Strategic Asset Management Conservative Growth Portfolio Account (Prospectus Summary) | Strategic Asset Management Conservative Growth Portfolio Account

Strategic Asset Management ("SAM") Conservative Growth Portfolio

Objective:

The Portfolio seeks to provide long-term capital appreciation.

Fees and Expenses of the Account

This table describes the fees and expenses that you may pay if you buy and hold
shares of the Account. These fees and expenses do not reflect the fees and
expenses of any variable insurance contract that may invest in the Account and
would be higher if they did.

Annual Account Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses Strategic Asset Management Conservative Growth Portfolio Account	Class 1	Class 2
Management Fees	0.23%	0.23%
Distribution and/or Service (12b-1) Fees		0.25%
Other Expenses	0.01%	0.01%
Acquired Fund Fees and Expenses	0.68%	0.68%
Total Annual Account Operating Expenses	0.92%	1.17%

Example

This Example is intended to help you compare the cost of investing in the
Account with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Account for the time periods
indicated and then redeem all of your shares at the end of those periods. The
Example also assumes that your investment has a 5% return each year and that the
Account's operating expenses remain the same. If separate account expenses and
contract level expenses were included, expenses would be higher. Although your
actual costs may be higher or lower, based on these assumptions your costs would
be:

Expense Example Strategic Asset Management Conservative Growth Portfolio Account (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
Class 1	94	293	509	1,131
Class 2	119	372	644	1,420

Portfolio Turnover

As a fund of funds, the Account does not pay transaction costs, such as
commissions, when it buys and sells shares of underlying funds (or "turns over"
its portfolio). An underlying fund does pay transaction costs when it buys and
sells portfolio securities, and a higher portfolio turnover may indicate higher
transaction costs. These costs, which are not reflected in annual account
operating expenses or in the examples, affect the performance of the underlying
fund and the Account. During its most recent fiscal year, the Account's
portfolio turnover rate was 24.2% of the average value of its portfolio.

Principal Investment Strategies

The SAM Portfolios operate as funds of funds and invest principally in
Institutional Class shares of Principal Funds, Inc. and Class 1 shares of
Principal Variable Contracts Funds Inc. equity funds, fixed-income funds and
specialty funds ("Underlying Funds"); the Sub-Advisor generally categorizes the
Underlying Fund based on the investment profile of the Underlying Fund. Each SAM
Portfolio typically allocates its assets among Underlying Funds, and within
predetermined percentage ranges, as determined by the Sub-Advisor in accordance
with its outlook for the economy, the financial markets and the relative market
valuations of the Underlying Funds.

The Portfolio:

· Generally invests between 0% and 40% of its assets in fixed-income funds, and  
   less than 30% in any one fixed-income fund (fixed-income funds that generally  
   invest in fixed income instruments such as mortgage-backed securities,         
   government and government-sponsored securities, corporate bonds and preferred  
   securities)                                                                    

· Generally invests between 60% and 100% of its assets in equity funds, and less
   than 40% in any one equity fund (equity funds that generally invest in US and  
   international (including emerging markets) equity securities) and              
  
· Generally invests less than 20% of its assets in specialty funds, and less than
   20% in any one specialty fund (specialty funds that generally offer unique     
   combinations of traditional equity securities and fixed-income securities or   
   that use alternative investment strategies that aim to offer enhanced          
   diversification beyond traditional equity securities and fixed-income          
   securities)                                                                    
  
The Portfolio may temporarily exceed the applicable percentage ranges for short
periods, and the Sub-Advisor may alter the percentage ranges when it deems
appropriate.

Principal Risks

The broad diversification of the Portfolio is designed to cushion severe losses
in any one investment sector and moderate overall price volatility. However, the
Portfolio is subject to the particular risks of the Underlying Funds in which it
invests, and its share prices and performance will fluctuate with the shares
prices and performance of the Underlying Funds. The Portfolio operates as a fund
of funds and thus bears both its own expenses and, indirectly, its proportionate
share of the expenses of the underlying funds in which it invests. An investment
in the Portfolio is not a deposit of a bank and is not insured or guaranteed by
the Federal Deposit Insurance Agency or any other government agency. If you sell
your shares when their value is less than the price you paid, you will lose
money.

The principal risks of investing in the Portfolio that are inherent in the fund
of funds, in alphabetical order, are:

Asset Allocation Risk. A fund's selection and weighting of asset classes may
cause it to underperform other funds with a similar investment objective.

Conflict of Interest Risk. The Advisor and its affiliates earn different fees
from different underlying funds and may have an incentive to allocate more
fund-of-fund assets to underlying funds from which they receive higher fees.

Investment Company Securities Risk. Fund shareholders bear indirectly their
proportionate share of the expenses of other investment companies in which the
fund invests.

The principal risks of investing in the Portfolio that are inherent in the
underlying funds, in alphabetical order, are:

Currency Risk.  Risks of investing in securities denominated in, or that trade
in, foreign (non-U.S.) currencies include changes in foreign exchange rates and
foreign exchange restrictions.

Emerging Market Risk. Investments in emerging market countries may have more
risk than those in developed market countries because the emerging markets are
less developed and more illiquid. Emerging market countries can also be subject
to increased social, economic, regulatory, and political uncertainties and can
be extremely volatile.

Equity Securities Risk. Equity securities (common, convertible preferred stocks
and other securities whose values are tied to the price of stocks, such as
rights, warrants and convertible debt securities) could decline in value if the
issuer's financial condition declines or in response to overall market and
economic conditions. A fund's principal market segment(s), such as large cap,
mid cap or small cap stocks, or growth or value stocks, may underperform other
market segments or the equity markets as a whole. Investments in smaller
companies and mid-size companies may involve greater risk and price volatility
than investments in larger, more mature companies.

Fixed-Income Securities Risk. Fixed-income securities are subject to interest
rate risk and credit quality risk. The market value of fixed-income securities
generally declines when interest rates rise, and an issuer of fixed-income
securities could default on its payment obligations.

Foreign Securities Risk. The risks of foreign securities include loss of value
as a result of: political or economic instability; nationalization,
expropriation or confiscatory taxation; settlement delays; and limited
government regulation (including less stringent reporting, accounting, and
disclosure standards than are required of U.S. companies).

High Yield Securities Risk. High yield fixed-income securities (commonly
referred to as "junk bonds") are subject to greater credit quality risk than
higher rated fixed-income securities and should be considered speculative.
  
Investment Company Securities Risk. Fund shareholders bear indirectly their
proportionate share of the expenses of other investment companies in which the
fund invests.

Portfolio Duration Risk. Portfolio duration is a measure of the expected life of
a fixed-income security and its sensitivity to changes in interest rates. The
longer a fund's average portfolio duration, the more sensitive the fund will be
to changes in interest rates.

Preferred Securities Risk. Preferred securities are junior subordinated
securities in a company's capital structure and therefore can be subject to
greater credit and liquidation risk. An issuer of preferred securities could
redeem the security prior to the stated maturity date and reduce the return of
the security.

Prepayment Risk. Unscheduled prepayments on mortgage-backed and asset-backed
securities may have to be reinvested at lower rates. A reduction in prepayments
may increase the effective maturities of these securities, exposing them to the
risk of decline in market value over time (extension risk).

Risk of Being an Underlying Fund. An underlying fund of a fund of funds may
experience relatively large redemptions or investments as the fund of funds
periodically reallocates or rebalances its assets. These transactions may cause
the underlying fund to sell portfolio securities to meet such redemptions, or to
invest cash from such investments, at times it would not otherwise do so, and
may as a result increase transaction costs and adversely affect underlying fund
performance.

U.S. Government Securities Risk. Yields available from U.S. government
securities are generally lower than yields from many other fixed-income
securities.

U.S. Government Sponsored Securities Risk. Securities issued by U.S.
government-sponsored or -chartered enterprises such as the Federal Home Loan
Mortgage Corporation, the Federal National Mortgage Association, and the Federal
Home Loan Banks are not issued or guaranteed by the U.S. Treasury.

Performance

The following information provides some indication of the risks of investing in
the Account by showing changes in the Account's performance from year to year
and by showing how the Account's average annual returns for 1, 5, and 10 years
(or, if shorter, the life of the Account) compare with those of one or more
broad measures of market performance. Past performance is not necessarily an
indication of how the Account will perform in the future. Performance figures
for the Accounts do not include any separate account expenses, cost of
insurance, or other contract-level expenses; total returns for the Accounts
would be lower if such expenses were included.

Performance reflects the performance of the predecessor fund. Performance of the
Class 2 shares for periods prior to inception of the class reflects performance
of the Class 1 shares, which have the same investments as Class 2 shares, but
has been adjusted downward to reflect the higher expenses of Class 2 shares.

The Barclays Capital Aggregate Bond Index is used to show performance of
domestic, taxable fixed-income securities. Performance of a blended index shows
how the Account's performance compares to an index with similar investment
objectives, and performance of the components of the blended index are also
shown. The weightings for Capital Benchmark 80/20 are 80% S&P 500 Index and 20%
Barclays Capital Aggregate Bond Index.

Calendar Year Total Returns (%) as of 12/31 each year (Class 1 Shares)

Highest return for a quarter during the period of the bar                            
chart above:                                                       Q2 '09      14.61 %
Lowest return for a quarter during the period of the bar                             
chart above:                                                       Q4 '08     -19.24 %

Average Annual Total Returns (%) For the periods ended December 31, 2011

Average Annual Total Returns Strategic Asset Management Conservative Growth Portfolio Account	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years	Average Annual Returns, Inception Date
Class 1	SAM Conservative Growth Portfolio - Class 1	(0.45%)	1.06%	4.40%	Jun. 03, 1997
Class 2	SAM Conservative Growth Portfolio - Class 2	(0.63%)	0.81%	4.15%	Nov. 06, 2001
S&P 500 Index	S&P 500 Index (reflects no deduction for fees, expenses, or taxes)	2.11%	(0.25%)	2.92%
Barclays Capital Aggregate Bond Index	Barclays Capital Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)	7.84%	6.50%	5.78%
Capital Benchmark (80/20)	Capital Benchmark (80/20) (reflects no deduction for fees, expenses, or taxes)	3.45%	1.36%	3.72%