%
Specialty Funds	1.87%
Money Market Funds	0.93%
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, 2025

This semi-annual shareholder report contains important information about SAM Conservative Growth Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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)$413,104
Total Number of Portfolio Holdings27
Portfolio Turnover Rate (annualized)42.3%

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	67.65%
International Equity Funds	14.93%
Fixed Income Funds	14.72%
Specialty Funds	2.25%
Money Market Funds	0.48%
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, 2025

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)$413,104
Total Number of Portfolio Holdings27
Portfolio Turnover Rate (annualized)42.3%

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	67.65%
International Equity Funds	14.93%
Fixed Income Funds	14.72%
Specialty Funds	2.25%
Money Market Funds	0.48%
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, 2025

This semi-annual shareholder report contains important information about SAM Flexible Income Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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)$118,793
Total Number of Portfolio Holdings25
Portfolio Turnover Rate (annualized)30.0%

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	72.12%
Domestic Equity Funds	22.23%
International Equity Funds	3.81%
Money Market Funds	0.97%
Specialty Funds	0.89%
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

PVC32SAR1-0

Class 2

SAM Flexible Income Portfolio

Semi-Annual Shareholder Report June 30, 2025

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)$118,793
Total Number of Portfolio Holdings25
Portfolio Turnover Rate (annualized)30.0%

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	72.12%
Domestic Equity Funds	22.23%
International Equity Funds	3.81%
Money Market Funds	0.97%
Specialty Funds	0.89%
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

PVC32SAR2-0

Class 1

SAM Strategic Growth Portfolio

Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about SAM Strategic Growth Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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)$463,692
Total Number of Portfolio Holdings21
Portfolio Turnover Rate (annualized)44.8%

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	76.92%
International Equity Funds	19.89%
Specialty Funds	2.40%
Fixed Income Funds	0.44%
Money Market Funds	0.38%
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, 2025

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)$463,692
Total Number of Portfolio Holdings21
Portfolio Turnover Rate (annualized)44.8%

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	76.92%
International Equity Funds	19.89%
Specialty Funds	2.40%
Fixed Income Funds	0.44%
Money Market Funds	0.38%
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, 2025

This semi-annual shareholder report contains important information about Short-Term Income Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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)$130,951
Total Number of Portfolio Holdings381
Portfolio Turnover Rate (annualized)48.5%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Bonds	88.41%
U.S. Government & Government Agency Obligations	7.42%
Investment Companies	4.24%
Other Assets and Liabilities^{Footnote Reference*}	(0.07)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Financial	23.13%
Asset Backed Securities	21.92%
Mortgage Securities	13.70%
Utilities	8.10%
Government	7.41%
Consumer, Non-cyclical	5.33%
Energy	4.81%
Technology	4.45%
Money Market Funds	4.24%
Industrial	3.13%
Communications	2.37%
Basic Materials	0.77%
Consumer, Cyclical	0.71%
Other Assets and Liabilities^{Footnote Reference*}	(0.07)%
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, 2025

This semi-annual shareholder report contains important information about SmallCap Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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	0.85%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$163,299
Total Number of Portfolio Holdings124
Portfolio Turnover Rate (annualized)15.5%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.67%
Investment Companies	1.29%
Other Assets and Liabilities	(0.96)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	24.93%
Consumer, Non-cyclical	23.77%
Industrial	21.46%
Technology	11.62%
Consumer, Cyclical	10.04%
Energy	2.82%
Utilities	2.56%
Communications	1.33%
Money Market Funds	1.29%
Basic Materials	1.14%
Other Assets and Liabilities	(0.96)%
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, 2025

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	1.10%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$163,299
Total Number of Portfolio Holdings124
Portfolio Turnover Rate (annualized)15.5%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.67%
Investment Companies	1.29%
Other Assets and Liabilities	(0.96)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	24.93%
Consumer, Non-cyclical	23.77%
Industrial	21.46%
Technology	11.62%
Consumer, Cyclical	10.04%
Energy	2.82%
Utilities	2.56%
Communications	1.33%
Money Market Funds	1.29%
Basic Materials	1.14%
Other Assets and Liabilities	(0.96)%
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 S&P 500 Index Buffer April Account

Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about U.S. LargeCap S&P 500 Index Buffer April Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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	$48	0.95%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$42,573
Total Number of Portfolio Holdings9
Portfolio Turnover Rate (annualized)34.7%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	91.58%
Purchased Options	15.55%
Other Assets and Liabilities^{Footnote Reference*}	(7.13)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Exchange-Traded Funds	91.51%
Purchased Options	15.55%
Money Market Funds	0.07%
Other Assets and Liabilities^{Footnote Reference*}	(7.13)%
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 S&P 500 Index Buffer January Account

Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about U.S. LargeCap S&P 500 Index Buffer January Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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	$49	0.96%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$40,601
Total Number of Portfolio Holdings9
Portfolio Turnover Rate (annualized)54.1%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	140.19%
Purchased Options	22.53%
Other Assets and Liabilities^{Footnote Reference*}	(62.72)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Exchange-Traded Funds	140.16%
Purchased Options	22.53%
Money Market Funds	0.03%
Other Assets and Liabilities^{Footnote Reference*}	(62.72)%
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 S&P 500 Index Buffer July Account

Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about U.S. LargeCap S&P 500 Index Buffer July Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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	$49	0.96%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$87,303
Total Number of Portfolio Holdings8
Portfolio Turnover Rate (annualized)54.1%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	51.28%
Purchased Options	10.04%
Other Assets and Liabilities^{Footnote Reference*}	38.68%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Exchange-Traded Funds	51.28%
Purchased Options	10.04%
Other Assets and Liabilities^{Footnote Reference*}	38.68%
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 S&P 500 Index Buffer October Account

Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about U.S. LargeCap S&P 500 Index Buffer October Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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	$49	0.96%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$44,031
Total Number of Portfolio Holdings9
Portfolio Turnover Rate (annualized)8.2%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Investment Companies	109.39%
Purchased Options	15.60%
Other Assets and Liabilities^{Footnote Reference*}	(24.99)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Exchange-Traded Funds	109.39%
Purchased Options	15.60%
Money Market Funds	0.00%
Other Assets and Liabilities^{Footnote Reference*}	(24.99)%
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 2

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

PVC897SAR2-0

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 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 2

Diversified Balanced Strategic 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

PVC43SAR2-0

Class 2

Diversified Growth 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