PRINCIPAL LIFETIME 2020 ACCOUNT – CLASS 1 SHARES

Principal Variable Contracts Funds, Inc. Summary Prospectus April 30, 2012 amended March 15,

2013

Before you invest, you may want to review the Account’s prospectus, which contains more information about

the Account and its risks. You can find the Account’s prospectus and other information about the Account

online at www.principalfunds.com/pvcprospectus. You can also get this information at no cost by calling

1-800-222-5852 or by sending an email request to prospectus@principalfunds.com.

This Summary Prospectus incorporates by reference the Statutory Prospectus dated April 30, 2012 as

supplemented June 15, 2012, September 14, 2012, November 13, 2012, November 27, 2012, December 14,

2012, and March 15, 2013, and the Statement of Additional Information dated April 30, 2012 as

supplemented June 15, 2012, September 14, 2012, November 13, 2012, November 27, 2012, November 30,

2012, December 14, 2012, and March 15, 2013 (which may be obtained in the same manner as the

Prospectus).

Objective: The Account seeks a total return consisting of long-term growth of capital and current income.

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)
For the year ended December 31, 2011	Class 1
Management Fees	0.03	%
Other Expenses	0.01	%
Acquired Fund Fees and Expenses	0.64	%
Total Annual Account Operating Expenses	0.68	%

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:

				Number of years you own your shares
		1		3		5		10
Principal LifeTime 2020 Account - Class 1	$	69	$	218	$	379	$	847

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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 8.9% of the average value of its portfolio.

Principal Investment Strategies

The Account operates as a “target date fund.” It invests in underlying Principal Funds, Inc. (“PFI”) domestic

and foreign equity, real asset and alternative investments, and fixed-income Funds and other Principal

Variable Contracts Funds, Inc. (“PVC”) Accounts according to an asset allocation strategy designed for

investors having a retirement investment goal close to the year in the Account’s name. The Account's asset

allocation will become more conservative over time as investment goals near (for example, retirement, which

is assumed to begin at age 65) and investors become more risk-averse. The Account invests in PFI

Institutional Class and PVC Class 1 shares of underlying funds. It is managed by Principal Management

Corporation (“Principal”); Principal has hired a sub-advisor, Principal Global Investors, LLC (“PGI”), to assist

in managing the Account.

Principal, with assistance from PGI, develops, implements and monitors the Account's strategic or long-term

asset class targets and target ranges, is also responsible for an active rebalancing strategy designed to

identify asset classes that appear attractive over the short term and sets the percentage of Account assets to

be allocated to a particular asset class. Principal selects the underlying funds for each asset class and the

target weights for each underlying fund. Principal, with assistance from PGI, may shift asset class targets in

response to normal evaluative processes, the shortening time horizon of the Account or changes in market

forces or Account circumstances. Principal may add, remove, or substitute underlying funds at any time.

In selecting underlying funds and target weights, Principal considers both quantitative measures (e.g., past

performance, expected levels of risk and returns, expense levels, diversification and style consistency) and

qualitative factors (e.g., organizational stability, investment experience, investment and risk management

processes, and information, trading, and compliance systems). There are no minimum or maximum

percentages of assets that the Account must invest in a specific asset class or underlying fund. Underlying

funds may utilize derivatives.

Within 10 to 15 years after its target year, the Account's underlying fund allocation is expected to match that

of the Principal LifeTime Strategic Income Account. At that time, the Account may be combined with the

Principal LifeTime Strategic Income Account if the Board of Directors determines that the combination is in

the best interests of Account shareholders. It is expected that at the target date in the Account’s name, the

shareholder will begin gradually withdrawing the account's value.

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Principal Risks

The broad diversification of the Account is designed to cushion severe losses in any one investment sector

and moderate overall price volatility. However, the Account is subject to the particular risks of the underlying

funds in the proportions in which the Account invests in them, and its share prices will fluctuate as the prices

of underlying fund shares rise or fall with changing market conditions. If you sell your shares when their value

is less than the price you paid, you will lose money. The Account 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 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 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.

Target Date Fund Risk. There is no guarantee that this fund will provide adequate income at or through

retirement.

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The principal risks of investing in the Account 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.

Derivatives Risk. Transactions in derivatives (such as options, futures, currency contracts, and swaps) may

increase volatility, cause the liquidation of portfolio positions when not advantageous to do so and produce

disproportionate losses.

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).

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.

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.

Index Fund Investment Risk. More likely than not, an index fund will not provide investment performance

that matches the index performance due to cashflows and the fees and expenses of the fund.

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.

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).

Real Estate Investment Trusts ("REITs") Risk. A REIT could fail to qualify for tax-free pass-through of

income under the Internal Revenue Code, and fund shareholders will indirectly bear their proportionate share

of the expenses of REITs in which the fund invests.

Real Estate Securities Risk. Real estate securities are subject to the risks associated with direct ownership

of real estate, including declines in value, adverse economic conditions, increases in expenses, regulatory

changes and environmental problems.

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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.

Value Stock Risk. The market may not recognize the intrinsic value of value stocks for a long time, or they

may be appropriately priced at the time of purchase.

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.

The Barclays Capital Aggregate Bond Index is used to show performance of domestic, taxable fixed-income

securities. The MSCI - EAFE Index NDTR D is used to show international stock performance. Performance

of a blended index shows how the Account’s performance companies to an index with similar investment

objectives, and performance of the components of the blended index are also shown. Effective March 31,

2012, the weightings for the Principal LifeTime 2020 Blended Index were 47.45% Russell 3000 Index,

17.55% MSCI - EAFE Index NDTR D, and 35.0% Barclays Capital Aggregate Bond Index. The custom or

blended index returns reflect the allocation in effect for the time period(s) for which fund returns are

disclosed. Previous weightings or allocations of the custom or blended index are not restated.

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Average Annual Total Returns (%)
					Life of Account
For the periods ended December 31, 2011	Past 1 Year		Past 5 Years		(08/30/2004	)
Principal LifeTime 2020 - Class 1	-1.07	%	0.04	%	4.31	%
Russell 3000 Index (reflects no deduction for fees, expenses, or taxes)	1.03		-0.01		4.48
Barclays Capital Aggregate Bond Index (reflects no deduction for fees,
expenses, or taxes)	7.84		6.50		5.55
MSCI - EAFE Index NDTR D (reflects no deduction for fees, expenses, or taxes)	-12.14		-4.72		3.98
Principal LifeTime 2020 Blended Index (reflects no deduction for fees, expenses,
or taxes)	0.63		1.31		4.49

Management
Investment Advisor and Portfolio Managers:
Principal Management Corporation
·	James W. Fennessey (since 2007), Vice President
·	Jeffrey R. Tyler (since 2011), Vice President
·	Randy L. Welch (since 2007), Vice President
Sub-Advisor(s) and Portfolio Manager(s):
Principal Global Investors, LLC
·	Matthew Annenberg (since 2013), Managing Director, Asset Allocation
·	Dirk Laschanzky (since 2004), Portfolio Manager
Tax Information
The Fund intends to comply with applicable variable asset diversification regulations. Taxation to you will
depend on what you do with your variable life insurance or variable annuity contract. See your variable
product prospectus for information about the tax implications of investing in the Accounts.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank, insurance
company, investment adviser, etc.), the Fund and its related companies may pay the intermediary for the
sale of Fund shares and related services. These payments may create a conflict of interest by influencing the
broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment.
These payments may also create a conflict of interest by influencing the broker-dealer or other intermediary
and your sales person to recommend one share class of the Fund over another share class, or to
recommend one variable annuity, variable life insurance policy or mutual fund over another. Ask your
salesperson or visit your financial intermediary's Web site for more information.

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