LargeCap Growth Account I (Prospectus Summary) | LargeCap Growth Account I

LargeCap Growth Account I

Objective:

The Account seeks long-term growth of capital.

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		LargeCap Growth Account I Class 1
Management Fees		0.76%
Other Expenses		0.02%
Total Annual Account Operating Expenses		0.78%
Fee Waiver	[1]	0.02%
Total Annual Account Operating Expenses after Fee Waiver		0.76%

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 (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
LargeCap Growth Account I Class 1	78	246	431	964

Portfolio Turnover

The Account pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs. These costs, which are not reflected in
annual Account operating expenses or in the example, affect the Account's
performance. During the most recent fiscal year, the Account's portfolio
turnover rate was 46.1% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Account invests at least 80% of its net assets
in equity securities of companies with large market capitalizations (those with
market capitalization ranges similar to the companies in the Russell 1000®
Growth Index (as of December 31, 2011, this range was between approximately $117
million and $401.25 billion)) at the time of purchase. The Account invests in
growth equity securities; growth orientation emphasizes buying equity securities
of companies whose potential for growth of capital and earnings is expected to
be above average. The Account may also invest in securities of foreign
companies.

Principal Management Corporation invests between 10% and 40% of the Account's
assets in equity securities in an attempt to match or exceed the performance of
the Account's benchmark index by purchasing securities in the index while
slightly overweighting and underweighting certain individual equity securities
relative to their weight in the Account's benchmark index.

Principal Risks

The Account may be an appropriate investment for investors seeking long-term
growth of capital and willing to accept the risks of investing in equity
securities that may have greater risks than equity securities of companies with
lower potential for earnings growth.

The value of your investment in the Account changes with the value of the
Account's investments. Many factors affect that value, and it is possible to
lose money by investing in the Account. An investment in the Account is not a
deposit of a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. The principal risks of
investing in the Account, 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.

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.

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).

Growth Stock Risk. If growth companies do not increase their earnings at a rate
expected by investors, the market price of the stock may decline significantly,
even if earnings show an absolute increase. Growth company stocks also typically
lack the dividend yield that can lessen price declines in market downturns.

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.

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.

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

Highest return for a quarter during the period of the bar       Q2 '09    19.90%
chart above:                                                           
Lowest return for a quarter during the period of the bar        Q4 '08   -22.69%
chart above:    

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

Average Annual Total Returns LargeCap Growth Account I	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years
Class 1	LargeCap Growth I - Class 1	(0.33%)	3.25%	2.93%
Russell 1000 Growth Index	Russell 1000 Growth Index (reflects no deduction for fees, expenses, or taxes)	2.64%	2.50%	2.60%

[1] Principal Management Corporation ("Principal"), the investment advisor, has contractually agreed to limit the Account's Management Fees through the period ending April 30, 2013. The fee waiver will reduce the Account's Management Fees by 0.016% (expressed as a percent of average net assets on an annualized basis). It is expected that the fee waiver will continue through the period disclosed; however, Principal Variable Contracts Funds, Inc. and Principal, the parties to the agreement, may agree to terminate the expense limit prior to the end of the period.