UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 Investment Company Act file number  811-01944

Principal Variable Contracts Funds, Inc.

(Exact name of registrant as specified in charter)

801 Grand Avenue, Des Moines, IA 50309

(Address of principal executive offices)                                                         (Zip code)

Principal Global Investors, LLC, 801 Grand Avenue, Des Moines, IA 50309

(Name and address of agent for service)

Registrant’s telephone number, including area code: 515-235-1719

Date of fiscal year end: December 31, 2022

Date of reporting period: June 30, 2022

ITEM 1 – REPORT TO STOCKHOLDERS

Principal

Variable

Contracts

Funds,

Inc.

Semiannual

Report

June

30,

2022

Sign

up

for

eDelivery!

Safe,

secure

and

ready

when

you

are,

sign

up

for

eDelivery

today.

Two

ways

to

sign

up

(some

restrictions

may

apply):

Visit

Principal.com/

edelivery

,

Log

in

and

select

your

delivery

preferences.

Telephone:

>

Call

us

at

1-800-247-9988

if

you

have

a

life

insurance

policy

or

1-800-852-4450

if

you

have

an

annuity.

Table

of

Contents

Not

FDIC

or

NCUA

insured

May

lose

value

•

Not

a

deposit

•

No

bank

or

credit

union

guarantee

Not

insured

by

any

Federal

government

agency

Financial

Statements

1

Notes

to

Financial

Statements

60

Schedules

of

Investments

84

Financial

Highlights

(Includes

performance

information)

212

Shareholder

Expense

Example

282

Supplemental

Information

285

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

1

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Blue

Chip

Account

Bond

Market

Index

Account

Core

Plus

Bond

Account

Investment

in

securities--at

cost

..........................................................

$

10,116‌

$

2,592,551‌

$

231,614‌

Investment

in

affiliated

Funds--at

cost

....................................................

$

88‌

$

146,404‌

$

9,478‌

Assets

Investment

in

securities--at

value 

..........................................................

$

8,192‌

$

2,372,453‌

(a)

$

211,194‌

(a)

Investment

in

affiliated

Funds--at

value

.....................................................

88‌

146,404‌

9,478‌

Cash

.........................................................................................

1‌

–‌

31‌

Deposits

with

counterparty

..................................................................

–‌

–‌

9‌

Receivables:

Dividends

and

interest

.................................................................

3‌

12,391‌

1,525‌

Expense

reimbursement

from

Manager

...............................................

1‌

–‌

–‌

Fund

shares

sold

.......................................................................

1‌

129‌

2‌

Investment

securities

sold

.............................................................

20‌

31,388‌

630‌

Variation

margin

on

futures

...........................................................

–‌

–‌

116‌

Variation

margin

on

swaps

............................................................

–‌

–‌

29‌

Prepaid

expenses

............................................................................

–‌

–‌

5‌

Total

Assets  

8,306‌

2,562,765‌

223,019‌

Liabilities

Accrued

management

and

investment

advisory

fees

........................................

4‌

280‌

79‌

Accrued

distribution

fees

....................................................................

2‌

–‌

–‌

Accrued

service

fees

........................................................................

1‌

–‌

–‌

Accrued

chief

compliance

officer

fees

......................................................

–‌

1‌

–‌

Accrued

directors'

expenses

.................................................................

1‌

15‌

2‌

Accrued

professional

fees

...................................................................

6‌

4‌

–‌

Accrued

other

expenses

.....................................................................

2‌

11‌

3‌

Cash

overdraft

...............................................................................

–‌

1‌

–‌

Payables:

Fund

shares

redeemed

.................................................................

1,083‌

8,218‌

1,313‌

Investment

securities

purchased

......................................................

3‌

156,392‌

21,544‌

Variation

margin

on

futures

...........................................................

–‌

–‌

44‌

Collateral

obligation

on

securities

loaned,

at

value

.........................................

–‌

7,233‌

1,131‌

Total

Liabilities  

1,102‌

172,155‌

24,116‌

Net

Assets

Applicable

to

Outstanding

Shares

............................................

$

7,204‌

$

2,390,610‌

$

198,903‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

...............................................

$

9,452‌

$

2,562,973‌

$

214,418‌

Total

distributable

earnings

(accumulated

loss)

.............................................

(

2,248‌

)

(

172,363‌

)

(

15,515‌

)

Total

Net

Assets 

$

7,204‌

$

2,390,610‌

$

198,903‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

............................................................................

200,000‌

300,000‌

400,000‌

Net

Asset

Value

Per

Share:

Class

1

:

Net

Assets

..........................................................................

N/A‌

$

2,390,610‌

$

198,903‌

Shares

Issued

and

Outstanding

........................................................

247,658‌

19,605‌

Net

Asset

Value

per

share

.............................................................

$

9

.65‌

$

10

.15‌

Class

3

:

Net

Assets

..........................................................................

$

7,204‌

N/A‌

N/A‌

Shares

Issued

and

Outstanding

........................................................

811‌

Net

Asset

Value

per

share

.............................................................

$

8

.88‌

(a)

Includes

fair

market

value

of

securities

loaned,

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

2

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Diversified

Balanced

Account

Diversified

Balanced

Managed

Volatility

Account

Diversified

Balanced

Volatility

Control

Account

Investment

in

affiliated

Funds--at

cost

....................................................

$

640,178‌

$

140,706‌

$

210,461‌

Assets

Investment

in

affiliated

Funds--at

value

.....................................................

$

796,446‌

$

150,771‌

$

201,667‌

Deposits

with

counterparty

..................................................................

–‌

–‌

525‌

Receivables:

Dividends

and

interest

.................................................................

–‌

–‌

28‌

Fund

shares

sold

.......................................................................

3‌

–‌

–‌

Investment

securities

sold

.............................................................

3,542‌

736‌

687‌

Variation

margin

on

futures

...........................................................

–‌

–‌

79‌

Total

Assets  

799,991‌

151,507‌

202,986‌

Liabilities

Accrued

management

and

investment

advisory

fees

........................................

34‌

6‌

20‌

Accrued

distribution

fees

....................................................................

160‌

32‌

42‌

Accrued

directors'

expenses

.................................................................

6‌

2‌

2‌

Accrued

professional

fees

...................................................................

5‌

5‌

5‌

Accrued

other

expenses

.....................................................................

1‌

–‌

–‌

Payables:

Fund

shares

redeemed

.................................................................

3,544‌

736‌

859‌

Total

Liabilities  

3,750‌

781‌

928‌

Net

Assets

Applicable

to

Outstanding

Shares

............................................

$

796,241‌

$

150,726‌

$

202,058‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

...............................................

$

543,991‌

$

125,288‌

$

198,707‌

Total

distributable

earnings

(accumulated

loss)

.............................................

252,250‌

25,438‌

3,351‌

Total

Net

Assets 

$

796,241‌

$

150,726‌

$

202,058‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

............................................................................

650,000‌

400,000‌

400,000‌

Net

Asset

Value

Per

Share:

Class

1

:

Net

Assets

..........................................................................

$

34,207‌

N/A‌

N/A‌

Shares

Issued

and

Outstanding

........................................................

2,224‌

Net

Asset

Value

per

share

.............................................................

$

15

.38‌

Class

2

:

Net

Assets

..........................................................................

$

761,627‌

$

150,717‌

$

202,048‌

Shares

Issued

and

Outstanding

........................................................

49,481‌

12,252‌

17,596‌

Net

Asset

Value

per

share

.............................................................

$

15

.39‌

$

12

.30‌

$

11

.48‌

Class

3

:

Net

Assets

..........................................................................

$

407‌

$

9‌

$

10‌

Shares

Issued

and

Outstanding

........................................................

27‌

1‌

1‌

Net

Asset

Value

per

share

.............................................................

$

15

.29‌

$

12

.25‌

$

11

.44‌

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

3

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Diversified

Growth

Account

Diversified

Growth

Managed

Volatility

Account

Diversified

Growth

Volatility

Control

Account

Investment

in

affiliated

Funds--at

cost

....................................................

$

2,424,504‌

$

275,264‌

$

1,156,709‌

Assets

Investment

in

affiliated

Funds--at

value

.....................................................

$

3,158,129‌

$

308,371‌

$

1,128,314‌

Deposits

with

counterparty

..................................................................

–‌

–‌

8,033‌

Receivables:

Dividends

and

interest

.................................................................

–‌

–‌

151‌

Investment

securities

sold

.............................................................

9,106‌

1,651‌

3,647‌

Variation

margin

on

futures

...........................................................

–‌

–‌

1,214‌

Total

Assets  

3,167,235‌

310,022‌

1,141,359‌

Liabilities

Accrued

management

and

investment

advisory

fees

........................................

133‌

14‌

113‌

Accrued

distribution

fees

....................................................................

666‌

65‌

236‌

Accrued

chief

compliance

officer

fees

......................................................

1‌

–‌

–‌

Accrued

directors'

expenses

.................................................................

20‌

3‌

6‌

Accrued

professional

fees

...................................................................

5‌

5‌

5‌

Accrued

other

expenses

.....................................................................

2‌

–‌

–‌

Payables:

Fund

shares

redeemed

.................................................................

9,106‌

1,651‌

4,560‌

Total

Liabilities  

9,933‌

1,738‌

4,920‌

Net

Assets

Applicable

to

Outstanding

Shares

............................................

$

3,157,302‌

$

308,284‌

$

1,136,439‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

...............................................

$

2,066,403‌

$

240,438‌

$

1,085,201‌

Total

distributable

earnings

(accumulated

loss)

.............................................

1,090,899‌

67,846‌

51,238‌

Total

Net

Assets 

$

3,157,302‌

$

308,284‌

$

1,136,439‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

............................................................................

500,000‌

400,000‌

400,000‌

Net

Asset

Value

Per

Share:

Class

2

:

Net

Assets

..........................................................................

$

3,157,097‌

$

308,274‌

$

1,136,429‌

Shares

Issued

and

Outstanding

........................................................

174,553‌

23,455‌

94,267‌

Net

Asset

Value

per

share

.............................................................

$

18

.09‌

$

13

.14‌

$

12

.06‌

Class

3

:

Net

Assets

..........................................................................

$

205‌

$

10‌

$

10‌

Shares

Issued

and

Outstanding

........................................................

11‌

1‌

1‌

Net

Asset

Value

per

share

.............................................................

$

18

.00‌

$

13

.08‌

$

12

.01‌

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

4

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Diversified

Income

Account

Diversified

International

Account

Equity

Income

Account

Investment

in

securities--at

cost

..........................................................

$

–‌

$

217,626‌

$

344,280‌

Investment

in

affiliated

Funds--at

cost

....................................................

$

249,804‌

$

6,000‌

$

14,978‌

Foreign

currency--at

cost

..................................................................

$

–‌

$

1,272‌

$

–‌

Assets

Investment

in

securities--at

value 

..........................................................

$

–‌

$

229,791‌

(a)

$

606,891‌

Investment

in

affiliated

Funds--at

value

.....................................................

265,124‌

6,000‌

14,978‌

Foreign

currency--at

value

..................................................................

–‌

1,273‌

–‌

Cash

.........................................................................................

–‌

5‌

–‌

Receivables:

Dividends

and

interest

.................................................................

–‌

1,056‌

1,235‌

Foreign

tax

refund

.....................................................................

–‌

1‌

–‌

Fund

shares

sold

.......................................................................

–‌

383‌

363‌

Investment

securities

sold

.............................................................

358‌

62‌

10,046‌

Prepaid

expenses

............................................................................

–‌

5‌

–‌

Total

Assets  

265,482‌

238,576‌

633,513‌

Liabilities

Accrued

management

and

investment

advisory

fees

........................................

11‌

168‌

251‌

Accrued

distribution

fees

....................................................................

55‌

–‌

11‌

Accrued

directors'

expenses

.................................................................

3‌

3‌

5‌

Accrued

foreign

tax

.........................................................................

–‌

65‌

–‌

Accrued

professional

fees

...................................................................

5‌

–‌

10‌

Accrued

other

expenses

.....................................................................

–‌

36‌

7‌

Cash

overdraft

...............................................................................

–‌

–‌

87‌

Payables:

Fund

shares

redeemed

.................................................................

358‌

57‌

684‌

Investment

securities

purchased

......................................................

–‌

2,568‌

13,198‌

Collateral

obligation

on

securities

loaned,

at

value

.........................................

–‌

3,934‌

–‌

Total

Liabilities  

432‌

6,831‌

14,253‌

Net

Assets

Applicable

to

Outstanding

Shares

............................................

$

265,050‌

$

231,745‌

$

619,260‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

...............................................

$

229,379‌

$

191,799‌

$

227,186‌

Total

distributable

earnings

(accumulated

loss)

.............................................

35,671‌

39,946‌

392,074‌

Total

Net

Assets 

$

265,050‌

$

231,745‌

$

619,260‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

............................................................................

250,000‌

300,000‌

400,000‌

Net

Asset

Value

Per

Share:

Class

1

:

Net

Assets

..........................................................................

N/A‌

$

231,745‌

$

568,050‌

Shares

Issued

and

Outstanding

........................................................

15,665‌

19,430‌

Net

Asset

Value

per

share

.............................................................

$

14

.79‌

$

29

.24‌

Class

2

:

Net

Assets

..........................................................................

$

264,995‌

N/A‌

$

50,945‌

Shares

Issued

and

Outstanding

........................................................

20,206‌

1,764‌

Net

Asset

Value

per

share

.............................................................

$

13

.11‌

$

28

.88‌

Class

3

:

Net

Assets

..........................................................................

$

55‌

N/A‌

$

265‌

Shares

Issued

and

Outstanding

........................................................

5‌

9‌

Net

Asset

Value

per

share

.............................................................

$

13

.05‌

$

29

.05‌

(a)

Includes

fair

market

value

of

securities

loaned,

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

5

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Global

Emerging

Markets

Account

(a)

Government

&

High

Quality

Bond

Account

LargeCap

Growth

Account

I

Investment

in

securities--at

cost

..........................................................

$

66,064‌

$

255,609‌

$

390,646‌

Investment

in

affiliated

Funds--at

cost

....................................................

$

3,103‌

$

5,593‌

$

13,838‌

Foreign

currency--at

cost

..................................................................

$

242‌

$

–‌

$

–‌

Assets

Investment

in

securities--at

value 

..........................................................

$

67,636‌

$

241,163‌

$

459,438‌

(b)

Investment

in

affiliated

Funds--at

value

.....................................................

3,103‌

5,593‌

13,838‌

Foreign

currency--at

value

..................................................................

238‌

–‌

–‌

Deposits

with

counterparty

..................................................................

–‌

296‌

221‌

Receivables:

Dividends

and

interest

.................................................................

298‌

461‌

102‌

Expense

reimbursement

from

Manager

...............................................

–‌

–‌

6‌

Foreign

tax

refund

.....................................................................

8‌

–‌

–‌

Fund

shares

sold

.......................................................................

2‌

6‌

169‌

Investment

securities

sold

.............................................................

29‌

1,902‌

577‌

Variation

margin

on

futures

...........................................................

–‌

187‌

–‌

Prepaid

expenses

............................................................................

7‌

–‌

–‌

Total

Assets  

71,321‌

249,608‌

474,351‌

Liabilities

Accrued

management

and

investment

advisory

fees

........................................

60‌

81‌

276‌

Accrued

directors'

expenses

.................................................................

2‌

2‌

3‌

Accrued

foreign

tax

.........................................................................

250‌

–‌

–‌

Accrued

professional

fees

...................................................................

–‌

4‌

–‌

Accrued

other

expenses

.....................................................................

16‌

1‌

3‌

Payables:

Fund

shares

redeemed

.................................................................

114‌

1,061‌

507‌

Investment

securities

purchased

......................................................

26‌

49,137‌

286‌

Variation

margin

on

futures

...........................................................

–‌

85‌

33‌

Collateral

obligation

on

securities

loaned,

at

value

.........................................

–‌

–‌

10,170‌

Total

Liabilities  

468‌

50,371‌

11,278‌

Net

Assets

Applicable

to

Outstanding

Shares

............................................

$

70,853‌

$

199,237‌

$

463,073‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

...............................................

$

62,319‌

$

224,730‌

$

319,482‌

Total

distributable

earnings

(accumulated

loss)

.............................................

8,534‌

(

25,493‌

)

143,591‌

Total

Net

Assets 

$

70,853‌

$

199,237‌

$

463,073‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

............................................................................

200,000‌

200,000‌

200,000‌

Net

Asset

Value

Per

Share:

Class

1

:

Net

Assets

..........................................................................

$

70,853‌

$

199,237‌

$

463,073‌

Shares

Issued

and

Outstanding

........................................................

4,521‌

22,968‌

13,066‌

Net

Asset

Value

per

share

.............................................................

$

15

.67‌

$

8

.67‌

$

35

.44‌

(a)

Effective

May

2,

2022,

International

Emerging

Markets

Account

changed

its

name

to

Global

Emerging

Markets

Account.

(b)

Includes

fair

market

value

of

securities

loaned,

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

6

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

LargeCap

S&P

500

Index

Account

LargeCap

S&P

500

Managed

Volatility

Index

Account

MidCap

Account

Investment

in

securities--at

cost

..........................................................

$

1,552,156‌

$

113,100‌

$

394,355‌

Investment

in

affiliated

Funds--at

cost

....................................................

$

65,666‌

$

12,518‌

$

1,146‌

Assets

Investment

in

securities--at

value 

..........................................................

$

2,523,467‌

$

178,773‌

$

541,029‌

Investment

in

affiliated

Funds--at

value

.....................................................

65,666‌

12,518‌

1,146‌

Cash

.........................................................................................

9‌

–‌

115‌

Deposits

with

counterparty

..................................................................

–‌

1,132‌

–‌

Receivables:

Dividends

and

interest

.................................................................

2,025‌

149‌

126‌

Fund

shares

sold

.......................................................................

745‌

–‌

843‌

Investment

securities

sold

.............................................................

–‌

–‌

203‌

Total

Assets  

2,591,912‌

192,572‌

543,462‌

Liabilities

Accrued

management

and

investment

advisory

fees

........................................

524‌

73‌

248‌

Accrued

distribution

fees

....................................................................

8‌

–‌

6‌

Accrued

chief

compliance

officer

fees

......................................................

1‌

–‌

–‌

Accrued

directors'

expenses

.................................................................

15‌

2‌

4‌

Accrued

professional

fees

...................................................................

4‌

4‌

4‌

Accrued

other

expenses

.....................................................................

26‌

5‌

1‌

Payables:

Fund

shares

redeemed

.................................................................

6,852‌

1,000‌

214‌

Investment

securities

purchased

......................................................

–‌

–‌

196‌

Options

and

swaptions

contracts

written

 (premiums

received

$

0

,

$

1,605

and

$

0

)

...

–‌

801‌

–‌

Variation

margin

on

futures

...........................................................

535‌

27‌

–‌

Total

Liabilities  

7,965‌

1,912‌

673‌

Net

Assets

Applicable

to

Outstanding

Shares

............................................

$

2,583,947‌

$

190,660‌

$

542,789‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

...............................................

$

1,221,884‌

$

112,212‌

$

318,956‌

Total

distributable

earnings

(accumulated

loss)

.............................................

1,362,063‌

78,448‌

223,833‌

Total

Net

Assets 

$

2,583,947‌

$

190,660‌

$

542,789‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

............................................................................

300,000‌

100,000‌

105,000‌

Net

Asset

Value

Per

Share:

Class

1

:

Net

Assets

..........................................................................

$

2,545,348‌

$

190,660‌

$

512,625‌

Shares

Issued

and

Outstanding

........................................................

124,732‌

12,462‌

9,321‌

Net

Asset

Value

per

share

.............................................................

$

20

.41‌

$

15

.30‌

$

55

.00‌

Class

2

:

Net

Assets

..........................................................................

$

38,599‌

N/A‌

$

30,164‌

Shares

Issued

and

Outstanding

........................................................

1,924‌

556‌

Net

Asset

Value

per

share

.............................................................

$

20

.06‌

$

54

.29‌

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

7

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

Capital

Appreciation

Account

Principal

LifeTime

2010

Account

Principal

LifeTime

2020

Account

Investment

in

securities--at

cost

..........................................................

$

85,360‌

$

–‌

$

–‌

Investment

in

affiliated

Funds--at

cost

....................................................

$

4,048‌

$

36,835‌

$

161,738‌

Assets

Investment

in

securities--at

value 

..........................................................

$

145,860‌

(a)

$

–‌

$

–‌

Investment

in

affiliated

Funds--at

value

.....................................................

4,048‌

34,704‌

158,674‌

Receivables:

Dividends

and

interest

.................................................................

124‌

32‌

143‌

Fund

shares

sold

.......................................................................

692‌

1‌

173‌

Investment

securities

sold

.............................................................

925‌

141‌

167‌

Total

Assets  

151,649‌

34,878‌

159,157‌

Liabilities

Accrued

management

and

investment

advisory

fees

........................................

79‌

–‌

–‌

Accrued

distribution

fees

....................................................................

6‌

–‌

–‌

Accrued

directors'

expenses

.................................................................

2‌

1‌

2‌

Accrued

professional

fees

...................................................................

4‌

5‌

5‌

Accrued

other

expenses

.....................................................................

1‌

–‌

–‌

Payables:

Fund

shares

redeemed

.................................................................

155‌

142‌

340‌

Investment

securities

purchased

......................................................

592‌

33‌

143‌

Collateral

obligation

on

securities

loaned,

at

value

.........................................

738‌

–‌

–‌

Total

Liabilities  

1,577‌

181‌

490‌

Net

Assets

Applicable

to

Outstanding

Shares

............................................

$

150,072‌

$

34,697‌

$

158,667‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

...............................................

$

59,092‌

$

34,263‌

$

144,559‌

Total

distributable

earnings

(accumulated

loss)

.............................................

90,980‌

434‌

14,108‌

Total

Net

Assets 

$

150,072‌

$

34,697‌

$

158,667‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

............................................................................

200,000‌

100,000‌

200,000‌

Net

Asset

Value

Per

Share:

Class

1

:

Net

Assets

..........................................................................

$

122,229‌

$

34,697‌

$

158,667‌

Shares

Issued

and

Outstanding

........................................................

3,656‌

2,978‌

12,231‌

Net

Asset

Value

per

share

.............................................................

$

33

.43‌

$

11

.65‌

$

12

.97‌

Class

2

:

Net

Assets

..........................................................................

$

27,843‌

N/A‌

N/A‌

Shares

Issued

and

Outstanding

........................................................

848‌

Net

Asset

Value

per

share

.............................................................

$

32

.85‌

(a)

Includes

fair

market

value

of

securities

loaned,

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

8

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

2030

Account

Principal

LifeTime

2040

Account

Principal

LifeTime

2050

Account

Investment

in

affiliated

Funds--at

cost

....................................................

$

228,629‌

$

115,931‌

$

55,893‌

Assets

Investment

in

affiliated

Funds--at

value

.....................................................

$

222,942‌

$

112,197‌

$

53,349‌

Receivables:

Dividends

and

interest

.................................................................

166‌

34‌

3‌

Fund

shares

sold

.......................................................................

772‌

574‌

4‌

Investment

securities

sold

.............................................................

–‌

–‌

13‌

Total

Assets  

223,880‌

112,805‌

53,369‌

Liabilities

Accrued

directors'

expenses

.................................................................

2‌

2‌

1‌

Accrued

professional

fees

...................................................................

5‌

5‌

5‌

Payables:

Fund

shares

redeemed

.................................................................

184‌

63‌

17‌

Investment

securities

purchased

......................................................

754‌

545‌

3‌

Total

Liabilities  

945‌

615‌

26‌

Net

Assets

Applicable

to

Outstanding

Shares

............................................

$

222,935‌

$

112,190‌

$

53,343‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

...............................................

$

205,129‌

$

103,358‌

$

49,116‌

Total

distributable

earnings

(accumulated

loss)

.............................................

17,806‌

8,832‌

4,227‌

Total

Net

Assets 

$

222,935‌

$

112,190‌

$

53,343‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

............................................................................

200,000‌

200,000‌

200,000‌

Net

Asset

Value

Per

Share:

Class

1

:

Net

Assets

..........................................................................

$

222,935‌

$

112,190‌

$

53,343‌

Shares

Issued

and

Outstanding

........................................................

17,312‌

7,007‌

3,443‌

Net

Asset

Value

per

share

.............................................................

$

12

.88‌

$

16

.01‌

$

15

.49‌

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

9

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

2060

Account

Principal

LifeTime

Strategic

Income

Account

Real

Estate

Securities

Account

Investment

in

securities--at

cost

..........................................................

$

–‌

$

–‌

$

120,979‌

Investment

in

affiliated

Funds--at

cost

....................................................

$

15,943‌

$

27,623‌

$

2,645‌

Assets

Investment

in

securities--at

value 

..........................................................

$

–‌

$

–‌

$

143,406‌

Investment

in

affiliated

Funds--at

value

.....................................................

14,740‌

25,569‌

2,645‌

Receivables:

Dividends

and

interest

.................................................................

1‌

25‌

679‌

Fund

shares

sold

.......................................................................

38‌

56‌

100‌

Investment

securities

sold

.............................................................

–‌

–‌

49‌

Total

Assets  

14,779‌

25,650‌

146,879‌

Liabilities

Accrued

management

and

investment

advisory

fees

........................................

–‌

–‌

96‌

Accrued

distribution

fees

....................................................................

–‌

–‌

2‌

Accrued

directors'

expenses

.................................................................

1‌

1‌

2‌

Accrued

professional

fees

...................................................................

5‌

5‌

4‌

Accrued

other

expenses

.....................................................................

–‌

–‌

1‌

Payables:

Fund

shares

redeemed

.................................................................

–‌

11‌

576‌

Investment

securities

purchased

......................................................

39‌

70‌

117‌

Total

Liabilities  

45‌

87‌

798‌

Net

Assets

Applicable

to

Outstanding

Shares

............................................

$

14,734‌

$

25,563‌

$

146,081‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

...............................................

$

14,345‌

$

25,529‌

$

106,635‌

Total

distributable

earnings

(accumulated

loss)

.............................................

389‌

34‌

39,446‌

Total

Net

Assets 

$

14,734‌

$

25,563‌

$

146,081‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

............................................................................

100,000‌

100,000‌

300,000‌

Net

Asset

Value

Per

Share:

Class

1

:

Net

Assets

..........................................................................

$

14,734‌

$

25,563‌

$

136,537‌

Shares

Issued

and

Outstanding

........................................................

991‌

2,330‌

6,895‌

Net

Asset

Value

per

share

.............................................................

$

14

.87‌

$

10

.97‌

$

19

.80‌

Class

2

:

Net

Assets

..........................................................................

N/A‌

N/A‌

$

9,544‌

Shares

Issued

and

Outstanding

........................................................

482‌

Net

Asset

Value

per

share

.............................................................

$

19

.81‌

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

10

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

SAM

Balanced

Portfolio

SAM

Conservative

Balanced

Portfolio

SAM

Conservative

Growth

Portfolio

Investment

in

affiliated

Funds--at

cost

....................................................

$

558,117‌

$

173,056‌

$

321,122‌

Assets

Investment

in

affiliated

Funds--at

value

.....................................................

$

588,421‌

$

171,953‌

$

347,545‌

Receivables:

Dividends

and

interest

.................................................................

297‌

139‌

65‌

Fund

shares

sold

.......................................................................

59‌

12‌

3‌

Investment

securities

sold

.............................................................

1,256‌

682‌

284‌

Total

Assets  

590,033‌

172,786‌

347,897‌

Liabilities

Accrued

management

and

investment

advisory

fees

........................................

114‌

33‌

68‌

Accrued

distribution

fees

....................................................................

27‌

6‌

33‌

Accrued

directors'

expenses

.................................................................

4‌

2‌

3‌

Accrued

professional

fees

...................................................................

5‌

6‌

5‌

Payables:

Fund

shares

redeemed

.................................................................

1,315‌

694‌

287‌

Investment

securities

purchased

......................................................

292‌

137‌

60‌

Total

Liabilities  

1,757‌

878‌

456‌

Net

Assets

Applicable

to

Outstanding

Shares

............................................

$

588,276‌

$

171,908‌

$

347,441‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

...............................................

$

446,836‌

$

150,488‌

$

266,493‌

Total

distributable

earnings

(accumulated

loss)

.............................................

141,440‌

21,420‌

80,948‌

Total

Net

Assets 

$

588,276‌

$

171,908‌

$

347,441‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

............................................................................

300,000‌

200,000‌

200,000‌

Net

Asset

Value

Per

Share:

Class

1

:

Net

Assets

..........................................................................

$

458,178‌

$

141,439‌

$

192,846‌

Shares

Issued

and

Outstanding

........................................................

30,400‌

12,173‌

9,590‌

Net

Asset

Value

per

share

.............................................................

$

15

.07‌

$

11

.62‌

$

20

.11‌

Class

2

:

Net

Assets

..........................................................................

$

130,098‌

$

30,469‌

$

154,595‌

Shares

Issued

and

Outstanding

........................................................

8,769‌

2,667‌

7,832‌

Net

Asset

Value

per

share

.............................................................

$

14

.84‌

$

11

.43‌

$

19

.74‌

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

11

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

SAM

Flexible

Income

Portfolio

SAM

Strategic

Growth

Portfolio

Short-Term

Income

Account

Investment

in

securities--at

cost

..........................................................

$

–‌

$

–‌

$

147,709‌

Investment

in

affiliated

Funds--at

cost

....................................................

$

169,573‌

$

317,047‌

$

4,155‌

Assets

Investment

in

securities--at

value 

..........................................................

$

–‌

$

–‌

$

141,818‌

(a)

Investment

in

affiliated

Funds--at

value

.....................................................

158,460‌

336,510‌

4,155‌

Cash

.........................................................................................

–‌

–‌

2‌

Receivables:

Dividends

and

interest

.................................................................

96‌

5‌

444‌

Fund

shares

sold

.......................................................................

42‌

13‌

552‌

Investment

securities

sold

.............................................................

1,714‌

329‌

–‌

Total

Assets  

160,312‌

336,857‌

146,971‌

Liabilities

Accrued

management

and

investment

advisory

fees

........................................

31‌

65‌

52‌

Accrued

distribution

fees

....................................................................

8‌

34‌

–‌

Accrued

directors'

expenses

.................................................................

2‌

3‌

2‌

Accrued

professional

fees

...................................................................

5‌

5‌

6‌

Accrued

other

expenses

.....................................................................

–‌

–‌

3‌

Payables:

Fund

shares

redeemed

.................................................................

1,756‌

342‌

3,181‌

Investment

securities

purchased

......................................................

95‌

–‌

1,807‌

Collateral

obligation

on

securities

loaned,

at

value

.........................................

–‌

–‌

3,579‌

Total

Liabilities  

1,897‌

449‌

8,630‌

Net

Assets

Applicable

to

Outstanding

Shares

............................................

$

158,415‌

$

336,408‌

$

138,341‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

...............................................

$

150,887‌

$

272,549‌

$

142,094‌

Total

distributable

earnings

(accumulated

loss)

.............................................

7,528‌

63,859‌

(

3,753‌

)

Total

Net

Assets 

$

158,415‌

$

336,408‌

$

138,341‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

............................................................................

200,000‌

200,000‌

400,000‌

Net

Asset

Value

Per

Share:

Class

1

:

Net

Assets

..........................................................................

$

118,541‌

$

175,160‌

$

138,341‌

Shares

Issued

and

Outstanding

........................................................

10,326‌

7,862‌

56,736‌

Net

Asset

Value

per

share

.............................................................

$

11

.48‌

$

22

.28‌

$

2

.44‌

Class

2

:

Net

Assets

..........................................................................

$

39,874‌

$

161,248‌

N/A‌

Shares

Issued

and

Outstanding

........................................................

3,523‌

7,369‌

Net

Asset

Value

per

share

.............................................................

$

11

.32‌

$

21

.88‌

(a)

Includes

fair

market

value

of

securities

loaned,

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

12

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

SmallCap

Account

U.S.

LargeCap

Buffer

July

Account

Investment

in

securities--at

cost

........................................................................................

$

157,558‌

$

14,047‌

Investment

in

affiliated

Funds--at

cost

..................................................................................

$

3,240‌

$

1,020‌

Assets

Investment

in

securities--at

value 

........................................................................................

$

167,477‌

(a)

$

14,022‌

Investment

in

affiliated

Funds--at

value

...................................................................................

3,240‌

1,020‌

Receivables:

Dividends

and

interest

...............................................................................................

162‌

–‌

Fund

shares

sold

.....................................................................................................

462‌

13,351‌

Investment

securities

sold

...........................................................................................

159‌

969‌

Total

Assets  

171,500‌

29,362‌

Liabilities

Accrued

management

and

investment

advisory

fees

......................................................................

119‌

–‌

Accrued

distribution

fees

..................................................................................................

2‌

–‌

Accrued

directors'

expenses

...............................................................................................

3‌

–‌

Accrued

professional

fees

.................................................................................................

4‌

–‌

Accrued

other

expenses

...................................................................................................

2‌

–‌

Payables:

Fund

shares

redeemed

...............................................................................................

31‌

–‌

Investment

securities

purchased

....................................................................................

–‌

14,046‌

Options

and

swaptions

contracts

written (premiums

received

$0

and

$969

)

.......................................

–‌

956‌

Collateral

obligation

on

securities

loaned,

at

value

.......................................................................

4,736‌

–‌

Total

Liabilities  

4,897‌

15,002‌

Net

Assets

Applicable

to

Outstanding

Shares

..........................................................................

$

166,603‌

$

14,360‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.............................................................................

$

128,863‌

$

14,372‌

Total

distributable

earnings

(accumulated

loss)

...........................................................................

37,740‌

(12‌)

Total

Net

Assets 

$

166,603‌

$

14,360‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..........................................................................................................

200,000‌

200,000‌

Net

Asset

Value

Per

Share:

Class

1:

Net

Assets

........................................................................................................

$

158,409‌

N/A‌

Shares

Issued

and

Outstanding

......................................................................................

10,381‌

Net

Asset

Value

per

share

...........................................................................................

$

15.26‌

Class

2:

Net

Assets

........................................................................................................

$

8,194‌

$

14,360‌

Shares

Issued

and

Outstanding

......................................................................................

541‌

1,437‌

Net

Asset

Value

per

share

...........................................................................................

$

15.15‌

$

9.99‌

(a)

Includes

fair

market

value

of

securities

loaned,

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2022

(unaudited)

13

See

accompanying

notes.

Amounts

in

thousands

Blue

Chip

Account

Bond

Market

Index

Account

Core

Plus

Bond

Account

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

..................................................................

$

–‌

$

184‌

$

9‌

Dividends

.........................................................................................

20‌

14‌

9‌

Withholding

tax

..................................................................................

–‌

(

1‌

)

–‌

Interest

............................................................................................

–‌

26,682‌

3,156‌

Securities

lending

-

net

...........................................................................

–‌

27‌

8‌

Total

Income

20‌

26,906‌

3,182‌

Expenses:

Management

and

investment

advisory

fees

......................................................

25‌

1,839‌

504‌

Distribution

f

ees

-

Class

3

........................................................................

11‌

N/A‌

N/A‌

Administrative

service

fees

-

Class

3

............................................................

6‌

N/A‌

N/A‌

Chief

compliance

officer

expenses

...............................................................

–‌

1‌

–‌

Custodian

fees

....................................................................................

3‌

21‌

8‌

Directors'

expenses

...............................................................................

1‌

25‌

3‌

Professional fees

.................................................................................

3‌

3‌

2‌

Other

expenses

...................................................................................

–‌

5‌

1‌

Total

Gross

Expenses

49‌

1,894‌

518‌

Less:

Reimbursement

from

Manager

-

Class

3

..................................................

5‌

N/A‌

N/A‌

Total

Net

Expenses

44‌

1,894‌

518‌

Net

Investment

Income

(Loss)

(

24‌

)

25,012‌

2,664‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

futures

and

swap

agreements

Net

realized

gain

(loss)

from:

Investment

transactions

..........................................................................

(

312‌

)

(

29,952‌

)

(

5,255‌

)

Futures

contracts

.................................................................................

–‌

–‌

(

1,226‌

)

Swap

agreements

.................................................................................

–‌

–‌

439‌

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.......................................................................................

(

3,407‌

)

(

287,456‌

)

(

24,402‌

)

Futures

contracts

.................................................................................

–‌

–‌

31‌

Swap

agreements

.................................................................................

–‌

–‌

704‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

futures

and

swap

agreements

(

3,719‌

)

(

317,408‌

)

(

29,709‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

3,743‌

)

$

(

292,396‌

)

$

(

27,045‌

)

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2022

(unaudited)

14

See

accompanying

notes.

Amounts

in

thousands

Diversified

Balanced

Account

Diversified

Balanced

Managed

Volatility

Account

Diversified

Balanced

Volatility

Control

Account

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

..................................................................

$

–‌

$

–‌

$

46‌

Dividends

.........................................................................................

–‌

–‌

20‌

Total

Income

–‌

–‌

66‌

Expenses:

Management

and

investment

advisory

fees

......................................................

222‌

42‌

128‌

Distribution

f

ees

-

Class

2

........................................................................

1,066‌

206‌

266‌

Distribution

f

ees

-

Class

3

........................................................................

1‌

–‌

–‌

Directors'

expenses

...............................................................................

10‌

3‌

3‌

Professional fees

.................................................................................

2‌

2‌

2‌

Other

expenses

...................................................................................

2‌

–‌

1‌

Total

Expenses

1,303‌

253‌

400‌

Net

Investment

Income

(Loss)

(

1,303‌

)

(

253‌

)

(

334‌

)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

..........................................................................

1‌

–‌

(

3,261‌

)

Investment

transactions

in

affiliated

Funds

......................................................

5,876‌

(

166‌

)

(

20‌

)

Futures

contracts

.................................................................................

–‌

–‌

(

209‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.......................................................................................

–‌

–‌

(

1,760‌

)

Investments

in

affiliated

Funds

...................................................................

(

152,612‌

)

(

26,330‌

)

(

25,589‌

)

Futures

contracts

.................................................................................

–‌

–‌

(

36‌

)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

(

146,735‌

)

(

26,496‌

)

(

30,875‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

148,038‌

)

$

(

26,749‌

)

$

(

31,209‌

)

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2022

(unaudited)

15

See

accompanying

notes.

Amounts

in

thousands

Diversified

Growth

Account

Diversified

Growth

Managed

Volatility

Account

Diversified

Growth

Volatility

Control

Account

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

..................................................................

$

–‌

$

–‌

$

250‌

Interest

............................................................................................

–‌

–‌

3‌

Total

Income

–‌

–‌

253‌

Expenses:

Management

and

investment

advisory

fees

......................................................

883‌

87‌

713‌

Distribution

f

ees

-

Class

2

........................................................................

4,416‌

431‌

1,485‌

Chief

compliance

officer

expenses

...............................................................

2‌

–‌

1‌

Directors'

expenses

...............................................................................

34‌

4‌

12‌

Professional fees

.................................................................................

2‌

2‌

2‌

Other

expenses

...................................................................................

8‌

1‌

2‌

Total

Expenses

5,345‌

525‌

2,215‌

Net

Investment

Income

(Loss)

(

5,345‌

)

(

525‌

)

(

1,962‌

)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

..........................................................................

–‌

–‌

(

20,453‌

)

Investment

transactions

in

affiliated

Funds

......................................................

5,443‌

(

326‌

)

174‌

Futures

contracts

.................................................................................

–‌

–‌

(

1,314‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.......................................................................................

–‌

–‌

(

3,468‌

)

Investments

in

affiliated

Funds

...................................................................

(

644,993‌

)

(

59,928‌

)

(

162,114‌

)

Futures

contracts

.................................................................................

–‌

–‌

3,384‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

(

639,550‌

)

(

60,254‌

)

(

183,791‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

644,895‌

)

$

(

60,779‌

)

$

(

185,753‌

)

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2022

(unaudited)

16

See

accompanying

notes.

Amounts

in

thousands

Diversified

Income

Account

Diversified

International

Account

Equity

Income

Account

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

..................................................................

$

–‌

$

9‌

$

14‌

Dividends

.........................................................................................

–‌

5,165‌

8,808‌

Withholding

tax

..................................................................................

–‌

(

490‌

)

(

288‌

)

Securities

lending

-

net

...........................................................................

–‌

14‌

20‌

Total

Income

–‌

4,698‌

8,554‌

Expenses:

Management

and

investment

advisory

fees

......................................................

73‌

1,113‌

1,615‌

Distribution

f

ees

-

Class

2

........................................................................

364‌

N/A‌

65‌

Distribution

f

ees

-

Class

3

........................................................................

1‌

N/A‌

–‌

Custodian

fees

....................................................................................

–‌

56‌

6‌

Directors'

expenses

...............................................................................

4‌

4‌

8‌

Professional fees

.................................................................................

2‌

13‌

2‌

Other

expenses

...................................................................................

1‌

40‌

2‌

Total

Expenses

445‌

1,226‌

1,698‌

Net

Investment

Income

(Loss)

(

445‌

)

3,472‌

6,856‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

foreign

currencies

Net

realized

gain

(loss)

from:

Investment

transactions

..........................................................................

–‌

(

693‌

)

28,494‌

Investment

transactions

in

affiliated

Funds

......................................................

1,143‌

–‌

–‌

Foreign

currency

transactions

....................................................................

–‌

(

294‌

)

–‌

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

 (net

of

foreign

taxes

of

$

0

,

$

65

and

$

0

,

respectively)

..............................

–‌

(

70,514‌

)

(

142,700‌

)

Investments

in

affiliated

Funds

...................................................................

(

44,346‌

)

–‌

–‌

Translation

of

assets

and

liabilities

in

foreign

currencies

........................................

–‌

(

27‌

)

–‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

foreign

currencies

(

43,203‌

)

(

71,528‌

)

(

114,206‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

43,648‌

)

$

(

68,056‌

)

$

(

107,350‌

)

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2022

(unaudited)

17

See

accompanying

notes.

Amounts

in

thousands

Global

Emerging

Markets

Account

(a)

Government

&

High

Quality

Bond

Account

LargeCap

Growth

Account

I

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

..................................................................

$

5‌

$

12‌

$

9‌

Dividends

.........................................................................................

1,198‌

–‌

1,295‌

Withholding

tax

..................................................................................

(

93‌

)

–‌

(

14‌

)

Interest

............................................................................................

–‌

1,386‌

–‌

Securities

lending

-

net

...........................................................................

2‌

–‌

14‌

Total

Income

1,112‌

1,398‌

1,304‌

Expenses:

Management

and

investment

advisory

fees

......................................................

395‌

487‌

1,913‌

Chief

compliance

officer

expenses

...............................................................

–‌

–‌

1‌

Custodian

fees

....................................................................................

29‌

3‌

9‌

Directors'

expenses

...............................................................................

2‌

3‌

6‌

Professional fees

.................................................................................

13‌

2‌

2‌

Other

expenses

...................................................................................

–‌

–‌

1‌

Total

Gross

Expenses

439‌

495‌

1,932‌

Less: Reimbursement

from

Manager

............................................................

–‌

–‌

44‌

Total

Net

Expenses

439‌

495‌

1,888‌

Net

Investment

Income

(Loss)

673‌

903‌

(

584‌

)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

 (

net

of

foreign

taxes

of 

$

56

,

$

0

and

$

0

,

respectively)

.................

(

1,544‌

)

(

3,423‌

)

17,772‌

Foreign

currency

transactions

....................................................................

(

57‌

)

–‌

–‌

Futures

contracts

.................................................................................

–‌

(

974‌

)

(

585‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

 (net

of

foreign

taxes

of

$

250

,

$

0

and

$

0

,

respectively)

.............................

(

17,258‌

)

(

13,801‌

)

(

243,434‌

)

Futures

contracts

.................................................................................

–‌

(

204‌

)

(

238‌

)

Translation

of

assets

and

liabilities

in

foreign

currencies

........................................

13‌

–‌

–‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

(

18,846‌

)

(

18,402‌

)

(

226,485‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

18,173‌

)

$

(

17,499‌

)

$

(

227,069‌

)

(a)

Effective

May

2,

2022,

International

Emerging

Markets

Account

changed

its

name

to

Global

Emerging

Markets

Account.

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2022

(unaudited)

18

See

accompanying

notes.

Amounts

in

thousands

LargeCap

S&P

500

Index

Account

LargeCap

S&P

500

Managed

Volatility

Index

Account

MidCap

Account

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

..................................................................

$

65‌

$

15‌

$

1‌

Dividends

.........................................................................................

21,946‌

1,541‌

1,798‌

Withholding

tax

..................................................................................

(

5‌

)

–‌

(

47‌

)

Interest

............................................................................................

1‌

–‌

–‌

Total

Income

22,007‌

1,556‌

1,752‌

Expenses:

Management

and

investment

advisory

fees

......................................................

3,441‌

481‌

1,661‌

Distribution

f

ees

-

Class

2

........................................................................

53‌

N/A‌

42‌

Chief

compliance

officer

expenses

...............................................................

2‌

–‌

–‌

Custodian

fees

....................................................................................

7‌

7‌

2‌

Directors'

expenses

...............................................................................

27‌

3‌

7‌

Professional fees

.................................................................................

2‌

2‌

2‌

Other

expenses

...................................................................................

22‌

2‌

1‌

Total

Expenses

3,554‌

495‌

1,715‌

Net

Investment

Income

(Loss)

18,453‌

1,061‌

37‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

futures

and

options

and

swaptions

Net

realized

gain

(loss)

from:

Investment

transactions

..........................................................................

72,132‌

4,299‌

13,110‌

Futures

contracts

.................................................................................

(

7,057‌

)

(

392‌

)

–‌

Options

and

swaptions

...........................................................................

–‌

635‌

–‌

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.......................................................................................

(

712,302‌

)

(

48,722‌

)

(

211,925‌

)

Futures

contracts

.................................................................................

(

5,519‌

)

(

368‌

)

–‌

Options

and

swaptions

...........................................................................

–‌

(

557‌

)

–‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

futures

and

options

and

swaptions

(

652,746‌

)

(

45,105‌

)

(

198,815‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

634,293‌

)

$

(

44,044‌

)

$

(

198,778‌

)

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2022

(unaudited)

19

See

accompanying

notes.

Amounts

in

thousands

Principal

Capital

Appreciation

Account

Principal

LifeTime

2010

Account

Principal

LifeTime

2020

Account

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

..................................................................

$

5‌

$

271‌

$

1,206‌

Dividends

.........................................................................................

1,174‌

–‌

–‌

Withholding

tax

..................................................................................

(

11‌

)

–‌

–‌

Total

Income

1,168‌

271‌

1,206‌

Expenses:

Management

and

investment

advisory

fees

......................................................

528‌

N/A‌

N/A‌

Distribution

f

ees

-

Class

2

........................................................................

37‌

N/A‌

N/A‌

Custodian

fees

....................................................................................

2‌

–‌

–‌

Directors'

expenses

...............................................................................

3‌

2‌

3‌

Professional fees

.................................................................................

2‌

2‌

2‌

Total

Expenses

572‌

4‌

5‌

Net

Investment

Income

(Loss)

596‌

267‌

1,201‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

foreign

currencies

Net

realized

gain

(loss)

from:

Investment

transactions

..........................................................................

9,942‌

–‌

–‌

Investment

transactions

in

affiliated

Funds

......................................................

–‌

(

117‌

)

(

499‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.......................................................................................

(

49,003‌

)

–‌

–‌

Investments

in

affiliated

Funds

...................................................................

–‌

(

5,200‌

)

(

29,344‌

)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

foreign

currencies

(

39,061‌

)

(

5,317‌

)

(

29,843‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

38,465‌

)

$

(

5,050‌

)

$

(

28,642‌

)

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2022

(unaudited)

20

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2030

Account

Principal

LifeTime

2040

Account

Principal

LifeTime

2050

Account

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

..................................................................

$

1,398‌

$

378‌

$

85‌

Total

Income

1,398‌

378‌

85‌

Expenses:

Custodian

fees

....................................................................................

–‌

1‌

–‌

Directors'

expenses

...............................................................................

3‌

2‌

2‌

Professional fees

.................................................................................

2‌

2‌

2‌

Other

expenses

...................................................................................

1‌

–‌

–‌

Total

Expenses

6‌

5‌

4‌

Net

Investment

Income

(Loss)

1,392‌

373‌

81‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

......................................................

(

394‌

)

(

9‌

)

(

58‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

...................................................................

(

47,685‌

)

(

27,183‌

)

(

14,570‌

)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

(

48,079‌

)

(

27,192‌

)

(

14,628‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

46,687‌

)

$

(

26,819‌

)

$

(

14,547‌

)

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2022

(unaudited)

21

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2060

Account

Principal

LifeTime

Strategic

Income

Account

Real

Estate

Securities

Account

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

..................................................................

$

22‌

$

209‌

$

3‌

Dividends

.........................................................................................

–‌

–‌

1,460‌

Total

Income

22‌

209‌

1,463‌

Expenses:

Management

and

investment

advisory

fees

......................................................

N/A‌

N/A‌

646‌

Distribution

f

ees

-

Class

2

........................................................................

N/A‌

N/A‌

13‌

Custodian

fees

....................................................................................

–‌

–‌

1‌

Directors'

expenses

...............................................................................

1‌

1‌

3‌

Professional fees

.................................................................................

2‌

2‌

2‌

Total

Expenses

3‌

3‌

665‌

Net

Investment

Income

(Loss)

19‌

206‌

798‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

..........................................................................

–‌

–‌

3,883‌

Investment

transactions

in

affiliated

Funds

......................................................

(

3‌

)

(

105‌

)

–‌

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.......................................................................................

–‌

–‌

(

42,213‌

)

Investments

in

affiliated

Funds

...................................................................

(

3,764‌

)

(

4,024‌

)

–‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

(

3,767‌

)

(

4,129‌

)

(

38,330‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

3,748‌

)

$

(

3,923‌

)

$

(

37,532‌

)

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2022

(unaudited)

22

See

accompanying

notes.

Amounts

in

thousands

SAM

Balanced

Portfolio

SAM

Conservative

Balanced

Portfolio

SAM

Conservative

Growth

Portfolio

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

..................................................................

$

3,471‌

$

1,475‌

$

993‌

Total

Income

3,471‌

1,475‌

993‌

Expenses:

Management

and

investment

advisory

fees

......................................................

750‌

214‌

443‌

Distribution

f

ees

-

Class

2

........................................................................

177‌

40‌

216‌

Chief

compliance

officer

expenses

...............................................................

1‌

–‌

–‌

Directors'

expenses

...............................................................................

7‌

3‌

5‌

Professional fees

.................................................................................

2‌

2‌

2‌

Other

expenses

...................................................................................

1‌

–‌

–‌

Total

Expenses

938‌

259‌

666‌

Net

Investment

Income

(Loss)

2,533‌

1,216‌

327‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

......................................................

14,013‌

1,747‌

7,625‌

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

...................................................................

(

138,424‌

)

(

32,930‌

)

(

90,539‌

)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

(

124,411‌

)

(

31,183‌

)

(

82,914‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

121,878‌

)

$

(

29,967‌

)

$

(

82,587‌

)

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2022

(unaudited)

23

See

accompanying

notes.

Amounts

in

thousands

SAM

Flexible

Income

Portfolio

SAM

Strategic

Growth

Portfolio

Short-Term

Income

Account

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

..................................................................

$

1,700‌

$

282‌

$

2‌

Interest

............................................................................................

–‌

–‌

1,217‌

Total

Income

1,700‌

282‌

1,219‌

Expenses:

Management

and

investment

advisory

fees

......................................................

200‌

430‌

325‌

Distribution

f

ees

-

Class

2

........................................................................

53‌

226‌

N/A‌

Custodian

fees

....................................................................................

–‌

–‌

6‌

Directors'

expenses

...............................................................................

3‌

5‌

3‌

Professional fees

.................................................................................

2‌

2‌

2‌

Other

expenses

...................................................................................

–‌

1‌

–‌

Total

Expenses

258‌

664‌

336‌

Net

Investment

Income

(Loss)

1,442‌

(

382‌

)

883‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

..........................................................................

–‌

–‌

(

573‌

)

Investment

transactions

in

affiliated

Funds

......................................................

1,248‌

913‌

–‌

Futures

contracts

.................................................................................

–‌

–‌

29‌

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.......................................................................................

–‌

–‌

(

5,932‌

)

Investments

in

affiliated

Funds

...................................................................

(

26,960‌

)

(

88,965‌

)

–‌

Futures

contracts

.................................................................................

–‌

–‌

(

4‌

)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

(

25,712‌

)

(

88,052‌

)

(

6,480‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

24,270‌

)

$

(

88,434‌

)

$

(

5,597‌

)

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2022

(unaudited)

24

See

accompanying

notes.

Amounts

in

thousands

SmallCap

Account

U.S.

LargeCap

Buffer

July

Account

(a)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

............................................................................................

$

4‌

$

–‌

Dividends

...................................................................................................................

1,041‌

–‌

Withholding

tax

............................................................................................................

(

6‌

)

–‌

Securities

lending

-

net

.....................................................................................................

48‌

–‌

Total

Income

1,087‌

–‌

Expenses:

Management

and

investment

advisory

fees

................................................................................

792‌

–‌

Distribution

f

ees

-

Class

2

..................................................................................................

12‌

–‌

Custodian

fees

..............................................................................................................

2‌

–‌

Directors'

expenses

.........................................................................................................

3‌

–‌

Professional fees

...........................................................................................................

2‌

–‌

Total

Expenses

811‌

–‌

Net

Investment

Income

(Loss)

276‌

–‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

options

and

swaptions

Net

realized

gain

(loss)

from:

Investment

transactions

....................................................................................................

(

4,114‌

)

–‌

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.................................................................................................................

(

49,115‌

)

(

25‌

)

Options

and

swaptions

.....................................................................................................

–‌

13‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

options

and

swaptions

(

53,229‌

)

(

12‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

52,953‌

)

$

(

12‌

)

(a)

Period

from

June

29,

2022,

date

operations

commenced,

through

June

30,

2022.

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

25

See

accompanying

notes.

Amounts

in

thousands

Blue

Chip

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

(

24‌

)

$

(

49‌

)

Net

realized

gain

(loss)

on

investments

................................................................................................

(

312‌

)

152‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

3,407‌

)

1,312‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

3,743‌

)

1,415‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

90‌

)

Total

Dividends

and

Distributions

–‌

(

90‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

2,568‌

)

7,020‌

Total

Increase

(Decrease)

in

Net

Assets

(

6,311‌

)

8,345‌

Net

Assets

Beginning

of

period

....................................................................................................................

13,515‌

5,170‌

End

of

period

..........................................................................................................................

$

7,204‌

$

13,515‌

Class

3

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

..........................................................................................................

$

4,706‌

Redeemed

......................................................................................................

(

7,274‌

)

Net

Increase

(Decrease)

$

(

2,568‌

)

Shares:

Sold

..........................................................................................................

448‌

Redeemed

......................................................................................................

(

692‌

)

Net

Increase

(Decrease)

(

244‌

)

Year

Ended

December

31,

2021

Dollars:

Sold

..........................................................................................................

$

7,278‌

Reinvested

.....................................................................................................

90‌

Redeemed

......................................................................................................

(

348‌

)

Net

Increase

(Decrease)

$

7,020‌

Shares:

Sold

..........................................................................................................

575‌

Reinvested

.....................................................................................................

7‌

Redeemed

......................................................................................................

(

27‌

)

Net

Increase

(Decrease)

555‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

(

90‌

)

Total

Dividends

and

Distributions

$

(

90‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

26

See

accompanying

notes.

Amounts

in

thousands

Bond

Market

Index

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

25,012‌

$

45,135‌

Net

realized

gain

(loss)

on

investments

................................................................................................

(

29,952‌

)

10,041‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

287,456‌

)

(

104,415‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

292,396‌

)

(

49,239‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

65,097‌

)

Total

Dividends

and

Distributions

–‌

(

65,097‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

217,602‌

)

279,685‌

Total

Increase

(Decrease)

in

Net

Assets

(

509,998‌

)

165,349‌

Net

Assets

Beginning

of

period

....................................................................................................................

2,900,608‌

2,735,259‌

End

of

period

..........................................................................................................................

$

2,390,610‌

$

2,900,608‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

..........................................................................................................

$

141,007‌

Redeemed

......................................................................................................

(

358,609‌

)

Net

Increase

(Decrease)

$

(

217,602‌

)

Shares:

Sold

..........................................................................................................

13,995‌

Redeemed

......................................................................................................

(

35,884‌

)

Net

Increase

(Decrease)

(

21,889‌

)

Year

Ended

December

31,

2021

Dollars:

Sold

..........................................................................................................

$

547,705‌

Reinvested

.....................................................................................................

65,097‌

Redeemed

......................................................................................................

(

333,117‌

)

Net

Increase

(Decrease)

$

279,685‌

Shares:

Sold

..........................................................................................................

50,001‌

Reinvested

.....................................................................................................

5,983‌

Redeemed

......................................................................................................

(

30,507‌

)

Net

Increase

(Decrease)

25,477‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

(

65,097‌

)

Total

Dividends

and

Distributions

$

(

65,097‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

27

See

accompanying

notes.

Amounts

in

thousands

Core

Plus

Bond

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

2,664‌

$

5,111‌

Net

realized

gain

(loss)

on

investments

,

futures

and

swap

agreements

................................................................

(

6,042‌

)

3,359‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

futures

and

swap

agreements

.................................

(

23,667‌

)

(

9,772‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

27,045‌

)

(

1,302‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

12,230‌

)

Total

Dividends

and

Distributions

–‌

(

12,230‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

10,434‌

)

(

6,042‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

37,479‌

)

(

19,574‌

)

Net

Assets

Beginning

of

period

....................................................................................................................

236,382‌

255,956‌

End

of

period

..........................................................................................................................

$

198,903‌

$

236,382‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

..........................................................................................................

$

12,364‌

Redeemed

......................................................................................................

(

22,798‌

)

Net

Increase

(Decrease)

$

(

10,434‌

)

Shares:

Sold

..........................................................................................................

1,137‌

Redeemed

......................................................................................................

(

2,127‌

)

Net

Increase

(Decrease)

(

990‌

)

Year

Ended

December

31,

2021

Dollars:

Sold

..........................................................................................................

$

29,658‌

Reinvested

.....................................................................................................

12,230‌

Redeemed

......................................................................................................

(

47,930‌

)

Net

Increase

(Decrease)

$

(

6,042‌

)

Shares:

Sold

..........................................................................................................

2,504‌

Reinvested

.....................................................................................................

1,057‌

Redeemed

......................................................................................................

(

4,025‌

)

Net

Increase

(Decrease)

(

464‌

)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

(

12,230‌

)

Total

Dividends

and

Distributions

$

(

12,230‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

28

See

accompanying

notes.

Amounts

in

thousands

Diversified

Balanced

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

(

1,303‌

)

$

17,690‌

Net

realized

gain

(loss)

on

investments

................................................................................................

5,877‌

83,118‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

152,612‌

)

3,843‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

148,038‌

)

104,651‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

71,869‌

)

Total

Dividends

and

Distributions

–‌

(

71,869‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

60,965‌

)

(

47,814‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

209,003‌

)

(

15,032‌

)

Net

Assets

Beginning

of

period

....................................................................................................................

1,005,244‌

1,020,276‌

End

of

period

..........................................................................................................................

$

796,241‌

$

1,005,244‌

Class

1

Class

2

Class

3

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

.....................................................................................

$

566‌

$

4,357‌

$

179‌

Redeemed

.................................................................................

(

2,110‌

)

(

63,925‌

)

(

32‌

)

Net

Increase

(Decrease)

$

(

1,544‌

)

$

(

59,568‌

)

$

147‌

Shares:

Sold

.....................................................................................

33‌

271‌

11‌

Redeemed

.................................................................................

(

127‌

)

(

3,855‌

)

(

2‌

)

Net

Increase

(Decrease)

(

94‌

)

(

3,584‌

)

9‌

Year

Ended

December

31,

2021

Dollars:

Sold

.....................................................................................

$

1,245‌

$

11,560‌

$

314‌

Reinvested

................................................................................

3,051‌

68,811‌

7‌

Redeemed

.................................................................................

(

4,144‌

)

(

128,657‌

)

(

1‌

)

Net

Increase

(Decrease)

$

152‌

$

(

48,286‌

)

$

320‌

Shares:

Sold

.....................................................................................

68‌

634‌

17‌

Reinvested

................................................................................

172‌

3,872‌

–‌

Redeemed

.................................................................................

(

227‌

)

(

7,075‌

)

–‌

Net

Increase

(Decrease)

13‌

(

2,569‌

)

17‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

.........................................

$

–‌

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

.........................................

$

(

3,051‌

)

$

(

68,811‌

)

$

(

7‌

)

Total

Dividends

and

Distributions

$

(

3,051‌

)

$

(

68,811‌

)

$

(

7‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

29

See

accompanying

notes.

Amounts

in

thousands

Diversified

Balanced

Managed

Volatility

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

(

253‌

)

$

4,163‌

Net

realized

gain

(loss)

on

investments

................................................................................................

(

166‌

)

11,691‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

26,330‌

)

1,776‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

26,749‌

)

17,630‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

7,204‌

)

Total

Dividends

and

Distributions

–‌

(

7,204‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

6,596‌

)

(

11,504‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

33,345‌

)

(

1,078‌

)

Net

Assets

Beginning

of

period

....................................................................................................................

184,071‌

185,149‌

End

of

period

..........................................................................................................................

$

150,726‌

$

184,071‌

Class

2

Class

3

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

...............................................................................................

$

4,771‌

–‌

Redeemed

...........................................................................................

(

11,367‌

)

–‌

Net

Increase

(Decrease)

$

(

6,596‌

)

–‌

Shares:

Sold

...............................................................................................

356‌

–‌

Redeemed

...........................................................................................

(

858‌

)

–‌

Net

Increase

(Decrease)

(

502‌

)

–‌

Year

Ended

December

31,

2021

Dollars:

Sold

...............................................................................................

$

11,475‌

–‌

Reinvested

..........................................................................................

7,203‌

1‌

Redeemed

...........................................................................................

(

30,183‌

)

–‌

Net

Increase

(Decrease)

$

(

11,505‌

)

$

1‌

Shares:

Sold

...............................................................................................

805‌

–‌

Reinvested

..........................................................................................

509‌

–‌

Redeemed

...........................................................................................

(

2,121‌

)

–‌

Net

Increase

(Decrease)

(

807‌

)

–‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

(

7,203‌

)

$

(

1‌

)

Total

Dividends

and

Distributions

$

(

7,203‌

)

$

(

1‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

30

See

accompanying

notes.

Amounts

in

thousands

Diversified

Balanced

Volatility

Control

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

(

334‌

)

$

3,482‌

Net

realized

gain

(loss)

on

investments

and

futures

...................................................................................

(

3,490‌

)

12,812‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

.....................................................

(

27,385‌

)

3,609‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

31,209‌

)

19,903‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

6,085‌

)

Total

Dividends

and

Distributions

–‌

(

6,085‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

3,469‌

31,501‌

Total

Increase

(Decrease)

in

Net

Assets

(

27,740‌

)

45,319‌

Net

Assets

Beginning

of

period

....................................................................................................................

229,798‌

184,479‌

End

of

period

..........................................................................................................................

$

202,058‌

$

229,798‌

Class

2

Class

3

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

...............................................................................................

$

11,016‌

–‌

Redeemed

...........................................................................................

(

7,547‌

)

–‌

Net

Increase

(Decrease)

$

3,469‌

–‌

Shares:

Sold

...............................................................................................

902‌

–‌

Redeemed

...........................................................................................

(

626‌

)

–‌

Net

Increase

(Decrease)

276‌

–‌

Year

Ended

December

31,

2021

Dollars:

Sold

...............................................................................................

$

32,617‌

–‌

Reinvested

..........................................................................................

6,085‌

–‌

Redeemed

...........................................................................................

(

7,201‌

)

–‌

Net

Increase

(Decrease)

$

31,501‌

–‌

Shares:

Sold

...............................................................................................

2,530‌

–‌

Reinvested

..........................................................................................

468‌

–‌

Redeemed

...........................................................................................

(

559‌

)

–‌

Net

Increase

(Decrease)

2,439‌

–‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

(

6,085‌

)

$

–‌

Total

Dividends

and

Distributions

$

(

6,085‌

)

$

–‌

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

31

See

accompanying

notes.

Amounts

in

thousands

Diversified

Growth

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

(

5,345‌

)

$

68,785‌

Net

realized

gain

(loss)

on

investments

................................................................................................

5,443‌

316,529‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

644,993‌

)

157,988‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

644,895‌

)

543,302‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

250,729‌

)

Total

Dividends

and

Distributions

–‌

(

250,729‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

172,259‌

)

(

171,209‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

817,154‌

)

121,364‌

Net

Assets

Beginning

of

period

....................................................................................................................

3,974,456‌

3,853,092‌

End

of

period

..........................................................................................................................

$

3,157,302‌

$

3,974,456‌

Class

2

Class

3

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

...............................................................................................

$

14,668‌

–‌

Redeemed

...........................................................................................

(

186,898‌

)

(

29‌

)

Net

Increase

(Decrease)

$

(

172,230‌

)

$

(

29‌

)

Shares:

Sold

...............................................................................................

739‌

–‌

Redeemed

...........................................................................................

(

9,474‌

)

(

2‌

)

Net

Increase

(Decrease)

(

8,735‌

)

(

2‌

)

Year

Ended

December

31,

2021

Dollars:

Sold

...............................................................................................

$

29,205‌

$

257‌

Reinvested

..........................................................................................

250,728‌

1‌

Redeemed

...........................................................................................

(

451,399‌

)

(

1‌

)

Net

Increase

(Decrease)

$

(

171,466‌

)

$

257‌

Shares:

Sold

...............................................................................................

1,372‌

12‌

Reinvested

..........................................................................................

11,911‌

–‌

Redeemed

...........................................................................................

(

21,202‌

)

–‌

Net

Increase

(Decrease)

(

7,919‌

)

12‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

(

250,728‌

)

$

(

1‌

)

Total

Dividends

and

Distributions

$

(

250,728‌

)

$

(

1‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

32

See

accompanying

notes.

Amounts

in

thousands

Diversified

Growth

Managed

Volatility

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

(

525‌

)

$

9,314‌

Net

realized

gain

(loss)

on

investments

................................................................................................

(

326‌

)

28,838‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

59,928‌

)

11,557‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

60,779‌

)

49,709‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

15,269‌

)

Total

Dividends

and

Distributions

–‌

(

15,269‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

19,861‌

)

(

23,764‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

80,640‌

)

10,676‌

Net

Assets

Beginning

of

period

....................................................................................................................

388,924‌

378,248‌

End

of

period

..........................................................................................................................

$

308,284‌

$

388,924‌

Class

2

Class

3

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

...............................................................................................

$

4,453‌

–‌

Redeemed

...........................................................................................

(

24,314‌

)

–‌

Net

Increase

(Decrease)

$

(

19,861‌

)

–‌

Shares:

Sold

...............................................................................................

313‌

–‌

Redeemed

...........................................................................................

(

1,698‌

)

–‌

Net

Increase

(Decrease)

(

1,385‌

)

–‌

Year

Ended

December

31,

2021

Dollars:

Sold

...............................................................................................

$

14,028‌

$

1‌

Reinvested

..........................................................................................

15,269‌

–‌

Redeemed

...........................................................................................

(

53,062‌

)

–‌

Net

Increase

(Decrease)

$

(

23,765‌

)

$

1‌

Shares:

Sold

...............................................................................................

929‌

–‌

Reinvested

..........................................................................................

1,002‌

–‌

Redeemed

...........................................................................................

(

3,481‌

)

–‌

Net

Increase

(Decrease)

(

1,550‌

)

–‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

(

15,269‌

)

$

–‌

Total

Dividends

and

Distributions

$

(

15,269‌

)

$

–‌

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

33

See

accompanying

notes.

Amounts

in

thousands

Diversified

Growth

Volatility

Control

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

(

1,962‌

)

$

19,273‌

Net

realized

gain

(loss)

on

investments

and

futures

...................................................................................

(

21,593‌

)

82,568‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

.....................................................

(

162,198‌

)

44,292‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

185,753‌

)

146,133‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

31,026‌

)

Total

Dividends

and

Distributions

–‌

(

31,026‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

45,052‌

166,448‌

Total

Increase

(Decrease)

in

Net

Assets

(

140,701‌

)

281,555‌

Net

Assets

Beginning

of

period

....................................................................................................................

1,277,140‌

995,585‌

End

of

period

..........................................................................................................................

$

1,136,439‌

$

1,277,140‌

Class

2

Class

3

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

...............................................................................................

$

57,729‌

–‌

Redeemed

...........................................................................................

(

12,677‌

)

–‌

Net

Increase

(Decrease)

$

45,052‌

–‌

Shares:

Sold

...............................................................................................

4,488‌

–‌

Redeemed

...........................................................................................

(

998‌

)

–‌

Net

Increase

(Decrease)

3,490‌

–‌

Year

Ended

December

31,

2021

Dollars:

Sold

...............................................................................................

$

158,445‌

–‌

Reinvested

..........................................................................................

31,026‌

–‌

Redeemed

...........................................................................................

(

23,023‌

)

–‌

Net

Increase

(Decrease)

$

166,448‌

–‌

Shares:

Sold

...............................................................................................

11,705‌

–‌

Reinvested

..........................................................................................

2,268‌

–‌

Redeemed

...........................................................................................

(

1,701‌

)

–‌

Net

Increase

(Decrease)

12,272‌

–‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

(

31,026‌

)

$

–‌

Total

Dividends

and

Distributions

$

(

31,026‌

)

$

–‌

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

34

See

accompanying

notes.

Amounts

in

thousands

Diversified

Income

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

(

445‌

)

$

5,767‌

Net

realized

gain

(loss)

on

investments

................................................................................................

1,143‌

14,072‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

44,346‌

)

2,165‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

43,648‌

)

22,004‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

13,544‌

)

Total

Dividends

and

Distributions

–‌

(

13,544‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

18,066‌

)

(

5,231‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

61,714‌

)

3,229‌

Net

Assets

Beginning

of

period

....................................................................................................................

326,764‌

323,535‌

End

of

period

..........................................................................................................................

$

265,050‌

$

326,764‌

Class

2

Class

3

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

...............................................................................................

$

16,100‌

$

30‌

Redeemed

...........................................................................................

(

33,512‌

)

(

684‌

)

Net

Increase

(Decrease)

$

(

17,412‌

)

$

(

654‌

)

Shares:

Sold

...............................................................................................

1,144‌

2‌

Redeemed

...........................................................................................

(

2,373‌

)

(

49‌

)

Net

Increase

(Decrease)

(

1,229‌

)

(

47‌

)

Year

Ended

December

31,

2021

Dollars:

Sold

...............................................................................................

$

50,123‌

$

769‌

Reinvested

..........................................................................................

13,513‌

31‌

Redeemed

...........................................................................................

(

69,652‌

)

(

15‌

)

Net

Increase

(Decrease)

$

(

6,016‌

)

$

785‌

Shares:

Sold

...............................................................................................

3,308‌

50‌

Reinvested

..........................................................................................

899‌

2‌

Redeemed

...........................................................................................

(

4,598‌

)

(

1‌

)

Net

Increase

(Decrease)

(

391‌

)

51‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

(

13,513‌

)

$

(

31‌

)

Total

Dividends

and

Distributions

$

(

13,513‌

)

$

(

31‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

35

See

accompanying

notes.

Amounts

in

thousands

Diversified

International

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

3,472‌

$

4,504‌

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.......................................................................

(

987‌

)

26,148‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

.........................................

(

70,541‌

)

(

2,864‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

68,056‌

)

27,788‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

5,303‌

)

Total

Dividends

and

Distributions

–‌

(

5,303‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

375‌

(

14,785‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

67,681‌

)

7,700‌

Net

Assets

Beginning

of

period

....................................................................................................................

299,426‌

291,726‌

End

of

period

..........................................................................................................................

$

231,745‌

$

299,426‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

..........................................................................................................

$

13,802‌

Redeemed

......................................................................................................

(

13,427‌

)

Net

Increase

(Decrease)

$

375‌

Shares:

Sold

..........................................................................................................

830‌

Redeemed

......................................................................................................

(

787‌

)

Net

Increase

(Decrease)

43‌

Year

Ended

December

31,

2021

Dollars:

Sold

..........................................................................................................

$

17,997‌

Reinvested

.....................................................................................................

5,303‌

Redeemed

......................................................................................................

(

38,085‌

)

Net

Increase

(Decrease)

$

(

14,785‌

)

Shares:

Sold

..........................................................................................................

955‌

Reinvested

.....................................................................................................

274‌

Redeemed

......................................................................................................

(

2,021‌

)

Net

Increase

(Decrease)

(

792‌

)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

(

5,303‌

)

Total

Dividends

and

Distributions

$

(

5,303‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

36

See

accompanying

notes.

Amounts

in

thousands

Equity

Income

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

6,856‌

$

13,034‌

Net

realized

gain

(loss)

on

investments

................................................................................................

28,494‌

89,817‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

142,700‌

)

53,748‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

107,350‌

)

156,599‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

14,647‌

)

Total

Dividends

and

Distributions

–‌

(

14,647‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

28,886‌

)

(

176,299‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

136,236‌

)

(

34,347‌

)

Net

Assets

Beginning

of

period

....................................................................................................................

755,496‌

789,843‌

End

of

period

..........................................................................................................................

$

619,260‌

$

755,496‌

Class

1

Class

2

Class

3

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

.....................................................................................

$

20,504‌

$

7,858‌

$

215‌

Redeemed

.................................................................................

(

55,176‌

)

(

2,230‌

)

(

57‌

)

Net

Increase

(Decrease)

$

(

34,672‌

)

$

5,628‌

$

158‌

Shares:

Sold

.....................................................................................

638‌

248‌

7‌

Redeemed

.................................................................................

(

1,695‌

)

(

70‌

)

(

2‌

)

Net

Increase

(Decrease)

(

1,057‌

)

178‌

5‌

Year

Ended

December

31,

2021

Dollars:

Sold

.....................................................................................

$

42,546‌

$

15,172‌

$

174‌

Reinvested

................................................................................

13,771‌

875‌

1‌

Redeemed

.................................................................................

(

245,030‌

)

(

3,764‌

)

(

44‌

)

Net

Increase

(Decrease)

$

(

188,713‌

)

$

12,283‌

$

131‌

Shares:

Sold

.....................................................................................

1,340‌

477‌

5‌

Reinvested

................................................................................

426‌

27‌

–‌

Redeemed

.................................................................................

(

7,761‌

)

(

119‌

)

(

1‌

)

Net

Increase

(Decrease)

(

5,995‌

)

385‌

4‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

.........................................

$

–‌

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

.........................................

$

(

13,771‌

)

$

(

875‌

)

$

(

1‌

)

Total

Dividends

and

Distributions

$

(

13,771‌

)

$

(

875‌

)

$

(

1‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

37

See

accompanying

notes.

Amounts

in

thousands

Global

Emerging

Markets

Account

(a)

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

673‌

$

984‌

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.......................................................................

(

1,601‌

)

7,008‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

.........................................

(

17,245‌

)

(

7,245‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

18,173‌

)

747‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

1,851‌

)

Total

Dividends

and

Distributions

–‌

(

1,851‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

1,789‌

)

(

1,920‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

19,962‌

)

(

3,024‌

)

Net

Assets

Beginning

of

period

....................................................................................................................

90,815‌

93,839‌

End

of

period

..........................................................................................................................

$

70,853‌

$

90,815‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

..........................................................................................................

$

3,967‌

Redeemed

......................................................................................................

(

5,756‌

)

Net

Increase

(Decrease)

$

(

1,789‌

)

Shares:

Sold

..........................................................................................................

231‌

Redeemed

......................................................................................................

(

327‌

)

Net

Increase

(Decrease)

(

96‌

)

Year

Ended

December

31,

2021

Dollars:

Sold

..........................................................................................................

$

10,524‌

Reinvested

.....................................................................................................

1,851‌

Redeemed

......................................................................................................

(

14,295‌

)

Net

Increase

(Decrease)

$

(

1,920‌

)

Shares:

Sold

..........................................................................................................

504‌

Reinvested

.....................................................................................................

90‌

Redeemed

......................................................................................................

(

684‌

)

Net

Increase

(Decrease)

(

90‌

)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

(

1,851‌

)

Total

Dividends

and

Distributions

$

(

1,851‌

)

(a)

Effective

May

2,

2022,

International

Emerging

Markets

Account

changed

its

name

to

Global

Emerging

Markets

Account.

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

38

See

accompanying

notes.

Amounts

in

thousands

Government

&

High

Quality

Bond

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

903‌

$

801‌

Net

realized

gain

(loss)

on

investments

and

futures

...................................................................................

(

4,397‌

)

833‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

.....................................................

(

14,005‌

)

(

4,200‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

17,499‌

)

(

2,566‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

4,266‌

)

Total

Dividends

and

Distributions

–‌

(

4,266‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

18,959‌

(

23,387‌

)

Total

Increase

(Decrease)

in

Net

Assets

1,460‌

(

30,219‌

)

Net

Assets

Beginning

of

period

....................................................................................................................

197,777‌

227,996‌

End

of

period

..........................................................................................................................

$

199,237‌

$

197,777‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

..........................................................................................................

$

39,852‌

Redeemed

......................................................................................................

(

20,893‌

)

Net

Increase

(Decrease)

$

18,959‌

Shares:

Sold

..........................................................................................................

4,424‌

Redeemed

......................................................................................................

(

2,318‌

)

Net

Increase

(Decrease)

2,106‌

Year

Ended

December

31,

2021

Dollars:

Sold

..........................................................................................................

$

35,129‌

Reinvested

.....................................................................................................

4,266‌

Redeemed

......................................................................................................

(

62,782‌

)

Net

Increase

(Decrease)

$

(

23,387‌

)

Shares:

Sold

..........................................................................................................

3,648‌

Reinvested

.....................................................................................................

445‌

Redeemed

......................................................................................................

(

6,431‌

)

Net

Increase

(Decrease)

(

2,338‌

)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

(

4,266‌

)

Total

Dividends

and

Distributions

$

(

4,266‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

39

See

accompanying

notes.

Amounts

in

thousands

LargeCap

Growth

Account

I

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

(

584‌

)

$

(

1,753‌

)

Net

realized

gain

(loss)

on

investments

and

futures

...................................................................................

17,187‌

70,697‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

.....................................................

(

243,672‌

)

61,881‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

227,069‌

)

130,825‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

78,910‌

)

Total

Dividends

and

Distributions

–‌

(

78,910‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

16,514‌

)

42,384‌

Total

Increase

(Decrease)

in

Net

Assets

(

243,583‌

)

94,299‌

Net

Assets

Beginning

of

period

....................................................................................................................

706,656‌

612,357‌

End

of

period

..........................................................................................................................

$

463,073‌

$

706,656‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

..........................................................................................................

$

27,850‌

Redeemed

......................................................................................................

(

44,364‌

)

Net

Increase

(Decrease)

$

(

16,514‌

)

Shares:

Sold

..........................................................................................................

649‌

Redeemed

......................................................................................................

(

1,047‌

)

Net

Increase

(Decrease)

(

398‌

)

Year

Ended

December

31,

2021

Dollars:

Sold

..........................................................................................................

$

49,902‌

Reinvested

.....................................................................................................

78,910‌

Redeemed

......................................................................................................

(

86,428‌

)

Net

Increase

(Decrease)

$

42,384‌

Shares:

Sold

..........................................................................................................

962‌

Reinvested

.....................................................................................................

1,526‌

Redeemed

......................................................................................................

(

1,661‌

)

Net

Increase

(Decrease)

827‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

(

78,910‌

)

Total

Dividends

and

Distributions

$

(

78,910‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

40

See

accompanying

notes.

Amounts

in

thousands

LargeCap

S&P

500

Index

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

18,453‌

$

34,299‌

Net

realized

gain

(loss)

on

investments

and

futures

...................................................................................

65,075‌

346,848‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

.....................................................

(

717,821‌

)

389,815‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

634,293‌

)

770,962‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

293,077‌

)

Total

Dividends

and

Distributions

–‌

(

293,077‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

8,991‌

(

189,279‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

625,302‌

)

288,606‌

Net

Assets

Beginning

of

period

....................................................................................................................

3,209,249‌

2,920,643‌

End

of

period

..........................................................................................................................

$

2,583,947‌

$

3,209,249‌

Class

1

Class

2

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

...............................................................................................

$

248,344‌

$

3,454‌

Redeemed

...........................................................................................

(

240,931‌

)

(

1,876‌

)

Net

Increase

(Decrease)

$

7,413‌

$

1,578‌

Shares:

Sold

...............................................................................................

11,167‌

153‌

Redeemed

...........................................................................................

(

10,313‌

)

(

85‌

)

Net

Increase

(Decrease)

854‌

68‌

Year

Ended

December

31,

2021

Dollars:

Sold

...............................................................................................

$

138,939‌

$

13,085‌

Reinvested

..........................................................................................

289,214‌

3,863‌

Redeemed

...........................................................................................

(

630,975‌

)

(

3,405‌

)

Net

Increase

(Decrease)

$

(

202,822‌

)

$

13,543‌

Shares:

Sold

...............................................................................................

5,730‌

556‌

Reinvested

..........................................................................................

12,121‌

165‌

Redeemed

...........................................................................................

(

25,846‌

)

(

149‌

)

Net

Increase

(Decrease)

(

7,995‌

)

572‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

(

289,214‌

)

$

(

3,863‌

)

Total

Dividends

and

Distributions

$

(

289,214‌

)

$

(

3,863‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

41

See

accompanying

notes.

Amounts

in

thousands

LargeCap

S&P

500

Managed

Volatility

Index

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

1,061‌

$

2,028‌

Net

realized

gain

(loss)

on

investments

,

futures

and

options

and

swaptions

..........................................................

4,542‌

26,911‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

futures

and

options

and

swaptions

...........................

(

49,647‌

)

26,106‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

44,044‌

)

55,045‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

26,835‌

)

Total

Dividends

and

Distributions

–‌

(

26,835‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

5,191‌

)

(

23,427‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

49,235‌

)

4,783‌

Net

Assets

Beginning

of

period

....................................................................................................................

239,895‌

235,112‌

End

of

period

..........................................................................................................................

$

190,660‌

$

239,895‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

..........................................................................................................

$

15,704‌

Redeemed

......................................................................................................

(

20,895‌

)

Net

Increase

(Decrease)

$

(

5,191‌

)

Shares:

Sold

..........................................................................................................

945‌

Redeemed

......................................................................................................

(

1,202‌

)

Net

Increase

(Decrease)

(

257‌

)

Year

Ended

December

31,

2021

Dollars:

Sold

..........................................................................................................

$

9,025‌

Reinvested

.....................................................................................................

26,835‌

Redeemed

......................................................................................................

(

59,287‌

)

Net

Increase

(Decrease)

$

(

23,427‌

)

Shares:

Sold

..........................................................................................................

492‌

Reinvested

.....................................................................................................

1,513‌

Redeemed

......................................................................................................

(

3,199‌

)

Net

Increase

(Decrease)

(

1,194‌

)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

(

26,835‌

)

Total

Dividends

and

Distributions

$

(

26,835‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

42

See

accompanying

notes.

Amounts

in

thousands

MidCap

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

37‌

$

(

121‌

)

Net

realized

gain

(loss)

on

investments

................................................................................................

13,110‌

70,194‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

211,925‌

)

83,393‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

198,778‌

)

153,466‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

44,926‌

)

Total

Dividends

and

Distributions

–‌

(

44,926‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

8,332‌

)

11,622‌

Total

Increase

(Decrease)

in

Net

Assets

(

207,110‌

)

120,162‌

Net

Assets

Beginning

of

period

....................................................................................................................

749,899‌

629,737‌

End

of

period

..........................................................................................................................

$

542,789‌

$

749,899‌

Class

1

Class

2

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

...............................................................................................

$

27,290‌

$

3,362‌

Redeemed

...........................................................................................

(

37,538‌

)

(

1,446‌

)

Net

Increase

(Decrease)

$

(

10,248‌

)

$

1,916‌

Shares:

Sold

...............................................................................................

401‌

54‌

Redeemed

...........................................................................................

(

592‌

)

(

23‌

)

Net

Increase

(Decrease)

(

191‌

)

31‌

Year

Ended

December

31,

2021

Dollars:

Sold

...............................................................................................

$

42,968‌

$

8,836‌

Reinvested

..........................................................................................

42,787‌

2,139‌

Redeemed

...........................................................................................

(

82,470‌

)

(

2,638‌

)

Net

Increase

(Decrease)

$

3,285‌

$

8,337‌

Shares:

Sold

...............................................................................................

601‌

126‌

Reinvested

..........................................................................................

610‌

31‌

Redeemed

...........................................................................................

(

1,183‌

)

(

39‌

)

Net

Increase

(Decrease)

28‌

118‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

(

42,787‌

)

$

(

2,139‌

)

Total

Dividends

and

Distributions

$

(

42,787‌

)

$

(

2,139‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

43

See

accompanying

notes.

Amounts

in

thousands

Principal

Capital

Appreciation

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

596‌

$

1,248‌

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.......................................................................

9,942‌

21,700‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

49,003‌

)

21,069‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

38,465‌

)

44,017‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

8,415‌

)

Total

Dividends

and

Distributions

–‌

(

8,415‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

5,710‌

)

(

7,069‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

44,175‌

)

28,533‌

Net

Assets

Beginning

of

period

....................................................................................................................

194,247‌

165,714‌

End

of

period

..........................................................................................................................

$

150,072‌

$

194,247‌

Class

1

Class

2

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

...............................................................................................

$

3,288‌

$

4,705‌

Redeemed

...........................................................................................

(

12,391‌

)

(

1,312‌

)

Net

Increase

(Decrease)

$

(

9,103‌

)

$

3,393‌

Shares:

Sold

...............................................................................................

92‌

130‌

Redeemed

...........................................................................................

(

332‌

)

(

36‌

)

Net

Increase

(Decrease)

(

240‌

)

94‌

Year

Ended

December

31,

2021

Dollars:

Sold

...............................................................................................

$

4,872‌

$

8,993‌

Reinvested

..........................................................................................

7,194‌

1,221‌

Redeemed

...........................................................................................

(

26,775‌

)

(

2,574‌

)

Net

Increase

(Decrease)

$

(

14,709‌

)

$

7,640‌

Shares:

Sold

...............................................................................................

125‌

241‌

Reinvested

..........................................................................................

184‌

32‌

Redeemed

...........................................................................................

(

699‌

)

(

71‌

)

Net

Increase

(Decrease)

(

390‌

)

202‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

(

7,194‌

)

$

(

1,221‌

)

Total

Dividends

and

Distributions

$

(

7,194‌

)

$

(

1,221‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

44

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2010

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

267‌

$

1,022‌

Net

realized

gain

(loss)

on

investments

................................................................................................

(

117‌

)

1,441‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

5,200‌

)

(

386‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

5,050‌

)

2,077‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

2,606‌

)

Total

Dividends

and

Distributions

–‌

(

2,606‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

2,450‌

2,002‌

Total

Increase

(Decrease)

in

Net

Assets

(

2,600‌

)

1,473‌

Net

Assets

Beginning

of

period

....................................................................................................................

37,297‌

35,824‌

End

of

period

..........................................................................................................................

$

34,697‌

$

37,297‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

..........................................................................................................

$

7,176‌

Redeemed

......................................................................................................

(

4,726‌

)

Net

Increase

(Decrease)

$

2,450‌

Shares:

Sold

..........................................................................................................

575‌

Redeemed

......................................................................................................

(

379‌

)

Net

Increase

(Decrease)

196‌

Year

Ended

December

31,

2021

Dollars:

Sold

..........................................................................................................

$

7,457‌

Reinvested

.....................................................................................................

2,606‌

Redeemed

......................................................................................................

(

8,061‌

)

Net

Increase

(Decrease)

$

2,002‌

Shares:

Sold

..........................................................................................................

538‌

Reinvested

.....................................................................................................

195‌

Redeemed

......................................................................................................

(

587‌

)

Net

Increase

(Decrease)

146‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

(

2,606‌

)

Total

Dividends

and

Distributions

$

(

2,606‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

45

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2020

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

1,201‌

$

5,371‌

Net

realized

gain

(loss)

on

investments

................................................................................................

(

499‌

)

11,453‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

29,344‌

)

442‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

28,642‌

)

17,266‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

14,360‌

)

Total

Dividends

and

Distributions

–‌

(

14,360‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

9,025‌

)

(

739‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

37,667‌

)

2,167‌

Net

Assets

Beginning

of

period

....................................................................................................................

196,334‌

194,167‌

End

of

period

..........................................................................................................................

$

158,667‌

$

196,334‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

..........................................................................................................

$

12,037‌

Redeemed

......................................................................................................

(

21,062‌

)

Net

Increase

(Decrease)

$

(

9,025‌

)

Shares:

Sold

..........................................................................................................

853‌

Redeemed

......................................................................................................

(

1,548‌

)

Net

Increase

(Decrease)

(

695‌

)

Year

Ended

December

31,

2021

Dollars:

Sold

..........................................................................................................

$

26,050‌

Reinvested

.....................................................................................................

14,360‌

Redeemed

......................................................................................................

(

41,149‌

)

Net

Increase

(Decrease)

$

(

739‌

)

Shares:

Sold

..........................................................................................................

1,689‌

Reinvested

.....................................................................................................

954‌

Redeemed

......................................................................................................

(

2,674‌

)

Net

Increase

(Decrease)

(

31‌

)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

(

14,360‌

)

Total

Dividends

and

Distributions

$

(

14,360‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

46

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2030

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

1,392‌

$

6,898‌

Net

realized

gain

(loss)

on

investments

................................................................................................

(

394‌

)

15,985‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

47,685‌

)

6,546‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

46,687‌

)

29,429‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

12,163‌

)

Total

Dividends

and

Distributions

–‌

(

12,163‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

6,758‌

17,307‌

Total

Increase

(Decrease)

in

Net

Assets

(

39,929‌

)

34,573‌

Net

Assets

Beginning

of

period

....................................................................................................................

262,864‌

228,291‌

End

of

period

..........................................................................................................................

$

222,935‌

$

262,864‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

..........................................................................................................

$

26,684‌

Redeemed

......................................................................................................

(

19,926‌

)

Net

Increase

(Decrease)

$

6,758‌

Shares:

Sold

..........................................................................................................

1,896‌

Redeemed

......................................................................................................

(

1,432‌

)

Net

Increase

(Decrease)

464‌

Year

Ended

December

31,

2021

Dollars:

Sold

..........................................................................................................

$

49,164‌

Reinvested

.....................................................................................................

12,163‌

Redeemed

......................................................................................................

(

44,020‌

)

Net

Increase

(Decrease)

$

17,307‌

Shares:

Sold

..........................................................................................................

3,203‌

Reinvested

.....................................................................................................

792‌

Redeemed

......................................................................................................

(

2,883‌

)

Net

Increase

(Decrease)

1,112‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

(

12,163‌

)

Total

Dividends

and

Distributions

$

(

12,163‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

47

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2040

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

373‌

$

3,939‌

Net

realized

gain

(loss)

on

investments

................................................................................................

(

9‌

)

8,351‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

27,183‌

)

4,896‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

26,819‌

)

17,186‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

5,654‌

)

Total

Dividends

and

Distributions

–‌

(

5,654‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

4,837‌

15,503‌

Total

Increase

(Decrease)

in

Net

Assets

(

21,982‌

)

27,035‌

Net

Assets

Beginning

of

period

....................................................................................................................

134,172‌

107,137‌

End

of

period

..........................................................................................................................

$

112,190‌

$

134,172‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

..........................................................................................................

$

14,434‌

Redeemed

......................................................................................................

(

9,597‌

)

Net

Increase

(Decrease)

$

4,837‌

Shares:

Sold

..........................................................................................................

809‌

Redeemed

......................................................................................................

(

531‌

)

Net

Increase

(Decrease)

278‌

Year

Ended

December

31,

2021

Dollars:

Sold

..........................................................................................................

$

28,876‌

Reinvested

.....................................................................................................

5,654‌

Redeemed

......................................................................................................

(

19,027‌

)

Net

Increase

(Decrease)

$

15,503‌

Shares:

Sold

..........................................................................................................

1,495‌

Reinvested

.....................................................................................................

289‌

Redeemed

......................................................................................................

(

979‌

)

Net

Increase

(Decrease)

805‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

(

5,654‌

)

Total

Dividends

and

Distributions

$

(

5,654‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

48

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2050

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

81‌

$

2,075‌

Net

realized

gain

(loss)

on

investments

................................................................................................

(

58‌

)

4,722‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

14,570‌

)

2,429‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

14,547‌

)

9,226‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

2,689‌

)

Total

Dividends

and

Distributions

–‌

(

2,689‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

637‌

)

12,211‌

Total

Increase

(Decrease)

in

Net

Assets

(

15,184‌

)

18,748‌

Net

Assets

Beginning

of

period

....................................................................................................................

68,527‌

49,779‌

End

of

period

..........................................................................................................................

$

53,343‌

$

68,527‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

..........................................................................................................

$

8,184‌

Redeemed

......................................................................................................

(

8,821‌

)

Net

Increase

(Decrease)

$

(

637‌

)

Shares:

Sold

..........................................................................................................

464‌

Redeemed

......................................................................................................

(

517‌

)

Net

Increase

(Decrease)

(

53‌

)

Year

Ended

December

31,

2021

Dollars:

Sold

..........................................................................................................

$

21,207‌

Reinvested

.....................................................................................................

2,689‌

Redeemed

......................................................................................................

(

11,685‌

)

Net

Increase

(Decrease)

$

12,211‌

Shares:

Sold

..........................................................................................................

1,120‌

Reinvested

.....................................................................................................

140‌

Redeemed

......................................................................................................

(

614‌

)

Net

Increase

(Decrease)

646‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

(

2,689‌

)

Total

Dividends

and

Distributions

$

(

2,689‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

49

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2060

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

19‌

$

499‌

Net

realized

gain

(loss)

on

investments

................................................................................................

(

3‌

)

1,142‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

3,764‌

)

718‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

3,748‌

)

2,359‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

526‌

)

Total

Dividends

and

Distributions

–‌

(

526‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

1,202‌

3,979‌

Total

Increase

(Decrease)

in

Net

Assets

(

2,546‌

)

5,812‌

Net

Assets

Beginning

of

period

....................................................................................................................

17,280‌

11,468‌

End

of

period

..........................................................................................................................

$

14,734‌

$

17,280‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

..........................................................................................................

$

2,872‌

Redeemed

......................................................................................................

(

1,670‌

)

Net

Increase

(Decrease)

$

1,202‌

Shares:

Sold

..........................................................................................................

170‌

Redeemed

......................................................................................................

(

98‌

)

Net

Increase

(Decrease)

72‌

Year

Ended

December

31,

2021

Dollars:

Sold

..........................................................................................................

$

6,857‌

Reinvested

.....................................................................................................

526‌

Redeemed

......................................................................................................

(

3,404‌

)

Net

Increase

(Decrease)

$

3,979‌

Shares:

Sold

..........................................................................................................

383‌

Reinvested

.....................................................................................................

29‌

Redeemed

......................................................................................................

(

189‌

)

Net

Increase

(Decrease)

223‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

(

526‌

)

Total

Dividends

and

Distributions

$

(

526‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

50

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Strategic

Income

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

206‌

$

878‌

Net

realized

gain

(loss)

on

investments

................................................................................................

(

105‌

)

1,141‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

4,024‌

)

(

641‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

3,923‌

)

1,378‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

1,855‌

)

Total

Dividends

and

Distributions

–‌

(

1,855‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

643‌

)

(

419‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

4,566‌

)

(

896‌

)

Net

Assets

Beginning

of

period

....................................................................................................................

30,129‌

31,025‌

End

of

period

..........................................................................................................................

$

25,563‌

$

30,129‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

..........................................................................................................

$

4,046‌

Redeemed

......................................................................................................

(

4,689‌

)

Net

Increase

(Decrease)

$

(

643‌

)

Shares:

Sold

..........................................................................................................

343‌

Redeemed

......................................................................................................

(

400‌

)

Net

Increase

(Decrease)

(

57‌

)

Year

Ended

December

31,

2021

Dollars:

Sold

..........................................................................................................

$

5,995‌

Reinvested

.....................................................................................................

1,855‌

Redeemed

......................................................................................................

(

8,269‌

)

Net

Increase

(Decrease)

$

(

419‌

)

Shares:

Sold

..........................................................................................................

467‌

Reinvested

.....................................................................................................

147‌

Redeemed

......................................................................................................

(

644‌

)

Net

Increase

(Decrease)

(

30‌

)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

(

1,855‌

)

Total

Dividends

and

Distributions

$

(

1,855‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

51

See

accompanying

notes.

Amounts

in

thousands

Real

Estate

Securities

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

798‌

$

1,972‌

Net

realized

gain

(loss)

on

investments

................................................................................................

3,883‌

12,636‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

42,213‌

)

39,587‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

37,532‌

)

54,195‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

12,779‌

)

Total

Dividends

and

Distributions

–‌

(

12,779‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

2,959‌

)

8,574‌

Total

Increase

(Decrease)

in

Net

Assets

(

40,491‌

)

49,990‌

Net

Assets

Beginning

of

period

....................................................................................................................

186,572‌

136,582‌

End

of

period

..........................................................................................................................

$

146,081‌

$

186,572‌

Class

1

Class

2

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

...............................................................................................

$

9,769‌

$

1,342‌

Redeemed

...........................................................................................

(

13,037‌

)

(

1,033‌

)

Net

Increase

(Decrease)

$

(

3,268‌

)

$

309‌

Shares:

Sold

...............................................................................................

438‌

62‌

Redeemed

...........................................................................................

(

591‌

)

(

49‌

)

Net

Increase

(Decrease)

(

153‌

)

13‌

Year

Ended

December

31,

2021

Dollars:

Sold

...............................................................................................

$

21,019‌

$

2,630‌

Reinvested

..........................................................................................

12,078‌

701‌

Redeemed

...........................................................................................

(

26,908‌

)

(

946‌

)

Net

Increase

(Decrease)

$

6,189‌

$

2,385‌

Shares:

Sold

...............................................................................................

955‌

117‌

Reinvested

..........................................................................................

535‌

31‌

Redeemed

...........................................................................................

(

1,224‌

)

(

43‌

)

Net

Increase

(Decrease)

266‌

105‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

(

12,078‌

)

$

(

701‌

)

Total

Dividends

and

Distributions

$

(

12,078‌

)

$

(

701‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

52

See

accompanying

notes.

Amounts

in

thousands

SAM

Balanced

Portfolio

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

2,533‌

$

14,424‌

Net

realized

gain

(loss)

on

investments

................................................................................................

14,013‌

87,788‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

138,424‌

)

(

8,821‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

121,878‌

)

93,391‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

26,472‌

)

Total

Dividends

and

Distributions

–‌

(

26,472‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

34,790‌

)

(

24,962‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

156,668‌

)

41,957‌

Net

Assets

Beginning

of

period

....................................................................................................................

744,944‌

702,987‌

End

of

period

..........................................................................................................................

$

588,276‌

$

744,944‌

Class

1

Class

2

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

...............................................................................................

$

5,302‌

$

6,925‌

Redeemed

...........................................................................................

(

40,277‌

)

(

6,740‌

)

Net

Increase

(Decrease)

$

(

34,975‌

)

$

185‌

Shares:

Sold

...............................................................................................

321‌

429‌

Redeemed

...........................................................................................

(

2,435‌

)

(

416‌

)

Net

Increase

(Decrease)

(

2,114‌

)

13‌

Year

Ended

December

31,

2021

Dollars:

Sold

...............................................................................................

$

20,819‌

$

14,289‌

Reinvested

..........................................................................................

21,306‌

5,166‌

Redeemed

...........................................................................................

(

76,310‌

)

(

10,232‌

)

Net

Increase

(Decrease)

$

(

34,185‌

)

$

9,223‌

Shares:

Sold

...............................................................................................

1,185‌

817‌

Reinvested

..........................................................................................

1,200‌

295‌

Redeemed

...........................................................................................

(

4,324‌

)

(

594‌

)

Net

Increase

(Decrease)

(

1,939‌

)

518‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

(

21,306‌

)

$

(

5,166‌

)

Total

Dividends

and

Distributions

$

(

21,306‌

)

$

(

5,166‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

53

See

accompanying

notes.

Amounts

in

thousands

SAM

Conservative

Balanced

Portfolio

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

1,216‌

$

4,257‌

Net

realized

gain

(loss)

on

investments

................................................................................................

1,747‌

16,868‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

32,930‌

)

(

2,486‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

29,967‌

)

18,639‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

6,255‌

)

Total

Dividends

and

Distributions

–‌

(

6,255‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

1,781‌

)

(

3,317‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

31,748‌

)

9,067‌

Net

Assets

Beginning

of

period

....................................................................................................................

203,656‌

194,589‌

End

of

period

..........................................................................................................................

$

171,908‌

$

203,656‌

Class

1

Class

2

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

...............................................................................................

$

8,311‌

$

2,986‌

Redeemed

...........................................................................................

(

11,452‌

)

(

1,626‌

)

Net

Increase

(Decrease)

$

(

3,141‌

)

$

1,360‌

Shares:

Sold

...............................................................................................

643‌

241‌

Redeemed

...........................................................................................

(

912‌

)

(

135‌

)

Net

Increase

(Decrease)

(

269‌

)

106‌

Year

Ended

December

31,

2021

Dollars:

Sold

...............................................................................................

$

14,199‌

$

6,406‌

Reinvested

..........................................................................................

5,275‌

980‌

Redeemed

...........................................................................................

(

25,083‌

)

(

5,094‌

)

Net

Increase

(Decrease)

$

(

5,609‌

)

$

2,292‌

Shares:

Sold

...............................................................................................

1,072‌

487‌

Reinvested

..........................................................................................

392‌

74‌

Redeemed

...........................................................................................

(

1,870‌

)

(

393‌

)

Net

Increase

(Decrease)

(

406‌

)

168‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

(

5,275‌

)

$

(

980‌

)

Total

Dividends

and

Distributions

$

(

5,275‌

)

$

(

980‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

54

See

accompanying

notes.

Amounts

in

thousands

SAM

Conservative

Growth

Portfolio

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

327‌

$

7,415‌

Net

realized

gain

(loss)

on

investments

................................................................................................

7,625‌

42,905‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

90,539‌

)

16,534‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

82,587‌

)

66,854‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

13,052‌

)

Total

Dividends

and

Distributions

–‌

(

13,052‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

4,799‌

)

(

3,590‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

87,386‌

)

50,212‌

Net

Assets

Beginning

of

period

....................................................................................................................

434,827‌

384,615‌

End

of

period

..........................................................................................................................

$

347,441‌

$

434,827‌

Class

1

Class

2

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

...............................................................................................

$

13,123‌

$

4,670‌

Redeemed

...........................................................................................

(

17,063‌

)

(

5,529‌

)

Net

Increase

(Decrease)

$

(

3,940‌

)

$

(

859‌

)

Shares:

Sold

...............................................................................................

570‌

209‌

Redeemed

...........................................................................................

(

760‌

)

(

254‌

)

Net

Increase

(Decrease)

(

190‌

)

(

45‌

)

Year

Ended

December

31,

2021

Dollars:

Sold

...............................................................................................

$

17,827‌

$

13,856‌

Reinvested

..........................................................................................

7,539‌

5,513‌

Redeemed

...........................................................................................

(

39,869‌

)

(

8,456‌

)

Net

Increase

(Decrease)

$

(

14,503‌

)

$

10,913‌

Shares:

Sold

...............................................................................................

756‌

597‌

Reinvested

..........................................................................................

312‌

232‌

Redeemed

...........................................................................................

(

1,678‌

)

(

362‌

)

Net

Increase

(Decrease)

(

610‌

)

467‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

(

7,539‌

)

$

(

5,513‌

)

Total

Dividends

and

Distributions

$

(

7,539‌

)

$

(

5,513‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

55

See

accompanying

notes.

Amounts

in

thousands

SAM

Flexible

Income

Portfolio

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

1,442‌

$

4,526‌

Net

realized

gain

(loss)

on

investments

................................................................................................

1,248‌

13,048‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

26,960‌

)

(

5,173‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

24,270‌

)

12,401‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

7,312‌

)

Total

Dividends

and

Distributions

–‌

(

7,312‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

11,167‌

)

4,501‌

Total

Increase

(Decrease)

in

Net

Assets

(

35,437‌

)

9,590‌

Net

Assets

Beginning

of

period

....................................................................................................................

193,852‌

184,262‌

End

of

period

..........................................................................................................................

$

158,415‌

$

193,852‌

Class

1

Class

2

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

...............................................................................................

$

3,546‌

$

4,324‌

Redeemed

...........................................................................................

(

14,945‌

)

(

4,092‌

)

Net

Increase

(Decrease)

$

(

11,399‌

)

$

232‌

Shares:

Sold

...............................................................................................

285‌

360‌

Redeemed

...........................................................................................

(

1,220‌

)

(

344‌

)

Net

Increase

(Decrease)

(

935‌

)

16‌

Year

Ended

December

31,

2021

Dollars:

Sold

...............................................................................................

$

14,388‌

$

14,144‌

Reinvested

..........................................................................................

5,721‌

1,591‌

Redeemed

...........................................................................................

(

25,468‌

)

(

5,875‌

)

Net

Increase

(Decrease)

$

(

5,359‌

)

$

9,860‌

Shares:

Sold

...............................................................................................

1,101‌

1,082‌

Reinvested

..........................................................................................

437‌

123‌

Redeemed

...........................................................................................

(

1,944‌

)

(

453‌

)

Net

Increase

(Decrease)

(

406‌

)

752‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

(

5,721‌

)

$

(

1,591‌

)

Total

Dividends

and

Distributions

$

(

5,721‌

)

$

(

1,591‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

56

See

accompanying

notes.

Amounts

in

thousands

SAM

Strategic

Growth

Portfolio

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

(

382‌

)

$

7,421‌

Net

realized

gain

(loss)

on

investments

................................................................................................

913‌

39,884‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

88,965‌

)

22,379‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

88,434‌

)

69,684‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

12,320‌

)

Total

Dividends

and

Distributions

–‌

(

12,320‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

4,105‌

)

15,973‌

Total

Increase

(Decrease)

in

Net

Assets

(

92,539‌

)

73,337‌

Net

Assets

Beginning

of

period

....................................................................................................................

428,947‌

355,610‌

End

of

period

..........................................................................................................................

$

336,408‌

$

428,947‌

Class

1

Class

2

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

...............................................................................................

$

8,727‌

$

4,823‌

Redeemed

...........................................................................................

(

11,186‌

)

(

6,469‌

)

Net

Increase

(Decrease)

$

(

2,459‌

)

$

(

1,646‌

)

Shares:

Sold

...............................................................................................

348‌

194‌

Redeemed

...........................................................................................

(

446‌

)

(

260‌

)

Net

Increase

(Decrease)

(

98‌

)

(

66‌

)

Year

Ended

December

31,

2021

Dollars:

Sold

...............................................................................................

$

20,247‌

$

15,072‌

Reinvested

..........................................................................................

6,518‌

5,802‌

Redeemed

...........................................................................................

(

21,478‌

)

(

10,188‌

)

Net

Increase

(Decrease)

$

5,287‌

$

10,686‌

Shares:

Sold

...............................................................................................

758‌

566‌

Reinvested

..........................................................................................

239‌

216‌

Redeemed

...........................................................................................

(

811‌

)

(

391‌

)

Net

Increase

(Decrease)

186‌

391‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

(

6,518‌

)

$

(

5,802‌

)

Total

Dividends

and

Distributions

$

(

6,518‌

)

$

(

5,802‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

57

See

accompanying

notes.

Amounts

in

thousands

Short-Term

Income

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

883‌

$

1,618‌

Net

realized

gain

(loss)

on

investments

and

futures

...................................................................................

(

544‌

)

198‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

.....................................................

(

5,936‌

)

(

2,809‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

5,597‌

)

(

993‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

2,932‌

)

Total

Dividends

and

Distributions

–‌

(

2,932‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

3,406‌

(

12,562‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

2,191‌

)

(

16,487‌

)

Net

Assets

Beginning

of

period

....................................................................................................................

140,532‌

157,019‌

End

of

period

..........................................................................................................................

$

138,341‌

$

140,532‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

..........................................................................................................

$

31,138‌

Redeemed

......................................................................................................

(

27,732‌

)

Net

Increase

(Decrease)

$

3,406‌

Shares:

Sold

..........................................................................................................

12,481‌

Redeemed

......................................................................................................

(

11,226‌

)

Net

Increase

(Decrease)

1,255‌

Year

Ended

December

31,

2021

Dollars:

Sold

..........................................................................................................

$

34,540‌

Reinvested

.....................................................................................................

2,932‌

Redeemed

......................................................................................................

(

50,034‌

)

Net

Increase

(Decrease)

$

(

12,562‌

)

Shares:

Sold

..........................................................................................................

13,394‌

Reinvested

.....................................................................................................

1,150‌

Redeemed

......................................................................................................

(

19,407‌

)

Net

Increase

(Decrease)

(

4,863‌

)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

(

2,932‌

)

Total

Dividends

and

Distributions

$

(

2,932‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

58

See

accompanying

notes.

Amounts

in

thousands

SmallCap

Account

Period

Ended

June

30,

2022

Year

Ended

December

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

276‌

$

(

127‌

)

Net

realized

gain

(loss)

on

investments

................................................................................................

(

4,114‌

)

35,323‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

49,115‌

)

5,193‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

52,953‌

)

40,389‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

–‌

(

7,482‌

)

Total

Dividends

and

Distributions

–‌

(

7,482‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

4,831‌

)

(

12,782‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

57,784‌

)

20,125‌

Net

Assets

Beginning

of

period

....................................................................................................................

224,387‌

204,262‌

End

of

period

..........................................................................................................................

$

166,603‌

$

224,387‌

Class

1

Class

2

Capital

Share

Transactions:

Period

Ended

June

30,

2022

Dollars:

Sold

...............................................................................................

$

5,950‌

$

692‌

Redeemed

...........................................................................................

(

11,030‌

)

(

443‌

)

Net

Increase

(Decrease)

$

(

5,080‌

)

$

249‌

Shares:

Sold

...............................................................................................

339‌

40‌

Redeemed

...........................................................................................

(

625‌

)

(

26‌

)

Net

Increase

(Decrease)

(

286‌

)

14‌

Year

Ended

December

31,

2021

Dollars:

Sold

...............................................................................................

$

17,504‌

$

1,948‌

Reinvested

..........................................................................................

7,164‌

318‌

Redeemed

...........................................................................................

(

38,216‌

)

(

1,500‌

)

Net

Increase

(Decrease)

$

(

13,548‌

)

$

766‌

Shares:

Sold

...............................................................................................

883‌

98‌

Reinvested

..........................................................................................

360‌

16‌

Redeemed

...........................................................................................

(

1,926‌

)

(

77‌

)

Net

Increase

(Decrease)

(

683‌

)

37‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

(

7,164‌

)

$

(

318‌

)

Total

Dividends

and

Distributions

$

(

7,164‌

)

$

(

318‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

59

See

accompanying

notes.

Amounts

in

thousands

U.S.

LargeCap

Buffer

July

Account

Period Ended

June

30,

2022

(a)

Operations

Net

investment

income

(loss)

..................................................................................................................................

$

–‌

Net

realized

gain

(loss)

on

investments

........................................................................................................................

–‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

options

and

swaptions

............................................................

(

12‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

12‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...........................................................................................

–‌

Total

Dividends

and

Distributions

–‌

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..........................................................................................................

14,372‌

Total

Increase

(Decrease)

in

Net

Assets

14,360‌

Net

Assets

Beginning

of

period

............................................................................................................................................

–‌

End

of

period

..................................................................................................................................................

$

14,360‌

Class

2

Capital

Share

Transactions:

Period Ended

June

30,

2022

(a)

Dollars:

Sold

..........................................................................................................

$

14,372‌

Net

Increase

(Decrease)

$

14,372‌

Shares:

Sold

..........................................................................................................

1,437‌

Redeemed

......................................................................................................

–‌

Net

Increase

(Decrease)

1,437‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2022

(a)

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

(a)

Period

from

June

29,

2022,

date

operations

commenced,

through

June

30,

2022.

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

60

1.

Organization

Principal

Variable

Contracts

Funds,

Inc.

(the

"Fund")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

“1940

Act”)

as

an

open-end

management

investment

company

and

operates

as

a

series

fund

in

the

mutual

fund

industry.

The

financial

statements

for

Blue

Chip

Account,

Bond

Market

Index

Account,

Core

Plus

Bond

Account,

Diversified

Balanced

Account,

Diversified

Balanced

Managed

Volatility

Account,

Diversified

Balanced

Volatility

Control

Account,

Diversified

Growth

Account,

Diversified

Growth

Managed

Volatility

Account,

Diversified

Growth

Volatility

Control

Account,

Diversified

Income

Account,

Diversified

International

Account,

Equity

Income

Account,

Global

Emerging

Markets

Account

,

Government

&

High

Quality

Bond

Account,

LargeCap

Growth

Account

I,

LargeCap

S&P

500

Index

Account,

LargeCap

S&P

500

Managed

Volatility

Index

Account,

MidCap

Account,

Principal

Capital

Appreciation

Account,

Principal

LifeTime

2010

Account,

Principal

LifeTime

2020

Account,

Principal

LifeTime

2030

Account,

Principal

LifeTime

2040

Account,

Principal

LifeTime

2050

Account,

Principal

LifeTime

2060

Account,

Principal

LifeTime

Strategic

Income

Account,

Real

Estate

Securities

Account,

SAM

Balanced

Portfolio,

SAM

Conservative

Balanced

Portfolio,

SAM

Conservative

Growth

Portfolio,

SAM

Flexible

Income

Portfolio,

SAM

Strategic

Growth

Portfolio,

Short-Term

Income

Account,

SmallCap

Account,

and

U.S.

LargeCap

Buffer

July

Account

series

of

the

Fund,

(known

as

the

“Funds”),

are

presented

herein.

Principal

LifeTime

2010

Account,

Principal

LifeTime

2020

Account,

Principal

LifeTime

2030

Account,

Principal

LifeTime

2040

Account,

Principal

LifeTime

2050

Account,

Principal

LifeTime

2060

Account,

and

Principal

LifeTime

Strategic

Income

Account

are

referred

to

collectively

as

the

“Principal

LifeTime

Funds”.

SAM

Balanced

Portfolio,

SAM

Conservative

Balanced

Portfolio,

SAM

Conservative

Growth

Portfolio,

SAM

Flexible

Income

Portfolio,

and

SAM

Strategic

Growth

Portfolio

are

referred

to

collectively

as

the

“SAM

Portfolios”.

The

Funds

may

offer

up

to

three

classes

of

shares:

Class

1,

Class

2,

and

Class

3.

Each

of

the

Funds

is

an

investment

company

and

applies

specialized

accounting

and

reporting

under

Accounting

Standards

Codification

(“ASC”)

Topic

946,

Financial

Services

-

Investment

Companies

.

The

Funds

have

not

provided

financial

support

and

are

not

contractually

required

to

provide

financial

support

to

any

investee.

Effective

May

2,

2022,

International

Emerging

Markets

Account

changed

its

name

to

Global

Emerging

Markets

Account.

Effective

June

29,

2022,

the

initial

purchase

of

$1,020,000

of

Class

2

shares

of

U.S.

LargeCap

Buffer

July

Account

was

made

by

Principal

Financial

Services,

Inc.

(“PFSI”),

an

affiliate

of

the

Principal

Global

Investors,

LLC

(“Manager”).

All

classes

of

shares

for

each

of

the

Funds

represent

interests

in

the

same

portfolio

of

investments

and

will

vote

together

as

a

single

class,

except

where

otherwise

required

by

law

or

as

determined

by

the

Fund’s

Board

of

Directors.

In

addition,

the

Board

of

Directors

declares

separate

dividends

on

each

class

of

shares.

2.

Significant

Accounting

Policies

The

preparation

of

financial

statements

in

conformity

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

summarizes

the

significant

accounting

policies

of

the

Funds:

Security

Valuation.

The

Funds

may

invest

in

other

series

of

the

Fund,

Principal

Funds,

Inc.,

and

other

investment

funds,

which

may

include

exchange-traded

funds,

money

market

funds

and

other

registered

open-end

investment

companies.

Investments

in

registered

open-

end

investment

companies,

other

than

exchange-traded

funds,

are

valued

at

the

respective

fund’s

closing

net

asset

value

per

share

on

the

day

of

valuation.

The

Funds

(with

the

exception

of

Diversified

Balanced

Volatility

Control

Account,

Diversified

Balanced

Managed

Volatility

Account,

Diversified

Growth

Account,

Diversified

Growth

Managed

Volatility

Account,

Diversified

Growth

Volatility

Control

Account,

Diversified

Income

Account,

Principal

LifeTime

Funds,

and

SAM

Portfolios)

value

securities,

including

exchange-traded

funds,

for

which

market

quotations

are

readily

available

at

fair

value,

which

is

determined

using

the

last

reported

sale

price.

If

no

sales

are

reported,

as

is

regularly

the

case

for

some

securities

traded

over-the-counter,

securities

are

valued

using

the

last

reported

bid

price

or

an

evaluated

bid

price

provided

by

a

pricing

service.

Pricing

services

use

modeling

techniques

that

incorporate

security

characteristics

such

as

current

quotations

by

broker/

dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

other

yield

and

risk

factors,

and

other

market

conditions

to

determine

an

evaluated

bid

price

or,

in

the

case

of

certain

credit

default

swaps,

a

mean

price

provided

by

a

pricing

service.

When

reliable

market

quotations

are

not

considered

to

be

readily

available,

which

may

be

the

case,

for

example,

with

respect

to

restricted

securities,

certain

debt

securities,

preferred

stocks,

and

foreign

securities,

the

investments

are

valued

at

their

fair

value

as

determined

in

good

faith

by

the

Manager

under

procedures

established

and

periodically

reviewed

by

the

Fund’s

Board

of

Directors.

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

61

The

value

of

foreign

securities

used

in

computing

the

net

asset

value

per

share

is

generally

determined

as

of

the

close

of

the

foreign

exchange

where

the

security

is

principally

traded.

Events

that

occur

after

the

close

of

the

applicable

foreign

market

or

exchange

but

prior

to

the

calculation

of

the

Funds’

net

asset

values

are

reflected

in

the

Funds’

net

asset

values

and

these

securities

are

valued

at

fair

value.

Many

factors,

provided

by

independent

pricing

services,

are

reviewed

in

the

course

of

making

a

good

faith

determination

of

a

security’s

fair

value,

including,

but

not

limited

to,

price

movements

in

American

depository

receipts

(“ADRs”),

futures

contracts,

industry

indices,

general

indices,

and

foreign

currencies.

To

the

extent

the

Funds

invest

in

foreign

securities

listed

on

foreign

exchanges

which

trade

on

days

on

which

the

Funds

do

not

determine

net

asset

values,

for

example,

weekends

and

other

customary

national

U.S.

holidays,

the

Funds’

net

asset

values

could

be

significantly

affected

on

days

when

shareholders

cannot

purchase

or

redeem

shares.

Certain

securities

issued

by

companies

in

emerging

market

countries

may

have

more

than

one

quoted

valuation

at

any

given

point

in

time,

sometimes

referred

to

as

a

"local"

price

and

a

"premium"

price.

The

premium

price

is

often

a

negotiated

price,

which

may

not

consistently

represent

a

price

at

which

a

specific

transaction

can

be

effected.

It

is

the

policy

of

the

Fund

to

value

such

securities

at

prices

at

which

it

is

expected

those

shares

may

be

sold,

and

the

Manager

or

any

sub-advisor,

is

authorized

to

make

such

determinations

subject

to

such

oversight

by

the

Fund’s

Board

of

Directors,

as

may

occasionally

be

necessary.

Currency

Translation.

Foreign

holdings

are

translated

to

U.S.

dollars

using

the

exchange

rate

at

the

daily

close

of

the

New

York

Stock

Exchange.

The

identified

cost

of

the

Funds’

holdings

is

translated

at

approximate

rates

prevailing

when

acquired.

Income

and

expense

amounts

are

translated

at

approximate

rates

prevailing

when

received

or

paid,

with

daily

accruals

of

such

amounts

reported

at

approximate

rates

prevailing

at

the

date

of

valuation.

Since

the

carrying

amount

of

the

foreign

securities

is

determined

based

on

the

exchange

rate

and

market

values

at

the

close

of

the

period,

it

is

not

practicable

to

isolate

that

portion

of

the

results

of

operations

arising

as

a

result

of

changes

in

the

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

the

market

prices

of

securities

during

the

period.

Net

realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

trade

and

settlement

dates

on

security

transactions,

and

the

difference

between

the

amount

of

dividends,

interest

income,

interest

expense,

and

foreign

withholding

taxes

recorded

on

the

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

appreciation

(depreciation)

on

translation

of

assets

and

liabilities

in

foreign

currencies

arise

from

changes

in

the

exchange

rate

relating

to

assets

and

liabilities,

other

than

investments

in

securities,

purchased

and

held

in

non-U.S.

denominated

currencies.

The

following

Funds

held

securities

denominated

in

foreign

currencies

that

exceeded

5%

of

net

assets

of

the

respective

fund

as

of

June

30,

2022:

Income

and

Investment

Transactions.

The Funds

record

investment

transactions

on

a

trade

date

basis.

Trade

date

for

senior

floating

rate

interests

purchased

in

the

primary

market

is

considered

the

date

on

which

the

loan

allocations

are

determined.

Trade

date

for

senior

floating

rate

interests

purchased

in

the

secondary

market

is

the

date

on

which

the

transaction

is

entered

into.

The

identified

cost

basis

has

been

used

in

determining

the

net

realized

gain

or

loss

from

investment

transactions

and

unrealized

appreciation

or

depreciation

of

investments.

The

Funds

record

dividend

income

on

the

ex-dividend

date,

except

dividend

income

from

foreign

securities

whereby

the

ex-dividend

date

has

passed;

such

dividends

are

recorded

as

soon

as

the Funds

are

informed

of

the

ex-dividend

date.

Interest

income

is

recognized

on

an

accrual

basis.

Payment

in

kind

("PIK") income

is

computed

on

the

value

of the

securities

received

at

the

contractual

rate

specified

in

each

loan

agreement. Discounts

and

premiums

on

securities

are

accreted/amortized,

respectively,

on

the

level

yield

method

over

the

expected

lives

of

the

respective

securities.

Callable

debt

securities

purchased

at

a

premium

are

amortized

to

the

earliest

call

date

and

to

the

callable

amount,

if

other

than

par.

The Funds

allocate

all

income

and

realized

and

unrealized

gains

or

losses

on

a

daily

basis

to

each

class

of

shares

based

upon

the

relative

proportion

of

the

value

of

shares

outstanding. 

Diversified

International

Account

Japanese

Yen

16.7%

Euro

16.5

British

Pound

Sterling

13.9

Canadian

Dollar

9.4

Swiss

Franc

6.0

Global

Emerging

Markets

Account

Hong

Kong

Dollar

29.2%

Indian

Rupee

13.1

New

Taiwan

Dollar

10.3

South

Korean

Won

10.0

Brazilian

Real

6.3

2.

Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

62

Distributions

from

Real

Estate

Investment

Trusts

("REITs")

may

be

characterized

as

ordinary

income,

capital

gain,

or

a

return

of

capital

to

the

Funds.

The

proper

characterization

of

REIT

distributions

is

generally

not

known

until

after

the

end

of

each

calendar

year.

As

such,

estimates

are

used

in

reporting

the

character

of

income

and

distributions

for

financial

statement

purposes.

Real

Estate

Securities

Account

receives

substantial

distributions

from

holdings

in

REITs. 

Expenses.

Expenses

directly

attributed

to

a

particular fund

are

charged

to

that

fund.

Other

expenses

not

directly

attributed

to

a

particular fund

are

apportioned

among

the

registered

investment

companies

managed

by

the

Manager.

Management

fees

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

the

value

of

shares

outstanding

of

each

class.

Expenses

specifically

attributable

to

a

particular

class

are

charged

directly

to

such

class

and

are

included

separately

in

the

statements

of

operations.

In

addition

to

the

expenses

the Funds

bear

directly,

each

of

the Funds

may

indirectly

bear

a

pro

rata

share

of

the

fees

and

expenses

of

the

other

series

of

the

Fund,

Principal

Funds,

Inc.

and

other

investment

companies

(collectively,

"Underlying

Funds")

in

which

they

invest.

Because

the

Underlying

Funds

have

varied

expense

levels

and

each

of

the Funds

may

own

different

proportions

of

the Underlying

Funds

at

different

times,

the

amount

of

expense

incurred

indirectly

by

each Fund

will

vary.

Expenses

included

in

the

statements

of

operations

and

financial

highlights

of

the Funds do

not

include

any

expenses

associated

with

the

Underlying

Funds. 

Dividends

and

Distributions

to

Shareholders.

Dividends

and

distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

from

net

investment

income

and

net

realized

gain

from

investments

and

foreign

currency

transactions

are

determined

in

accordance

with

federal

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

differences

are

primarily

due

to

differing

treatments

for

amortization

of

premiums

and

discounts,

net

operating

losses,

foreign

currency

transactions,

options

and

futures

contracts,

certain

defaulted

securities,

sales

of

passive

foreign

investment

companies,

losses

deferred

due

to

wash

sales,

tax

straddles,

mortgage-backed

securities,

certain

preferred

securities,

swap

agreements,

partnership

investments,

REITs,

utilization

of

earnings

and

profits

distributed

to

shareholders

on

redemption

of

shares,

and

limitations

imposed

by

Sections

381

–

384

of

the

Internal

Revenue

Code.

Permanent

book

and

tax

basis

differences

are

reclassified

within

the

capital

accounts

based

on

federal

tax-basis

treatment;

temporary

differences

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes,

they

are

reported

as

return

of

capital

distributions.

Federal

Income

Taxes.

No

provision

for

federal

income

taxes

is

considered

necessary

because

each

of

the

Funds

intends

to

qualify

as

a

“regulated

investment

company”

under

the

Internal

Revenue

Code

and

intends

to

distribute

each

year

substantially

all

of

its

net

investment

income

and

realized

capital

gains

to

shareholders.

Management

evaluates

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

the

Funds’

tax

returns

to

determine

whether

it

is

“more

likely

than

not”

that

each

tax

position

would

be

sustained

upon

examination

by

a

taxing

authority

based

on

the

technical

merits

of

the

position.

Tax

positions

not

deemed

to

meet

the

"more

likely

than

not"

threshold

would

be

recorded

as

a

tax

benefit

or

expense

in

the

current

year.

During

the period

ended

June

30,

2022,

the

Funds

did

not

record

any

such

tax

benefit

or

expense

in

the

accompanying

financial

statements.

The

statute

of

limitations

remains

open

for

the

last

three

years,

once

a

return

is

filed.

No

examinations

are

in

progress

at

this

time.

Foreign

Taxes.

Certain

of

the

Funds

are

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

they

invest.

Foreign

income

taxes

are

accrued

by

the

Funds

as

a

reduction

of

income.

These

amounts

are

shown

as

withholding

tax

on

the

statements

of

operations.

In

consideration

of

recent

decisions

rendered

by

European

courts,

certain

of

the

Funds

have

filed

additional

tax

reclaims

for

taxes

withheld

in

prior

years.

Due

to

the

uncertainty

regarding

collectability

and

timing

of

these

reclaims,

among

other

factors,

a

corresponding

receivable

will

only

be

recognized

when

the

tax

position

meets

the

"more

likely

than

not"

threshold.

Any

tax

reclaims

received

are

included

in

dividend

income

on

the

statements

of

operations.

Gains

realized

upon

the

disposition

of

certain

foreign

securities

held

by

certain

Funds

may

be

subject

to

capital

gains

tax,

payable

prior

to

the

repatriation

of

sale

proceeds.

The

tax

is

computed

on

certain

net

realized

gains

and,

if

any,

is

shown

on

the

statements

of

operations.

Realized

losses

in

excess

of

gains

may

be

carried

forward

to

offset

future

gains.

In

addition,

the

Funds

accrue

an

estimated

tax

liability

for

future

gains

on

certain

foreign

securities.

Any

foreign

tax

refund

and

any

accrued

foreign

tax

liability

are

shown

on

the

statements

of

assets

and

liabilities.

At

June

30,

2022,

Diversified

International

Account

had

a

foreign

tax

refund

receivable

of

$1,000

and

an

accrued

foreign

tax

liability

of

$65,000

and

Global

Emerging

Markets

Account

had

a

foreign

tax

refund

receivable

of

$8,000

and

an

accrued

foreign

tax

liability

of

$250,000. 

2.

Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

63

Recent

Accounting

Pronouncements.

In

March

2020,

the

Financial

Accounting

Standards

Board

("FASB")

issued

Accounting

Standards

Update

("ASU")

No.

2020-04

Reference

Rate

Reform

(Topic

848);

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting,

which

provides

optional

guidance

for

a

limited

period

of

time

to

ease

the

potential

burden

in

accounting

for

(or

recognizing

the

effects

of)

reference

rate

reform.

The

guidance

is

applicable

to

contracts

referencing

London

Interbank

Offered

Rate

("LIBOR")

or

another

reference

rate

that

is

expected

to

be

discontinued

due

to

reference

rate

reform. The

ASU

is

effective

as

of

March

12,

2020

and

generally

can

be

applied

through

December

31,

2022.

Management expects

the impact

of

the

ASU will

not

have

a

material

impact

on

the

Funds'

financial

statements.

In

June

2022,

the

FASB

issued

ASU

No.

2022-

03

Fair

Value

Measurement

(Topic

820);

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions

,

which

provides

clarifying

guidance

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

is

not

considered

in

measuring

fair

value.

The

ASU

is

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

Management

expects

the

ASU

will

not

have

a

material

impact

on

the

Funds’

financial

statements.

3.

Operating

Policies

Borrowings.

Pursuant

to

an

exemptive

order

issued

by

the

Securities

and

Exchange

Commission

(the

"SEC"),

the

Funds

and

other

registered

investment

companies

managed

by

the

Manager

may

participate

in

an

interfund

lending

facility

(“Facility”).

The

Facility

allows

the Funds

to

borrow

money

from

or

loan

money

to

the

other

participants.

Loans

under

the

Facility

are

made

to

handle

unusual

and/or

unanticipated

short-

term

cash

requirements.

Effective

April

18,

2022,

interest

paid

and

received

on

borrowings

is

the

average

of

the

current

repurchase

agreement

rate

and

the

bank

loan

rate

plus

the

applicable

margin

of

1.00%.

The

bank

loan

rate

equals

the

higher

of

(

i

)

the

Federal

Funds

Rate

or

(ii)

the

secured

overnight

financing

rate

plus

.10%

(“Adjusted

SOFR”).

If

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

is

less

than

zero,

it

shall

be

deemed

to

be

zero

for

purposes

of

calculating

such

rate.

Prior

to

April

18,

2022,

the

bank

loan

rate

equaled

the

higher

of

(

i

)

the

Federal

Funds

Rate

or

(ii)

the

One

Month

LIBOR

(or

such

successor

if

no

longer

available)

rate

plus

the

applicable

margin

of

1.25%.

The

interest

income

received

is

included

in

interest

income

on

the

statements

of

operations. The

interest

expense

associated

with

these

borrowings

is

included

in

other

expenses

on

the

statements

of

operations.

There

were

no

outstanding

loans

or borrowings

as

of

June

30,

2022.

During

the period

ended

June

30,

2022, Funds

lending

to

the

Facility

were

as

follows

(amounts

in

thousands):

During

the period

ended

June

30,

2022,

Funds

borrowing

from

the

Facility

were

as

follows

(amounts

in

thousands): 

Average

Daily

Amount

Loaned

Weighted

Average

Annual

Interest

Rate

Blue

Chip

Account

$

—

0.86

%

Bond

Market

Index

Account

200

1.04

Core

Plus

Bond

Account

49

0.99

Diversified

Balanced

Volatility

Control

Account

57

1.02

Diversified

Growth

Volatility

Control

Account

489

0.91

Diversified

International

Account

10

1.00

Equity

Income

Account

48

1.25

Global

Emerging

Markets

Account

8

0.84

Government

&

High

Quality

Bond

Account

10

0.84

LargeCap

Growth

Account

I

19

1.11

LargeCap

S&P

500

Index

Account

343

0.75

LargeCap

S&P

500

Managed

Volatility

Index

Account

56

0.87

MidCap

Account

1

0.81

Principal

Capital

Appreciation

Account

5

0.84

Real

Estate

Securities

Account

13

1.00

Short-Term

Income

Account

29

0.78

SmallCap

Account

25

1.85

Average

Daily

Outstanding

Balance

Weighted

Average

Annual

Interest

Rate

Blue

Chip

Account

$

5

0.91

%

Diversified

Growth

Volatility

Control

Account

2

0.71

Diversified

International

Account

5

0.71

LargeCap

S&P

500

Index

Account

252

1.00

MidCap

Account

29

0.80

Short-Term

Income

Account

—

1.36

2.

Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

64

In

addition,

the

Funds

participate

with

other

registered

investment

companies

managed

by

the

Manager

in

an

unsecured

joint

line

of

credit

with

a

bank

which

allows

the

participants

to

borrow

up

to

$250

million,

collectively.

Borrowings

are

made

solely

to

facilitate

the

handling

of

unusual

and/or

unanticipated

short-term

cash

requirements.

Effective

April

18,

2022,

interest

is

charged

to

each

participant,

based

on

its

borrowings,

at

a

rate

equal

to

the

higher

of

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

plus

1.00%.

Prior

to

April

18,

2022,

interest

was

charged

at

an

annual

rate

equal

to

the

higher

of

the

Federal

Funds

Rate

or

the

One

Month

LIBOR

rate

plus

1.25%.

If

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

is

less

than

zero,

it

shall

be

deemed

to

be

zero

for

purposes

of

calculating

such

rate.

Additionally,

a

commitment

fee

is

charged

at

an

annual

rate

of

.15%

on

the

amount

of

the

line

of

credit

which

is

allocated

to

each

participant

based

on

average

net

assets.

The

interest

expense

associated

with

these

borrowings

is

included

in

other

expenses

on

the

statements

of

operations.

During

the period ended

June

30,

2022,

Funds

borrowing

against

the

line

of

credit

were

as

follows

(amounts

in

thousands):

Contingent

Convertible

Securities.

As

footnoted

in

the

schedules

of

investments, the

Funds

may

invest

in

contingent

convertible securities

(“

CoCos

”).

CoCos

 are

hybrid

debt

securities

that

may

convert

into

equity

or

have

their

principal

written

down

upon

the

occurrence

of

certain

“triggers.”

Although

a

contingent

convertible

security’s

equity

conversion

and

principal

write-down

features

are

tailored

to

the

particular

issuing

banking

institution

and

its

regulatory

requirements,

triggers

are

generally

linked

to

regulatory

capital

thresholds

or

regulatory

actions

calling

into

question

such

institution’s

continued

viability

as

a

going-concern.

CoCos

may

have

no

stated

maturity

and

fully

discretionary

coupons,

which

means

coupon

payments

can

be

canceled

at

the

issuing

banking

institution’s

discretion

or

at

the

request

of

the

relevant

regulatory

authority

without

causing

a

default.

To

provide

the

appropriate

regulatory

capital

treatment,

CoCos

are

usually

issued

in

the

form

of

subordinated

debt

instruments

that

rank

junior

to

the

claims

of

holders

of

more

senior

obligations

in

the

event

of

the

issuer’s

liquidation.

If

CoCos

are

converted

into

equity

securities

due

to

a

trigger

event,

holders

will

be

further

subordinated.

The

future

value

of

CoCos

is

unpredictable

and

is

influenced

by

many

factors

including,

without

limitation:

the

creditworthiness

of

the

issuer

and/or

fluctuations

in

such

issuer’s

applicable

capital

ratios;

supply

and

demand

for

CoCos

;

general

market

conditions

and

available

liquidity;

and

economic,

financial

and

political

events

that

affect

the

issuer,

its

particular

market

or

the

financial

markets

in

general.

Due

to

these

features,

CoCos

may

have

substantially

greater

risk

than

other

securities

in

times

of

financial

stress.

Because

of

the

uncertainty

regarding

whether

a

conversion

event

will

occur,

it

may

be

difficult

to

predict

when,

if

at

all,

a

contingent

convertible

security

will

be

converted

to

equity,

and

a

fund

may

suffer

losses

as

a

result.

If

the

trigger

level

is

breached,

the

issuer’s

decision

to

write

down,

write

off

or

convert

a

contingent

convertible

security

may

result

in

the

fund's

complete

loss

on

an

investment

in

CoCos

with

no

chance

of

recovery

even

if

the

issuer

remains

in

existence.

Counterparties.

The

Funds

may

be

exposed

to

counterparty

risk,

or

the

risk

that

another

party

with

which

the

Funds

have

unsettled

or

open

transactions

will

fail

to

perform

on

their

commitment.

To

the

extent

that

unpaid

amounts

owed

to

the

Funds

exceed

a

predetermined

threshold

agreed

to

with

the

counterparty,

as

stated

in

the

counterparties’

master

netting

agreements

(“Master

Netting

Agreements”),

such

counterparty

shall

advance

collateral

to

the

Funds

in

the

form

of

cash

or

cash

equivalents

equal

in

value

to

the

unpaid

amount

owed

to

the

Funds.

If

the

unpaid

amount

owed

to

the

Funds

subsequently

decreases,

the

Funds

would

be

required

to

return

all

or

a

portion

of

the

collateral.

Master

Netting

Agreements

may

also

help

limit

counterparty

risk

by

specifying

collateral

posting

arrangements

at

pre-arranged

exposure

levels.

Under

the

Master

Netting

Agreements,

collateral

is

routinely

transferred

if

the

total

net

exposure

to

certain

transactions

governed

under

the

relevant

Master

Netting

Agreement

with

a

counterparty

exceeds

a

specified

threshold.

The

financial

instruments

that

are

subject

to

Master

Netting

Agreements

or

similar

agreements

may

include

right

of

setoff

provisions.

Derivative

instruments

include

provisions

to

setoff

positions

covered

under

the

agreements

with

the

same

counterparties

and

provisions

to

setoff

positions

outside

of

the

agreements

with

the

same

counterparties

in

the

event

of

default

by

one

of

the

parties.

Derivative

instruments

are

shown

gross

on

the

statements

of

assets

and

liabilities.

Derivative

instruments

also

include

collateral

provisions.

Collateral

received

and

pledged

are

generally

settled

daily

with

each

counterparty.

As

of

June

30,

2022

,

none

of

the

Funds

had

financial

assets

and

liabilities

subject

to

Master

Netting

Agreements

or

similar

agreements.

Cross

Trades. 

The

Funds

may

engage

in

cross

trades.

A

cross

trade

is

a

purchase

or

sale

transaction

between

affiliated

portfolios

executed

directly

or

through

an

intermediary.

Mutual

funds

and

other

managed

portfolios

may

be

considered

affiliated

if

they

have

a

common

Average

Daily

Outstanding

Balance

Weighted

Average

Annual

Interest

Rate

SmallCap

Account

$

3

0.71

%

Average

Daily

Outstanding

Balance

Weighted

Average

Annual

Interest

Rate

MidCap

Account

$

2

1.38

%

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

65

investment

advisor,

so

a

fund

may

be

considered

affiliated

with

any

portfolio

for

which

the

fund's

sub-advisor

acts

as

an

investment

advisor.

Such

transactions

are

permissible

provided

that

the

conditions

of

Rule

17a-7

under

the

1940

Act

are

satisfied.

For

the

period ended

June

30,

2022,

none

of

the

Funds

had

material

cross

trades.

Deposits

with

Counterparty.

Cash

pledged

as

collateral

is

reflected

as

an

asset

on

the

statements

of

assets

and

liabilities

as

deposits

with

counterparty.

There

are

a

variety

of

security

types

which

require

varying

levels

of

pledged

collateral.

Customer

account

agreements

govern

cleared

derivatives

transactions

such

as

futures

contracts

and

certain

swap

agreements.

Such

transactions

require

posting

of

initial

margin

as

determined

by

each

relevant

clearing

agency

which

is

segregated

in

an

account

at

a

futures

commission

merchant

(“FCM”)

registered

with

the

Commodity

Futures

Trading

Commission.

International

Swaps

and

Derivatives

Association

(“ISDA”)

accounts

are

maintained

in

a

segregated

account

at

the

custodian

for

over-the-counter

("OTC")

derivatives.

Master

Securities

Forward

Transaction

Agreements

("MSFTA")

accounts

are

also

maintained

in

a

segregated

account

at

the

custodian

for

collateral

related

to

forward

currency

contracts

and

"to-be-announced"

("TBA")

securities.

Certain

of

the Funds may

pledge

cash

to

a

broker

for

securities

sold

short.

As

of

June

30,

2022,

deposits

with

counterparty

were

as

follows

(amounts

in

thousands):

Deposits

from

Counterparty.

Cash

received

from

a

counterparty

as

collateral

is

reflected

as

a

liability

on

the

statements

of

assets

and

liabilities

as

deposits

from

counterparty.

There

are

a

variety

of

security

types

which

require

varying

levels

of

pledged

collateral.

The

collateral

posted

to

the Funds

by

the

broker

is

received

in

the

fund’s

custodian

account.

As

of

June

30,

2022,

none

of

the

Funds

had

deposits

from

counterparty.

Foreign

Currency

Contracts.

Certain

of

the

Funds

may

be

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

such

Funds’

investment

objectives.

The

Funds

may

use

foreign

currency

contracts

to

gain

exposure

to,

or

hedge

against

changes

in

the

value

of

foreign

currencies.

Certain

of

the

Funds

enter

into

forward

contracts

to

purchase

and

sell

foreign

currencies

at

a

specified

future

date

at

a

fixed

exchange

rate.

Forward

foreign

currency

contracts

are

valued

at

the

forward

rate,

and

are

marked-to-market

daily.

The

change

in

fair

value

is

recorded

by

the

Funds

as

an

unrealized

gain

or

loss.

When

the

contract

is

closed,

the

Funds

record

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

The

use

of

forward

foreign

currency

contracts

does

not

eliminate

the

fluctuations

in

underlying

prices

of

the

Funds’

portfolio

securities,

but

it

does

establish

a

rate

of

exchange

that

can

be

achieved

in

the

future.

Although

forward

foreign

currency

contracts

limit

the

risk

of

loss

due

to

a

decline

in

the

value

of

the

hedged

currency,

they

also

limit

any

potential

gain

that

might

result

should

the

value

of

the

currency

increase.

In

addition,

the

Funds

could

be

exposed

to

risks

if

the

counterparties

to

the

contracts

are

unable

to

meet

the

terms

of

their

contracts

or

if

the

value

of

the

currency

changes

unfavorably

to

the

U.S.

dollar

or

other

respective

currency. 

Futures

Contracts.

The Funds

are

subject

to

equity

price

risk,

interest

rate

risk,

and

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

their

investment

objectives.

The Funds

(with

the

exception

of

Diversified

Balanced

Account,

Diversified

Balanced

Managed

Volatility

Account, Diversified

Growth

Account,

Diversified

Growth

Managed

Volatility

Account,

Diversified

Income

Account,

Principal

LifeTime

Funds,

and

SAM

Portfolios)

may

enter

into

futures

contracts

to

hedge

against

changes

in

or

to

gain

exposure

to,

change

in

the

value

of

equities,

interest

rates

and

foreign

currencies.

Initial

margin

deposits

are

made

by

cash

deposits

or

segregation

of

specific

securities

as

may

be

required

by

the

exchange

on

which

the

transaction

was

conducted.

Pursuant

to

the

contracts,

typically a

fund agrees

to

receive

from

or

pay

to

the

broker,

an

amount

of

cash

equal

to

the

daily

fluctuation

in

the

value

of

the

contract.

Such

receipts

or

payments

are

known

as

“variation

margin”

and

are

recorded

by

the fund

as

a

variation

margin

receivable

or

payable

on

financial

derivative

instruments.

For

those

contracts

where

daily

variation

margin

payments

are

not

received

from

or

paid

to

the

broker,

the

cumulative

unrealized

gains

or

losses

are

included

in

variation

margin

receivable

or

payable

on

financial

derivative

instruments.

Futures

contracts

are

marked

to

market

daily

at

the

closing

settlement

price

or

in

the

absence

of

such

a

price,

the

most

recent

quoted

bid

price.

If

there

are

no

quotations

available,

the

security

is

valued

at

the

last

available

closing

settlement

price.

During

the

period

the

futures

contracts

are

open,

daily

changes

in

the

fair

value

of

the

contracts

are

recognized

as

unrealized

gains

or

losses.

These

unrealized

gains

or

losses

are

included

as

a

component

of

total

distributable

Options

FCM

(Futures

and

Cleared

Swaps)

ISDA

(OTC

Derivatives)

MSFTA

(Forward

Currency

Contracts

and

TBA

Securities)

Total

Deposits

with

Counterparty

Core

Plus

Bond

Account

$

—

$

—

$

1

$

8

$

9

Diversified

Balanced

Volatility

Control

Account

—

525

—

—

525

Diversified

Growth

Volatility

Control

Account

—

8,033

—

—

8,033

Government

&

High

Quality

Bond

Account

—

283

—

13

296

LargeCap

Growth

Account

I

—

221

—

—

221

LargeCap

S&P

500

Managed

Volatility

Index

Account

1,132

—

—

—

1,132

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

66

earnings

(accumulated

loss)

on

the

statements

of

assets

and

liabilities.

When

the

contracts

are

closed,

the fund

recognizes

a

realized

gain

or

loss

equal

to

the

difference

between

the

proceeds

from,

or

cost

of,

the

closing

transaction

and

the

fund’s

cost

basis

in

the

contract.

There

is

minimal

counterparty

credit

risk

to

the Funds

because

futures

are

exchange

traded

and

the

exchange’s

clearinghouse,

as

counterparty

to

all

exchange

traded

futures,

guarantees

the

futures

against

default.

Long

equity

futures

contracts

are

used

to

obtain

market

exposure

for

the

cash

balances

that

are

maintained

by

certain

of

the

Funds

and

the

notional

values

of

the

futures

contracts

will

vary

in

accordance

with

changing

cash

balances.

Long

and

short

U.S.

Treasury

futures

contracts

are

used

to

obtain

interest

rate

exposure

in

order

to

manage

duration

of

Core

Plus

Bond Account,

Government

&

High

Quality

Bond

Account,

and

Short-Term

Income

Account.

The

notional

values

of

the

futures

contracts

will

vary

in

accordance

with

changing

duration

of

these

funds.

Illiquid

Securities.

Illiquid

securities

generally

cannot

be

sold

or

disposed

of

in

the

ordinary

course

of

business

(within

seven

calendar

days)

at

approximately

the

value

at

which

each

of

the

Funds

has

valued

the

investments.

This

may

have

an

adverse

effect

on

each

of

the

Funds’

ability

to

dispose

of

particular

illiquid

securities

at

fair

value

and

may

limit

each

of

the

Funds’

ability

to

obtain

accurate

market

quotations

for

purposes

of

valuing

the

securities. 

Indemnification.

Under

the

Fund’s

by-laws,

present

and

past

officers,

directors,

and

employees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

a

variety

of

contracts

that

may

contain

representations

and

warranties

which

provide

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund. 

Inflation-Indexed

Bonds.

Certain

of

the

Funds

may

invest

in

inflation-indexed

bonds.

Inflation-indexed

bonds

are

fixed-income

securities

whose

principal

value

is

periodically

adjusted

to

the

rate

of

inflation.

The

interest

rate

on

these

bonds

is

generally

fixed

at

issuance

at

a

rate

lower

than

typical

bonds.

Over

the

life

of

an

inflation-indexed

bond,

however,

interest

will

be

paid

based

on

a

principal

value,

which

is

adjusted

for

inflation.

Any

increase

or

decrease

in

the

principal

amount

of

an

inflation-indexed

bond

will

be

included

as

interest

income

on

the

statements

of

operations,

even

though

the

Funds

would

not

receive

the

principal

until

maturity.

Mortgage

Dollar

Rolls.

Certain

of

the

Funds

have

entered

into

mortgage-dollar-roll

transactions

on

TBA

securities,

in

which

the

Funds

sell

mortgage-backed

securities

and

simultaneously

agree

to

purchase

similar

securities

in

the

future

at

a

predetermined

price.

The

proceeds

of

the

securities

sold

in

mortgage-dollar-roll

transactions

are

invested

in

additional

securities.

The

Funds

forgo

principal

and

interest

paid

on

the

securities

and

are

compensated

by

interest

earned

on

the

proceeds

of

the

initial

sale

and

by

a

lower

price

on

the

securities

to

be

repurchased.

The

Funds

treat

mortgage-dollar-roll

transactions

as

purchases

and

sales;

as

such,

these

transactions

may

increase

the

Funds’

portfolio

turnover

ratio.

Amounts

to

be

received

or

paid

in

connection

with

open

mortgage-dollar-rolls

are

included

in

investment

securities

sold

and

investment

securities

purchased

on

the

statements

of

assets

and

liabilities. 

Options

Contracts.

The

Funds

may

write

and

purchase

call

and

put

options

on

securities

and

on

securities

indices

to

hedge

against

a

decline

in

the

value

of

securities

owned

or

an

increase

in

the

price

of

securities

that

the

Funds

plan

to

purchase,

or

to

generate

additional

revenue.

Exchange-traded

options

may

be

closed

out

only

on

an

exchange

that

generally

provides

a

liquid

secondary

market

for

an

option

of

the

same

series.

Over

the

Counter

(“OTC”)

options

differ

from

exchange-traded

options

in

that

they

are

two-party

contracts,

with

price

and

other

terms

negotiated

between

buyer

and

seller,

and

generally

do

not

have

as

much

market

liquidity

as

exchange-traded

options.

An

OTC

option

(an

option

not

traded

on

an

established

exchange)

may

be

closed

out

only

by

agreement

with

the

other

party

to

the

original

option

transaction.

FLexible

EXchange

(“FLEX”)

options

are

customized

options

contracts

available

through

national

securities

exchanges

that

are

guaranteed

for

settlement

by

the

Options

Clearing

Corporation

(“OCC”),

a

market

clearinghouse.

FLEX

options

provide

investors

with

the

ability

to

customize

terms

of

an

option,

including

exercise

prices,

exercise

styles,

and

expiration

dates

while

achieving

price

discovery

in

competitive,

transparent

auction

markets

and

avoiding

the

counterparty

exposure

of

the

OTC

options

positions.

All

FLEX

options

in

the

Funds

are

European-style

options,

which

can

only

be

exercised

at

the

expiration

date

of

the

option.

Writing

put

options

tends

to

increase

a

fund’s

exposure

to

the

underlying

instrument.

Writing

call

options

tends

to

decrease

a

fund’s

exposure

to

the

underlying

instrument.

When

a

fund

writes

a

call

or

put

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked

to

market

to

reflect

the

current

value

of

the

option

written.

These

liabilities

are

reflected

as

options

contracts

written

on

the

statements

of

assets

and

liabilities.

Premiums

received

from

writing

options

which

expire

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

or

offset

against

amounts

paid

on

the

underlying index

to

determine

the

realized

gain

or

loss.

A

fund,

as

a

writer

of

an

option,

has

no

control

over

whether

the

underlying

index

may

be

sold

(call)

or

purchased

(put)

and

as

a

result

bears

the

market

risk

of

an

unfavorable

change

in

the

price

of

the

index

underlying

the

written

option.

There

is

the

risk a

fund may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

a

fund as

a

writer

of

put

options

could

be

required

to

make

is

equal

to

the

notional

amount

multiplied

by

the

exercise

price

as

shown

in

the

schedules

of

investments. A

fund may

also

purchase

put

and

call

options.

Purchasing

call

options

tends

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

67

to

increase a

fund's exposure

to

the

underlying

instrument.

Purchasing

put

options

tends

to

decrease a

fund's

exposure

to

the

underlying

instrument.

A

fund pays

a

premium

which

is

included

on

the fund's

statements

of

assets

and

liabilities

as

an

investment

and

subsequently

marked

to

market

to

reflect

the

current

value

of

the

option.

Premiums

paid

for

purchasing

options

which

expire

are

treated

as

realized

losses.

The

risk

associated

with

purchasing

put

and

call

options

is

limited

to

the

premium

paid.

Premiums

paid

for

purchasing

options

which

are

exercised

or

closed

are

added

to

the

amounts

paid

or

offset

against

the

proceeds

on

the

underlying

index

transaction

to

determine

the

realized

gain

or

loss.

Details

of

options

contracts

open

at period

end

are

included

in

the

Funds'

schedules

of

investments.

Private

Investments

in

Public

Equity.

The

Funds

may

invest

in

private

investments

in

public

equity

(“PIPEs”)

which

are

issued

by

a

company

in

the

secondary

market

as

a

means

of

raising

capital.

In

connection

with

PIPEs,

the

Funds

may

enter

into

unfunded

commitments.

Commitments

may

be

subject

to

various

contingencies

and

are

recognized

when

the

commitment

is

legally

binding.

These

contingencies

are

considered

in

the

valuation

of

the

commitments.

The

Funds

are

obligated

to

fund

these

commitments

when

the

contingencies

are

met

and

therefore,

the

Funds

must

have

funds

sufficient

to

cover

their

obligation.

Commitments

are

marked

to

market

daily

and

the

unrealized

gain

or

loss

is

shown

as

a

separate

line

item

called

unrealized

gain

or

loss

on

unfunded

commitments

on

the

statements

of

assets

and

liabilities

and

included

in

the

net

change

in

unrealized

appreciation/(depreciation)

of

investments

on

the

statements

of

operations,

as

applicable.

As

of

period

end,

the

commitments

typically are

categorized

as

Level

2

within

the

disclosure

hierarchy.

As of

June

30,

2022,

the

Funds

had

no

unfunded

commitments

in

connection

with

PIPEs. 

Repurchase

Agreements.

The

Funds

may

invest

in

repurchase

agreements

that

are

fully

collateralized,

typically

by

U.S.

government

or

U.S.

government

agency

securities.

It

is

the

Fund's

policy

that

the

counterparties’

custodian

takes

possession

of

the

underlying

collateral

securities.

The

fair

value

of

the

collateral

is

at

all

times

at

least

equal

to

the

total

amount

of

the

repurchase

obligation.

In

the

event

of

default

on

the

obligation

to

repurchase,

the

Funds

have

the

right

to

liquidate

the

collateral

and

apply

the

proceeds

in

satisfaction

of

the

obligation.

In

the

event

the

seller

of

a

repurchase

agreement

defaults,

the

Funds

could

experience

delays

in

the

realization

of

the

collateral. 

Restricted

Securities.

Certain

of

the

Funds

may

invest

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

These

securities

generally

may

be

resold

in

transactions

exempt

from

registration

or

to

the

public

if

the

securities

are

registered.

Disposal

of

these

securities

may

involve

time-consuming

negotiations

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult. 

Securities

Lending.

As

footnoted

in

the

schedules

of

investments,

certain

of

the

Funds

may

lend

portfolio

securities

to

approved

brokerage

firms

to

earn

additional

income.

The

Funds

receive

collateral,

in

the

form

of

cash,

against

the

loaned

securities.

During

the

period

of

the

loan,

the

borrower

must

maintain

collateral

in

an

amount

not

less

than

102%

of

the

market

value

of

the

domestic

and

foreign

fixed

income

loaned

securities

and

105%

of

the

market

value

of

the

foreign

equity

loaned

securities.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Funds

and

any

additional

required

collateral

is

delivered

to

the

Funds

on

the

next

business

day.

The

cash

collateral

received

is

usually

invested

in

an

SEC-registered

money

market

mutual

fund

and

the

Funds

could

realize

a

loss

on

such

investments.

Further,

the

Funds

could

experience

a

delay

in

recovering their

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

Securities

lending

income,

net

of

related

fees,

is

shown

on

the

statements

of

operations.

Senior

Floating

Rate

Interests.

The

Funds

may

invest

in

senior

floating

rate

interests

(bank

loans).

Senior

floating

rate

interests

typically

hold

the

most

senior

position

in

the

capital

structure

of

a

business

entity

(the

“Borrower”),

and

are

secured

by

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

Borrower

that

is

senior

to

that

held

by

subordinated

debtholders

and

stockholders

of

the

Borrower.

Senior

floating

rate

interests

are

typically

structured

and

administered

by

a

financial

institution

that

acts

as

the

agent

of

the

lenders

participating

in

the

senior

floating

rate

interest.

Borrowers

of

senior

floating

rate

interests

are

typically

rated

below-investment-grade,

which

means

they

are

more

likely

to

default

than

investment-grade

loans.

A

default

could

lead

to

non-payment

of

income

which

would

result

in

a

reduction

of

income

to

the

fund

and

there

can

be

no

assurance

that

the

liquidation

of

any

collateral

would

satisfy

the

Borrower’s

obligation

in

the

event

of

non-payment

of

scheduled

interest

or

principal

payments,

or

that

such

collateral

could

be

readily

liquidated.

Senior

floating

rate

interests

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank

or

the

LIBOR

rate.

Senior

floating

rate

interests

generally

are

subject

to

mandatory

and/or

optional

prepayment.

Because

of

these

mandatory

prepayment

conditions

and

because

there

may

be

significant

economic

incentives

for

the

Borrower

to

repay,

prepayments

of

senior

floating

rate

interests

may

occur.

As

a

result,

the

actual

remaining

maturity

of

senior

floating

rate

interests

may

be

substantially

less

than

stated

maturities

shown

in

the

schedules

of

investments.

In

connection

with

the

senior

floating

rate

interests,

the

Funds

may

also

enter

into

unfunded

loan

commitments.

All

or

a

portion

of

the

loan

commitments

may

be

unfunded.

The

Funds

are

obligated

to

fund

these

loan

commitments

at

the

Borrower’s

discretion.

Therefore,

the

Funds

must

have

funds

sufficient

to

cover

their

contractual

obligation.

Unfunded

loan

commitments

are

marked

to

market

daily

and

the

unrealized

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

68

gain

or

loss

is

shown

as

a

separate

line

item

called

unrealized

gain

or

loss

on

unfunded

commitments

on

the

statements

of

assets

and

liabilities

and

included

in

the

net

change

in

unrealized

appreciation/(depreciation)

of

investments

on

the

statements

of

operations,

as

applicable.

As

of

period

end,

the

unfunded

loan

commitments

are

categorized

as

Level

2

within

the

disclosure

hierarchy.

As

of

June

30,

2022

,

the

Funds

had

no

unfunded

loan

commitments.

Short

Sales.

Certain

of

the

Funds

may

enter

into

short

sales

transactions.

A

short

sale

is

a

transaction

in

which

a

fund

sells

a

security

it

does

not

own

as

a

hedge

against

some

of

its

long

positions

and/or

in

anticipation

of

a

decline

in

the

market

price

of

the

security.

The

fund

must

borrow

the

security

sold

short

and

deliver

it

to

the

broker

dealer

which

made

the

short

sale.

A

security

sold

in

a

short

sale

transaction

and

the

interest

or

dividend

payable

on

the

security

if

any,

is

reflected

as

a

liability

on

the

statements

of

assets

and

liabilities.

The

fund

is

obligated

to

pay

any

interest

or

dividends

received

on

the

borrowed

securities.

Interest

accrued

and

dividends

declared

on

short

positions

are

recorded

as

an

expense

and,

if

any,

appear

as

dividends

and

interest

on

shorts

on

the

statements

of

operations.

A

fund

is

obligated

to

deliver

the

security

at

the

market

price

at

the

time

the

short

position

is

closed.

Possible

losses

from

short

sales

may

be

unlimited.

The

fund

is

required

to

pledge

cash

or

securities

to

the

broker

as

collateral

for

securities

sold

short.

Collateral

requirements

are

calculated

daily

based

on

the

current

market

value

of

the

short

positions.

Cash

deposited

with

the

broker

for

collateral

is

included

in

deposits

with

counterparty

on

the

statements

of

assets

and

liabilities

and

securities

segregated

as

collateral

are

footnoted

in

the

schedules

of

investments.

The

fund

may

pay

broker’s

fees

on

the

borrowed

securities

and

may

also

pay

a

financing

charge

for

the

difference

in

the

market

value

of

the

short

position

and

cash

collateral

deposited

with

the

broker.

These

fees

would

be

included

as

short

sale

fees

on

the

statements

of

operations.

None

of

the

Funds

entered

into

short

sales

transactions

during

the

year

ended

December

31,

2021.

Swap

Agreements.

Certain

of

the

Funds

may

enter

into in swap

agreements

during

the

period

.

Swap

agreements

are

negotiated

agreements

between

a

fund and

a

counterparty

to

exchange

a

series

of

cash

flows

at

specified

intervals

based

upon,

or

calculated

by

reference

to,

changes

in

specified

prices

or

rates

for

a

specified

amount

of

an

underlying

asset.

A

fund may

enter

into

credit

default,

interest

rate,

or

total

return

swap

agreements

to

manage

its

exposure

to

credit,

interest

rate,

or

market

risk.

In

connection

with

these

agreements,

securities

may

be

identified

as

collateral

in

accordance

with

the

terms

of

the

respective

swap

agreements

to

provide

assets

of

value

and

recourse

in

the

event

of

default

or

bankruptcy/insolvency.

Swap

agreements

are

valued

through

a

pricing

service

or

using

procedures

established

and

periodically

reviewed

by

the

Fund’s

Board

of

Directors.

Centrally

cleared

swaps

are

valued

using

the

last

traded

price

from

the

primary

trading

exchange.

OTC

swaps

are

modeled

taking

into

account

the

counterparties’

creditworthiness

and

using

a

series

of

techniques,

including

simulation

models.

Changes

in

value

are

recorded

as

unrealized

gain

or

loss

which

is

included

as

a

component

of

total

distributable

earnings

(accumulated

loss)

on the

statements

of

assets

and

liabilities.

Upon

termination

of

swap

agreements,

the Funds

recognize

a

realized

gain

or

loss.

Net

periodic

payments

to

be

received

or

paid

are

accrued

daily

and

are

recorded

in

the

statements

of

operations

as

realized

gains

or

losses.

Payments

received

or

made

at

the

beginning

of

the

measurement

period

are

reflected

as

such

on

the

statements

of

assets

and

liabilities

and

represent

payments

made

or

received

upon

entering

into

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

prevailing

market

conditions

(credit

spreads,

interest

rates,

and

other

relevant

factors).

These

upfront

payments

are

amortized

daily

over

the

term

of

the

swap

agreement

as

realized

gains

or

losses

on

the

statements

of

operations.

Notional

principal

amounts

are

used

to

express

the

extent

of

involvement

in

these

agreements.

Risks

may

exceed

amounts

shown

on

the

statements

of

assets

and

liabilities.

These

risks

include

changes

in

the

returns

of

the

underlying

instruments,

unfavorable

interest

rate

fluctuation,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

contractual

terms

in

the

agreements,

and

the

possible

lack

of

liquidity

with

respect

to

the

swap

agreements.

The Funds

and

any

counterparty

are

required

to

maintain

an

agreement

that

requires

the Funds

and

that

counterparty

to

monitor

the

net

fair

value

of

all

derivative

transactions

entered

into

pursuant

to

the

contract

between

the Funds

and

such

counterparty.

If

the

net

fair

value

of

such

derivatives

transactions

between

the Funds

and

that

counterparty

exceeds

a

certain

threshold

(as

defined

in

the

agreement),

the Funds

or

the

counterparty

are

required

to

post

cash

and/or

securities

as

collateral.

Fair

values

of

derivatives

transactions

presented

in

the

financial

statements

are

not

netted

with

the

fair

values

of

other

derivatives

transactions

or

with

any

collateral

amounts

posted

by

the Funds

or

any

counterparty.

Credit

default

swaps

involve

commitments

to

pay

a

fixed

rate

at

a

predetermined

frequency

in

exchange

for

a

lump

sum

payment

if

a

“credit

event”,

as

defined

in

the

agreement,

affecting

a

third

party

occurs.

Credit

events

may

include

a

failure

to

pay

interest,

bankruptcy,

restructuring,

or

other

event

as

defined

in

the

agreement.

A

“buyer”

of

credit

protection

agrees

to

pay

a

counterparty

to

assume

the

credit

risk

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

69

of

an

issuer

upon

the

occurrence

of

a

credit

event.

The

“seller”

of

the

protection

receives

periodic

payments

and

agrees

to

assume

the

credit

risk

of

an

issuer

upon

the

occurrence

of

a

credit

event.

As

the

seller

of

credit

protection, a

fund would

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

a

fund would

be

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

If a

fund is

a

seller

of

protection

and

a

credit

event

occurs,

as

defined

under

the

terms

of

that

particular

swap

agreement,

the fund

will

either

(i)

pay

to

the

buyer

of

protection

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index

or

(ii)

pay

a

net

settlement

amount

in

the

form

of

cash

or

securities

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

If a fund

is

a

buyer

of

protection

and

a

credit

event

occurs,

as

defined

under

the

terms

of

that

particular

swap

agreement,

a

fund will

either

(i)

receive

from

the

seller

of

protection

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index

or

(ii)

receive

a

net

settlement

amount

in

the

form

of

cash

or

securities

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

may

include,

but

are

not

limited

to,

investment

grade

securities,

high

yield

securities,

asset

backed

securities,

emerging

markets,

and/or

various

credit

ratings

within

each

sector.

Credit

indices

are

traded

using

credit

default

swaps

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

that

name’s

weight

in

the

index.

The

composition

of

the

indices

changes

periodically,

usually

every

six

months,

and

for

most

indices,

each

name

has

an

equal

weight

in

the

index.

A

fund may

use

credit

default

swaps

on

credit

indices

to

hedge

a

portfolio

of

credit

default

swaps

or

bonds,

which

is

less

expensive

than

it

would

be

to

buy

many

credit

default

swaps

to

achieve

a

similar

effect.

Credit

default

swaps

on

indices

are

benchmarks

for

protecting

investors

owning

bonds

against

default,

and

traders

use

them

to

speculate

on

changes

in

credit

quality.

For

credit

default

swap

agreements

on

asset-backed

securities

and

credit

indices,

the

quoted

market

prices

and

resulting

values

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

and

increasing

values,

in

absolute

terms

when

compared

to

the

notional

amount

of

the

swap,

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

a

fund as

a

seller

of

protection

could

be

required

to

make

under

a

credit

default

swap

agreement

would

be

an

amount

equal

to

the

notional

amount

of

the

agreement.

Notional

amounts

of

all

credit

default

swap

agreements

outstanding

as

of June

30,

2022

for

which a

fund

is

the

seller

of

protection

are

disclosed

in

the

footnotes

to

the

schedules

of

investments.

These

potential

amounts

would

be

partially

offset

by

any

recovery

values

of

the

respective

referenced

obligations,

upfront

payments

received

upon

entering

into

the

agreement,

or

net

amounts

received

from

the

settlement

of

buy

protection

credit

default

swap

agreements

entered

into

by a

fund for

the

same

referenced

entity

or

entities.

Interest

rate

swaps

involve

the

commitment

to

exchange

fixed

or

floating

rate

cash

flows

based

on

changes

in

the

value

of

a

specific

reference

rate.

Certain

collateral

amounts

relate

to

exchange

cleared

swaps

which

are

not

subject

to

Master

Netting

Agreements

with

counterparties.

To

Be

Announced

Securities.

The

Funds

may

trade

portfolio

securities

on

a

TBA

or

when-issued

basis.

In

a

TBA

or

when-issued

transaction,

the

Funds

commit

to

purchase

or

sell

securities

for

which

all

specific

information

is

not

known

at

the

time

of

the

trade.

Securities

purchased

on

a

TBA

or

when-issued

basis

are

not

settled

until

they

are

delivered

to

the

Funds,

normally

15

to

30

days

later.

These

transactions

are

subject

to

market

fluctuations

and

their

current

value

is

determined

in

the

same

manner

as

for

other

portfolio

securities. 

Underlying

Funds.

The

performance

and

risks

of

each

Principal

LifeTime

Fund,

each

SAM

Portfolio,

Diversified

Balanced

Account,

Diversified

Balanced

Volatility

Control

Account,

Diversified

Balanced

Managed

Volatility

Account,

Diversified

Growth

Account,

Diversified

Growth

Managed

Volatility

Account,

Diversified

Growth

Volatility

Control

Account,

and

Diversified

Income

Account

(singly,

“a

fund

of

funds”

and

collectively,

“the

funds

of

funds”)

directly

corresponds

to

the

performance

and

risks

of

the

Underlying

Funds

in

which

the

fund

of

funds

invests.

By

investing

in

many

Underlying

Funds,

the

funds

of

funds

have

partial

exposure

to

the

risks

of

many

different

areas

of

the

market.

The

more

a

fund

of

funds

allocates

to

stock

funds,

the

greater

the

expected

risk.

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

70

An

underlying

fund

to

a

fund

of

funds

may

experience

relatively

large

redemptions

or

purchases

as

the

fund

of

funds

periodically

reallocates

or

rebalances

its

assets.

These

transactions

may

accelerate

the

realization

of

taxable

income

if

sales

of

portfolio

securities

result

in

gains

and

could

increase

transaction

costs.

In

addition,

when

a

fund

of

funds

reallocates

or

redeems

significant

assets

away

from

an

underlying

fund,

the

loss

of

assets

to

the

underlying

fund

could

result

in

increased

expense

ratios

for

that

fund.

The

Manager

is

the

advisor

to

the

Fund,

Principal

Funds,

Inc.,

Principal

Exchange-Traded

Funds,

and

other

asset

allocation

programs.

The

Manager

is

committed

to

minimizing

the

potential

impact

of

underlying

fund

risk

to

the

extent

consistent

with

pursuing

the

investment

objectives

of

the

funds

of

funds

which

it

manages.

Each

may

face

conflicts

of

interest

in

fulfilling

its

responsibilities

to

all

such

funds.

Shareholder

reports

for

Principal

Funds,

Inc.

and

Principal

Exchange-Traded

Funds

can

be

found

at

www.principalfunds.com.

As

of

June

30,

2022,

series

of

the

Fund

owned

the

following

percentages,

in

aggregate,

of

the

outstanding

shares

of

the

Funds

listed

below:

U.S.

Government

Agencies

or

Government-Sponsored

Enterprises.

Certain

of

the

Funds

may

invest

in

U.S.

Government

agencies

or

government-sponsored

enterprises.

U.S.

Government

securities

are

obligations

of,

and

in

certain

cases,

guaranteed

by,

the

U.S.

Government

or

its

agencies.

The

U.S.

Government

does

not

guarantee

the

net

asset

value

of

the

Funds’

shares.

Some

U.S.

Government

securities

such

as

treasury

bills,

notes

and

bonds,

and

securities

guaranteed

by

the

Government

National

Mortgage

Association

(“GNMA”)

are

supported

by

the

full

faith

and

credit

of

the

U.S.

Government.

Other

securities,

such

as

those

of

the

Federal

Home

Loan

Bank,

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Department

of

the

Treasury.

Still

other

securities,

such

as

those

of

the

Federal

National

Mortgage

Association

(“FNMA”),

are

supported

by

the

discretionary

authority

of

the

U.S.

Government

to

purchase

the

agency’s

obligations.

Government

related

guarantors

(those

not

backed

by

the

full

faith

and

credit

of

the U.S.

Government)

include

the FNMA

and

the

Federal

Home

Loan

Mortgage

Corporation

(“FHLMC”).

The

FNMA

is

a

government

sponsored

corporation,

the

common

stock

of

which

is

owned

entirely

by

private

stockholders.

The

FNMA

purchases

conventional

residential

mortgages

from

a

list

of

approved

seller/servicers

which

include

state

and

federally

chartered

savings

and

loan

associations,

mutual

savings

banks,

commercial

banks,

credit

unions,

and

mortgage

bankers.

Pass-through

securities

issued

by

the

FNMA

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

the

FNMA,

but

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Government.

The

FHLMC

issues

participation

certificates,

which

are

pass-through

securities,

each

representing

an

undivided

interest

in

a

pool

of

residential

mortgages.

The

FHLMC

guarantees

the

timely

payment

of

interest

and

ultimate

collection

of

principal,

but

participation

certificates

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Government. 

Derivatives.

The

following

tables

provide

information

about

where

in

the

statements

of

assets

and

liabilities

and

statements

of

operations

information

about

derivatives

can

be

found

(amounts

in

thousands):

Total

Percentage

of

Outstanding

Shares

Owned

Bond

Market

Index

Account

98.88

%

Equity

Income

Account

22.03

Government

&

High

Quality

Bond

Account

43.28

LargeCap

S&P

500

Index

Account

80.21

LargeCap

S&P

500

Managed

Volatility

Index

Account

100.00

MidCap

Account

6.27

Asset

Derivatives

June

30,

2022

Liability

Derivatives

June

30,

2022

Derivatives

not

accounted

for

as

hedging

instruments

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Core

Plus

Bond

Account

Credit

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

698

*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

—

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

69

*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

18

*

Total

$

767

*

$

18

*

Diversified

Balanced

Volatility

Control

Account

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

—

Payables,

Total

distributable

earnings

(accumulated

loss)

$

36

*

Diversified

Growth

Volatility

Control

Account

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

3,384

*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

—

Government

&

High

Quality

Bond

Account

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

113

*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

272

*

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

71

Asset

Derivatives

June

30,

2022

Liability

Derivatives

June

30,

2022

Derivatives

not

accounted

for

as

hedging

instruments

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Statement

of

Assets

and

Liabilities

Location

Fair

Value

LargeCap

Growth

Account

I

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

—

Payables,

Total

distributable

earnings

(accumulated

loss)

$

174

*

LargeCap

S&P

500

Index

Account

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

—

Payables,

Total

distributable

earnings

(accumulated

loss)

$

2,721

*

LargeCap

S&P

500

Managed

Volatility

Index

Account

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

1,041

Payables,

Total

distributable

earnings

(accumulated

loss)

$

952

*

U.S.

LargeCap

Buffer

July

Account

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

2,657

Payables,

Total

distributable

earnings

(accumulated

loss)

$

956

*

Includes

cumulative

unrealized

appreciation/depreciation

of

exchange

traded

swaps

and

futures

contracts

as

shown

in

the

schedules

of

investments.

Only

the

portion

of

the

unrealized

appreciation/depreciation

not

yet

cash

settled

is

shown

in

the

statements

of

assets

and

liabilities

as

variation

margin.

Derivatives

not

accounted

for

as

hedging

instruments

Location

of

Gain

or

(Loss)

on

Derivatives

Recognized

in

Statement

of

Operations

Net

Realized

Gain

or

(Loss)

on

Derivatives

Recognized

in

Statement

of

Operations

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

of

Derivatives

Recognized

in

Statement

of  Operations

Core

Plus

Bond

Account

Credit

Contracts

Swap

agreements

$

439

$

704

Interest

Rate

Contracts

Futures

contracts

$

(1,226)

$

31

Total

$

(787)

$

735

Diversified

Balanced

Volatility

Control

Account

Equity

Contracts

Futures

contracts

$

(209)

$

(36)

Diversified

Growth

Volatility

Control

Account

Equity

Contracts

Futures

contracts

$

(1,314)

$

3,384

Government

&

High

Quality

Bond

Account

Interest

Rate

Contracts

Futures

contracts

$

(974)

$

(204)

LargeCap

Growth

Account

I

Equity

Contracts

Futures

contracts

$

(585)

$

(238)

LargeCap

S&P

500

Index

Account

Equity

Contracts

Futures

contracts

$

(7,057)

$

(5,519)

LargeCap

S&P

500

Managed

Volatility

Index

Account

Equity

Contracts

Investment

transactions*

$

68

$

635

Futures

contracts

$

(392)

$

(368)

Options

and

swaptions

$

635

$

(557)

Total

$

311

$

(290)

U.S.

LargeCap

Buffer

July

Account

Equity

Contracts

Investment

transactions*

$

—

$

(24)

Options

and

swaptions

$

—

$

13

Total

$

—

$

(11)

*Investment

transactions

includes

purchased

options

and/or

purchased

swaptions

.

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

72

The

following

table

includes

a

summary

of

the

average

quarterly

outstanding

notional

by

derivative

instrument

type

for

the period

ended

June

30,

2022 (amounts

in

thousands):

4.

Fair

Valuation

Fair

value

is

defined

as

the

price

that

the Funds

would

receive

upon

selling

a

security

or

transferring

a

liability in

a

timely

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

of

the

security

at

the

measurement

date.

In

determining

fair

value,

the Funds

may

use

one

or

more

of

the

following

approaches:

market,

income

and/or

cost.

A

hierarchy

for

inputs

is

used

in

measuring

fair

value

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

requiring

that

the

most

observable

inputs

be

used

when

available.

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

Funds.

Unobservable

inputs

are

inputs

that

reflect

the

fund's

own

estimates

about

the

estimates

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances.

The

three-tier

hierarchy

of

inputs

is

summarized

in

the

three

broad

levels

listed

below.

●

Level

1

–

Quoted

prices

are

available

in

active

markets

for

identical

securities

as

of

the

reporting

date.

Investments

which

are

generally

included

in

this

category

include listed

equities

and

listed

derivatives.

●

Level

2

–

Other

significant

observable

inputs

(including

quoted

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Investments

which

are

generally

included

in

this

category

include

certain

foreign

equities,

corporate

bonds,

senior

floating

rate

interests,

municipal

bonds,

and

U.S.

Government

and

Government

Agency

Obligations.

●

Level

3

–

Significant

unobservable

inputs

(including

the

Funds’

assumptions

in

determining

the

fair

value

of

investments).

Investments

which are

generally included

in

this

category

include

certain

common

stocks,

convertible

preferred

stocks,

corporate

bonds,

preferred

stocks

or

senior

floating

rate

interests.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

market

place,

and

other

characteristics

particular

to

the

transaction.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

Contract

Type

Derivative

Type

Average

Notional

Core

Plus

Bond

Account

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps

-

Buy

Protection

$

13,135

Interest

Rate

Contracts

Futures

-

Long

10,655

Futures

-

Short

8,181

Diversified

Balanced

Volatility

Control

Account

Equity

Contracts

Futures

-

Short

9,474

Diversified

Growth

Volatility

Control

Account

Equity

Contracts

Futures

-

Short

144,948

Government

&

High

Quality

Bond

Account

Interest

Rate

Contracts

Futures

-

Long

16,275

Futures

-

Short

10,877

LargeCap

Growth

Account

I

Equity

Contracts

Futures

-

Long

3,416

LargeCap

S&P

500

Index

Account

Equity

Contracts

Futures

-

Long

67,607

LargeCap

S&P

500

Managed

Volatility

Index

Account

Equity

Contracts

Futures

-

Long

3,876

Purchased

Options

26

Written

Options

26

Short-Term

Income

Account

Interest

Rate

Contracts

Futures

-

Short

1,828

U.S.

LargeCap

Buffer

July

Account

Equity

Contracts

Purchased

Options

39

Written

Options

46

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

73

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

by

the Funds

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

In

certain

cases,

the

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Fair

value

is

a

market

based

measure

considered

from

the

perspective

of

a

market

participant

who

holds

the

asset

rather

than

an

entity

specific

measure.

Therefore,

even

when

market

assumptions

are

not

readily

available,

the

Funds'

own

assumptions

are

set

to

reflect

those

that

market

participants

would

use

in

pricing

the

asset

or

liability

at

the

measurement

date.

The

Funds

use

prices

and

inputs

that

are

current

as

of

the

measurement

date,

when

available. 

Investments

which

are

included

in

the

Level

3

category

may

be

valued

using

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

these

investments.

These

investments

are

classified

as

Level

3

investments

due

to

the

lack

of

market

transparency

and

market

corroboration

to

support

these

quoted

prices.

Valuation

models

may

be

used

as

the

pricing

source

for

other

investments

classified

as

Level

3.

Benchmark

pricing

procedures

set

the

base

price

of

a

security

based

on

current

market

data.

The

base

price

may

be

a

broker-dealer

quote,

transaction

price,

or

internal

value

based

on

relevant

market

data.

The

fair

values

of

these

securities

are

dependent

on

economic,

political,

and

other

considerations.

The

values

of

such

securities

may

be

affected

by

significant

changes

in

the

economic

conditions,

changes

in

government

policies,

and

other

factors

(e.g.,

natural

disasters,

pandemics, accidents,

conflicts,

etc.).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

instruments.

The

following

is

a

summary

of

the

inputs

used

as

of June

30,

2022

in

valuing

the

Funds'

securities

carried

at

fair

value

(amounts

in

thousands):

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Blue

Chip

Account

Common

Stocks*

$

8,192

$

—

$

—

$

8,192

Investment

Companies

88

—

—

88

Total

investments

in

securities

$

8,280

$

—

$

—

$

8,280

Bond

Market

Index

Account

Bonds*

—

723,333

—

723,333

Investment

Companies

148,847

—

—

148,847

Municipal

Bonds*

—

14,095

—

14,095

U.S.

Government

&

Government

Agency

Obligations*

—

1,632,582

—

1,632,582

Total

investments

in

securities

$

148,847

$

2,370,010

$

—

$

2,518,857

Core

Plus

Bond

Account

Bonds*

—

111,372

7

111,379

Common

Stocks

Energy

—

21

—

21

Investment

Companies

10,609

—

—

10,609

Senior

Floating

Rate

Interests*

—

2,812

—

2,812

U.S.

Government

&

Government

Agency

Obligations*

—

95,851

—

95,851

Total

investments

in

securities

$

10,609

$

210,056

$

7

$

220,672

Derivative

Assets

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps**

—

698

—

698

Interest

Rate

Contracts

Futures**

69

—

—

69

Derivative

Liabilities

Interest

Rate

Contracts

Futures**

(18)

—

—

(18)

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

74

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Diversified

Balanced

Account

Investment

Companies

$

796,446

$

—

$

—

$

796,446

Total

investments

in

securities

$

796,446

$

—

$

—

$

796,446

Diversified

Balanced

Managed

Volatility

Account

Investment

Companies

150,771

—

—

150,771

Total

investments

in

securities

$

150,771

$

—

$

—

$

150,771

Diversified

Balanced

Volatility

Control

Account

Investment

Companies

201,667

—

—

201,667

Total

investments

in

securities

$

201,667

$

—

$

—

$

201,667

Derivative

Liabilities

Equity

Contracts

Futures**

(36)

—

—

(36)

Diversified

Growth

Account

Investment

Companies

3,158,129

—

—

3,158,129

Total

investments

in

securities

$

3,158,129

$

—

$

—

$

3,158,129

Diversified

Growth

Managed

Volatility

Account

Investment

Companies

308,371

—

—

308,371

Total

investments

in

securities

$

308,371

$

—

$

—

$

308,371

Diversified

Growth

Volatility

Control

Account

Investment

Companies

1,128,314

—

—

1,128,314

Total

investments

in

securities

$

1,128,314

$

—

$

—

$

1,128,314

Derivative

Assets

Equity

Contracts

Futures**

3,384

—

—

3,384

Diversified

Income

Account

Investment

Companies

265,124

—

—

265,124

Total

investments

in

securities

$

265,124

$

—

$

—

$

265,124

Diversified

International

Account

Common

Stocks

Basic

Materials

3,554

8,998

—

12,552

Communications

524

4,229

—

4,753

Consumer,

Cyclical

7,346

29,230

—

36,576

Consumer,

Non-cyclical

2,670

43,925

—

46,595

Energy

3,980

11,538

—

15,518

Financial

12,367

38,573

—

50,939

Industrial

5,177

22,057

—

27,234

Technology

1,254

27,153

—

28,407

Utilities

—

3,282

—

3,282

Investment

Companies

9,934

—

—

9,934

Total

investments

in

securities

$

46,806

$

188,985

$

—

$

235,791

Equity

Income

Account

Common

Stocks*

606,891

—

—

606,891

Investment

Companies

14,978

—

—

14,978

Total

investments

in

securities

$

621,869

$

—

$

—

$

621,869

Global

Emerging

Markets

Account

Common

Stocks

Basic

Materials

1,185

2,568

—

3,753

Communications

1,589

10,083

—

11,672

Consumer,

Cyclical

1,240

7,268

—

8,508

Consumer,

Non-cyclical

1,627

6,270

—

7,897

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

75

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Global

Emerging

Markets

Account

(continued)

Common

Stocks

(continued)

Energy

$

1,070

$

4,038

$

—

$

5,108

Financial

1,619

10,888

—

12,507

Industrial

282

5,014

—

5,296

Technology

1,034

11,036

—

12,070

Utilities

—

812

—

812

Investment

Companies

3,103

—

—

3,103

Preferred

Stocks

Financial

—

13

—

13

Total

investments

in

securities

$

12,749

$

57,990

$

—

$

70,739

Government

&

High

Quality

Bond

Account

Bonds*

—

34,087

—

34,087

Investment

Companies

5,593

—

—

5,593

U.S.

Government

&

Government

Agency

Obligations*

—

207,076

—

207,076

Total

investments

in

securities

$

5,593

$

241,163

$

—

$

246,756

Derivative

Assets

Interest

Rate

Contracts

Futures**

113

—

—

113

Derivative

Liabilities

Interest

Rate

Contracts

Futures**

(272)

—

—

(272)

LargeCap

Growth

Account

I

Common

Stocks

Basic

Materials

5,465

—

—

5,465

Communications

87,185

—

—

87,185

Consumer,

Cyclical

36,017

—

—

36,017

Consumer,

Non-cyclical

114,266

—

—

114,266

Energy

1,019

—

—

1,019

Financial

26,897

—

—

26,897

Industrial

21,295

—

—

21,295

Technology

161,436

—

140

161,576

Utilities

31

—

—

31

Convertible

Preferred

Stocks

Basic

Materials

—

—

154

154

Consumer,

Cyclical

—

—

228

228

Technology

—

—

628

628

Investment

Companies

18,515

—

—

18,515

Total

investments

in

securities

$

472,126

$

—

$

1,150

$

473,276

Derivative

Liabilities

Equity

Contracts

Futures**

(174)

—

—

(174)

LargeCap

S&P

500

Index

Account

Common

Stocks*

2,517,774

—

—

2,517,774

Investment

Companies

71,359

—

—

71,359

Total

investments

in

securities

$

2,589,133

$

—

$

—

$

2,589,133

Derivative

Liabilities

Equity

Contracts

Futures**

(2,721)

—

—

(2,721)

LargeCap

S&P

500

Managed

Volatility

Index

Account

Common

Stocks*

177,385

—

—

177,385

Investment

Companies

12,865

—

—

12,865

Purchased

Options

1,041

—

—

1,041

Total

investments

in

securities

$

191,291

$

—

$

—

$

191,291

Derivative

Liabilities

Equity

Contracts

Futures**

(151)

—

—

(151)

Written

Options

(801)

—

—

(801)

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

76

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

MidCap

Account

Common

Stocks*

$

541,029

$

—

$

—

$

541,029

Investment

Companies

1,146

—

—

1,146

Total

investments

in

securities

$

542,175

$

—

$

—

$

542,175

Principal

Capital

Appreciation

Account

Common

Stocks

Basic

Materials

3,277

—

—

3,277

Communications

17,263

—

—

17,263

Consumer,

Cyclical

13,986

—

—

13,986

Consumer,

Non-cyclical

29,031

—

—

29,031

Energy

9,059

—

—

9,059

Financial

25,537

—

—

25,537

Industrial

9,060

830

—

9,890

Technology

30,522

—

—

30,522

Utilities

6,557

—

—

6,557

Investment

Companies

4,786

—

—

4,786

Total

investments

in

securities

$

149,078

$

830

$

—

$

149,908

Principal

LifeTime

2010

Account

Investment

Companies

34,704

—

—

34,704

Total

investments

in

securities

$

34,704

$

—

$

—

$

34,704

Principal

LifeTime

2020

Account

Investment

Companies

158,674

—

—

158,674

Total

investments

in

securities

$

158,674

$

—

$

—

$

158,674

Principal

LifeTime

2030

Account

Investment

Companies

222,942

—

—

222,942

Total

investments

in

securities

$

222,942

$

—

$

—

$

222,942

Principal

LifeTime

2040

Account

Investment

Companies

112,197

—

—

112,197

Total

investments

in

securities

$

112,197

$

—

$

—

$

112,197

Principal

LifeTime

2050

Account

Investment

Companies

53,349

—

—

53,349

Total

investments

in

securities

$

53,349

$

—

$

—

$

53,349

Principal

LifeTime

2060

Account

Investment

Companies

14,740

—

—

14,740

Total

investments

in

securities

$

14,740

$

—

$

—

$

14,740

Principal

LifeTime

Strategic

Income

Account

Investment

Companies

25,569

—

—

25,569

Total

investments

in

securities

$

25,569

$

—

$

—

$

25,569

Real

Estate

Securities

Account

Common

Stocks*

143,406

—

—

143,406

Investment

Companies

2,645

—

—

2,645

Total

investments

in

securities

$

146,051

$

—

$

—

$

146,051

SAM

Balanced

Portfolio

Investment

Companies

588,421

—

—

588,421

Total

investments

in

securities

$

588,421

$

—

$

—

$

588,421

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

77

*For

additional

detail

regarding

sector

classifications,

please

see

the

schedules

of

investments.

**Exchange

cleared

swaps

and

futures

are

presented

at

the

unrealized

appreciation/(depreciation)

of

the

instrument.

At

the

end

of

the

period,

there

were

no

Funds

which

had

a

significant

Level

3

balance.

During

the

period,

there

were

no

significant

purchases,

sales,

or

transfers

into

or

out

of

Level

3.

5.

Management

Agreement

and

Transactions

with

Affiliates

Management

Services.

The

Funds

have

agreed

to

pay

management

and

investment

advisory

fees

to

the

Manager

computed

at

an

annual

percentage

rate

of

each

fund’s

average

daily

net

assets.

A

portion

of

the

management

fee

is

paid

by

the

Manager

to

the

sub-advisor

of

each

of

the

Funds,

some

of

which

are

affiliates

of

the

Manager.

The

annual

rate

paid

by

the

SAM

Portfolios

is

based

upon

the

aggregate

average

daily

net

assets

(“aggregate

net

assets”)

of

the

SAM

Portfolios.

The

management

and

investment

advisory

fees

schedule

for

the

SAM

Portfolios

is

.25%

of

aggregate

net

assets

up

to

the

first

$1

billion

and

.20%

of

aggregate

net

assets

over

$1

billion.

The

Principal

LifeTime

Funds

do

not

pay

management

and

investment

advisory

fees.

The

annual

rates

used

in

this

calculation

for

each

of

the

other

Funds

are

as

follows:

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

SAM

Conservative

Balanced

Portfolio

Investment

Companies

$

171,953

$

—

$

—

$

171,953

Total

investments

in

securities

$

171,953

$

—

$

—

$

171,953

SAM

Conservative

Growth

Portfolio

Investment

Companies

347,545

—

—

347,545

Total

investments

in

securities

$

347,545

$

—

$

—

$

347,545

SAM

Flexible

Income

Portfolio

Investment

Companies

158,460

—

—

158,460

Total

investments

in

securities

$

158,460

$

—

$

—

$

158,460

SAM

Strategic

Growth

Portfolio

Investment

Companies

336,510

—

—

336,510

Total

investments

in

securities

$

336,510

$

—

$

—

$

336,510

Short-Term

Income

Account

Bonds*

—

120,703

—

120,703

Investment

Companies

7,734

—

—

7,734

U.S.

Government

&

Government

Agency

Obligations*

—

17,536

—

17,536

Total

investments

in

securities

$

7,734

$

138,239

$

—

$

145,973

SmallCap

Account

Common

Stocks*

162,741

—

—

162,741

Investment

Companies

7,976

—

—

7,976

Total

investments

in

securities

$

170,717

$

—

$

—

$

170,717

U.S.

LargeCap

Buffer

July

Account

Investment

Companies

12,385

—

—

12,385

Purchased

Options

—

2,657

—

2,657

Total

investments

in

securities

$

12,385

$

2,657

$

—

$

15,042

Derivative

Liabilities

Equity

Contracts

Written

Options

—

(956)

—

(956)

Net

Assets

of

Fund

(in

millions)

First

$100

Next

$100

Next

$100

Next

$100

Thereafter

Core

Plus

Bond

Account

.50%

.45%

.40%

.35%

.30%

Equity

Income

Account

.60

.55

.50

.45

.40

Government

&

High

Quality

Bond

Account

.50

.48

.46

.45

.44

LargeCap

Growth

Account

I

.80

.75

.70

.65

.60

MidCap

Account

.65

.60

.55

.50

.45

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

78

The

Manager

has

contractually

agreed

to

waive

certain

of

the

Funds'

management

and

investment

advisory

fees.

The

expense

waiver

will

reduce

the fund's

management

and

investment

advisory

fees.

The

waivers

are

expressed

as

a

percentage

of

average

daily

net

assets

on

an

annualized

basis

during

the

reporting

period.

The

waivers

are

as

follows:

The

Manager

has

contractually

agreed

to

limit

the

expenses

(excluding

interest

expense,

expenses

related

to fund

investments,

acquired

fund

fees

and

expenses,

and

tax

reclaim

recovery

expenses

and

other

extraordinary

expenses)

for

certain

classes

of

shares

of

certain

of

the

Funds.

The

reductions

and

reimbursements

are

in

amounts

that

maintain

total

operating

expenses

at

or

below

certain

limits.

The

limits

are

expressed

as

a

percentage

of

average

daily

net

assets

attributable

to

each

class

of

shares

on

an

annualized

basis

during

the

reporting

period.

The

expenses

borne

by

the

Manager

are

subject

to

reimbursement

by

the

Funds

through

the

fiscal

year

end,

provided

no

reimbursement

will

be

made

if

it

would

result

in

the

Funds

exceeding

the

total

operating

expense

limits.

Any

amounts

outstanding

at

the

end

of

the

period

are

shown

as

an

expense

reimbursement

from

Manager

or

expense

reimbursement

to

Manager

on

the

statements

of

assets

and

liabilities.

The

operating

expense

limits are

as

follows:

*

Period

from

June

29,

2022

(date

operations

commenced)

to

June

30,

2022.

Distribution

Fees.

Class

2

and

Class

3

shares

of

the

Funds

bear

distribution

fees.

The

fee

is

computed

at

an

annual

rate

of

the

average

daily

net

assets

attributable

to

Class

2

and

Class

3

shares

of

each

of

the

Funds.

Distribution

fees

are

paid

to

Principal

Funds

Distributor,

Inc.

(an

affiliate

of

the

Manager),

the

principal

distributor

of

the

Funds.

A

portion

of

the

distribution

fees

may

be

paid

to

other

selling

dealers

for

providing

certain

services.

The

annual

distribution

fee

rate

is

.25%.

Net

Assets

of

Fund

(in

millions)

First

$100

Next

$100

Next

$100

Next

$100

Thereafter

Real

Estate

Securities

Account

.79

.77

.73

.70

.68

SmallCap

Account

.85

.80

.75

.70

.65

Net

Assets

of

Fund

(in

millions)

First

$250

Next

$250

Next

$250

Next

$250

Thereafter

Diversified

International

Account

.85%

.80%

.75%

.70%

.65%

Global

Emerging

Markets

Account

1.00

.98

.96

.95

.90

Net

Assets

of

Fund

(in

millions)

First

$500

Over

$500

Blue

Chip

Account

.60%

.55%

Principal

Capital

Appreciation

Account

.625

.50

Short-Term

Income

Account

.45

.39

Net

Assets

of

Fund

(in

billions)

First

$3

Over

$3

LargeCap

S&P

500

Index

Account

.24%

.23%

All

Net

Assets

Bond

Market

Index

Account

.14%

Diversified

Balanced

Account

.05

Diversified

Balanced

Managed

Volatility

Account

.05

Diversified

Balanced

Volatility

Control

Account

.12

Diversified

Growth

Account

.05

Diversified

Growth

Managed

Volatility

Account

.05

Diversified

Growth

Volatility

Control

Account

.12

Diversified

Income

Account

.05

LargeCap

S&P

500

Managed

Volatility

Index

Account

.45

U.S.

LargeCap

Buffer

July

Account

.69

Period

from

January

1,

2022

through

June

30,

2022

Expiration

LargeCap

Growth

Account

I

.016%

April

30,

2023

Period

from

January

1,

2022

through

June

30,

2022

Class

1

Class

2

Class

3

Expiration

Blue

Chip

Account

N/A

N/A

1.05%

April

30,

2023

Diversified

Balanced

Managed

Volatility

Account

N/A

.31%

N/A

April

30,

2023

Global

Emerging

Markets

Account

1.20%

N/A

N/A

April

30,

2023

LargeCap

Growth

Account

I

.69

N/A

N/A

April

30,

2023

Principal

LifeTime

2060

Account

.10

N/A

N/A

April

30,

2022

U.S.

LargeCap

Buffer

July

Account

N/A

.95*

N/A

April

30,

2024

5.

Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

79

Administrative

Service

Fees.

Class

3

shares

of

the

Funds

bear

administrative

service

fees.

The

fee

is

computed

at

an

annual

rate

of

the

average

daily

net

assets

attributable

to

Class

3

shares

of

each

of

the

Funds.

Administration

service

fees

are

paid

to

Principal

Shareholder

Services,

Inc.

(an

affiliate

of

the

Manager),

the

principal

administrator

of

the

Funds.

The

annual

administrative

service

fee

rate

is

.15%.

Chief

Compliance

Officer

Expenses.

The

Funds

pay

certain

expenses

associated

with

the

Chief

Compliance

Officer

(“CCO”).

This

expense

is

allocated

among

the

registered

investment

companies

managed

by

the

Manager

based

on

the

relative

net

assets

of

each

fund

and

is

shown

on

the

statements

of

operations.

Affiliated

Ownership.

At

June

30,

2022,

the

Manager,

Principal National

Life

Insurance

Company

(an

affiliate

of

the

Manager), Principal

Life

Insurance

Company

(an

affiliate

of

the

Manager),

PFSI

(an

affiliate

of

the

Manager) and/or

one

or

more

separate

accounts

sponsored

by

Principal

Life

Insurance

Company

owned

shares

of

the

Funds as

follows

(amounts

in

thousands):

6.

Investment

Transactions

For

the period ended

June

30,

2022,

the

cost

of

investment

securities

purchased

and

proceeds

from

investment

securities

sold

(not

including

short-term

investments,

return

of

capital,

and

U.S.

government

securities)

by

the

Funds

were

as

follows

(amounts

in

thousands):

Class

1

Class

2

Class

3

Blue

Chip

Account

N/A

N/A

741

Bond

Market

Index

Account

2,777

N/A

N/A

Core

Plus

Bond

Account

19,150

N/A

N/A

Diversified

Balanced

Account

2,224

49,481

1

Diversified

Balanced

Managed

Volatility

Account

N/A

12,252

1

Diversified

Balanced

Volatility

Control

Account

N/A

17,596

1

Diversified

Growth

Account

N/A

174,553

1

Diversified

Growth

Managed

Volatility

Account

N/A

23,455

1

Diversified

Growth

Volatility

Control

Account

N/A

94,267

1

Diversified

Income

Account

N/A

20,207

—

Diversified

International

Account

15,485

N/A

N/A

Equity

Income

Account

10,840

449

—

Global

Emerging

Markets

Account

4,521

N/A

N/A

Government

&

High

Quality

Bond

Account

12,673

N/A

N/A

LargeCap

Growth

Account

I

12,799

N/A

N/A

LargeCap

S&P

500

Index

Account

23,147

1,924

N/A

MidCap

Account

8,527

220

N/A

Principal

Capital

Appreciation

Account

3,098

319

N/A

Principal

LifeTime

2010

Account

2,978

N/A

N/A

Principal

LifeTime

2020

Account

12,231

N/A

N/A

Principal

LifeTime

2030

Account

17,312

N/A

N/A

Principal

LifeTime

2040

Account

7,007

N/A

N/A

Principal

LifeTime

2050

Account

3,444

N/A

N/A

Principal

LifeTime

2060

Account

991

N/A

N/A

Principal

LifeTime

Strategic

Income

Account

2,330

N/A

N/A

Real

Estate

Securities

Account

6,874

471

N/A

SAM

Balanced

Portfolio

28,290

2,380

N/A

SAM

Conservative

Balanced

Portfolio

11,955

1,358

N/A

SAM

Conservative

Growth

Portfolio

8,373

1,199

N/A

SAM

Flexible

Income

Portfolio

9,936

2,566

N/A

SAM

Strategic

Growth

Portfolio

7,507

799

N/A

Short-Term

Income

Account

56,136

N/A

N/A

SmallCap

Account

10,146

282

N/A

U.S.

LargeCap

Buffer

July

Account

N/A

1,437

N/A

Purchases

Sales

Blue

Chip

Account

$

5,319

$

6,898

Bond

Market

Index

Account

939,172

1,044,445

Core

Plus

Bond

Account

115,829

110,596

Diversified

Balanced

Account

53,320

115,636

Diversified

Balanced

Managed

Volatility

Account

12,490

19,345

Diversified

Balanced

Volatility

Control

Account

64,433

88,032

Diversified

Growth

Account

203,884

381,688

Diversified

Growth

Managed

Volatility

Account

20,238

40,641

Diversified

Growth

Volatility

Control

Account

398,914

480,856

Diversified

Income

Account

27,774

46,298

Diversified

International

Account

69,114

70,709

5.

Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

80

For

the period

ended

June

30,

2022,

the

cost

of

U.S.

government

securities

purchased

and

proceeds

from

U.S.

government

securities

sold

(not

including

short-term

investments)

by

the

Funds

were

as

follows

(amounts

in

thousands):

7.

Federal

Tax

Information

Distributions

to

Shareholders.

The

federal

income

tax

character

of

distributions

paid

for

the periods

ended June

30,

2022 and

December

31,

2021 were

as

follows

(amounts

in

thousands):

Purchases

Sales

Equity

Income

Account

60,346

84,727

Global

Emerging

Markets

Account

16,489

19,022

Government

&

High

Quality

Bond

Account

259,269

239,606

LargeCap

Growth

Account

I

99,728

113,021

LargeCap

S&P

500

Index

Account

163,370

123,713

LargeCap

S&P

500

Managed

Volatility

Index

Account

8,465

9,054

MidCap

Account

40,622

50,889

Principal

Capital

Appreciation

Account

50,426

59,606

Principal

LifeTime

2010

Account

9,464

6,744

Principal

LifeTime

2020

Account

23,045

30,866

Principal

LifeTime

2030

Account

36,842

28,690

Principal

LifeTime

2040

Account

20,574

15,361

Principal

LifeTime

2050

Account

12,427

12,981

Principal

LifeTime

2060

Account

3,855

2,632

Principal

LifeTime

Strategic

Income

Account

5,960

6,395

Real

Estate

Securities

Account

12,613

14,018

SAM

Balanced

Portfolio

104,909

122,353

SAM

Conservative

Balanced

Portfolio

37,189

35,743

SAM

Conservative

Growth

Portfolio

73,360

70,604

SAM

Flexible

Income

Portfolio

23,979

31,382

SAM

Strategic

Growth

Portfolio

51,471

53,718

Short-Term

Income

Account

28,055

30,703

SmallCap

Account

18,310

21,729

U.S.

LargeCap

Buffer

July

Account

11,365

—

Purchases

Sales

Bond

Market

Index

Account

$

558,012

$

618,160

Core

Plus

Bond

Account

42,575

33,443

Government

&

High

Quality

Bond

Account

126,314

115,968

Short-Term

Income

Account

30,573

14,857

Ordinary

Income

Long-Term

Capital

Gain*

2022

2021

2022

2021

Blue

Chip

Account

$

—

$

88

$

—

$

2

Bond

Market

Index

Account

—

60,596

—

4,501

Core

Plus

Bond

Account

—

12,218

—

12

Diversified

Balanced

Account

—

28,150

—

43,719

Diversified

Balanced

Managed

Volatility

Account

—

4,631

—

2,573

Diversified

Balanced

Volatility

Control

Account

—

5,290

—

795

Diversified

Growth

Account

—

96,364

—

154,365

Diversified

Growth

Managed

Volatility

Account

—

8,754

—

6,515

Diversified

Growth

Volatility

Control

Account

—

24,199

—

6,827

Diversified

Income

Account

—

8,098

—

5,446

Diversified

International

Account

—

3,880

—

1,423

Equity

Income

Account

—

14,234

—

413

Global

Emerging

Markets

Account

—

421

—

1,430

Government

&

High

Quality

Bond

Account

—

4,266

—

—

LargeCap

Growth

Account

I

—

8,155

—

70,755

LargeCap

S&P

500

Index

Account

—

49,598

—

243,479

LargeCap

S&P

500

Managed

Volatility

Index

Account

—

7,341

—

19,494

MidCap

Account

—

832

—

44,094

Principal

Capital

Appreciation

Account

—

1,798

—

6,617

Principal

LifeTime

2010

Account

—

1,193

—

1,413

Principal

LifeTime

2020

Account

—

4,268

—

10,092

Principal

LifeTime

2030

Account

—

5,514

—

6,649

Principal

LifeTime

2040

Account

—

2,447

—

3,207

6.

Investment

Transactions

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

81

*The

Funds

designate

these

distributions

as

long-term

capital

gain

dividends

per

Internal

Revenue

Code

Sec.

852

(b)(3)(C)

in

the

20-percent

group

(which

may

be

taxed

at

a

20-percent

rate,

a

15-percent

rate

or

a

0-percent

rate,

depending

on

the

shareholder’s

taxable

income).

Certain

Funds

may

also

utilize

earnings

and

profits

distributed

to

shareholders

on

redemptions

of

shares

as

part

of

the

dividends

paid

deduction.

For

U.S.

federal

income

tax

purposes,

short-term

capital

gain

distributions

are

considered

ordinary

income

distributions.

Distributable

Earnings.

As

of December

31,

2021,

the

components

of

total

distributable

earnings

(accumulated

loss)

on

a

federal

tax

basis

were

as

follows

(amounts

in

thousands):

Ordinary

Income

Long-Term

Capital

Gain*

2022

2021

2022

2021

Principal

LifeTime

2050

Account

—

1,109

—

1,580

Principal

LifeTime

2060

Account

—

288

—

238

Principal

LifeTime

Strategic

Income

Account

—

887

—

968

Real

Estate

Securities

Account

—

2,299

—

10,480

SAM

Balanced

Portfolio

—

11,456

—

15,016

SAM

Conservative

Balanced

Portfolio

—

3,678

—

2,577

SAM

Conservative

Growth

Portfolio

—

4,710

—

8,342

SAM

Flexible

Income

Portfolio

—

4,511

—

2,801

SAM

Strategic

Growth

Portfolio

—

3,534

—

8,786

Short-Term

Income

Account

—

2,921

—

11

SmallCap

Account

—

4,950

—

2,532

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Losses

Net

Unrealized

Appreciation

(Depreciation)

Other

Temporary

Differences*

Total

Accumulated

Earnings

(Deficit)

Blue

Chip

Account

$

—

$

13

$

—

$

1,482

$

—

$

1,495

Bond

Market

Index

Account

53,034

2,289

—

64,710

—

120,033

Core

Plus

Bond

Account

6,361

2,263

—

2,923

(17

)

11,530

Diversified

Balanced

Account

20,652

71,156

—

308,480

—

400,288

Diversified

Balanced

Managed

Volatility

Account

4,379

11,499

—

36,309

—

52,187

Diversified

Balanced

Volatility

Control

Account

11,935

4,212

—

18,479

(66

)

34,560

Diversified

Growth

Account

82,168

276,352

—

1,377,274

—

1,735,794

Diversified

Growth

Managed

Volatility

Account

9,754

25,974

—

92,897

—

128,625

Diversified

Growth

Volatility

Control

Account

67,129

33,791

—

136,691

(620

)

236,991

Diversified

Income

Account

7,315

12,539

—

59,465

—

79,319

Diversified

International

Account

6,556

23,295

—

78,151

—

108,002

Equity

Income

Account

30,295

60,326

—

408,803

—

499,424

Global

Emerging

Markets

Account

2,586

5,557

—

18,564

—

26,707

Government

&

High

Quality

Bond

Account

2,203

—

(9,519

)

(650

)

(28

)

(7,994

)

LargeCap

Growth

Account

I

6,216

53,721

—

310,723

—

370,660

LargeCap

S&P

500

Index

Account

41,627

282,767

—

1,671,962

—

1,996,356

LargeCap

S&P

500

Managed

Volatility

Index

Account

2,090

19,413

—

115,120

(14,131

)

122,492

MidCap

Account

1,712

62,845

—

358,054

—

422,611

Principal

Capital

Appreciation

Account

5,175

15,516

—

108,754

—

129,445

Principal

LifeTime

2010

Account

1,060

1,397

—

3,027

—

5,484

Principal

LifeTime

2020

Account

6,677

10,079

—

25,994

—

42,750

Principal

LifeTime

2030

Account

8,528

14,279

—

41,686

—

64,493

Principal

LifeTime

2040

Account

4,193

8,107

—

23,351

—

35,651

Principal

LifeTime

2050

Account

2,200

4,610

—

11,964

—

18,774

Principal

LifeTime

2060

Account

522

1,122

—

2,493

—

4,137

Principal

LifeTime

Strategic

Income

Account

926

1,091

—

1,940

—

3,957

Real

Estate

Securities

Account

3,318

9,215

—

64,445

—

76,978

SAM

Balanced

Portfolio

21,416

74,884

—

167,018

—

263,318

SAM

Conservative

Balanced

Portfolio

5,815

14,870

—

30,702

—

51,387

SAM

Conservative

Growth

Portfolio

12,087

35,690

—

115,758

—

163,535

SAM

Flexible

Income

Portfolio

6,577

10,410

—

14,811

—

31,798

7.

Federal

Tax

Information

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

82

*Represents

book-to-tax

accounting

differences.

Capital

Loss

Carryforwards.

For

federal

income

tax

purposes,

capital

loss

carryforwards

are

losses

that

can

be

used

to

offset

future

capital

gains

of

the

Funds.

As

of

December

31,

2021,

the

Funds

had

approximate

net

capital

loss

carryforwards

as

follows

(amounts

in

thousands):

All

of

these

capital

losses

were

generated

in

taxable

years

beginning

after

the

enactment

date

of

the

Regulated

Investment

Company

Modernization

Act

of

2010

on

December

22,

2010,

and

will

be

carried

forward

with

no

expiration

and

with

the

character

of

the

loss

retained.

Late-Year

Losses.

A

regulated

investment

company

may

elect

to

treat

any

portion

of

its

qualified

late-year

loss

as

arising

on

the

first

day

of

the

next

taxable

year.

Qualified

late-year

losses

are

certain

capital

and

ordinary

losses

which

occur

during

the

portion

of

the fund's

taxable

year

subsequent

to

October 31.

For

the

taxable

year

ended

December

31,

2021

,

the Funds

do

not

plan

to

defer

any

late-year

losses. 

Reclassification

of

Capital

Accounts.

The

Funds

may

record

reclassifications

in

their

capital

accounts.

These

reclassifications

have

no

impact

on

the

total

net

assets

of

the

Funds.

The

reclassifications

are

a

result

of

permanent

differences

between

U.S.

GAAP

and

tax

accounting.

Adjustments

are

made

to

reflect

the

impact

these

items

have

on

current

and

future

distributions

to

shareholders.

Therefore,

the

source

of

the

Funds’

distributions

may

be

shown

in

the

accompanying

statements

of

changes

in

net

assets

as

from

net

investment

income

and net

realized

gain

on

investments

or

from

tax

return

of

capital

depending

on

the

type

of

book

and

tax

differences

that

exist.

For

the

year

ended December

31,

2021,

the

Funds

recorded

reclassifications

as

follows

(amounts

in

thousands):

Federal

Income

Tax

Basis.

As

of June

30,

2022,

the

net

federal

income

tax

unrealized

appreciation

(depreciation)

and

federal

tax

cost

of

investments

held

by

the

Funds

were

as

follows

(amounts

in

thousands):

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Losses

Net

Unrealized

Appreciation

(Depreciation)

Other

Temporary

Differences*

Total

Accumulated

Earnings

(Deficit)

SAM

Strategic

Growth

Portfolio

9,750

36,153

—

106,390

—

152,293

Short-Term

Income

Account

1,611

199

—

40

(6

)

1,844

SmallCap

Account

6,011

26,211

—

58,471

—

90,693

Short-Term

Long-Term

Total

Government

&

High

Quality

Bond

Account

$

1,577

$

7,942

$

9,519

Total

Distributable

Earnings

(Accumulated

Loss)

Capital

Shares

and

Additional

Paid-in-Capital

Diversified

Balanced

Account

$

(9,050)

$

9,050

Diversified

Growth

Account

(26,814)

26,814

Diversified

Growth

Managed

Volatility

Account

(2,440)

2,440

Diversified

International

Account

(2,080)

2,080

Equity

Income

Account

(14,243)

14,243

LargeCap

Growth

Account

I

(8,456)

8,456

LargeCap

S&P

500

Index

Account

(55,728)

55,728

LargeCap

S&P

500

Managed

Volatility

Index

Account

(2,169)

2,169

MidCap

Account

(6,171)

6,171

Principal

Capital

Appreciation

Account

(1,946)

1,946

Real

Estate

Securities

Account

(1,763)

1,763

SAM

Balanced

Portfolio

(5,413)

5,413

SAM

Conservative

Growth

Portfolio

(2,230)

2,230

SAM

Strategic

Growth

Portfolio

(1,343)

1,343

SmallCap

Account

(2,932)

2,932

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Unrealized

Appreciation/

(Depreciation)

Cost

for

Federal

Income

Tax

Purposes

Blue

Chip

Account

$

50

$

(1,976)

$

(1,926)

$

10,206

Bond

Market

Index

Account

1,102

(223,840)

(222,738)

2,741,595

Core

Plus

Bond

Account

1,184

(22,031)

(20,847)

242,268

Diversified

Balanced

Account

181,999

(26,131)

155,868

640,578

Diversified

Balanced

Managed

Volatility

Account

17,119

(7,140)

9,979

140,792

Diversified

Balanced

Volatility

Control

Account

4,938

(13,844)

(8,906)

210,537

Diversified

Growth

Account

836,511

(104,229)

732,282

2,425,847

7.

Federal

Tax

Information

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

83

8.

Subsequent

Events

Management

has

evaluated

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were issued

that

would

merit

recognition

or

disclosure

in

the

financial

statements. 

There

were

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Unrealized

Appreciation/

(Depreciation)

Cost

for

Federal

Income

Tax

Purposes

Diversified

Growth

Managed

Volatility

Account

$

44,841

$

(11,871)

$

32,970

$

275,401

Diversified

Growth

Volatility

Control

Account

42,566

(68,072)

(25,506)

1,157,204

Diversified

Income

Account

31,064

(15,945)

15,119

250,005

Diversified

International

Account

30,123

(22,439)

7,684

228,107

Equity

Income

Account

280,717

(14,614)

266,103

355,766

Global

Emerging

Markets

Account

10,508

(9,211)

1,297

69,442

Government

&

High

Quality

Bond

Account

979

(15,633)

(14,654)

261,251

LargeCap

Growth

Account

I

131,483

(64,431)

67,052

406,050

LargeCap

S&P

500

Index

Account

1,081,961

(127,820)

954,141

1,632,271

LargeCap

S&P

500

Managed

Volatility

Index

Account

74,705

(9,232)

65,473

124,866

MidCap

Account

184,280

(38,150)

146,130

396,045

Principal

Capital

Appreciation

Account

65,439

(5,688)

59,751

90,157

Principal

LifeTime

2010

Account

1,830

(4,003)

(2,173)

36,877

Principal

LifeTime

2020

Account

14,786

(18,136)

(3,350)

162,024

Principal

LifeTime

2030

Account

17,809

(23,808)

(5,999)

228,941

Principal

LifeTime

2040

Account

8,748

(12,580)

(3,832)

116,029

Principal

LifeTime

2050

Account

4,614

(7,221)

(2,607)

55,956

Principal

LifeTime

2060

Account

702

(1,973)

(1,271)

16,011

Principal

LifeTime

Strategic

Income

Account

1,254

(3,337)

(2,083)

27,652

Real

Estate

Securities

Account

31,681

(9,449)

22,232

123,819

SAM

Balanced

Portfolio

85,545

(56,951)

28,594

559,827

SAM

Conservative

Balanced

Portfolio

15,572

(17,800)

(2,228)

174,181

SAM

Conservative

Growth

Portfolio

60,160

(34,941)

25,219

322,326

SAM

Flexible

Income

Portfolio

5,902

(18,050)

(12,148)

170,608

SAM

Strategic

Growth

Portfolio

46,334

(28,909)

17,425

319,085

Short-Term

Income

Account

134

(6,030)

(5,896)

151,869

SmallCap

Account

38,917

(29,562)

9,355

161,362

U.S.

LargeCap

Buffer

July

Account

16

(28)

(12)

14,098

7.

Federal

Tax

Information

(continued)

Schedule

of

Investments

Blue

Chip

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

84

INVESTMENT

COMPANIES

-

1

.22

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1

.22

%

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

(a),(b)

87,979‌

$

88‌

TOTAL

INVESTMENT

COMPANIES

$

88‌

COMMON

STOCKS

-

113

.72

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

5

.86

%

TransDigm

Group

Inc

(c)

787‌

$

422‌

Chemicals

-

2

.30

%

Linde

PLC

353‌

102‌

Sherwin-Williams

Co/The

288‌

64‌

$

166‌

Commercial

Services

-

9

.04

%

CoStar

Group

Inc

(c)

3,215‌

194‌

Moody's

Corp

954‌

259‌

PayPal

Holdings

Inc

(c)

567‌

40‌

S&P

Global

Inc

469‌

158‌

$

651‌

Distribution

&

Wholesale

-

1

.42

%

Copart

Inc

(c)

939‌

102‌

Diversified

Financial

Services

-

13

.15

%

Brookfield

Asset

Management

Reinsurance

Partners

Ltd

(c)

52‌

2‌

Charles

Schwab

Corp/The

1,897‌

120‌

Mastercard

Inc

1,300‌

410‌

Visa

Inc

2,107‌

415‌

$

947‌

Healthcare

-

Products

-

5

.80

%

Danaher

Corp

1,294‌

328‌

IDEXX

Laboratories

Inc

(c)

114‌

40‌

Intuitive

Surgical

Inc

(c)

249‌

50‌

$

418‌

Insurance

-

3

.34

%

Progressive

Corp/The

2,074‌

241‌

Internet

-

20

.42

%

Alphabet

Inc

-

A

Shares

(c)

45‌

98‌

Alphabet

Inc

-

C

Shares

(c)

208‌

455‌

Amazon.com

Inc

(c)

5,500‌

584‌

Meta

Platforms

Inc

(c)

1,309‌

211‌

Netflix

Inc

(c)

703‌

123‌

$

1,471‌

Lodging

-

1

.98

%

Hilton

Worldwide

Holdings

Inc

1,281‌

143‌

Media

-

1

.60

%

Charter

Communications

Inc

(c)

118‌

55‌

Liberty

Broadband

Corp

-

C

Shares

(c)

517‌

60‌

$

115‌

Pharmaceuticals

-

2

.28

%

Zoetis

Inc

952‌

164‌

Private

Equity

-

7

.41

%

Brookfield

Asset

Management

Inc

9,308‌

414‌

KKR

&

Co

Inc

2,586‌

120‌

$

534‌

REITs

-

6

.51

%

American

Tower

Corp

1,700‌

434‌

SBA

Communications

Corp

109‌

35‌

$

469‌

Retail

-

3

.90

%

CarMax

Inc

(c)

921‌

83‌

Costco

Wholesale

Corp

182‌

87‌

O'Reilly

Automotive

Inc

(c)

175‌

111‌

$

281‌

Semiconductors

-

0

.50

%

NVIDIA

Corp

236‌

36‌

Software

-

24

.81

%

Adobe

Inc

(c)

1,074‌

393‌

Intuit

Inc

703‌

271‌

Microsoft

Corp

3,210‌

825‌

Roper

Technologies

Inc

469‌

185‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Software

(continued)

Salesforce

Inc

(c)

666‌

$

110‌

Snowflake

Inc

-

Class

A

(c)

21‌

3‌

$

1,787‌

Transportation

-

3

.40

%

Union

Pacific

Corp

1,147‌

245‌

TOTAL

COMMON

STOCKS

$

8,192‌

Total

Investments

$

8,280‌

Other

Assets

and

Liabilities

-  (14.94)%

(

1,076‌

)

TOTAL

NET

ASSETS

-

100.00%

$

7,204‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

(c)

Non-income

producing

security

Portfolio

Summary  (unaudited)

Sector

Percent

Financial

30

.41‌

%

Technology

25

.31‌

%

Communications

22

.02‌

%

Consumer,

Non-cyclical

17

.12‌

%

Industrial

9

.26‌

%

Consumer,

Cyclical

7

.30‌

%

Basic

Materials

2

.30‌

%

Money

Market

Funds

1

.22‌

%

Other

Assets

and

Liabilities

(

14

.94‌

)

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Blue

Chip

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

85

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

30‌

$

3,854‌

$

3,796‌

$

88‌

$

30‌

$

3,854‌

$

3,796‌

$

88‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

86

INVESTMENT

COMPANIES

-

6

.22

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

6

.22

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

1.33%

(a),(b)

2,443,184‌

$

2,443‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

(a),(b),(c)

146,403,763‌

146,404‌

$

148,847‌

TOTAL

INVESTMENT

COMPANIES

$

148,847‌

BONDS

-

30

.26

%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0

.03

%

Interpublic

Group

of

Cos

Inc/The

2.40%,

03/01/2031

$

190‌

$

155‌

5.40%,

10/01/2048

300‌

292‌

Omnicom

Group

Inc

2.45%,

04/30/2030

160‌

135‌

2.60%,

08/01/2031

295‌

248‌

$

830‌

Aerospace

&

Defense

-

0

.48

%

Boeing

Co/The

1.43%,

02/04/2024

810‌

774‌

2.75%,

02/01/2026

175‌

163‌

2.95%,

02/01/2030

170‌

141‌

3.25%,

02/01/2028

650‌

581‌

3.25%,

02/01/2035

170‌

129‌

3.63%,

02/01/2031

175‌

151‌

3.75%,

02/01/2050

235‌

166‌

3.95%,

08/01/2059

315‌

212‌

4.88%,

05/01/2025

620‌

618‌

5.04%,

05/01/2027

310‌

306‌

5.15%,

05/01/2030

310‌

298‌

5.71%,

05/01/2040

310‌

289‌

5.81%,

05/01/2050

505‌

464‌

5.88%,

02/15/2040

154‌

144‌

General

Dynamics

Corp

1.15%,

06/01/2026

195‌

177‌

2.25%,

06/01/2031

195‌

170‌

3.25%,

04/01/2025

80‌

79‌

3.50%,

04/01/2027

160‌

157‌

3.75%,

05/15/2028

300‌

294‌

4.25%,

04/01/2040

160‌

153‌

L3Harris

Technologies

Inc

1.80%,

01/15/2031

90‌

72‌

2.90%,

12/15/2029

60‌

53‌

3.83%,

04/27/2025

500‌

496‌

Lockheed

Martin

Corp

1.85%,

06/15/2030

55‌

47‌

3.55%,

01/15/2026

120‌

120‌

3.80%,

03/01/2045

375‌

331‌

3.90%,

06/15/2032

100‌

99‌

4.07%,

12/15/2042

47‌

44‌

4.09%,

09/15/2052

389‌

362‌

4.15%,

06/15/2053

100‌

93‌

4.70%,

05/15/2046

25‌

25‌

Northrop

Grumman

Corp

3.20%,

02/01/2027

500‌

480‌

3.85%,

04/15/2045

500‌

421‌

4.03%,

10/15/2047

300‌

266‌

Raytheon

Technologies

Corp

1.90%,

09/01/2031

170‌

139‌

2.25%,

07/01/2030

160‌

138‌

2.38%,

03/15/2032

195‌

165‌

2.82%,

09/01/2051

175‌

125‌

3.03%,

03/15/2052

195‌

145‌

3.50%,

03/15/2027

550‌

537‌

3.75%,

11/01/2046

30‌

25‌

4.05%,

05/04/2047

300‌

266‌

4.13%,

11/16/2028

435‌

429‌

4.15%,

05/15/2045

40‌

36‌

4.35%,

04/15/2047

40‌

37‌

4.50%,

06/01/2042

375‌

358‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Aerospace

&

Defense

(continued)

Raytheon

Technologies

Corp  

(continued)

4.63%,

11/16/2048

$

210‌

$

205‌

4.88%,

10/15/2040

154‌

150‌

Teledyne

Technologies

Inc

0.95%,

04/01/2024

190‌

180‌

2.25%,

04/01/2028

190‌

165‌

$

11,475‌

Agriculture

-

0

.31

%

Altria

Group

Inc

2.35%,

05/06/2025

160‌

151‌

2.45%,

02/04/2032

190‌

143‌

3.40%,

05/06/2030

325‌

276‌

3.70%,

02/04/2051

190‌

121‌

3.88%,

09/16/2046

60‌

40‌

4.00%,

02/04/2061

190‌

124‌

4.80%,

02/14/2029

63‌

60‌

5.80%,

02/14/2039

380‌

345‌

Archer-Daniels-Midland

Co

2.50%,

08/11/2026

850‌

814‌

2.70%,

09/15/2051

195‌

142‌

2.90%,

03/01/2032

390‌

352‌

BAT

Capital

Corp

2.26%,

03/25/2028

170‌

142‌

2.73%,

03/25/2031

170‌

135‌

2.79%,

09/06/2024

245‌

237‌

3.46%,

09/06/2029

245‌

210‌

3.56%,

08/15/2027

800‌

732‌

3.98%,

09/25/2050

170‌

117‌

4.54%,

08/15/2047

325‌

238‌

BAT

International

Finance

PLC

1.67%,

03/25/2026

170‌

150‌

Bunge

Ltd

Finance

Corp

2.75%,

05/14/2031

195‌

161‌

Philip

Morris

International

Inc

0.88%,

05/01/2026

175‌

155‌

1.75%,

11/01/2030

175‌

136‌

2.75%,

02/25/2026

310‌

297‌

3.25%,

11/10/2024

30‌

30‌

3.38%,

08/11/2025

375‌

369‌

4.13%,

03/04/2043

300‌

242‌

4.25%,

11/10/2044

30‌

24‌

4.38%,

11/15/2041

61‌

51‌

4.50%,

03/20/2042

400‌

346‌

4.88%,

11/15/2043

35‌

31‌

Reynolds

American

Inc

4.45%,

06/12/2025

250‌

249‌

4.85%,

09/15/2023

350‌

354‌

5.70%,

08/15/2035

25‌

24‌

5.85%,

08/15/2045

415‌

348‌

$

7,346‌

Airlines

-

0

.04

%

American

Airlines

2019-1

Class

AA

Pass

Through

Trust

3.15%,

08/15/2033

152‌

134‌

Delta

Air

Lines

2020-1

Class

AA

Pass

Through

Trust

2.00%,

06/10/2028

282‌

246‌

Southwest

Airlines

Co

5.25%,

05/04/2025

480‌

489‌

United

Airlines

2014-2

Class

A

Pass

Through

Trust

3.75%,

03/03/2028

127‌

121‌

United

Airlines

2019-2

Class

AA

Pass

Through

Trust

2.70%,

11/01/2033

73‌

62‌

$

1,052‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

87

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Apparel

-

0

.04

%

NIKE

Inc

2.40%,

03/27/2025

$

160‌

$

156‌

2.75%,

03/27/2027

160‌

154‌

3.25%,

03/27/2040

160‌

137‌

3.38%,

11/01/2046

350‌

299‌

3.63%,

05/01/2043

200‌

176‌

$

922‌

Automobile

Manufacturers

-

0

.47

%

American

Honda

Finance

Corp

0.55%,

07/12/2024

190‌

178‌

0.65%,

09/08/2023

170‌

165‌

1.20%,

07/08/2025

165‌

152‌

1.30%,

09/09/2026

195‌

176‌

2.15%,

09/10/2024

445‌

430‌

2.25%,

01/12/2029

200‌

176‌

Daimler

Finance

North

America

LLC

8.50%,

01/18/2031

127‌

161‌

General

Motors

Co

4.88%,

10/02/2023

675‌

681‌

5.00%,

10/01/2028

400‌

388‌

5.00%,

04/01/2035

200‌

178‌

5.40%,

04/01/2048

360‌

313‌

6.75%,

04/01/2046

25‌

25‌

General

Motors

Financial

Co

Inc

1.05%,

03/08/2024

190‌

180‌

1.20%,

10/15/2024

175‌

163‌

1.25%,

01/08/2026

190‌

167‌

1.50%,

06/10/2026

190‌

166‌

1.70%,

08/18/2023

330‌

322‌

2.35%,

02/26/2027

730‌

643‌

2.35%,

01/08/2031

190‌

147‌

2.40%,

04/10/2028

190‌

161‌

2.40%,

10/15/2028

175‌

145‌

2.70%,

06/10/2031

190‌

150‌

3.80%,

04/07/2025

200‌

195‌

4.30%,

07/13/2025

325‌

320‌

4.35%,

01/17/2027

305‌

293‌

5.10%,

01/17/2024

500‌

505‌

Honda

Motor

Co

Ltd

2.53%,

03/10/2027

390‌

365‌

PACCAR

Financial

Corp

0.35%,

08/11/2023

165‌

160‌

0.35%,

02/02/2024

190‌

181‌

1.80%,

02/06/2025

170‌

162‌

Toyota

Motor

Corp

1.34%,

03/25/2026

385‌

351‌

3.67%,

07/20/2028

200‌

196‌

Toyota

Motor

Credit

Corp

0.45%,

01/11/2024

190‌

182‌

0.50%,

08/14/2023

165‌

160‌

0.50%,

06/18/2024

190‌

179‌

0.80%,

10/16/2025

210‌

191‌

1.15%,

08/13/2027

165‌

144‌

1.35%,

08/25/2023

155‌

152‌

1.65%,

01/10/2031

190‌

154‌

1.80%,

02/13/2025

160‌

153‌

1.90%,

01/13/2027

200‌

184‌

1.90%,

09/12/2031

195‌

160‌

2.00%,

10/07/2024

165‌

159‌

2.25%,

10/18/2023

350‌

345‌

3.35%,

01/08/2024

400‌

400‌

3.45%,

09/20/2023

400‌

401‌

4.45%,

06/29/2029

155‌

157‌

$

11,116‌

Automobile

Parts

&

Equipment

-

0

.03

%

Aptiv

PLC

/

Aptiv

Corp

3.25%,

03/01/2032

175‌

149‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Automobile

Parts

&

Equipment

(continued)

BorgWarner

Inc

3.38%,

03/15/2025

$

500‌

$

489‌

$

638‌

Banks

-

5

.66

%

Banco

Santander

SA

1.85%,

03/25/2026

400‌

359‌

2.75%,

05/28/2025

200‌

189‌

2.75%,

12/03/2030

400‌

318‌

3.22%,

11/22/2032

(d)

200‌

158‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.60%

3.49%,

05/28/2030

200‌

177‌

Bank

of

America

Corp

0.81%,

10/24/2024

(d)

340‌

324‌

Secured

Overnight

Financing

Rate

+

0.74%

0.98%,

04/22/2025

(d)

380‌

357‌

Secured

Overnight

Financing

Rate

+

0.69%

0.98%,

09/25/2025

(d)

170‌

157‌

Secured

Overnight

Financing

Rate

+

0.91%

1.32%,

06/19/2026

(d)

320‌

291‌

Secured

Overnight

Financing

Rate

+

1.15%

1.66%,

03/11/2027

(d)

365‌

327‌

Secured

Overnight

Financing

Rate

+

0.91%

1.73%,

07/22/2027

(d)

380‌

338‌

Secured

Overnight

Financing

Rate

+

0.96%

1.90%,

07/23/2031

(d)

750‌

599‌

Secured

Overnight

Financing

Rate

+

1.53%

1.92%,

10/24/2031

(d)

340‌

272‌

Secured

Overnight

Financing

Rate

+

1.37%

2.09%,

06/14/2029

(d)

190‌

163‌

Secured

Overnight

Financing

Rate

+

1.06%

2.30%,

07/21/2032

(d)

380‌

307‌

Secured

Overnight

Financing

Rate

+

1.22%

2.46%,

10/22/2025

(d)

310‌

295‌

3

Month

USD

LIBOR

+

0.87%

2.48%,

09/21/2036

(d)

385‌

299‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%

2.50%,

02/13/2031

(d)

320‌

270‌

3

Month

USD

LIBOR

+

0.99%

2.55%,

02/04/2028

(d)

390‌

355‌

Secured

Overnight

Financing

Rate

+

1.05%

2.57%,

10/20/2032

(d)

355‌

293‌

Secured

Overnight

Financing

Rate

+

1.21%

2.65%,

03/11/2032

(d)

570‌

479‌

Secured

Overnight

Financing

Rate

+

1.22%

2.68%,

06/19/2041

(d)

670‌

482‌

Secured

Overnight

Financing

Rate

+

1.93%

2.83%,

10/24/2051

(d)

880‌

603‌

Secured

Overnight

Financing

Rate

+

1.88%

2.97%,

02/04/2033

(d)

390‌

332‌

Secured

Overnight

Financing

Rate

+

1.33%

2.97%,

07/21/2052

(d)

380‌

270‌

Secured

Overnight

Financing

Rate

+

1.56%

3.19%,

07/23/2030

(d)

335‌

300‌

3

Month

USD

LIBOR

+

1.18%

3.25%,

10/21/2027

40‌

38‌

3.31%,

04/22/2042

(d)

380‌

298‌

Secured

Overnight

Financing

Rate

+

1.58%

3.38%,

04/02/2026

(d)

195‌

189‌

Secured

Overnight

Financing

Rate

+

1.33%

3.42%,

12/20/2028

(d)

1,041‌

969‌

3

Month

USD

LIBOR

+

1.04%

3.48%,

03/13/2052

(d)

190‌

149‌

Secured

Overnight

Financing

Rate

+

1.65%

3.50%,

04/19/2026

345‌

336‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

88

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Bank

of

America

Corp  

(continued)

3.59%,

07/21/2028

(d)

$

500‌

$

472‌

3

Month

USD

LIBOR

+

1.37%

3.82%,

01/20/2028

(d)

400‌

384‌

3

Month

USD

LIBOR

+

1.58%

3.86%,

07/23/2024

(d)

300‌

299‌

3

Month

USD

LIBOR

+

0.94%

3.88%,

08/01/2025

30‌

30‌

3.95%,

04/21/2025

480‌

473‌

3.97%,

02/07/2030

(d)

1,000‌

945‌

3

Month

USD

LIBOR

+

1.21%

4.13%,

01/22/2024

500‌

505‌

4.18%,

11/25/2027

560‌

544‌

4.20%,

08/26/2024

625‌

626‌

4.27%,

07/23/2029

(d)

360‌

346‌

3

Month

USD

LIBOR

+

1.31%

4.33%,

03/15/2050

(d)

310‌

278‌

3

Month

USD

LIBOR

+

1.52%

4.38%,

04/27/2028

(d)

470‌

463‌

Secured

Overnight

Financing

Rate

+

1.58%

4.44%,

01/20/2048

(d)

30‌

27‌

3

Month

USD

LIBOR

+

1.99%

4.57%,

04/27/2033

(d)

590‌

574‌

Secured

Overnight

Financing

Rate

+

1.83%

5.00%,

01/21/2044

25‌

25‌

5.88%,

02/07/2042

228‌

246‌

7.75%,

05/14/2038

250‌

308‌

Bank

of

America

NA

6.00%,

10/15/2036

250‌

273‌

Bank

of

Montreal

0.45%,

12/08/2023

320‌

307‌

0.95%,

01/22/2027

(d)

190‌

169‌

Secured

Overnight

Financing

Rate

+

0.60%

1.85%,

05/01/2025

150‌

142‌

3.09%,

01/10/2037

(d)

400‌

327‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%

3.30%,

02/05/2024

400‌

399‌

3.70%,

06/07/2025

175‌

173‌

Bank

of

New

York

Mellon

Corp/The

0.35%,

12/07/2023

150‌

145‌

0.50%,

04/26/2024

170‌

161‌

0.75%,

01/28/2026

185‌

167‌

1.60%,

04/24/2025

140‌

132‌

1.65%,

07/14/2028

150‌

130‌

2.05%,

01/26/2027

(e)

200‌

184‌

2.10%,

10/24/2024

375‌

363‌

2.50%,

01/26/2032

200‌

171‌

3.35%,

04/25/2025

195‌

193‌

3.99%,

06/13/2028

(d)

175‌

173‌

Secured

Overnight

Financing

Rate

+

1.15%

Bank

of

Nova

Scotia/The

0.55%,

09/15/2023

170‌

164‌

1.05%,

03/02/2026

190‌

170‌

1.30%,

06/11/2025

160‌

148‌

1.30%,

09/15/2026

195‌

173‌

1.45%,

01/10/2025

175‌

166‌

2.15%,

08/01/2031

190‌

155‌

2.70%,

08/03/2026

170‌

160‌

3.40%,

02/11/2024

400‌

398‌

4.50%,

12/16/2025

500‌

499‌

Barclays

PLC

1.01%,

12/10/2024

(d)

200‌

190‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.80%

2.28%,

11/24/2027

(d)

420‌

372‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.05%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Barclays

PLC  

(continued)

2.65%,

06/24/2031

(d)

$

320‌

$

265‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%

2.67%,

03/10/2032

(d)

200‌

161‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.20%

3.56%,

09/23/2035

(d)

200‌

165‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.90%

3.81%,

03/10/2042

(d)

200‌

152‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.70%

4.34%,

01/10/2028

1,030‌

984‌

4.38%,

01/12/2026

200‌

198‌

4.97%,

05/16/2029

(d)

210‌

206‌

3

Month

USD

LIBOR

+

1.90%

BNP

Paribas

SA

4.25%,

10/15/2024

750‌

747‌

BPCE

SA

4.00%,

04/15/2024

250‌

250‌

Canadian

Imperial

Bank

of

Commerce

0.50%,

12/14/2023

185‌

177‌

1.25%,

06/22/2026

190‌

169‌

3.30%,

04/07/2025

375‌

368‌

3.50%,

09/13/2023

500‌

500‌

Citigroup

Inc

0.78%,

10/30/2024

(d)

655‌

624‌

Secured

Overnight

Financing

Rate

+

0.69%

0.98%,

05/01/2025

(d)

485‌

454‌

Secured

Overnight

Financing

Rate

+

0.67%

1.12%,

01/28/2027

(d)

185‌

163‌

Secured

Overnight

Financing

Rate

+

0.77%

1.28%,

11/03/2025

(d)

145‌

135‌

Secured

Overnight

Financing

Rate

+

0.53%

1.46%,

06/09/2027

(d)

370‌

327‌

Secured

Overnight

Financing

Rate

+

0.77%

2.01%,

01/25/2026

(d)

185‌

173‌

Secured

Overnight

Financing

Rate

+

0.69%

2.52%,

11/03/2032

(d)

175‌

142‌

Secured

Overnight

Financing

Rate

+

1.18%

2.56%,

05/01/2032

(d)

520‌

428‌

Secured

Overnight

Financing

Rate

+

1.17%

2.57%,

06/03/2031

(d)

320‌

269‌

Secured

Overnight

Financing

Rate

+

2.11%

2.67%,

01/29/2031

(d)

315‌

267‌

Secured

Overnight

Financing

Rate

+

1.15%

2.90%,

11/03/2042

(d)

195‌

141‌

Secured

Overnight

Financing

Rate

+

1.38%

2.98%,

11/05/2030

(d)

155‌

135‌

Secured

Overnight

Financing

Rate

+

1.42%

3.06%,

01/25/2033

(d)

185‌

157‌

Secured

Overnight

Financing

Rate

+

1.35%

3.20%,

10/21/2026

770‌

733‌

3.67%,

07/24/2028

(d)

1,200‌

1,133‌

3

Month

USD

LIBOR

+

1.39%

3.75%,

06/16/2024

500‌

502‌

3.79%,

03/17/2033

(d)

395‌

356‌

Secured

Overnight

Financing

Rate

+

1.94%

3.89%,

01/10/2028

(d)

400‌

385‌

3

Month

USD

LIBOR

+

1.56%

4.07%,

04/23/2029

(d)

240‌

228‌

3

Month

USD

LIBOR

+

1.19%

4.28%,

04/24/2048

(d)

330‌

293‌

3

Month

USD

LIBOR

+

1.84%

4.30%,

11/20/2026

525‌

517‌

4.40%,

06/10/2025

780‌

779‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

89

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Citigroup

Inc  

(continued)

4.45%,

09/29/2027

$

20‌

$

20‌

4.60%,

03/09/2026

60‌

60‌

4.65%,

07/30/2045

222‌

203‌

4.66%,

05/24/2028

(d)

365‌

362‌

Secured

Overnight

Financing

Rate

+

1.89%

4.91%,

05/24/2033

(d)

230‌

227‌

Secured

Overnight

Financing

Rate

+

2.09%

5.30%,

05/06/2044

25‌

24‌

5.50%,

09/13/2025

325‌

334‌

5.88%,

01/30/2042

328‌

348‌

6.63%,

06/15/2032

112‌

122‌

6.68%,

09/13/2043

30‌

34‌

8.13%,

07/15/2039

132‌

172‌

Cooperatieve

Rabobank

UA

5.25%,

05/24/2041

500‌

540‌

5.25%,

08/04/2045

250‌

246‌

5.75%,

12/01/2043

250‌

261‌

Cooperatieve

Rabobank

UA/NY

0.38%,

01/12/2024

250‌

238‌

Credit

Suisse

AG/New

York

NY

0.50%,

02/02/2024

305‌

287‌

0.52%,

08/09/2023

250‌

241‌

1.25%,

08/07/2026

250‌

219‌

3.63%,

09/09/2024

400‌

393‌

Credit

Suisse

Group

AG

3.75%,

03/26/2025

250‌

242‌

4.88%,

05/15/2045

250‌

213‌

Deutsche

Bank

AG/New

York

NY

0.90%,

05/28/2024

150‌

141‌

1.69%,

03/19/2026

500‌

448‌

2.13%,

11/24/2026

(d)

200‌

178‌

Secured

Overnight

Financing

Rate

+

1.87%

2.22%,

09/18/2024

(d)

170‌

164‌

Secured

Overnight

Financing

Rate

+

2.16%

2.55%,

01/07/2028

(d)

290‌

251‌

Secured

Overnight

Financing

Rate

+

1.32%

3.04%,

05/28/2032

(d)

175‌

138‌

Secured

Overnight

Financing

Rate

+

1.72%

4.10%,

01/13/2026

500‌

491‌

Discover

Bank

2.45%,

09/12/2024

320‌

308‌

2.70%,

02/06/2030

250‌

209‌

Fifth

Third

Bancorp

2.38%,

01/28/2025

85‌

81‌

4.06%,

04/25/2028

(d)

150‌

146‌

Secured

Overnight

Financing

Rate

+

1.36%

4.30%,

01/16/2024

30‌

30‌

Fifth

Third

Bank

NA

3.85%,

03/15/2026

700‌

687‌

Goldman

Sachs

Group

Inc/The

0.66%,

09/10/2024

(d)

385‌

368‌

Secured

Overnight

Financing

Rate

+

0.51%

0.86%,

02/12/2026

(d)

155‌

141‌

Secured

Overnight

Financing

Rate

+

0.61%

0.93%,

10/21/2024

(d)

385‌

368‌

Secured

Overnight

Financing

Rate

+

0.49%

1.09%,

12/09/2026

(d)

315‌

281‌

Secured

Overnight

Financing

Rate

+

0.79%

1.43%,

03/09/2027

(d)

385‌

341‌

Secured

Overnight

Financing

Rate

+

0.80%

1.54%,

09/10/2027

(d)

190‌

167‌

Secured

Overnight

Financing

Rate

+

0.82%

1.95%,

10/21/2027

(d)

400‌

354‌

Secured

Overnight

Financing

Rate

+

0.91%

1.99%,

01/27/2032

(d)

475‌

375‌

Secured

Overnight

Financing

Rate

+

1.09%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Goldman

Sachs

Group

Inc/The  

(continued)

2.38%,

07/21/2032

(d)

$

285‌

$

230‌

Secured

Overnight

Financing

Rate

+

1.25%

2.60%,

02/07/2030

1,240‌

1,058‌

2.62%,

04/22/2032

(d)

380‌

315‌

Secured

Overnight

Financing

Rate

+

1.28%

2.64%,

02/24/2028

(d)

300‌

272‌

Secured

Overnight

Financing

Rate

+

1.11%

2.65%,

10/21/2032

(d)

195‌

161‌

Secured

Overnight

Financing

Rate

+

1.26%

2.91%,

07/21/2042

(d)

385‌

281‌

Secured

Overnight

Financing

Rate

+

1.47%

3.10%,

02/24/2033

(d)

380‌

325‌

Secured

Overnight

Financing

Rate

+

1.41%

3.21%,

04/22/2042

(d)

190‌

145‌

Secured

Overnight

Financing

Rate

+

1.51%

3.44%,

02/24/2043

(d)

385‌

302‌

Secured

Overnight

Financing

Rate

+

1.63%

3.63%,

02/20/2024

1,000‌

997‌

3.81%,

04/23/2029

(d)

1,050‌

990‌

3

Month

USD

LIBOR

+

1.16%

3.85%,

01/26/2027

60‌

58‌

4.02%,

10/31/2038

(d)

750‌

655‌

3

Month

USD

LIBOR

+

1.37%

4.22%,

05/01/2029

(d)

415‌

399‌

3

Month

USD

LIBOR

+

1.30%

4.25%,

10/21/2025

680‌

675‌

4.41%,

04/23/2039

(d)

180‌

163‌

3

Month

USD

LIBOR

+

1.43%

4.80%,

07/08/2044

25‌

24‌

5.15%,

05/22/2045

310‌

294‌

6.75%,

10/01/2037

530‌

587‌

HSBC

Holdings

PLC

0.98%,

05/24/2025

(d)

400‌

373‌

Secured

Overnight

Financing

Rate

+

0.71%

1.16%,

11/22/2024

(d)

400‌

382‌

Secured

Overnight

Financing

Rate

+

0.58%

1.59%,

05/24/2027

(d)

400‌

351‌

Secured

Overnight

Financing

Rate

+

1.29%

1.65%,

04/18/2026

(d)

250‌

229‌

Secured

Overnight

Financing

Rate

+

1.54%

2.01%,

09/22/2028

(d)

335‌

287‌

Secured

Overnight

Financing

Rate

+

1.73%

2.10%,

06/04/2026

(d)

320‌

296‌

Secured

Overnight

Financing

Rate

+

1.93%

2.36%,

08/18/2031

(d)

200‌

162‌

Secured

Overnight

Financing

Rate

+

1.95%

2.63%,

11/07/2025

(d)

230‌

219‌

Secured

Overnight

Financing

Rate

+

1.40%

2.80%,

05/24/2032

(d)

200‌

164‌

Secured

Overnight

Financing

Rate

+

1.19%

2.85%,

06/04/2031

(d)

200‌

169‌

Secured

Overnight

Financing

Rate

+

2.39%

2.87%,

11/22/2032

(d)

400‌

327‌

Secured

Overnight

Financing

Rate

+

1.41%

3.90%,

05/25/2026

395‌

386‌

3.97%,

05/22/2030

(d)

400‌

367‌

3

Month

USD

LIBOR

+

1.61%

4.04%,

03/13/2028

(d)

500‌

475‌

3

Month

USD

LIBOR

+

1.55%

4.18%,

12/09/2025

(d)

340‌

335‌

Secured

Overnight

Financing

Rate

+

1.51%

4.25%,

03/14/2024

500‌

498‌

4.29%,

09/12/2026

(d)

500‌

489‌

3

Month

USD

LIBOR

+

1.35%

4.58%,

06/19/2029

(d)

365‌

352‌

3

Month

USD

LIBOR

+

1.53%

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

90

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

HSBC

Holdings

PLC  

(continued)

4.76%,

06/09/2028

(d)

$

200‌

$

194‌

Secured

Overnight

Financing

Rate

+

2.11%

4.95%,

03/31/2030

200‌

198‌

5.25%,

03/14/2044

300‌

277‌

6.10%,

01/14/2042

174‌

191‌

6.50%,

05/02/2036

420‌

447‌

Huntington

Bancshares

Inc/OH

2.55%,

02/04/2030

110‌

94‌

Huntington

National

Bank/The

3.55%,

10/06/2023

400‌

399‌

ING

Groep

NV

1.73%,

04/01/2027

(d)

200‌

179‌

Secured

Overnight

Financing

Rate

+

1.01%

2.73%,

04/01/2032

(d)

200‌

166‌

Secured

Overnight

Financing

Rate

+

1.32%

3.55%,

04/09/2024

400‌

396‌

JPMorgan

Chase

&

Co

0.56%,

02/16/2025

(d)

190‌

179‌

Secured

Overnight

Financing

Rate

+

0.42%

0.65%,

09/16/2024

(d)

570‌

546‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

0.60%

0.77%,

08/09/2025

(d)

385‌

357‌

Secured

Overnight

Financing

Rate

+

0.49%

0.82%,

06/01/2025

(d)

730‌

682‌

Secured

Overnight

Financing

Rate

+

0.54%

0.97%,

06/23/2025

(d)

385‌

360‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

0.58%

1.04%,

02/04/2027

(d)

380‌

336‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

0.70%

1.05%,

11/19/2026

(d)

360‌

320‌

Secured

Overnight

Financing

Rate

+

0.80%

1.47%,

09/22/2027

(d)

155‌

136‌

Secured

Overnight

Financing

Rate

+

0.77%

1.58%,

04/22/2027

(d)

380‌

338‌

Secured

Overnight

Financing

Rate

+

0.89%

1.76%,

11/19/2031

(d)

360‌

285‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.11%

1.95%,

02/04/2032

(d)

380‌

304‌

Secured

Overnight

Financing

Rate

+

1.07%

2.01%,

03/13/2026

(d)

160‌

150‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.59%

2.07%,

06/01/2029

(d)

295‌

254‌

Secured

Overnight

Financing

Rate

+

1.02%

2.08%,

04/22/2026

(d)

460‌

430‌

Secured

Overnight

Financing

Rate

+

1.85%

2.18%,

06/01/2028

(d)

265‌

236‌

Secured

Overnight

Financing

Rate

+

1.89%

2.30%,

10/15/2025

(d)

280‌

267‌

Secured

Overnight

Financing

Rate

+

1.16%

2.52%,

04/22/2031

(d)

380‌

324‌

Secured

Overnight

Financing

Rate

+

2.04%

2.53%,

11/19/2041

(d)

180‌

129‌

Secured

Overnight

Financing

Rate

+

1.51%

2.55%,

11/08/2032

(d)

390‌

324‌

Secured

Overnight

Financing

Rate

+

1.18%

2.58%,

04/22/2032

(d)

380‌

320‌

Secured

Overnight

Financing

Rate

+

1.25%

2.74%,

10/15/2030

(d)

260‌

227‌

Secured

Overnight

Financing

Rate

+

1.51%

2.96%,

05/13/2031

(d)

725‌

626‌

Secured

Overnight

Financing

Rate

+

2.52%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

JPMorgan

Chase

&

Co  

(continued)

3.11%,

04/22/2041

(d)

$

380‌

$

295‌

Secured

Overnight

Financing

Rate

+

2.46%

3.11%,

04/22/2051

(d)

730‌

535‌

Secured

Overnight

Financing

Rate

+

2.44%

3.30%,

04/01/2026

500‌

485‌

3.33%,

04/22/2052

(d)

380‌

289‌

Secured

Overnight

Financing

Rate

+

1.58%

3.51%,

01/23/2029

(d)

400‌

374‌

3

Month

USD

LIBOR

+

0.95%

3.63%,

12/01/2027

25‌

24‌

3.80%,

07/23/2024

(d)

270‌

269‌

3

Month

USD

LIBOR

+

0.89%

3.88%,

02/01/2024

520‌

523‌

3.88%,

09/10/2024

500‌

499‌

3.88%,

07/24/2038

(d)

500‌

441‌

3

Month

USD

LIBOR

+

1.36%

3.96%,

11/15/2048

(d)

400‌

339‌

3

Month

USD

LIBOR

+

1.38%

4.01%,

04/23/2029

(d)

270‌

259‌

3

Month

USD

LIBOR

+

1.12%

4.03%,

07/24/2048

(d)

30‌

26‌

3

Month

USD

LIBOR

+

1.46%

4.20%,

07/23/2029

(d)

300‌

289‌

3

Month

USD

LIBOR

+

1.26%

4.25%,

10/01/2027

10‌

10‌

4.32%,

04/26/2028

(d)

585‌

575‌

Secured

Overnight

Financing

Rate

+

1.56%

4.57%,

06/14/2030

(d)

535‌

525‌

Secured

Overnight

Financing

Rate

+

1.75%

4.59%,

04/26/2033

(d)

390‌

383‌

Secured

Overnight

Financing

Rate

+

1.80%

4.85%,

02/01/2044

20‌

19‌

4.95%,

06/01/2045

55‌

52‌

5.40%,

01/06/2042

102‌

104‌

5.60%,

07/15/2041

154‌

161‌

5.63%,

08/16/2043

375‌

389‌

6.40%,

05/15/2038

200‌

226‌

KeyCorp

2.25%,

04/06/2027

410‌

369‌

2.55%,

10/01/2029

310‌

269‌

3.88%,

05/23/2025

(d)

160‌

159‌

Secured

Overnight

Financing

Rate

+

1.25%

Korea

Development

Bank/The

0.40%,

06/19/2024

400‌

378‌

0.80%,

04/27/2026

350‌

317‌

1.75%,

02/18/2025

500‌

478‌

Kreditanstalt

fuer

Wiederaufbau

0.00%,

04/18/2036

(f)

380‌

240‌

0.00%,

06/29/2037

(f)

200‌

119‌

0.25%,

10/19/2023

340‌

328‌

0.25%,

03/08/2024

575‌

549‌

0.38%,

07/18/2025

1,130‌

1,040‌

0.50%,

09/20/2024

575‌

544‌

0.63%,

01/22/2026

790‌

725‌

1.00%,

10/01/2026

290‌

266‌

1.25%,

01/31/2025

800‌

764‌

2.00%,

05/02/2025

380‌

368‌

2.50%,

11/20/2024

300‌

296‌

2.88%,

04/03/2028

(e)

275‌

271‌

3.00%,

05/20/2027

370‌

368‌

3.13%,

06/10/2025

270‌

269‌

Landwirtschaftliche

Rentenbank

0.88%,

03/30/2026

170‌

156‌

0.88%,

09/03/2030

330‌

276‌

2.00%,

01/13/2025

300‌

292‌

2.38%,

06/10/2025

1,200‌

1,176‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

91

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Lloyds

Banking

Group

PLC

3.57%,

11/07/2028

(d)

$

430‌

$

402‌

3

Month

USD

LIBOR

+

1.21%

3.75%,

01/11/2027

515‌

497‌

4.05%,

08/16/2023

400‌

401‌

4.45%,

05/08/2025

400‌

400‌

4.65%,

03/24/2026

500‌

490‌

5.30%,

12/01/2045

200‌

185‌

Mitsubishi

UFJ

Financial

Group

Inc

0.95%,

07/19/2025

(d)

400‌

373‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.55%

1.41%,

07/17/2025

200‌

184‌

1.54%,

07/20/2027

(d)

400‌

353‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.75%

1.64%,

10/13/2027

(d)

200‌

176‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.67%

2.05%,

07/17/2030

250‌

204‌

2.19%,

02/25/2025

200‌

190‌

2.56%,

02/25/2030

200‌

171‌

2.76%,

09/13/2026

200‌

187‌

2.80%,

07/18/2024

650‌

633‌

3.20%,

07/18/2029

200‌

180‌

3.75%,

07/18/2039

550‌

477‌

3.76%,

07/26/2023

300‌

300‌

3.85%,

03/01/2026

350‌

343‌

4.08%,

04/19/2028

(d)

200‌

195‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.30%

4.32%,

04/19/2033

(d)

200‌

192‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.55%

Mizuho

Financial

Group

Inc

1.24%,

07/10/2024

(d)

200‌

194‌

Secured

Overnight

Financing

Rate

+

1.25%

2.20%,

07/10/2031

(d)

200‌

162‌

Secured

Overnight

Financing

Rate

+

1.77%

2.23%,

05/25/2026

(d)

200‌

187‌

3

Month

USD

LIBOR

+

0.83%

2.26%,

07/09/2032

(d)

200‌

160‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%

2.84%,

07/16/2025

(d)

1,000‌

968‌

Secured

Overnight

Financing

Rate

+

1.24%

3.15%,

07/16/2030

(d)

400‌

355‌

3

Month

USD

LIBOR

+

1.13%

Morgan

Stanley

0.79%,

01/22/2025

(d)

380‌

359‌

Secured

Overnight

Financing

Rate

+

0.51%

0.79%,

05/30/2025

(d)

385‌

358‌

Secured

Overnight

Financing

Rate

+

0.53%

0.86%,

10/21/2025

(d)

95‌

88‌

Secured

Overnight

Financing

Rate

+

0.75%

0.99%,

12/10/2026

(d)

280‌

248‌

Secured

Overnight

Financing

Rate

+

0.72%

1.16%,

10/21/2025

(d)

165‌

153‌

Secured

Overnight

Financing

Rate

+

0.56%

1.51%,

07/20/2027

(d)

380‌

333‌

Secured

Overnight

Financing

Rate

+

0.86%

1.59%,

05/04/2027

(d)

270‌

240‌

Secured

Overnight

Financing

Rate

+

0.88%

1.79%,

02/13/2032

(d)

1,360‌

1,070‌

Secured

Overnight

Financing

Rate

+

1.03%

1.93%,

04/28/2032

(d)

105‌

83‌

Secured

Overnight

Financing

Rate

+

1.02%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Morgan

Stanley  

(continued)

2.19%,

04/28/2026

(d)

$

475‌

$

445‌

Secured

Overnight

Financing

Rate

+

1.99%

2.24%,

07/21/2032

(d)

380‌

308‌

Secured

Overnight

Financing

Rate

+

1.18%

2.48%,

01/21/2028

(d)

120‌

109‌

Secured

Overnight

Financing

Rate

+

1.00%

2.48%,

09/16/2036

(d)

265‌

204‌

Secured

Overnight

Financing

Rate

+

1.36%

2.51%,

10/20/2032

(d)

180‌

149‌

Secured

Overnight

Financing

Rate

+

1.20%

2.72%,

07/22/2025

(d)

250‌

241‌

Secured

Overnight

Financing

Rate

+

1.15%

2.80%,

01/25/2052

(d)

240‌

167‌

Secured

Overnight

Financing

Rate

+

1.43%

2.94%,

01/21/2033

(d)

280‌

240‌

Secured

Overnight

Financing

Rate

+

1.29%

3.13%,

07/27/2026

1,330‌

1,269‌

3.22%,

04/22/2042

(d)

190‌

150‌

Secured

Overnight

Financing

Rate

+

1.49%

3.59%,

07/22/2028

(d)

30‌

28‌

3

Month

USD

LIBOR

+

1.34%

3.62%,

04/17/2025

(d)

390‌

385‌

Secured

Overnight

Financing

Rate

+

1.16%

3.63%,

01/20/2027

530‌

513‌

3.70%,

10/23/2024

25‌

25‌

3.77%,

01/24/2029

(d)

360‌

342‌

3

Month

USD

LIBOR

+

1.14%

3.88%,

04/29/2024

30‌

30‌

3.95%,

04/23/2027

50‌

48‌

3.97%,

07/22/2038

(d)

15‌

13‌

3

Month

USD

LIBOR

+

1.46%

4.00%,

07/23/2025

30‌

30‌

4.21%,

04/20/2028

(d)

390‌

381‌

Secured

Overnight

Financing

Rate

+

1.61%

4.30%,

01/27/2045

50‌

44‌

4.35%,

09/08/2026

30‌

30‌

4.38%,

01/22/2047

30‌

27‌

5.00%,

11/24/2025

525‌

533‌

5.60%,

03/24/2051

(d)

500‌

539‌

Secured

Overnight

Financing

Rate

+

4.84%

6.38%,

07/24/2042

620‌

710‌

NatWest

Group

PLC

1.64%,

06/14/2027

(d)

265‌

232‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%

3.88%,

09/12/2023

200‌

199‌

4.80%,

04/05/2026

500‌

498‌

4.89%,

05/18/2029

(d)

400‌

388‌

3

Month

USD

LIBOR

+

1.75%

5.08%,

01/27/2030

(d)

400‌

392‌

3

Month

USD

LIBOR

+

1.91%

Northern

Trust

Corp

3.95%,

10/30/2025

500‌

502‌

4.00%,

05/10/2027

130‌

131‌

Oesterreichische

Kontrollbank

AG

0.38%,

09/17/2025

340‌

311‌

2.88%,

05/23/2025

180‌

179‌

PNC

Bank

NA

2.70%,

10/22/2029

250‌

218‌

3.80%,

07/25/2023

350‌

351‌

PNC

Financial

Services

Group

Inc/The

2.20%,

11/01/2024

130‌

126‌

2.31%,

04/23/2032

(d)

150‌

125‌

Secured

Overnight

Financing

Rate

+

0.98%

2.55%,

01/22/2030

160‌

139‌

2.60%,

07/23/2026

490‌

464‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

92

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

PNC

Financial

Services

Group

Inc/The  

(continued)

3.45%,

04/23/2029

$

300‌

$

280‌

4.63%,

06/06/2033

(d)

105‌

101‌

Secured

Overnight

Financing

Rate

+

1.85%

Royal

Bank

of

Canada

0.43%,

01/19/2024

380‌

364‌

0.50%,

10/26/2023

170‌

164‌

1.15%,

07/14/2026

190‌

170‌

1.20%,

04/27/2026

175‌

157‌

1.60%,

01/21/2025

700‌

663‌

2.25%,

11/01/2024

(e)

310‌

299‌

2.55%,

07/16/2024

125‌

122‌

3.63%,

05/04/2027

115‌

111‌

3.88%,

05/04/2032

225‌

215‌

Santander

Holdings

USA

Inc

2.49%,

01/06/2028

(d)

270‌

238‌

Secured

Overnight

Financing

Rate

+

1.25%

4.50%,

07/17/2025

780‌

772‌

Santander

UK

Group

Holdings

PLC

1.09%,

03/15/2025

(d)

200‌

187‌

Secured

Overnight

Financing

Rate

+

0.79%

1.53%,

08/21/2026

(d)

200‌

179‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.25%

1.67%,

06/14/2027

(d)

200‌

175‌

Secured

Overnight

Financing

Rate

+

0.99%

2.47%,

01/11/2028

(d)

200‌

177‌

Secured

Overnight

Financing

Rate

+

1.22%

State

Street

Corp

2.20%,

02/07/2028

(d)

145‌

133‌

Secured

Overnight

Financing

Rate

+

0.73%

2.20%,

03/03/2031

140‌

114‌

2.35%,

11/01/2025

(d)

250‌

240‌

Secured

Overnight

Financing

Rate

+

0.94%

2.40%,

01/24/2030

160‌

140‌

2.65%,

05/19/2026

60‌

57‌

3.55%,

08/18/2025

225‌

224‌

3.70%,

11/20/2023

10‌

10‌

4.42%,

05/13/2033

(d)

365‌

360‌

Secured

Overnight

Financing

Rate

+

1.61%

Sumitomo

Mitsui

Financial

Group

Inc

0.51%,

01/12/2024

200‌

190‌

1.47%,

07/08/2025

300‌

276‌

1.90%,

09/17/2028

400‌

339‌

2.13%,

07/08/2030

530‌

436‌

2.14%,

09/23/2030

170‌

136‌

2.30%,

01/12/2041

200‌

136‌

2.35%,

01/15/2025

200‌

191‌

2.70%,

07/16/2024

420‌

408‌

2.75%,

01/15/2030

200‌

174‌

2.93%,

09/17/2041

195‌

142‌

3.04%,

07/16/2029

200‌

178‌

3.36%,

07/12/2027

450‌

427‌

3.45%,

01/11/2027

140‌

134‌

3.78%,

03/09/2026

500‌

490‌

Toronto-Dominion

Bank/The

0.70%,

09/10/2024

195‌

183‌

1.15%,

06/12/2025

330‌

304‌

1.20%,

06/03/2026

190‌

170‌

1.95%,

01/12/2027

400‌

362‌

2.00%,

09/10/2031

195‌

158‌

2.35%,

03/08/2024

195‌

191‌

3.20%,

03/10/2032

195‌

174‌

3.77%,

06/06/2025

70‌

70‌

4.11%,

06/08/2027

70‌

69‌

4.46%,

06/08/2032

175‌

173‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Truist

Bank

1.50%,

03/10/2025

$

250‌

$

236‌

3.63%,

09/16/2025

250‌

245‌

Truist

Financial

Corp

1.13%,

08/03/2027

215‌

184‌

1.20%,

08/05/2025

365‌

335‌

1.27%,

03/02/2027

(d)

60‌

54‌

Secured

Overnight

Financing

Rate

+

0.61%

1.89%,

06/07/2029

(d)

175‌

150‌

Secured

Overnight

Financing

Rate

+

0.86%

1.95%,

06/05/2030

(e)

290‌

241‌

2.50%,

08/01/2024

350‌

342‌

4.12%,

06/06/2028

(d)

135‌

133‌

Secured

Overnight

Financing

Rate

+

1.37%

US

Bancorp

1.38%,

07/22/2030

415‌

331‌

2.22%,

01/27/2028

(d)

155‌

142‌

Secured

Overnight

Financing

Rate

+

0.73%

2.40%,

07/30/2024

190‌

185‌

2.49%,

11/03/2036

(d)

175‌

143‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

0.95%

3.00%,

07/30/2029

950‌

864‌

3.15%,

04/27/2027

25‌

24‌

US

Bank

NA/Cincinnati

OH

2.05%,

01/21/2025

300‌

288‌

Wells

Fargo

&

Co

0.81%,

05/19/2025

(d)

110‌

103‌

Secured

Overnight

Financing

Rate

+

0.51%

2.16%,

02/11/2026

(d)

645‌

606‌

3

Month

USD

LIBOR

+

0.75%

2.19%,

04/30/2026

(d)

525‌

491‌

Secured

Overnight

Financing

Rate

+

2.00%

2.39%,

06/02/2028

(d)

475‌

425‌

Secured

Overnight

Financing

Rate

+

2.10%

2.41%,

10/30/2025

(d)

970‌

923‌

Secured

Overnight

Financing

Rate

+

1.09%

3.00%,

04/22/2026

500‌

476‌

3.00%,

10/23/2026

530‌

500‌

3.07%,

04/30/2041

(d)

480‌

372‌

Secured

Overnight

Financing

Rate

+

2.53%

3.35%,

03/02/2033

(d)

465‌

413‌

Secured

Overnight

Financing

Rate

+

1.50%

3.58%,

05/22/2028

(d)

500‌

474‌

3

Month

USD

LIBOR

+

1.31%

3.91%,

04/25/2026

(d)

390‌

384‌

Secured

Overnight

Financing

Rate

+

1.32%

4.10%,

06/03/2026

600‌

590‌

4.40%,

06/14/2046

385‌

335‌

4.48%,

04/04/2031

(d)

245‌

240‌

Secured

Overnight

Financing

Rate

+

4.03%

4.61%,

04/25/2053

(d)

390‌

361‌

Secured

Overnight

Financing

Rate

+

2.13%

4.65%,

11/04/2044

330‌

297‌

4.90%,

11/17/2045

520‌

482‌

5.01%,

04/04/2051

(d)

325‌

319‌

Secured

Overnight

Financing

Rate

+

4.50%

5.38%,

11/02/2043

20‌

20‌

5.61%,

01/15/2044

45‌

45‌

Wells

Fargo

Bank

NA

5.95%,

08/26/2036

750‌

805‌

6.60%,

01/15/2038

250‌

289‌

Westpac

Banking

Corp

1.15%,

06/03/2026

190‌

170‌

1.95%,

11/20/2028

200‌

175‌

2.15%,

06/03/2031

190‌

159‌

2.35%,

02/19/2025

155‌

150‌

2.65%,

01/16/2030

155‌

138‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

93

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Westpac

Banking

Corp  

(continued)

2.89%,

02/04/2030

(d)

$

160‌

$

152‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.35%

2.96%,

11/16/2040

80‌

58‌

3.02%,

11/18/2036

(d)

150‌

121‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%

3.13%,

11/18/2041

200‌

147‌

3.74%,

08/26/2025

110‌

110‌

4.04%,

08/26/2027

110‌

109‌

4.11%,

07/24/2034

(d)

165‌

151‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%

4.42%,

07/24/2039

165‌

148‌

$

135,253‌

Beverages

-

0

.65

%

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

3.65%,

02/01/2026

825‌

812‌

4.70%,

02/01/2036

1,030‌

987‌

4.90%,

02/01/2046

890‌

836‌

Anheuser-Busch

InBev

Finance

Inc

4.63%,

02/01/2044

25‌

22‌

Anheuser-Busch

InBev

Worldwide

Inc

3.50%,

06/01/2030

295‌

276‌

3.75%,

07/15/2042

100‌

81‌

4.35%,

06/01/2040

295‌

264‌

4.50%,

06/01/2050

720‌

647‌

4.75%,

01/23/2029

560‌

570‌

4.90%,

01/23/2031

750‌

769‌

5.45%,

01/23/2039

500‌

508‌

5.80%,

01/23/2059

595‌

619‌

8.20%,

01/15/2039

51‌

66‌

Coca-Cola

Co/The

1.00%,

03/15/2028

(e)

340‌

294‌

1.38%,

03/15/2031

340‌

277‌

1.45%,

06/01/2027

1,060‌

959‌

1.50%,

03/05/2028

190‌

169‌

1.65%,

06/01/2030

260‌

220‌

1.75%,

09/06/2024

190‌

186‌

2.13%,

09/06/2029

165‌

147‌

2.25%,

01/05/2032

195‌

170‌

2.50%,

06/01/2040

260‌

203‌

2.50%,

03/15/2051

170‌

123‌

2.60%,

06/01/2050

260‌

194‌

2.88%,

05/05/2041

195‌

160‌

3.00%,

03/05/2051

285‌

230‌

3.38%,

03/25/2027

160‌

159‌

Constellation

Brands

Inc

2.25%,

08/01/2031

170‌

138‌

3.15%,

08/01/2029

630‌

567‌

3.60%,

05/09/2024

80‌

80‌

4.35%,

05/09/2027

160‌

159‌

Diageo

Capital

PLC

2.13%,

10/24/2024

200‌

193‌

2.13%,

04/29/2032

200‌

167‌

2.38%,

10/24/2029

200‌

177‌

5.88%,

09/30/2036

139‌

156‌

Fomento

Economico

Mexicano

SAB

de

CV

3.50%,

01/16/2050

160‌

125‌

Keurig

Dr

Pepper

Inc

2.25%,

03/15/2031

190‌

156‌

3.13%,

12/15/2023

500‌

500‌

3.35%,

03/15/2051

190‌

141‌

3.95%,

04/15/2029

110‌

105‌

4.05%,

04/15/2032

110‌

103‌

4.50%,

04/15/2052

110‌

97‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Beverages

(continued)

Molson

Coors

Beverage

Co

3.00%,

07/15/2026

$

530‌

$

498‌

5.00%,

05/01/2042

50‌

46‌

PepsiCo

Inc

0.40%,

10/07/2023

125‌

121‌

1.40%,

02/25/2031

165‌

135‌

1.63%,

05/01/2030

95‌

81‌

1.95%,

10/21/2031

165‌

140‌

2.38%,

10/06/2026

670‌

642‌

2.63%,

07/29/2029

170‌

157‌

2.63%,

10/21/2041

160‌

126‌

2.75%,

10/21/2051

160‌

123‌

2.85%,

02/24/2026

500‌

491‌

2.88%,

10/15/2049

160‌

127‌

$

15,499‌

Biotechnology

-

0

.29

%

Amgen

Inc

1.65%,

08/15/2028

180‌

154‌

1.90%,

02/21/2025

160‌

153‌

2.00%,

01/15/2032

180‌

147‌

2.20%,

02/21/2027

1,090‌

1,001‌

2.45%,

02/21/2030

160‌

140‌

2.60%,

08/19/2026

500‌

473‌

3.00%,

02/22/2029

200‌

185‌

3.00%,

01/15/2052

180‌

128‌

3.15%,

02/21/2040

860‌

680‌

3.38%,

02/21/2050

160‌

122‌

4.20%,

02/22/2052

200‌

175‌

4.40%,

05/01/2045

40‌

36‌

4.66%,

06/15/2051

300‌

281‌

Baxalta

Inc

4.00%,

06/23/2025

50‌

50‌

5.25%,

06/23/2045

130‌

130‌

Biogen

Inc

2.25%,

05/01/2030

115‌

94‌

5.20%,

09/15/2045

540‌

513‌

Gilead

Sciences

Inc

1.65%,

10/01/2030

165‌

135‌

2.60%,

10/01/2040

85‌

62‌

2.80%,

10/01/2050

165‌

115‌

2.95%,

03/01/2027

530‌

502‌

4.00%,

09/01/2036

300‌

280‌

4.60%,

09/01/2035

500‌

495‌

Regeneron

Pharmaceuticals

Inc

1.75%,

09/15/2030

165‌

132‌

Royalty

Pharma

PLC

0.75%,

09/02/2023

160‌

154‌

1.75%,

09/02/2027

310‌

264‌

2.20%,

09/02/2030

160‌

129‌

3.30%,

09/02/2040

160‌

118‌

$

6,848‌

Building

Materials

-

0

.14

%

Carrier

Global

Corp

2.24%,

02/15/2025

23‌

22‌

2.49%,

02/15/2027

36‌

33‌

2.72%,

02/15/2030

320‌

276‌

3.38%,

04/05/2040

300‌

235‌

3.58%,

04/05/2050

160‌

121‌

Johnson

Controls

International

plc

4.50%,

02/15/2047

500‌

437‌

Johnson

Controls

International

plc

/

Tyco

Fire

&

Security

Finance

SCA

2.00%,

09/16/2031

385‌

306‌

Martin

Marietta

Materials

Inc

0.65%,

07/15/2023

190‌

184‌

2.50%,

03/15/2030

500‌

422‌

3.20%,

07/15/2051

190‌

135‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

94

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Building

Materials

(continued)

Masco

Corp

1.50%,

02/15/2028

$

190‌

$

159‌

4.50%,

05/15/2047

525‌

446‌

Owens

Corning

4.40%,

01/30/2048

300‌

248‌

Vulcan

Materials

Co

3.50%,

06/01/2030

295‌

268‌

$

3,292‌

Chemicals

-

0

.33

%

Air

Products

and

Chemicals

Inc

1.85%,

05/15/2027

655‌

596‌

2.80%,

05/15/2050

155‌

117‌

Albemarle

Corp

5.45%,

12/01/2044

150‌

147‌

Dow

Chemical

Co/The

2.10%,

11/15/2030

165‌

136‌

3.60%,

11/15/2050

165‌

126‌

4.38%,

11/15/2042

230‌

203‌

4.80%,

05/15/2049

300‌

273‌

5.25%,

11/15/2041

280‌

274‌

9.40%,

05/15/2039

30‌

43‌

DuPont

de

Nemours

Inc

4.73%,

11/15/2028

475‌

476‌

5.32%,

11/15/2038

500‌

495‌

5.42%,

11/15/2048

245‌

243‌

Eastman

Chemical

Co

4.80%,

09/01/2042

100‌

89‌

Ecolab

Inc

1.30%,

01/30/2031

85‌

68‌

1.65%,

02/01/2027

350‌

320‌

2.13%,

08/15/2050

(e)

85‌

54‌

2.75%,

08/18/2055

307‌

214‌

4.80%,

03/24/2030

160‌

166‌

EI

du

Pont

de

Nemours

and

Co

1.70%,

07/15/2025

185‌

174‌

Linde

Inc/CT

1.10%,

08/10/2030

165‌

132‌

LYB

International

Finance

III

LLC

1.25%,

10/01/2025

84‌

76‌

2.25%,

10/01/2030

165‌

136‌

3.63%,

04/01/2051

165‌

122‌

4.20%,

10/15/2049

125‌

101‌

LyondellBasell

Industries

NV

4.63%,

02/26/2055

20‌

17‌

5.75%,

04/15/2024

130‌

133‌

Mosaic

Co/The

4.25%,

11/15/2023

496‌

499‌

Nutrien

Ltd

4.20%,

04/01/2029

600‌

583‌

4.90%,

06/01/2043

200‌

192‌

PPG

Industries

Inc

1.20%,

03/15/2026

190‌

171‌

Sherwin-Williams

Co/The

2.20%,

03/15/2032

160‌

129‌

2.30%,

05/15/2030

160‌

135‌

2.95%,

08/15/2029

450‌

403‌

3.30%,

05/15/2050

160‌

118‌

3.80%,

08/15/2049

175‌

140‌

Westlake

Corp

3.13%,

08/15/2051

190‌

132‌

3.60%,

08/15/2026

350‌

341‌

$

7,774‌

Commercial

Mortgage

Backed

Securities

-

1

.46

%

BANK

2018-BNK10

3.69%,

02/15/2061

1,850‌

1,797‌

CFCRE

Commercial

Mortgage

Trust

2016-C4

3.28%,

05/10/2058

1,300‌

1,255‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

Citigroup

Commercial

Mortgage

Trust

2016-GC36

3.62%,

02/10/2049

$

1,000‌

$

980‌

COMM

2013-CCRE8

Mortgage

Trust

3.61%,

06/10/2046

(g)

500‌

498‌

COMM

2015-DC1

Mortgage

Trust

3.35%,

02/10/2048

1,000‌

977‌

COMM

2015-LC19

Mortgage

Trust

3.18%,

02/10/2048

1,000‌

974‌

COMM

2016-CR28

Mortgage

Trust

3.76%,

02/10/2049

1,000‌

985‌

CSAIL

2016-C7

Commercial

Mortgage

Trust

3.31%,

11/15/2049

742‌

733‌

Fannie

Mae-Aces

2.50%,

10/25/2026

(g)

819‌

783‌

2.53%,

09/25/2024

779‌

762‌

2.79%,

06/25/2025

(g)

1,554‌

1,525‌

2.88%,

02/25/2027

(g)

829‌

808‌

2.96%,

02/25/2027

(g)

963‌

939‌

3.09%,

12/25/2027

(g)

806‌

783‌

3.48%,

07/25/2028

(g)

2,025‌

2,013‌

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2.67%,

03/25/2026

1,050‌

1,022‌

3.06%,

07/25/2023

(g)

750‌

749‌

3.06%,

12/25/2024

500‌

495‌

3.31%,

05/25/2023

(g)

810‌

809‌

3.32%,

02/25/2023

(g)

957‌

956‌

3.41%,

12/25/2026

1,500‌

1,495‌

3.53%,

10/25/2023

(g)

1,050‌

1,051‌

GS

Mortgage

Securities

Trust

2012-GCJ9

2.77%,

11/10/2045

358‌

357‌

GS

Mortgage

Securities

Trust

2014-GC18

3.80%,

01/10/2047

308‌

306‌

GS

Mortgage

Securities

Trust

2015-GC34

3.51%,

10/10/2048

1,000‌

975‌

GS

Mortgage

Securities

Trust

2017-GS5

3.47%,

03/10/2050

2,021‌

1,993‌

GS

Mortgage

Securities

Trust

2018-GS9

3.99%,

03/10/2051

(g)

1,500‌

1,472‌

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C22

3.80%,

09/15/2047

1,000‌

992‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2015-C24

3.48%,

05/15/2048

915‌

890‌

Morgan

Stanley

Capital

I

Trust

2017-H1

3.26%,

06/15/2050

2,500‌

2,385‌

SG

Commercial

Mortgage

Securities

Trust

2016-C5

3.06%,

10/10/2048

1,000‌

952‌

UBS-Barclays

Commercial

Mortgage

Trust

2013-C6

3.24%,

04/10/2046

500‌

497‌

Wells

Fargo

Commercial

Mortgage

Trust

2012-LC5

2.92%,

10/15/2045

40‌

40‌

Wells

Fargo

Commercial

Mortgage

Trust

2015-C28

3.29%,

05/15/2048

1,515‌

1,476‌

WFRBS

Commercial

Mortgage

Trust

2013-C14

2.98%,

06/15/2046

170‌

169‌

$

34,893‌

Commercial

Services

-

0

.25

%

American

University/The

3.67%,

04/01/2049

125‌

107‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

95

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Services

(continued)

Automatic

Data

Processing

Inc

1.70%,

05/15/2028

$

195‌

$

175‌

3.38%,

09/15/2025

500‌

500‌

California

Institute

of

Technology

4.32%,

08/01/2045

80‌

80‌

Global

Payments

Inc

1.20%,

03/01/2026

370‌

326‌

1.50%,

11/15/2024

195‌

183‌

2.65%,

02/15/2025

170‌

162‌

3.20%,

08/15/2029

170‌

149‌

4.15%,

08/15/2049

85‌

67‌

Leland

Stanford

Junior

University/The

3.65%,

05/01/2048

287‌

267‌

Massachusetts

Institute

of

Technology

3.89%,

07/01/2116

250‌

209‌

4.68%,

07/01/2114

250‌

250‌

Moody's

Corp

2.55%,

08/18/2060

515‌

321‌

5.25%,

07/15/2044

500‌

501‌

PayPal

Holdings

Inc

1.65%,

06/01/2025

160‌

151‌

2.30%,

06/01/2030

160‌

137‌

2.40%,

10/01/2024

160‌

156‌

2.85%,

10/01/2029

160‌

145‌

3.90%,

06/01/2027

(e)

185‌

184‌

4.40%,

06/01/2032

185‌

183‌

S&P

Global

Inc

1.25%,

08/15/2030

(e)

165‌

131‌

2.45%,

03/01/2027

(h)

295‌

276‌

2.50%,

12/01/2029

120‌

106‌

3.25%,

12/01/2049

120‌

94‌

3.70%,

03/01/2052

(h)

295‌

252‌

University

of

Southern

California

5.25%,

10/01/2111

30‌

31‌

Verisk

Analytics

Inc

4.00%,

06/15/2025

500‌

496‌

William

Marsh

Rice

University

3.57%,

05/15/2045

500‌

443‌

$

6,082‌

Computers

-

0

.64

%

Apple

Inc

0.55%,

08/20/2025

525‌

481‌

0.70%,

02/08/2026

350‌

319‌

1.13%,

05/11/2025

550‌

516‌

1.20%,

02/08/2028

345‌

302‌

1.25%,

08/20/2030

525‌

431‌

1.40%,

08/05/2028

190‌

166‌

1.65%,

05/11/2030

160‌

136‌

1.65%,

02/08/2031

175‌

147‌

1.70%,

08/05/2031

(e)

385‌

323‌

2.20%,

09/11/2029

165‌

149‌

2.38%,

02/08/2041

175‌

134‌

2.40%,

08/20/2050

525‌

368‌

2.65%,

05/11/2050

160‌

118‌

2.65%,

02/08/2051

175‌

129‌

2.70%,

08/05/2051

285‌

213‌

2.80%,

02/08/2061

175‌

126‌

2.90%,

09/12/2027

655‌

632‌

2.95%,

09/11/2049

165‌

130‌

3.20%,

05/13/2025

445‌

445‌

3.20%,

05/11/2027

320‌

315‌

3.35%,

02/09/2027

535‌

532‌

3.45%,

02/09/2045

30‌

26‌

3.75%,

09/12/2047

115‌

104‌

3.75%,

11/13/2047

150‌

135‌

3.85%,

05/04/2043

300‌

276‌

4.65%,

02/23/2046

1,235‌

1,271‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Computers

(continued)

Dell

International

LLC

/

EMC

Corp

3.38%,

12/15/2041

(h)

$

200‌

$

143‌

3.45%,

12/15/2051

(h)

400‌

271‌

6.02%,

06/15/2026

1,000‌

1,038‌

8.10%,

07/15/2036

138‌

161‌

8.35%,

07/15/2046

83‌

103‌

Hewlett

Packard

Enterprise

Co

1.45%,

04/01/2024

465‌

446‌

4.45%,

10/02/2023

150‌

151‌

4.90%,

10/15/2025

300‌

304‌

6.20%,

10/15/2035

80‌

85‌

6.35%,

10/15/2045

195‌

196‌

HP

Inc

1.45%,

06/17/2026

190‌

169‌

2.20%,

06/17/2025

240‌

227‌

3.00%,

06/17/2027

240‌

222‌

4.75%,

01/15/2028

175‌

173‌

6.00%,

09/15/2041

154‌

155‌

International

Business

Machines

Corp

2.20%,

02/09/2027

100‌

93‌

3.30%,

05/15/2026

1,050‌

1,024‌

3.38%,

08/01/2023

335‌

336‌

3.50%,

05/15/2029

470‌

447‌

4.00%,

06/20/2042

35‌

30‌

4.15%,

05/15/2039

230‌

207‌

4.25%,

05/15/2049

340‌

300‌

4.70%,

02/19/2046

185‌

173‌

5.60%,

11/30/2039

92‌

97‌

5.88%,

11/29/2032

200‌

218‌

6.22%,

08/01/2027

351‌

383‌

NetApp

Inc

2.38%,

06/22/2027

160‌

145‌

$

15,221‌

Consumer

Products

-

0

.05

%

Church

&

Dwight

Co

Inc

3.15%,

08/01/2027

300‌

287‌

3.95%,

08/01/2047

300‌

263‌

Clorox

Co/The

1.80%,

05/15/2030

160‌

131‌

Kimberly-Clark

Corp

2.75%,

02/15/2026

400‌

387‌

2.88%,

02/07/2050

160‌

121‌

$

1,189‌

Cosmetics

&

Personal

Care

-

0

.18

%

Estee

Lauder

Cos

Inc/The

1.95%,

03/15/2031

170‌

143‌

2.00%,

12/01/2024

240‌

232‌

2.38%,

12/01/2029

240‌

214‌

GSK

Consumer

Healthcare

Capital

UK

PLC

3.13%,

03/24/2025

(h)

250‌

243‌

GSK

Consumer

Healthcare

Capital

US

LLC

3.38%,

03/24/2027

(h)

475‌

455‌

3.63%,

03/24/2032

(h)

370‌

342‌

4.00%,

03/24/2052

(h)

250‌

214‌

Procter

&

Gamble

Co/The

0.55%,

10/29/2025

240‌

221‌

1.20%,

10/29/2030

340‌

278‌

1.90%,

02/01/2027

115‌

108‌

2.30%,

02/01/2032

115‌

102‌

2.80%,

03/25/2027

660‌

638‌

3.10%,

08/15/2023

30‌

30‌

3.55%,

03/25/2040

160‌

145‌

Unilever

Capital

Corp

1.38%,

09/14/2030

170‌

138‌

2.13%,

09/06/2029

115‌

101‌

2.60%,

05/05/2024

510‌

503‌

5.90%,

11/15/2032

230‌

260‌

$

4,367‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

96

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Distribution

&

Wholesale

-

0

.01

%

WW

Grainger

Inc

4.60%,

06/15/2045

$

250‌

$

239‌

Diversified

Financial

Services

-

0

.99

%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

1.15%,

10/29/2023

380‌

362‌

1.65%,

10/29/2024

1,440‌

1,330‌

1.75%,

10/29/2024

380‌

351‌

1.75%,

01/30/2026

170‌

149‌

2.45%,

10/29/2026

225‌

196‌

2.88%,

08/14/2024

1,035‌

986‌

3.00%,

10/29/2028

245‌

206‌

3.30%,

01/30/2032

380‌

304‌

3.40%,

10/29/2033

275‌

217‌

3.88%,

01/23/2028

300‌

271‌

Air

Lease

Corp

1.88%,

08/15/2026

200‌

173‌

2.10%,

09/01/2028

385‌

309‌

2.30%,

02/01/2025

265‌

248‌

2.88%,

01/15/2026

385‌

353‌

2.88%,

01/15/2032

200‌

156‌

3.25%,

03/01/2025

500‌

477‌

3.25%,

10/01/2029

95‌

80‌

Ally

Financial

Inc

1.45%,

10/02/2023

185‌

179‌

2.20%,

11/02/2028

190‌

155‌

4.75%,

06/09/2027

160‌

154‌

8.00%,

11/01/2031

540‌

600‌

American

Express

Co

1.65%,

11/04/2026

1,350‌

1,225‌

2.25%,

03/04/2025

195‌

187‌

3.30%,

05/03/2027

30‌

29‌

3.38%,

05/03/2024

130‌

129‌

4.05%,

05/03/2029

75‌

74‌

4.05%,

12/03/2042

25‌

23‌

Ameriprise

Financial

Inc

4.00%,

10/15/2023

225‌

226‌

BlackRock

Inc

2.10%,

02/25/2032

150‌

124‌

2.40%,

04/30/2030

125‌

109‌

3.50%,

03/18/2024

500‌

502‌

Brookfield

Finance

Inc

2.72%,

04/15/2031

190‌

161‌

3.50%,

03/30/2051

165‌

119‌

3.90%,

01/25/2028

400‌

382‌

Brookfield

Finance

LLC

3.45%,

04/15/2050

160‌

114‌

Capital

One

Financial

Corp

1.88%,

11/02/2027

(d)

125‌

110‌

Secured

Overnight

Financing

Rate

+

0.86%

2.36%,

07/29/2032

(d)

190‌

145‌

Secured

Overnight

Financing

Rate

+

1.34%

3.20%,

02/05/2025

415‌

403‌

3.75%,

04/24/2024

5‌

5‌

3.75%,

07/28/2026

1,000‌

956‌

4.20%,

10/29/2025

30‌

30‌

4.93%,

05/10/2028

(d)

255‌

253‌

Secured

Overnight

Financing

Rate

+

2.06%

Charles

Schwab

Corp/The

0.90%,

03/11/2026

315‌

283‌

1.15%,

05/13/2026

195‌

176‌

1.65%,

03/11/2031

315‌

252‌

1.95%,

12/01/2031

195‌

158‌

2.00%,

03/20/2028

385‌

344‌

3.45%,

02/13/2026

250‌

247‌

CME

Group

Inc

3.00%,

03/15/2025

530‌

523‌

5.30%,

09/15/2043

200‌

217‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Diversified

Financial

Services

(continued)

Credit

Suisse

USA

Inc

7.13%,

07/15/2032

$

300‌

$

336‌

Discover

Financial

Services

4.10%,

02/09/2027

500‌

479‌

Intercontinental

Exchange

Inc

1.85%,

09/15/2032

125‌

97‌

2.10%,

06/15/2030

160‌

134‌

2.65%,

09/15/2040

165‌

121‌

3.00%,

09/15/2060

165‌

112‌

3.75%,

12/01/2025

50‌

49‌

4.00%,

09/15/2027

365‌

360‌

4.25%,

09/21/2048

150‌

134‌

4.60%,

03/15/2033

185‌

184‌

4.95%,

06/15/2052

185‌

183‌

Jefferies

Group

LLC

6.50%,

01/20/2043

200‌

198‌

Jefferies

Group

LLC

/

Jefferies

Group

Capital

Finance

Inc

2.63%,

10/15/2031

165‌

127‌

4.15%,

01/23/2030

400‌

359‌

Mastercard

Inc

2.00%,

03/03/2025

210‌

202‌

2.00%,

11/18/2031

170‌

143‌

2.95%,

11/21/2026

500‌

488‌

2.95%,

03/15/2051

190‌

147‌

3.35%,

03/26/2030

80‌

76‌

3.85%,

03/26/2050

560‌

513‌

Nasdaq

Inc

2.50%,

12/21/2040

185‌

129‌

Nomura

Holdings

Inc

1.85%,

07/16/2025

330‌

302‌

2.33%,

01/22/2027

385‌

341‌

2.68%,

07/16/2030

330‌

270‌

ORIX

Corp

3.70%,

07/18/2027

300‌

291‌

Synchrony

Financial

4.25%,

08/15/2024

800‌

795‌

4.50%,

07/23/2025

20‌

19‌

Visa

Inc

1.10%,

02/15/2031

165‌

132‌

1.90%,

04/15/2027

475‌

438‌

2.00%,

08/15/2050

165‌

109‌

2.05%,

04/15/2030

155‌

136‌

2.70%,

04/15/2040

155‌

125‌

3.15%,

12/14/2025

600‌

591‌

3.65%,

09/15/2047

85‌

76‌

4.15%,

12/14/2035

215‌

214‌

4.30%,

12/14/2045

375‌

370‌

Western

Union

Co/The

6.20%,

11/17/2036

200‌

203‌

$

23,745‌

Electric

-

1

.86

%

AEP

Texas

Inc

2.10%,

07/01/2030

165‌

137‌

3.45%,

01/15/2050

55‌

43‌

3.45%,

05/15/2051

195‌

150‌

4.70%,

05/15/2032

65‌

65‌

5.25%,

05/15/2052

65‌

66‌

AEP

Transmission

Co

LLC

2.75%,

08/15/2051

190‌

133‌

4.00%,

12/01/2046

400‌

353‌

4.50%,

06/15/2052

175‌

168‌

AES

Corp/The

2.45%,

01/15/2031

180‌

145‌

Alabama

Power

Co

1.45%,

09/15/2030

160‌

130‌

3.13%,

07/15/2051

190‌

142‌

4.30%,

01/02/2046

400‌

364‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

97

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Ameren

Corp

1.75%,

03/15/2028

$

190‌

$

164‌

Ameren

Illinois

Co

1.55%,

11/15/2030

180‌

146‌

3.25%,

03/15/2050

80‌

62‌

American

Electric

Power

Co

Inc

1.00%,

11/01/2025

45‌

40‌

2.30%,

03/01/2030

160‌

135‌

Appalachian

Power

Co

3.30%,

06/01/2027

200‌

192‌

7.00%,

04/01/2038

120‌

139‌

Arizona

Public

Service

Co

2.60%,

08/15/2029

270‌

236‌

2.65%,

09/15/2050

170‌

109‌

4.50%,

04/01/2042

77‌

68‌

Baltimore

Gas

and

Electric

Co

2.25%,

06/15/2031

190‌

162‌

4.55%,

06/01/2052

60‌

58‌

Berkshire

Hathaway

Energy

Co

1.65%,

05/15/2031

135‌

109‌

2.85%,

05/15/2051

180‌

128‌

3.80%,

07/15/2048

300‌

251‌

4.50%,

02/01/2045

325‌

301‌

4.60%,

05/01/2053

(h)

195‌

187‌

5.15%,

11/15/2043

15‌

15‌

6.13%,

04/01/2036

156‌

172‌

CenterPoint

Energy

Houston

Electric

LLC

3.35%,

04/01/2051

190‌

154‌

4.25%,

02/01/2049

300‌

283‌

CenterPoint

Energy

Inc

1.45%,

06/01/2026

195‌

175‌

2.50%,

09/01/2024

90‌

87‌

2.95%,

03/01/2030

125‌

111‌

3.70%,

09/01/2049

90‌

72‌

CMS

Energy

Corp

3.45%,

08/15/2027

350‌

335‌

3.75%,

12/01/2050

(d)

180‌

138‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.90%

Commonwealth

Edison

Co

3.00%,

03/01/2050

160‌

121‌

3.13%,

03/15/2051

190‌

146‌

4.00%,

03/01/2049

300‌

269‌

Connecticut

Light

and

Power

Co/The

0.75%,

12/01/2025

180‌

162‌

2.05%,

07/01/2031

190‌

161‌

3.20%,

03/15/2027

165‌

160‌

4.00%,

04/01/2048

500‌

453‌

Consolidated

Edison

Co

of

New

York

Inc

2.40%,

06/15/2031

195‌

167‌

3.00%,

12/01/2060

180‌

123‌

3.13%,

11/15/2027

300‌

285‌

3.70%,

11/15/2059

80‌

63‌

3.88%,

06/15/2047

650‌

544‌

4.13%,

05/15/2049

300‌

264‌

4.20%,

03/15/2042

128‌

113‌

4.30%,

12/01/2056

230‌

201‌

5.85%,

03/15/2036

51‌

55‌

6.75%,

04/01/2038

125‌

146‌

Constellation

Energy

Generation

LLC

6.25%,

10/01/2039

349‌

357‌

Consumers

Energy

Co

2.50%,

05/01/2060

160‌

104‌

3.10%,

08/15/2050

245‌

188‌

Delmarva

Power

&

Light

Co

4.15%,

05/15/2045

350‌

312‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Dominion

Energy

Inc

1.45%,

04/15/2026

$

190‌

$

172‌

3.30%,

04/15/2041

190‌

149‌

3.38%,

04/01/2030

155‌

142‌

4.70%,

12/01/2044

300‌

277‌

4.90%,

08/01/2041

77‌

74‌

5.95%,

06/15/2035

400‌

425‌

Dominion

Energy

South

Carolina

Inc

5.45%,

02/01/2041

77‌

81‌

DTE

Electric

Co

1.90%,

04/01/2028

435‌

388‌

2.25%,

03/01/2030

160‌

140‌

2.63%,

03/01/2031

155‌

138‌

3.95%,

03/01/2049

250‌

224‌

DTE

Energy

Co

1.05%,

06/01/2025

85‌

78‌

Duke

Energy

Carolinas

LLC

3.20%,

08/15/2049

450‌

352‌

4.00%,

09/30/2042

100‌

89‌

5.30%,

02/15/2040

362‌

376‌

Duke

Energy

Corp

0.90%,

09/15/2025

170‌

154‌

3.15%,

08/15/2027

15‌

14‌

3.30%,

06/15/2041

190‌

147‌

3.50%,

06/15/2051

190‌

143‌

3.75%,

09/01/2046

400‌

315‌

Duke

Energy

Florida

LLC

1.75%,

06/15/2030

160‌

133‌

2.50%,

12/01/2029

330‌

293‌

3.40%,

10/01/2046

300‌

236‌

5.65%,

04/01/2040

25‌

27‌

6.40%,

06/15/2038

66‌

77‌

Duke

Energy

Indiana

LLC

2.75%,

04/01/2050

160‌

113‌

6.12%,

10/15/2035

77‌

84‌

6.45%,

04/01/2039

300‌

340‌

Duke

Energy

Ohio

Inc

2.13%,

06/01/2030

160‌

135‌

Duke

Energy

Progress

LLC

2.50%,

08/15/2050

165‌

113‌

4.15%,

12/01/2044

300‌

268‌

Emera

US

Finance

LP

3.55%,

06/15/2026

25‌

24‌

4.75%,

06/15/2046

25‌

22‌

Entergy

Arkansas

LLC

2.65%,

06/15/2051

170‌

118‌

Entergy

Corp

0.90%,

09/15/2025

580‌

522‌

1.90%,

06/15/2028

115‌

99‌

2.40%,

06/15/2031

190‌

155‌

Entergy

Louisiana

LLC

2.90%,

03/15/2051

90‌

65‌

3.10%,

06/15/2041

190‌

151‌

Entergy

Texas

Inc

1.75%,

03/15/2031

165‌

133‌

4.00%,

03/30/2029

300‌

293‌

4.50%,

03/30/2039

300‌

281‌

Evergy

Inc

2.45%,

09/15/2024

165‌

159‌

Evergy

Kansas

Central

Inc

4.25%,

12/01/2045

500‌

442‌

Evergy

Metro

Inc

2.25%,

06/01/2030

160‌

138‌

Eversource

Energy

0.80%,

08/15/2025

165‌

149‌

1.65%,

08/15/2030

165‌

131‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

98

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Exelon

Corp

3.35%,

03/15/2032

(h)

$

195‌

$

175‌

3.95%,

06/15/2025

25‌

25‌

4.45%,

04/15/2046

20‌

18‌

5.63%,

06/15/2035

300‌

316‌

Florida

Power

&

Light

Co

2.45%,

02/03/2032

200‌

174‌

2.88%,

12/04/2051

195‌

145‌

3.15%,

10/01/2049

90‌

71‌

3.70%,

12/01/2047

200‌

176‌

4.05%,

10/01/2044

350‌

322‌

5.69%,

03/01/2040

48‌

53‌

Georgia

Power

Co

2.20%,

09/15/2024

165‌

159‌

4.30%,

03/15/2042

228‌

198‌

4.70%,

05/15/2032

185‌

185‌

Gulf

Power

Co

3.30%,

05/30/2027

400‌

386‌

Hydro-Quebec

8.05%,

07/07/2024

102‌

111‌

Iberdrola

International

BV

6.75%,

07/15/2036

128‌

147‌

Interstate

Power

and

Light

Co

2.30%,

06/01/2030

40‌

34‌

4.10%,

09/26/2028

300‌

296‌

Kentucky

Utilities

Co

3.30%,

06/01/2050

155‌

121‌

5.13%,

11/01/2040

250‌

250‌

MidAmerican

Energy

Co

3.15%,

04/15/2050

165‌

129‌

3.65%,

04/15/2029

300‌

291‌

4.25%,

07/15/2049

300‌

278‌

Mississippi

Power

Co

4.25%,

03/15/2042

100‌

87‌

National

Rural

Utilities

Cooperative

Finance

Corp

0.35%,

02/08/2024

155‌

148‌

1.00%,

06/15/2026

190‌

171‌

2.40%,

03/15/2030

105‌

92‌

3.05%,

04/25/2027

300‌

288‌

3.25%,

11/01/2025

500‌

488‌

Nevada

Power

Co

2.40%,

05/01/2030

200‌

174‌

NextEra

Energy

Capital

Holdings

Inc

1.90%,

06/15/2028

195‌

170‌

2.25%,

06/01/2030

450‌

378‌

2.75%,

11/01/2029

115‌

102‌

4.20%,

06/20/2024

(e)

175‌

176‌

5.00%,

07/15/2032

175‌

179‌

5.65%,

05/01/2079

(d)

500‌

439‌

3

Month

USD

LIBOR

+

3.16%

Northern

States

Power

Co/MN

2.25%,

04/01/2031

190‌

166‌

2.60%,

06/01/2051

160‌

113‌

2.90%,

03/01/2050

80‌

60‌

3.40%,

08/15/2042

100‌

84‌

5.35%,

11/01/2039

82‌

88‌

NorthWestern

Corp

4.18%,

11/15/2044

300‌

261‌

NSTAR

Electric

Co

4.55%,

06/01/2052

185‌

180‌

Ohio

Power

Co

1.63%,

01/15/2031

150‌

121‌

Oncor

Electric

Delivery

Co

LLC

0.55%,

10/01/2025

165‌

149‌

2.75%,

06/01/2024

300‌

296‌

3.10%,

09/15/2049

430‌

333‌

4.15%,

06/01/2032

(h)

185‌

185‌

4.60%,

06/01/2052

(h)

185‌

184‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Oncor

Electric

Delivery

Co

LLC  

(continued)

5.25%,

09/30/2040

$

51‌

$

54‌

Pacific

Gas

and

Electric

Co

2.10%,

08/01/2027

1,160‌

972‌

2.50%,

02/01/2031

320‌

245‌

3.30%,

08/01/2040

160‌

110‌

3.50%,

08/01/2050

1,160‌

775‌

4.20%,

06/01/2041

190‌

139‌

4.95%,

06/08/2025

455‌

446‌

5.90%,

06/15/2032

150‌

145‌

PacifiCorp

2.90%,

06/15/2052

190‌

139‌

6.25%,

10/15/2037

92‌

104‌

PECO

Energy

Co

2.80%,

06/15/2050

425‌

310‌

2.85%,

09/15/2051

175‌

128‌

4.60%,

05/15/2052

55‌

55‌

PPL

Electric

Utilities

Corp

3.00%,

10/01/2049

80‌

60‌

3.95%,

06/01/2047

300‌

267‌

Progress

Energy

Inc

7.75%,

03/01/2031

136‌

159‌

Public

Service

Co

of

Colorado

1.88%,

06/15/2031

155‌

130‌

2.70%,

01/15/2051

495‌

352‌

3.70%,

06/15/2028

300‌

295‌

4.50%,

06/01/2052

60‌

59‌

Public

Service

Electric

and

Gas

Co

2.05%,

08/01/2050

165‌

103‌

2.45%,

01/15/2030

160‌

142‌

3.00%,

05/15/2027

400‌

385‌

3.15%,

01/01/2050

160‌

124‌

3.65%,

09/01/2042

200‌

171‌

Public

Service

Enterprise

Group

Inc

0.80%,

08/15/2025

330‌

298‌

Puget

Sound

Energy

Inc

2.89%,

09/15/2051

170‌

124‌

3.25%,

09/15/2049

60‌

46‌

5.80%,

03/15/2040

351‌

376‌

San

Diego

Gas

&

Electric

Co

1.70%,

10/01/2030

170‌

140‌

3.32%,

04/15/2050

155‌

121‌

3.70%,

03/15/2052

195‌

164‌

Sempra

Energy

3.40%,

02/01/2028

300‌

283‌

3.80%,

02/01/2038

300‌

253‌

4.00%,

02/01/2048

400‌

333‌

6.00%,

10/15/2039

112‌

118‌

Southern

California

Edison

Co

2.25%,

06/01/2030

160‌

134‌

2.85%,

08/01/2029

125‌

111‌

3.45%,

02/01/2052

200‌

149‌

3.65%,

02/01/2050

315‌

241‌

4.00%,

04/01/2047

585‌

475‌

4.70%,

06/01/2027

365‌

366‌

5.50%,

03/15/2040

102‌

100‌

5.95%,

02/01/2038

617‌

638‌

Southern

Co/The

1.75%,

03/15/2028

190‌

162‌

3.25%,

07/01/2026

570‌

545‌

3.75%,

09/15/2051

(d)

435‌

370‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.92%

4.00%,

01/15/2051

(d)

170‌

152‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.73%

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

99

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Southern

Power

Co

0.90%,

01/15/2026

$

40‌

$

36‌

5.25%,

07/15/2043

200‌

190‌

Southwestern

Electric

Power

Co

4.10%,

09/15/2028

400‌

386‌

6.20%,

03/15/2040

51‌

55‌

Tampa

Electric

Co

3.45%,

03/15/2051

185‌

146‌

4.35%,

05/15/2044

200‌

183‌

Tucson

Electric

Power

Co

1.50%,

08/01/2030

455‌

363‌

3.25%,

05/01/2051

195‌

144‌

Union

Electric

Co

2.15%,

03/15/2032

190‌

158‌

2.63%,

03/15/2051

165‌

114‌

3.50%,

04/15/2024

500‌

499‌

Virginia

Electric

and

Power

Co

2.30%,

11/15/2031

195‌

165‌

2.45%,

12/15/2050

90‌

60‌

2.88%,

07/15/2029

90‌

82‌

2.95%,

11/15/2051

380‌

281‌

3.75%,

05/15/2027

115‌

114‌

4.20%,

05/15/2045

600‌

537‌

6.00%,

05/15/2037

77‌

85‌

8.88%,

11/15/2038

10‌

14‌

WEC

Energy

Group

Inc

0.55%,

09/15/2023

170‌

164‌

1.38%,

10/15/2027

165‌

143‌

2.20%,

12/15/2028

200‌

175‌

Wisconsin

Electric

Power

Co

2.05%,

12/15/2024

65‌

63‌

Wisconsin

Public

Service

Corp

2.85%,

12/01/2051

195‌

142‌

Xcel

Energy

Inc

0.50%,

10/15/2023

85‌

82‌

1.75%,

03/15/2027

280‌

250‌

2.60%,

12/01/2029

115‌

100‌

4.60%,

06/01/2032

110‌

109‌

$

44,478‌

Electrical

Components

&

Equipment

-

0

.03

%

Emerson

Electric

Co

0.88%,

10/15/2026

550‌

486‌

2.20%,

12/21/2031

400‌

338‌

$

824‌

Electronics

-

0

.08

%

Agilent

Technologies

Inc

2.10%,

06/04/2030

160‌

130‌

2.30%,

03/12/2031

195‌

159‌

Fortive

Corp

3.15%,

06/15/2026

535‌

507‌

Honeywell

International

Inc

1.10%,

03/01/2027

190‌

169‌

1.35%,

06/01/2025

75‌

71‌

1.75%,

09/01/2031

190‌

157‌

1.95%,

06/01/2030

310‌

266‌

2.50%,

11/01/2026

50‌

48‌

2.70%,

08/15/2029

85‌

78‌

2.80%,

06/01/2050

(e)

160‌

123‌

Jabil

Inc

1.70%,

04/15/2026

190‌

170‌

Tyco

Electronics

Group

SA

7.13%,

10/01/2037

14‌

17‌

$

1,895‌

Entertainment

-

0

.13

%

Magallanes

Inc

3.43%,

03/15/2024

(h)

390‌

382‌

3.64%,

03/15/2025

(h)

395‌

383‌

3.76%,

03/15/2027

(h)

395‌

371‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Entertainment

(continued)

Magallanes

Inc  

(continued)

4.05%,

03/15/2029

(h)

$

390‌

$

357‌

4.28%,

03/15/2032

(h)

590‌

527‌

5.05%,

03/15/2042

(h)

395‌

336‌

5.14%,

03/15/2052

(h)

295‌

248‌

5.39%,

03/15/2062

(h)

635‌

531‌

$

3,135‌

Environmental

Control

-

0

.06

%

Republic

Services

Inc

1.75%,

02/15/2032

90‌

71‌

2.30%,

03/01/2030

340‌

292‌

2.50%,

08/15/2024

215‌

208‌

Waste

Connections

Inc

2.20%,

01/15/2032

385‌

314‌

Waste

Management

Inc

0.75%,

11/15/2025

90‌

82‌

2.00%,

06/01/2029

195‌

170‌

2.50%,

11/15/2050

180‌

121‌

4.15%,

04/15/2032

95‌

93‌

$

1,351‌

Federal

&

Federally

Sponsored

Credit

-

0

.03

%

Federal

Farm

Credit

Banks

Funding

Corp

0.25%,

02/26/2024

385‌

369‌

2.63%,

05/16/2024

365‌

363‌

$

732‌

Finance

-

Mortgage

Loan/Banker

-

0

.90

%

Fannie

Mae

0.25%,

11/27/2023

1,480‌

1,426‌

0.50%,

06/17/2025

370‌

343‌

0.50%,

11/07/2025

360‌

330‌

0.75%,

10/08/2027

500‌

442‌

0.88%,

08/05/2030

680‌

563‌

2.13%,

04/24/2026

2,250‌

2,173‌

2.50%,

02/05/2024

500‌

496‌

2.63%,

09/06/2024

750‌

743‌

5.63%,

07/15/2037

200‌

244‌

6.63%,

11/15/2030

602‌

744‌

7.13%,

01/15/2030

199‌

250‌

7.25%,

05/15/2030

280‌

356‌

Federal

Home

Loan

Banks

0.13%,

08/28/2023

230‌

223‌

0.38%,

09/04/2025

470‌

432‌

2.50%,

02/13/2024

1,000‌

993‌

2.75%,

06/28/2024

710‌

706‌

3.25%,

11/16/2028

2,000‌

2,007‌

5.50%,

07/15/2036

700‌

844‌

Freddie

Mac

0.13%,

10/16/2023

345‌

333‌

0.25%,

08/24/2023

335‌

325‌

0.25%,

09/08/2023

505‌

489‌

0.25%,

11/06/2023

550‌

531‌

0.25%,

12/04/2023

1,970‌

1,895‌

0.38%,

09/23/2025

4,060‌

3,724‌

6.25%,

07/15/2032

231‌

287‌

6.75%,

03/15/2031

577‌

723‌

$

21,622‌

Food

-

0

.28

%

Campbell

Soup

Co

3.95%,

03/15/2025

350‌

349‌

4.15%,

03/15/2028

160‌

157‌

Conagra

Brands

Inc

1.38%,

11/01/2027

125‌

104‌

4.85%,

11/01/2028

205‌

202‌

5.30%,

11/01/2038

120‌

113‌

5.40%,

11/01/2048

120‌

113‌

General

Mills

Inc

2.25%,

10/14/2031

170‌

139‌

4.00%,

04/17/2025

300‌

300‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

100

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Food

(continued)

Hershey

Co/The

1.70%,

06/01/2030

$

160‌

$

135‌

3.38%,

08/15/2046

350‌

294‌

J

M

Smucker

Co/The

2.13%,

03/15/2032

195‌

158‌

Kellogg

Co

2.10%,

06/01/2030

160‌

133‌

2.65%,

12/01/2023

417‌

413‌

3.25%,

04/01/2026

500‌

486‌

Koninklijke

Ahold

Delhaize

NV

5.70%,

10/01/2040

30‌

31‌

Kroger

Co/The

1.70%,

01/15/2031

190‌

152‌

3.70%,

08/01/2027

300‌

291‌

3.95%,

01/15/2050

175‌

148‌

4.45%,

02/01/2047

55‌

50‌

5.15%,

08/01/2043

300‌

294‌

5.40%,

07/15/2040

25‌

25‌

McCormick

&

Co

Inc/MD

0.90%,

02/15/2026

190‌

168‌

1.85%,

02/15/2031

190‌

151‌

Mondelez

International

Inc

1.50%,

02/04/2031

105‌

82‌

2.63%,

03/17/2027

195‌

182‌

2.63%,

09/04/2050

625‌

425‌

Sysco

Corp

2.40%,

02/15/2030

135‌

115‌

2.45%,

12/14/2031

115‌

96‌

4.50%,

04/01/2046

300‌

267‌

4.85%,

10/01/2045

250‌

231‌

5.38%,

09/21/2035

500‌

514‌

Tyson

Foods

Inc

4.55%,

06/02/2047

520‌

475‌

$

6,793‌

Forest

Products

&

Paper

-

0

.06

%

Celulosa

Arauco

y

Constitucion

SA

4.50%,

08/01/2024

500‌

496‌

Georgia-Pacific

LLC

7.75%,

11/15/2029

51‌

62‌

8.00%,

01/15/2024

228‌

242‌

International

Paper

Co

4.80%,

06/15/2044

223‌

209‌

7.30%,

11/15/2039

25‌

29‌

Suzano

Austria

GmbH

2.50%,

09/15/2028

90‌

73‌

5.00%,

01/15/2030

300‌

273‌

$

1,384‌

Gas

-

0

.12

%

Atmos

Energy

Corp

1.50%,

01/15/2031

165‌

132‌

3.38%,

09/15/2049

165‌

132‌

4.13%,

10/15/2044

400‌

354‌

CenterPoint

Energy

Resources

Corp

1.75%,

10/01/2030

165‌

134‌

4.40%,

07/01/2032

175‌

172‌

Eastern

Energy

Gas

Holdings

LLC

2.50%,

11/15/2024

155‌

150‌

NiSource

Inc

0.95%,

08/15/2025

330‌

296‌

3.49%,

05/15/2027

20‌

19‌

3.60%,

05/01/2030

150‌

137‌

5.00%,

06/15/2052

355‌

347‌

5.95%,

06/15/2041

402‌

416‌

Southern

California

Gas

Co

2.55%,

02/01/2030

160‌

141‌

Southern

Co

Gas

Capital

Corp

1.75%,

01/15/2031

165‌

131‌

3.15%,

09/30/2051

195‌

138‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Gas

(continued)

Washington

Gas

Light

Co

3.65%,

09/15/2049

$

95‌

$

79‌

$

2,778‌

Hand

&

Machine

Tools

-

0

.03

%

Stanley

Black

&

Decker

Inc

2.30%,

03/15/2030

735‌

630‌

2.75%,

11/15/2050

175‌

120‌

$

750‌

Healthcare

-

Products

-

0

.26

%

Abbott

Laboratories

1.15%,

01/30/2028

250‌

218‌

1.40%,

06/30/2030

330‌

275‌

3.75%,

11/30/2026

266‌

267‌

4.75%,

11/30/2036

40‌

42‌

4.90%,

11/30/2046

500‌

524‌

5.30%,

05/27/2040

200‌

217‌

Baxter

International

Inc

0.87%,

12/01/2023

395‌

379‌

1.73%,

04/01/2031

175‌

139‌

1.92%,

02/01/2027

395‌

354‌

2.27%,

12/01/2028

195‌

171‌

Boston

Scientific

Corp

1.90%,

06/01/2025

160‌

151‌

2.65%,

06/01/2030

160‌

140‌

3.45%,

03/01/2024

263‌

263‌

4.70%,

03/01/2049

17‌

16‌

7.38%,

01/15/2040

51‌

63‌

Danaher

Corp

2.60%,

10/01/2050

165‌

116‌

DH

Europe

Finance

II

Sarl

2.60%,

11/15/2029

155‌

139‌

3.25%,

11/15/2039

155‌

129‌

Koninklijke

Philips

NV

5.00%,

03/15/2042

128‌

123‌

Medtronic

Inc

4.38%,

03/15/2035

665‌

663‌

PerkinElmer

Inc

0.85%,

09/15/2024

120‌

111‌

1.90%,

09/15/2028

155‌

129‌

Stryker

Corp

3.50%,

03/15/2026

500‌

491‌

4.10%,

04/01/2043

200‌

173‌

4.63%,

03/15/2046

20‌

19‌

Thermo

Fisher

Scientific

Inc

1.22%,

10/18/2024

385‌

365‌

2.00%,

10/15/2031

190‌

159‌

2.60%,

10/01/2029

160‌

145‌

2.80%,

10/15/2041

250‌

196‌

Zimmer

Biomet

Holdings

Inc

2.60%,

11/24/2031

165‌

135‌

$

6,312‌

Healthcare

-

Services

-

0

.56

%

Aetna

Inc

3.50%,

11/15/2024

300‌

296‌

4.13%,

11/15/2042

100‌

85‌

6.63%,

06/15/2036

105‌

118‌

6.75%,

12/15/2037

112‌

128‌

Ascension

Health

3.95%,

11/15/2046

500‌

464‌

Baylor

Scott

&

White

Holdings

3.97%,

11/15/2046

232‌

212‌

Children's

Hospital

Medical

Center/Cincinnati

OH

4.27%,

05/15/2044

215‌

203‌

CommonSpirit

Health

4.35%,

11/01/2042

200‌

181‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

101

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Healthcare

-

Services

(continued)

Elevance

Health

Inc

1.50%,

03/15/2026

$

190‌

$

174‌

2.88%,

09/15/2029

120‌

108‌

3.13%,

05/15/2050

600‌

453‌

3.60%,

03/15/2051

190‌

154‌

3.65%,

12/01/2027

300‌

292‌

4.10%,

05/15/2032

170‌

165‌

4.38%,

12/01/2047

300‌

276‌

4.63%,

05/15/2042

30‌

29‌

4.65%,

01/15/2043

115‌

110‌

HCA

Inc

2.38%,

07/15/2031

190‌

148‌

3.38%,

03/15/2029

(h)

390‌

343‌

3.50%,

07/15/2051

190‌

130‌

4.38%,

03/15/2042

(h)

195‌

157‌

4.50%,

02/15/2027

800‌

769‌

5.25%,

06/15/2026

750‌

746‌

Humana

Inc

1.35%,

02/03/2027

190‌

166‌

2.15%,

02/03/2032

190‌

154‌

3.13%,

08/15/2029

85‌

77‌

4.50%,

04/01/2025

160‌

161‌

4.95%,

10/01/2044

325‌

316‌

Kaiser

Foundation

Hospitals

3.27%,

11/01/2049

230‌

182‌

4.15%,

05/01/2047

470‌

439‌

Laboratory

Corp

of

America

Holdings

2.30%,

12/01/2024

310‌

296‌

2.95%,

12/01/2029

310‌

273‌

4.70%,

02/01/2045

115‌

102‌

Mass

General

Brigham

Inc

3.19%,

07/01/2049

315‌

242‌

4.12%,

07/01/2055

(e)

300‌

276‌

Memorial

Sloan-Kettering

Cancer

Center

4.13%,

07/01/2052

200‌

185‌

4.20%,

07/01/2055

250‌

229‌

Mount

Sinai

Hospitals

Group

Inc

3.98%,

07/01/2048

400‌

353‌

Quest

Diagnostics

Inc

2.95%,

06/30/2030

155‌

136‌

UnitedHealth

Group

Inc

0.55%,

05/15/2024

195‌

186‌

1.25%,

01/15/2026

160‌

148‌

2.00%,

05/15/2030

160‌

137‌

2.30%,

05/15/2031

195‌

169‌

2.38%,

08/15/2024

250‌

245‌

2.75%,

05/15/2040

160‌

125‌

2.88%,

08/15/2029

175‌

161‌

2.90%,

05/15/2050

160‌

120‌

3.05%,

05/15/2041

195‌

157‌

3.25%,

05/15/2051

120‌

94‌

3.45%,

01/15/2027

440‌

434‌

3.50%,

08/15/2039

200‌

174‌

3.70%,

05/15/2027

185‌

184‌

3.70%,

08/15/2049

350‌

299‌

4.20%,

05/15/2032

185‌

185‌

4.25%,

06/15/2048

165‌

154‌

4.45%,

12/15/2048

120‌

115‌

4.63%,

07/15/2035

30‌

30‌

4.75%,

07/15/2045

700‌

704‌

4.75%,

05/15/2052

185‌

185‌

6.50%,

06/15/2037

77‌

92‌

$

13,426‌

Home

Builders

-

0

.01

%

DR

Horton

Inc

1.30%,

10/15/2026

190‌

164‌

1.40%,

10/15/2027

165‌

139‌

$

303‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Insurance

-

0

.73

%

Aflac

Inc

1.13%,

03/15/2026

$

195‌

$

176‌

3.63%,

11/15/2024

230‌

230‌

Allied

World

Assurance

Co

Holdings

Ltd

4.35%,

10/29/2025

500‌

493‌

Allstate

Corp/The

0.75%,

12/15/2025

160‌

144‌

1.45%,

12/15/2030

160‌

127‌

3.28%,

12/15/2026

500‌

490‌

5.55%,

05/09/2035

200‌

216‌

American

International

Group

Inc

4.80%,

07/10/2045

50‌

47‌

Aon

Corp

2.80%,

05/15/2030

160‌

140‌

Aon

Corp

/

Aon

Global

Holdings

PLC

2.60%,

12/02/2031

245‌

205‌

2.85%,

05/28/2027

195‌

183‌

2.90%,

08/23/2051

195‌

135‌

Arch

Capital

Finance

LLC

5.03%,

12/15/2046

250‌

235‌

Arch

Capital

Group

US

Inc

5.14%,

11/01/2043

375‌

364‌

Athene

Holding

Ltd

4.13%,

01/12/2028

500‌

470‌

AXA

SA

8.60%,

12/15/2030

38‌

45‌

Berkshire

Hathaway

Finance

Corp

1.45%,

10/15/2030

165‌

134‌

1.85%,

03/12/2030

80‌

68‌

2.30%,

03/15/2027

195‌

184‌

2.50%,

01/15/2051

190‌

129‌

2.85%,

10/15/2050

125‌

90‌

2.88%,

03/15/2032

195‌

175‌

4.20%,

08/15/2048

285‌

260‌

4.25%,

01/15/2049

400‌

368‌

4.30%,

05/15/2043

300‌

278‌

5.75%,

01/15/2040

115‌

127‌

Berkshire

Hathaway

Inc

3.13%,

03/15/2026

350‌

343‌

4.50%,

02/11/2043

25‌

24‌

Chubb

Corp/The

6.50%,

05/15/2038

10‌

12‌

Chubb

INA

Holdings

Inc

1.38%,

09/15/2030

335‌

267‌

2.85%,

12/15/2051

100‌

73‌

3.35%,

05/03/2026

30‌

29‌

4.35%,

11/03/2045

25‌

24‌

6.70%,

05/15/2036

250‌

297‌

CNA

Financial

Corp

2.05%,

08/15/2030

165‌

133‌

Corebridge

Financial

Inc

3.50%,

04/04/2025

(h)

200‌

194‌

3.85%,

04/05/2029

(h)

200‌

185‌

3.90%,

04/05/2032

(h)

200‌

179‌

Equitable

Holdings

Inc

4.35%,

04/20/2028

605‌

584‌

Hartford

Financial

Services

Group

Inc/The

2.90%,

09/15/2051

165‌

115‌

3.60%,

08/19/2049

170‌

135‌

4.30%,

04/15/2043

250‌

221‌

Lincoln

National

Corp

4.00%,

09/01/2023

1,000‌

1,005‌

4.35%,

03/01/2048

55‌

47‌

7.00%,

06/15/2040

47‌

54‌

Loews

Corp

4.13%,

05/15/2043

200‌

171‌

Manulife

Financial

Corp

5.38%,

03/04/2046

250‌

266‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

102

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Insurance

(continued)

Markel

Corp

3.45%,

05/07/2052

$

250‌

$

187‌

Marsh

&

McLennan

Cos

Inc

2.38%,

12/15/2031

150‌

126‌

3.88%,

03/15/2024

500‌

501‌

4.38%,

03/15/2029

50‌

49‌

4.90%,

03/15/2049

400‌

392‌

MetLife

Inc

3.00%,

03/01/2025

300‌

294‌

3.60%,

04/10/2024

250‌

250‌

4.05%,

03/01/2045

400‌

353‌

4.37%,

09/15/2023

235‌

238‌

4.60%,

05/13/2046

225‌

218‌

4.88%,

11/13/2043

20‌

20‌

5.70%,

06/15/2035

164‌

179‌

6.40%,

12/15/2066

288‌

290‌

3

Month

USD

LIBOR

+

2.21%

Progressive

Corp/The

3.20%,

03/26/2030

160‌

149‌

3.70%,

03/15/2052

165‌

138‌

4.35%,

04/25/2044

200‌

185‌

Prudential

Financial

Inc

2.10%,

03/10/2030

160‌

136‌

3.70%,

10/01/2050

(d)

165‌

138‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.04%

3.70%,

03/13/2051

630‌

526‌

3.91%,

12/07/2047

177‌

153‌

5.20%,

03/15/2044

(d)

350‌

331‌

3

Month

USD

LIBOR

+

3.04%

5.70%,

12/14/2036

25‌

27‌

5.70%,

09/15/2048

(d)

400‌

389‌

3

Month

USD

LIBOR

+

2.67%

Reinsurance

Group

of

America

Inc

4.70%,

09/15/2023

200‌

202‌

Travelers

Cos

Inc/The

3.05%,

06/08/2051

270‌

205‌

4.00%,

05/30/2047

400‌

354‌

6.25%,

06/15/2037

12‌

14‌

6.75%,

06/20/2036

51‌

62‌

Trinity

Acquisition

PLC

4.40%,

03/15/2026

500‌

495‌

W

R

Berkley

Corp

4.00%,

05/12/2050

85‌

71‌

Willis

North

America

Inc

2.95%,

09/15/2029

55‌

47‌

3.60%,

05/15/2024

300‌

296‌

3.88%,

09/15/2049

165‌

128‌

XLIT

Ltd

5.25%,

12/15/2043

400‌

424‌

$

17,438‌

Internet

-

0

.48

%

Alibaba

Group

Holding

Ltd

2.13%,

02/09/2031

200‌

165‌

3.15%,

02/09/2051

300‌

205‌

3.40%,

12/06/2027

325‌

311‌

3.60%,

11/28/2024

300‌

298‌

4.20%,

12/06/2047

575‌

476‌

4.40%,

12/06/2057

305‌

250‌

Alphabet

Inc

0.80%,

08/15/2027

330‌

287‌

1.10%,

08/15/2030

165‌

135‌

1.90%,

08/15/2040

165‌

118‌

2.00%,

08/15/2026

30‌

28‌

2.05%,

08/15/2050

165‌

111‌

2.25%,

08/15/2060

165‌

107‌

3.38%,

02/25/2024

530‌

533‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Internet

(continued)

Amazon.com

Inc

0.45%,

05/12/2024

$

365‌

$

347‌

1.20%,

06/03/2027

465‌

414‌

1.50%,

06/03/2030

465‌

386‌

1.65%,

05/12/2028

560‌

496‌

2.10%,

05/12/2031

365‌

313‌

2.88%,

05/12/2041

365‌

292‌

3.00%,

04/13/2025

570‌

564‌

3.10%,

05/12/2051

365‌

288‌

3.15%,

08/22/2027

490‌

476‌

3.25%,

05/12/2061

385‌

293‌

3.30%,

04/13/2027

380‌

373‌

3.60%,

04/13/2032

380‌

366‌

3.80%,

12/05/2024

20‌

20‌

3.88%,

08/22/2037

340‌

322‌

3.95%,

04/13/2052

190‌

176‌

4.05%,

08/22/2047

30‌

28‌

4.80%,

12/05/2034

30‌

31‌

4.95%,

12/05/2044

515‌

539‌

Baidu

Inc

1.72%,

04/09/2026

200‌

183‌

2.38%,

10/09/2030

200‌

167‌

3.08%,

04/07/2025

200‌

195‌

4.13%,

06/30/2025

(e)

500‌

500‌

eBay

Inc

1.90%,

03/11/2025

160‌

150‌

2.60%,

05/10/2031

195‌

162‌

3.45%,

08/01/2024

605‌

599‌

4.00%,

07/15/2042

100‌

85‌

Expedia

Group

Inc

2.95%,

03/15/2031

720‌

573‌

$

11,362‌

Iron

&

Steel

-

0

.08

%

Nucor

Corp

2.00%,

06/01/2025

155‌

146‌

3.13%,

04/01/2032

195‌

169‌

4.30%,

05/23/2027

185‌

184‌

Steel

Dynamics

Inc

1.65%,

10/15/2027

85‌

73‌

2.40%,

06/15/2025

40‌

38‌

2.80%,

12/15/2024

500‌

488‌

Vale

Overseas

Ltd

6.25%,

08/10/2026

400‌

418‌

6.88%,

11/21/2036

317‌

340‌

8.25%,

01/17/2034

(e)

38‌

45‌

$

1,901‌

Lodging

-

0

.01

%

Marriott

International

Inc/MD

2.85%,

04/15/2031

195‌

162‌

Machinery

-

Construction

&

Mining

-

0

.09

%

Caterpillar

Financial

Services

Corp

0.45%,

05/17/2024

195‌

185‌

0.65%,

07/07/2023

165‌

161‌

0.80%,

11/13/2025

180‌

164‌

0.95%,

01/10/2024

200‌

193‌

1.10%,

09/14/2027

335‌

293‌

1.15%,

09/14/2026

195‌

175‌

3.40%,

05/13/2025

365‌

364‌

Caterpillar

Inc

2.60%,

04/09/2030

150‌

136‌

3.25%,

09/19/2049

160‌

131‌

3.40%,

05/15/2024

30‌

30‌

3.80%,

08/15/2042

105‌

96‌

6.05%,

08/15/2036

132‌

153‌

$

2,081‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

103

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Machinery

-

Diversified

-

0

.15

%

CNH

Industrial

Capital

LLC

1.45%,

07/15/2026

$

200‌

$

177‌

1.88%,

01/15/2026

165‌

150‌

Deere

&

Co

2.88%,

09/07/2049

165‌

130‌

3.10%,

04/15/2030

160‌

149‌

3.90%,

06/09/2042

30‌

28‌

5.38%,

10/16/2029

500‌

539‌

Dover

Corp

5.38%,

03/01/2041

77‌

77‌

John

Deere

Capital

Corp

0.40%,

10/10/2023

165‌

160‌

0.70%,

01/15/2026

155‌

140‌

1.05%,

06/17/2026

190‌

172‌

1.50%,

03/06/2028

190‌

167‌

2.00%,

06/17/2031

195‌

166‌

2.05%,

01/09/2025

160‌

155‌

2.35%,

03/08/2027

195‌

183‌

2.80%,

07/18/2029

385‌

354‌

3.40%,

06/06/2025

175‌

174‌

Otis

Worldwide

Corp

2.06%,

04/05/2025

160‌

151‌

2.57%,

02/15/2030

160‌

138‌

3.36%,

02/15/2050

160‌

121‌

Rockwell

Automation

Inc

1.75%,

08/15/2031

135‌

110‌

2.80%,

08/15/2061

190‌

126‌

$

3,567‌

Media

-

0

.79

%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

2.25%,

01/15/2029

385‌

316‌

2.30%,

02/01/2032

145‌

110‌

2.80%,

04/01/2031

405‌

324‌

3.50%,

06/01/2041

380‌

266‌

3.70%,

04/01/2051

405‌

274‌

3.85%,

04/01/2061

145‌

95‌

3.90%,

06/01/2052

195‌

135‌

4.40%,

12/01/2061

95‌

68‌

4.80%,

03/01/2050

545‌

432‌

4.91%,

07/23/2025

900‌

902‌

5.75%,

04/01/2048

605‌

542‌

6.48%,

10/23/2045

435‌

423‌

Comcast

Corp

1.50%,

02/15/2031

165‌

133‌

2.35%,

01/15/2027

60‌

56‌

2.45%,

08/15/2052

(e)

165‌

110‌

2.65%,

02/01/2030

125‌

112‌

2.65%,

08/15/2062

165‌

107‌

2.89%,

11/01/2051

1,447‌

1,034‌

3.15%,

03/01/2026

30‌

29‌

3.25%,

11/01/2039

245‌

201‌

3.38%,

08/15/2025

525‌

518‌

3.40%,

07/15/2046

20‌

16‌

3.45%,

02/01/2050

485‌

386‌

3.55%,

05/01/2028

125‌

121‌

3.70%,

04/15/2024

1,250‌

1,253‌

3.75%,

04/01/2040

860‌

754‌

3.90%,

03/01/2038

150‌

136‌

4.00%,

08/15/2047

30‌

26‌

4.00%,

03/01/2048

400‌

348‌

4.00%,

11/01/2049

20‌

17‌

4.15%,

10/15/2028

500‌

499‌

4.25%,

01/15/2033

120‌

118‌

5.65%,

06/15/2035

20‌

22‌

7.05%,

03/15/2033

15‌

18‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Media

(continued)

Discovery

Communications

LLC

3.63%,

05/15/2030

$

180‌

$

160‌

3.95%,

06/15/2025

400‌

391‌

3.95%,

03/20/2028

250‌

233‌

4.00%,

09/15/2055

601‌

421‌

Fox

Corp

3.05%,

04/07/2025

40‌

39‌

5.48%,

01/25/2039

200‌

194‌

5.58%,

01/25/2049

500‌

488‌

Grupo

Televisa

SAB

4.63%,

01/30/2026

500‌

499‌

NBCUniversal

Media

LLC

4.45%,

01/15/2043

10‌

9‌

Paramount

Global

4.00%,

01/15/2026

515‌

502‌

4.20%,

05/19/2032

200‌

176‌

4.38%,

03/15/2043

435‌

336‌

4.85%,

07/01/2042

200‌

166‌

6.88%,

04/30/2036

181‌

189‌

7.88%,

07/30/2030

178‌

204‌

Thomson

Reuters

Corp

5.85%,

04/15/2040

25‌

26‌

Time

Warner

Cable

LLC

5.50%,

09/01/2041

340‌

297‌

5.88%,

11/15/2040

20‌

18‌

6.55%,

05/01/2037

176‌

176‌

6.75%,

06/15/2039

77‌

77‌

7.30%,

07/01/2038

300‌

313‌

Time

Warner

Entertainment

Co

LP

8.38%,

07/15/2033

95‌

110‌

TWDC

Enterprises

18

Corp

3.70%,

12/01/2042

100‌

85‌

7.00%,

03/01/2032

51‌

61‌

Walt

Disney

Co/The

1.75%,

08/30/2024

325‌

313‌

1.75%,

01/13/2026

635‌

590‌

2.00%,

09/01/2029

245‌

211‌

2.20%,

01/13/2028

460‌

417‌

2.65%,

01/13/2031

395‌

348‌

2.75%,

09/01/2049

325‌

232‌

3.35%,

03/24/2025

120‌

119‌

3.50%,

05/13/2040

160‌

136‌

3.60%,

01/13/2051

160‌

134‌

3.70%,

03/23/2027

120‌

118‌

4.63%,

03/23/2040

240‌

234‌

4.75%,

11/15/2046

230‌

229‌

4.95%,

10/15/2045

350‌

350‌

6.20%,

12/15/2034

154‌

176‌

6.40%,

12/15/2035

98‌

114‌

$

18,792‌

Metal

Fabrication

&

Hardware

-

0

.01

%

Precision

Castparts

Corp

3.25%,

06/15/2025

25‌

25‌

4.38%,

06/15/2045

250‌

237‌

$

262‌

Mining

-

0

.16

%

Barrick

Gold

Corp

5.25%,

04/01/2042

20‌

20‌

Barrick

North

America

Finance

LLC

5.75%,

05/01/2043

355‌

370‌

Barrick

PD

Australia

Finance

Pty

Ltd

5.95%,

10/15/2039

90‌

95‌

BHP

Billiton

Finance

USA

Ltd

4.13%,

02/24/2042

500‌

466‌

5.00%,

09/30/2043

270‌

278‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

104

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mining

(continued)

Newmont

Corp

2.25%,

10/01/2030

$

610‌

$

506‌

2.60%,

07/15/2032

140‌

116‌

4.88%,

03/15/2042

20‌

19‌

Rio

Tinto

Alcan

Inc

6.13%,

12/15/2033

77‌

87‌

Rio

Tinto

Finance

USA

Ltd

2.75%,

11/02/2051

175‌

128‌

Rio

Tinto

Finance

USA

PLC

4.75%,

03/22/2042

328‌

326‌

Southern

Copper

Corp

5.88%,

04/23/2045

350‌

362‌

6.75%,

04/16/2040

258‌

291‌

Teck

Resources

Ltd

3.90%,

07/15/2030

695‌

639‌

$

3,703‌

Miscellaneous

Manufacturers

-

0

.22

%

3M

Co

2.00%,

02/14/2025

130‌

125‌

2.38%,

08/26/2029

500‌

448‌

Eaton

Corp

3.10%,

09/15/2027

575‌

549‌

4.00%,

11/02/2032

100‌

97‌

4.15%,

11/02/2042

50‌

45‌

GE

Capital

International

Funding

Co

Unlimited

Co

4.42%,

11/15/2035

1,081‌

1,010‌

General

Electric

Co

6.75%,

03/15/2032

483‌

540‌

Illinois

Tool

Works

Inc

2.65%,

11/15/2026

500‌

478‌

3.50%,

03/01/2024

350‌

351‌

Parker-Hannifin

Corp

4.25%,

09/15/2027

355‌

353‌

4.50%,

09/15/2029

355‌

353‌

Trane

Technologies

Luxembourg

Finance

SA

3.80%,

03/21/2029

600‌

562‌

4.65%,

11/01/2044

300‌

270‌

$

5,181‌

Oil

&

Gas

-

0

.88

%

BP

Capital

Markets

America

Inc

1.75%,

08/10/2030

460‌

376‌

2.72%,

01/12/2032

100‌

86‌

2.77%,

11/10/2050

625‌

434‌

2.94%,

06/04/2051

190‌

136‌

3.00%,

02/24/2050

160‌

116‌

3.00%,

03/17/2052

195‌

140‌

3.06%,

06/17/2041

385‌

300‌

3.19%,

04/06/2025

275‌

271‌

3.54%,

04/06/2027

275‌

267‌

3.59%,

04/14/2027

30‌

29‌

BP

Capital

Markets

PLC

3.28%,

09/19/2027

175‌

168‌

3.72%,

11/28/2028

40‌

39‌

Canadian

Natural

Resources

Ltd

3.85%,

06/01/2027

655‌

628‌

4.95%,

06/01/2047

20‌

19‌

6.25%,

03/15/2038

250‌

264‌

Chevron

Corp

1.55%,

05/11/2025

85‌

81‌

2.00%,

05/11/2027

160‌

147‌

2.24%,

05/11/2030

160‌

140‌

2.95%,

05/16/2026

355‌

346‌

3.08%,

05/11/2050

160‌

127‌

Chevron

USA

Inc

0.43%,

08/11/2023

250‌

243‌

0.69%,

08/12/2025

330‌

303‌

1.02%,

08/12/2027

165‌

144‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

Chevron

USA

Inc  

(continued)

2.34%,

08/12/2050

$

165‌

$

114‌

3.25%,

10/15/2029

325‌

308‌

ConocoPhillips

Co

2.40%,

03/07/2025

215‌

208‌

3.76%,

03/15/2042

(h)

402‌

352‌

3.80%,

03/15/2052

135‌

116‌

4.03%,

03/15/2062

(h)

169‌

143‌

4.30%,

11/15/2044

420‌

384‌

Devon

Energy

Corp

5.00%,

06/15/2045

10‌

9‌

5.60%,

07/15/2041

425‌

422‌

Diamondback

Energy

Inc

3.25%,

12/01/2026

155‌

151‌

EOG

Resources

Inc

4.15%,

01/15/2026

350‌

353‌

Equinor

ASA

1.75%,

01/22/2026

160‌

149‌

2.65%,

01/15/2024

400‌

395‌

2.88%,

04/06/2025

145‌

142‌

3.00%,

04/06/2027

345‌

332‌

3.25%,

11/18/2049

450‌

357‌

3.63%,

04/06/2040

145‌

127‌

5.10%,

08/17/2040

263‌

273‌

Exxon

Mobil

Corp

2.02%,

08/16/2024

400‌

390‌

2.28%,

08/16/2026

500‌

474‌

2.44%,

08/16/2029

150‌

135‌

2.61%,

10/15/2030

305‌

274‌

2.99%,

03/19/2025

305‌

300‌

3.00%,

08/16/2039

150‌

122‌

3.10%,

08/16/2049

450‌

351‌

3.45%,

04/15/2051

405‌

331‌

4.23%,

03/19/2040

305‌

288‌

Hess

Corp

5.60%,

02/15/2041

51‌

50‌

7.13%,

03/15/2033

221‌

246‌

7.30%,

08/15/2031

25‌

28‌

HF

Sinclair

Corp

5.88%,

04/01/2026

(h)

475‌

479‌

Marathon

Oil

Corp

6.60%,

10/01/2037

223‌

236‌

Marathon

Petroleum

Corp

3.63%,

09/15/2024

400‌

396‌

5.00%,

09/15/2054

200‌

180‌

5.13%,

12/15/2026

300‌

307‌

Phillips

66

1.30%,

02/15/2026

90‌

81‌

2.15%,

12/15/2030

410‌

335‌

3.85%,

04/09/2025

490‌

487‌

5.88%,

05/01/2042

128‌

139‌

Pioneer

Natural

Resources

Co

1.13%,

01/15/2026

190‌

170‌

1.90%,

08/15/2030

165‌

135‌

2.15%,

01/15/2031

190‌

156‌

Shell

International

Finance

BV

0.38%,

09/15/2023

170‌

165‌

2.00%,

11/07/2024

155‌

150‌

2.38%,

11/07/2029

155‌

137‌

2.50%,

09/12/2026

330‌

314‌

2.75%,

04/06/2030

400‌

361‌

2.88%,

11/26/2041

380‌

294‌

3.13%,

11/07/2049

155‌

119‌

3.25%,

04/06/2050

400‌

315‌

3.63%,

08/21/2042

100‌

85‌

4.00%,

05/10/2046

245‌

218‌

4.38%,

05/11/2045

490‌

456‌

4.55%,

08/12/2043

35‌

33‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

105

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

Shell

International

Finance

BV  

(continued)

5.50%,

03/25/2040

$

25‌

$

27‌

6.38%,

12/15/2038

43‌

50‌

Suncor

Energy

Inc

3.75%,

03/04/2051

190‌

153‌

4.00%,

11/15/2047

90‌

77‌

5.95%,

05/15/2035

400‌

415‌

6.50%,

06/15/2038

428‌

473‌

6.80%,

05/15/2038

12‌

13‌

6.85%,

06/01/2039

5‌

6‌

TotalEnergies

Capital

International

SA

2.43%,

01/10/2025

85‌

83‌

2.83%,

01/10/2030

85‌

77‌

2.99%,

06/29/2041

370‌

291‌

3.13%,

05/29/2050

510‌

390‌

3.39%,

06/29/2060

370‌

282‌

3.46%,

07/12/2049

85‌

69‌

Valero

Energy

Corp

2.80%,

12/01/2031

395‌

331‌

2.85%,

04/15/2025

42‌

41‌

4.00%,

06/01/2052

195‌

156‌

6.63%,

06/15/2037

234‌

254‌

7.50%,

04/15/2032

15‌

17‌

$

21,081‌

Oil

&

Gas

Services

-

0

.06

%

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co-Obligor

Inc

2.06%,

12/15/2026

200‌

183‌

3.14%,

11/07/2029

155‌

140‌

3.34%,

12/15/2027

165‌

156‌

4.08%,

12/15/2047

170‌

144‌

Halliburton

Co

3.80%,

11/15/2025

24‌

24‌

4.50%,

11/15/2041

51‌

45‌

4.85%,

11/15/2035

275‌

264‌

7.45%,

09/15/2039

10‌

12‌

NOV

Inc

3.60%,

12/01/2029

155‌

139‌

3.95%,

12/01/2042

200‌

147‌

Schlumberger

Investment

SA

2.65%,

06/26/2030

165‌

145‌

$

1,399‌

Packaging

&

Containers

-

0

.04

%

Amcor

Flexibles

North

America

Inc

4.00%,

05/17/2025

365‌

361‌

Packaging

Corp

of

America

3.00%,

12/15/2029

310‌

277‌

3.05%,

10/01/2051

165‌

117‌

4.05%,

12/15/2049

155‌

128‌

WRKCo

Inc

3.00%,

06/15/2033

80‌

68‌

$

951‌

Pharmaceuticals

-

1

.50

%

AbbVie

Inc

2.60%,

11/21/2024

465‌

450‌

2.95%,

11/21/2026

310‌

294‌

3.20%,

05/14/2026

335‌

323‌

3.20%,

11/21/2029

775‌

713‌

3.75%,

11/14/2023

350‌

351‌

3.80%,

03/15/2025

330‌

327‌

3.85%,

06/15/2024

445‌

445‌

4.05%,

11/21/2039

385‌

343‌

4.25%,

11/14/2028

220‌

218‌

4.25%,

11/21/2049

620‌

550‌

4.30%,

05/14/2036

170‌

160‌

4.40%,

11/06/2042

200‌

182‌

4.45%,

05/14/2046

280‌

254‌

4.50%,

05/14/2035

300‌

291‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pharmaceuticals

(continued)

AbbVie

Inc  

(continued)

4.63%,

10/01/2042

$

100‌

$

92‌

4.70%,

05/14/2045

330‌

311‌

4.75%,

03/15/2045

235‌

221‌

4.88%,

11/14/2048

210‌

201‌

AmerisourceBergen

Corp

3.40%,

05/15/2024

250‌

248‌

Astrazeneca

Finance

LLC

0.70%,

05/28/2024

295‌

280‌

1.75%,

05/28/2028

195‌

172‌

2.25%,

05/28/2031

190‌

165‌

AstraZeneca

PLC

0.70%,

04/08/2026

125‌

111‌

1.38%,

08/06/2030

165‌

135‌

2.13%,

08/06/2050

(e)

85‌

57‌

3.00%,

05/28/2051

155‌

123‌

3.38%,

11/16/2025

905‌

896‌

4.00%,

09/18/2042

125‌

115‌

4.38%,

11/16/2045

185‌

178‌

4.38%,

08/17/2048

90‌

88‌

6.45%,

09/15/2037

164‌

197‌

Becton

Dickinson

and

Co

1.96%,

02/11/2031

190‌

153‌

2.82%,

05/20/2030

160‌

141‌

3.36%,

06/06/2024

10‌

10‌

3.70%,

06/06/2027

900‌

870‌

3.73%,

12/15/2024

54‌

54‌

4.67%,

06/06/2047

35‌

33‌

4.69%,

12/15/2044

196‌

181‌

Bristol-Myers

Squibb

Co

0.75%,

11/13/2025

180‌

164‌

1.13%,

11/13/2027

315‌

277‌

1.45%,

11/13/2030

180‌

148‌

2.55%,

11/13/2050

180‌

127‌

2.90%,

07/26/2024

389‌

385‌

2.95%,

03/15/2032

500‌

458‌

3.25%,

08/01/2042

300‌

247‌

3.40%,

07/26/2029

167‌

161‌

3.55%,

03/15/2042

500‌

439‌

3.70%,

03/15/2052

800‌

691‌

3.90%,

02/20/2028

185‌

185‌

4.13%,

06/15/2039

230‌

220‌

4.25%,

10/26/2049

430‌

404‌

4.35%,

11/15/2047

150‌

143‌

4.55%,

02/20/2048

144‌

141‌

Cardinal

Health

Inc

3.08%,

06/15/2024

50‌

49‌

3.41%,

06/15/2027

200‌

192‌

4.60%,

03/15/2043

100‌

87‌

Cigna

Corp

0.61%,

03/15/2024

90‌

86‌

1.25%,

03/15/2026

370‌

334‌

2.40%,

03/15/2030

860‌

741‌

3.20%,

03/15/2040

160‌

126‌

3.40%,

03/15/2051

185‌

142‌

3.75%,

07/15/2023

272‌

273‌

4.13%,

11/15/2025

270‌

270‌

4.38%,

10/15/2028

750‌

744‌

4.80%,

08/15/2038

400‌

389‌

4.80%,

07/15/2046

25‌

24‌

4.90%,

12/15/2048

360‌

346‌

6.13%,

11/15/2041

16‌

18‌

CVS

Health

Corp

1.30%,

08/21/2027

165‌

142‌

1.75%,

08/21/2030

165‌

132‌

1.88%,

02/28/2031

185‌

148‌

2.63%,

08/15/2024

420‌

411‌

2.70%,

08/21/2040

750‌

542‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

106

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pharmaceuticals

(continued)

CVS

Health

Corp  

(continued)

3.00%,

08/15/2026

$

375‌

$

359‌

3.25%,

08/15/2029

170‌

155‌

4.30%,

03/25/2028

219‌

217‌

4.78%,

03/25/2038

485‌

459‌

5.05%,

03/25/2048

980‌

938‌

5.13%,

07/20/2045

370‌

356‌

5.30%,

12/05/2043

25‌

25‌

Eli

Lilly

&

Co

3.95%,

03/15/2049

400‌

386‌

GlaxoSmithKline

Capital

Inc

3.63%,

05/15/2025

600‌

601‌

3.88%,

05/15/2028

545‌

542‌

5.38%,

04/15/2034

500‌

549‌

GlaxoSmithKline

Capital

PLC

0.53%,

10/01/2023

165‌

159‌

Johnson

&

Johnson

0.55%,

09/01/2025

370‌

341‌

0.95%,

09/01/2027

370‌

326‌

2.10%,

09/01/2040

370‌

270‌

2.45%,

03/01/2026

30‌

29‌

3.50%,

01/15/2048

90‌

80‌

3.63%,

03/03/2037

20‌

19‌

3.70%,

03/01/2046

225‌

207‌

3.75%,

03/03/2047

30‌

28‌

4.95%,

05/15/2033

201‌

218‌

McKesson

Corp

0.90%,

12/03/2025

185‌

167‌

Mead

Johnson

Nutrition

Co

4.60%,

06/01/2044

250‌

241‌

Merck

&

Co

Inc

0.75%,

02/24/2026

80‌

73‌

1.45%,

06/24/2030

365‌

303‌

1.70%,

06/10/2027

340‌

309‌

1.90%,

12/10/2028

190‌

169‌

2.15%,

12/10/2031

380‌

327‌

2.35%,

06/24/2040

285‌

214‌

2.75%,

02/10/2025

385‌

380‌

2.75%,

12/10/2051

235‌

174‌

3.60%,

09/15/2042

100‌

88‌

3.70%,

02/10/2045

10‌

9‌

3.90%,

03/07/2039

115‌

109‌

4.00%,

03/07/2049

170‌

156‌

4.15%,

05/18/2043

200‌

190‌

Novartis

Capital

Corp

1.75%,

02/14/2025

325‌

313‌

2.00%,

02/14/2027

325‌

303‌

2.20%,

08/14/2030

160‌

141‌

2.75%,

08/14/2050

160‌

125‌

3.00%,

11/20/2025

500‌

494‌

4.40%,

05/06/2044

350‌

350‌

Pfizer

Inc

0.80%,

05/28/2025

445‌

414‌

1.70%,

05/28/2030

195‌

166‌

1.75%,

08/18/2031

155‌

130‌

2.55%,

05/28/2040

450‌

352‌

2.63%,

04/01/2030

160‌

146‌

2.70%,

05/28/2050

190‌

145‌

3.45%,

03/15/2029

210‌

204‌

4.00%,

03/15/2049

140‌

132‌

4.40%,

05/15/2044

30‌

29‌

5.60%,

09/15/2040

380‌

424‌

7.20%,

03/15/2039

176‌

230‌

Sanofi

3.63%,

06/19/2028

400‌

394‌

Shire

Acquisitions

Investments

Ireland

DAC

3.20%,

09/23/2026

525‌

504‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pharmaceuticals

(continued)

Takeda

Pharmaceutical

Co

Ltd

2.05%,

03/31/2030

$

405‌

$

339‌

3.18%,

07/09/2050

405‌

303‌

Utah

Acquisition

Sub

Inc

3.95%,

06/15/2026

595‌

561‌

5.25%,

06/15/2046

170‌

137‌

Viatris

Inc

2.30%,

06/22/2027

120‌

104‌

2.70%,

06/22/2030

160‌

128‌

3.85%,

06/22/2040

120‌

85‌

4.00%,

06/22/2050

160‌

107‌

Wyeth

LLC

5.95%,

04/01/2037

91‌

105‌

6.50%,

02/01/2034

144‌

172‌

Zoetis

Inc

2.00%,

05/15/2030

350‌

293‌

3.00%,

05/15/2050

175‌

129‌

3.95%,

09/12/2047

5‌

4‌

$

35,955‌

Pipelines

-

0

.83

%

Cheniere

Corpus

Christi

Holdings

LLC

3.70%,

11/15/2029

310‌

284‌

Eastern

Gas

Transmission

&

Storage

Inc

4.80%,

11/01/2043

(h)

300‌

281‌

Enbridge

Energy

Partners

LP

7.38%,

10/15/2045

100‌

119‌

Enbridge

Inc

1.60%,

10/04/2026

60‌

53‌

2.50%,

01/15/2025

155‌

149‌

2.50%,

08/01/2033

390‌

315‌

3.13%,

11/15/2029

155‌

140‌

3.40%,

08/01/2051

390‌

293‌

5.50%,

12/01/2046

30‌

31‌

Energy

Transfer

LP

2.90%,

05/15/2025

315‌

299‌

3.75%,

05/15/2030

160‌

144‌

4.75%,

01/15/2026

50‌

50‌

4.95%,

01/15/2043

200‌

165‌

5.00%,

05/15/2044

500‌

417‌

5.15%,

03/15/2045

400‌

342‌

5.25%,

04/15/2029

400‌

396‌

5.30%,

04/15/2047

15‌

13‌

5.35%,

05/15/2045

15‌

13‌

6.13%,

12/15/2045

525‌

501‌

6.25%,

04/15/2049

500‌

485‌

6.50%,

02/01/2042

402‌

401‌

Enterprise

Products

Operating

LLC

2.80%,

01/31/2030

120‌

105‌

3.30%,

02/15/2053

65‌

47‌

3.70%,

02/15/2026

525‌

516‌

3.70%,

01/31/2051

250‌

195‌

3.75%,

02/15/2025

500‌

494‌

3.90%,

02/15/2024

250‌

250‌

4.25%,

02/15/2048

155‌

130‌

4.85%,

08/15/2042

300‌

275‌

4.85%,

03/15/2044

430‌

392‌

4.90%,

05/15/2046

400‌

366‌

6.13%,

10/15/2039

123‌

130‌

6.45%,

09/01/2040

177‌

191‌

6.88%,

03/01/2033

15‌

17‌

Kinder

Morgan

Energy

Partners

LP

3.50%,

09/01/2023

200‌

199‌

4.70%,

11/01/2042

200‌

168‌

5.00%,

03/01/2043

100‌

87‌

5.40%,

09/01/2044

400‌

369‌

6.38%,

03/01/2041

128‌

128‌

6.50%,

09/01/2039

112‌

115‌

6.95%,

01/15/2038

112‌

121‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

107

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pipelines

(continued)

Kinder

Morgan

Energy

Partners

LP  

(continued)

7.40%,

03/15/2031

$

177‌

$

198‌

Kinder

Morgan

Inc

1.75%,

11/15/2026

190‌

169‌

2.00%,

02/15/2031

310‌

248‌

3.25%,

08/01/2050

310‌

216‌

3.60%,

02/15/2051

155‌

114‌

4.30%,

06/01/2025

55‌

55‌

5.05%,

02/15/2046

15‌

13‌

5.55%,

06/01/2045

50‌

47‌

MPLX

LP

1.75%,

03/01/2026

165‌

149‌

4.13%,

03/01/2027

425‌

411‌

4.25%,

12/01/2027

400‌

386‌

4.50%,

07/15/2023

30‌

30‌

4.50%,

04/15/2038

220‌

193‌

4.70%,

04/15/2048

185‌

155‌

4.88%,

12/01/2024

30‌

30‌

4.90%,

04/15/2058

60‌

49‌

5.20%,

03/01/2047

330‌

299‌

5.20%,

12/01/2047

200‌

180‌

5.50%,

02/15/2049

170‌

158‌

ONEOK

Inc

2.20%,

09/15/2025

160‌

149‌

2.75%,

09/01/2024

175‌

169‌

3.40%,

09/01/2029

100‌

88‌

4.45%,

09/01/2049

500‌

398‌

ONEOK

Partners

LP

5.00%,

09/15/2023

250‌

253‌

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp

4.30%,

01/31/2043

200‌

151‌

4.50%,

12/15/2026

300‌

295‌

4.65%,

10/15/2025

15‌

15‌

Sabine

Pass

Liquefaction

LLC

5.00%,

03/15/2027

360‌

361‌

5.63%,

03/01/2025

390‌

398‌

5.75%,

05/15/2024

300‌

306‌

5.88%,

06/30/2026

345‌

356‌

Spectra

Energy

Partners

LP

5.95%,

09/25/2043

200‌

208‌

Targa

Resources

Corp

5.20%,

07/01/2027

(i)

355‌

357‌

Texas

Eastern

Transmission

LP

7.00%,

07/15/2032

100‌

113‌

TransCanada

PipeLines

Ltd

2.50%,

10/12/2031

195‌

162‌

4.25%,

05/15/2028

300‌

292‌

4.75%,

05/15/2038

300‌

284‌

4.88%,

05/15/2048

420‌

403‌

5.60%,

03/31/2034

300‌

308‌

6.10%,

06/01/2040

25‌

27‌

7.25%,

08/15/2038

51‌

61‌

Williams

Cos

Inc/The

2.60%,

03/15/2031

1,090‌

912‌

3.50%,

10/15/2051

195‌

145‌

3.75%,

06/15/2027

400‌

382‌

3.90%,

01/15/2025

350‌

346‌

5.10%,

09/15/2045

180‌

168‌

6.30%,

04/15/2040

343‌

363‌

$

19,756‌

Private

Equity

-

0

.01

%

Brookfield

Asset

Management

Inc

4.00%,

01/15/2025

300‌

299‌

Regional

Authority

-

0

.26

%

Province

of

Alberta

Canada

1.00%,

05/20/2025

555‌

522‌

3.30%,

03/15/2028

570‌

566‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Regional

Authority

(continued)

Province

of

British

Columbia

Canada

0.90%,

07/20/2026

$

585‌

$

533‌

1.30%,

01/29/2031

185‌

156‌

6.50%,

01/15/2026

18‌

20‌

Province

of

Manitoba

Canada

1.50%,

10/25/2028

190‌

169‌

3.05%,

05/14/2024

500‌

499‌

Province

of

Ontario

Canada

0.63%,

01/21/2026

(e)

95‌

86‌

1.05%,

04/14/2026

380‌

349‌

1.13%,

10/07/2030

625‌

520‌

2.13%,

01/21/2032

420‌

370‌

3.10%,

05/19/2027

310‌

305‌

3.20%,

05/16/2024

250‌

250‌

3.40%,

10/17/2023

305‌

306‌

Province

of

Quebec

Canada

0.60%,

07/23/2025

(e)

650‌

601‌

1.35%,

05/28/2030

760‌

645‌

1.50%,

02/11/2025

295‌

283‌

7.50%,

09/15/2029

64‌

80‌

$

6,260‌

REITs

-

0

.97

%

Alexandria

Real

Estate

Equities

Inc

1.88%,

02/01/2033

250‌

188‌

2.75%,

12/15/2029

80‌

70‌

2.95%,

03/15/2034

195‌

162‌

3.00%,

05/18/2051

190‌

128‌

3.38%,

08/15/2031

115‌

102‌

4.00%,

02/01/2050

85‌

70‌

4.90%,

12/15/2030

80‌

79‌

American

Campus

Communities

Operating

Partnership

LP

2.25%,

01/15/2029

115‌

107‌

2.85%,

02/01/2030

155‌

147‌

3.63%,

11/15/2027

300‌

294‌

American

Tower

Corp

0.60%,

01/15/2024

360‌

342‌

1.30%,

09/15/2025

80‌

72‌

1.60%,

04/15/2026

190‌

170‌

1.88%,

10/15/2030

165‌

128‌

2.90%,

01/15/2030

160‌

137‌

2.95%,

01/15/2051

180‌

122‌

3.38%,

10/15/2026

500‌

473‌

3.65%,

03/15/2027

200‌

190‌

3.70%,

10/15/2049

165‌

124‌

AvalonBay

Communities

Inc

1.90%,

12/01/2028

200‌

174‌

2.05%,

01/15/2032

195‌

161‌

2.30%,

03/01/2030

160‌

138‌

4.20%,

12/15/2023

400‌

402‌

Boston

Properties

LP

2.55%,

04/01/2032

155‌

123‌

2.75%,

10/01/2026

550‌

513‌

2.90%,

03/15/2030

415‌

353‌

Brixmor

Operating

Partnership

LP

3.85%,

02/01/2025

300‌

295‌

Corporate

Office

Properties

LP

2.75%,

04/15/2031

195‌

158‌

Crown

Castle

International

Corp

1.05%,

07/15/2026

380‌

329‌

1.35%,

07/15/2025

370‌

338‌

2.50%,

07/15/2031

190‌

156‌

2.90%,

04/01/2041

190‌

137‌

3.10%,

11/15/2029

150‌

132‌

3.20%,

09/01/2024

400‌

392‌

3.25%,

01/15/2051

370‌

265‌

3.30%,

07/01/2030

155‌

137‌

4.00%,

11/15/2049

110‌

89‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

108

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

REITs

(continued)

CubeSmart

LP

2.00%,

02/15/2031

$

125‌

$

99‌

2.25%,

12/15/2028

200‌

171‌

Digital

Realty

Trust

LP

4.45%,

07/15/2028

250‌

243‌

Duke

Realty

LP

1.75%,

07/01/2030

160‌

131‌

2.25%,

01/15/2032

195‌

162‌

2.88%,

11/15/2029

75‌

67‌

4.00%,

09/15/2028

400‌

388‌

Equinix

Inc

1.00%,

09/15/2025

165‌

148‌

1.25%,

07/15/2025

160‌

145‌

1.80%,

07/15/2027

160‌

139‌

2.50%,

05/15/2031

195‌

158‌

2.63%,

11/18/2024

155‌

149‌

3.20%,

11/18/2029

260‌

231‌

3.40%,

02/15/2052

195‌

144‌

ERP

Operating

LP

1.85%,

08/01/2031

385‌

316‌

2.50%,

02/15/2030

125‌

109‌

Essex

Portfolio

LP

1.70%,

03/01/2028

190‌

163‌

3.00%,

01/15/2030

170‌

150‌

4.00%,

03/01/2029

300‌

286‌

4.50%,

03/15/2048

300‌

269‌

Federal

Realty

OP

LP

1.25%,

02/15/2026

170‌

152‌

4.50%,

12/01/2044

250‌

222‌

GLP

Capital

LP

/

GLP

Financing

II

Inc

4.00%,

01/15/2030

170‌

149‌

5.38%,

04/15/2026

300‌

294‌

Healthcare

Trust

of

America

Holdings

LP

2.00%,

03/15/2031

170‌

132‌

Healthpeak

Properties

Inc

2.13%,

12/01/2028

165‌

143‌

3.00%,

01/15/2030

150‌

132‌

3.40%,

02/01/2025

19‌

19‌

6.75%,

02/01/2041

300‌

340‌

Kilroy

Realty

LP

2.50%,

11/15/2032

165‌

129‌

Kimco

Realty

Corp

2.25%,

12/01/2031

195‌

157‌

2.70%,

10/01/2030

165‌

142‌

3.70%,

10/01/2049

330‌

256‌

Life

Storage

LP

2.20%,

10/15/2030

85‌

68‌

2.40%,

10/15/2031

195‌

155‌

Mid-America

Apartments

LP

1.70%,

02/15/2031

125‌

99‌

4.00%,

11/15/2025

500‌

497‌

National

Retail

Properties

Inc

4.80%,

10/15/2048

200‌

184‌

Omega

Healthcare

Investors

Inc

4.50%,

01/15/2025

300‌

297‌

4.95%,

04/01/2024

750‌

753‌

Prologis

LP

1.25%,

10/15/2030

165‌

130‌

2.13%,

04/15/2027

145‌

132‌

2.25%,

04/15/2030

140‌

121‌

3.00%,

04/15/2050

110‌

83‌

3.88%,

09/15/2028

250‌

243‌

Public

Storage

0.88%,

02/15/2026

145‌

130‌

1.85%,

05/01/2028

380‌

329‌

2.25%,

11/09/2031

200‌

165‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

REITs

(continued)

Realty

Income

Corp

0.75%,

03/15/2026

$

430‌

$

378‌

2.20%,

06/15/2028

180‌

158‌

3.10%,

12/15/2029

375‌

341‌

3.25%,

01/15/2031

165‌

150‌

Simon

Property

Group

LP

1.75%,

02/01/2028

190‌

162‌

2.00%,

09/13/2024

915‌

875‌

2.45%,

09/13/2029

140‌

119‌

2.65%,

02/01/2032

200‌

165‌

3.25%,

11/30/2026

500‌

477‌

3.25%,

09/13/2049

140‌

102‌

3.50%,

09/01/2025

165‌

161‌

4.25%,

11/30/2046

130‌

112‌

6.75%,

02/01/2040

25‌

28‌

Spirit

Realty

LP

2.10%,

03/15/2028

190‌

159‌

UDR

Inc

2.10%,

08/01/2032

565‌

439‌

3.20%,

01/15/2030

165‌

148‌

Ventas

Realty

LP

3.00%,

01/15/2030

200‌

175‌

3.50%,

04/15/2024

300‌

297‌

5.70%,

09/30/2043

300‌

305‌

VICI

Properties

LP

4.38%,

05/15/2025

585‌

571‌

Welltower

Inc

2.75%,

01/15/2032

195‌

162‌

3.63%,

03/15/2024

600‌

595‌

4.13%,

03/15/2029

300‌

285‌

Weyerhaeuser

Co

7.38%,

03/15/2032

85‌

98‌

WP

Carey

Inc

2.40%,

02/01/2031

85‌

69‌

$

23,249‌

Retail

-

0

.63

%

AutoZone

Inc

1.65%,

01/15/2031

165‌

129‌

3.75%,

06/01/2027

250‌

242‌

Costco

Wholesale

Corp

1.38%,

06/20/2027

155‌

139‌

1.60%,

04/20/2030

155‌

131‌

1.75%,

04/20/2032

155‌

128‌

2.75%,

05/18/2024

50‌

50‌

3.00%,

05/18/2027

150‌

146‌

Dollar

General

Corp

4.15%,

11/01/2025

500‌

500‌

Dollar

Tree

Inc

4.20%,

05/15/2028

185‌

180‌

Home

Depot

Inc/The

0.90%,

03/15/2028

190‌

162‌

1.88%,

09/15/2031

195‌

162‌

2.13%,

09/15/2026

250‌

237‌

2.38%,

03/15/2051

190‌

128‌

2.70%,

04/15/2025

195‌

191‌

2.75%,

09/15/2051

195‌

142‌

2.88%,

04/15/2027

195‌

188‌

2.95%,

06/15/2029

435‌

406‌

3.50%,

09/15/2056

305‌

248‌

3.90%,

06/15/2047

30‌

27‌

4.20%,

04/01/2043

520‌

486‌

4.25%,

04/01/2046

590‌

554‌

4.40%,

03/15/2045

1,020‌

974‌

5.95%,

04/01/2041

351‌

399‌

Kohl's

Corp

5.55%,

07/17/2045

250‌

211‌

Lowe's

Cos

Inc

1.30%,

04/15/2028

165‌

139‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

109

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Retail

(continued)

Lowe’s

Cos

Inc  

(continued)

1.70%,

10/15/2030

$

165‌

$

132‌

3.00%,

10/15/2050

50‌

35‌

3.10%,

05/03/2027

530‌

505‌

3.65%,

04/05/2029

465‌

438‌

3.70%,

04/15/2046

40‌

32‌

3.75%,

04/01/2032

195‌

181‌

4.00%,

04/15/2025

160‌

161‌

4.05%,

05/03/2047

30‌

25‌

4.25%,

04/01/2052

195‌

169‌

4.38%,

09/15/2045

500‌

433‌

5.00%,

04/15/2040

160‌

155‌

McDonald's

Corp

1.45%,

09/01/2025

160‌

149‌

2.13%,

03/01/2030

160‌

137‌

2.63%,

09/01/2029

415‌

372‌

3.38%,

05/26/2025

500‌

495‌

3.50%,

07/01/2027

325‌

318‌

3.63%,

09/01/2049

115‌

95‌

3.70%,

02/15/2042

128‌

107‌

4.70%,

12/09/2035

25‌

25‌

4.88%,

07/15/2040

9‌

9‌

4.88%,

12/09/2045

250‌

246‌

6.30%,

10/15/2037

262‌

300‌

O'Reilly

Automotive

Inc

1.75%,

03/15/2031

85‌

67‌

4.35%,

06/01/2028

300‌

299‌

Starbucks

Corp

2.00%,

03/12/2027

160‌

145‌

3.00%,

02/14/2032

135‌

117‌

3.55%,

08/15/2029

500‌

469‌

3.85%,

10/01/2023

530‌

534‌

4.45%,

08/15/2049

300‌

269‌

Target

Corp

1.95%,

01/15/2027

150‌

139‌

2.35%,

02/15/2030

320‌

283‌

2.50%,

04/15/2026

500‌

479‌

2.95%,

01/15/2052

175‌

132‌

TJX

Cos

Inc/The

1.60%,

05/15/2031

130‌

105‌

Walgreens

Boots

Alliance

Inc

3.45%,

06/01/2026

148‌

144‌

Walmart

Inc

1.05%,

09/17/2026

185‌

168‌

1.50%,

09/22/2028

185‌

162‌

1.80%,

09/22/2031

195‌

166‌

2.50%,

09/22/2041

195‌

152‌

2.65%,

09/22/2051

185‌

139‌

2.95%,

09/24/2049

245‌

197‌

3.95%,

06/28/2038

185‌

178‌

$

15,162‌

Semiconductors

-

0

.63

%

Analog

Devices

Inc

2.10%,

10/01/2031

135‌

115‌

2.80%,

10/01/2041

195‌

153‌

Applied

Materials

Inc

1.75%,

06/01/2030

160‌

135‌

3.30%,

04/01/2027

35‌

34‌

3.90%,

10/01/2025

500‌

503‌

4.35%,

04/01/2047

40‌

39‌

5.10%,

10/01/2035

250‌

263‌

Broadcom

Corp

/

Broadcom

Cayman

Finance

Ltd

3.88%,

01/15/2027

910‌

876‌

Broadcom

Inc

1.95%,

02/15/2028

(h)

150‌

128‌

2.60%,

02/15/2033

(h)

405‌

311‌

3.14%,

11/15/2035

(h)

640‌

486‌

3.19%,

11/15/2036

(h)

14‌

11‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Semiconductors

(continued)

Broadcom

Inc  

(continued)

3.42%,

04/15/2033

(h)

$

460‌

$

380‌

3.47%,

04/15/2034

(h)

350‌

285‌

3.50%,

02/15/2041

(h)

200‌

151‌

3.75%,

02/15/2051

(h)

50‌

37‌

4.15%,

11/15/2030

271‌

248‌

4.30%,

11/15/2032

185‌

168‌

4.75%,

04/15/2029

730‌

707‌

Intel

Corp

2.00%,

08/12/2031

(e)

190‌

159‌

2.45%,

11/15/2029

310‌

277‌

2.60%,

05/19/2026

530‌

511‌

3.05%,

08/12/2051

190‌

141‌

3.15%,

05/11/2027

540‌

527‌

3.20%,

08/12/2061

190‌

139‌

3.25%,

11/15/2049

315‌

245‌

3.40%,

03/25/2025

160‌

160‌

3.73%,

12/08/2047

240‌

204‌

3.75%,

03/25/2027

160‌

161‌

4.00%,

12/15/2032

200‌

196‌

4.25%,

12/15/2042

200‌

185‌

4.60%,

03/25/2040

160‌

156‌

4.80%,

10/01/2041

77‌

76‌

4.90%,

07/29/2045

25‌

25‌

KLA

Corp

4.65%,

11/01/2024

500‌

507‌

4.95%,

07/15/2052

355‌

357‌

Lam

Research

Corp

1.90%,

06/15/2030

155‌

131‌

2.88%,

06/15/2050

235‌

172‌

Marvell

Technology

Inc

2.45%,

04/15/2028

380‌

332‌

4.88%,

06/22/2028

300‌

296‌

Micron

Technology

Inc

2.70%,

04/15/2032

290‌

231‌

4.19%,

02/15/2027

115‌

112‌

4.66%,

02/15/2030

115‌

110‌

NVIDIA

Corp

0.58%,

06/14/2024

385‌

365‌

1.55%,

06/15/2028

190‌

166‌

2.00%,

06/15/2031

385‌

327‌

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

2.50%,

05/11/2031

385‌

316‌

3.13%,

02/15/2042

195‌

142‌

3.15%,

05/01/2027

80‌

74‌

3.25%,

05/11/2041

195‌

147‌

4.40%,

06/01/2027

220‌

217‌

QUALCOMM

Inc

1.30%,

05/20/2028

411‌

356‌

1.65%,

05/20/2032

340‌

275‌

3.25%,

05/20/2027

320‌

313‌

4.65%,

05/20/2035

115‌

118‌

4.80%,

05/20/2045

425‌

435‌

Texas

Instruments

Inc

1.13%,

09/15/2026

195‌

177‌

1.38%,

03/12/2025

160‌

151‌

1.75%,

05/04/2030

245‌

210‌

1.90%,

09/15/2031

195‌

165‌

4.15%,

05/15/2048

205‌

197‌

TSMC

Arizona

Corp

3.88%,

04/22/2027

200‌

199‌

4.25%,

04/22/2032

200‌

197‌

$

14,987‌

Software

-

0

.58

%

Activision

Blizzard

Inc

1.35%,

09/15/2030

85‌

68‌

2.50%,

09/15/2050

790‌

541‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

110

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Software

(continued)

Adobe

Inc

1.90%,

02/01/2025

$

315‌

$

303‌

2.30%,

02/01/2030

160‌

141‌

Electronic

Arts

Inc

1.85%,

02/15/2031

190‌

154‌

Fidelity

National

Information

Services

Inc

0.60%,

03/01/2024

90‌

85‌

1.65%,

03/01/2028

180‌

154‌

3.10%,

03/01/2041

90‌

66‌

Fiserv

Inc

3.50%,

07/01/2029

310‌

283‌

3.80%,

10/01/2023

400‌

400‌

3.85%,

06/01/2025

300‌

297‌

Microsoft

Corp

2.40%,

08/08/2026

55‌

53‌

2.53%,

06/01/2050

792‌

583‌

2.68%,

06/01/2060

1,209‌

867‌

3.13%,

11/03/2025

700‌

699‌

3.30%,

02/06/2027

200‌

199‌

3.45%,

08/08/2036

358‌

337‌

3.63%,

12/15/2023

30‌

30‌

Oracle

Corp

2.30%,

03/25/2028

385‌

331‌

2.40%,

09/15/2023

30‌

30‌

2.50%,

04/01/2025

150‌

143‌

2.65%,

07/15/2026

700‌

645‌

2.80%,

04/01/2027

850‌

775‌

2.88%,

03/25/2031

385‌

317‌

2.95%,

04/01/2030

150‌

128‌

3.60%,

04/01/2040

150‌

112‌

3.60%,

04/01/2050

150‌

104‌

3.65%,

03/25/2041

385‌

287‌

3.80%,

11/15/2037

250‌

195‌

3.90%,

05/15/2035

600‌

495‌

3.95%,

03/25/2051

385‌

283‌

4.00%,

07/15/2046

780‌

577‌

4.10%,

03/25/2061

190‌

134‌

4.30%,

07/08/2034

1,015‌

886‌

4.38%,

05/15/2055

610‌

460‌

Roper

Technologies

Inc

1.00%,

09/15/2025

85‌

77‌

1.40%,

09/15/2027

165‌

141‌

2.35%,

09/15/2024

110‌

107‌

2.95%,

09/15/2029

95‌

84‌

Salesforce

Inc

1.95%,

07/15/2031

190‌

161‌

2.70%,

07/15/2041

385‌

298‌

2.90%,

07/15/2051

385‌

291‌

ServiceNow

Inc

1.40%,

09/01/2030

165‌

129‌

Take-Two

Interactive

Software

Inc

3.55%,

04/14/2025

340‌

334‌

VMware

Inc

1.40%,

08/15/2026

570‌

504‌

1.80%,

08/15/2028

285‌

237‌

2.20%,

08/15/2031

385‌

303‌

$

13,828‌

Sovereign

-

1

.44

%

Canada

Government

International

Bond

0.75%,

05/19/2026

(e)

390‌

356‌

1.63%,

01/22/2025

865‌

835‌

2.88%,

04/28/2025

(e)

430‌

427‌

Chile

Government

International

Bond

2.45%,

01/31/2031

535‌

456‌

2.55%,

01/27/2032

475‌

403‌

2.75%,

01/31/2027

200‌

187‌

3.10%,

05/07/2041

500‌

380‌

3.13%,

03/27/2025

250‌

244‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

Chile

Government

International

Bond  

(continued)

3.50%,

04/15/2053

$

200‌

$

151‌

3.86%,

06/21/2047

300‌

250‌

4.00%,

01/31/2052

200‌

166‌

Export-Import

Bank

of

Korea

0.38%,

02/09/2024

200‌

191‌

1.25%,

01/18/2025

200‌

189‌

1.38%,

02/09/2031

200‌

164‌

2.13%,

01/18/2032

200‌

171‌

3.25%,

11/10/2025

500‌

495‌

3.25%,

08/12/2026

500‌

493‌

Indonesia

Government

International

Bond

2.15%,

07/28/2031

400‌

329‌

2.85%,

02/14/2030

800‌

714‌

3.05%,

03/12/2051

(e)

400‌

304‌

3.50%,

01/11/2028

200‌

191‌

3.70%,

10/30/2049

200‌

160‌

4.20%,

10/15/2050

500‌

429‌

4.75%,

02/11/2029

200‌

202‌

Israel

Government

AID

Bond

5.50%,

09/18/2023

25‌

26‌

5.50%,

04/26/2024

125‌

130‌

5.50%,

09/18/2033

12‌

14‌

Israel

Government

International

Bond

3.88%,

07/03/2050

400‌

351‌

4.50%,

01/30/2043

400‌

394‌

Japan

Bank

for

International

Cooperation

0.38%,

09/15/2023

510‌

494‌

0.50%,

04/15/2024

200‌

191‌

1.25%,

01/21/2031

400‌

337‌

1.88%,

04/15/2031

200‌

177‌

2.00%,

10/17/2029

200‌

182‌

2.13%,

02/16/2029

400‌

368‌

2.38%,

04/20/2026

300‌

290‌

2.88%,

04/14/2025

400‌

396‌

3.00%,

05/29/2024

1,000‌

996‌

3.38%,

07/31/2023

600‌

602‌

Korea

International

Bond

1.00%,

09/16/2030

200‌

166‌

3.88%,

09/11/2023

250‌

252‌

3.88%,

09/20/2048

500‌

500‌

Mexico

Government

International

Bond

2.66%,

05/24/2031

400‌

329‌

3.25%,

04/16/2030

(e)

200‌

176‌

3.50%,

02/12/2034

600‌

496‌

3.60%,

01/30/2025

210‌

208‌

3.75%,

01/11/2028

250‌

239‌

3.75%,

04/19/2071

400‌

249‌

3.77%,

05/24/2061

200‌

130‌

3.90%,

04/27/2025

600‌

599‌

4.50%,

04/22/2029

300‌

291‌

4.50%,

01/31/2050

800‌

623‌

4.60%,

02/10/2048

700‌

553‌

4.75%,

03/08/2044

506‌

421‌

5.55%,

01/21/2045

300‌

275‌

6.05%,

01/11/2040

464‌

456‌

Panama

Government

International

Bond

2.25%,

09/29/2032

200‌

156‌

3.30%,

01/19/2033

200‌

171‌

3.75%,

03/16/2025

800‌

790‌

3.87%,

07/23/2060

340‌

240‌

3.88%,

03/17/2028

500‌

476‌

4.30%,

04/29/2053

400‌

314‌

4.50%,

05/15/2047

200‌

164‌

4.50%,

04/16/2050

400‌

326‌

6.70%,

01/26/2036

224‌

242‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

111

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

Peruvian

Government

International

Bond

1.86%,

12/01/2032

$

780‌

$

591‌

2.78%,

01/23/2031

145‌

123‌

2.78%,

12/01/2060

180‌

111‌

3.30%,

03/11/2041

340‌

257‌

3.55%,

03/10/2051

(e)

200‌

149‌

5.63%,

11/18/2050

528‌

546‌

6.55%,

03/14/2037

126‌

136‌

7.35%,

07/21/2025

180‌

194‌

8.75%,

11/21/2033

192‌

243‌

Philippine

Government

International

Bond

2.46%,

05/05/2030

500‌

436‌

2.65%,

12/10/2045

400‌

278‌

2.95%,

05/05/2045

200‌

144‌

3.00%,

02/01/2028

300‌

283‌

3.20%,

07/06/2046

200‌

150‌

3.70%,

03/01/2041

200‌

166‌

3.70%,

02/02/2042

230‌

190‌

5.00%,

01/13/2037

300‌

299‌

6.38%,

10/23/2034

210‌

236‌

9.50%,

02/02/2030

400‌

515‌

10.63%,

03/16/2025

400‌

469‌

Republic

of

Italy

Government

International

Bond

0.88%,

05/06/2024

200‌

189‌

1.25%,

02/17/2026

400‌

356‌

2.38%,

10/17/2024

200‌

193‌

2.88%,

10/17/2029

200‌

176‌

3.88%,

05/06/2051

600‌

472‌

5.38%,

06/15/2033

420‌

434‌

6.88%,

09/27/2023

512‌

531‌

State

of

Israel

2.50%,

01/15/2030

200‌

183‌

3.38%,

01/15/2050

400‌

323‌

Svensk

Exportkredit

AB

0.38%,

03/11/2024

200‌

191‌

0.50%,

08/26/2025

835‌

770‌

Tennessee

Valley

Authority

2.88%,

02/01/2027

250‌

247‌

3.50%,

12/15/2042

400‌

367‌

4.25%,

09/15/2065

200‌

205‌

4.63%,

09/15/2060

300‌

331‌

5.25%,

09/15/2039

251‌

287‌

5.38%,

04/01/2056

154‌

192‌

5.88%,

04/01/2036

300‌

364‌

6.75%,

11/01/2025

102‌

114‌

Uruguay

Government

International

Bond

4.13%,

11/20/2045

100‌

92‌

4.38%,

10/27/2027

390‌

395‌

4.98%,

04/20/2055

210‌

207‌

5.10%,

06/18/2050

725‌

728‌

$

34,540‌

Supranational

Bank

-

1

.49

%

African

Development

Bank

0.88%,

03/23/2026

345‌

317‌

0.88%,

07/22/2026

385‌

351‌

Asian

Development

Bank

0.25%,

07/14/2023

330‌

321‌

0.25%,

10/06/2023

490‌

473‌

0.38%,

06/11/2024

385‌

365‌

0.38%,

09/03/2025

325‌

298‌

0.50%,

02/04/2026

400‌

364‌

1.00%,

04/14/2026

380‌

351‌

1.25%,

06/09/2028

100‌

89‌

1.50%,

01/20/2027

400‌

370‌

1.50%,

03/04/2031

195‌

170‌

1.75%,

09/19/2029

325‌

294‌

1.88%,

03/15/2029

390‌

359‌

2.13%,

03/19/2025

300‌

292‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Supranational

Bank

(continued)

Asian

Development

Bank  

(continued)

2.63%,

01/30/2024

$

1,500‌

$

1,490‌

2.75%,

01/19/2028

250‌

244‌

2.88%,

05/06/2025

340‌

338‌

3.13%,

04/27/2032

340‌

337‌

5.82%,

06/16/2028

15‌

17‌

6.38%,

10/01/2028

51‌

59‌

Asian

Infrastructure

Investment

Bank/The

0.25%,

09/29/2023

340‌

329‌

2.25%,

05/16/2024

900‌

884‌

3.38%,

06/29/2025

355‌

355‌

Council

Of

Europe

Development

Bank

0.38%,

06/10/2024

385‌

365‌

1.38%,

02/27/2025

320‌

308‌

European

Bank

for

Reconstruction

&

Development

0.25%,

07/10/2023

330‌

321‌

0.50%,

11/25/2025

385‌

352‌

0.50%,

01/28/2026

380‌

347‌

1.63%,

09/27/2024

(e)

650‌

630‌

European

Investment

Bank

0.38%,

07/24/2024

(e)

475‌

450‌

0.38%,

12/15/2025

340‌

310‌

0.38%,

03/26/2026

480‌

433‌

0.63%,

10/21/2027

585‌

513‌

0.75%,

10/26/2026

190‌

172‌

1.25%,

02/14/2031

(e)

355‌

304‌

1.38%,

03/15/2027

400‌

369‌

1.63%,

03/14/2025

315‌

303‌

1.63%,

05/13/2031

395‌

350‌

1.75%,

03/15/2029

200‌

183‌

1.88%,

02/10/2025

600‌

582‌

2.25%,

06/24/2024

500‌

493‌

2.38%,

05/24/2027

300‌

290‌

2.63%,

03/15/2024

1,000‌

993‌

3.25%,

01/29/2024

1,650‌

1,655‌

FMS

Wertmanagement

2.75%,

01/30/2024

500‌

498‌

Inter-American

Development

Bank

0.25%,

11/15/2023

325‌

314‌

0.50%,

09/23/2024

610‌

576‌

0.63%,

09/16/2027

340‌

298‌

0.88%,

04/20/2026

850‌

781‌

1.13%,

07/20/2028

385‌

341‌

1.13%,

01/13/2031

985‌

833‌

1.50%,

01/13/2027

400‌

372‌

1.75%,

03/14/2025

585‌

564‌

2.38%,

07/07/2027

500‌

480‌

3.00%,

10/04/2023

700‌

699‌

3.00%,

02/21/2024

250‌

250‌

3.13%,

09/18/2028

500‌

497‌

4.38%,

01/24/2044

50‌

55‌

International

Bank

for

Reconstruction

&

Development

0.25%,

11/24/2023

180‌

173‌

0.50%,

10/28/2025

905‌

830‌

0.75%,

11/24/2027

365‌

321‌

0.75%,

08/26/2030

735‌

607‌

0.88%,

07/15/2026

580‌

530‌

1.25%,

02/10/2031

385‌

329‌

1.38%,

04/20/2028

930‌

838‌

1.63%,

01/15/2025

475‌

458‌

1.63%,

11/03/2031

385‌

337‌

1.75%,

10/23/2029

680‌

616‌

2.50%,

03/19/2024

800‌

793‌

2.50%,

11/25/2024

500‌

493‌

2.50%,

07/29/2025

1,700‌

1,667‌

2.50%,

11/22/2027

500‌

483‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

112

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Supranational

Bank

(continued)

International

Bank

for

Reconstruction

&

Development  

(continued)

2.50%,

03/29/2032

$

355‌

$

333‌

International

Finance

Corp

0.38%,

07/16/2025

1,080‌

996‌

Nordic

Investment

Bank

0.38%,

09/11/2025

255‌

234‌

0.50%,

01/21/2026

400‌

365‌

2.25%,

05/21/2024

500‌

493‌

$

35,644‌

Telecommunications

-

1

.15

%

America

Movil

SAB

de

CV

4.38%,

04/22/2049

250‌

232‌

6.13%,

03/30/2040

102‌

112‌

6.38%,

03/01/2035

200‌

227‌

AT&T

Inc

0.90%,

03/25/2024

385‌

367‌

1.65%,

02/01/2028

330‌

286‌

1.70%,

03/25/2026

135‌

123‌

2.25%,

02/01/2032

240‌

196‌

2.30%,

06/01/2027

465‌

425‌

2.75%,

06/01/2031

310‌

268‌

2.95%,

07/15/2026

20‌

19‌

3.10%,

02/01/2043

240‌

178‌

3.50%,

06/01/2041

310‌

248‌

3.50%,

09/15/2053

904‌

685‌

3.55%,

09/15/2055

1,198‌

898‌

3.65%,

06/01/2051

755‌

591‌

3.65%,

09/15/2059

1,057‌

792‌

3.80%,

02/15/2027

40‌

39‌

4.10%,

02/15/2028

81‌

79‌

4.25%,

03/01/2027

230‌

229‌

4.30%,

12/15/2042

221‌

193‌

4.35%,

03/01/2029

500‌

492‌

4.35%,

06/15/2045

260‌

227‌

4.50%,

03/09/2048

490‌

434‌

4.65%,

06/01/2044

500‌

454‌

Bell

Telephone

Co

of

Canada

or

Bell

Canada/The

3.65%,

03/17/2051

190‌

152‌

British

Telecommunications

PLC

9.62%,

12/15/2030

577‌

718‌

Cisco

Systems

Inc

2.20%,

09/20/2023

30‌

30‌

2.50%,

09/20/2026

580‌

557‌

5.50%,

01/15/2040

600‌

654‌

Corning

Inc

4.38%,

11/15/2057

300‌

245‌

4.75%,

03/15/2042

102‌

95‌

Deutsche

Telekom

International

Finance

BV

8.75%,

06/15/2030

641‌

790‌

Juniper

Networks

Inc

2.00%,

12/10/2030

185‌

145‌

Motorola

Solutions

Inc

4.00%,

09/01/2024

49‌

49‌

Orange

SA

5.38%,

01/13/2042

102‌

105‌

Rogers

Communications

Inc

2.95%,

03/15/2025

(h)

195‌

188‌

3.20%,

03/15/2027

(h)

395‌

375‌

3.70%,

11/15/2049

225‌

172‌

3.80%,

03/15/2032

(h)

195‌

178‌

5.00%,

03/15/2044

500‌

465‌

Telefonica

Emisiones

SA

5.21%,

03/08/2047

530‌

470‌

7.05%,

06/20/2036

795‌

887‌

TELUS

Corp

4.60%,

11/16/2048

300‌

280‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Telecommunications

(continued)

T-Mobile

USA

Inc

1.50%,

02/15/2026

$

320‌

$

289‌

2.05%,

02/15/2028

320‌

278‌

2.25%,

11/15/2031

350‌

284‌

2.40%,

03/15/2029

(h)

310‌

268‌

2.55%,

02/15/2031

490‌

412‌

3.00%,

02/15/2041

170‌

127‌

3.30%,

02/15/2051

310‌

226‌

3.40%,

10/15/2052

(h)

520‌

384‌

3.50%,

04/15/2025

150‌

147‌

3.75%,

04/15/2027

295‌

284‌

3.88%,

04/15/2030

295‌

275‌

4.38%,

04/15/2040

150‌

134‌

4.50%,

04/15/2050

295‌

262‌

Verizon

Communications

Inc

1.45%,

03/20/2026

385‌

352‌

1.50%,

09/18/2030

1,000‌

799‌

1.68%,

10/30/2030

748‌

603‌

1.75%,

01/20/2031

360‌

289‌

2.10%,

03/22/2028

580‌

515‌

2.36%,

03/15/2032

180‌

149‌

2.55%,

03/21/2031

385‌

329‌

2.63%,

08/15/2026

25‌

24‌

2.65%,

11/20/2040

135‌

99‌

2.88%,

11/20/2050

360‌

256‌

2.99%,

10/30/2056

562‌

390‌

3.00%,

11/20/2060

80‌

54‌

3.38%,

02/15/2025

40‌

40‌

3.40%,

03/22/2041

385‌

313‌

3.55%,

03/22/2051

385‌

309‌

3.70%,

03/22/2061

190‌

149‌

3.85%,

11/01/2042

275‌

235‌

3.88%,

02/08/2029

400‌

387‌

4.13%,

03/16/2027

300‌

299‌

4.33%,

09/21/2028

500‌

497‌

4.40%,

11/01/2034

750‌

719‌

4.50%,

08/10/2033

360‌

351‌

4.81%,

03/15/2039

600‌

589‌

Vodafone

Group

PLC

4.25%,

09/17/2050

165‌

138‌

4.38%,

05/30/2028

560‌

557‌

5.00%,

05/30/2038

250‌

240‌

5.25%,

05/30/2048

400‌

381‌

6.15%,

02/27/2037

201‌

217‌

6.25%,

11/30/2032

500‌

547‌

$

27,546‌

Toys,

Games

&

Hobbies

-

0

.00

%

Hasbro

Inc

6.35%,

03/15/2040

25‌

26‌

Transportation

-

0

.54

%

Burlington

Northern

Santa

Fe

LLC

3.05%,

02/15/2051

400‌

304‌

3.30%,

09/15/2051

200‌

160‌

3.40%,

09/01/2024

230‌

229‌

3.55%,

02/15/2050

115‌

96‌

4.38%,

09/01/2042

545‌

515‌

4.45%,

03/15/2043

20‌

19‌

4.45%,

01/15/2053

100‌

97‌

4.55%,

09/01/2044

15‌

14‌

5.15%,

09/01/2043

350‌

363‌

Canadian

National

Railway

Co

2.45%,

05/01/2050

65‌

44‌

3.20%,

08/02/2046

400‌

312‌

3.65%,

02/03/2048

75‌

63‌

Canadian

Pacific

Railway

Co

1.75%,

12/02/2026

390‌

353‌

2.45%,

12/02/2031

190‌

163‌

3.00%,

12/02/2041

190‌

149‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

113

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Transportation

(continued)

Canadian

Pacific

Railway

Co  

(continued)

3.10%,

12/02/2051

$

190‌

$

140‌

4.80%,

09/15/2035

500‌

497‌

CSX

Corp

2.40%,

02/15/2030

65‌

57‌

2.60%,

11/01/2026

300‌

282‌

3.25%,

06/01/2027

40‌

38‌

3.35%,

11/01/2025

250‌

246‌

3.35%,

09/15/2049

70‌

55‌

3.80%,

03/01/2028

100‌

98‌

3.80%,

11/01/2046

30‌

25‌

4.25%,

11/01/2066

400‌

337‌

4.30%,

03/01/2048

105‌

96‌

4.75%,

05/30/2042

277‌

264‌

FedEx

Corp

3.10%,

08/05/2029

550‌

501‌

3.88%,

08/01/2042

100‌

85‌

4.40%,

01/15/2047

405‌

355‌

4.55%,

04/01/2046

400‌

359‌

4.75%,

11/15/2045

525‌

481‌

Kansas

City

Southern/Old

4.70%,

05/01/2048

300‌

283‌

Norfolk

Southern

Corp

2.30%,

05/15/2031

195‌

166‌

2.55%,

11/01/2029

155‌

138‌

2.90%,

08/25/2051

190‌

136‌

3.85%,

01/15/2024

200‌

200‌

3.94%,

11/01/2047

398‌

344‌

4.15%,

02/28/2048

200‌

178‌

4.55%,

06/01/2053

70‌

66‌

4.84%,

10/01/2041

100‌

98‌

Ryder

System

Inc

2.50%,

09/01/2024

80‌

77‌

2.90%,

12/01/2026

150‌

140‌

4.30%,

06/15/2027

55‌

54‌

Union

Pacific

Corp

2.15%,

02/05/2027

230‌

213‌

2.38%,

05/20/2031

195‌

168‌

2.80%,

02/14/2032

185‌

165‌

2.89%,

04/06/2036

210‌

174‌

3.15%,

03/01/2024

400‌

397‌

3.20%,

05/20/2041

195‌

159‌

3.38%,

02/14/2042

190‌

158‌

3.80%,

10/01/2051

577‌

494‌

3.80%,

04/06/2071

175‌

140‌

3.84%,

03/20/2060

575‌

480‌

United

Parcel

Service

Inc

2.50%,

09/01/2029

125‌

113‌

3.40%,

09/01/2049

(e)

770‌

647‌

3.90%,

04/01/2025

665‌

670‌

4.88%,

11/15/2040

25‌

25‌

5.20%,

04/01/2040

125‌

132‌

6.20%,

01/15/2038

23‌

27‌

$

12,839‌

Trucking

&

Leasing

-

0

.01

%

GATX

Corp

1.90%,

06/01/2031

380‌

297‌

Water

-

0

.06

%

American

Water

Capital

Corp

2.30%,

06/01/2031

195‌

165‌

3.25%,

06/01/2051

195‌

150‌

3.75%,

09/01/2047

180‌

150‌

4.15%,

06/01/2049

650‌

575‌

4.45%,

06/01/2032

110‌

109‌

6.59%,

10/15/2037

5‌

6‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Water

(continued)

Essential

Utilities

Inc

2.40%,

05/01/2031

$

190‌

$

158‌

5.30%,

05/01/2052

185‌

188‌

$

1,501‌

TOTAL

BONDS

$

723,333‌

MUNICIPAL

BONDS

-

0

.59

%

Principal

Amount

(000's)

Value

(000's)

California

-

0

.19

%

Bay

Area

Toll

Authority

6.26%,

04/01/2049

$

300‌

$

383‌

6.92%,

04/01/2040

120‌

147‌

California

State

University

2.98%,

11/01/2051

160‌

126‌

East

Bay

Municipal

Utility

District

Water

System

Revenue

5.87%,

06/01/2040

60‌

71‌

Los

Angeles

Department

of

Water

&

Power

Power

System

Revenue

6.57%,

07/01/2045

150‌

191‌

Los

Angeles

Unified

School

District/CA

5.75%,

07/01/2034

80‌

89‌

5.76%,

07/01/2029

50‌

54‌

6.76%,

07/01/2034

530‌

633‌

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

6.55%,

05/15/2048

250‌

310‌

San

Diego

County

Water

Authority

6.14%,

05/01/2049

260‌

320‌

Santa

Clara

Valley

Transportation

Authority

5.88%,

04/01/2032

25‌

27‌

State

of

California

3.50%,

04/01/2028

165‌

163‌

7.30%,

10/01/2039

375‌

485‌

7.35%,

11/01/2039

500‌

651‌

7.60%,

11/01/2040

180‌

249‌

7.63%,

03/01/2040

280‌

379‌

University

of

California

5.77%,

05/15/2043

200‌

228‌

$

4,506‌

District

of

Columbia

-

0

.02

%

District

of

Columbia

Water

&

Sewer

Authority

4.81%,

10/01/2114

450‌

452‌

Georgia

-

0

.02

%

Municipal

Electric

Authority

of

Georgia

6.64%,

04/01/2057

146‌

171‌

7.06%,

04/01/2057

193‌

221‌

$

392‌

Illinois

-

0

.06

%

Chicago

Transit

Authority

Sales

&

Transfer

Tax

Receipts

Revenue

6.90%,

12/01/2040

200‌

240‌

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

6.20%,

12/01/2040

70‌

80‌

County

of

Cook

IL

6.23%,

11/15/2034

102‌

118‌

State

of

Illinois

5.10%,

06/01/2033

1,000‌

1,006‌

7.35%,

07/01/2035

70‌

76‌

$

1,520‌

Kansas

-

0

.01

%

State

of

Kansas

Department

of

Transportation

4.60%,

09/01/2035

115‌

123‌

Nevada

-

0

.00

%

County

of

Clark

Department

of

Aviation

6.82%,

07/01/2045

25‌

32‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

114

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

New

Jersey

-

0

.07

%

New

Jersey

Economic

Development

Authority

(credit

support

from

National

Public

Finance

Guarantee

Corp

)

7.43%,

02/15/2029

(j)

$

700‌

$

786‌

New

Jersey

Transportation

Trust

Fund

Authority

5.75%,

12/15/2028

190‌

199‌

6.56%,

12/15/2040

210‌

244‌

New

Jersey

Turnpike

Authority

7.10%,

01/01/2041

147‌

190‌

Rutgers

The

State

University

of

New

Jersey

5.67%,

05/01/2040

130‌

145‌

$

1,564‌

New

York

-

0

.09

%

City

of

New

York

NY

5.52%,

10/01/2037

25‌

28‌

Metropolitan

Transportation

Authority

6.81%,

11/15/2040

135‌

163‌

New

York

City

Municipal

Water

Finance

Authority

5.72%,

06/15/2042

270‌

319‌

5.95%,

06/15/2042

125‌

151‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

5.51%,

08/01/2037

250‌

275‌

New

York

State

Dormitory

Authority

5.60%,

03/15/2040

435‌

482‌

Port

Authority

of

New

York

&

New

Jersey

4.46%,

10/01/2062

400‌

389‌

4.96%,

08/01/2046

300‌

313‌

6.04%,

12/01/2029

50‌

56‌

$

2,176‌

Ohio

-

0

.01

%

American

Municipal

Power

Inc

6.27%,

02/15/2050

64‌

74‌

Ohio

State

University/The

4.91%,

06/01/2040

125‌

136‌

$

210‌

Pennsylvania

-

0

.02

%

State

Public

School

Building

Authority

5.00%,

09/15/2027

500‌

519‌

Texas

-

0

.08

%

City

of

San

Antonio

TX

Electric

&

Gas

Systems

Revenue

5.81%,

02/01/2041

135‌

158‌

Dallas

Area

Rapid

Transit

5.02%,

12/01/2048

50‌

55‌

Dallas

Convention

Center

Hotel

Development

Corp

7.09%,

01/01/2042

70‌

83‌

Dallas

County

Hospital

District

5.62%,

08/15/2044

83‌

94‌

Dallas

Independent

School

District

(credit

support

from

Permanent

School

Fund

Guarantee

Program

)

6.45%,

02/15/2035

(j)

50‌

52‌

Grand

Parkway

Transportation

Corp

5.18%,

10/01/2042

300‌

329‌

State

of

Texas

4.68%,

04/01/2040

100‌

104‌

5.52%,

04/01/2039

405‌

459‌

Texas

Transportation

Commission

State

Highway

Fund

5.18%,

04/01/2030

625‌

667‌

$

2,001‌

Utah

-

0

.01

%

State

of

Utah

3.54%,

07/01/2025

300‌

302‌

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Wisconsin

-

0

.01

%

State

of

Wisconsin

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.70%,

05/01/2026

(j)

$

280‌

$

298‌

TOTAL

MUNICIPAL

BONDS

$

14,095‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

68

.29

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

1

.60

%

2.00%,

08/01/2029

$

189‌

$

183‌

2.00%,

10/01/2031

48‌

46‌

2.00%,

03/01/2032

95‌

91‌

2.50%,

10/01/2027

51‌

51‌

2.50%,

03/01/2028

134‌

132‌

2.50%,

06/01/2028

86‌

85‌

2.50%,

06/01/2028

190‌

188‌

2.50%,

07/01/2028

134‌

132‌

2.50%,

10/01/2028

107‌

103‌

2.50%,

10/01/2028

64‌

63‌

2.50%,

10/01/2029

167‌

164‌

2.50%,

12/01/2029

199‌

195‌

2.50%,

09/01/2030

344‌

337‌

2.50%,

01/01/2031

371‌

364‌

2.50%,

01/01/2031

41‌

40‌

2.50%,

02/01/2031

40‌

39‌

2.50%,

03/01/2031

112‌

110‌

2.50%,

12/01/2031

124‌

121‌

2.50%,

12/01/2031

138‌

135‌

2.50%,

02/01/2032

160‌

157‌

2.50%,

03/01/2032

212‌

208‌

2.50%,

11/01/2032

417‌

409‌

2.50%,

02/01/2033

114‌

112‌

2.50%,

03/01/2033

78‌

77‌

2.50%,

03/01/2033

272‌

267‌

2.50%,

04/01/2033

129‌

124‌

2.50%,

05/01/2033

52‌

50‌

2.50%,

06/01/2033

91‌

88‌

2.50%,

11/01/2036

73‌

67‌

2.50%,

02/01/2043

93‌

85‌

2.50%,

03/01/2043

73‌

67‌

3.00%,

01/01/2027

49‌

49‌

3.00%,

03/01/2027

38‌

38‌

3.00%,

05/01/2027

42‌

42‌

3.00%,

10/01/2028

138‌

138‌

3.00%,

07/01/2029

175‌

175‌

3.00%,

08/01/2029

77‌

76‌

3.00%,

10/01/2029

45‌

45‌

3.00%,

11/01/2029

77‌

77‌

3.00%,

07/01/2030

172‌

172‌

3.00%,

09/01/2030

232‌

231‌

3.00%,

11/01/2030

41‌

41‌

3.00%,

11/01/2030

85‌

85‌

3.00%,

01/01/2031

81‌

80‌

3.00%,

04/01/2031

160‌

159‌

3.00%,

02/01/2032

36‌

36‌

3.00%,

05/01/2032

60‌

59‌

3.00%,

12/01/2032

266‌

263‌

3.00%,

12/01/2032

252‌

250‌

3.00%,

01/01/2033

361‌

359‌

3.00%,

02/01/2033

210‌

208‌

3.00%,

03/01/2033

150‌

149‌

3.00%,

04/01/2033

113‌

111‌

3.00%,

04/01/2033

90‌

89‌

3.00%,

06/01/2033

71‌

69‌

3.00%,

09/01/2033

98‌

96‌

3.00%,

09/01/2033

105‌

104‌

3.00%,

12/01/2034

26‌

25‌

3.00%,

01/01/2035

17‌

17‌

3.00%,

02/01/2035

26‌

25‌

3.00%,

05/01/2035

208‌

204‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

115

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

3.00%,

02/01/2036

$

48‌

$

47‌

3.00%,

09/01/2036

52‌

51‌

3.00%,

02/01/2037

60‌

58‌

3.00%,

05/01/2037

68‌

66‌

3.00%,

06/01/2037

71‌

69‌

3.00%,

07/01/2037

109‌

107‌

3.00%,

09/01/2037

23‌

22‌

3.00%,

01/01/2043

151‌

145‌

3.00%,

01/01/2043

158‌

152‌

3.00%,

02/01/2043

663‌

634‌

3.00%,

03/01/2043

386‌

369‌

3.00%,

04/01/2043

134‌

128‌

3.00%,

05/01/2043

132‌

126‌

3.00%,

06/01/2043

246‌

235‌

3.00%,

07/01/2043

250‌

239‌

3.00%,

07/01/2043

238‌

228‌

3.00%,

07/01/2043

426‌

407‌

3.00%,

07/01/2043

395‌

377‌

3.00%,

08/01/2043

53‌

50‌

3.00%,

08/01/2043

72‌

69‌

3.00%,

08/01/2043

134‌

128‌

3.00%,

08/01/2043

719‌

688‌

3.00%,

09/01/2043

270‌

258‌

3.00%,

09/01/2043

284‌

272‌

3.00%,

09/01/2043

127‌

121‌

3.00%,

10/01/2043

100‌

96‌

3.00%,

10/01/2043

263‌

251‌

3.00%,

03/01/2045

223‌

213‌

3.00%,

04/01/2045

81‌

77‌

3.00%,

06/01/2045

293‌

278‌

3.00%,

07/01/2045

172‌

163‌

3.00%,

07/01/2045

236‌

225‌

3.00%,

08/01/2045

336‌

319‌

3.00%,

08/01/2045

103‌

98‌

3.00%,

08/01/2045

102‌

97‌

3.00%,

12/01/2045

462‌

439‌

3.00%,

03/01/2046

202‌

191‌

3.00%,

03/01/2046

57‌

54‌

3.00%,

04/01/2046

275‌

261‌

3.00%,

04/01/2046

27‌

26‌

3.00%,

05/01/2046

71‌

67‌

3.00%,

09/01/2046

329‌

312‌

3.00%,

10/01/2046

377‌

358‌

3.00%,

11/01/2046

566‌

536‌

3.00%,

11/01/2046

57‌

54‌

3.00%,

11/01/2046

337‌

319‌

3.00%,

11/01/2046

371‌

351‌

3.00%,

12/01/2046

419‌

397‌

3.00%,

12/01/2046

466‌

441‌

3.00%,

01/01/2047

638‌

605‌

3.00%,

03/01/2047

638‌

603‌

3.00%,

03/01/2048

231‌

218‌

3.50%,

10/01/2025

40‌

40‌

3.50%,

11/01/2025

48‌

48‌

3.50%,

12/01/2026

47‌

47‌

3.50%,

01/01/2029

69‌

69‌

3.50%,

01/01/2032

50‌

50‌

3.50%,

02/01/2032

31‌

31‌

3.50%,

03/01/2032

37‌

37‌

3.50%,

04/01/2032

38‌

38‌

3.50%,

08/01/2032

28‌

28‌

3.50%,

09/01/2033

102‌

102‌

3.50%,

01/01/2034

31‌

31‌

3.50%,

01/01/2035

66‌

66‌

3.50%,

02/01/2035

56‌

56‌

3.50%,

07/01/2035

91‌

91‌

3.50%,

09/01/2035

135‌

135‌

3.50%,

04/01/2037

37‌

37‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

3.50%,

06/01/2037

$

72‌

$

71‌

3.50%,

05/01/2041

47‌

46‌

3.50%,

02/01/2042

130‌

128‌

3.50%,

04/01/2042

44‌

44‌

3.50%,

06/01/2042

102‌

100‌

3.50%,

07/01/2042

119‌

117‌

3.50%,

07/01/2042

156‌

154‌

3.50%,

08/01/2042

69‌

67‌

3.50%,

08/01/2042

158‌

155‌

3.50%,

02/01/2044

219‌

214‌

3.50%,

06/01/2044

207‌

203‌

3.50%,

09/01/2044

114‌

112‌

3.50%,

02/01/2045

129‌

126‌

3.50%,

03/01/2045

184‌

180‌

3.50%,

06/01/2045

212‌

208‌

3.50%,

07/01/2045

349‌

342‌

3.50%,

09/01/2045

180‌

176‌

3.50%,

10/01/2045

205‌

201‌

3.50%,

11/01/2045

337‌

330‌

3.50%,

12/01/2045

247‌

241‌

3.50%,

12/01/2045

276‌

270‌

3.50%,

12/01/2045

33‌

33‌

3.50%,

01/01/2046

23‌

22‌

3.50%,

01/01/2046

96‌

94‌

3.50%,

03/01/2046

169‌

165‌

3.50%,

03/01/2046

867‌

849‌

3.50%,

04/01/2046

210‌

205‌

3.50%,

05/01/2046

225‌

222‌

3.50%,

06/01/2046

262‌

255‌

3.50%,

08/01/2046

187‌

184‌

3.50%,

04/01/2047

276‌

270‌

3.50%,

11/01/2047

305‌

299‌

3.50%,

11/01/2047

198‌

194‌

3.50%,

05/01/2048

35‌

34‌

3.50%,

06/01/2048

121‌

118‌

3.50%,

06/01/2048

340‌

333‌

3.50%,

09/01/2048

112‌

109‌

4.00%,

06/01/2025

25‌

26‌

4.00%,

07/01/2025

40‌

41‌

4.00%,

12/01/2030

16‌

17‌

4.00%,

08/01/2031

15‌

16‌

4.00%,

10/01/2031

24‌

25‌

4.00%,

11/01/2031

7‌

7‌

4.00%,

12/01/2031

12‌

12‌

4.00%,

11/01/2033

33‌

34‌

4.00%,

01/01/2034

59‌

60‌

4.00%,

07/01/2035

22‌

22‌

4.00%,

03/01/2037

91‌

93‌

4.00%,

05/01/2038

33‌

33‌

4.00%,

02/01/2041

79‌

80‌

4.00%,

06/01/2042

49‌

50‌

4.00%,

06/01/2042

59‌

59‌

4.00%,

08/01/2043

357‌

360‌

4.00%,

01/01/2044

62‌

63‌

4.00%,

02/01/2044

156‌

157‌

4.00%,

03/01/2044

58‌

58‌

4.00%,

04/01/2044

154‌

155‌

4.00%,

05/01/2044

40‌

40‌

4.00%,

07/01/2044

84‌

85‌

4.00%,

07/01/2044

73‌

73‌

4.00%,

10/01/2044

106‌

107‌

4.00%,

11/01/2044

235‌

237‌

4.00%,

12/01/2044

234‌

236‌

4.00%,

01/01/2045

64‌

64‌

4.00%,

02/01/2045

73‌

74‌

4.00%,

04/01/2045

76‌

77‌

4.00%,

05/01/2045

47‌

47‌

4.00%,

06/01/2045

93‌

94‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

116

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

4.00%,

07/01/2045

$

94‌

$

94‌

4.00%,

08/01/2045

325‌

327‌

4.00%,

08/01/2045

34‌

34‌

4.00%,

08/01/2045

34‌

35‌

4.00%,

09/01/2045

86‌

86‌

4.00%,

09/01/2045

355‌

358‌

4.00%,

10/01/2045

356‌

359‌

4.00%,

11/01/2045

232‌

233‌

4.00%,

12/01/2045

105‌

106‌

4.00%,

03/01/2047

272‌

275‌

4.00%,

08/01/2047

289‌

290‌

4.00%,

10/01/2047

207‌

207‌

4.00%,

12/01/2047

339‌

341‌

4.00%,

07/01/2048

187‌

187‌

4.00%,

08/01/2048

111‌

111‌

4.00%,

09/01/2048

264‌

265‌

4.50%,

08/01/2023

10‌

10‌

4.50%,

05/01/2024

12‌

13‌

4.50%,

02/01/2030

5‌

5‌

4.50%,

08/01/2030

4‌

4‌

4.50%,

05/01/2031

5‌

5‌

4.50%,

06/01/2031

36‌

37‌

4.50%,

06/01/2039

59‌

61‌

4.50%,

10/01/2039

41‌

43‌

4.50%,

10/01/2040

59‌

61‌

4.50%,

03/01/2041

117‌

121‌

4.50%,

03/01/2041

168‌

170‌

4.50%,

11/01/2041

141‌

146‌

4.50%,

09/01/2043

69‌

72‌

4.50%,

11/01/2043

33‌

34‌

4.50%,

11/01/2043

72‌

75‌

4.50%,

01/01/2044

63‌

64‌

4.50%,

01/01/2044

61‌

62‌

4.50%,

03/01/2044

66‌

68‌

4.50%,

05/01/2044

83‌

85‌

4.50%,

07/01/2044

41‌

43‌

4.50%,

09/01/2044

41‌

42‌

4.50%,

10/01/2045

90‌

93‌

4.50%,

02/01/2046

223‌

225‌

4.50%,

03/01/2047

39‌

40‌

4.50%,

03/01/2047

161‌

164‌

4.50%,

04/01/2047

36‌

37‌

4.50%,

06/01/2047

84‌

85‌

4.50%,

09/01/2047

91‌

93‌

4.50%,

11/01/2047

24‌

24‌

4.50%,

05/01/2048

71‌

71‌

4.50%,

07/01/2048

136‌

138‌

4.50%,

11/01/2048

76‌

77‌

4.50%,

01/01/2049

280‌

282‌

4.50%,

05/01/2049

711‌

719‌

5.00%,

09/01/2023

8‌

8‌

5.00%,

04/01/2024

5‌

5‌

5.00%,

01/01/2025

23‌

23‌

5.00%,

12/01/2027

15‌

15‌

5.00%,

02/01/2030

2‌

2‌

5.00%,

03/01/2030

1‌

2‌

5.00%,

04/01/2034

48‌

49‌

5.00%,

06/01/2035

61‌

65‌

5.00%,

01/01/2038

98‌

103‌

5.00%,

11/01/2038

81‌

85‌

5.00%,

12/01/2038

91‌

96‌

5.00%,

09/01/2039

144‌

152‌

5.00%,

01/01/2040

77‌

81‌

5.00%,

05/01/2040

35‌

37‌

5.00%,

04/01/2041

55‌

58‌

5.00%,

06/01/2041

55‌

56‌

5.00%,

11/01/2041

65‌

66‌

5.00%,

11/01/2041

50‌

53‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

5.50%,

01/01/2028

$

31‌

$

32‌

5.50%,

04/01/2036

47‌

50‌

5.50%,

12/01/2036

57‌

61‌

5.50%,

12/01/2036

55‌

59‌

5.50%,

03/01/2039

86‌

92‌

5.50%,

04/01/2039

54‌

58‌

5.50%,

02/01/2040

83‌

89‌

5.50%,

06/01/2041

118‌

126‌

6.00%,

02/01/2027

3‌

4‌

$

38,240‌

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

20

.33

%

1.50%,

03/01/2036

4,945‌

4,504‌

1.50%,

11/01/2036

3,861‌

3,515‌

1.50%,

11/01/2050

2,370‌

1,977‌

1.50%,

01/01/2051

10,601‌

8,831‌

1.50%,

06/01/2051

7,715‌

6,426‌

2.00%,

09/01/2028

60‌

59‌

2.00%,

05/01/2030

117‌

112‌

2.00%,

04/01/2032

75‌

72‌

2.00%,

05/01/2036

3,982‌

3,725‌

2.00%,

06/01/2036

3,538‌

3,307‌

2.00%,

07/01/2037

(k)

23,300‌

21,747‌

2.00%,

04/01/2051

14,771‌

12,884‌

2.00%,

04/01/2051

8,994‌

7,843‌

2.00%,

04/01/2051

5,393‌

4,706‌

2.00%,

04/01/2051

31,951‌

27,884‌

2.00%,

04/01/2051

8,939‌

7,823‌

2.00%,

05/01/2051

18,320‌

15,980‌

2.00%,

06/01/2051

7,291‌

6,357‌

2.00%,

07/01/2051

8,169‌

7,122‌

2.00%,

09/01/2051

10,376‌

9,045‌

2.00%,

10/01/2051

7,286‌

6,351‌

2.00%,

10/01/2051

2,846‌

2,485‌

2.00%,

11/01/2051

7,731‌

6,739‌

2.00%,

12/01/2051

9,651‌

8,413‌

2.00%,

12/01/2051

12,616‌

10,998‌

2.00%,

01/01/2052

9,155‌

7,981‌

2.50%,

01/01/2028

64‌

63‌

2.50%,

07/01/2028

84‌

83‌

2.50%,

08/01/2028

81‌

80‌

2.50%,

08/01/2028

42‌

41‌

2.50%,

09/01/2028

94‌

92‌

2.50%,

07/01/2029

179‌

174‌

2.50%,

07/01/2029

53‌

52‌

2.50%,

07/01/2029

23‌

22‌

2.50%,

09/01/2029

102‌

100‌

2.50%,

12/01/2029

66‌

64‌

2.50%,

01/01/2030

84‌

83‌

2.50%,

04/01/2030

104‌

102‌

2.50%,

05/01/2030

218‌

214‌

2.50%,

06/01/2030

106‌

103‌

2.50%,

08/01/2030

58‌

57‌

2.50%,

08/01/2030

284‌

278‌

2.50%,

01/01/2031

115‌

113‌

2.50%,

01/01/2031

107‌

105‌

2.50%,

02/01/2031

163‌

160‌

2.50%,

02/01/2031

105‌

103‌

2.50%,

05/01/2031

61‌

60‌

2.50%,

06/01/2031

111‌

109‌

2.50%,

11/01/2031

1,133‌

1,111‌

2.50%,

12/01/2031

183‌

179‌

2.50%,

01/01/2032

217‌

213‌

2.50%,

01/01/2032

396‌

388‌

2.50%,

02/01/2032

315‌

305‌

2.50%,

03/01/2032

116‌

114‌

2.50%,

03/01/2032

63‌

60‌

2.50%,

11/01/2032

20‌

19‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

117

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

2.50%,

12/01/2032

$

59‌

$

58‌

2.50%,

01/01/2033

70‌

69‌

2.50%,

02/01/2033

272‌

267‌

2.50%,

04/01/2033

532‌

522‌

2.50%,

07/01/2033

47‌

43‌

2.50%,

10/01/2034

585‌

562‌

2.50%,

02/01/2035

1,652‌

1,582‌

2.50%,

06/01/2035

2,100‌

2,011‌

2.50%,

10/01/2036

20‌

18‌

2.50%,

10/01/2036

42‌

39‌

2.50%,

12/01/2036

90‌

82‌

2.50%,

07/01/2037

(k)

3,300‌

3,151‌

2.50%,

07/01/2040

1,761‌

1,620‌

2.50%,

01/01/2043

278‌

253‌

2.50%,

08/01/2043

91‌

83‌

2.50%,

10/01/2043

171‌

156‌

2.50%,

12/01/2046

66‌

60‌

2.50%,

07/01/2050

4,680‌

4,237‌

2.50%,

08/01/2050

2,408‌

2,182‌

2.50%,

09/01/2050

5,408‌

4,896‌

2.50%,

10/01/2050

3,657‌

3,299‌

2.50%,

02/01/2051

7,993‌

7,243‌

2.50%,

07/01/2051

3,480‌

3,135‌

2.50%,

07/01/2051

2,192‌

1,975‌

2.50%,

08/01/2051

3,951‌

3,560‌

2.50%,

09/01/2051

9,174‌

8,269‌

2.50%,

09/01/2051

3,631‌

3,288‌

2.50%,

09/01/2051

3,281‌

2,956‌

2.50%,

10/01/2051

7,044‌

6,347‌

2.50%,

02/01/2052

6,851‌

6,198‌

2.50%,

02/01/2052

4,160‌

3,755‌

2.50%,

04/01/2052

6,922‌

6,250‌

2.50%,

05/01/2052

2,962‌

2,671‌

2.50%,

07/01/2052

(k)

44,100‌

39,651‌

3.00%,

11/01/2026

46‌

46‌

3.00%,

02/01/2027

81‌

81‌

3.00%,

04/01/2027

419‌

418‌

3.00%,

08/01/2027

59‌

59‌

3.00%,

10/01/2028

205‌

205‌

3.00%,

11/01/2028

72‌

72‌

3.00%,

02/01/2029

57‌

57‌

3.00%,

03/01/2029

106‌

105‌

3.00%,

03/01/2029

78‌

78‌

3.00%,

04/01/2029

79‌

78‌

3.00%,

05/01/2029

90‌

88‌

3.00%,

06/01/2029

56‌

56‌

3.00%,

08/01/2029

35‌

35‌

3.00%,

10/01/2029

56‌

55‌

3.00%,

10/01/2029

44‌

44‌

3.00%,

10/01/2029

42‌

41‌

3.00%,

11/01/2029

56‌

56‌

3.00%,

01/01/2030

87‌

87‌

3.00%,

01/01/2030

215‌

215‌

3.00%,

01/01/2030

232‌

231‌

3.00%,

03/01/2030

134‌

134‌

3.00%,

06/01/2030

119‌

119‌

3.00%,

06/01/2030

104‌

104‌

3.00%,

09/01/2030

48‌

48‌

3.00%,

09/01/2030

182‌

181‌

3.00%,

10/01/2030

133‌

132‌

3.00%,

02/01/2031

53‌

53‌

3.00%,

04/01/2032

598‌

596‌

3.00%,

05/01/2032

78‌

77‌

3.00%,

08/01/2032

119‌

117‌

3.00%,

01/01/2033

20‌

20‌

3.00%,

02/01/2033

296‌

293‌

3.00%,

02/01/2033

1,114‌

1,104‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

3.00%,

08/01/2033

$

357‌

$

349‌

3.00%,

05/01/2034

84‌

83‌

3.00%,

05/01/2034

57‌

56‌

3.00%,

08/01/2034

251‌

248‌

3.00%,

10/01/2034

26‌

25‌

3.00%,

11/01/2034

74‌

73‌

3.00%,

12/01/2034

905‌

892‌

3.00%,

02/01/2035

73‌

72‌

3.00%,

02/01/2035

76‌

75‌

3.00%,

03/01/2035

34‌

33‌

3.00%,

04/01/2035

33‌

33‌

3.00%,

06/01/2035

89‌

87‌

3.00%,

07/01/2035

32‌

32‌

3.00%,

11/01/2035

47‌

46‌

3.00%,

07/01/2036

69‌

68‌

3.00%,

12/01/2036

151‌

148‌

3.00%,

12/01/2036

109‌

107‌

3.00%,

12/01/2036

229‌

224‌

3.00%,

02/01/2037

96‌

93‌

3.00%,

02/01/2037

15‌

14‌

3.00%,

04/01/2037

75‌

73‌

3.00%,

04/01/2037

45‌

44‌

3.00%,

07/01/2037

29‌

28‌

3.00%,

08/01/2037

42‌

41‌

3.00%,

09/01/2037

123‌

118‌

3.00%,

06/01/2040

1,418‌

1,339‌

3.00%,

04/01/2042

83‌

79‌

3.00%,

09/01/2042

38‌

37‌

3.00%,

12/01/2042

98‌

94‌

3.00%,

02/01/2043

282‌

269‌

3.00%,

02/01/2043

427‌

408‌

3.00%,

02/01/2043

215‌

206‌

3.00%,

04/01/2043

232‌

221‌

3.00%,

04/01/2043

160‌

153‌

3.00%,

04/01/2043

170‌

162‌

3.00%,

04/01/2043

122‌

117‌

3.00%,

04/01/2043

220‌

210‌

3.00%,

04/01/2043

259‌

248‌

3.00%,

04/01/2043

167‌

159‌

3.00%,

04/01/2043

449‌

430‌

3.00%,

04/01/2043

111‌

106‌

3.00%,

05/01/2043

104‌

99‌

3.00%,

05/01/2043

207‌

198‌

3.00%,

05/01/2043

20‌

19‌

3.00%,

05/01/2043

171‌

163‌

3.00%,

06/01/2043

357‌

341‌

3.00%,

06/01/2043

147‌

141‌

3.00%,

06/01/2043

157‌

150‌

3.00%,

06/01/2043

216‌

206‌

3.00%,

06/01/2043

391‌

373‌

3.00%,

07/01/2043

277‌

264‌

3.00%,

07/01/2043

120‌

114‌

3.00%,

07/01/2043

57‌

54‌

3.00%,

08/01/2043

75‌

71‌

3.00%,

08/01/2043

77‌

73‌

3.00%,

08/01/2043

380‌

363‌

3.00%,

08/01/2043

242‌

231‌

3.00%,

08/01/2043

50‌

48‌

3.00%,

08/01/2043

143‌

137‌

3.00%,

09/01/2043

321‌

307‌

3.00%,

09/01/2043

169‌

161‌

3.00%,

10/01/2043

391‌

373‌

3.00%,

10/01/2043

33‌

32‌

3.00%,

11/01/2043

46‌

44‌

3.00%,

11/01/2043

135‌

129‌

3.00%,

11/01/2043

72‌

68‌

3.00%,

01/01/2044

66‌

63‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

118

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

3.00%,

01/01/2045

$

187‌

$

178‌

3.00%,

05/01/2045

270‌

257‌

3.00%,

09/01/2045

37‌

35‌

3.00%,

10/01/2045

167‌

159‌

3.00%,

11/01/2045

84‌

80‌

3.00%,

11/01/2045

37‌

35‌

3.00%,

12/01/2045

234‌

222‌

3.00%,

01/01/2046

150‌

142‌

3.00%,

02/01/2046

257‌

244‌

3.00%,

02/01/2046

58‌

55‌

3.00%,

02/01/2046

253‌

241‌

3.00%,

04/01/2046

49‌

47‌

3.00%,

05/01/2046

96‌

91‌

3.00%,

05/01/2046

155‌

147‌

3.00%,

05/01/2046

44‌

42‌

3.00%,

06/01/2046

84‌

79‌

3.00%,

08/01/2046

146‌

138‌

3.00%,

08/01/2046

182‌

172‌

3.00%,

09/01/2046

116‌

110‌

3.00%,

09/01/2046

73‌

69‌

3.00%,

10/01/2046

571‌

541‌

3.00%,

10/01/2046

71‌

67‌

3.00%,

11/01/2046

283‌

268‌

3.00%,

11/01/2046

42‌

40‌

3.00%,

11/01/2046

351‌

332‌

3.00%,

11/01/2046

51‌

49‌

3.00%,

11/01/2046

412‌

392‌

3.00%,

11/01/2046

250‌

237‌

3.00%,

12/01/2046

439‌

415‌

3.00%,

12/01/2046

786‌

749‌

3.00%,

01/01/2047

274‌

259‌

3.00%,

01/01/2047

438‌

414‌

3.00%,

02/01/2047

83‌

79‌

3.00%,

02/01/2047

326‌

309‌

3.00%,

05/01/2047

182‌

172‌

3.00%,

10/01/2048

24‌

23‌

3.00%,

09/01/2049

2,296‌

2,144‌

3.00%,

10/01/2049

5,843‌

5,472‌

3.00%,

11/01/2049

1,169‌

1,093‌

3.00%,

11/01/2049

726‌

679‌

3.00%,

11/01/2049

1,774‌

1,664‌

3.00%,

11/01/2049

347‌

324‌

3.00%,

12/01/2049

4,407‌

4,134‌

3.00%,

03/01/2050

3,522‌

3,304‌

3.00%,

03/01/2050

3,859‌

3,601‌

3.00%,

06/01/2050

3,112‌

2,906‌

3.00%,

07/01/2050

1,436‌

1,340‌

3.00%,

07/01/2050

6,935‌

6,514‌

3.00%,

10/01/2050

2,331‌

2,182‌

3.00%,

07/01/2052

(k)

7,700‌

7,170‌

3.50%,

10/01/2025

58‌

58‌

3.50%,

11/01/2025

36‌

36‌

3.50%,

11/01/2025

91‌

91‌

3.50%,

01/01/2026

52‌

52‌

3.50%,

03/01/2026

76‌

75‌

3.50%,

12/01/2026

71‌

71‌

3.50%,

02/01/2027

44‌

44‌

3.50%,

11/01/2028

78‌

79‌

3.50%,

12/01/2028

47‌

47‌

3.50%,

03/01/2029

74‌

74‌

3.50%,

01/01/2031

4‌

4‌

3.50%,

04/01/2031

7‌

7‌

3.50%,

02/01/2032

31‌

31‌

3.50%,

04/01/2032

31‌

31‌

3.50%,

05/01/2032

68‌

68‌

3.50%,

06/01/2032

142‌

142‌

3.50%,

07/01/2032

45‌

45‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

3.50%,

09/01/2032

$

66‌

$

66‌

3.50%,

12/01/2032

1,476‌

1,477‌

3.50%,

09/01/2033

48‌

48‌

3.50%,

09/01/2033

36‌

36‌

3.50%,

10/01/2033

175‌

175‌

3.50%,

10/01/2033

74‌

74‌

3.50%,

11/01/2033

79‌

79‌

3.50%,

01/01/2034

49‌

49‌

3.50%,

06/01/2034

83‌

83‌

3.50%,

08/01/2034

21‌

21‌

3.50%,

11/01/2034

51‌

51‌

3.50%,

02/01/2035

841‌

840‌

3.50%,

12/01/2035

102‌

102‌

3.50%,

07/01/2036

111‌

110‌

3.50%,

02/01/2037

79‌

79‌

3.50%,

03/01/2037

91‌

91‌

3.50%,

05/01/2037

17‌

17‌

3.50%,

07/01/2037

35‌

35‌

3.50%,

10/01/2037

40‌

39‌

3.50%,

01/01/2038

108‌

107‌

3.50%,

01/01/2041

396‌

390‌

3.50%,

03/01/2041

537‌

527‌

3.50%,

10/01/2041

48‌

47‌

3.50%,

12/01/2041

160‌

157‌

3.50%,

12/01/2041

169‌

166‌

3.50%,

01/01/2042

58‌

57‌

3.50%,

03/01/2042

53‌

52‌

3.50%,

03/01/2042

145‌

142‌

3.50%,

03/01/2042

36‌

36‌

3.50%,

05/01/2042

46‌

45‌

3.50%,

05/01/2042

282‌

277‌

3.50%,

07/01/2042

66‌

65‌

3.50%,

07/01/2042

36‌

35‌

3.50%,

10/01/2042

313‌

308‌

3.50%,

04/01/2043

106‌

104‌

3.50%,

05/01/2043

99‌

97‌

3.50%,

05/01/2043

262‌

258‌

3.50%,

05/01/2043

308‌

303‌

3.50%,

06/01/2043

263‌

258‌

3.50%,

07/01/2043

118‌

116‌

3.50%,

07/01/2043

299‌

293‌

3.50%,

08/01/2043

215‌

211‌

3.50%,

08/01/2043

68‌

66‌

3.50%,

09/01/2043

77‌

76‌

3.50%,

12/01/2043

66‌

65‌

3.50%,

01/01/2044

887‌

872‌

3.50%,

02/01/2044

65‌

64‌

3.50%,

07/01/2044

426‌

418‌

3.50%,

10/01/2044

175‌

172‌

3.50%,

10/01/2044

65‌

64‌

3.50%,

11/01/2044

175‌

172‌

3.50%,

12/01/2044

31‌

31‌

3.50%,

12/01/2044

132‌

130‌

3.50%,

12/01/2044

181‌

177‌

3.50%,

01/01/2045

203‌

199‌

3.50%,

04/01/2045

180‌

176‌

3.50%,

05/01/2045

70‌

68‌

3.50%,

07/01/2045

194‌

190‌

3.50%,

07/01/2045

34‌

33‌

3.50%,

08/01/2045

193‌

189‌

3.50%,

08/01/2045

171‌

167‌

3.50%,

09/01/2045

261‌

255‌

3.50%,

09/01/2045

221‌

216‌

3.50%,

09/01/2045

88‌

86‌

3.50%,

11/01/2045

83‌

81‌

3.50%,

11/01/2045

150‌

147‌

3.50%,

12/01/2045

164‌

161‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

119

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

3.50%,

12/01/2045

$

288‌

$

281‌

3.50%,

12/01/2045

204‌

199‌

3.50%,

01/01/2046

317‌

310‌

3.50%,

01/01/2046

245‌

238‌

3.50%,

02/01/2046

49‌

48‌

3.50%,

02/01/2046

131‌

128‌

3.50%,

03/01/2046

172‌

167‌

3.50%,

03/01/2046

205‌

200‌

3.50%,

05/01/2046

205‌

201‌

3.50%,

06/01/2046

53‌

51‌

3.50%,

07/01/2046

183‌

179‌

3.50%,

09/01/2046

171‌

168‌

3.50%,

11/01/2046

370‌

362‌

3.50%,

12/01/2046

206‌

201‌

3.50%,

01/01/2047

464‌

455‌

3.50%,

02/01/2047

331‌

324‌

3.50%,

03/01/2047

39‌

38‌

3.50%,

09/01/2047

98‌

96‌

3.50%,

11/01/2047

388‌

378‌

3.50%,

01/01/2048

383‌

373‌

3.50%,

02/01/2048

32‌

31‌

3.50%,

02/01/2048

316‌

308‌

3.50%,

03/01/2048

244‌

238‌

3.50%,

04/01/2048

156‌

153‌

3.50%,

10/01/2048

47‌

46‌

3.50%,

10/01/2048

31‌

30‌

3.50%,

04/01/2049

245‌

240‌

3.50%,

06/01/2049

603‌

585‌

3.50%,

06/01/2049

489‌

476‌

3.50%,

06/01/2049

458‌

445‌

3.50%,

07/01/2049

1,298‌

1,262‌

3.50%,

07/01/2049

1,429‌

1,392‌

3.50%,

07/01/2049

667‌

648‌

3.50%,

08/01/2049

655‌

636‌

3.50%,

09/01/2049

721‌

700‌

3.50%,

11/01/2049

1,373‌

1,334‌

3.50%,

11/01/2049

1,231‌

1,198‌

3.50%,

11/01/2049

3,603‌

3,530‌

3.50%,

05/01/2050

1,291‌

1,253‌

3.50%,

09/01/2050

1,957‌

1,932‌

3.50%,

05/01/2052

4,963‌

4,808‌

3.50%,

07/01/2052

(k)

11,000‌

10,578‌

4.00%,

07/01/2025

48‌

49‌

4.00%,

04/01/2029

2‌

2‌

4.00%,

10/01/2030

5‌

5‌

4.00%,

12/01/2030

48‌

49‌

4.00%,

02/01/2031

16‌

17‌

4.00%,

03/01/2031

305‌

308‌

4.00%,

07/01/2031

11‌

11‌

4.00%,

10/01/2031

44‌

45‌

4.00%,

11/01/2031

10‌

11‌

4.00%,

12/01/2031

9‌

9‌

4.00%,

01/01/2032

13‌

13‌

4.00%,

09/01/2033

91‌

93‌

4.00%,

01/01/2036

87‌

88‌

4.00%,

02/01/2036

62‌

63‌

4.00%,

06/01/2036

51‌

52‌

4.00%,

01/01/2037

70‌

72‌

4.00%,

02/01/2037

157‌

160‌

4.00%,

07/01/2038

105‌

105‌

4.00%,

02/01/2039

29‌

29‌

4.00%,

10/01/2039

47‌

48‌

4.00%,

01/01/2041

169‌

171‌

4.00%,

02/01/2041

108‌

109‌

4.00%,

02/01/2041

41‌

42‌

4.00%,

09/01/2041

61‌

62‌

4.00%,

02/01/2043

63‌

63‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

4.00%,

12/01/2043

$

55‌

$

55‌

4.00%,

01/01/2044

177‌

178‌

4.00%,

06/01/2044

65‌

66‌

4.00%,

06/01/2044

142‌

143‌

4.00%,

07/01/2044

96‌

97‌

4.00%,

07/01/2044

116‌

117‌

4.00%,

09/01/2044

59‌

59‌

4.00%,

10/01/2044

157‌

158‌

4.00%,

10/01/2044

94‌

95‌

4.00%,

11/01/2044

116‌

116‌

4.00%,

12/01/2044

33‌

33‌

4.00%,

12/01/2044

126‌

126‌

4.00%,

01/01/2045

31‌

31‌

4.00%,

02/01/2045

137‌

138‌

4.00%,

02/01/2045

62‌

63‌

4.00%,

02/01/2045

126‌

127‌

4.00%,

07/01/2045

78‌

78‌

4.00%,

07/01/2045

104‌

105‌

4.00%,

09/01/2045

126‌

127‌

4.00%,

10/01/2045

114‌

115‌

4.00%,

10/01/2045

40‌

40‌

4.00%,

11/01/2045

198‌

199‌

4.00%,

11/01/2045

49‌

49‌

4.00%,

12/01/2045

50‌

50‌

4.00%,

12/01/2045

78‌

78‌

4.00%,

01/01/2046

201‌

203‌

4.00%,

02/01/2046

39‌

39‌

4.00%,

02/01/2046

180‌

180‌

4.00%,

03/01/2046

65‌

65‌

4.00%,

03/01/2046

43‌

42‌

4.00%,

04/01/2046

94‌

94‌

4.00%,

07/01/2046

165‌

166‌

4.00%,

04/01/2047

267‌

268‌

4.00%,

06/01/2047

192‌

193‌

4.00%,

08/01/2047

134‌

134‌

4.00%,

08/01/2047

232‌

232‌

4.00%,

08/01/2047

41‌

41‌

4.00%,

08/01/2047

288‌

288‌

4.00%,

09/01/2047

266‌

267‌

4.00%,

11/01/2047

519‌

521‌

4.00%,

01/01/2048

416‌

419‌

4.00%,

02/01/2048

191‌

191‌

4.00%,

03/01/2048

3,561‌

3,590‌

4.00%,

03/01/2048

92‌

92‌

4.00%,

05/01/2048

519‌

523‌

4.00%,

06/01/2048

148‌

148‌

4.00%,

06/01/2048

388‌

389‌

4.00%,

07/01/2048

112‌

112‌

4.00%,

08/01/2048

49‌

49‌

4.00%,

08/01/2048

51‌

51‌

4.00%,

09/01/2048

145‌

145‌

4.00%,

09/01/2048

222‌

222‌

4.00%,

01/01/2049

2,194‌

2,192‌

4.00%,

01/01/2049

1,261‌

1,262‌

4.00%,

03/01/2049

167‌

167‌

4.00%,

04/01/2049

308‌

308‌

4.00%,

04/01/2049

220‌

220‌

4.00%,

07/01/2049

1,179‌

1,176‌

4.00%,

08/01/2049

693‌

690‌

4.00%,

10/01/2049

481‌

481‌

4.00%,

10/01/2049

353‌

352‌

4.00%,

11/01/2049

500‌

499‌

4.00%,

04/01/2050

2,029‌

2,020‌

4.00%,

07/01/2052

(k)

8,000‌

7,889‌

4.50%,

07/01/2029

1‌

1‌

4.50%,

02/01/2030

5‌

5‌

4.50%,

04/01/2030

2‌

2‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

120

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

4.50%,

08/01/2030

$

32‌

$

33‌

4.50%,

09/01/2030

27‌

27‌

4.50%,

01/01/2031

6‌

6‌

4.50%,

04/01/2031

3‌

3‌

4.50%,

05/01/2031

5‌

5‌

4.50%,

07/01/2031

23‌

23‌

4.50%,

08/01/2031

12‌

12‌

4.50%,

02/01/2035

55‌

57‌

4.50%,

08/01/2040

115‌

118‌

4.50%,

08/01/2040

37‌

37‌

4.50%,

06/01/2041

59‌

61‌

4.50%,

09/01/2041

91‌

94‌

4.50%,

09/01/2043

43‌

44‌

4.50%,

10/01/2043

85‌

88‌

4.50%,

01/01/2044

269‌

275‌

4.50%,

01/01/2044

175‌

180‌

4.50%,

02/01/2044

123‌

126‌

4.50%,

03/01/2044

53‌

54‌

4.50%,

03/01/2044

65‌

67‌

4.50%,

05/01/2044

60‌

61‌

4.50%,

05/01/2044

44‌

46‌

4.50%,

05/01/2044

213‌

219‌

4.50%,

06/01/2044

109‌

112‌

4.50%,

08/01/2044

84‌

86‌

4.50%,

08/01/2044

90‌

92‌

4.50%,

12/01/2044

229‌

236‌

4.50%,

04/01/2046

64‌

65‌

4.50%,

08/01/2046

58‌

59‌

4.50%,

01/01/2047

59‌

60‌

4.50%,

02/01/2047

35‌

35‌

4.50%,

02/01/2047

101‌

104‌

4.50%,

03/01/2047

112‌

114‌

4.50%,

10/01/2047

73‌

74‌

4.50%,

11/01/2047

137‌

140‌

4.50%,

02/01/2048

107‌

108‌

4.50%,

04/01/2048

301‌

305‌

4.50%,

05/01/2048

180‌

182‌

4.50%,

07/01/2048

2,054‌

2,072‌

4.50%,

08/01/2048

51‌

51‌

4.50%,

08/01/2048

54‌

54‌

4.50%,

10/01/2048

395‌

399‌

4.50%,

10/01/2048

240‌

242‌

4.50%,

12/01/2048

958‌

974‌

4.50%,

03/01/2049

2,242‌

2,262‌

4.50%,

04/01/2049

214‌

216‌

4.50%,

05/01/2049

1,704‌

1,729‌

4.50%,

07/01/2049

682‌

687‌

4.50%,

07/01/2049

331‌

335‌

4.50%,

09/01/2049

366‌

369‌

4.50%,

09/01/2049

2,473‌

2,491‌

5.00%,

07/01/2024

1‌

1‌

5.00%,

04/01/2029

4‌

4‌

5.00%,

09/01/2029

50‌

52‌

5.00%,

03/01/2030

6‌

7‌

5.00%,

08/01/2030

7‌

8‌

5.00%,

07/01/2035

70‌

74‌

5.00%,

04/01/2037

97‌

99‌

5.00%,

01/01/2039

146‌

151‌

5.00%,

07/01/2039

67‌

71‌

5.00%,

07/01/2039

59‌

62‌

5.00%,

02/01/2041

65‌

68‌

5.00%,

02/01/2041

113‌

119‌

5.00%,

05/01/2042

158‌

166‌

5.00%,

03/01/2044

79‌

83‌

5.00%,

03/01/2044

47‌

49‌

5.00%,

05/01/2044

50‌

52‌

5.00%,

11/01/2044

100‌

104‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

5.00%,

04/01/2048

$

67‌

$

69‌

5.00%,

09/01/2048

666‌

683‌

5.00%,

05/01/2049

49‌

51‌

5.00%,

06/01/2049

441‌

454‌

5.00%,

07/01/2049

243‌

251‌

5.00%,

08/01/2049

236‌

244‌

5.50%,

08/01/2023

3‌

3‌

5.50%,

10/01/2023

7‌

7‌

5.50%,

11/01/2023

9‌

10‌

5.50%,

02/01/2026

18‌

19‌

5.50%,

03/01/2027

20‌

20‌

5.50%,

06/01/2028

2‌

2‌

5.50%,

09/01/2028

1‌

1‌

5.50%,

01/01/2029

8‌

8‌

5.50%,

01/01/2029

1‌

1‌

5.50%,

12/01/2029

6‌

6‌

5.50%,

11/01/2035

119‌

128‌

5.50%,

12/01/2036

54‌

58‌

5.50%,

03/01/2037

77‌

82‌

5.50%,

08/01/2037

56‌

60‌

5.50%,

08/01/2037

58‌

62‌

5.50%,

08/01/2037

70‌

75‌

5.50%,

05/01/2038

99‌

106‌

5.50%,

06/01/2038

45‌

49‌

6.00%,

05/01/2041

95‌

103‌

6.50%,

01/01/2038

46‌

50‌

$

486,125‌

Government

National

Mortgage

Association

(GNMA)

-

6

.17

%

2.00%,

08/20/2050

7,142‌

6,384‌

2.00%,

01/20/2051

8,120‌

7,246‌

2.00%,

02/20/2051

20,646‌

18,407‌

2.00%,

05/20/2051

5,561‌

4,953‌

2.50%,

03/20/2028

39‌

39‌

2.50%,

07/20/2028

43‌

42‌

2.50%,

03/20/2031

50‌

48‌

2.50%,

05/20/2032

62‌

60‌

2.50%,

07/20/2043

98‌

90‌

2.50%,

06/20/2045

55‌

50‌

2.50%,

12/20/2046

114‌

105‌

2.50%,

01/20/2047

168‌

154‌

2.50%,

06/20/2050

14,360‌

13,198‌

2.50%,

05/20/2051

9,406‌

8,645‌

2.50%,

07/01/2052

17,000‌

15,555‌

3.00%,

07/20/2030

85‌

83‌

3.00%,

01/20/2031

53‌

52‌

3.00%,

07/20/2032

62‌

61‌

3.00%,

01/20/2033

28‌

28‌

3.00%,

09/20/2042

592‌

568‌

3.00%,

10/15/2042

105‌

100‌

3.00%,

12/20/2042

167‌

160‌

3.00%,

01/20/2043

233‌

223‌

3.00%,

03/20/2043

309‌

297‌

3.00%,

03/20/2043

121‌

114‌

3.00%,

04/20/2043

401‌

384‌

3.00%,

06/15/2043

142‌

136‌

3.00%,

06/20/2043

87‌

84‌

3.00%,

07/15/2043

40‌

38‌

3.00%,

08/15/2043

76‌

72‌

3.00%,

08/15/2043

70‌

67‌

3.00%,

08/20/2043

41‌

40‌

3.00%,

09/20/2043

159‌

153‌

3.00%,

10/20/2043

84‌

80‌

3.00%,

11/20/2043

62‌

59‌

3.00%,

03/20/2044

125‌

120‌

3.00%,

08/20/2044

470‌

451‌

3.00%,

11/15/2044

230‌

218‌

3.00%,

11/20/2044

155‌

148‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

121

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Government

National

Mortgage

Association

(GNMA)

(continued)

3.00%,

12/20/2044

$

154‌

$

148‌

3.00%,

02/15/2045

173‌

165‌

3.00%,

05/20/2045

135‌

129‌

3.00%,

07/15/2045

72‌

68‌

3.00%,

07/20/2045

1,061‌

1,018‌

3.00%,

08/15/2045

163‌

154‌

3.00%,

08/20/2045

335‌

322‌

3.00%,

10/20/2045

292‌

280‌

3.00%,

11/20/2045

172‌

165‌

3.00%,

12/20/2045

239‌

229‌

3.00%,

01/20/2046

59‌

57‌

3.00%,

02/20/2046

80‌

76‌

3.00%,

03/20/2046

378‌

362‌

3.00%,

04/20/2046

244‌

234‌

3.00%,

05/20/2046

225‌

215‌

3.00%,

06/20/2046

339‌

325‌

3.00%,

07/20/2046

1,017‌

975‌

3.00%,

08/20/2046

693‌

664‌

3.00%,

09/20/2046

405‌

389‌

3.00%,

10/20/2046

268‌

257‌

3.00%,

11/20/2046

193‌

181‌

3.00%,

11/20/2046

411‌

394‌

3.00%,

12/20/2046

503‌

482‌

3.00%,

01/20/2047

332‌

319‌

3.00%,

07/20/2047

15‌

15‌

3.00%,

10/20/2047

343‌

328‌

3.00%,

11/20/2047

163‌

155‌

3.00%,

12/20/2047

537‌

512‌

3.00%,

01/20/2048

231‌

220‌

3.00%,

02/20/2048

244‌

233‌

3.00%,

03/20/2048

230‌

219‌

3.00%,

11/20/2049

8,517‌

8,088‌

3.00%,

07/01/2052

9,000‌

8,483‌

3.50%,

09/20/2028

54‌

54‌

3.50%,

04/20/2042

387‌

384‌

3.50%,

05/20/2042

409‌

406‌

3.50%,

06/20/2042

115‌

114‌

3.50%,

07/20/2042

456‌

453‌

3.50%,

10/20/2042

276‌

272‌

3.50%,

01/15/2043

108‌

107‌

3.50%,

01/20/2043

150‌

148‌

3.50%,

02/20/2043

451‌

447‌

3.50%,

03/20/2043

203‌

201‌

3.50%,

03/20/2043

423‌

418‌

3.50%,

04/15/2043

56‌

55‌

3.50%,

04/20/2043

289‌

284‌

3.50%,

04/20/2043

411‌

408‌

3.50%,

07/20/2043

491‌

488‌

3.50%,

08/15/2043

39‌

39‌

3.50%,

08/20/2043

376‌

373‌

3.50%,

09/20/2043

250‌

248‌

3.50%,

07/20/2044

271‌

269‌

3.50%,

08/20/2044

286‌

284‌

3.50%,

09/20/2044

107‌

106‌

3.50%,

10/20/2044

113‌

112‌

3.50%,

11/20/2044

121‌

120‌

3.50%,

12/20/2044

134‌

133‌

3.50%,

02/20/2045

133‌

132‌

3.50%,

05/20/2045

172‌

171‌

3.50%,

06/20/2045

36‌

36‌

3.50%,

07/20/2045

258‌

256‌

3.50%,

08/20/2045

120‌

119‌

3.50%,

09/20/2045

64‌

63‌

3.50%,

10/20/2045

474‌

468‌

3.50%,

11/20/2045

390‌

386‌

3.50%,

12/20/2045

248‌

245‌

3.50%,

01/20/2046

615‌

607‌

3.50%,

02/20/2046

34‌

33‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Government

National

Mortgage

Association

(GNMA)

(continued)

3.50%,

03/20/2046

$

3,163‌

$

3,125‌

3.50%,

04/20/2046

244‌

241‌

3.50%,

05/20/2046

330‌

326‌

3.50%,

06/20/2046

1,431‌

1,410‌

3.50%,

07/15/2046

33‌

33‌

3.50%,

07/20/2046

171‌

168‌

3.50%,

08/20/2046

766‌

755‌

3.50%,

09/20/2046

318‌

314‌

3.50%,

10/20/2046

379‌

374‌

3.50%,

11/20/2046

289‌

283‌

3.50%,

12/20/2046

321‌

317‌

3.50%,

01/20/2047

319‌

315‌

3.50%,

02/20/2047

189‌

186‌

3.50%,

03/20/2047

252‌

248‌

3.50%,

04/20/2047

606‌

596‌

3.50%,

05/20/2047

181‌

178‌

3.50%,

06/20/2047

278‌

274‌

3.50%,

07/20/2047

506‌

498‌

3.50%,

08/20/2047

802‌

789‌

3.50%,

09/20/2047

58‌

58‌

3.50%,

10/20/2047

197‌

194‌

3.50%,

11/20/2047

257‌

253‌

3.50%,

12/20/2047

293‌

288‌

3.50%,

01/20/2048

412‌

405‌

3.50%,

02/20/2048

64‌

63‌

3.50%,

07/20/2048

128‌

126‌

3.50%,

07/01/2052

4,000‌

3,886‌

4.00%,

08/15/2040

36‌

37‌

4.00%,

12/20/2040

18‌

19‌

4.00%,

08/15/2041

28‌

29‌

4.00%,

11/15/2041

51‌

52‌

4.00%,

03/15/2042

28‌

28‌

4.00%,

03/20/2042

80‌

82‌

4.00%,

04/20/2042

71‌

72‌

4.00%,

05/15/2042

92‌

93‌

4.00%,

10/20/2043

38‌

38‌

4.00%,

11/20/2043

88‌

89‌

4.00%,

02/20/2044

214‌

215‌

4.00%,

03/15/2044

72‌

74‌

4.00%,

05/20/2044

137‌

139‌

4.00%,

06/20/2044

102‌

103‌

4.00%,

07/20/2044

415‌

418‌

4.00%,

08/20/2044

296‌

299‌

4.00%,

09/20/2044

269‌

271‌

4.00%,

10/20/2044

355‌

358‌

4.00%,

11/20/2044

156‌

158‌

4.00%,

12/20/2044

286‌

289‌

4.00%,

01/20/2045

242‌

243‌

4.00%,

04/20/2045

152‌

153‌

4.00%,

05/15/2045

90‌

91‌

4.00%,

07/20/2045

57‌

57‌

4.00%,

08/20/2045

146‌

147‌

4.00%,

09/20/2045

204‌

206‌

4.00%,

10/20/2045

110‌

110‌

4.00%,

11/20/2045

40‌

40‌

4.00%,

12/15/2045

45‌

46‌

4.00%,

12/20/2045

102‌

103‌

4.00%,

01/20/2046

63‌

64‌

4.00%,

02/20/2046

93‌

93‌

4.00%,

04/20/2046

151‌

151‌

4.00%,

05/20/2046

74‌

75‌

4.00%,

07/20/2046

156‌

157‌

4.00%,

01/20/2047

302‌

304‌

4.00%,

02/20/2047

235‌

236‌

4.00%,

03/20/2047

217‌

219‌

4.00%,

05/20/2047

289‌

290‌

4.00%,

06/20/2047

291‌

293‌

4.00%,

07/20/2047

705‌

709‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

122

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Government

National

Mortgage

Association

(GNMA)

(continued)

4.00%,

08/20/2047

$

34‌

$

34‌

4.00%,

09/20/2047

2,220‌

2,237‌

4.00%,

10/20/2047

163‌

164‌

4.00%,

07/01/2052

2,500‌

2,489‌

4.50%,

02/15/2039

72‌

75‌

4.50%,

05/15/2039

50‌

52‌

4.50%,

11/15/2039

188‌

196‌

4.50%,

04/15/2040

140‌

147‌

4.50%,

01/20/2041

22‌

23‌

4.50%,

02/20/2041

22‌

23‌

4.50%,

03/20/2041

17‌

18‌

4.50%,

07/15/2041

43‌

45‌

4.50%,

05/20/2043

69‌

72‌

4.50%,

06/20/2043

75‌

78‌

4.50%,

10/20/2043

61‌

64‌

4.50%,

11/20/2043

196‌

207‌

4.50%,

03/20/2044

284‌

299‌

4.50%,

04/20/2044

12‌

13‌

4.50%,

05/20/2044

207‌

219‌

4.50%,

07/20/2044

107‌

112‌

4.50%,

12/20/2044

45‌

47‌

4.50%,

02/20/2045

116‌

121‌

4.50%,

03/20/2045

50‌

52‌

4.50%,

04/20/2045

61‌

64‌

4.50%,

06/20/2046

58‌

61‌

4.50%,

12/20/2046

179‌

189‌

4.50%,

02/20/2047

103‌

107‌

4.50%,

04/20/2047

70‌

73‌

4.50%,

06/15/2047

45‌

46‌

4.50%,

08/20/2047

146‌

151‌

4.50%,

10/20/2047

70‌

72‌

4.50%,

02/20/2048

1,116‌

1,150‌

4.50%,

05/20/2048

793‌

812‌

4.50%,

08/20/2048

203‌

206‌

4.50%,

10/20/2048

121‌

124‌

4.50%,

11/20/2048

185‌

188‌

4.50%,

12/20/2048

54‌

55‌

5.00%,

07/15/2035

49‌

51‌

5.00%,

04/15/2041

136‌

142‌

5.00%,

08/20/2041

46‌

49‌

5.00%,

04/20/2042

37‌

40‌

5.00%,

12/20/2042

111‌

118‌

5.00%,

07/20/2043

62‌

66‌

5.00%,

02/20/2044

68‌

72‌

5.00%,

03/20/2044

41‌

43‌

5.00%,

12/20/2045

60‌

64‌

5.00%,

03/20/2048

48‌

50‌

5.00%,

06/20/2048

911‌

939‌

5.00%,

10/20/2048

62‌

64‌

5.50%,

01/15/2040

52‌

57‌

5.50%,

06/20/2040

26‌

28‌

5.50%,

01/20/2041

117‌

126‌

5.50%,

10/20/2042

47‌

50‌

5.50%,

09/20/2043

53‌

57‌

6.00%,

04/15/2035

7‌

8‌

$

147,474‌

U.S.

Treasury

-

40

.19

%

0.13%,

07/31/2023

6,770‌

6,567‌

0.13%,

08/15/2023

4,985‌

4,828‌

0.13%,

09/15/2023

4,650‌

4,494‌

0.13%,

10/15/2023

10,750‌

10,364‌

0.13%,

01/15/2024

9,930‌

9,505‌

0.25%,

11/15/2023

5,595‌

5,392‌

0.25%,

03/15/2024

3,325‌

3,175‌

0.25%,

05/15/2024

8,055‌

7,656‌

0.25%,

06/15/2024

8,105‌

7,686‌

0.25%,

05/31/2025

2,360‌

2,178‌

0.25%,

06/30/2025

7,025‌

6,468‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

U.S.

Treasury

(continued)

0.25%,

07/31/2025

$

10,330‌

$

9,485‌

0.25%,

08/31/2025

9,680‌

8,863‌

0.25%,

09/30/2025

12,000‌

10,964‌

0.25%,

10/31/2025

2,345‌

2,137‌

0.38%,

10/31/2023

4,000‌

3,866‌

0.38%,

09/15/2024

1,060‌

1,000‌

0.38%,

04/30/2025

8,100‌

7,518‌

0.38%,

11/30/2025

4,675‌

4,270‌

0.38%,

01/31/2026

2,575‌

2,341‌

0.38%,

07/31/2027

8,175‌

7,146‌

0.38%,

09/30/2027

3,705‌

3,223‌

0.50%,

03/31/2025

4,250‌

3,966‌

0.50%,

02/28/2026

3,990‌

3,637‌

0.50%,

05/31/2027

3,290‌

2,905‌

0.50%,

06/30/2027

2,265‌

1,996‌

0.50%,

08/31/2027

5,260‌

4,616‌

0.50%,

10/31/2027

3,810‌

3,329‌

0.63%,

07/31/2026

4,210‌

3,818‌

0.63%,

03/31/2027

5,975‌

5,334‌

0.63%,

11/30/2027

4,645‌

4,079‌

0.63%,

12/31/2027

9,865‌

8,645‌

0.63%,

05/15/2030

6,235‌

5,199‌

0.63%,

08/15/2030

13,410‌

11,118‌

0.75%,

12/31/2023

4,295‌

4,155‌

0.75%,

03/31/2026

8,220‌

7,550‌

0.75%,

08/31/2026

11,000‌

10,013‌

0.75%,

01/31/2028

11,495‌

10,124‌

0.88%,

01/31/2024

1,975‌

1,911‌

0.88%,

06/30/2026

4,900‌

4,498‌

0.88%,

09/30/2026

6,750‌

6,165‌

0.88%,

11/15/2030

8,185‌

6,911‌

1.00%,

07/31/2028

5,165‌

4,568‌

1.13%,

02/28/2025

8,950‌

8,519‌

1.13%,

10/31/2026

3,635‌

3,351‌

1.13%,

02/28/2027

2,670‌

2,446‌

1.13%,

02/29/2028

6,795‌

6,110‌

1.13%,

08/31/2028

6,155‌

5,478‌

1.13%,

02/15/2031

15,070‌

12,950‌

1.13%,

05/15/2040

3,760‌

2,617‌

1.13%,

08/15/2040

1,470‌

1,016‌

1.25%,

07/31/2023

5,650‌

5,548‌

1.25%,

08/31/2024

7,600‌

7,322‌

1.25%,

03/31/2028

7,125‌

6,437‌

1.25%,

04/30/2028

2,000‌

1,804‌

1.25%,

05/31/2028

7,415‌

6,679‌

1.25%,

09/30/2028

9,295‌

8,325‌

1.25%,

08/15/2031

8,160‌

7,025‌

1.25%,

05/15/2050

6,330‌

4,027‌

1.38%,

08/31/2023

8,860‌

8,696‌

1.38%,

09/30/2023

4,430‌

4,344‌

1.38%,

08/31/2026

3,400‌

3,178‌

1.38%,

10/31/2028

4,050‌

3,651‌

1.38%,

12/31/2028

(e)

1,375‌

1,239‌

1.38%,

11/15/2031

6,445‌

5,590‌

1.38%,

11/15/2040

6,455‌

4,649‌

1.38%,

08/15/2050

4,485‌

2,952‌

1.50%,

09/30/2024

5,950‌

5,756‌

1.50%,

10/31/2024

1,000‌

966‌

1.50%,

11/30/2024

7,880‌

7,601‌

1.50%,

08/15/2026

11,740‌

11,026‌

1.50%,

01/31/2027

5,200‌

4,855‌

1.50%,

02/15/2030

5,660‌

5,084‌

1.63%,

10/31/2023

3,160‌

3,105‌

1.63%,

02/15/2026

3,315‌

3,151‌

1.63%,

05/15/2026

3,345‌

3,170‌

1.63%,

09/30/2026

1,265‌

1,193‌

1.63%,

11/30/2026

1,500‌

1,411‌

1.63%,

08/15/2029

3,750‌

3,414‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

123

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

U.S.

Treasury

(continued)

1.63%,

05/15/2031

$

12,220‌

$

10,919‌

1.63%,

11/15/2050

7,525‌

5,292‌

1.75%,

06/30/2024

3,970‌

3,875‌

1.75%,

12/31/2024

5,620‌

5,447‌

1.75%,

01/31/2029

4,390‌

4,048‌

1.75%,

11/15/2029

9,045‌

8,300‌

1.75%,

08/15/2041

6,835‌

5,199‌

1.88%,

07/31/2026

7,400‌

7,069‌

1.88%,

02/15/2032

5,950‌

5,390‌

1.88%,

02/15/2041

7,880‌

6,180‌

1.88%,

02/15/2051

7,680‌

5,761‌

1.88%,

11/15/2051

8,735‌

6,554‌

2.00%,

04/30/2024

4,035‌

3,965‌

2.00%,

05/31/2024

6,765‌

6,643‌

2.00%,

06/30/2024

5,195‌

5,097‌

2.00%,

02/15/2025

8,570‌

8,350‌

2.00%,

08/15/2025

4,850‌

4,699‌

2.00%,

11/15/2026

9,295‌

8,887‌

2.00%,

11/15/2041

1,135‌

901‌

2.00%,

02/15/2050

4,900‌

3,797‌

2.00%,

08/15/2051

6,175‌

4,772‌

2.13%,

11/30/2023

13,390‌

13,236‌

2.13%,

03/31/2024

3,525‌

3,473‌

2.13%,

07/31/2024

5,580‌

5,482‌

2.13%,

09/30/2024

4,770‌

4,681‌

2.13%,

11/30/2024

4,460‌

4,368‌

2.13%,

05/15/2025

2,880‌

2,809‌

2.13%,

05/31/2026

2,000‌

1,932‌

2.25%,

12/31/2023

3,655‌

3,616‌

2.25%,

01/31/2024

1,475‌

1,458‌

2.25%,

03/31/2024

2,860‌

2,824‌

2.25%,

04/30/2024

4,850‌

4,787‌

2.25%,

10/31/2024

3,336‌

3,280‌

2.25%,

11/15/2024

8,963‌

8,811‌

2.25%,

12/31/2024

3,000‌

2,944‌

2.25%,

11/15/2025

2,500‌

2,435‌

2.25%,

03/31/2026

5,000‌

4,858‌

2.25%,

02/15/2027

8,160‌

7,868‌

2.25%,

08/15/2027

5,535‌

5,316‌

2.25%,

11/15/2027

9,840‌

9,434‌

2.25%,

05/15/2041

2,475‌

2,065‌

2.25%,

08/15/2046

3,975‌

3,205‌

2.25%,

08/15/2049

3,790‌

3,110‌

2.25%,

02/15/2052

5,280‌

4,345‌

2.38%,

02/29/2024

4,635‌

4,591‌

2.38%,

08/15/2024

4,595‌

4,534‌

2.38%,

04/30/2026

5,000‌

4,880‌

2.38%,

05/15/2027

8,780‌

8,499‌

2.38%,

05/15/2029

8,350‌

7,999‌

2.38%,

02/15/2042

1,150‌

975‌

2.38%,

11/15/2049

5,505‌

4,650‌

2.38%,

05/15/2051

5,095‌

4,301‌

2.50%,

08/15/2023

3,677‌

3,657‌

2.50%,

01/31/2024

12,700‌

12,605‌

2.50%,

04/30/2024

5,725‌

5,675‌

2.50%,

05/15/2024

3,066‌

3,038‌

2.50%,

05/31/2024

3,220‌

3,191‌

2.50%,

01/31/2025

3,300‌

3,257‌

2.50%,

02/15/2045

3,945‌

3,346‌

2.50%,

02/15/2046

2,925‌

2,480‌

2.50%,

05/15/2046

4,425‌

3,751‌

2.63%,

03/31/2025

1,805‌

1,787‌

2.63%,

12/31/2025

5,000‌

4,929‌

2.63%,

02/15/2029

10,690‌

10,408‌

2.75%,

08/31/2023

3,000‌

2,992‌

2.75%,

11/15/2023

5,656‌

5,639‌

2.75%,

02/15/2024

5,336‌

5,317‌

2.75%,

02/28/2025

8,615‌

8,553‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

U.S.

Treasury

(continued)

2.75%,

06/30/2025

$

1,280‌

$

1,270‌

2.75%,

08/31/2025

5,225‌

5,178‌

2.75%,

02/15/2028

9,145‌

8,985‌

2.75%,

08/15/2042

1,591‌

1,427‌

2.75%,

11/15/2042

2,610‌

2,337‌

2.75%,

08/15/2047

4,100‌

3,666‌

2.75%,

11/15/2047

3,405‌

3,050‌

2.88%,

09/30/2023

1,095‌

1,094‌

2.88%,

10/31/2023

3,000‌

2,997‌

2.88%,

11/30/2023

6,845‌

6,836‌

2.88%,

05/31/2025

4,120‌

4,102‌

2.88%,

07/31/2025

2,000‌

1,991‌

2.88%,

11/30/2025

3,435‌

3,414‌

2.88%,

05/15/2028

4,400‌

4,349‌

2.88%,

08/15/2028

10,420‌

10,293‌

2.88%,

04/30/2029

635‌

628‌

2.88%,

05/15/2032

2,130‌

2,106‌

2.88%,

05/15/2043

3,773‌

3,441‌

2.88%,

08/15/2045

2,145‌

1,949‌

2.88%,

11/15/2046

1,565‌

1,427‌

2.88%,

05/15/2049

5,720‌

5,333‌

3.00%,

09/30/2025

2,775‌

2,771‌

3.00%,

10/31/2025

4,500‌

4,493‌

3.00%,

05/15/2042

1,200‌

1,125‌

3.00%,

11/15/2044

4,235‌

3,924‌

3.00%,

05/15/2045

3,810‌

3,534‌

3.00%,

11/15/2045

1,320‌

1,227‌

3.00%,

02/15/2047

3,115‌

2,909‌

3.00%,

05/15/2047

2,905‌

2,715‌

3.00%,

02/15/2048

5,470‌

5,154‌

3.00%,

08/15/2048

2,745‌

2,594‌

3.00%,

02/15/2049

4,115‌

3,921‌

3.13%,

11/15/2028

11,580‌

11,604‌

3.13%,

11/15/2041

1,700‌

1,632‌

3.13%,

02/15/2042

805‌

771‌

3.13%,

02/15/2043

1,480‌

1,406‌

3.13%,

08/15/2044

4,060‌

3,846‌

3.13%,

05/15/2048

4,020‌

3,890‌

3.38%,

05/15/2044

3,425‌

3,380‌

3.38%,

11/15/2048

4,815‌

4,892‌

3.50%,

02/15/2039

1,170‌

1,222‌

3.63%,

08/15/2043

1,880‌

1,930‌

3.63%,

02/15/2044

1,755‌

1,801‌

3.75%,

08/15/2041

755‌

793‌

3.75%,

11/15/2043

1,935‌

2,024‌

3.88%,

08/15/2040

1,669‌

1,800‌

4.25%,

05/15/2039

1,190‌

1,359‌

4.25%,

11/15/2040

1,135‌

1,283‌

4.38%,

02/15/2038

1,445‌

1,682‌

4.38%,

11/15/2039

2,970‌

3,431‌

4.38%,

05/15/2040

1,489‌

1,716‌

4.38%,

05/15/2041

1,660‌

1,901‌

4.50%,

02/15/2036

3,565‌

4,191‌

4.50%,

05/15/2038

710‌

837‌

4.50%,

08/15/2039

1,235‌

1,452‌

4.63%,

02/15/2040

1,100‌

1,309‌

4.75%,

02/15/2037

2,290‌

2,765‌

4.75%,

02/15/2041

2,628‌

3,165‌

5.25%,

02/15/2029

2,000‌

2,260‌

5.38%,

02/15/2031

3,616‌

4,259‌

6.00%,

02/15/2026

2,000‌

2,200‌

6.13%,

11/15/2027

2,225‌

2,557‌

6.13%,

08/15/2029

1,000‌

1,197‌

6.25%,

05/15/2030

1,500‌

1,837‌

6.38%,

08/15/2027

1,830‌

2,113‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

124

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

U.S.

Treasury

(continued)

6.88%,

08/15/2025

$

1,000‌

$

1,114‌

$

960,743‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

1,632,582‌

Total

Investments

$

2,518,857‌

Other

Assets

and

Liabilities

-  (5.36)%

(

128,247‌

)

TOTAL

NET

ASSETS

-

100.00%

$

2,390,610‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$7,233

or

0.30%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d)

Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(e)

Security

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$7,033

or

0.29%

of

net

assets.

(f)

Non-income

producing

security

(g)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(h)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$11,557

or

0.48%

of

net

assets.

(i)

Security

purchased

on

a

when-issued

basis.

(j)

Credit

support

indicates

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution,

or

government

agency.

(k)

Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

Portfolio

Summary  (unaudited)

Sector

Percent

Government

44

.31‌

%

Mortgage

Securities

29

.56‌

%

Financial

8

.36‌

%

Money

Market

Funds

6

.22‌

%

Consumer,

Non-cyclical

4

.33‌

%

Communications

2

.45‌

%

Utilities

2

.04‌

%

Industrial

1

.88‌

%

Technology

1

.85‌

%

Energy

1

.77‌

%

Consumer,

Cyclical

1

.37‌

%

Basic

Materials

0

.63‌

%

Revenue

Bonds

0

.34‌

%

General

Obligation

Unlimited

0

.21‌

%

Insured

0

.04‌

%

General

Obligation

Limited

0

.00‌

%

Other

Assets

and

Liabilities

(

5

.36‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

285,079‌

$

343,345‌

$

482,020‌

$

146,404‌

$

285,079‌

$

343,345‌

$

482,020‌

$

146,404‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

184‌

$

—‌

$

—‌

$

—‌

$

184‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

125

INVESTMENT

COMPANIES

-

5.33%

Shares

Held

Value

(000's)

Money

Market

Funds

-

5.33%

BlackRock

Liquidity

FedFund

-

Institutional

Class

1.33%

(a),(b)

1,131,092‌

$

1,131‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

(a),(c)

9,477,509‌

9,478‌

$

10,609‌

TOTAL

INVESTMENT

COMPANIES

$

10,609‌

COMMON

STOCKS

-

0.01%

Shares

Held

Value

(000's)

Oil

&

Gas

-

0.01%

EP

Energy

Corp

(d)

2,695‌

$

21‌

TOTAL

COMMON

STOCKS

$

21‌

BONDS

-

56.00%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

1.83%

Boeing

Co/The

1.95%,

02/01/2024

$

1,370‌

$

1,326‌

2.20%,

02/04/2026

635‌

572‌

2.80%,

03/01/2024

300‌

294‌

3.10%,

05/01/2026

190‌

177‌

3.75%,

02/01/2050

400‌

282‌

4.88%,

05/01/2025

380‌

379‌

Bombardier

Inc

7.13%,

06/15/2026

(e)

30‌

25‌

7.50%,

03/15/2025

(e)

39‌

35‌

TransDigm

Inc

4.88%,

05/01/2029

60‌

49‌

6.25%,

03/15/2026

(e)

45‌

44‌

7.50%,

03/15/2027

156‌

147‌

8.00%,

12/15/2025

(e)

80‌

81‌

Triumph

Group

Inc

7.75%,

08/15/2025

60‌

46‌

8.88%,

06/01/2024

(e)

178‌

179‌

$

3,636‌

Agriculture

-

0.14%

BAT

Capital

Corp

4.54%,

08/15/2047

120‌

88‌

Reynolds

American

Inc

5.70%,

08/15/2035

165‌

156‌

5.85%,

08/15/2045

45‌

38‌

$

282‌

Airlines

-

0.78%

American

Airlines

2021-1

Class

B

Pass

Through

Trust

3.95%,

01/11/2032

10‌

8‌

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd

5.75%,

04/20/2029

(e)

25‌

21‌

Delta

Air

Lines

Inc

/

SkyMiles

IP

Ltd

4.50%,

10/20/2025

(e)

992‌

964‌

Hawaiian

Brand

Intellectual

Property

Ltd

/

HawaiianMiles

Loyalty

Ltd

5.75%,

01/20/2026

(e)

240‌

215‌

Southwest

Airlines

Co

4.75%,

05/04/2023

85‌

86‌

5.25%,

05/04/2025

255‌

260‌

$

1,554‌

Automobile

Asset

Backed

Securities

-

3.05%

AmeriCredit

Automobile

Receivables

Trust

2021-1

0.28%,

06/18/2024

15‌

15‌

AmeriCredit

Automobile

Receivables

Trust

2022-2

1.93%,

12/18/2025

620‌

620‌

1.00

x

30

Day

Average

Secured

Overnight

Financing

Rate

+

1.15%

Capital

One

Prime

Auto

Receivables

Trust

2021-1

0.32%,

02/18/2025

482‌

476‌

Capital

One

Prime

Auto

Receivables

Trust

2022-1

2.71%,

06/16/2025

565‌

559‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Automobile

Asset

Backed

Securities

(continued)

Carmax

Auto

Owner

Trust

2020-1

1.89%,

12/16/2024

$

587‌

$

582‌

CarMax

Auto

Owner

Trust

2021-4

0.24%,

11/15/2024

216‌

214‌

CarMax

Auto

Owner

Trust

2022-1

0.91%,

02/18/2025

515‌

507‌

Carvana

Auto

Receivables

Trust

2021-P3

0.38%,

01/10/2025

204‌

201‌

Carvana

Auto

Receivables

Trust

2021-P4

0.82%,

04/10/2025

354‌

350‌

GM

Financial

Consumer

Automobile

Receivables

Trust

2021-4

0.28%,

11/18/2024

362‌

358‌

Hyundai

Auto

Lease

Securitization

Trust

2022-B

1.40%,

10/15/2024

(e)

400‌

400‌

1.00

x

30

Day

Average

Secured

Overnight

Financing

Rate

+

0.62%

Nissan

Auto

Lease

Trust

2021-A

0.30%,

12/15/2023

391‌

388‌

Santander

Drive

Auto

Receivables

Trust

2021-4

0.37%,

08/15/2024

264‌

263‌

Santander

Drive

Auto

Receivables

Trust

2022-3

2.76%,

03/17/2025

515‌

512‌

Toyota

Auto

Receivables

2022-B

Owner

Trust

1.27%,

01/15/2025

435‌

434‌

1.00

x

30

Day

Average

Secured

Overnight

Financing

Rate

+

0.49%

World

Omni

Select

Auto

Trust

2021-A

0.29%,

02/18/2025

183‌

182‌

$

6,061‌

Automobile

Manufacturers

-

2.04%

BMW

US

Capital

LLC

3.90%,

04/09/2025

(e)

550‌

548‌

Ford

Motor

Co

3.25%,

02/12/2032

640‌

479‌

9.63%,

04/22/2030

25‌

28‌

Ford

Motor

Credit

Co

LLC

2.90%,

02/10/2029

500‌

392‌

3.35%,

11/01/2022

290‌

288‌

3.38%,

11/13/2025

520‌

468‌

4.25%,

09/20/2022

450‌

449‌

General

Motors

Co

4.88%,

10/02/2023

665‌

672‌

6.25%,

10/02/2043

120‌

114‌

General

Motors

Financial

Co

Inc

1.20%,

10/15/2024

170‌

158‌

1.25%,

01/08/2026

375‌

330‌

1.70%,

08/18/2023

135‌

132‌

$

4,058‌

Automobile

Parts

&

Equipment

-

0.18%

Dana

Inc

5.38%,

11/15/2027

60‌

52‌

Tenneco

Inc

5.00%,

07/15/2026

(f)

60‌

56‌

5.13%,

04/15/2029

(e)

25‌

24‌

7.88%,

01/15/2029

(e)

225‌

217‌

$

349‌

Banks

-

8.68%

Banco

Santander

SA

3.22%,

11/22/2032

(g)

600‌

475‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.60%

Bank

of

America

Corp

2.48%,

09/21/2036

(g)

900‌

698‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%

2.68%,

06/19/2041

(g)

680‌

489‌

Secured

Overnight

Financing

Rate

+

1.93%

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

126

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Bank

of

America

Corp  

(continued)

2.69%,

04/22/2032

(g)

$

235‌

$

197‌

Secured

Overnight

Financing

Rate

+

1.32%

3.85%,

03/08/2037

(g)

50‌

43‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%

4.18%,

11/25/2027

350‌

340‌

4.20%,

08/26/2024

220‌

220‌

4.57%,

04/27/2033

(g)

175‌

170‌

Secured

Overnight

Financing

Rate

+

1.83%

Barclays

PLC

2.28%,

11/24/2027

(g)

200‌

177‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.05%

2.85%,

05/07/2026

(g)

600‌

567‌

Secured

Overnight

Financing

Rate

+

2.71%

3.33%,

11/24/2042

(g)

350‌

260‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.30%

7.75%,

09/15/2023

(g),(h),(i)

400‌

393‌

USD

Swap

Semi-Annual

5

Year

+

4.84%

BNP

Paribas

SA

2.16%,

09/15/2029

(e),(g)

290‌

243‌

Secured

Overnight

Financing

Rate

+

1.22%

2.22%,

06/09/2026

(e),(g)

400‌

369‌

Secured

Overnight

Financing

Rate

+

2.07%

Citigroup

Inc

3.11%,

04/08/2026

(g)

495‌

475‌

Secured

Overnight

Financing

Rate

+

2.84%

3.79%,

03/17/2033

(g)

210‌

189‌

Secured

Overnight

Financing

Rate

+

1.94%

4.91%,

05/24/2033

(g)

205‌

202‌

Secured

Overnight

Financing

Rate

+

2.09%

Credit

Suisse

AG/New

York

NY

2.95%,

04/09/2025

665‌

636‌

Credit

Suisse

Group

AG

2.19%,

06/05/2026

(e),(g)

500‌

453‌

Secured

Overnight

Financing

Rate

+

2.04%

5.25%,

02/11/2027

(e),(g),(h),(i)

205‌

158‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.89%

DBS

Group

Holdings

Ltd

4.52%,

12/11/2028

(e),(g)

315‌

317‌

USD

Swap

Rate

NY

5

Year

+

1.59%

Deutsche

Bank

AG

6.00%,

10/30/2025

(g),(h),(i)

240‌

207‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.52%

Deutsche

Bank

AG/New

York

NY

2.22%,

09/18/2024

(g)

725‌

699‌

Secured

Overnight

Financing

Rate

+

2.16%

2.55%,

01/07/2028

(g)

600‌

519‌

Secured

Overnight

Financing

Rate

+

1.32%

Goldman

Sachs

Group

Inc/The

3.10%,

02/24/2033

(g)

360‌

308‌

Secured

Overnight

Financing

Rate

+

1.41%

3.63%,

02/20/2024

250‌

249‌

3.85%,

01/26/2027

160‌

155‌

HSBC

Holdings

PLC

2.80%,

05/24/2032

(g)

365‌

300‌

Secured

Overnight

Financing

Rate

+

1.19%

4.25%,

03/14/2024

435‌

433‌

JPMorgan

Chase

&

Co

2.08%,

04/22/2026

(g)

335‌

313‌

Secured

Overnight

Financing

Rate

+

1.85%

4.60%,

02/01/2025

(g),(h)

215‌

182‌

Secured

Overnight

Financing

Rate

+

3.13%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Lloyds

Banking

Group

PLC

3.87%,

07/09/2025

(g)

$

850‌

$

839‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.50%

Morgan

Stanley

0.99%,

12/10/2026

(g)

1,861‌

1,649‌

Secured

Overnight

Financing

Rate

+

0.72%

2.48%,

09/16/2036

(g)

225‌

173‌

Secured

Overnight

Financing

Rate

+

1.36%

4.35%,

09/08/2026

800‌

792‌

5.00%,

11/24/2025

230‌

234‌

Popular

Inc

6.13%,

09/14/2023

65‌

66‌

Santander

UK

Group

Holdings

PLC

1.09%,

03/15/2025

(g)

345‌

322‌

Secured

Overnight

Financing

Rate

+

0.79%

2.90%,

03/15/2032

(g)

450‌

373‌

Secured

Overnight

Financing

Rate

+

1.48%

Standard

Chartered

PLC

2.82%,

01/30/2026

(e),(g)

535‌

507‌

3

Month

USD

LIBOR

+

1.21%

6.00%,

07/26/2025

(e),(g),(h),(i)

215‌

204‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.66%

UBS

Group

AG

4.75%,

05/12/2028

(e),(g)

235‌

233‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.75%

UniCredit

SpA

1.98%,

06/03/2027

(e),(g)

200‌

173‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.20%

Wells

Fargo

&

Co

3.75%,

01/24/2024

330‌

331‌

4.61%,

04/25/2053

(g)

320‌

296‌

Secured

Overnight

Financing

Rate

+

2.13%

Westpac

Banking

Corp

4.11%,

07/24/2034

(g)

85‌

78‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%

4.42%,

07/24/2039

615‌

550‌

$

17,256‌

Beverages

-

0.42%

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

3.65%,

02/01/2026

115‌

113‌

4.90%,

02/01/2046

280‌

263‌

Anheuser-Busch

InBev

Worldwide

Inc

4.38%,

04/15/2038

190‌

174‌

5.45%,

01/23/2039

225‌

229‌

Central

American

Bottling

Corp

/

CBC

Bottling

Holdco

SL

/

Beliv

Holdco

SL

5.25%,

04/27/2029

(e)

70‌

61‌

$

840‌

Biotechnology

-

0.08%

CSL

Finance

PLC

4.75%,

04/27/2052

(e)

175‌

167‌

Building

Materials

-

0.50%

Builders

FirstSource

Inc

4.25%,

02/01/2032

(e)

245‌

187‌

Carrier

Global

Corp

2.24%,

02/15/2025

7‌

7‌

Cemex

SAB

de

CV

3.88%,

07/11/2031

(e)

325‌

244‌

GCC

SAB

de

CV

3.61%,

04/20/2032

(e)

200‌

163‌

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

127

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Building

Materials

(continued)

SRM

Escrow

Issuer

LLC

6.00%,

11/01/2028

(e)

$

385‌

$

325‌

Summit

Materials

LLC

/

Summit

Materials

Finance

Corp

5.25%,

01/15/2029

(e)

70‌

61‌

$

987‌

Chemicals

-

0.87%

Braskem

Netherlands

Finance

BV

4.50%,

01/31/2030

(e)

200‌

171‌

Consolidated

Energy

Finance

SA

5.63%,

10/15/2028

(e)

260‌

209‌

6.50%,

05/15/2026

(e)

150‌

138‌

Element

Solutions

Inc

3.88%,

09/01/2028

(e)

326‌

269‌

Olympus

Water

US

Holding

Corp

4.25%,

10/01/2028

(e)

275‌

215‌

Orbia

Advance

Corp

SAB

de

CV

2.88%,

05/11/2031

(e)

350‌

281‌

SABIC

Capital

II

BV

4.00%,

10/10/2023

(e)

200‌

200‌

Westlake

Corp

2.88%,

08/15/2041

358‌

254‌

$

1,737‌

Commercial

Mortgage

Backed

Securities

-

2.07%

Benchmark

2019-B15

Mortgage

Trust

3.56%,

12/15/2072

250‌

222‌

Benchmark

2021-B25

Mortgage

Trust

2.58%,

04/15/2054

150‌

131‌

Citigroup

Commercial

Mortgage

Trust

2015-GC27

3.57%,

02/10/2048

900‌

876‌

Citigroup

Commercial

Mortgage

Trust

2016-GC37

3.58%,

04/10/2049

350‌

333‌

GS

Mortgage

Securities

Trust

2011-GC5

0.09%,

08/10/2044

(e),(j),(k)

1,486‌

—‌

GS

Mortgage

Securities

Trust

2013-GC16

1.18%,

11/10/2046

(j),(k)

1,780‌

18‌

GS

Mortgage

Securities

Trust

2014-GC26

1.09%,

11/10/2047

(j),(k)

3,519‌

64‌

GS

Mortgage

Securities

Trust

2015-GC34

3.51%,

10/10/2048

375‌

366‌

GS

Mortgage

Securities

Trust

2020-GSA2

2.01%,

12/12/2053

350‌

290‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2012-LC9

1.53%,

12/15/2047

(j),(k)

1,395‌

4‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2016-JP3

3.14%,

08/15/2049

500‌

471‌

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C24

4.53%,

11/15/2047

(k)

500‌

441‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2014-C14

1.09%,

02/15/2047

(j),(k)

3,436‌

35‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2014-C16

1.10%,

06/15/2047

(j),(k)

2,946‌

34‌

MSBAM

Commercial

Mortgage

Securities

Trust

2012-CKSV

1.15%,

10/15/2030

(e),(j),(k)

3,381‌

—‌

SREIT

Trust

2021-MFP

2.05%,

11/15/2038

(e)

350‌

333‌

1.00

x

1

Month

USD

LIBOR

+

0.73%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

UBS-Barclays

Commercial

Mortgage

Trust

2012-C4

1.69%,

12/10/2045

(e),(j),(k)

$

550‌

$

1‌

3.32%,

12/10/2045

(e)

500‌

499‌

WFRBS

Commercial

Mortgage

Trust

2013-C12

1.22%,

03/15/2048

(e),(j),(k)

1,393‌

6‌

$

4,124‌

Commercial

Services

-

0.87%

Ahern

Rentals

Inc

7.38%,

05/15/2023

(e)

40‌

31‌

DP

World

Ltd/United

Arab

Emirates

6.85%,

07/02/2037

100‌

107‌

PayPal

Holdings

Inc

2.65%,

10/01/2026

150‌

142‌

3.25%,

06/01/2050

300‌

227‌

3.90%,

06/01/2027

(f)

300‌

299‌

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

3.38%,

08/31/2027

(e)

134‌

110‌

6.25%,

01/15/2028

(e)

172‌

144‌

United

Rentals

North

America

Inc

3.88%,

02/15/2031

85‌

72‌

4.88%,

01/15/2028

169‌

160‌

WASH

Multifamily

Acquisition

Inc

5.75%,

04/15/2026

(e)

295‌

278‌

ZipRecruiter

Inc

5.00%,

01/15/2030

(e)

195‌

164‌

$

1,734‌

Computers

-

0.50%

Dell

International

LLC

/

EMC

Corp

3.38%,

12/15/2041

(e)

350‌

250‌

6.10%,

07/15/2027

435‌

456‌

NCR

Corp

5.13%,

04/15/2029

(e)

250‌

211‌

Seagate

HDD

Cayman

3.38%,

07/15/2031

95‌

74‌

$

991‌

Consumer

Products

-

0.02%

Kronos

Acquisition

Holdings

Inc

/

KIK

Custom

Products

Inc

5.00%,

12/31/2026

(e)

45‌

38‌

Diversified

Financial

Services

-

3.07%

AerCap

Holdings

NV

5.88%,

10/10/2079

(f),(g)

150‌

129‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.54%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

2.45%,

10/29/2026

240‌

209‌

3.00%,

10/29/2028

470‌

396‌

3.15%,

02/15/2024

1,000‌

968‌

4.50%,

09/15/2023

465‌

463‌

Air

Lease

Corp

1.88%,

08/15/2026

465‌

402‌

2.88%,

01/15/2026

510‌

468‌

3.38%,

07/01/2025

370‌

348‌

Ally

Financial

Inc

5.80%,

05/01/2025

210‌

214‌

Aviation

Capital

Group

LLC

1.95%,

09/20/2026

(e)

1,000‌

850‌

Avolon

Holdings

Funding

Ltd

2.75%,

02/21/2028

(e)

475‌

387‌

Credit

Acceptance

Corp

5.13%,

12/31/2024

(e)

85‌

80‌

6.63%,

03/15/2026

336‌

315‌

Global

Aircraft

Leasing

Co

Ltd

6.50%,

PIK

7.25%;

09/15/2024

(e),(k),(l)

242‌

183‌

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

128

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Diversified

Financial

Services

(continued)

ILFC

E-Capital

Trust

II

5.10%,

12/21/2065

(e),(k)

$

100‌

$

75‌

LPL

Holdings

Inc

4.00%,

03/15/2029

(e)

215‌

184‌

OneMain

Finance

Corp

4.00%,

09/15/2030

55‌

41‌

5.63%,

03/15/2023

75‌

74‌

6.63%,

01/15/2028

147‌

131‌

6.88%,

03/15/2025

199‌

189‌

$

6,106‌

Electric

-

2.77%

Avangrid

Inc

3.20%,

04/15/2025

490‌

476‌

Clearway

Energy

Operating

LLC

4.75%,

03/15/2028

(e)

190‌

171‌

CMS

Energy

Corp

3.00%,

05/15/2026

75‌

72‌

4.70%,

03/31/2043

120‌

108‌

Colbun

SA

3.15%,

01/19/2032

(e)

300‌

241‌

Commonwealth

Edison

Co

4.00%,

03/01/2049

225‌

201‌

DTE

Electric

Co

3.95%,

03/01/2049

60‌

54‌

DTE

Energy

Co

3.40%,

06/15/2029

262‌

241‌

Duke

Energy

Carolinas

LLC

3.55%,

03/15/2052

75‌

62‌

Enel

Chile

SA

4.88%,

06/12/2028

280‌

267‌

Entergy

Corp

1.90%,

06/15/2028

424‌

364‌

Entergy

Texas

Inc

3.55%,

09/30/2049

280‌

223‌

FirstEnergy

Corp

2.25%,

09/01/2030

358‌

284‌

Monongahela

Power

Co

3.55%,

05/15/2027

(e)

215‌

205‌

NextEra

Energy

Capital

Holdings

Inc

3.50%,

04/01/2029

300‌

280‌

NextEra

Energy

Operating

Partners

LP

4.25%,

07/15/2024

(e)

30‌

29‌

NRG

Energy

Inc

3.88%,

02/15/2032

(e)

775‌

616‌

Oryx

Funding

Ltd

5.80%,

02/03/2031

200‌

188‌

Pacific

Gas

and

Electric

Co

4.20%,

06/01/2041

185‌

135‌

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

3.88%,

07/17/2029

(e)

200‌

180‌

PPL

Electric

Utilities

Corp

3.95%,

06/01/2047

85‌

76‌

Public

Service

Co

of

Colorado

4.50%,

06/01/2052

43‌

42‌

Southern

California

Edison

Co

4.20%,

03/01/2029

125‌

120‌

4.88%,

03/01/2049

150‌

136‌

State

Grid

Overseas

Investment

BVI

Ltd

3.50%,

05/04/2027

200‌

198‌

Tucson

Electric

Power

Co

4.85%,

12/01/2048

25‌

24‌

Vistra

Corp

7.00%,

12/15/2026

(e),(g),(h)

90‌

82‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.74%

Vistra

Operations

Co

LLC

4.38%,

05/01/2029

(e)

195‌

163‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Xcel

Energy

Inc

4.60%,

06/01/2032

$

269‌

$

267‌

$

5,505‌

Electrical

Components

&

Equipment

-

0.15%

WESCO

Distribution

Inc

7.13%,

06/15/2025

(e)

90‌

90‌

7.25%,

06/15/2028

(e)

213‌

210‌

$

300‌

Electronics

-

0.20%

Imola

Merger

Corp

4.75%,

05/15/2029

(e)

140‌

117‌

Sensata

Technologies

BV

5.00%,

10/01/2025

(e)

145‌

139‌

Sensata

Technologies

Inc

3.75%,

02/15/2031

(e)

131‌

105‌

4.38%,

02/15/2030

(e)

51‌

44‌

$

405‌

Energy

-

Alternate

Sources

-

0.06%

Inversiones

Latin

America

Power

Ltda

5.13%,

06/15/2033

(e)

198‌

114‌

Engineering

&

Construction

-

0.37%

Aeropuerto

Internacional

de

Tocumen

SA

5.13%,

08/11/2061

(e)

200‌

158‌

Global

Infrastructure

Solutions

Inc

5.63%,

06/01/2029

(e)

265‌

207‌

IHS

Holding

Ltd

6.25%,

11/29/2028

(e)

200‌

161‌

MasTec

Inc

4.50%,

08/15/2028

(e)

238‌

214‌

$

740‌

Entertainment

-

1.11%

Boyne

USA

Inc

4.75%,

05/15/2029

(e)

235‌

203‌

Caesars

Entertainment

Inc

6.25%,

07/01/2025

(e)

120‌

116‌

CCM

Merger

Inc

6.38%,

05/01/2026

(e)

90‌

82‌

CDI

Escrow

Issuer

Inc

5.75%,

04/01/2030

(e)

150‌

136‌

Cinemark

USA

Inc

5.25%,

07/15/2028

(e)

230‌

185‌

8.75%,

05/01/2025

(e)

60‌

61‌

Magallanes

Inc

3.76%,

03/15/2027

(e)

130‌

122‌

5.05%,

03/15/2042

(e)

435‌

370‌

5.14%,

03/15/2052

(e)

390‌

327‌

5.39%,

03/15/2062

(e)

325‌

272‌

Peninsula

Pacific

Entertainment

LLC

/

Peninsula

Pacific

Entertainment

Finance

Inc

8.50%,

11/15/2027

(e)

245‌

257‌

Scientific

Games

International

Inc

8.63%,

07/01/2025

(e)

70‌

72‌

$

2,203‌

Environmental

Control

-

0.09%

Madison

IAQ

LLC

4.13%,

06/30/2028

(e)

220‌

182‌

Food

-

1.82%

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

4.63%,

01/15/2027

(e)

110‌

98‌

Cencosud

SA

4.38%,

07/17/2027

(e)

200‌

188‌

Fresh

Market

Inc/The

9.75%,

05/01/2023

(e)

250‌

250‌

Gruma

SAB

de

CV

4.88%,

12/01/2024

(e)

350‌

353‌

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

129

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Food

(continued)

JBS

Finance

Luxembourg

Sarl

3.63%,

01/15/2032

(e)

$

200‌

$

161‌

JBS

USA

LUX

SA

/

JBS

USA

Food

Co

/

JBS

USA

Finance

Inc

4.38%,

02/02/2052

(e)

526‌

372‌

6.50%,

12/01/2052

(e)

235‌

222‌

Kraft

Heinz

Foods

Co

3.75%,

04/01/2030

57‌

53‌

4.38%,

06/01/2046

481‌

401‌

MARB

BondCo

PLC

3.95%,

01/29/2031

200‌

154‌

Pilgrim's

Pride

Corp

3.50%,

03/01/2032

(e)

105‌

82‌

4.25%,

04/15/2031

(e)

1,030‌

859‌

Post

Holdings

Inc

4.50%,

09/15/2031

(e)

225‌

184‌

4.63%,

04/15/2030

(e)

32‌

27‌

Sysco

Corp

3.15%,

12/14/2051

85‌

61‌

3.30%,

07/15/2026

167‌

161‌

$

3,626‌

Forest

Products

&

Paper

-

0.08%

Mercer

International

Inc

5.13%,

02/01/2029

110‌

94‌

Suzano

Austria

GmbH

3.75%,

01/15/2031

75‌

60‌

$

154‌

Healthcare

-

Products

-

0.12%

Boston

Scientific

Corp

3.45%,

03/01/2024

127‌

127‌

4.55%,

03/01/2039

128‌

119‌

$

246‌

Healthcare

-

Services

-

1.67%

Acadia

Healthcare

Co

Inc

5.00%,

04/15/2029

(e)

95‌

85‌

Centene

Corp

2.50%,

03/01/2031

155‌

123‌

2.63%,

08/01/2031

805‌

640‌

3.00%,

10/15/2030

121‌

100‌

3.38%,

02/15/2030

167‌

142‌

4.25%,

12/15/2027

175‌

163‌

CHS/Community

Health

Systems

Inc

6.00%,

01/15/2029

(e)

275‌

228‌

8.00%,

03/15/2026

(e)

50‌

45‌

HCA

Inc

3.13%,

03/15/2027

(e)

350‌

318‌

3.50%,

09/01/2030

294‌

250‌

3.50%,

07/15/2051

550‌

376‌

Legacy

LifePoint

Health

LLC

6.75%,

04/15/2025

(e)

305‌

295‌

Tenet

Healthcare

Corp

4.63%,

09/01/2024

(e)

80‌

77‌

6.13%,

06/15/2030

(e)

275‌

254‌

UnitedHealth

Group

Inc

4.75%,

05/15/2052

235‌

235‌

$

3,331‌

Home

Builders

-

0.39%

Beazer

Homes

USA

Inc

6.75%,

03/15/2025

105‌

97‌

Forestar

Group

Inc

3.85%,

05/15/2026

(e)

65‌

53‌

5.00%,

03/01/2028

(e)

190‌

155‌

KB

Home

7.63%,

05/15/2023

55‌

56‌

Lennar

Corp

4.75%,

05/30/2025

100‌

100‌

4.88%,

12/15/2023

80‌

81‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Home

Builders

(continued)

M/I

Homes

Inc

3.95%,

02/15/2030

$

155‌

$

116‌

Picasso

Finance

Sub

Inc

6.13%,

06/15/2025

(e)

122‌

119‌

$

777‌

Home

Equity

Asset

Backed

Securities

-

0.03%

Saxon

Asset

Securities

Trust

2004-1

1.68%,

03/25/2035

99‌

57‌

1.00

x

1

Month

USD

LIBOR

+

1.70%

Insurance

-

0.97%

Acrisure

LLC

/

Acrisure

Finance

Inc

4.25%,

02/15/2029

(e)

190‌

154‌

7.00%,

11/15/2025

(e)

85‌

76‌

AIA

Group

Ltd

3.20%,

09/16/2040

(e)

320‌

256‌

American

International

Group

Inc

3.90%,

04/01/2026

70‌

69‌

Arch

Capital

Finance

LLC

4.01%,

12/15/2026

125‌

123‌

Arch

Capital

Group

Ltd

3.64%,

06/30/2050

275‌

214‌

Arthur

J

Gallagher

&

Co

3.50%,

05/20/2051

275‌

210‌

Corebridge

Financial

Inc

4.40%,

04/05/2052

(e)

195‌

162‌

Enstar

Group

Ltd

3.10%,

09/01/2031

435‌

347‌

Markel

Corp

3.35%,

09/17/2029

265‌

243‌

4.30%,

11/01/2047

95‌

82‌

$

1,936‌

Internet

-

0.67%

Alibaba

Group

Holding

Ltd

2.13%,

02/09/2031

200‌

165‌

Amazon.com

Inc

3.10%,

05/12/2051

220‌

173‌

Baidu

Inc

4.38%,

05/14/2024

200‌

201‌

Netflix

Inc

4.38%,

11/15/2026

462‌

445‌

4.88%,

06/15/2030

(e)

85‌

78‌

Prosus

NV

4.19%,

01/19/2032

(e)

200‌

160‌

Uber

Technologies

Inc

7.50%,

09/15/2027

(e)

110‌

107‌

$

1,329‌

Investment

Companies

-

0.33%

Blackstone

Private

Credit

Fund

4.70%,

03/24/2025

(e)

215‌

207‌

Compass

Group

Diversified

Holdings

LLC

5.25%,

04/15/2029

(e)

260‌

214‌

Huarong

Finance

II

Co

Ltd

4.63%,

06/03/2026

200‌

183‌

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.75%,

09/15/2024

60‌

56‌

$

660‌

Iron

&

Steel

-

0.46%

Cleveland-Cliffs

Inc

6.75%,

03/15/2026

(e)

265‌

263‌

CSN

Inova

Ventures

6.75%,

01/28/2028

(e)

200‌

174‌

Nucor

Corp

3.85%,

04/01/2052

70‌

57‌

3.95%,

05/23/2025

200‌

199‌

Steel

Dynamics

Inc

2.40%,

06/15/2025

145‌

137‌

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

130

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Iron

&

Steel

(continued)

Vale

Overseas

Ltd

3.75%,

07/08/2030

$

100‌

$

88‌

$

918‌

Leisure

Products

&

Services

-

0.29%

Life

Time

Inc

5.75%,

01/15/2026

(e)

305‌

274‌

NCL

Corp

Ltd

3.63%,

12/15/2024

(e)

40‌

33‌

5.88%,

02/15/2027

(e)

75‌

64‌

NCL

Finance

Ltd

6.13%,

03/15/2028

(e)

125‌

91‌

Royal

Caribbean

Cruises

Ltd

9.13%,

06/15/2023

(e)

110‌

109‌

$

571‌

Lodging

-

0.69%

Hilton

Domestic

Operating

Co

Inc

5.75%,

05/01/2028

(e)

227‌

216‌

Hyatt

Hotels

Corp

1.80%,

10/01/2024

500‌

473‌

Marriott

International

Inc/MD

2.75%,

10/15/2033

425‌

334‌

3.60%,

04/15/2024

300‌

297‌

MGM

Resorts

International

6.00%,

03/15/2023

60‌

60‌

$

1,380‌

Machinery

-

Diversified

-

0.13%

Maxim

Crane

Works

Holdings

Capital

LLC

10.13%,

08/01/2024

(e)

124‌

118‌

Westinghouse

Air

Brake

Technologies

Corp

3.20%,

06/15/2025

150‌

143‌

$

261‌

Media

-

1.57%

AMC

Networks

Inc

4.75%,

08/01/2025

258‌

240‌

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.50%,

08/15/2030

(e)

255‌

212‌

4.75%,

03/01/2030

(e)

234‌

200‌

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.50%,

06/01/2041

375‌

263‌

4.91%,

07/23/2025

620‌

621‌

CSC

Holdings

LLC

6.50%,

02/01/2029

(e)

208‌

188‌

Directv

Financing

LLC

/

Directv

Financing

Co-

Obligor

Inc

5.88%,

08/15/2027

(e)

45‌

38‌

DISH

DBS

Corp

5.25%,

12/01/2026

(e)

50‌

39‌

5.88%,

11/15/2024

133‌

112‌

7.38%,

07/01/2028

182‌

124‌

LCPR

Senior

Secured

Financing

DAC

5.13%,

07/15/2029

(e)

225‌

188‌

Paramount

Global

4.38%,

03/15/2043

480‌

371‌

4.75%,

05/15/2025

46‌

46‌

Sirius

XM

Radio

Inc

4.00%,

07/15/2028

(e)

260‌

225‌

UPC

Holding

BV

5.50%,

01/15/2028

(e)

300‌

257‌

$

3,124‌

Mining

-

0.42%

First

Quantum

Minerals

Ltd

7.50%,

04/01/2025

(e)

200‌

189‌

Hudbay

Minerals

Inc

4.50%,

04/01/2026

(e)

160‌

134‌

6.13%,

04/01/2029

(e)

70‌

57‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mining

(continued)

IAMGOLD

Corp

5.75%,

10/15/2028

(e)

$

97‌

$

65‌

New

Gold

Inc

7.50%,

07/15/2027

(e)

75‌

65‌

Novelis

Corp

3.25%,

11/15/2026

(e)

100‌

85‌

4.75%,

01/30/2030

(e)

234‌

194‌

Taseko

Mines

Ltd

7.00%,

02/15/2026

(e)

45‌

38‌

$

827‌

Miscellaneous

Manufacturers

-

0.24%

GE

Capital

International

Funding

Co

Unlimited

Co

4.42%,

11/15/2035

381‌

356‌

Parker-Hannifin

Corp

4.25%,

09/15/2027

115‌

114‌

$

470‌

Mortgage

Backed

Securities

-

1.37%

Fannie

Mae

REMIC

Trust

2005-W2

1.82%,

05/25/2035

8‌

8‌

1.00

x

1

Month

USD

LIBOR

+

0.20%

Fannie

Mae

REMICS

2.25%,

07/25/2040

20‌

20‌

3.00%,

04/25/2027

(j)

81‌

4‌

3.00%,

09/25/2050

(j)

1,045‌

164‌

3.50%,

11/25/2027

(j)

56‌

3‌

3.50%,

07/25/2028

(j)

109‌

5‌

3.50%,

03/25/2031

(j)

31‌

—‌

4.48%,

02/25/2043

(j)

161‌

20‌

(1.00)

x

1

Month

USD

LIBOR

+

6.10%

4.48%,

09/25/2046

(j)

159‌

19‌

(1.00)

x

1

Month

USD

LIBOR

+

6.10%

Freddie

Mac

REMICS

1.77%,

05/15/2049

1,078‌

1,074‌

1.00

x

1

Month

USD

LIBOR

+

0.45%

3.00%,

05/15/2027

(j)

57‌

3‌

3.00%,

10/15/2027

(j)

38‌

2‌

Ginnie

Mae

2.50%,

12/20/2050

(j)

1,106‌

179‌

3.00%,

07/20/2050

(j)

310‌

46‌

3.00%,

11/20/2050

(j)

588‌

88‌

3.00%,

11/20/2050

(j)

1,025‌

150‌

3.00%,

11/20/2050

(j)

1,261‌

217‌

3.50%,

10/20/2049

(j)

459‌

78‌

3.90%,

05/20/2042

(j)

578‌

68‌

(1.00)

x

1

Month

USD

LIBOR

+

5.50%

4.50%,

11/20/2041

(j)

162‌

26‌

(1.00)

x

1

Month

USD

LIBOR

+

6.10%

4.50%,

06/20/2046

(j)

356‌

53‌

(1.00)

x

1

Month

USD

LIBOR

+

6.10%

4.54%,

12/20/2043

(j)

183‌

26‌

(1.00)

x

1

Month

USD

LIBOR

+

6.14%

4.60%,

08/20/2047

(j)

975‌

132‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

5.05%,

02/20/2042

(j)

105‌

20‌

(1.00)

x

1

Month

USD

LIBOR

+

6.65%

5.34%,

04/20/2041

(j)

632‌

103‌

(1.10)

x

1

Month

USD

LIBOR

+

7.10%

HomeBanc

Mortgage

Trust

2005-5

2.30%,

01/25/2036

91‌

88‌

1.00

x

1

Month

USD

LIBOR

+

0.68%

JP

Morgan

Mortgage

Trust

2016-2

2.60%,

06/25/2046

(e),(k)

93‌

90‌

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

131

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mortgage

Backed

Securities

(continued)

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Series

2006-AR1

Trust

2.12%,

02/25/2036

$

48‌

$

41‌

1.00

x

1

Month

USD

LIBOR

+

0.50%

$

2,727‌

Oil

&

Gas

-

1.96%

Aethon

United

BR

LP

/

Aethon

United

Finance

Corp

8.25%,

02/15/2026

(e)

465‌

452‌

Antero

Resources

Corp

7.63%,

02/01/2029

(e)

240‌

244‌

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp

7.00%,

11/01/2026

(e)

150‌

139‌

Callon

Petroleum

Co

7.50%,

06/15/2030

(e)

35‌

32‌

Comstock

Resources

Inc

5.88%,

01/15/2030

(e)

145‌

125‌

Continental

Resources

Inc/OK

3.80%,

06/01/2024

605‌

597‌

CrownRock

LP

/

CrownRock

Finance

Inc

5.63%,

10/15/2025

(e)

90‌

84‌

Ecopetrol

SA

6.88%,

04/29/2030

175‌

155‌

Leviathan

Bond

Ltd

5.75%,

06/30/2023

(e)

175‌

172‌

MEG

Energy

Corp

7.13%,

02/01/2027

(e)

255‌

257‌

Nabors

Industries

Inc

9.00%,

02/01/2025

(e)

60‌

60‌

Occidental

Petroleum

Corp

5.55%,

03/15/2026

85‌

84‌

5.88%,

09/01/2025

425‌

423‌

6.13%,

01/01/2031

60‌

61‌

6.63%,

09/01/2030

41‌

42‌

Petrobras

Global

Finance

BV

5.50%,

06/10/2051

(f)

175‌

133‌

Petroleos

Mexicanos

6.70%,

02/16/2032

517‌

394‌

Sinopec

Group

Overseas

Development

2017

Ltd

2.50%,

09/13/2022

(e)

325‌

325‌

Valero

Energy

Corp

2.85%,

04/15/2025

129‌

125‌

$

3,904‌

Oil

&

Gas

Services

-

0.15%

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp

6.25%,

04/01/2028

(e)

325‌

288‌

Other

Asset

Backed

Securities

-

0.74%

Dell

Equipment

Finance

Trust

2021-1

0.33%,

05/22/2026

(e)

385‌

382‌

DLLST

2022-1

LLC

2.79%,

01/22/2024

(e)

580‌

575‌

Specialty

Underwriting

&

Residential

Finance

Trust

Series

2004-BC1

2.39%,

02/25/2035

97‌

93‌

1.00

x

1

Month

USD

LIBOR

+

0.77%

Verizon

Owner

Trust

2020-B

0.47%,

02/20/2025

430‌

423‌

$

1,473‌

Packaging

&

Containers

-

0.45%

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA

Inc

5.25%,

08/15/2027

(e),(f)

240‌

171‌

Canpack

SA

/

Canpack

US

LLC

3.13%,

11/01/2025

(e)

200‌

174‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Packaging

&

Containers

(continued)

Clydesdale

Acquisition

Holdings

Inc

6.63%,

04/15/2029

(e)

$

75‌

$

71‌

8.75%,

04/15/2030

(e)

55‌

47‌

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp

VI

4.75%,

02/01/2026

65‌

62‌

Crown

Cork

&

Seal

Co

Inc

7.38%,

12/15/2026

254‌

259‌

LABL

Inc

5.88%,

11/01/2028

(e)

55‌

44‌

6.75%,

07/15/2026

(e)

65‌

59‌

$

887‌

Pharmaceuticals

-

0.93%

AbbVie

Inc

2.60%,

11/21/2024

65‌

63‌

4.05%,

11/21/2039

350‌

312‌

BellRing

Brands

Inc

7.00%,

03/15/2030

(e)

150‌

141‌

Bristol-Myers

Squibb

Co

4.13%,

06/15/2039

120‌

115‌

Cigna

Corp

4.90%,

12/15/2048

35‌

34‌

CVS

Health

Corp

4.30%,

03/25/2028

31‌

31‌

4.88%,

07/20/2035

190‌

188‌

5.05%,

03/25/2048

85‌

81‌

Jazz

Securities

DAC

4.38%,

01/15/2029

(e)

95‌

84‌

Viatris

Inc

1.65%,

06/22/2025

75‌

68‌

Zoetis

Inc

3.00%,

09/12/2027

310‌

292‌

4.45%,

08/20/2048

345‌

322‌

4.70%,

02/01/2043

120‌

115‌

$

1,846‌

Pipelines

-

2.90%

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp

5.38%,

06/15/2029

(e)

175‌

157‌

5.75%,

03/01/2027

(e)

155‌

144‌

CNX

Midstream

Partners

LP

4.75%,

04/15/2030

(e)

230‌

193‌

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp

5.63%,

05/01/2027

(e)

374‌

333‌

Energy

Transfer

LP

3.75%,

05/15/2030

505‌

455‌

4.50%,

04/15/2024

390‌

390‌

5.15%,

03/15/2045

600‌

513‌

Enterprise

Products

Operating

LLC

3.13%,

07/31/2029

510‌

459‌

4.20%,

01/31/2050

180‌

150‌

EQM

Midstream

Partners

LP

6.00%,

07/01/2025

(e)

32‌

31‌

7.50%,

06/01/2027

(e)

55‌

53‌

Hess

Midstream

Operations

LP

4.25%,

02/15/2030

(e)

275‌

230‌

5.63%,

02/15/2026

(e)

120‌

114‌

Kinder

Morgan

Inc

1.75%,

11/15/2026

440‌

390‌

Kinetik

Holdings

LP

5.88%,

06/15/2030

(e)

215‌

205‌

NuStar

Logistics

LP

5.75%,

10/01/2025

55‌

52‌

Sabine

Pass

Liquefaction

LLC

5.00%,

03/15/2027

175‌

176‌

5.75%,

05/15/2024

375‌

383‌

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

132

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pipelines

(continued)

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp

4.88%,

02/01/2031

$

645‌

$

588‌

6.50%,

07/15/2027

135‌

138‌

Western

Midstream

Operating

LP

4.55%,

02/01/2030

60‌

52‌

Williams

Cos

Inc/The

4.55%,

06/24/2024

550‌

554‌

$

5,760‌

REITs

-

1.67%

American

Campus

Communities

Operating

Partnership

LP

3.30%,

07/15/2026

290‌

283‌

American

Tower

Corp

1.30%,

09/15/2025

185‌

168‌

Cibanco

SA

Ibm

/

PLA

Administradora

Industrial

S

de

RL

de

CV

4.96%,

07/18/2029

(e)

200‌

179‌

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

3.38%,

06/15/2026

(e)

230‌

198‌

3.75%,

09/15/2030

(e)

160‌

128‌

Invitation

Homes

Operating

Partnership

LP

2.00%,

08/15/2031

500‌

385‌

2.30%,

11/15/2028

495‌

416‌

Kimco

Realty

Corp

3.20%,

04/01/2032

140‌

122‌

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp

4.75%,

06/15/2029

(e)

273‌

210‌

Mid-America

Apartments

LP

2.88%,

09/15/2051

229‌

159‌

VICI

Properties

LP

/

VICI

Note

Co

Inc

3.50%,

02/15/2025

(e)

55‌

51‌

4.13%,

08/15/2030

(e)

1,007‌

869‌

XHR

LP

4.88%,

06/01/2029

(e)

175‌

150‌

$

3,318‌

Retail

-

0.46%

Bath

&

Body

Works

Inc

5.25%,

02/01/2028

65‌

55‌

6.63%,

10/01/2030

(e)

114‌

98‌

9.38%,

07/01/2025

(e)

133‌

135‌

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc

4.63%,

01/15/2029

(e)

210‌

179‌

IRB

Holding

Corp

7.00%,

06/15/2025

(e)

15‌

15‌

LSF9

Atlantis

Holdings

LLC

/

Victra

Finance

Corp

7.75%,

02/15/2026

(e)

255‌

216‌

Patrick

Industries

Inc

4.75%,

05/01/2029

(e)

105‌

78‌

7.50%,

10/15/2027

(e)

150‌

139‌

$

915‌

Semiconductors

-

0.72%

Broadcom

Inc

3.14%,

11/15/2035

(e)

34‌

26‌

3.42%,

04/15/2033

(e)

732‌

605‌

KLA

Corp

3.30%,

03/01/2050

350‌

277‌

NVIDIA

Corp

3.50%,

04/01/2050

150‌

127‌

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

2.70%,

05/01/2025

60‌

57‌

3.15%,

05/01/2027

60‌

56‌

Skyworks

Solutions

Inc

1.80%,

06/01/2026

85‌

76‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Semiconductors

(continued)

TSMC

Arizona

Corp

2.50%,

10/25/2031

$

250‌

$

214‌

$

1,438‌

Software

-

1.52%

Fiserv

Inc

4.40%,

07/01/2049

190‌

163‌

Open

Text

Corp

3.88%,

02/15/2028

(e)

130‌

116‌

3.88%,

12/01/2029

(e)

385‌

324‌

Open

Text

Holdings

Inc

4.13%,

02/15/2030

(e)

295‌

255‌

Oracle

Corp

2.50%,

04/01/2025

255‌

242‌

2.80%,

04/01/2027

240‌

219‌

2.95%,

05/15/2025

100‌

96‌

3.95%,

03/25/2051

105‌

77‌

Salesforce

Inc

3.70%,

04/11/2028

230‌

227‌

Take-Two

Interactive

Software

Inc

3.55%,

04/14/2025

340‌

335‌

4.00%,

04/14/2032

145‌

136‌

VMware

Inc

1.40%,

08/15/2026

535‌

473‌

1.80%,

08/15/2028

440‌

366‌

$

3,029‌

Sovereign

-

1.04%

Brazilian

Government

International

Bond

3.88%,

06/12/2030

(f)

205‌

172‌

Chile

Government

International

Bond

2.55%,

07/27/2033

200‌

163‌

CoBank

ACB

6.25%,

10/01/2026

(g),(h)

115‌

108‌

3

Month

USD

LIBOR

+

4.66%

Colombia

Government

International

Bond

3.13%,

04/15/2031

200‌

147‌

Dominican

Republic

International

Bond

4.88%,

09/23/2032

(e)

200‌

154‌

Egypt

Government

International

Bond

5.80%,

09/30/2027

(e)

425‌

299‌

Indonesia

Government

International

Bond

2.85%,

02/14/2030

200‌

179‌

Mexico

Government

International

Bond

4.75%,

03/08/2044

280‌

233‌

Qatar

Government

International

Bond

4.63%,

06/02/2046

200‌

198‌

Saudi

Government

International

Bond

4.50%,

10/26/2046

450‌

410‌

$

2,063‌

Telecommunications

-

2.19%

America

Movil

SAB

de

CV

5.38%,

04/04/2032

(e)

400‌

355‌

AT&T

Inc

2.55%,

12/01/2033

199‌

161‌

3.50%,

09/15/2053

749‌

568‌

Axtel

SAB

de

CV

6.38%,

11/14/2024

200‌

176‌

CT

Trust

5.13%,

02/03/2032

(e)

200‌

160‌

Empresa

Nacional

de

Telecomunicaciones

SA

3.05%,

09/14/2032

(e)

200‌

160‌

Maxar

Technologies

Inc

7.75%,

06/15/2027

(e),(f)

165‌

164‌

Sprint

Communications

Inc

6.00%,

11/15/2022

75‌

75‌

Sprint

Corp

7.63%,

03/01/2026

121‌

128‌

7.88%,

09/15/2023

75‌

77‌

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

133

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Telecommunications

(continued)

T-Mobile

USA

Inc

2.40%,

03/15/2029

(e)

$

340‌

$

294‌

3.50%,

04/15/2025

315‌

308‌

3.50%,

04/15/2031

560‌

484‌

Verizon

Communications

Inc

2.88%,

11/20/2050

190‌

135‌

3.55%,

03/22/2051

725‌

581‌

4.27%,

01/15/2036

325‌

306‌

Viavi

Solutions

Inc

3.75%,

10/01/2029

(e)

270‌

226‌

$

4,358‌

Transportation

-

0.17%

Burlington

Northern

Santa

Fe

LLC

4.45%,

01/15/2053

60‌

58‌

Eletson

Holdings

Inc

/

Eletson

Finance

US

LLC

/

Agathonissos

Finance

LLC

0.00%,

01/15/2022

(d),(m)

121‌

7‌

Navios

South

American

Logistics

Inc

/

Navios

Logistics

Finance

US

Inc

10.75%,

07/01/2025

(e)

46‌

44‌

Union

Pacific

Corp

3.50%,

02/14/2053

280‌

228‌

$

337‌

TOTAL

BONDS

$

111,379‌

SENIOR

FLOATING

RATE

INTERESTS

-

1.41%

Principal

Amount

(000's)

Value

(000's)

Airlines

-

0.21%

AAdvantage

Loyalty

IP

Ltd

5.81%,

04/20/2028

(n)

$

225‌

$

214‌

1

Month

USD

LIBOR

+

4.75%

United

Airlines

Inc

5.39%,

04/14/2028

(n)

222‌

206‌

1

Month

USD

LIBOR

+

3.75%

$

420‌

Commercial

Services

-

0.12%

Garda

World

Security

Corp

5.90%,

10/30/2026

(n)

255‌

236‌

1

Month

USD

LIBOR

+

4.25%

Computers

-

0.05%

Virtusa

Corp

5.42%,

02/11/2028

(n)

95‌

89‌

1

Month

USD

LIBOR

+

3.75%

Consumer

Products

-

0.06%

Kronos

Acquisition

Holdings

Inc

4.81%,

12/22/2026

(n)

137‌

124‌

1

Month

USD

LIBOR

+

3.75%

Diversified

Financial

Services

-

0.22%

Russell

Investments

US

Institutional

Holdco

Inc

4.50%,

05/30/2025

(n)

460‌

428‌

1

Month

USD

LIBOR

+

3.50%

Electronics

-

0.04%

Ingram

Micro

Inc

5.75%,

06/30/2028

(n)

89‌

84‌

1

Month

USD

LIBOR

+

3.50%

Entertainment

-

0.02%

Lions

Gate

Capital

Holdings

LLC

3.91%,

03/24/2025

(n)

48‌

46‌

3

Month

USD

LIBOR

+

2.00%

Environmental

Control

-

0.02%

Madison

IAQ

LLC

4.52%,

06/21/2028

(n)

50‌

45‌

1

Month

USD

LIBOR

+

3.25%

Insurance

-

0.02%

Asurion

LLC

4.79%,

11/03/2023

(n)

49‌

47‌

1

Month

USD

LIBOR

+

7.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Lodging

-

0.03%

Fertitta

Entertainment

LLC/NV

5.53%,

01/13/2029

(n)

$

61‌

$

56‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.00%

Media

-

0.14%

CSC

Holdings

LLC

3.82%,

04/15/2027

(n)

49‌

45‌

1

Month

USD

LIBOR

+

2.50%

Directv

Financing

LLC

6.67%,

08/02/2027

(n)

256‌

236‌

1

Month

USD

LIBOR

+

5.00%

$

281‌

Oil

&

Gas

-

0.01%

Ascent

Resources

Utica

Holdings

LLC

10.02%,

11/01/2025

(n)

20‌

21‌

1

Month

USD

LIBOR

+

9.00%

Packaging

&

Containers

-

0.11%

Valcour

Packaging

LLC

5.22%,

09/30/2028

(n)

234‌

219‌

1

Month

USD

LIBOR

+

3.75%

Pharmaceuticals

-

0.18%

Bausch

Health

Cos

Inc

0.00%,

01/27/2027

(n),(o)

320‌

273‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

5.25%

Jazz

Financing

Lux

Sarl

5.17%,

05/05/2028

(n)

94‌

90‌

1

Month

USD

LIBOR

+

3.50%

$

363‌

Retail

-

0.18%

IRB

Holding

Corp

3.76%,

02/05/2025

(n)

182‌

173‌

1

Month

USD

LIBOR

+

2.75%

3.89%,

12/15/2027

(n)

192‌

180‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

$

353‌

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

2,812‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

48.19%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

1.78%

2.13%,

02/01/2037

$

3‌

$

3‌

1.00

x

12

Month

USD

LIBOR

+

1.63%

3.00%,

10/01/2042

27‌

26‌

3.00%,

11/01/2042

162‌

155‌

3.00%,

11/01/2042

28‌

27‌

3.00%,

03/01/2043

812‌

777‌

3.00%,

12/01/2046

58‌

55‌

3.50%,

10/01/2041

15‌

15‌

3.50%,

04/01/2042

53‌

52‌

3.50%,

04/01/2042

21‌

20‌

3.50%,

04/01/2045

24‌

24‌

3.50%,

10/01/2045

416‌

408‌

3.50%,

03/01/2048

61‌

60‌

4.00%,

02/01/2045

7‌

7‌

4.00%,

02/01/2046

137‌

138‌

4.00%,

02/01/2046

36‌

36‌

4.00%,

06/01/2046

26‌

26‌

4.00%,

04/01/2047

135‌

136‌

4.00%,

11/01/2047

181‌

182‌

4.50%,

07/01/2024

3‌

3‌

4.50%,

10/01/2041

15‌

16‌

4.50%,

12/01/2043

434‌

447‌

4.50%,

03/01/2046

166‌

171‌

5.00%,

06/01/2031

40‌

41‌

5.00%,

10/01/2035

15‌

16‌

5.00%,

06/01/2041

529‌

557‌

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

134

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

6.00%,

06/01/2032

$

12‌

$

13‌

6.00%,

10/01/2032

6‌

7‌

6.00%,

01/01/2038

29‌

32‌

6.50%,

03/01/2029

1‌

1‌

6.50%,

05/01/2029

2‌

2‌

6.50%,

04/01/2031

1‌

1‌

6.50%,

02/01/2032

2‌

3‌

6.50%,

05/01/2032

2‌

2‌

6.50%,

04/01/2035

5‌

5‌

7.00%,

12/01/2029

6‌

6‌

7.00%,

06/01/2030

3‌

3‌

7.00%,

01/01/2031

1‌

1‌

7.00%,

12/01/2031

25‌

25‌

7.50%,

03/01/2031

5‌

5‌

8.00%,

09/01/2030

26‌

27‌

$

3,531‌

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

23.13%

2.00%,

12/01/2035

480‌

449‌

2.00%,

07/01/2037

(p)

1,150‌

1,073‌

2.00%,

01/01/2051

1,183‌

1,040‌

2.00%,

02/01/2051

4,013‌

3,515‌

2.00%,

03/01/2051

1,516‌

1,329‌

2.00%,

03/01/2051

1,306‌

1,142‌

2.00%,

12/01/2051

1,941‌

1,692‌

2.00%,

12/01/2051

573‌

500‌

2.00%,

04/01/2052

2,300‌

2,003‌

2.00%,

05/01/2052

600‌

524‌

2.00%,

07/01/2052

(p)

1,400‌

1,215‌

2.50%,

06/01/2035

1,087‌

1,041‌

2.50%,

08/01/2035

1,299‌

1,243‌

2.50%,

07/01/2037

(p)

700‌

668‌

2.50%,

08/01/2050

1,618‌

1,466‌

2.50%,

07/01/2051

1,202‌

1,089‌

2.50%,

09/01/2051

784‌

712‌

2.50%,

09/01/2051

469‌

426‌

2.50%,

02/01/2052

587‌

531‌

2.50%,

04/01/2052

593‌

536‌

2.50%,

07/01/2052

(p)

5,010‌

4,505‌

3.00%,

03/01/2034

124‌

122‌

3.00%,

07/01/2037

(p)

2,025‌

1,978‌

3.00%,

03/01/2042

39‌

37‌

3.00%,

03/01/2042

36‌

35‌

3.00%,

05/01/2042

21‌

20‌

3.00%,

06/01/2042

17‌

16‌

3.00%,

06/01/2042

37‌

35‌

3.00%,

05/01/2043

97‌

93‌

3.00%,

07/01/2050

533‌

501‌

3.00%,

11/01/2050

458‌

432‌

3.00%,

07/01/2051

2,250‌

2,101‌

3.00%,

04/01/2052

2,379‌

2,231‌

3.50%,

04/01/2030

161‌

161‌

3.50%,

05/01/2034

697‌

698‌

3.50%,

08/01/2034

140‌

140‌

3.50%,

12/01/2040

31‌

30‌

3.50%,

01/01/2041

15‌

15‌

3.50%,

12/01/2041

8‌

8‌

3.50%,

03/01/2042

16‌

16‌

3.50%,

04/01/2042

34‌

33‌

3.50%,

11/01/2042

533‌

525‌

3.50%,

02/01/2043

25‌

25‌

3.50%,

07/01/2043

454‌

447‌

3.50%,

01/01/2044

140‌

138‌

3.50%,

11/01/2044

693‌

681‌

3.50%,

03/01/2045

26‌

25‌

3.50%,

06/01/2045

48‌

47‌

3.50%,

11/01/2045

27‌

26‌

3.50%,

05/01/2046

12‌

12‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

3.50%,

10/01/2047

$

828‌

$

810‌

3.50%,

11/01/2047

343‌

335‌

3.50%,

03/01/2048

496‌

485‌

3.50%,

06/01/2051

245‌

238‌

3.50%,

07/01/2052

(p)

1,400‌

1,346‌

4.00%,

03/01/2034

195‌

200‌

4.00%,

09/01/2040

38‌

39‌

4.00%,

05/01/2041

82‌

83‌

4.00%,

10/01/2041

24‌

25‌

4.00%,

10/01/2041

12‌

12‌

4.00%,

11/01/2041

17‌

17‌

4.00%,

04/01/2042

13‌

13‌

4.00%,

11/01/2043

51‌

51‌

4.00%,

11/01/2043

15‌

15‌

4.00%,

02/01/2044

57‌

58‌

4.00%,

06/01/2044

114‌

115‌

4.00%,

09/01/2044

9‌

9‌

4.00%,

09/01/2045

51‌

50‌

4.00%,

12/01/2045

226‌

227‌

4.00%,

08/01/2046

35‌

36‌

4.00%,

01/01/2047

20‌

20‌

4.00%,

11/01/2047

750‌

752‌

4.00%,

05/01/2048

32‌

32‌

4.00%,

10/01/2048

155‌

155‌

4.00%,

01/01/2049

75‌

75‌

4.00%,

07/01/2052

(p)

1,500‌

1,479‌

4.50%,

07/01/2025

9‌

10‌

4.50%,

08/01/2040

20‌

21‌

4.50%,

11/01/2040

421‌

434‌

4.50%,

12/01/2040

16‌

16‌

4.50%,

08/01/2041

14‌

14‌

4.50%,

09/01/2041

138‌

143‌

4.50%,

05/01/2044

16‌

17‌

4.50%,

12/01/2044

25‌

26‌

4.50%,

06/01/2046

13‌

13‌

4.50%,

05/01/2047

23‌

23‌

4.50%,

05/01/2047

10‌

10‌

4.50%,

05/01/2049

94‌

95‌

4.50%,

07/01/2052

(p)

225‌

226‌

5.00%,

10/01/2041

74‌

77‌

5.00%,

06/01/2048

176‌

184‌

5.50%,

12/01/2022

1‌

1‌

5.50%,

07/01/2033

104‌

111‌

5.50%,

04/01/2035

10‌

11‌

5.50%,

08/01/2036

273‌

293‌

5.50%,

02/01/2037

2‌

2‌

5.50%,

05/01/2040

8‌

8‌

6.00%,

05/01/2031

1‌

1‌

6.00%,

07/01/2035

72‌

79‌

6.00%,

02/01/2037

22‌

23‌

6.00%,

02/01/2038

28‌

30‌

6.50%,

03/01/2032

1‌

1‌

6.50%,

07/01/2037

19‌

20‌

6.50%,

07/01/2037

10‌

10‌

6.50%,

02/01/2038

24‌

26‌

6.50%,

09/01/2038

76‌

83‌

$

46,012‌

Government

National

Mortgage

Association

(GNMA)

-

7.77%

2.00%,

02/20/2051

1,652‌

1,473‌

2.00%,

07/20/2051

2,737‌

2,444‌

2.50%,

06/20/2050

814‌

748‌

2.50%,

05/20/2051

1,092‌

1,003‌

2.50%,

07/01/2052

800‌

732‌

3.00%,

02/15/2043

167‌

159‌

3.00%,

07/20/2044

200‌

192‌

3.00%,

01/20/2046

126‌

121‌

3.00%,

07/20/2046

191‌

183‌

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

135

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Government

National

Mortgage

Association

(GNMA)

(continued)

3.00%,

12/20/2046

$

547‌

$

524‌

3.00%,

07/01/2052

1,000‌

943‌

3.50%,

04/20/2046

109‌

108‌

3.50%,

10/20/2046

129‌

126‌

3.50%,

07/20/2047

546‌

539‌

3.50%,

07/01/2052

2,400‌

2,332‌

4.00%,

02/15/2042

60‌

61‌

4.00%,

06/20/2046

15‌

15‌

4.00%,

01/20/2048

699‌

720‌

4.00%,

07/01/2052

600‌

597‌

4.50%,

09/15/2039

335‌

352‌

4.50%,

11/15/2040

54‌

56‌

4.50%,

06/20/2048

4‌

4‌

4.50%,

07/01/2052

1,300‌

1,319‌

5.00%,

02/15/2034

111‌

117‌

5.00%,

10/15/2034

39‌

41‌

5.00%,

10/20/2039

18‌

19‌

5.00%,

07/20/2040

10‌

10‌

5.00%,

02/15/2042

45‌

47‌

5.50%,

12/20/2033

56‌

60‌

5.50%,

05/20/2035

6‌

6‌

5.50%,

12/20/2048

126‌

132‌

6.00%,

01/20/2029

9‌

10‌

6.00%,

07/20/2029

2‌

2‌

6.00%,

12/15/2033

9‌

9‌

6.00%,

12/20/2036

32‌

35‌

6.50%,

03/20/2028

2‌

2‌

6.50%,

05/20/2029

1‌

2‌

6.50%,

12/15/2032

194‌

204‌

7.00%,

03/15/2031

1‌

1‌

8.00%,

12/15/2030

3‌

4‌

$

15,452‌

U.S.

Treasury

-

11.51%

1.25%,

08/15/2031

3,650‌

3,142‌

1.38%,

11/15/2031

2,400‌

2,082‌

1.63%,

08/15/2029

1,100‌

1,002‌

1.75%,

08/15/2041

680‌

517‌

1.88%,

11/15/2051

375‌

281‌

2.00%,

10/31/2022

2,500‌

2,499‌

2.00%,

08/15/2051

(q)

2,900‌

2,241‌

2.25%,

11/15/2027

1,000‌

959‌

3.00%,

05/15/2045

1,140‌

1,057‌

3.00%,

11/15/2045

(r)

2,750‌

2,555‌

3.13%,

05/15/2048

3,210‌

3,107‌

3.75%,

11/15/2043

1,650‌

1,726‌

4.75%,

02/15/2037

1,435‌

1,733‌

$

22,901‌

U.S.

Treasury

Bill

-

4.00%

0.82%,

07/28/2022

(s)

1,680‌

1,679‌

1.02%,

08/25/2022

(s)

6,290‌

6,276‌

$

7,955‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

95,851‌

Total

Investments

$

220,672‌

Other

Assets

and

Liabilities

-  (10.94)%

(21,769‌)

TOTAL

NET

ASSETS

-

100.00%

$

198,903‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,131

or

0.57%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d)

Non-income

producing

security

(e)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$38,214

or

19.21%

of

net

assets.

(f)

Security

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,066

or

0.54%

of

net

assets.

(g)

Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(h)

Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(i)

Security

is

a

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

to

equity

or

have

their

principal

written

down

upon

occurrence

of

certain

"triggers".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$962

or

0.48%

of

net

assets.

(j)

Security

is

an

Interest

Only

Strip.

(k)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(l)

Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(m)

The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(n)

Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

(o)

This

Senior

Floating

Rate

Note

will

settle

after

June

30,

2022,

at

which

time

the

interest

rate

will

be

determined.

(p)

Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

(q)

Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

swap

and/or

swaption

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,978

or

0.99%

of

net

assets.

(r)

Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$298

or

0.15%

of

net

assets.

(s)

Rate

shown

is

the

discount

rate

of

the

original

purchase.

Portfolio

Summary  (unaudited)

Sector

Percent

Mortgage

Securities

36.12‌%

Government

16.55‌%

Financial

14.96‌%

Consumer,

Non-cyclical

6.43‌%

Consumer,

Cyclical

6.38‌%

Money

Market

Funds

5.33‌%

Energy

5.09‌%

Communications

4.57‌%

Industrial

4.30‌%

Asset

Backed

Securities

3.82‌%

Technology

2.79‌%

Utilities

2.77‌%

Basic

Materials

1.83‌%

Other

Assets

and

Liabilities

(10.94‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

136

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

11,178‌

$

65,275‌

$

66,975‌

$

9,478‌

$

11,178‌

$

65,275‌

$

66,975‌

$

9,478‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

9‌

$

—‌

$

—‌

$

—‌

$

9‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

10

Year

Note;

September

2022

Short

38‌

$

4,504‌

$

25‌

US

2

Year

Note;

September

2022

Short

10‌

2,100‌

10‌

US

5

Year

Note;

September

2022

Long

110‌

12,348‌

34‌

US

Long

Bond;

September

2022

Long

23‌

3,188‌

(18‌)

Total

$

51‌

Amounts

in

thousands

except

contracts.

Exchange

Cleared

Credit

Default

Swaps

Buy

Protection

Reference

Entity

Implied

Credit

Spread

as

of

June

30,

2022

(a)

(Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

CDX.EM.37

N/A

(1.00)%

Quarterly

06/22/2027

$

5,700‌

$

340‌

$

234‌

$

574‌

CDX.NA.HY.38

N/A

(5.00)%

Quarterly

06/20/2027

17,226‌

38‌

464‌

502‌

Total

$

378‌

$

698‌

$

1,076‌

Amounts

in

thousands.

(a)

Implied

credit

spreads,

represented

in

absolute

terms,

used

in

determining

the

market

value

of

credit

default

swap

agreements

on

corporate

issues

or

sovereign

issues

as

of

period

end

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Schedule

of

Investments

Diversified

Balanced

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

137

INVESTMENT

COMPANIES

-

100

.03

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

15

.08

%

International

Equity

Index

Fund

(a)

5,897,538‌

$

56,027‌

MidCap

S&P

400

Index

Fund

(a)

1,632,738‌

31,985‌

SmallCap

S&P

600

Index

Fund

(a)

1,275,882‌

32,063‌

$

120,075‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

84

.95

%

Bond

Market

Index

Account

(a)

41,345,952‌

398,988‌

LargeCap

S&P

500

Index

Account

(a)

13,590,548‌

277,383‌

$

676,371‌

TOTAL

INVESTMENT

COMPANIES

$

796,446‌

Total

Investments

$

796,446‌

Other

Assets

and

Liabilities

-  (0.03)%

(

205‌

)

TOTAL

NET

ASSETS

-

100.00%

$

796,241‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Fixed

Income

Funds

50

.11‌

%

Domestic

Equity

Funds

42

.89‌

%

International

Equity

Funds

7

.03‌

%

Other

Assets

and

Liabilities

(

0

.03‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Bond

Market

Index

Account

$

498,779‌

$

15,657‌

$

65,591‌

$

398,988‌

International

Equity

Index

Fund

71,164‌

4,699‌

6,682‌

56,027‌

LargeCap

S&P

500

Index

Account

353,415‌

28,361‌

35,879‌

277,383‌

MidCap

S&P

400

Index

Fund

41,040‌

2,627‌

4,003‌

31,985‌

SmallCap

S&P

600

Index

Fund

41,100‌

1,976‌

3,481‌

32,063‌

$

1,005,498‌

$

53,320‌

$

115,636‌

$

796,446‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Account

$

—‌

$

(

323‌

)

$

—‌

$

(

49,534‌

)

International

Equity

Index

Fund

—‌

(

121‌

)

—‌

(

13,033‌

)

LargeCap

S&P

500

Index

Account

—‌

6,455‌

—‌

(

74,969‌

)

MidCap

S&P

400

Index

Fund

—‌

(

66‌

)

—‌

(

7,613‌

)

SmallCap

S&P

600

Index

Fund

—‌

(

69‌

)

—‌

(

7,463‌

)

$

—‌

$

5,876‌

$

—‌

$

(

152,612‌

)

Amounts

in

thousands.

Schedule

of

Investments

Diversified

Balanced

Managed

Volatility

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

138

INVESTMENT

COMPANIES

-

100

.03

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

15

.08

%

International

Equity

Index

Fund

(a)

1,116,376‌

$

10,606‌

MidCap

S&P

400

Index

Fund

(a)

309,057‌

6,054‌

SmallCap

S&P

600

Index

Fund

(a)

241,513‌

6,069‌

$

22,729‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

84

.95

%

Bond

Market

Index

Account

(a)

7,827,621‌

75,537‌

LargeCap

S&P

500

Managed

Volatility

Index

Account

(a)

3,431,711‌

52,505‌

$

128,042‌

TOTAL

INVESTMENT

COMPANIES

$

150,771‌

Total

Investments

$

150,771‌

Other

Assets

and

Liabilities

-  (0.03)%

(

45‌

)

TOTAL

NET

ASSETS

-

100.00%

$

150,726‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Fixed

Income

Funds

50

.12‌

%

Domestic

Equity

Funds

42

.87‌

%

International

Equity

Funds

7

.04‌

%

Other

Assets

and

Liabilities

(

0

.03‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Bond

Market

Index

Account

$

91,392‌

$

4,405‌

$

10,987‌

$

75,537‌

International

Equity

Index

Fund

13,037‌

1,104‌

1,083‌

10,606‌

LargeCap

S&P

500

Managed

Volatility

Index

Account

64,646‌

5,786‌

5,984‌

52,505‌

MidCap

S&P

400

Index

Fund

7,518‌

656‌

692‌

6,054‌

SmallCap

S&P

600

Index

Fund

7,529‌

539‌

599‌

6,069‌

$

184,122‌

$

12,490‌

$

19,345‌

$

150,771‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Account

$

—‌

$

(

182‌

)

$

—‌

$

(

9,091‌

)

International

Equity

Index

Fund

—‌

(

5‌

)

—‌

(

2,447‌

)

LargeCap

S&P

500

Managed

Volatility

Index

Account

—‌

27‌

—‌

(

11,970‌

)

MidCap

S&P

400

Index

Fund

—‌

(

2‌

)

—‌

(

1,426‌

)

SmallCap

S&P

600

Index

Fund

—‌

(

4‌

)

—‌

(

1,396‌

)

$

—‌

$

(

166‌

)

$

—‌

$

(

26,330‌

)

Amounts

in

thousands.

Schedule

of

Investments

Diversified

Balanced

Volatility

Control

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

139

INVESTMENT

COMPANIES

-

99

.81

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

19

.61

%

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

(a),(b)

39,630,503‌

$

39,631‌

Principal

Funds,

Inc.

Class

R-6

-

15

.08

%

International

Equity

Index

Fund

(a)

1,488,701‌

14,143‌

MidCap

S&P

400

Index

Fund

(a)

415,534‌

8,140‌

SmallCap

S&P

600

Index

Fund

(a)

325,487‌

8,179‌

$

30,462‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

65

.12

%

Bond

Market

Index

Account

(a)

10,488,512‌

101,214‌

LargeCap

S&P

500

Index

Account

(a)

1,487,507‌

30,360‌

$

131,574‌

TOTAL

INVESTMENT

COMPANIES

$

201,667‌

Total

Investments

$

201,667‌

Other

Assets

and

Liabilities

-  0.19%

391‌

TOTAL

NET

ASSETS

-

100.00%

$

202,058‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Fixed

Income

Funds

50

.09‌

%

Domestic

Equity

Funds

23

.11‌

%

Money

Market

Funds

19

.61‌

%

International

Equity

Funds

7

.00‌

%

Other

Assets

and

Liabilities

0

.19‌

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Bond

Market

Index

Account

$

114,043‌

$

8,509‌

$

9,563‌

$

101,214‌

International

Equity

Index

Fund

16,269‌

1,881‌

861‌

14,143‌

LargeCap

S&P

500

Index

Account

34,629‌

5,912‌

3,145‌

30,360‌

MidCap

S&P

400

Index

Fund

9,382‌

1,268‌

664‌

8,140‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

13,645‌

82,306‌

56,320‌

39,631‌

SmallCap

S&P

600

Index

Fund

9,395‌

1,159‌

569‌

8,179‌

$

197,363‌

$

101,035‌

$

71,122‌

$

201,667‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Account

$

—‌

$

(

66‌

)

$

—‌

$

(

11,709‌

)

International

Equity

Index

Fund

—‌

—‌

—‌

(

3,146‌

)

LargeCap

S&P

500

Index

Account

—‌

47‌

—‌

(

7,083‌

)

MidCap

S&P

400

Index

Fund

—‌

—‌

—‌

(

1,846‌

)

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

46‌

—‌

—‌

—‌

SmallCap

S&P

600

Index

Fund

—‌

(

1‌

)

—‌

(

1,805‌

)

$

46‌

$

(

20‌

)

$

—‌

$

(

25,589‌

)

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini;

September

2022

Short

50‌

$

9,474‌

$

(

36‌

)

Total

$

(

36‌

)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Diversified

Growth

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

140

INVESTMENT

COMPANIES

-

100

.03

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

20

.12

%

International

Equity

Index

Fund

(a)

33,426,333‌

$

317,550‌

MidCap

S&P

400

Index

Fund

(a)

8,097,617‌

158,632‌

SmallCap

S&P

600

Index

Fund

(a)

6,327,635‌

159,014‌

$

635,196‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

79

.91

%

Bond

Market

Index

Account

(a)

114,812,607‌

1,107,942‌

LargeCap

S&P

500

Index

Account

(a)

69,328,334‌

1,414,991‌

$

2,522,933‌

TOTAL

INVESTMENT

COMPANIES

$

3,158,129‌

Total

Investments

$

3,158,129‌

Other

Assets

and

Liabilities

-  (0.03)%

(

827‌

)

TOTAL

NET

ASSETS

-

100.00%

$

3,157,302‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

54

.88‌

%

Fixed

Income

Funds

35

.09‌

%

International

Equity

Funds

10

.06‌

%

Other

Assets

and

Liabilities

(

0

.03‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Bond

Market

Index

Account

$

1,377,128‌

$

53,190‌

$

184,032‌

$

1,107,942‌

International

Equity

Index

Fund

401,011‌

26,977‌

35,728‌

317,550‌

LargeCap

S&P

500

Index

Account

1,792,336‌

107,835‌

134,405‌

1,414,991‌

MidCap

S&P

400

Index

Fund

202,357‌

9,351‌

14,846‌

158,632‌

SmallCap

S&P

600

Index

Fund

202,651‌

6,531‌

12,677‌

159,014‌

$

3,975,483‌

$

203,884‌

$

381,688‌

$

3,158,129‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Account

$

—‌

$

(

1,322‌

)

$

—‌

$

(

137,022‌

)

International

Equity

Index

Fund

—‌

219‌

—‌

(

74,929‌

)

LargeCap

S&P

500

Index

Account

—‌

7,223‌

—‌

(

357,998‌

)

MidCap

S&P

400

Index

Fund

—‌

(

332‌

)

—‌

(

37,898‌

)

SmallCap

S&P

600

Index

Fund

—‌

(

345‌

)

—‌

(

37,146‌

)

$

—‌

$

5,443‌

$

—‌

$

(

644,993‌

)

Amounts

in

thousands.

Schedule

of

Investments

Diversified

Growth

Managed

Volatility

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

141

INVESTMENT

COMPANIES

-

100

.03

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

20

.12

%

International

Equity

Index

Fund

(a)

3,264,049‌

$

31,009‌

MidCap

S&P

400

Index

Fund

(a)

790,711‌

15,490‌

SmallCap

S&P

600

Index

Fund

(a)

617,877‌

15,527‌

$

62,026‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

79

.91

%

Bond

Market

Index

Account

(a)

11,211,074‌

108,187‌

LargeCap

S&P

500

Managed

Volatility

Index

Account

(a)

9,029,962‌

138,158‌

$

246,345‌

TOTAL

INVESTMENT

COMPANIES

$

308,371‌

Total

Investments

$

308,371‌

Other

Assets

and

Liabilities

-  (0.03)%

(

87‌

)

TOTAL

NET

ASSETS

-

100.00%

$

308,284‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

54

.88‌

%

Fixed

Income

Funds

35

.09‌

%

International

Equity

Funds

10

.06‌

%

Other

Assets

and

Liabilities

(

0

.03‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Bond

Market

Index

Account

$

134,856‌

$

5,571‌

$

18,756‌

$

108,187‌

International

Equity

Index

Fund

39,269‌

2,812‌

3,780‌

31,009‌

LargeCap

S&P

500

Managed

Volatility

Index

Account

175,242‌

9,918‌

14,912‌

138,158‌

MidCap

S&P

400

Index

Fund

19,816‌

1,117‌

1,712‌

15,490‌

SmallCap

S&P

600

Index

Fund

19,845‌

820‌

1,481‌

15,527‌

$

389,028‌

$

20,238‌

$

40,641‌

$

308,371‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Account

$

—‌

$

(

343‌

)

$

—‌

$

(

13,141‌

)

International

Equity

Index

Fund

—‌

(

14‌

)

—‌

(

7,278‌

)

LargeCap

S&P

500

Managed

Volatility

Index

Account

—‌

71‌

—‌

(

32,161‌

)

MidCap

S&P

400

Index

Fund

—‌

(

18‌

)

—‌

(

3,713‌

)

SmallCap

S&P

600

Index

Fund

—‌

(

22‌

)

—‌

(

3,635‌

)

$

—‌

$

(

326‌

)

$

—‌

$

(

59,928‌

)

Amounts

in

thousands.

Schedule

of

Investments

Diversified

Growth

Volatility

Control

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

142

INVESTMENT

COMPANIES

-

99

.29

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

19

.05

%

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

(a),(b)

216,485,575‌

$

216,486‌

Principal

Funds,

Inc.

Class

R-6

-

20

.11

%

International

Equity

Index

Fund

(a)

11,966,249‌

113,679‌

MidCap

S&P

400

Index

Fund

(a)

2,922,615‌

57,254‌

SmallCap

S&P

600

Index

Fund

(a)

2,289,284‌

57,530‌

$

228,463‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

60

.13

%

Bond

Market

Index

Account

(a)

41,310,909‌

398,650‌

LargeCap

S&P

500

Index

Account

(a)

13,949,784‌

284,715‌

$

683,365‌

TOTAL

INVESTMENT

COMPANIES

$

1,128,314‌

Total

Investments

$

1,128,314‌

Other

Assets

and

Liabilities

-  0.71%

8,125‌

TOTAL

NET

ASSETS

-

100.00%

$

1,136,439‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

35

.15‌

%

Fixed

Income

Funds

35

.08‌

%

Money

Market

Funds

19

.05‌

%

International

Equity

Funds

10

.01‌

%

Other

Assets

and

Liabilities

0

.71‌

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Bond

Market

Index

Account

$

442,708‌

$

35,440‌

$

33,670‌

$

398,650‌

International

Equity

Index

Fund

128,898‌

13,970‌

4,113‌

113,679‌

LargeCap

S&P

500

Index

Account

320,078‌

50,856‌

20,688‌

284,715‌

MidCap

S&P

400

Index

Fund

65,042‌

7,758‌

2,649‌

57,254‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

98,839‌

567,651‌

450,004‌

216,486‌

SmallCap

S&P

600

Index

Fund

65,132‌

7,235‌

2,229‌

57,530‌

$

1,120,697‌

$

682,910‌

$

513,353‌

$

1,128,314‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Account

$

—‌

$

(

114‌

)

$

—‌

$

(

45,714‌

)

International

Equity

Index

Fund

—‌

4‌

—‌

(

25,080‌

)

LargeCap

S&P

500

Index

Account

—‌

283‌

—‌

(

65,814‌

)

MidCap

S&P

400

Index

Fund

—‌

4‌

—‌

(

12,901‌

)

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

250‌

—‌

—‌

—‌

SmallCap

S&P

600

Index

Fund

—‌

(

3‌

)

—‌

(

12,605‌

)

$

250‌

$

174‌

$

—‌

$

(

162,114‌

)

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini;

September

2022

Short

765‌

$

144,948‌

$

3,384‌

Total

$

3,384‌

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Diversified

Income

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

143

INVESTMENT

COMPANIES

-

100

.03

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

10

.05

%

International

Equity

Index

Fund

(a)

1,121,073‌

$

10,650‌

MidCap

S&P

400

Index

Fund

(a)

407,333‌

7,980‌

SmallCap

S&P

600

Index

Fund

(a)

318,311‌

7,999‌

$

26,629‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

89

.98

%

Bond

Market

Index

Account

(a)

17,884,351‌

172,584‌

LargeCap

S&P

500

Index

Account

(a)

3,229,326‌

65,911‌

$

238,495‌

TOTAL

INVESTMENT

COMPANIES

$

265,124‌

Total

Investments

$

265,124‌

Other

Assets

and

Liabilities

-  (0.03)%

(

74‌

)

TOTAL

NET

ASSETS

-

100.00%

$

265,050‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Fixed

Income

Funds

65

.11‌

%

Domestic

Equity

Funds

30

.90‌

%

International

Equity

Funds

4

.02‌

%

Other

Assets

and

Liabilities

(

0

.03‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Bond

Market

Index

Account

$

211,280‌

$

12,938‌

$

30,440‌

$

172,584‌

International

Equity

Index

Fund

13,249‌

1,363‌

1,509‌

10,650‌

LargeCap

S&P

500

Index

Account

82,251‌

11,243‌

11,730‌

65,911‌

MidCap

S&P

400

Index

Fund

10,028‌

1,185‌

1,365‌

7,980‌

SmallCap

S&P

600

Index

Fund

10,043‌

1,045‌

1,254‌

7,999‌

$

326,851‌

$

27,774‌

$

46,298‌

$

265,124‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Account

$

—‌

$

(

164‌

)

$

—‌

$

(

21,030‌

)

International

Equity

Index

Fund

—‌

(

3‌

)

—‌

(

2,450‌

)

LargeCap

S&P

500

Index

Account

—‌

1,328‌

—‌

(

17,181‌

)

MidCap

S&P

400

Index

Fund

—‌

2‌

—‌

(

1,870‌

)

SmallCap

S&P

600

Index

Fund

—‌

(

20‌

)

—‌

(

1,815‌

)

$

—‌

$

1,143‌

$

—‌

$

(

44,346‌

)

Amounts

in

thousands.

Schedule

of

Investments

Diversified

International

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

144

INVESTMENT

COMPANIES

-

4.29%

Shares

Held

Value

(000's)

Money

Market

Funds

-

4.29%

BlackRock

Liquidity

FedFund

-

Institutional

Class

1.33%

(a),(b)

3,934,477‌

$

3,934‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

(a),(c)

6,000,168‌

6,000‌

$

9,934‌

TOTAL

INVESTMENT

COMPANIES

$

9,934‌

COMMON

STOCKS

-

97.46%

Shares

Held

Value

(000's)

Apparel

-

1.88%

Gildan

Activewear

Inc

54,300‌

$

1,563‌

LVMH

Moet

Hennessy

Louis

Vuitton

SE

4,565‌

2,798‌

$

4,361‌

Automobile

Manufacturers

-

3.53%

Bayerische

Motoren

Werke

AG

16,658‌

1,291‌

Ferrari

NV

3,607‌

664‌

Kia

Corp

30,562‌

1,824‌

Toyota

Motor

Corp

285,400‌

4,404‌

$

8,183‌

Banks

-

11.93%

Bank

Leumi

Le-Israel

BM

140,462‌

1,257‌

Bank

Negara

Indonesia

Persero

Tbk

PT

1,906,000‌

1,007‌

Bank

of

Ireland

Group

PLC

191,128‌

1,208‌

Bank

Rakyat

Indonesia

Persero

Tbk

PT

8,369,208‌

2,337‌

Barclays

PLC

660,216‌

1,234‌

DBS

Group

Holdings

Ltd

122,100‌

2,613‌

DNB

Bank

ASA

80,100‌

1,450‌

Grupo

Financiero

Banorte

SAB

de

CV

174,759‌

977‌

HDFC

Bank

Ltd

ADR

15,362‌

844‌

ICICI

Bank

Ltd

ADR

148,865‌

2,641‌

Kasikornbank

PCL

252,600‌

1,086‌

Kotak

Mahindra

Bank

Ltd

64,128‌

1,356‌

Lloyds

Banking

Group

PLC

4,678,620‌

2,407‌

Nordea

Bank

Abp

191,304‌

1,690‌

PT

Bank

Central

Asia

Tbk

2,397,600‌

1,167‌

Toronto-Dominion

Bank/The

42,100‌

2,761‌

United

Overseas

Bank

Ltd

85,600‌

1,617‌

$

27,652‌

Biotechnology

-

1.26%

CSL

Ltd

10,613‌

1,971‌

Genmab

A/S

(d)

2,935‌

952‌

$

2,923‌

Building

Materials

-

3.18%

Beijing

New

Building

Materials

PLC

136,397‌

707‌

Beijing

Oriental

Yuhong

Waterproof

Technology

Co

Ltd

209,900‌

1,617‌

China

Lesso

Group

Holdings

Ltd

725,000‌

1,097‌

Cie

de

Saint-Gobain

50,162‌

2,168‌

CRH

PLC

33,661‌

1,162‌

Kingspan

Group

PLC

10,394‌

629‌

$

7,380‌

Chemicals

-

2.04%

Air

Liquide

SA

13,169‌

1,773‌

Nippon

Sanso

Holdings

Corp

32,700‌

524‌

Nutrien

Ltd

16,400‌

1,306‌

Shin-Etsu

Chemical

Co

Ltd

10,100‌

1,135‌

$

4,738‌

Commercial

Services

-

1.08%

Localiza

Rent

a

Car

SA

101,700‌

1,018‌

TechnoPro

Holdings

Inc

46,300‌

930‌

TOPPAN

INC

33,400‌

557‌

$

2,505‌

Computers

-

4.22%

Capgemini

SE

14,727‌

2,540‌

Globant

SA

(d)

2,965‌

516‌

Infosys

Ltd

145,205‌

2,699‌

Logitech

International

SA

25,357‌

1,322‌

Nomura

Research

Institute

Ltd

41,200‌

1,106‌

Teleperformance

2,815‌

869‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Computers

(continued)

WNS

Holdings

Ltd

ADR

(d)

9,892‌

$

738‌

$

9,790‌

Consumer

Products

-

0

.60%

Reckitt

Benckiser

Group

PLC

18,430‌

1,386‌

Cosmetics

&

Personal

Care

-

2.15%

L'Oreal

SA

8,735‌

3,033‌

Unilever

PLC

42,679‌

1,945‌

$

4,978‌

Distribution

&

Wholesale

-

1.29%

Ferguson

PLC

9,409‌

1,054‌

ITOCHU

Corp

71,300‌

1,924‌

$

2,978‌

Diversified

Financial

Services

-

1.57%

Banca

Generali

SpA

8,039‌

228‌

Euronext

NV

(e)

7,604‌

624‌

Housing

Development

Finance

Corp

Ltd

48,186‌

1,333‌

KB

Financial

Group

Inc

26,103‌

975‌

SBI

Holdings

Inc

/Japan

24,800‌

484‌

$

3,644‌

Electric

-

1.42%

Iberdrola

SA

211,358‌

2,201‌

SSE

PLC

54,776‌

1,081‌

$

3,282‌

Electronics

-

1.13%

Hoya

Corp

19,796‌

1,694‌

Shimadzu

Corp

29,000‌

919‌

$

2,613‌

Energy

-

Alternate

Sources

-

0.15%

Sao

Martinho

SA

49,400‌

344‌

Engineering

&

Construction

-

0.78%

Anhui

Honglu

Steel

Construction

Group

Co

Ltd

120,898‌

605‌

Vinci

SA

13,364‌

1,199‌

$

1,804‌

Food

-

4.64%

Ajinomoto

Co

Inc

35,800‌

873‌

Danone

SA

25,207‌

1,412‌

Dino

Polska

SA

(d),(e)

10,310‌

735‌

Nestle

SA

37,570‌

4,391‌

Seven

&

i

Holdings

Co

Ltd

68,000‌

2,639‌

Want

Want

China

Holdings

Ltd

818,000‌

713‌

$

10,763‌

Healthcare

-

Products

-

1.00%

Alcon

Inc

25,007‌

1,753‌

Sartorius

Stedim

Biotech

1,759‌

555‌

$

2,308‌

Healthcare

-

Services

-

1.41%

ICON

PLC

(d)

7,622‌

1,652‌

Lonza

Group

AG

3,028‌

1,617‌

$

3,269‌

Home

Builders

-

0

.91%

Persimmon

PLC

47,112‌

1,072‌

Taylor

Wimpey

PLC

720,076‌

1,026‌

$

2,098‌

Home

Furnishings

-

2.32%

Haier

Smart

Home

Co

Ltd

372,600‌

1,387‌

Howden

Joinery

Group

PLC

140,018‌

1,032‌

Sony

Group

Corp

36,300‌

2,960‌

$

5,379‌

Insurance

-

4.34%

AIA

Group

Ltd

259,000‌

2,830‌

ASR

Nederland

NV

14,556‌

587‌

AXA

SA

68,860‌

1,573‌

Fairfax

Financial

Holdings

Ltd

2,900‌

1,537‌

ICICI

Lombard

General

Insurance

Co

Ltd

(e)

33,810‌

481‌

Legal

&

General

Group

PLC

279,450‌

817‌

Sampo

Oyj

30,292‌

1,324‌

Schedule

of

Investments

Diversified

International

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

145

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

(continued)

Tryg

A/S

40,075‌

$

903‌

$

10,052‌

Internet

-

0.27%

East

Money

Information

Co

Ltd

161,996‌

617‌

Leisure

Products

&

Services

-

0.84%

Shimano

Inc

8,400‌

1,415‌

Yamaha

Motor

Co

Ltd

(f)

29,500‌

542‌

$

1,957‌

Machinery

-

Construction

&

Mining

-

1.20%

Mitsubishi

Heavy

Industries

Ltd

48,700‌

1,702‌

Weir

Group

PLC/The

64,042‌

1,067‌

$

2,769‌

Machinery

-

Diversified

-

2

.60%

Atlas

Copco

AB

-

A

Shares

98,725‌

924‌

Ebara

Corp

(f)

41,600‌

1,554‌

GEA

Group

AG

22,573‌

783‌

Keyence

Corp

4,000‌

1,372‌

NARI

Technology

Co

Ltd

202,078‌

818‌

Shanghai

Friendess

Electronic

Technology

Corp

Ltd

17,264‌

569‌

$

6,020‌

Metal

Fabrication

&

Hardware

-

0.31%

APL

Apollo

Tubes

Ltd

(d)

65,509‌

710‌

Mining

-

3.37%

Anglo

American

PLC

45,749‌

1,636‌

BHP

Group

Ltd

77,999‌

2,233‌

Franco-Nevada

Corp

17,087‌

2,248‌

Rio

Tinto

Ltd

23,790‌

1,697‌

$

7,814‌

Miscellaneous

Manufacturers

-

0.33%

JSR

Corp

29,300‌

761‌

Oil

&

Gas

-

6.31%

BP

PLC

501,590‌

2,355‌

Cenovus

Energy

Inc

66,000‌

1,256‌

Equinor

ASA

70,095‌

2,443‌

Inpex

Corp

(f)

97,500‌

1,045‌

Petroleo

Brasileiro

SA

ADR

87,123‌

1,018‌

Reliance

Industries

Ltd

(d)

57,640‌

1,903‌

Shell

PLC

124,061‌

3,231‌

Tourmaline

Oil

Corp

26,200‌

1,362‌

$

14,613‌

Pharmaceuticals

-

7.97%

AstraZeneca

PLC

37,016‌

4,883‌

Dechra

Pharmaceuticals

PLC

11,862‌

500‌

Euroapi

SA

(d)

756‌

12‌

Novo

Nordisk

A/S

44,075‌

4,888‌

Roche

Holding

AG

14,748‌

4,930‌

Sanofi

25,144‌

2,536‌

UCB

SA

8,423‌

714‌

$

18,463‌

Pipelines

-

0.24%

Gaztransport

Et

Technigaz

SA

4,470‌

561‌

Private

Equity

-

3.04%

3i

Group

PLC

216,470‌

2,934‌

Brookfield

Asset

Management

Inc

81,069‌

3,606‌

Intermediate

Capital

Group

PLC

31,609‌

506‌

$

7,046‌

Real

Estate

-

0.77%

Mitsubishi

Estate

Co

Ltd

86,700‌

1,256‌

Tokyo

Tatemono

Co

Ltd

(f)

37,900‌

523‌

$

1,779‌

REITs

-

0.33%

Segro

PLC

64,177‌

766‌

Retail

-

3.60%

Alimentation

Couche-Tard

Inc

59,746‌

2,331‌

Bosideng

International

Holdings

Ltd

2,024,000‌

1,257‌

Dollarama

Inc

14,200‌

818‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Retail

(continued)

JD

Sports

Fashion

PLC

931,148‌

$

1,312‌

Wal-Mart

de

Mexico

SAB

de

CV

765,422‌

2,634‌

$

8,352‌

Semiconductors

-

7.65%

ASM

International

NV

3,112‌

774‌

ASML

Holding

NV

8,680‌

4,101‌

MediaTek

Inc

51,000‌

1,120‌

Novatek

Microelectronics

Corp

59,000‌

600‌

Renesas

Electronics

Corp

(d)

170,700‌

1,545‌

Samsung

Electronics

Co

Ltd

92,281‌

4,070‌

SK

Hynix

Inc

6,605‌

466‌

Taiwan

Semiconductor

Manufacturing

Co

Ltd

315,140‌

5,051‌

$

17,727‌

Software

-

0.38%

Dassault

Systemes

SE

24,027‌

890‌

Telecommunications

-

1.78%

Nice

Ltd

ADR

(d)

2,724‌

524‌

Nippon

Telegraph

&

Telephone

Corp

88,200‌

2,534‌

SoftBank

Group

Corp

27,800‌

1,078‌

$

4,136‌

Toys,

Games

&

Hobbies

-

1.41%

Nintendo

Co

Ltd

7,600‌

3,269‌

Transportation

-

2.23%

Canadian

National

Railway

Co

22,928‌

2,579‌

Canadian

Pacific

Railway

Ltd

37,200‌

2,598‌

$

5,177‌

TOTAL

COMMON

STOCKS

$

225,857‌

Total

Investments

$

235,791‌

Other

Assets

and

Liabilities

-  (1.75)%

(4,046‌)

TOTAL

NET

ASSETS

-

100.00%

$

231,745‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$3,934

or

1.70%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d)

Non-income

producing

security

(e)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,840

or

0.79%

of

net

assets.

(f)

Security

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$3,628

or

1.57%

of

net

assets.

Schedule

of

Investments

Diversified

International

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

146

Portfolio

Summary  (unaudited)

Location

Percent

Japan

16.72‌%

United

Kingdom

13.95‌%

Canada

10.31‌%

France

9.45‌%

Switzerland

6.05‌%

India

5.48‌%

United

States

4.29‌%

China

3.51‌%

Korea,

Republic

Of

3.17‌%

Taiwan

2.92‌%

Denmark

2.91‌%

Netherlands

2.63‌%

Australia

2.54‌%

Ireland

2.00‌%

Indonesia

1.94‌%

Singapore

1.83‌%

Hong

Kong

1.76‌%

Norway

1.68‌%

Mexico

1.56‌%

Finland

1.30‌%

Brazil

1.03‌%

Spain

0.95‌%

Germany

0.90‌%

Israel

0.77‌%

Thailand

0.47‌%

Sweden

0.40‌%

Italy

0.38‌%

Poland

0.32‌%

Belgium

0.31‌%

Uruguay

0.22‌%

Other

Assets

and

Liabilities

(1.75‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

115‌

$

63,762‌

$

57,877‌

$

6,000‌

$

115‌

$

63,762‌

$

57,877‌

$

6,000‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

9‌

$

—‌

$

—‌

$

—‌

$

9‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Equity

Income

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

147

INVESTMENT

COMPANIES

-

2

.42

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

2

.42

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

1.33%

(a),(b)

5‌

$

—‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

(a),(c)

14,978,199‌

14,978‌

$

14,978‌

TOTAL

INVESTMENT

COMPANIES

$

14,978‌

COMMON

STOCKS

-

98

.00

%

Shares

Held

Value

(000's)

Apparel

-

1

.41

%

NIKE

Inc

85,716‌

$

8,760‌

Automobile

Manufacturers

-

2

.50

%

PACCAR

Inc

187,728‌

15,458‌

Automobile

Parts

&

Equipment

-

1

.94

%

Magna

International

Inc

219,468‌

12,049‌

Banks

-

9

.97

%

Bank

of

America

Corp

258,299‌

8,041‌

First

Republic

Bank/CA

81,321‌

11,727‌

JPMorgan

Chase

&

Co

130,925‌

14,743‌

Morgan

Stanley

195,627‌

14,879‌

PNC

Financial

Services

Group

Inc/The

78,231‌

12,343‌

$

61,733‌

Beverages

-

1

.83

%

Coca-Cola

Co/The

180,401‌

11,349‌

Biotechnology

-

1

.76

%

Corteva

Inc

200,967‌

10,880‌

Chemicals

-

2

.37

%

Air

Products

and

Chemicals

Inc

38,454‌

9,247‌

PPG

Industries

Inc

47,731‌

5,458‌

$

14,705‌

Computers

-

1

.60

%

Apple

Inc

72,739‌

9,945‌

Diversified

Financial

Services

-

3

.62

%

BlackRock

Inc

24,977‌

15,212‌

Discover

Financial

Services

76,049‌

7,193‌

$

22,405‌

Electric

-

5

.88

%

Eversource

Energy

89,882‌

7,592‌

NextEra

Energy

Inc

122,613‌

9,498‌

Sempra

Energy

25,487‌

3,830‌

WEC

Energy

Group

Inc

75,646‌

7,613‌

Xcel

Energy

Inc

111,593‌

7,896‌

$

36,429‌

Food

-

3

.76

%

Hormel

Foods

Corp

343,969‌

16,290‌

Tyson

Foods

Inc

81,360‌

7,002‌

$

23,292‌

Healthcare

-

Products

-

5

.37

%

Abbott

Laboratories

134,342‌

14,596‌

Medtronic

PLC

140,438‌

12,604‌

STERIS

PLC

29,268‌

6,034‌

$

33,234‌

Healthcare

-

Services

-

1

.02

%

UnitedHealth

Group

Inc

12,297‌

6,316‌

Home

Builders

-

0

.51

%

DR

Horton

Inc

47,556‌

3,148‌

Insurance

-

3

.57

%

Chubb

Ltd

63,463‌

12,475‌

Fidelity

National

Financial

Inc

260,142‌

9,615‌

$

22,090‌

Machinery

-

Construction

&

Mining

-

0

.62

%

Caterpillar

Inc

21,388‌

3,823‌

Machinery

-

Diversified

-

1

.95

%

Deere

&

Co

40,421‌

12,105‌

Media

-

3

.07

%

Cable

One

Inc

3,792‌

4,889‌

Comcast

Corp

-

Class

A

359,285‌

14,098‌

$

18,987‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Miscellaneous

Manufacturers

-

3

.43

%

Parker-Hannifin

Corp

55,407‌

$

13,633‌

Trane

Technologies

PLC

58,655‌

7,617‌

$

21,250‌

Oil

&

Gas

-

5

.20

%

Chevron

Corp

56,727‌

8,213‌

EOG

Resources

Inc

112,020‌

12,372‌

Marathon

Petroleum

Corp

141,566‌

11,638‌

$

32,223‌

Pharmaceuticals

-

11

.00

%

Becton

Dickinson

and

Co

56,926‌

14,034‌

Eli

Lilly

&

Co

1,967‌

638‌

Merck

&

Co

Inc

169,581‌

15,461‌

Novartis

AG

ADR

140,758‌

11,898‌

Pfizer

Inc

215,602‌

11,304‌

Roche

Holding

AG

ADR

354,670‌

14,793‌

$

68,128‌

Pipelines

-

1

.84

%

Enterprise

Products

Partners

LP

468,243‌

11,411‌

Private

Equity

-

1

.79

%

KKR

&

Co

Inc

239,772‌

11,099‌

REITs

-

4

.57

%

Alexandria

Real

Estate

Equities

Inc

72,062‌

10,451‌

Digital

Realty

Trust

Inc

81,324‌

10,559‌

Realty

Income

Corp

106,507‌

7,270‌

$

28,280‌

Retail

-

3

.25

%

Costco

Wholesale

Corp

23,589‌

11,306‌

Starbucks

Corp

65,825‌

5,028‌

Target

Corp

26,779‌

3,782‌

$

20,116‌

Semiconductors

-

3

.27

%

Microchip

Technology

Inc

180,223‌

10,468‌

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

119,453‌

9,765‌

$

20,233‌

Software

-

3

.56

%

Fidelity

National

Information

Services

Inc

79,537‌

7,291‌

Microsoft

Corp

29,478‌

7,571‌

SAP

SE

ADR

78,934‌

7,161‌

$

22,023‌

Telecommunications

-

5

.30

%

BCE

Inc

325,884‌

16,027‌

Verizon

Communications

Inc

330,621‌

16,779‌

$

32,806‌

Transportation

-

2

.04

%

Expeditors

International

of

Washington

Inc

66,759‌

6,507‌

Union

Pacific

Corp

28,635‌

6,107‌

$

12,614‌

TOTAL

COMMON

STOCKS

$

606,891‌

Total

Investments

$

621,869‌

Other

Assets

and

Liabilities

-  (0.42)%

(

2,609‌

)

TOTAL

NET

ASSETS

-

100.00%

$

619,260‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$0

or

0.00%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Schedule

of

Investments

Equity

Income

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

148

Portfolio

Summary  (unaudited)

Sector

Percent

Consumer,

Non-cyclical

24

.74‌

%

Financial

23

.52‌

%

Consumer,

Cyclical

9

.61‌

%

Technology

8

.43‌

%

Communications

8

.37‌

%

Industrial

8

.04‌

%

Energy

7

.04‌

%

Utilities

5

.88‌

%

Money

Market

Funds

2

.42‌

%

Basic

Materials

2

.37‌

%

Other

Assets

and

Liabilities

(

0

.42‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

11,037‌

$

97,524‌

$

93,583‌

$

14,978‌

$

11,037‌

$

97,524‌

$

93,583‌

$

14,978‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

14‌

$

—‌

$

—‌

$

—‌

$

14‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Global

Emerging

Markets

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

149

INVESTMENT

COMPANIES

-

4

.38

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

4

.38

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

1.33%

(a),(b)

4‌

$

—‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

(a),(c)

3,103,220‌

3,103‌

$

3,103‌

TOTAL

INVESTMENT

COMPANIES

$

3,103‌

COMMON

STOCKS

-

95

.44

%

Shares

Held

Value

(000's)

Agriculture

-

0

.92

%

Muyuan

Foods

Co

Ltd

35,000‌

$

290‌

SLC

Agricola

SA

42,480‌

359‌

$

649‌

Apparel

-

0

.64

%

Fila

Holdings

Corp

9,192‌

200‌

Youngone

Corp

8,526‌

253‌

$

453‌

Automobile

Manufacturers

-

3

.87

%

Ashok

Leyland

Ltd

259,398‌

487‌

Geely

Automobile

Holdings

Ltd

182,000‌

417‌

Hyundai

Motor

Co

4,756‌

665‌

Kia

Corp

13,203‌

788‌

Yadea

Group

Holdings

Ltd

(d)

196,000‌

384‌

$

2,741‌

Automobile

Parts

&

Equipment

-

0

.89

%

Fuyao

Glass

Industry

Group

Co

Ltd

(d)

54,400‌

275‌

Weichai

Power

Co

Ltd

221,000‌

352‌

$

627‌

Banks

-

8

.98

%

Bank

Rakyat

Indonesia

Persero

Tbk

PT

2,807,276‌

784‌

China

Merchants

Bank

Co

Ltd

100,500‌

679‌

Grupo

Financiero

Banorte

SAB

de

CV

98,000‌

548‌

HDFC

Bank

Ltd

33,997‌

582‌

Hong

Leong

Bank

Bhd

47,200‌

219‌

ICICI

Bank

Ltd

121,790‌

1,094‌

Kasikornbank

PCL

90,900‌

391‌

Kotak

Mahindra

Bank

Ltd

14,474‌

306‌

PT

Bank

Central

Asia

Tbk

1,314,300‌

640‌

Saudi

National

Bank/The

57,609‌

1,014‌

Vietnam

Technological

&

Commercial

Joint

Stock

Bank

(e)

71,400‌

109‌

$

6,366‌

Beverages

-

2

.84

%

Arca

Continental

SAB

de

CV

60,000‌

396‌

China

Resources

Beer

Holdings

Co

Ltd

64,000‌

478‌

Kweichow

Moutai

Co

Ltd

1,600‌

490‌

Tsingtao

Brewery

Co

Ltd

62,000‌

645‌

$

2,009‌

Biotechnology

-

0

.09

%

I-Mab

ADR

(e)

5,949‌

67‌

Building

Materials

-

2

.87

%

Amber

Enterprises

India

Ltd

(e)

7,387‌

211‌

Beijing

Oriental

Yuhong

Waterproof

Technology

Co

Ltd

84,371‌

650‌

China

Lesso

Group

Holdings

Ltd

349,000‌

528‌

China

National

Building

Material

Co

Ltd

(e)

258,000‌

277‌

Voltas

Ltd

16,168‌

200‌

Xinyi

Glass

Holdings

Ltd

70,000‌

169‌

$

2,035‌

Chemicals

-

1

.45

%

Ganfeng

Lithium

Co

Ltd

(d)

33,040‌

364‌

Navin

Fluorine

International

Ltd

5,296‌

245‌

Petronas

Chemicals

Group

Bhd

119,900‌

245‌

Supreme

Industries

Ltd

7,611‌

171‌

$

1,025‌

Coal

-

0

.45

%

Exxaro

Resources

Ltd

26,478‌

322‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Commercial

Services

-

1

.17

%

GPS

Participacoes

e

Empreendimentos

SA

(d)

107,488‌

$

220‌

Localiza

Rent

a

Car

SA

25,500‌

255‌

MegaStudyEdu

Co

Ltd

3,927‌

238‌

NICE

Information

Service

Co

Ltd

10,727‌

119‌

$

832‌

Computers

-

2

.22

%

CI&T

Inc

(e)

11,295‌

114‌

Globant

SA

(e)

1,321‌

230‌

Infosys

Ltd

45,558‌

847‌

TDCX

Inc

ADR

(e)

17,790‌

164‌

WNS

Holdings

Ltd

ADR

(e)

2,917‌

218‌

$

1,573‌

Distribution

&

Wholesale

-

1

.19

%

AKR

Corporindo

Tbk

PT

4,698,000‌

325‌

Vamos

Locacao

de

Caminhoes

Maquinas

e

Equipamentos

SA

233,542‌

516‌

$

841‌

Diversified

Financial

Services

-

4

.07

%

Bajaj

Finance

Ltd

5,329‌

367‌

Banco

BTG

Pactual

SA

77,512‌

332‌

BOC

Aviation

Ltd

(d)

34,800‌

294‌

CreditAccess

Grameen

Ltd

(e)

25,580‌

330‌

Fubon

Financial

Holding

Co

Ltd

328,916‌

661‌

Hong

Kong

Exchanges

&

Clearing

Ltd

4,300‌

213‌

KB

Financial

Group

Inc

18,450‌

689‌

$

2,886‌

Electric

-

0

.61

%

China

Longyuan

Power

Group

Corp

Ltd

222,000‌

430‌

Electrical

Components

&

Equipment

-

0

.81

%

Delta

Electronics

Inc

49,000‌

365‌

Frencken

Group

Ltd

260,800‌

209‌

$

574‌

Electronics

-

0

.70

%

Lotes

Co

Ltd

9,000‌

203‌

Voltronic

Power

Technology

Corp

6,000‌

291‌

$

494‌

Energy

-

Alternate

Sources

-

0

.34

%

Sao

Martinho

SA

34,582‌

241‌

Food

-

3

.64

%

Bid

Corp

Ltd

23,720‌

447‌

Dino

Polska

SA

(d),(e)

6,921‌

494‌

JBS

SA

54,500‌

330‌

LT

Foods

Ltd

66,583‌

64‌

Nestle

India

Ltd

1,079‌

239‌

Tingyi

Cayman

Islands

Holding

Corp

298,000‌

512‌

Want

Want

China

Holdings

Ltd

565,000‌

493‌

$

2,579‌

Gas

-

0

.54

%

China

Resources

Gas

Group

Ltd

82,000‌

382‌

Hand

&

Machine

Tools

-

0

.21

%

Techtronic

Industries

Co

Ltd

14,500‌

151‌

Healthcare

-

Products

-

0

.87

%

Osstem

Implant

Co

Ltd

4,469‌

346‌

Shenzhen

Mindray

Bio-Medical

Electronics

Co

Ltd

5,700‌

267‌

$

613‌

Healthcare

-

Services

-

1

.11

%

Hygeia

Healthcare

Holdings

Co

Ltd

(d),(e)

38,600‌

258‌

Pharmaron

Beijing

Co

Ltd

(d)

30,900‌

310‌

WuXi

AppTec

Co

Ltd

(d)

16,500‌

221‌

$

789‌

Home

Furnishings

-

1

.02

%

Haier

Smart

Home

Co

Ltd

141,800‌

528‌

Vestel

Beyaz

Esya

Sanayi

ve

Ticaret

AS

359,166‌

194‌

$

722‌

Schedule

of

Investments

Global

Emerging

Markets

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

150

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

-

3

.39

%

AIA

Group

Ltd

63,000‌

$

688‌

ICICI

Lombard

General

Insurance

Co

Ltd

(d)

16,850‌

240‌

ICICI

Prudential

Life

Insurance

Co

Ltd

(d)

30,600‌

190‌

PICC

Property

&

Casualty

Co

Ltd

386,000‌

403‌

Ping

An

Insurance

Group

Co

of

China

Ltd

54,500‌

375‌

Qualitas

Controladora

SAB

de

CV

109,500‌

506‌

$

2,402‌

Internet

-

15

.02

%

Alibaba

Group

Holding

Ltd

(e)

143,592‌

2,048‌

East

Money

Information

Co

Ltd

69,831‌

266‌

JD.com

Inc

40,207‌

1,296‌

Meituan

(d),(e)

53,700‌

1,340‌

My

EG

Services

Bhd

1,923,400‌

384‌

Naspers

Ltd

4,542‌

664‌

Pinduoduo

Inc

ADR

(e)

9,025‌

558‌

Sea

Ltd

ADR

(e)

2,363‌

158‌

Tencent

Holdings

Ltd

79,900‌

3,617‌

Trip.com

Group

Ltd

ADR

(e)

11,377‌

312‌

$

10,643‌

Investment

Companies

-

0

.34

%

VEF

AB

(e)

687,023‌

156‌

Yangzijiang

Financial

Holding

Ltd

(e)

293,200‌

86‌

$

242‌

Iron

&

Steel

-

1

.96

%

Gerdau

SA

ADR

69,630‌

299‌

Hunan

Valin

Steel

Co

Ltd

268,996‌

205‌

Severstal

PAO

9,865‌

—‌

Vale

SA

60,500‌

886‌

$

1,390‌

Leisure

Products

&

Services

-

0

.50

%

Eicher

Motors

Ltd

9,915‌

352‌

Lodging

-

0

.43

%

Galaxy

Entertainment

Group

Ltd

51,000‌

306‌

Machinery

-

Diversified

-

1

.28

%

NARI

Technology

Co

Ltd

94,192‌

381‌

Shanghai

Friendess

Electronic

Technology

Corp

Ltd

7,331‌

242‌

WEG

SA

55,900‌

282‌

$

905‌

Metal

Fabrication

&

Hardware

-

0

.53

%

APL

Apollo

Tubes

Ltd

(e)

17,471‌

189‌

Astral

Ltd

8,869‌

187‌

$

376‌

Mining

-

1

.89

%

Anglo

American

PLC

16,432‌

588‌

Impala

Platinum

Holdings

Ltd

40,023‌

444‌

Polyus

PJSC

216‌

—‌

Shandong

Gold

Mining

Co

Ltd

(d)

176,250‌

306‌

$

1,338‌

Miscellaneous

Manufacturers

-

0

.48

%

Elite

Material

Co

Ltd

27,000‌

162‌

Pidilite

Industries

Ltd

6,632‌

176‌

$

338‌

Oil

&

Gas

-

5

.10

%

Indian

Oil

Corp

Ltd

466,806‌

440‌

Petroleo

Brasileiro

SA

141,900‌

829‌

PTT

Exploration

&

Production

PCL

70,100‌

316‌

Reliance

Industries

Ltd

(e)

61,485‌

2,030‌

$

3,615‌

Pharmaceuticals

-

0

.51

%

Caplin

Point

Laboratories

Ltd

18,857‌

170‌

Grand

Pharmaceutical

Group

Ltd

326,000‌

189‌

$

359‌

Pipelines

-

1

.31

%

Gaztransport

Et

Technigaz

SA

7,406‌

930‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Real

Estate

-

0

.86

%

China

Overseas

Land

&

Investment

Ltd

119,000‌

$

378‌

Multiplan

Empreendimentos

Imobiliarios

SA

55,500‌

233‌

$

611‌

Retail

-

3

.48

%

Ace

Hardware

Indonesia

Tbk

PT

3,450,700‌

178‌

Bosideng

International

Holdings

Ltd

664,000‌

412‌

China

Yongda

Automobiles

Services

Holdings

Ltd

228,500‌

217‌

Home

Product

Center

PCL

611,200‌

220‌

Jumbo

SA

19,890‌

290‌

Wal-Mart

de

Mexico

SAB

de

CV

210,300‌

724‌

Yifeng

Pharmacy

Chain

Co

Ltd

53,792‌

425‌

$

2,466‌

Semiconductors

-

13

.70

%

ASML

Holding

NV

-

NY

Reg

Shares

648‌

308‌

Hana

Materials

Inc

4,593‌

170‌

Keystone

Microtech

Corp

20,000‌

138‌

MediaTek

Inc

25,000‌

549‌

Novatek

Microelectronics

Corp

16,400‌

167‌

Parade

Technologies

Ltd

4,000‌

156‌

RichWave

Technology

Corp

15,400‌

82‌

Samsung

Electronics

Co

Ltd

69,817‌

3,079‌

SK

Hynix

Inc

7,856‌

555‌

Taiwan

Semiconductor

Manufacturing

Co

Ltd

281,164‌

4,506‌

$

9,710‌

Shipbuilding

-

0

.28

%

Yangzijiang

Shipbuilding

Holdings

Ltd

293,200‌

196‌

Software

-

1

.11

%

NetEase

Inc

41,800‌

787‌

Telecommunications

-

1

.45

%

America

Movil

SAB

de

CV

ADR

27,444‌

561‌

Millicom

International

Cellular

SA

(e)

11,414‌

164‌

Route

Mobile

Ltd

10,569‌

167‌

Shenzhen

Transsion

Holdings

Co

Ltd

10,243‌

137‌

$

1,029‌

Transportation

-

0

.32

%

MISC

Bhd

141,000‌

227‌

TOTAL

COMMON

STOCKS

$

67,623‌

PREFERRED

STOCKS

-

0

.02

%

Shares

Held

Value

(000's)

Diversified

Financial

Services

-

0

.02

%

Fubon

Financial

Holding

Co

Ltd

0.00%

(e)

6,701‌

$

13‌

TOTAL

PREFERRED

STOCKS

$

13‌

Total

Investments

$

70,739‌

Other

Assets

and

Liabilities

-  0.16%

114‌

TOTAL

NET

ASSETS

-

100.00%

$

70,853‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$0

or

0.00%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4,896

or

6.91%

of

net

assets.

(e)

Non-income

producing

security

Schedule

of

Investments

Global

Emerging

Markets

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

151

Portfolio

Summary  (unaudited)

Location

Percent

China

29

.83‌

%

India

13

.44‌

%

Taiwan

10

.08‌

%

Korea,

Republic

Of

10

.02‌

%

Brazil

6

.91‌

%

Hong

Kong

5

.34‌

%

United

States

4

.60‌

%

Mexico

3

.85‌

%

Indonesia

2

.72‌

%

South

Africa

2

.65‌

%

Malaysia

1

.81‌

%

Saudi

Arabia

1

.43‌

%

Thailand

1

.31‌

%

France

1

.31‌

%

Singapore

0

.98‌

%

United

Kingdom

0

.83‌

%

Poland

0

.70‌

%

Netherlands

0

.43‌

%

Greece

0

.41‌

%

Uruguay

0

.32‌

%

Turkey

0

.27‌

%

Luxembourg

0

.23‌

%

Sweden

0

.22‌

%

Vietnam

0

.15‌

%

Russian

Federation

0

.00‌

%

Other

Assets

and

Liabilities

0

.16‌

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

1,835‌

$

14,800‌

$

13,532‌

$

3,103‌

$

1,835‌

$

14,800‌

$

13,532‌

$

3,103‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

5‌

$

—‌

$

—‌

$

—‌

$

5‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Government

&

High

Quality

Bond

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

152

INVESTMENT

COMPANIES

-

2

.81

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

2

.81

%

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

(a),(b)

5,592,999‌

$

5,593‌

TOTAL

INVESTMENT

COMPANIES

$

5,593‌

BONDS

-

17

.11

%

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

-

9

.85

%

AmeriCredit

Automobile

Receivables

Trust

2021-1

0.28%,

06/18/2024

$

67‌

$

67‌

AmeriCredit

Automobile

Receivables

Trust

2022-2

1.93%,

12/18/2025

2,055‌

2,055‌

1.00

x

30

Day

Average

Secured

Overnight

Financing

Rate

+

1.15%

BMW

Vehicle

Owner

Trust

2020-A

0.48%,

10/25/2024

1,649‌

1,626‌

Capital

One

Prime

Auto

Receivables

Trust

2021-1

0.32%,

02/18/2025

884‌

873‌

Capital

One

Prime

Auto

Receivables

Trust

2022-1

2.71%,

06/16/2025

2,100‌

2,077‌

Carmax

Auto

Owner

Trust

2021-1

0.22%,

02/15/2024

75‌

75‌

CarMax

Auto

Owner

Trust

2021-4

0.24%,

11/15/2024

305‌

302‌

CarMax

Auto

Owner

Trust

2022-1

0.91%,

02/18/2025

1,515‌

1,492‌

Carvana

Auto

Receivables

Trust

2021-P3

0.38%,

01/10/2025

982‌

970‌

Carvana

Auto

Receivables

Trust

2021-P4

0.82%,

04/10/2025

1,206‌

1,192‌

Drive

Auto

Receivables

Trust

2021-2

0.36%,

05/15/2024

152‌

152‌

Ford

Credit

Auto

Owner

Trust

2020-C

0.25%,

09/15/2023

55‌

55‌

GM

Financial

Consumer

Automobile

Receivables

Trust

2021-4

0.28%,

11/18/2024

1,137‌

1,123‌

GM

Financial

Consumer

Automobile

Receivables

Trust

2022-2

2.52%,

05/16/2025

1,710‌

1,695‌

Hyundai

Auto

Lease

Securitization

Trust

2021-A

0.25%,

04/17/2023

(c)

3‌

3‌

Hyundai

Auto

Lease

Securitization

Trust

2022-B

1.40%,

10/15/2024

(c)

1,335‌

1,335‌

1.00

x

30

Day

Average

Secured

Overnight

Financing

Rate

+

0.62%

Santander

Drive

Auto

Receivables

Trust

2022-1

1.36%,

12/16/2024

1,391‌

1,381‌

Santander

Drive

Auto

Receivables

Trust

2022-3

2.76%,

03/17/2025

1,720‌

1,710‌

Santander

Retail

Auto

Lease

Trust

2020-B

0.42%,

11/20/2023

(c)

405‌

404‌

Santander

Retail

Auto

Lease

Trust

2021-B

0.31%,

01/22/2024

(c)

789‌

782‌

World

Omni

Select

Auto

Trust

2021-A

0.29%,

02/18/2025

258‌

256‌

$

19,625‌

Commercial

Mortgage

Backed

Securities

-

0

.47

%

Ginnie

Mae

0.10%,

02/16/2055

(d),(e)

10,578‌

25‌

0.50%,

04/16/2047

(d),(e)

5,805‌

68‌

0.54%,

11/16/2052

(d),(e)

6,146‌

82‌

0.56%,

03/16/2060

(d),(e)

2,197‌

95‌

2.60%,

05/16/2059

294‌

270‌

2.60%,

03/16/2060

424‌

390‌

$

930‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mortgage

Backed

Securities

-

4

.34

%

EverBank

Mortgage

Loan

Trust

18-1

3.50%,

02/25/2048

(c),(e)

$

113‌

$

106‌

Fannie

Mae

Grantor

Trust

2005-T1

1.97%,

05/25/2035

120‌

120‌

1.00

x

1

Month

USD

LIBOR

+

0.35%

Fannie

Mae

Interest

Strip

3.50%,

12/25/2043

(d),(e)

684‌

98‌

Fannie

Mae

REMICS

1.09%,

06/25/2045

(d)

1,563‌

50‌

1.00

x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.00%

3.00%,

10/25/2040

(d)

430‌

22‌

3.00%,

04/25/2042

153‌

151‌

3.00%,

05/25/2048

92‌

88‌

3.00%,

01/25/2051

(d)

2,090‌

340‌

3.50%,

01/25/2040

(d)

9‌

—‌

4.50%,

04/25/2045

(d)

1,305‌

258‌

7.00%,

04/25/2032

60‌

65‌

Freddie

Mac

REMICS

1.07%,

05/15/2038

(d)

1,519‌

53‌

1.00

x

12

Month

Treasury

Average

Index

+

0.00%

1.50%,

04/15/2028

391‌

376‌

3.00%,

11/15/2035

643‌

643‌

3.00%,

10/15/2041

59‌

59‌

3.00%,

04/15/2046

121‌

118‌

Ginnie

Mae

3.00%,

07/20/2050

(d)

1,388‌

207‌

3.00%,

09/20/2050

(d)

2,449‌

362‌

3.00%,

10/20/2050

(d)

1,714‌

260‌

3.00%,

11/20/2050

(d)

2,084‌

313‌

3.00%,

11/20/2050

(d)

3,286‌

480‌

3.00%,

12/20/2050

(d)

1,361‌

211‌

3.50%,

10/20/2049

(d)

2,130‌

363‌

4.00%,

02/20/2044

(d)

1,011‌

81‌

4.00%,

04/20/2044

(d)

634‌

56‌

4.00%,

01/20/2046

(d)

435‌

31‌

4.50%,

06/20/2046

(d)

356‌

53‌

(1.00)

x

1

Month

USD

LIBOR

+

6.10%

4.54%,

12/20/2043

(d)

825‌

115‌

(1.00)

x

1

Month

USD

LIBOR

+

6.14%

JP

Morgan

Mortgage

Trust

2016-4

3.50%,

10/25/2046

(c),(e)

134‌

126‌

JP

Morgan

Mortgage

Trust

2017-3

3.76%,

08/25/2047

(c),(e)

519‌

484‌

New

Residential

Mortgage

Loan

Trust

2014-1

5.00%,

01/25/2054

(c),(e)

1,033‌

1,023‌

New

Residential

Mortgage

Loan

Trust

2015-2

5.43%,

08/25/2055

(c),(e)

847‌

834‌

Sequoia

Mortgage

Trust

2013-2

3.63%,

02/25/2043

(e)

165‌

162‌

Sequoia

Mortgage

Trust

2017-3

3.75%,

04/25/2047

(c),(e)

423‌

395‌

Towd

Point

Mortgage

Trust

4.25%,

10/25/2053

(c),(e)

548‌

548‌

$

8,651‌

Other

Asset

Backed

Securities

-

2

.45

%

Chase

Funding

Trust

Series

2004-1

2.08%,

12/25/2033

75‌

70‌

1.00

x

1

Month

USD

LIBOR

+

0.46%

DLLST

2022-1

LLC

2.79%,

01/22/2024

(c)

2,165‌

2,145‌

HPEFS

Equipment

Trust

0.69%,

07/22/2030

(c)

555‌

554‌

1.02%,

05/21/2029

(c)

2,155‌

2,112‌

$

4,881‌

TOTAL

BONDS

$

34,087‌

Schedule

of

Investments

Government

&

High

Quality

Bond

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

153

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

103

.93

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

4

.89

%

2.00%,

10/01/2031

$

313‌

$

299‌

2.23%,

09/01/2032

7‌

7‌

1.00

x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.23%

2.50%,

02/01/2028

253‌

249‌

3.00%,

02/01/2027

83‌

83‌

3.00%,

01/01/2031

252‌

251‌

3.00%,

01/01/2033

486‌

484‌

3.00%,

03/01/2037

173‌

169‌

3.00%,

08/01/2042

289‌

276‌

3.00%,

10/01/2042

527‌

504‌

3.00%,

10/01/2042

274‌

262‌

3.00%,

05/01/2043

390‌

373‌

3.00%,

10/01/2046

472‌

448‌

3.50%,

02/01/2032

478‌

478‌

3.50%,

04/01/2042

671‌

660‌

3.50%,

05/01/2042

318‌

312‌

3.50%,

07/01/2042

1,023‌

1,006‌

3.50%,

02/01/2044

373‌

365‌

4.00%,

07/01/2042

473‌

478‌

4.00%,

01/01/2043

471‌

477‌

4.00%,

06/01/2043

482‌

486‌

4.00%,

10/01/2045

609‌

614‌

4.50%,

11/01/2043

463‌

477‌

5.00%,

10/01/2025

36‌

37‌

5.00%,

02/01/2033

69‌

73‌

5.00%,

06/01/2033

100‌

103‌

5.00%,

01/01/2034

224‌

236‌

5.00%,

07/01/2035

48‌

50‌

5.00%,

07/01/2035

11‌

12‌

5.00%,

07/01/2035

4‌

4‌

5.00%,

10/01/2035

19‌

20‌

5.50%,

03/01/2033

52‌

55‌

5.50%,

04/01/2038

3‌

3‌

5.50%,

05/01/2038

14‌

15‌

6.00%,

05/01/2031

7‌

8‌

6.00%,

12/01/2031

6‌

6‌

6.00%,

11/01/2033

19‌

20‌

6.00%,

09/01/2034

24‌

27‌

6.00%,

02/01/2035

14‌

15‌

6.00%,

10/01/2036

20‌

22‌

6.00%,

03/01/2037

28‌

30‌

6.00%,

01/01/2038

40‌

44‌

6.00%,

04/01/2038

17‌

18‌

6.50%,

05/01/2023

2‌

2‌

6.50%,

04/01/2024

1‌

1‌

6.50%,

04/01/2026

1‌

1‌

6.50%,

05/01/2026

1‌

1‌

6.50%,

01/01/2028

1‌

1‌

6.50%,

03/01/2028

1‌

1‌

6.50%,

10/01/2028

7‌

7‌

6.50%,

11/01/2028

2‌

2‌

6.50%,

12/01/2028

4‌

4‌

6.50%,

03/01/2029

1‌

1‌

6.50%,

07/01/2031

15‌

16‌

6.50%,

08/01/2031

4‌

4‌

6.50%,

10/01/2031

4‌

5‌

6.50%,

10/01/2031

6‌

7‌

6.50%,

12/01/2031

6‌

7‌

6.50%,

02/01/2032

7‌

7‌

6.50%,

05/01/2032

16‌

18‌

6.50%,

04/01/2035

4‌

4‌

7.00%,

09/01/2027

1‌

2‌

7.00%,

01/01/2028

12‌

12‌

7.00%,

04/01/2028

7‌

8‌

7.00%,

05/01/2028

1‌

1‌

7.00%,

10/01/2031

3‌

3‌

7.00%,

10/01/2031

8‌

8‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

7.00%,

04/01/2032

$

24‌

$

26‌

7.50%,

10/01/2030

5‌

5‌

7.50%,

02/01/2031

5‌

5‌

7.50%,

02/01/2031

1‌

1‌

8.00%,

10/01/2030

8‌

9‌

8.50%,

07/01/2029

13‌

13‌

$

9,738‌

Federal

National

Mortgage

Association

(FNMA)

-

0

.35

%

1.95%,

12/01/2033

33‌

33‌

1.00

x

12

Month

USD

LIBOR

+

1.70%

2.02%,

12/01/2032

9‌

9‌

1.00

x

12

Month

USD

LIBOR

+

1.64%

3.00%,

04/01/2043

514‌

495‌

5.50%,

05/01/2033

11‌

11‌

6.00%,

05/01/2037

121‌

127‌

6.50%,

08/01/2025

9‌

9‌

6.50%,

11/01/2032

11‌

11‌

7.00%,

08/01/2028

7‌

7‌

7.00%,

12/01/2028

7‌

7‌

8.00%,

05/01/2027

2‌

2‌

$

711‌

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

62

.62

%

1.50%,

10/01/2036

1,869‌

1,701‌

2.00%,

02/01/2032

208‌

199‌

2.00%,

11/01/2035

931‌

871‌

2.00%,

11/01/2035

1,404‌

1,313‌

2.00%,

07/01/2037

(f)

750‌

700‌

2.00%,

10/01/2050

867‌

757‌

2.00%,

03/01/2051

2,063‌

1,806‌

2.00%,

05/01/2051

4,834‌

4,218‌

2.00%,

07/01/2051

2,621‌

2,285‌

2.00%,

09/01/2051

1,509‌

1,316‌

2.00%,

09/01/2051

3,406‌

2,969‌

2.00%,

11/01/2051

1,659‌

1,446‌

2.00%,

11/01/2051

1,946‌

1,696‌

2.00%,

11/01/2051

1,933‌

1,685‌

2.00%,

11/01/2051

3,025‌

2,637‌

2.00%,

12/01/2051

2,932‌

2,556‌

2.00%,

12/01/2051

2,891‌

2,520‌

2.00%,

12/01/2051

1,941‌

1,692‌

2.00%,

12/01/2051

1,925‌

1,678‌

2.00%,

01/01/2052

1,977‌

1,724‌

2.00%,

01/01/2052

3,895‌

3,396‌

2.00%,

02/01/2052

2,214‌

1,930‌

2.50%,

06/01/2027

390‌

384‌

2.50%,

08/01/2028

301‌

296‌

2.50%,

12/01/2031

441‌

433‌

2.50%,

09/01/2032

293‌

288‌

2.50%,

08/01/2035

1,299‌

1,243‌

2.50%,

10/01/2035

1,475‌

1,412‌

2.50%,

04/01/2050

1,088‌

981‌

2.50%,

06/01/2050

1,237‌

1,116‌

2.50%,

08/01/2050

3,010‌

2,728‌

2.50%,

07/01/2051

3,883‌

3,519‌

2.50%,

12/01/2051

2,749‌

2,494‌

2.50%,

12/01/2051

1,103‌

998‌

2.50%,

02/01/2052

1,957‌

1,771‌

2.50%,

04/01/2052

3,154‌

2,850‌

2.50%,

04/01/2052

5,372‌

4,871‌

2.50%,

04/01/2052

1,978‌

1,786‌

2.50%,

04/01/2052

1,395‌

1,264‌

2.50%,

05/01/2052

1,995‌

1,806‌

2.50%,

07/01/2052

(f)

4,985‌

4,482‌

3.00%,

05/01/2029

364‌

362‌

3.00%,

08/01/2031

745‌

743‌

3.00%,

12/01/2034

478‌

471‌

3.00%,

10/01/2036

360‌

353‌

Schedule

of

Investments

Government

&

High

Quality

Bond

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

154

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

3.00%,

07/01/2037

(f)

$

3,000‌

$

2,931‌

3.00%,

10/01/2042

872‌

834‌

3.00%,

10/01/2046

588‌

557‌

3.00%,

08/01/2049

262‌

245‌

3.00%,

10/01/2049

619‌

578‌

3.00%,

12/01/2049

637‌

595‌

3.00%,

01/01/2050

1,036‌

968‌

3.00%,

02/01/2050

939‌

877‌

3.00%,

07/01/2050

1,032‌

963‌

3.00%,

08/01/2050

792‌

739‌

3.00%,

09/01/2050

1,156‌

1,081‌

3.00%,

07/01/2052

(f)

7,950‌

7,403‌

3.50%,

08/01/2031

396‌

398‌

3.50%,

02/01/2033

592‌

592‌

3.50%,

09/01/2033

828‌

829‌

3.50%,

06/01/2039

240‌

239‌

3.50%,

11/01/2042

679‌

668‌

3.50%,

12/01/2042

737‌

727‌

3.50%,

02/01/2043

305‌

302‌

3.50%,

03/01/2045

602‌

591‌

3.50%,

03/01/2045

318‌

314‌

3.50%,

09/01/2045

440‌

432‌

3.50%,

03/01/2047

532‌

526‌

3.50%,

11/01/2048

1,274‌

1,249‌

3.50%,

03/01/2050

1,472‌

1,452‌

3.50%,

07/01/2052

(f)

5,000‌

4,808‌

4.00%,

01/01/2034

229‌

233‌

4.00%,

10/01/2037

327‌

327‌

4.00%,

02/01/2041

682‌

690‌

4.00%,

02/01/2042

424‌

429‌

4.00%,

10/01/2043

136‌

137‌

4.00%,

08/01/2044

314‌

317‌

4.00%,

10/01/2044

896‌

903‌

4.00%,

11/01/2044

289‌

292‌

4.00%,

08/01/2045

455‌

459‌

4.00%,

08/01/2046

726‌

730‌

4.00%,

07/01/2047

619‌

624‌

4.00%,

10/01/2047

500‌

502‌

4.00%,

07/01/2052

(f)

3,500‌

3,451‌

4.50%,

08/01/2039

821‌

848‌

4.50%,

09/01/2043

892‌

920‌

4.50%,

10/01/2043

501‌

511‌

4.50%,

11/01/2043

517‌

532‌

4.50%,

09/01/2045

347‌

357‌

4.50%,

10/01/2045

508‌

524‌

4.50%,

11/01/2045

726‌

747‌

5.00%,

05/01/2033

581‌

611‌

5.00%,

04/01/2035

50‌

52‌

5.00%,

04/01/2035

58‌

61‌

5.00%,

07/01/2035

2‌

3‌

5.00%,

02/01/2038

221‌

233‌

5.00%,

02/01/2040

675‌

717‌

5.00%,

07/01/2041

526‌

554‌

5.50%,

06/01/2033

33‌

35‌

5.50%,

02/01/2037

2‌

2‌

5.50%,

03/01/2038

50‌

54‌

6.00%,

11/01/2028

9‌

10‌

6.00%,

12/01/2031

2‌

2‌

6.00%,

01/01/2033

26‌

29‌

6.00%,

07/01/2037

54‌

58‌

6.00%,

11/01/2037

3‌

3‌

6.00%,

12/01/2037

6‌

7‌

6.00%,

03/01/2038

34‌

37‌

6.50%,

09/01/2024

1‌

1‌

6.50%,

07/01/2025

5‌

6‌

6.50%,

02/01/2026

2‌

2‌

6.50%,

05/01/2026

1‌

1‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

6.50%,

06/01/2026

$

1‌

$

1‌

6.50%,

07/01/2028

6‌

7‌

6.50%,

03/01/2029

3‌

4‌

6.50%,

06/01/2031

8‌

9‌

6.50%,

01/01/2032

3‌

3‌

6.50%,

04/01/2032

1‌

1‌

6.50%,

08/01/2032

5‌

6‌

6.50%,

02/01/2033

7‌

8‌

6.50%,

12/01/2036

10‌

10‌

6.50%,

07/01/2037

7‌

8‌

6.50%,

07/01/2037

15‌

16‌

6.50%,

02/01/2038

19‌

20‌

7.00%,

10/01/2029

5‌

6‌

7.00%,

05/01/2031

3‌

3‌

7.00%,

11/01/2031

9‌

9‌

8.00%,

06/01/2030

1‌

1‌

$

124,767‌

Government

National

Mortgage

Association

(GNMA)

-

22

.51

%

2.00%,

08/20/2050

1,428‌

1,277‌

2.00%,

01/20/2051

1,705‌

1,522‌

2.00%,

02/20/2051

3,716‌

3,314‌

2.50%,

06/20/2050

3,016‌

2,772‌

2.50%,

05/20/2051

2,855‌

2,624‌

2.50%,

07/01/2052

7,300‌

6,680‌

3.00%,

11/15/2042

351‌

337‌

3.00%,

12/15/2042

781‌

745‌

3.00%,

02/15/2043

858‌

819‌

3.00%,

05/15/2043

1,025‌

979‌

3.00%,

07/20/2045

523‌

501‌

3.00%,

07/20/2046

275‌

264‌

3.00%,

08/20/2046

599‌

575‌

3.00%,

09/20/2046

732‌

702‌

3.00%,

12/20/2046

374‌

359‌

3.00%,

02/20/2047

476‌

456‌

3.00%,

08/20/2047

286‌

274‌

3.00%,

07/01/2052

2,000‌

1,885‌

3.50%,

01/15/2043

670‌

669‌

3.50%,

05/15/2043

673‌

672‌

3.50%,

06/20/2043

442‌

436‌

3.50%,

04/20/2045

301‌

298‌

3.50%,

06/20/2046

49‌

48‌

3.50%,

02/20/2047

532‌

526‌

3.50%,

05/20/2047

533‌

538‌

3.50%,

11/20/2047

377‌

382‌

3.50%,

07/01/2052

4,000‌

3,887‌

4.00%,

08/15/2041

405‌

413‌

4.00%,

07/20/2047

382‌

395‌

4.00%,

01/20/2048

1,182‌

1,217‌

4.00%,

07/01/2052

3,500‌

3,485‌

4.50%,

07/15/2040

218‌

227‌

4.50%,

07/01/2052

5,000‌

5,074‌

5.00%,

09/15/2033

2‌

3‌

5.00%,

02/15/2034

144‌

152‌

5.00%,

09/15/2039

17‌

18‌

5.50%,

11/15/2033

19‌

20‌

5.50%,

05/20/2035

59‌

64‌

6.00%,

04/20/2026

2‌

2‌

6.00%,

05/20/2026

1‌

1‌

6.00%,

03/20/2028

1‌

1‌

6.00%,

06/20/2028

8‌

8‌

6.00%,

07/20/2028

3‌

4‌

6.00%,

02/20/2029

3‌

3‌

6.00%,

03/20/2029

7‌

7‌

6.00%,

07/20/2029

7‌

8‌

6.00%,

07/20/2033

61‌

67‌

6.50%,

12/20/2025

3‌

3‌

6.50%,

02/20/2026

2‌

2‌

Schedule

of

Investments

Government

&

High

Quality

Bond

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

155

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Government

National

Mortgage

Association

(GNMA)

(continued)

6.50%,

03/20/2031

$

5‌

$

5‌

6.50%,

04/20/2031

5‌

6‌

7.00%,

01/15/2028

1‌

1‌

7.00%,

01/15/2028

3‌

3‌

7.00%,

01/15/2028

1‌

1‌

7.00%,

03/15/2028

41‌

41‌

7.00%,

01/15/2029

8‌

8‌

7.00%,

03/15/2029

3‌

3‌

7.00%,

05/15/2031

4‌

4‌

7.00%,

09/15/2031

20‌

21‌

7.00%,

06/15/2032

38‌

40‌

7.50%,

10/15/2023

1‌

1‌

8.00%,

08/15/2026

1‌

1‌

$

44,850‌

U.S.

Treasury

-

3

.49

%

1.25%,

12/31/2026

2,000‌

1,849‌

1.38%,

11/15/2031

250‌

217‌

1.88%,

11/15/2051

250‌

187‌

2.13%,

12/31/2022

2,400‌

2,395‌

4.50%,

02/15/2036

1,000‌

1,176‌

5.25%,

11/15/2028

1,000‌

1,125‌

$

6,949‌

U.S.

Treasury

Bill

-

10

.07

%

0.82%,

07/28/2022

(g)

1,435‌

1,434‌

0.83%,

07/21/2022

(g)

8,815‌

8,810‌

1.02%,

08/25/2022

(g)

475‌

474‌

1.30%,

10/20/2022

(g)

9,400‌

9,343‌

$

20,061‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

207,076‌

Total

Investments

$

246,756‌

Other

Assets

and

Liabilities

-  (23.85)%

(

47,519‌

)

TOTAL

NET

ASSETS

-

100.00%

$

199,237‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

(c)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$10,851

or

5.45%

of

net

assets.

(d)

Security

is

an

Interest

Only

Strip.

(e)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(f)

Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

(g)

Rate

shown

is

the

discount

rate

of

the

original

purchase.

Portfolio

Summary  (unaudited)

Sector

Percent

Mortgage

Securities

95

.18‌

%

Government

13

.56‌

%

Asset

Backed

Securities

12

.30‌

%

Money

Market

Funds

2

.81‌

%

Other

Assets

and

Liabilities

(

23

.85‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

17,990‌

$

102,944‌

$

115,341‌

$

5,593‌

$

17,990‌

$

102,944‌

$

115,341‌

$

5,593‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

12‌

$

—‌

$

—‌

$

—‌

$

12‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

10

Year

Note;

September

2022

Long

60‌

$

7,112‌

$

(

91‌

)

US

5

Year

Note;

September

2022

Short

121‌

13,582‌

113‌

US

Long

Bond;

September

2022

Long

75‌

10,397‌

(

181‌

)

Total

$

(

159‌

)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

LargeCap

Growth

Account

I

June

30,

2022

(unaudited)

See

accompanying

notes.

156

INVESTMENT

COMPANIES

-

4

.00

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0

.27

%

iShares

Russell

1000

Growth

ETF

5,700‌

$

1,247‌

Money

Market

Funds

-

3

.73

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

1.33%

(a),(b)

3,429,856‌

3,430‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

(a),(b),(c)

13,837,963‌

13,838‌

$

17,268‌

TOTAL

INVESTMENT

COMPANIES

$

18,515‌

CONVERTIBLE

PREFERRED

STOCKS

-

0

.22

%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

0

.05

%

Waymo

LLC

Series

A-2

0.00%

(d),(e),(f)

2,489‌

$

228‌

Chemicals

-

0

.03

%

Sila

Nano

Series

F

0.00%

(d),(e),(f)

4,929‌

154‌

Software

-

0

.14

%

Nuro

-

Series

C

0.00%

(d),(e),(f)

17,442‌

364‌

Rappi

Inc

-

Series

E

0.00%

(d),(e),(f)

5,133‌

264‌

$

628‌

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

1,010‌

COMMON

STOCKS

-

97

.98

%

Shares

Held

Value

(000's)

Advertising

-

0

.13

%

Trade

Desk

Inc/The

(d)

14,366‌

$

602‌

Aerospace

&

Defense

-

1

.46

%

Boeing

Co/The

(d)

604‌

82‌

HEICO

Corp

149‌

19‌

HEICO

Corp

-

Class

A

262‌

28‌

Howmet

Aerospace

Inc

123‌

4‌

L3Harris

Technologies

Inc

25,539‌

6,173‌

Lockheed

Martin

Corp

842‌

362‌

Northrop

Grumman

Corp

60‌

29‌

Spirit

AeroSystems

Holdings

Inc

351‌

10‌

TransDigm

Group

Inc

(d)

72‌

39‌

$

6,746‌

Agriculture

-

0

.00

%

Darling

Ingredients

Inc

(d)

38‌

2‌

Airlines

-

0

.01

%

Delta

Air

Lines

Inc

(d)

2,270‌

66‌

Apparel

-

0

.31

%

Deckers

Outdoor

Corp

(d)

84‌

21‌

NIKE

Inc

13,752‌

1,406‌

Skechers

USA

Inc

(d)

64‌

2‌

Tapestry

Inc

126‌

4‌

$

1,433‌

Automobile

Manufacturers

-

1

.64

%

Lucid

Group

Inc

(d),(g)

1,769‌

30‌

Rivian

Automotive

Inc

(d),(g)

178,140‌

4,585‌

Tesla

Inc

(d)

4,459‌

3,003‌

$

7,618‌

Automobile

Parts

&

Equipment

-

0

.02

%

Allison

Transmission

Holdings

Inc

272‌

11‌

Aptiv

PLC

(d)

240‌

21‌

Aurora

Innovation

Inc

(d),(g)

37,325‌

71‌

$

103‌

Banks

-

0

.02

%

First

Citizens

BancShares

Inc/NC

10‌

7‌

Signature

Bank/New

York

NY

11‌

2‌

SVB

Financial

Group

(d)

132‌

52‌

Western

Alliance

Bancorp

229‌

16‌

$

77‌

Beverages

-

1

.16

%

Boston

Beer

Co

Inc/The

(d)

32‌

10‌

Brown-Forman

Corp

-

A

Shares

96‌

6‌

Brown-Forman

Corp

-

B

Shares

55,693‌

3,907‌

Coca-Cola

Co/The

10,392‌

654‌

Monster

Beverage

Corp

(d)

1,220‌

113‌

PepsiCo

Inc

4,146‌

691‌

$

5,381‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Biotechnology

-

0

.70

%

Alnylam

Pharmaceuticals

Inc

(d)

428‌

$

62‌

Amgen

Inc

1,592‌

387‌

Certara

Inc

(d)

257‌

6‌

Exelixis

Inc

(d)

979‌

20‌

Guardant

Health

Inc

(d)

345‌

14‌

Horizon

Therapeutics

Plc

(d)

740‌

59‌

Incyte

Corp

(d)

560‌

43‌

Ionis

Pharmaceuticals

Inc

(d)

474‌

18‌

Maravai

LifeSciences

Holdings

Inc

(d)

404‌

11‌

Moderna

Inc

(d)

74‌

11‌

Novavax

Inc

(d)

276‌

14‌

Regeneron

Pharmaceuticals

Inc

(d)

53‌

31‌

Sarepta

Therapeutics

Inc

(d)

304‌

23‌

Seagen

Inc

(d)

481‌

85‌

Ultragenyx

Pharmaceutical

Inc

(d)

177‌

11‌

Vertex

Pharmaceuticals

Inc

(d)

8,624‌

2,430‌

$

3,225‌

Building

Materials

-

0

.02

%

Armstrong

World

Industries

Inc

95‌

7‌

Eagle

Materials

Inc

115‌

13‌

Fortune

Brands

Home

&

Security

Inc

159‌

9‌

Louisiana-Pacific

Corp

27‌

1‌

Martin

Marietta

Materials

Inc

19‌

6‌

Masco

Corp

43‌

2‌

Trex

Co

Inc

(d)

405‌

22‌

Vulcan

Materials

Co

229‌

33‌

$

93‌

Chemicals

-

1

.18

%

Albemarle

Corp

213‌

45‌

Axalta

Coating

Systems

Ltd

(d)

190‌

4‌

CF

Industries

Holdings

Inc

738‌

63‌

Chemours

Co/The

329‌

11‌

Ecolab

Inc

777‌

119‌

FMC

Corp

152‌

16‌

Linde

PLC

374‌

108‌

Mosaic

Co/The

157‌

7‌

PPG

Industries

Inc

443‌

51‌

RPM

International

Inc

24‌

2‌

Sherwin-Williams

Co/The

22,325‌

4,999‌

Valvoline

Inc

635‌

18‌

$

5,443‌

Commercial

Services

-

4

.04

%

Affirm

Holdings

Inc

(d),(g)

18,120‌

327‌

Automatic

Data

Processing

Inc

1,361‌

286‌

Block

Inc

(d)

5,375‌

330‌

Booz

Allen

Hamilton

Holding

Corp

466‌

42‌

Bright

Horizons

Family

Solutions

Inc

(d)

60‌

5‌

Cintas

Corp

21,407‌

7,996‌

CoStar

Group

Inc

(d)

200‌

12‌

Driven

Brands

Holdings

Inc

(d)

13‌

—‌

Equifax

Inc

215‌

39‌

Euronet

Worldwide

Inc

(d)

129‌

13‌

FleetCor

Technologies

Inc

(d)

266‌

56‌

FTI

Consulting

Inc

(d)

50‌

9‌

Gartner

Inc

(d)

278‌

67‌

Global

Payments

Inc

30,687‌

3,395‌

GXO

Logistics

Inc

(d)

41‌

2‌

H&R

Block

Inc

486‌

17‌

MarketAxess

Holdings

Inc

132‌

34‌

Mister

Car

Wash

Inc

(d),(g)

203‌

2‌

Moody's

Corp

535‌

146‌

Morningstar

Inc

79‌

19‌

Paylocity

Holding

Corp

(d)

141‌

25‌

PayPal

Holdings

Inc

(d)

1,266‌

89‌

Quanta

Services

Inc

275‌

35‌

Robert

Half

International

Inc

337‌

25‌

Rollins

Inc

774‌

27‌

S&P

Global

Inc

16,327‌

5,503‌

Shift4

Payments

Inc

(d)

187‌

6‌

Schedule

of

Investments

LargeCap

Growth

Account

I

June

30,

2022

(unaudited)

See

accompanying

notes.

157

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Commercial

Services

(continued)

Toast

Inc

(d)

801‌

$

11‌

TransUnion

500‌

40‌

United

Rentals

Inc

(d)

116‌

28‌

Verisk

Analytics

Inc

550‌

95‌

WEX

Inc

(d)

115‌

18‌

WillScot

Mobile

Mini

Holdings

Corp

(d)

408‌

13‌

$

18,712‌

Computers

-

5

.64

%

Accenture

PLC

-

Class

A

5,758‌

1,599‌

Apple

Inc

150,312‌

20,550‌

Crowdstrike

Holdings

Inc

(d)

745‌

126‌

Dell

Technologies

Inc

146‌

7‌

EPAM

Systems

Inc

(d)

195‌

58‌

Fortinet

Inc

(d)

57,081‌

3,230‌

Genpact

Ltd

337‌

14‌

Globant

SA

(d)

145‌

25‌

HP

Inc

1,715‌

56‌

International

Business

Machines

Corp

2,133‌

301‌

KBR

Inc

318‌

15‌

NCR

Corp

(d)

24‌

1‌

NetApp

Inc

788‌

51‌

Pure

Storage

Inc

(d)

997‌

26‌

Thoughtworks

Holding

Inc

(d)

301‌

4‌

Zscaler

Inc

(d)

295‌

44‌

$

26,107‌

Consumer

Products

-

0

.05

%

Avery

Dennison

Corp

177‌

29‌

Church

&

Dwight

Co

Inc

389‌

36‌

Clorox

Co/The

366‌

52‌

Kimberly-Clark

Corp

707‌

95‌

$

212‌

Cosmetics

&

Personal

Care

-

1

.89

%

Colgate-Palmolive

Co

1,806‌

145‌

Estee

Lauder

Cos

Inc/The

31,670‌

8,066‌

Procter

&

Gamble

Co/The

3,613‌

519‌

$

8,730‌

Distribution

&

Wholesale

-

0

.08

%

Copart

Inc

(d)

756‌

82‌

Core

&

Main

Inc

(d)

74‌

2‌

Fastenal

Co

2,041‌

102‌

IAA

Inc

(d)

394‌

13‌

Leslie's

Inc

(d)

517‌

8‌

Pool

Corp

139‌

49‌

SiteOne

Landscape

Supply

Inc

(d)

95‌

11‌

Watsco

Inc

61‌

14‌

WESCO

International

Inc

(d)

83‌

9‌

WW

Grainger

Inc

161‌

73‌

$

363‌

Diversified

Financial

Services

-

3

.97

%

American

Express

Co

135‌

19‌

Ameriprise

Financial

Inc

248‌

59‌

Apollo

Global

Management

Inc

1,240‌

60‌

Blue

Owl

Capital

Inc

(g)

1,428‌

14‌

Charles

Schwab

Corp/The

2,993‌

189‌

Credit

Acceptance

Corp

(d),(g)

2‌

1‌

LPL

Financial

Holdings

Inc

283‌

52‌

Mastercard

Inc

39,158‌

12,354‌

Raymond

James

Financial

Inc

55‌

5‌

Rocket

Cos

Inc

(g)

235‌

2‌

Tradeweb

Markets

Inc

241‌

16‌

Upstart

Holdings

Inc

(d),(g)

50‌

2‌

UWM

Holdings

Corp

(g)

298‌

1‌

Visa

Inc

28,546‌

5,620‌

Western

Union

Co/The

458‌

8‌

$

18,402‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electric

-

0

.01

%

AES

Corp/The

425‌

$

9‌

Vistra

Corp

871‌

20‌

$

29‌

Electrical

Components

&

Equipment

-

0

.03

%

ChargePoint

Holdings

Inc

(d)

704‌

10‌

Emerson

Electric

Co

668‌

53‌

Generac

Holdings

Inc

(d)

221‌

46‌

Universal

Display

Corp

158‌

16‌

$

125‌

Electronics

-

0

.67

%

Agilent

Technologies

Inc

955‌

113‌

Allegion

plc

250‌

24‌

Amphenol

Corp

41,104‌

2,647‌

Arrow

Electronics

Inc

(d)

11‌

1‌

Honeywell

International

Inc

710‌

123‌

II-VI

Inc

(d)

71‌

4‌

Jabil

Inc

409‌

21‌

Keysight

Technologies

Inc

(d)

595‌

82‌

Mettler-Toledo

International

Inc

(d)

80‌

92‌

National

Instruments

Corp

60‌

2‌

Vontier

Corp

338‌

8‌

$

3,117‌

Energy

-

Alternate

Sources

-

0

.02

%

Enphase

Energy

Inc

(d)

465‌

91‌

Enviva

Inc

108‌

6‌

Plug

Power

Inc

(d)

916‌

15‌

$

112‌

Engineering

&

Construction

-

0

.00

%

AECOM

28‌

2‌

TopBuild

Corp

(d)

100‌

17‌

$

19‌

Entertainment

-

0

.26

%

Caesars

Entertainment

Inc

(d)

498‌

19‌

Churchill

Downs

Inc

129‌

25‌

DraftKings

Inc

(d)

1,343‌

16‌

Live

Nation

Entertainment

Inc

(d)

13,665‌

1,128‌

Madison

Square

Garden

Sports

Corp

(d)

31‌

5‌

Six

Flags

Entertainment

Corp

(d)

126‌

3‌

Vail

Resorts

Inc

135‌

29‌

$

1,225‌

Environmental

Control

-

0

.05

%

Republic

Services

Inc

46‌

6‌

Tetra

Tech

Inc

77‌

10‌

Waste

Management

Inc

1,379‌

211‌

$

227‌

Food

-

0

.07

%

Grocery

Outlet

Holding

Corp

(d)

23‌

1‌

Hershey

Co/The

449‌

96‌

Kellogg

Co

490‌

35‌

Lamb

Weston

Holdings

Inc

510‌

36‌

Performance

Food

Group

Co

(d)

166‌

8‌

Pilgrim's

Pride

Corp

(d)

84‌

3‌

Sysco

Corp

1,802‌

153‌

$

332‌

Gas

-

0

.00

%

National

Fuel

Gas

Co

25‌

2‌

Hand

&

Machine

Tools

-

0

.01

%

Lincoln

Electric

Holdings

Inc

199‌

25‌

MSA

Safety

Inc

45‌

5‌

$

30‌

Healthcare

-

Products

-

8

.79

%

10X

Genomics

Inc

(d)

289‌

13‌

Abbott

Laboratories

804‌

87‌

ABIOMED

Inc

(d)

159‌

39‌

Align

Technology

Inc

(d)

13,956‌

3,303‌

Avantor

Inc

(d)

70,098‌

2,180‌

Baxter

International

Inc

278‌

18‌

Bio-Techne

Corp

138‌

48‌

Schedule

of

Investments

LargeCap

Growth

Account

I

June

30,

2022

(unaudited)

See

accompanying

notes.

158

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Healthcare

-

Products

(continued)

Bruker

Corp

385‌

$

24‌

Danaher

Corp

156‌

40‌

Edwards

Lifesciences

Corp

(d)

81,730‌

7,771‌

Exact

Sciences

Corp

(d)

113‌

4‌

Globus

Medical

Inc

(d)

12‌

1‌

ICU

Medical

Inc

(d)

13‌

2‌

IDEXX

Laboratories

Inc

(d)

296‌

104‌

Insulet

Corp

(d)

6,004‌

1,309‌

Intuitive

Surgical

Inc

(d)

62,047‌

12,454‌

Masimo

Corp

(d)

135‌

18‌

Natera

Inc

(d)

284‌

10‌

Novocure

Ltd

(d)

375‌

26‌

Penumbra

Inc

(d)

124‌

15‌

Repligen

Corp

(d)

140‌

23‌

ResMed

Inc

512‌

107‌

Stryker

Corp

20,298‌

4,038‌

Tandem

Diabetes

Care

Inc

(d)

213‌

13‌

Thermo

Fisher

Scientific

Inc

16,362‌

8,889‌

Waters

Corp

(d)

212‌

70‌

West

Pharmaceutical

Services

Inc

263‌

80‌

$

40,686‌

Healthcare

-

Services

-

2

.90

%

agilon

health

Inc

(d)

619‌

14‌

Catalent

Inc

(d)

193‌

21‌

Charles

River

Laboratories

International

Inc

(d)

167‌

36‌

Chemed

Corp

18‌

8‌

DaVita

Inc

(d)

206‌

17‌

Elevance

Health

Inc

260‌

125‌

Ginkgo

Bioworks

Holdings

Inc

(d),(g)

587‌

1‌

HCA

Healthcare

Inc

49‌

8‌

Humana

Inc

5,168‌

2,419‌

IQVIA

Holdings

Inc

(d)

667‌

145‌

Molina

Healthcare

Inc

(d)

159‌

44‌

Sotera

Health

Co

(d)

367‌

7‌

Syneos

Health

Inc

(d)

56‌

4‌

Teladoc

Health

Inc

(d)

54‌

2‌

UnitedHealth

Group

Inc

20,575‌

10,568‌

$

13,419‌

Home

Builders

-

0

.02

%

DR

Horton

Inc

599‌

40‌

NVR

Inc

(d)

8‌

32‌

PulteGroup

Inc

327‌

13‌

Toll

Brothers

Inc

201‌

9‌

$

94‌

Housewares

-

0

.00

%

Scotts

Miracle-Gro

Co/The

49‌

4‌

Insurance

-

0

.16

%

Alleghany

Corp

(d)

6‌

5‌

Aon

PLC

703‌

190‌

Arch

Capital

Group

Ltd

(d)

415‌

19‌

Arthur

J

Gallagher

&

Co

84‌

14‌

Assurant

Inc

11‌

2‌

Brown

&

Brown

Inc

59‌

3‌

Erie

Indemnity

Co

65‌

12‌

Everest

Re

Group

Ltd

42‌

12‌

Lincoln

National

Corp

125‌

6‌

Markel

Corp

(d)

10‌

13‌

Marsh

&

McLennan

Cos

Inc

1,588‌

247‌

Progressive

Corp/The

1,802‌

209‌

RenaissanceRe

Holdings

Ltd

84‌

13‌

Ryan

Specialty

Holdings

Inc

(d)

291‌

11‌

$

756‌

Internet

-

18

.58

%

Airbnb

Inc

(d)

1,328‌

118‌

Alphabet

Inc

-

A

Shares

(d)

8,831‌

19,244‌

Alphabet

Inc

-

C

Shares

(d)

7,563‌

16,543‌

Amazon.com

Inc

(d)

233,823‌

24,834‌

Booking

Holdings

Inc

(d)

1,302‌

2,278‌

CDW

Corp/DE

480‌

76‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Internet

(continued)

Chewy

Inc

(d),(g)

104,808‌

$

3,639‌

Coupang

Inc

(d)

58,337‌

744‌

DoorDash

Inc

-

Class

A

(d)

6,784‌

435‌

eBay

Inc

259‌

11‌

Etsy

Inc

(d)

449‌

33‌

Expedia

Group

Inc

(d)

533‌

50‌

GoDaddy

Inc

(d)

73‌

5‌

IAC/InterActiveCorp

(d)

10,105‌

768‌

Lyft

Inc

(d)

870‌

11‌

Match

Group

Inc

(d)

93,214‌

6,496‌

Meta

Platforms

Inc

(d)

23,969‌

3,865‌

Netflix

Inc

(d)

7,300‌

1,277‌

NortonLifeLock

Inc

716‌

16‌

Okta

Inc

(d)

60‌

5‌

Opendoor

Technologies

Inc

(d)

390‌

2‌

Palo

Alto

Networks

Inc

(d)

344‌

170‌

Pinterest

Inc

(d)

430‌

8‌

Roku

Inc

(d)

121‌

10‌

Shopify

Inc

(d)

87,540‌

2,735‌

Snap

Inc

Class

A

(d)

71,639‌

941‌

Spotify

Technology

SA

(d)

15,611‌

1,465‌

TripAdvisor

Inc

(d)

32‌

1‌

Twitter

Inc

(d)

2,449‌

91‌

Uber

Technologies

Inc

(d)

5,806‌

119‌

VeriSign

Inc

(d)

36‌

6‌

Wayfair

Inc

(d),(g)

173‌

7‌

Wix.com

Ltd

(d)

149‌

10‌

Zendesk

Inc

(d)

431‌

32‌

Zillow

Group

Inc

-

A

Shares

(d)

18‌

1‌

Zillow

Group

Inc

-

C

Shares

(d)

36‌

1‌

$

86,047‌

Leisure

Products

&

Services

-

0

.16

%

Brunswick

Corp/DE

44‌

3‌

Norwegian

Cruise

Line

Holdings

Ltd

(d)

109‌

1‌

Peloton

Interactive

Inc

(d)

75,083‌

689‌

Planet

Fitness

Inc

(d)

220‌

15‌

Polaris

Inc

144‌

14‌

YETI

Holdings

Inc

(d)

313‌

14‌

$

736‌

Lodging

-

0

.06

%

Choice

Hotels

International

Inc

120‌

13‌

Hilton

Worldwide

Holdings

Inc

702‌

78‌

Las

Vegas

Sands

Corp

(d)

438‌

15‌

Marriott

International

Inc/MD

974‌

132‌

Travel

+

Leisure

Co

209‌

8‌

Wyndham

Hotels

&

Resorts

Inc

222‌

15‌

Wynn

Resorts

Ltd

(d)

48‌

3‌

$

264‌

Machinery

-

Construction

&

Mining

-

0

.07

%

BWX

Technologies

Inc

127‌

7‌

Caterpillar

Inc

1,649‌

295‌

Vertiv

Holdings

Co

171‌

1‌

$

303‌

Machinery

-

Diversified

-

1

.81

%

AGCO

Corp

27‌

3‌

Cognex

Corp

574‌

24‌

Deere

&

Co

995‌

298‌

Graco

Inc

408‌

24‌

IDEX

Corp

32,768‌

5,951‌

Ingersoll

Rand

Inc

46,477‌

1,956‌

Middleby

Corp/The

(d)

14‌

2‌

Nordson

Corp

48‌

10‌

Otis

Worldwide

Corp

183‌

13‌

Rockwell

Automation

Inc

278‌

55‌

Toro

Co/The

370‌

28‌

Xylem

Inc/NY

89‌

7‌

$

8,371‌

Schedule

of

Investments

LargeCap

Growth

Account

I

June

30,

2022

(unaudited)

See

accompanying

notes.

159

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Media

-

0

.09

%

Cable

One

Inc

12‌

$

15‌

Charter

Communications

Inc

(d)

411‌

193‌

FactSet

Research

Systems

Inc

134‌

52‌

Liberty

Broadband

Corp

-

A

Shares

(d)

34‌

4‌

Liberty

Broadband

Corp

-

C

Shares

(d)

212‌

25‌

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d)

6‌

—‌

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d)

79‌

5‌

Liberty

Media

Corp-Liberty

SiriusXM

-

A

Shares

73‌

3‌

Liberty

Media

Corp-Liberty

SiriusXM

-

C

Shares

(d)

152‌

5‌

Nexstar

Media

Group

Inc

11‌

2‌

Walt

Disney

Co/The

(d)

433‌

41‌

Warner

Bros

Discovery

Inc

(d)

6,139‌

82‌

World

Wrestling

Entertainment

Inc

152‌

9‌

$

436‌

Metal

Fabrication

&

Hardware

-

0

.00

%

Advanced

Drainage

Systems

Inc

218‌

20‌

Valmont

Industries

Inc

10‌

2‌

$

22‌

Mining

-

0

.00

%

MP

Materials

Corp

(d)

321‌

10‌

Royal

Gold

Inc

15‌

2‌

Southern

Copper

Corp

200‌

10‌

$

22‌

Miscellaneous

Manufacturers

-

0

.07

%

A

O

Smith

Corp

109‌

6‌

Axon

Enterprise

Inc

(d)

186‌

17‌

Carlisle

Cos

Inc

153‌

37‌

Donaldson

Co

Inc

65‌

3‌

General

Electric

Co

217‌

14‌

Illinois

Tool

Works

Inc

989‌

180‌

Parker-Hannifin

Corp

103‌

26‌

Trane

Technologies

PLC

480‌

62‌

$

345‌

Office

&

Business

Equipment

-

0

.00

%

Zebra

Technologies

Corp

(d)

77‌

23‌

Oil

&

Gas

-

0

.16

%

Antero

Resources

Corp

(d)

678‌

21‌

Continental

Resources

Inc/OK

96‌

6‌

Coterra

Energy

Inc

462‌

12‌

Devon

Energy

Corp

1,140‌

63‌

Diamondback

Energy

Inc

358‌

43‌

EOG

Resources

Inc

1,516‌

167‌

Hess

Corp

781‌

83‌

Occidental

Petroleum

Corp

2,397‌

141‌

Ovintiv

Inc

652‌

29‌

PDC

Energy

Inc

179‌

11‌

Pioneer

Natural

Resources

Co

470‌

105‌

Range

Resources

Corp

(d)

615‌

15‌

Southwestern

Energy

Co

(d)

280‌

2‌

Texas

Pacific

Land

Corp

21‌

31‌

$

729‌

Oil

&

Gas

Services

-

0

.01

%

Halliburton

Co

1,443‌

45‌

Packaging

&

Containers

-

0

.03

%

Ardagh

Metal

Packaging

SA

172‌

1‌

Ball

Corp

442‌

30‌

Berry

Global

Group

Inc

(d)

223‌

12‌

Crown

Holdings

Inc

368‌

34‌

Graphic

Packaging

Holding

Co

835‌

17‌

Sealed

Air

Corp

516‌

30‌

$

124‌

Pharmaceuticals

-

5

.09

%

AbbVie

Inc

6,273‌

961‌

AmerisourceBergen

Corp

528‌

75‌

Becton

Dickinson

and

Co

7,059‌

1,740‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Pharmaceuticals

(continued)

Cigna

Corp

23,907‌

$

6,300‌

Daiichi

Sankyo

Co

Ltd

ADR

34,956‌

888‌

Dexcom

Inc

(d)

52,793‌

3,934‌

Eli

Lilly

&

Co

2,435‌

789‌

McKesson

Corp

100‌

33‌

Merck

&

Co

Inc

3,761‌

343‌

Neurocrine

Biosciences

Inc

(d)

336‌

33‌

Zoetis

Inc

49,281‌

8,471‌

$

23,567‌

Pipelines

-

0

.03

%

Cheniere

Energy

Inc

517‌

69‌

New

Fortress

Energy

Inc

170‌

6‌

ONEOK

Inc

178‌

10‌

Targa

Resources

Corp

800‌

48‌

$

133‌

Private

Equity

-

0

.06

%

Ares

Management

Corp

537‌

30‌

Blackstone

Inc

2,484‌

227‌

$

257‌

Real

Estate

-

0

.01

%

CBRE

Group

Inc

570‌

42‌

REITs

-

1

.59

%

American

Tower

Corp

1,263‌

323‌

Apartment

Income

REIT

Corp

45‌

2‌

Camden

Property

Trust

30‌

4‌

Crown

Castle

International

Corp

1,532‌

258‌

Equinix

Inc

243‌

160‌

Equity

LifeStyle

Properties

Inc

385‌

27‌

Extra

Space

Storage

Inc

55‌

9‌

Iron

Mountain

Inc

766‌

37‌

Lamar

Advertising

Co

276‌

24‌

Public

Storage

440‌

138‌

SBA

Communications

Corp

19,770‌

6,328‌

Simon

Property

Group

Inc

561‌

53‌

$

7,363‌

Retail

-

5

.20

%

Advance

Auto

Parts

Inc

17‌

3‌

AutoZone

Inc

(d)

63‌

135‌

Best

Buy

Co

Inc

223‌

15‌

BJ's

Wholesale

Club

Holdings

Inc

(d)

299‌

19‌

Burlington

Stores

Inc

(d)

219‌

30‌

CarMax

Inc

(d)

65‌

6‌

Carvana

Co

(d),(g)

15,353‌

346‌

Chipotle

Mexican

Grill

Inc

(d)

1,459‌

1,907‌

Costco

Wholesale

Corp

16,683‌

7,996‌

Darden

Restaurants

Inc

319‌

36‌

Dollar

General

Corp

12,856‌

3,155‌

Dollar

Tree

Inc

(d)

233‌

36‌

Domino's

Pizza

Inc

93‌

36‌

Five

Below

Inc

(d)

194‌

22‌

Floor

&

Decor

Holdings

Inc

(d)

373‌

24‌

Freshpet

Inc

(d)

91‌

5‌

Genuine

Parts

Co

39‌

5‌

Home

Depot

Inc/The

2,127‌

583‌

Lowe's

Cos

Inc

2,026‌

354‌

Lululemon

Athletica

Inc

(d)

21,108‌

5,754‌

McDonald's

Corp

637‌

157‌

Nordstrom

Inc

344‌

7‌

Olaplex

Holdings

Inc

(d)

440‌

6‌

Ollie's

Bargain

Outlet

Holdings

Inc

(d)

11‌

1‌

O'Reilly

Automotive

Inc

(d)

94‌

59‌

RH

(d)

24‌

5‌

Ross

Stores

Inc

38,764‌

2,722‌

Starbucks

Corp

1,465‌

112‌

Target

Corp

905‌

128‌

TJX

Cos

Inc/The

4,167‌

233‌

Tractor

Supply

Co

397‌

77‌

Ulta

Beauty

Inc

(d)

183‌

71‌

Victoria's

Secret

&

Co

(d)

209‌

6‌

Schedule

of

Investments

LargeCap

Growth

Account

I

June

30,

2022

(unaudited)

See

accompanying

notes.

160

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Retail

(continued)

Wendy's

Co/The

612‌

$

12‌

Williams-Sonoma

Inc

196‌

22‌

Yum!

Brands

Inc

116‌

13‌

$

24,098‌

Semiconductors

-

4

.60

%

Advanced

Micro

Devices

Inc

(d)

22,054‌

1,686‌

Allegro

MicroSystems

Inc

(d)

172‌

4‌

Analog

Devices

Inc

373‌

55‌

Applied

Materials

Inc

3,130‌

285‌

ASML

Holding

NV

-

NY

Reg

Shares

6,029‌

2,869‌

Broadcom

Inc

1,418‌

689‌

Entegris

Inc

481‌

44‌

GLOBALFOUNDRIES

Inc

(d)

54‌

2‌

KLA

Corp

530‌

169‌

Lam

Research

Corp

492‌

210‌

Lattice

Semiconductor

Corp

(d)

481‌

23‌

Microchip

Technology

Inc

1,630‌

95‌

Micron

Technology

Inc

747‌

41‌

Monolithic

Power

Systems

Inc

161‌

62‌

NVIDIA

Corp

60,097‌

9,110‌

NXP

Semiconductors

NV

33,922‌

5,022‌

ON

Semiconductor

Corp

(d)

959‌

48‌

QUALCOMM

Inc

3,977‌

508‌

Teradyne

Inc

515‌

46‌

Texas

Instruments

Inc

2,241‌

344‌

$

21,312‌

Shipbuilding

-

0

.00

%

Huntington

Ingalls

Industries

Inc

30‌

7‌

Software

-

24

.65

%

Adobe

Inc

(d)

16,984‌

6,217‌

Alteryx

Inc

(d)

214‌

10‌

ANSYS

Inc

(d)

162‌

39‌

AppLovin

Corp

(d),(g)

797‌

28‌

Aspen

Technology

Inc

(d)

102‌

19‌

Atlassian

Corp

PLC

(d)

10,113‌

1,895‌

Autodesk

Inc

(d)

35,083‌

6,033‌

Avalara

Inc

(d)

315‌

22‌

Bentley

Systems

Inc

597‌

20‌

Black

Knight

Inc

(d)

50‌

3‌

Broadridge

Financial

Solutions

Inc

376‌

54‌

Cadence

Design

Systems

Inc

(d)

968‌

145‌

CCC

Intelligent

Solutions

Holdings

Inc

(d)

232‌

2‌

CDK

Global

Inc

343‌

19‌

Ceridian

HCM

Holding

Inc

(d)

92‌

4‌

Change

Healthcare

Inc

(d)

70‌

2‌

Citrix

Systems

Inc

209‌

20‌

Cloudflare

Inc

(d)

990‌

43‌

Confluent

Inc

(d)

440‌

10‌

Coupa

Software

Inc

(d)

44,618‌

2,548‌

Datadog

Inc

(d)

917‌

87‌

Definitive

Healthcare

Corp

(d),(g)

57‌

1‌

DocuSign

Inc

(d)

701‌

40‌

DoubleVerify

Holdings

Inc

(d)

196‌

4‌

Doximity

Inc

(d),(g)

158‌

6‌

Dropbox

Inc

-

A

Shares

(d)

926‌

19‌

Dynatrace

Inc

(d)

705‌

28‌

Elastic

NV

(d)

276‌

19‌

Electronic

Arts

Inc

61‌

7‌

Fair

Isaac

Corp

(d)

90‌

36‌

Fiserv

Inc

(d)

53,394‌

4,750‌

Five9

Inc

(d)

247‌

23‌

HashiCorp

Inc

(d)

4,033‌

119‌

HubSpot

Inc

(d)

162‌

49‌

Informatica

Inc

(d),(g)

28‌

1‌

Intuit

Inc

38,993‌

15,029‌

Jack

Henry

&

Associates

Inc

257‌

46‌

Jamf

Holding

Corp

(d)

177‌

4‌

Magic

Leap

Inc

(d),(e),(f)

371‌

7‌

Manhattan

Associates

Inc

(d)

137‌

16‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Software

(continued)

Microsoft

Corp

153,589‌

$

39,446‌

MongoDB

Inc

(d)

6,169‌

1,601‌

MSCI

Inc

210‌

87‌

nCino

Inc

(d)

40‌

1‌

New

Relic

Inc

(d)

188‌

9‌

Nutanix

Inc

(d)

389‌

6‌

Oracle

Corp

3,689‌

258‌

Palantir

Technologies

Inc

(d)

6,412‌

58‌

Paychex

Inc

1,143‌

130‌

Paycom

Software

Inc

(d)

182‌

51‌

Pegasystems

Inc

141‌

7‌

Playtika

Holding

Corp

(d)

335‌

4‌

Procore

Technologies

Inc

(d)

178‌

8‌

PTC

Inc

(d)

374‌

40‌

RingCentral

Inc

(d)

301‌

16‌

ROBLOX

Corp

(d),(g)

1,560‌

51‌

Roper

Technologies

Inc

14,069‌

5,552‌

Salesforce

Inc

(d)

30,523‌

5,038‌

SentinelOne

Inc

(d),(g)

27,964‌

652‌

ServiceNow

Inc

(d)

28,495‌

13,550‌

Signify

Health

Inc

(d),(g)

26‌

—‌

Smartsheet

Inc

(d)

446‌

14‌

Snowflake

Inc

-

Class

A

(d)

4,635‌

645‌

Splunk

Inc

(d)

571‌

51‌

Stripe

Inc

-

Class

B

(d),(e),(f)

5,754‌

133‌

Synopsys

Inc

(d)

8,046‌

2,444‌

Take-Two

Interactive

Software

Inc

(d)

464‌

57‌

Teradata

Corp

(d)

201‌

7‌

Twilio

Inc

(d)

229‌

19‌

Tyler

Technologies

Inc

(d)

128‌

43‌

UiPath

Inc

(d)

121‌

2‌

Unity

Software

Inc

(d),(g)

497‌

18‌

Veeva

Systems

Inc

(d)

32,784‌

6,493‌

VMware

Inc

360‌

41‌

Workday

Inc

(d)

691‌

97‌

Zoom

Video

Communications

Inc

(d)

452‌

49‌

ZoomInfo

Technologies

Inc

(d)

974‌

32‌

$

114,134‌

Telecommunications

-

0

.02

%

Arista

Networks

Inc

(d)

883‌

83‌

Corning

Inc

158‌

5‌

Switch

Inc

304‌

10‌

Ubiquiti

Inc

(g)

7‌

2‌

$

100‌

Toys,

Games

&

Hobbies

-

0

.00

%

Mattel

Inc

(d)

601‌

13‌

Transportation

-

0

.38

%

CH

Robinson

Worldwide

Inc

119‌

12‌

CSX

Corp

1,942‌

56‌

Expeditors

International

of

Washington

Inc

183‌

18‌

JB

Hunt

Transport

Services

Inc

264‌

42‌

Landstar

System

Inc

117‌

17‌

Old

Dominion

Freight

Line

Inc

2,808‌

720‌

Union

Pacific

Corp

2,227‌

475‌

United

Parcel

Service

Inc

2,328‌

425‌

XPO

Logistics

Inc

(d)

28‌

1‌

$

1,766‌

TOTAL

COMMON

STOCKS

$

453,751‌

Total

Investments

$

473,276‌

Other

Assets

and

Liabilities

-  (2.20)%

(

10,203‌

)

TOTAL

NET

ASSETS

-

100.00%

$

463,073‌

Schedule

of

Investments

LargeCap

Growth

Account

I

June

30,

2022

(unaudited)

See

accompanying

notes.

161

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$10,170

or

2.20%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d)

Non-income

producing

security

(e)

The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(f)

Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

(g)

Security

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$9,689

or

2.09%

of

net

assets.

Portfolio

Summary  (unaudited)

Sector

Percent

Technology

35

.03‌

%

Consumer,

Non-cyclical

24

.69‌

%

Communications

18

.82‌

%

Consumer,

Cyclical

7

.81‌

%

Financial

5

.81‌

%

Industrial

4

.60‌

%

Money

Market

Funds

3

.73‌

%

Basic

Materials

1

.21‌

%

Investment

Companies

0

.27‌

%

Energy

0

.22‌

%

Utilities

0

.01‌

%

Other

Assets

and

Liabilities

(

2

.20‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

14,583‌

$

120,328‌

$

121,073‌

$

13,838‌

$

14,583‌

$

120,328‌

$

121,073‌

$

13,838‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

9‌

$

—‌

$

—‌

$

—‌

$

9‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Magic

Leap

Inc

01/20/2016-10/12/2017

$

182‌

$

7‌

0.00%

Nuro

-

Series

C  

0.00%

10/30/2020

228‌

364‌

0.08%

Rappi

Inc

-

Series

E  

0.00%

09/08/2020

306‌

264‌

0.06%

Sila

Nano

Series

F  

0.00%

01/07/2021

204‌

154‌

0.03%

Stripe

Inc

-

Class

B

12/17/2019

90‌

133‌

0.03%

Waymo

LLC

Series

A-2  

0.00%

05/08/2020

214‌

228‌

0.05%

Total

$

1,150‌

0.25%

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini;

September

2022

Long

21‌

$

3,979‌

$

(

174‌

)

Total

$

(

174‌

)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

LargeCap

S&P

500

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

162

INVESTMENT

COMPANIES

-

2

.76

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0

.22

%

iShares

Core

S&P

500

ETF

15,016‌

$

5,693‌

Money

Market

Funds

-

2

.54

%

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

(a),(b)

65,665,861‌

65,666‌

TOTAL

INVESTMENT

COMPANIES

$

71,359‌

COMMON

STOCKS

-

97

.44

%

Shares

Held

Value

(000's)

Advertising

-

0

.07

%

Interpublic

Group

of

Cos

Inc/The

31,066‌

$

855‌

Omnicom

Group

Inc

16,237‌

1,033‌

$

1,888‌

Aerospace

&

Defense

-

1

.67

%

Boeing

Co/The

(c)

43,889‌

6,000‌

General

Dynamics

Corp

18,190‌

4,025‌

Howmet

Aerospace

Inc

29,684‌

934‌

L3Harris

Technologies

Inc

15,222‌

3,679‌

Lockheed

Martin

Corp

18,691‌

8,036‌

Northrop

Grumman

Corp

11,532‌

5,519‌

Raytheon

Technologies

Corp

117,370‌

11,280‌

Teledyne

Technologies

Inc

(c)

3,696‌

1,386‌

TransDigm

Group

Inc

(c)

4,093‌

2,197‌

$

43,056‌

Agriculture

-

0

.83

%

Altria

Group

Inc

142,888‌

5,969‌

Archer-Daniels-Midland

Co

44,408‌

3,446‌

Philip

Morris

International

Inc

122,332‌

12,079‌

$

21,494‌

Airlines

-

0

.20

%

Alaska

Air

Group

Inc

(c)

9,951‌

399‌

American

Airlines

Group

Inc

(c)

51,258‌

650‌

Delta

Air

Lines

Inc

(c)

50,590‌

1,466‌

Southwest

Airlines

Co

(c)

46,794‌

1,690‌

United

Airlines

Holdings

Inc

(c)

25,785‌

913‌

$

5,118‌

Apparel

-

0

.49

%

NIKE

Inc

100,130‌

10,233‌

PVH

Corp

5,329‌

303‌

Ralph

Lauren

Corp

3,652‌

328‌

Tapestry

Inc

19,872‌

607‌

VF

Corp

25,474‌

1,125‌

$

12,596‌

Automobile

Manufacturers

-

2

.17

%

Cummins

Inc

11,136‌

2,155‌

Ford

Motor

Co

311,643‌

3,469‌

General

Motors

Co

(c)

115,064‌

3,654‌

PACCAR

Inc

27,438‌

2,259‌

Tesla

Inc

(c)

66,226‌

44,598‌

$

56,135‌

Automobile

Parts

&

Equipment

-

0

.10

%

Aptiv

PLC

(c)

21,381‌

1,904‌

BorgWarner

Inc

18,907‌

631‌

$

2,535‌

Banks

-

4

.46

%

Bank

of

America

Corp

559,540‌

17,419‌

Bank

of

New

York

Mellon

Corp/The

58,649‌

2,446‌

Citigroup

Inc

153,255‌

7,048‌

Citizens

Financial

Group

Inc

38,710‌

1,382‌

Comerica

Inc

10,319‌

757‌

Fifth

Third

Bancorp

54,144‌

1,819‌

First

Republic

Bank/CA

14,163‌

2,042‌

Goldman

Sachs

Group

Inc/The

27,104‌

8,050‌

Huntington

Bancshares

Inc/OH

113,577‌

1,366‌

JPMorgan

Chase

&

Co

231,790‌

26,102‌

KeyCorp

73,588‌

1,268‌

M&T

Bank

Corp

14,159‌

2,257‌

Morgan

Stanley

110,442‌

8,400‌

Northern

Trust

Corp

16,445‌

1,587‌

PNC

Financial

Services

Group

Inc/The

32,640‌

5,150‌

Regions

Financial

Corp

73,750‌

1,383‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

(continued)

Signature

Bank/New

York

NY

4,966‌

$

890‌

State

Street

Corp

28,972‌

1,786‌

SVB

Financial

Group

(c)

4,644‌

1,834‌

Truist

Financial

Corp

105,073‌

4,984‌

US

Bancorp

106,699‌

4,910‌

Wells

Fargo

&

Co

299,132‌

11,717‌

Zions

Bancorp

NA

11,945‌

608‌

$

115,205‌

Beverages

-

1

.83

%

Brown-Forman

Corp

-

B

Shares

14,424‌

1,012‌

Coca-Cola

Co/The

307,904‌

19,371‌

Constellation

Brands

Inc

12,846‌

2,994‌

Keurig

Dr

Pepper

Inc

58,213‌

2,060‌

Molson

Coors

Beverage

Co

14,863‌

810‌

Monster

Beverage

Corp

(c)

29,678‌

2,751‌

PepsiCo

Inc

109,120‌

18,186‌

$

47,184‌

Biotechnology

-

1

.58

%

Amgen

Inc

42,159‌

10,257‌

Biogen

Inc

(c)

11,557‌

2,357‌

Bio-Rad

Laboratories

Inc

(c)

1,708‌

846‌

Corteva

Inc

57,114‌

3,092‌

Gilead

Sciences

Inc

98,988‌

6,118‌

Illumina

Inc

(c)

12,398‌

2,286‌

Incyte

Corp

(c)

14,858‌

1,129‌

Moderna

Inc

(c)

27,311‌

3,901‌

Regeneron

Pharmaceuticals

Inc

(c)

8,525‌

5,039‌

Vertex

Pharmaceuticals

Inc

(c)

20,184‌

5,688‌

$

40,713‌

Building

Materials

-

0

.39

%

Carrier

Global

Corp

66,943‌

2,387‌

Fortune

Brands

Home

&

Security

Inc

10,324‌

618‌

Johnson

Controls

International

plc

54,902‌

2,629‌

Martin

Marietta

Materials

Inc

4,921‌

1,473‌

Masco

Corp

18,621‌

942‌

Mohawk

Industries

Inc

(c)

4,062‌

504‌

Vulcan

Materials

Co

10,488‌

1,490‌

$

10,043‌

Chemicals

-

1

.63

%

Air

Products

and

Chemicals

Inc

17,502‌

4,209‌

Albemarle

Corp

9,242‌

1,931‌

Celanese

Corp

8,547‌

1,005‌

CF

Industries

Holdings

Inc

16,463‌

1,411‌

Dow

Inc

57,462‌

2,966‌

DuPont

de

Nemours

Inc

40,133‌

2,231‌

Eastman

Chemical

Co

10,171‌

913‌

Ecolab

Inc

19,612‌

3,016‌

FMC

Corp

9,939‌

1,064‌

International

Flavors

&

Fragrances

Inc

20,111‌

2,396‌

Linde

PLC

39,719‌

11,420‌

LyondellBasell

Industries

NV

20,426‌

1,786‌

Mosaic

Co/The

28,569‌

1,349‌

PPG

Industries

Inc

18,641‌

2,131‌

Sherwin-Williams

Co/The

18,887‌

4,229‌

$

42,057‌

Commercial

Services

-

1

.67

%

Automatic

Data

Processing

Inc

32,969‌

6,925‌

Cintas

Corp

6,865‌

2,564‌

Equifax

Inc

9,654‌

1,765‌

FleetCor

Technologies

Inc

(c)

6,104‌

1,283‌

Gartner

Inc

(c)

6,357‌

1,537‌

Global

Payments

Inc

22,219‌

2,458‌

MarketAxess

Holdings

Inc

2,979‌

763‌

Moody's

Corp

12,668‌

3,445‌

Nielsen

Holdings

PLC

28,385‌

659‌

PayPal

Holdings

Inc

(c)

91,392‌

6,383‌

Quanta

Services

Inc

11,341‌

1,422‌

Robert

Half

International

Inc

8,721‌

653‌

Rollins

Inc

17,877‌

624‌

Schedule

of

Investments

LargeCap

S&P

500

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

163

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Commercial

Services

(continued)

S&P

Global

Inc

27,393‌

$

9,233‌

United

Rentals

Inc

(c)

5,652‌

1,373‌

Verisk

Analytics

Inc

12,462‌

2,157‌

$

43,244‌

Computers

-

7

.97

%

Accenture

PLC

-

Class

A

49,987‌

13,879‌

Apple

Inc

1,213,454‌

165,903‌

Cognizant

Technology

Solutions

Corp

41,131‌

2,776‌

DXC

Technology

Co

(c)

19,293‌

585‌

EPAM

Systems

Inc

(c)

4,510‌

1,329‌

Fortinet

Inc

(c)

52,575‌

2,975‌

Hewlett

Packard

Enterprise

Co

102,604‌

1,361‌

HP

Inc

83,131‌

2,725‌

International

Business

Machines

Corp

70,982‌

10,022‌

Leidos

Holdings

Inc

10,786‌

1,086‌

NetApp

Inc

17,562‌

1,146‌

Seagate

Technology

Holdings

PLC

15,599‌

1,114‌

Western

Digital

Corp

(c)

24,714‌

1,108‌

$

206,009‌

Consumer

Products

-

0

.30

%

Avery

Dennison

Corp

6,449‌

1,044‌

Church

&

Dwight

Co

Inc

19,159‌

1,775‌

Clorox

Co/The

9,713‌

1,369‌

Kimberly-Clark

Corp

26,589‌

3,594‌

$

7,782‌

Cosmetics

&

Personal

Care

-

1

.44

%

Colgate-Palmolive

Co

66,130‌

5,300‌

Estee

Lauder

Cos

Inc/The

18,293‌

4,659‌

Procter

&

Gamble

Co/The

(d)

189,349‌

27,226‌

$

37,185‌

Distribution

&

Wholesale

-

0

.30

%

Copart

Inc

(c)

16,868‌

1,833‌

Fastenal

Co

45,426‌

2,268‌

LKQ

Corp

20,536‌

1,008‌

Pool

Corp

3,162‌

1,110‌

WW

Grainger

Inc

3,388‌

1,540‌

$

7,759‌

Diversified

Financial

Services

-

3

.60

%

American

Express

Co

48,139‌

6,673‌

Ameriprise

Financial

Inc

8,674‌

2,061‌

BlackRock

Inc

11,239‌

6,845‌

Capital

One

Financial

Corp

31,020‌

3,232‌

Cboe

Global

Markets

Inc

8,381‌

949‌

Charles

Schwab

Corp/The

119,021‌

7,520‌

CME

Group

Inc

28,364‌

5,806‌

Discover

Financial

Services

22,174‌

2,097‌

Franklin

Resources

Inc

22,095‌

515‌

Intercontinental

Exchange

Inc

44,058‌

4,143‌

Invesco

Ltd

26,574‌

428‌

Mastercard

Inc

67,775‌

21,382‌

Nasdaq

Inc

9,098‌

1,388‌

Raymond

James

Financial

Inc

15,341‌

1,372‌

Synchrony

Financial

39,578‌

1,093‌

T

Rowe

Price

Group

Inc

17,939‌

2,038‌

Visa

Inc

129,879‌

25,572‌

$

93,114‌

Electric

-

2

.86

%

AES

Corp/The

52,705‌

1,107‌

Alliant

Energy

Corp

19,794‌

1,160‌

Ameren

Corp

20,379‌

1,841‌

American

Electric

Power

Co

Inc

40,528‌

3,888‌

CenterPoint

Energy

Inc

49,674‌

1,469‌

CMS

Energy

Corp

22,896‌

1,546‌

Consolidated

Edison

Inc

27,960‌

2,659‌

Constellation

Energy

Corp

25,782‌

1,476‌

Dominion

Energy

Inc

64,024‌

5,110‌

DTE

Energy

Co

15,289‌

1,938‌

Duke

Energy

Corp

60,759‌

6,514‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electric

(continued)

Edison

International

30,083‌

$

1,902‌

Entergy

Corp

16,050‌

1,808‌

Evergy

Inc

18,110‌

1,182‌

Eversource

Energy

27,217‌

2,299‌

Exelon

Corp

77,356‌

3,506‌

FirstEnergy

Corp

45,056‌

1,730‌

NextEra

Energy

Inc

155,035‌

12,009‌

NRG

Energy

Inc

18,727‌

715‌

Pinnacle

West

Capital

Corp

8,917‌

652‌

PPL

Corp

58,077‌

1,576‌

Public

Service

Enterprise

Group

Inc

39,402‌

2,493‌

Sempra

Energy

24,805‌

3,727‌

Southern

Co/The

83,852‌

5,980‌

WEC

Energy

Group

Inc

24,893‌

2,505‌

Xcel

Energy

Inc

42,983‌

3,042‌

$

73,834‌

Electrical

Components

&

Equipment

-

0

.26

%

AMETEK

Inc

18,223‌

2,002‌

Emerson

Electric

Co

46,877‌

3,729‌

Generac

Holdings

Inc

(c)

5,037‌

1,061‌

$

6,792‌

Electronics

-

1

.03

%

Agilent

Technologies

Inc

23,684‌

2,813‌

Allegion

plc

6,930‌

678‌

Amphenol

Corp

47,125‌

3,034‌

Fortive

Corp

28,288‌

1,538‌

Garmin

Ltd

12,040‌

1,183‌

Honeywell

International

Inc

53,723‌

9,338‌

Keysight

Technologies

Inc

(c)

14,362‌

1,980‌

Mettler-Toledo

International

Inc

(c)

1,790‌

2,056‌

TE

Connectivity

Ltd

25,426‌

2,877‌

Trimble

Inc

(c)

19,742‌

1,150‌

$

26,647‌

Energy

-

Alternate

Sources

-

0

.13

%

Enphase

Energy

Inc

(c)

10,656‌

2,081‌

SolarEdge

Technologies

Inc

(c)

4,371‌

1,196‌

$

3,277‌

Engineering

&

Construction

-

0

.05

%

Jacobs

Engineering

Group

Inc

10,152‌

1,291‌

Entertainment

-

0

.07

%

Caesars

Entertainment

Inc

(c)

16,917‌

648‌

Live

Nation

Entertainment

Inc

(c)

10,807‌

892‌

Penn

National

Gaming

Inc

(c)

12,901‌

393‌

$

1,933‌

Environmental

Control

-

0

.29

%

Pentair

PLC

13,053‌

598‌

Republic

Services

Inc

16,453‌

2,153‌

Waste

Management

Inc

30,147‌

4,612‌

$

7,363‌

Food

-

1

.20

%

Campbell

Soup

Co

15,952‌

766‌

Conagra

Brands

Inc

37,870‌

1,297‌

General

Mills

Inc

47,526‌

3,586‌

Hershey

Co/The

11,521‌

2,479‌

Hormel

Foods

Corp

22,365‌

1,059‌

J

M

Smucker

Co/The

8,559‌

1,096‌

Kellogg

Co

19,999‌

1,427‌

Kraft

Heinz

Co/The

56,023‌

2,137‌

Kroger

Co/The

51,776‌

2,450‌

Lamb

Weston

Holdings

Inc

11,400‌

815‌

McCormick

&

Co

Inc/MD

19,747‌

1,644‌

Mondelez

International

Inc

109,217‌

6,781‌

Sysco

Corp

40,207‌

3,406‌

Tyson

Foods

Inc

23,008‌

1,980‌

$

30,923‌

Forest

Products

&

Paper

-

0

.05

%

International

Paper

Co

29,250‌

1,223‌

Schedule

of

Investments

LargeCap

S&P

500

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

164

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Gas

-

0

.08

%

Atmos

Energy

Corp

10,970‌

$

1,230‌

NiSource

Inc

32,024‌

944‌

$

2,174‌

Hand

&

Machine

Tools

-

0

.08

%

Snap-on

Inc

4,212‌

830‌

Stanley

Black

&

Decker

Inc

11,915‌

1,249‌

$

2,079‌

Healthcare

-

Products

-

3

.78

%

Abbott

Laboratories

138,183‌

15,013‌

ABIOMED

Inc

(c)

3,595‌

890‌

Align

Technology

Inc

(c)

5,783‌

1,369‌

Baxter

International

Inc

39,738‌

2,552‌

Bio-Techne

Corp

3,096‌

1,073‌

Boston

Scientific

Corp

(c)

112,819‌

4,205‌

Cooper

Cos

Inc/The

3,890‌

1,218‌

Danaher

Corp

51,068‌

12,947‌

DENTSPLY

SIRONA

Inc

17,004‌

607‌

Edwards

Lifesciences

Corp

(c)

49,069‌

4,666‌

Henry

Schein

Inc

(c)

10,895‌

836‌

Hologic

Inc

(c)

19,680‌

1,364‌

IDEXX

Laboratories

Inc

(c)

6,630‌

2,325‌

Intuitive

Surgical

Inc

(c)

28,328‌

5,686‌

Medtronic

PLC

105,872‌

9,502‌

PerkinElmer

Inc

9,955‌

1,416‌

ResMed

Inc

11,544‌

2,420‌

STERIS

PLC

7,901‌

1,629‌

Stryker

Corp

26,560‌

5,283‌

Teleflex

Inc

3,701‌

910‌

Thermo

Fisher

Scientific

Inc

30,894‌

16,784‌

Waters

Corp

(c)

4,754‌

1,573‌

West

Pharmaceutical

Services

Inc

5,846‌

1,768‌

Zimmer

Biomet

Holdings

Inc

16,539‌

1,738‌

$

97,774‌

Healthcare

-

Services

-

2

.69

%

Catalent

Inc

(c)

14,143‌

1,517‌

Centene

Corp

(c)

46,158‌

3,905‌

Charles

River

Laboratories

International

Inc

(c)

4,009‌

858‌

DaVita

Inc

(c)

4,779‌

382‌

Elevance

Health

Inc

19,027‌

9,182‌

HCA

Healthcare

Inc

17,956‌

3,018‌

Humana

Inc

9,983‌

4,673‌

IQVIA

Holdings

Inc

(c)

14,938‌

3,241‌

Laboratory

Corp

of

America

Holdings

7,316‌

1,715‌

Molina

Healthcare

Inc

(c)

4,632‌

1,295‌

Quest

Diagnostics

Inc

9,263‌

1,232‌

UnitedHealth

Group

Inc

74,040‌

38,029‌

Universal

Health

Services

Inc

5,298‌

534‌

$

69,581‌

Home

Builders

-

0

.19

%

DR

Horton

Inc

25,282‌

1,674‌

Lennar

Corp

-

A

Shares

20,411‌

1,440‌

NVR

Inc

(c)

245‌

981‌

PulteGroup

Inc

18,754‌

743‌

$

4,838‌

Home

Furnishings

-

0

.03

%

Whirlpool

Corp

4,436‌

687‌

Housewares

-

0

.02

%

Newell

Brands

Inc

29,044‌

553‌

Insurance

-

3

.65

%

Aflac

Inc

46,770‌

2,588‌

Allstate

Corp/The

21,702‌

2,750‌

American

International

Group

Inc

62,520‌

3,197‌

Aon

PLC

16,762‌

4,520‌

Arthur

J

Gallagher

&

Co

16,578‌

2,703‌

Assurant

Inc

4,269‌

738‌

Berkshire

Hathaway

Inc

-

Class

B

(c)

142,779‌

38,981‌

Brown

&

Brown

Inc

18,489‌

1,079‌

Chubb

Ltd

33,439‌

6,573‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

(continued)

Cincinnati

Financial

Corp

11,770‌

$

1,400‌

Everest

Re

Group

Ltd

3,112‌

872‌

Globe

Life

Inc

7,159‌

698‌

Hartford

Financial

Services

Group

Inc/The

25,954‌

1,698‌

Lincoln

National

Corp

12,756‌

596‌

Loews

Corp

15,344‌

909‌

Marsh

&

McLennan

Cos

Inc

39,611‌

6,150‌

MetLife

Inc

54,551‌

3,425‌

Principal

Financial

Group

Inc

18,546‌

1,239‌

Progressive

Corp/The

46,157‌

5,367‌

Prudential

Financial

Inc

29,595‌

2,832‌

Travelers

Cos

Inc/The

18,938‌

3,203‌

W

R

Berkley

Corp

16,534‌

1,129‌

Willis

Towers

Watson

PLC

8,799‌

1,737‌

$

94,384‌

Internet

-

8

.74

%

Alphabet

Inc

-

A

Shares

(c)

23,736‌

51,727‌

Alphabet

Inc

-

C

Shares

(c)

21,764‌

47,608‌

Amazon.com

Inc

(c)

690,539‌

73,342‌

Booking

Holdings

Inc

(c)

3,206‌

5,607‌

CDW

Corp/DE

10,664‌

1,680‌

eBay

Inc

44,183‌

1,841‌

Etsy

Inc

(c)

10,032‌

734‌

Expedia

Group

Inc

(c)

11,962‌

1,134‌

F5

Inc

(c)

4,773‌

731‌

Match

Group

Inc

(c)

22,538‌

1,571‌

Meta

Platforms

Inc

(c)

181,003‌

29,187‌

Netflix

Inc

(c)

35,061‌

6,131‌

NortonLifeLock

Inc

45,918‌

1,008‌

Twitter

Inc

(c)

60,199‌

2,251‌

VeriSign

Inc

(c)

7,522‌

1,259‌

$

225,811‌

Iron

&

Steel

-

0

.09

%

Nucor

Corp

20,998‌

2,192‌

Leisure

Products

&

Services

-

0

.06

%

Carnival

Corp

(c)

64,046‌

554‌

Norwegian

Cruise

Line

Holdings

Ltd

(c)

33,074‌

368‌

Royal

Caribbean

Cruises

Ltd

(c)

17,706‌

618‌

$

1,540‌

Lodging

-

0

.29

%

Hilton

Worldwide

Holdings

Inc

21,965‌

2,448‌

Las

Vegas

Sands

Corp

(c)

27,136‌

911‌

Marriott

International

Inc/MD

21,697‌

2,951‌

MGM

Resorts

International

27,908‌

808‌

Wynn

Resorts

Ltd

(c)

8,328‌

475‌

$

7,593‌

Machinery

-

Construction

&

Mining

-

0

.29

%

Caterpillar

Inc

42,094‌

7,525‌

Machinery

-

Diversified

-

0

.69

%

Deere

&

Co

22,033‌

6,598‌

Dover

Corp

11,377‌

1,380‌

IDEX

Corp

5,998‌

1,090‌

Ingersoll

Rand

Inc

32,036‌

1,348‌

Nordson

Corp

4,253‌

861‌

Otis

Worldwide

Corp

33,367‌

2,358‌

Rockwell

Automation

Inc

9,175‌

1,829‌

Westinghouse

Air

Brake

Technologies

Corp

14,415‌

1,183‌

Xylem

Inc/NY

14,212‌

1,111‌

$

17,758‌

Media

-

1

.49

%

Charter

Communications

Inc

(c)

9,141‌

4,283‌

Comcast

Corp

-

Class

A

352,814‌

13,844‌

DISH

Network

Corp

(c)

19,788‌

355‌

FactSet

Research

Systems

Inc

2,990‌

1,150‌

Fox

Corp

-

A

Shares

24,598‌

791‌

Fox

Corp

-

B

Shares

11,411‌

339‌

News

Corp

-

A

Shares

30,658‌

477‌

News

Corp

-

B

Shares

9,497‌

151‌

Schedule

of

Investments

LargeCap

S&P

500

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

165

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Media

(continued)

Paramount

Global

-

Class

B

48,013‌

$

1,185‌

Walt

Disney

Co/The

(c)

143,748‌

13,570‌

Warner

Bros

Discovery

Inc

(c)

174,286‌

2,339‌

$

38,484‌

Mining

-

0

.27

%

Freeport-McMoRan

Inc

114,375‌

3,347‌

Newmont

Corp

62,635‌

3,737‌

$

7,084‌

Miscellaneous

Manufacturers

-

1

.00

%

3M

Co

44,910‌

5,812‌

A

O

Smith

Corp

10,263‌

561‌

Eaton

Corp

PLC

31,488‌

3,967‌

General

Electric

Co

86,862‌

5,530‌

Illinois

Tool

Works

Inc

22,367‌

4,076‌

Parker-Hannifin

Corp

10,131‌

2,493‌

Textron

Inc

16,975‌

1,037‌

Trane

Technologies

PLC

18,456‌

2,397‌

$

25,873‌

Office

&

Business

Equipment

-

0

.05

%

Zebra

Technologies

Corp

(c)

4,145‌

1,218‌

Oil

&

Gas

-

3

.63

%

APA

Corp

26,693‌

932‌

Chevron

Corp

155,060‌

22,450‌

ConocoPhillips

102,078‌

9,168‌

Coterra

Energy

Inc

63,594‌

1,640‌

Devon

Energy

Corp

48,441‌

2,669‌

Diamondback

Energy

Inc

13,168‌

1,595‌

EOG

Resources

Inc

46,223‌

5,105‌

Exxon

Mobil

Corp

332,451‌

28,471‌

Hess

Corp

21,862‌

2,316‌

Marathon

Oil

Corp

55,851‌

1,255‌

Marathon

Petroleum

Corp

42,695‌

3,510‌

Occidental

Petroleum

Corp

70,263‌

4,137‌

Phillips

66

37,967‌

3,113‌

Pioneer

Natural

Resources

Co

17,759‌

3,962‌

Valero

Energy

Corp

32,206‌

3,423‌

$

93,746‌

Oil

&

Gas

Services

-

0

.32

%

Baker

Hughes

Co

73,815‌

2,131‌

Halliburton

Co

71,182‌

2,232‌

Schlumberger

NV

111,548‌

3,989‌

$

8,352‌

Packaging

&

Containers

-

0

.22

%

Amcor

PLC

118,598‌

1,474‌

Ball

Corp

25,238‌

1,736‌

Packaging

Corp

of

America

7,395‌

1,017‌

Sealed

Air

Corp

11,529‌

665‌

Westrock

Co

20,113‌

801‌

$

5,693‌

Pharmaceuticals

-

6

.63

%

AbbVie

Inc

139,457‌

21,359‌

AmerisourceBergen

Corp

11,902‌

1,684‌

Becton

Dickinson

and

Co

22,497‌

5,546‌

Bristol-Myers

Squibb

Co

168,024‌

12,938‌

Cardinal

Health

Inc

21,500‌

1,124‌

Cigna

Corp

25,039‌

6,598‌

CVS

Health

Corp

103,486‌

9,589‌

Dexcom

Inc

(c)

30,976‌

2,309‌

Eli

Lilly

&

Co

62,239‌

20,180‌

Johnson

&

Johnson

207,666‌

36,863‌

McKesson

Corp

11,473‌

3,743‌

Merck

&

Co

Inc

199,570‌

18,195‌

Organon

&

Co

20,016‌

675‌

Pfizer

Inc

442,806‌

23,216‌

Viatris

Inc

95,674‌

1,002‌

Zoetis

Inc

37,142‌

6,384‌

$

171,405‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Pipelines

-

0

.29

%

Kinder

Morgan

Inc

153,893‌

$

2,579‌

ONEOK

Inc

35,246‌

1,956‌

Williams

Cos

Inc/The

96,123‌

3,000‌

$

7,535‌

Real

Estate

-

0

.07

%

CBRE

Group

Inc

25,796‌

1,899‌

REITs

-

2

.78

%

Alexandria

Real

Estate

Equities

Inc

11,721‌

1,700‌

American

Tower

Corp

36,673‌

9,373‌

AvalonBay

Communities

Inc

11,034‌

2,143‌

Boston

Properties

Inc

11,254‌

1,001‌

Camden

Property

Trust

8,406‌

1,131‌

Crown

Castle

International

Corp

34,174‌

5,754‌

Digital

Realty

Trust

Inc

22,466‌

2,917‌

Duke

Realty

Corp

30,340‌

1,667‌

Equinix

Inc

7,183‌

4,719‌

Equity

Residential

27,005‌

1,950‌

Essex

Property

Trust

Inc

5,156‌

1,348‌

Extra

Space

Storage

Inc

10,597‌

1,803‌

Federal

Realty

OP

LP

5,640‌

540‌

Healthpeak

Properties

Inc

42,580‌

1,103‌

Host

Hotels

&

Resorts

Inc

56,408‌

885‌

Iron

Mountain

Inc

22,930‌

1,117‌

Kimco

Realty

Corp

48,771‌

964‌

Mid-America

Apartment

Communities

Inc

9,109‌

1,591‌

Prologis

Inc

58,421‌

6,873‌

Public

Storage

12,051‌

3,768‌

Realty

Income

Corp

47,477‌

3,241‌

Regency

Centers

Corp

12,242‌

726‌

SBA

Communications

Corp

8,510‌

2,724‌

Simon

Property

Group

Inc

25,912‌

2,460‌

UDR

Inc

23,620‌

1,088‌

Ventas

Inc

31,543‌

1,622‌

VICI

Properties

Inc

75,998‌

2,264‌

Vornado

Realty

Trust

12,559‌

359‌

Welltower

Inc

35,826‌

2,950‌

Weyerhaeuser

Co

58,756‌

1,946‌

$

71,727‌

Retail

-

4

.93

%

Advance

Auto

Parts

Inc

4,822‌

835‌

AutoZone

Inc

(c)

1,567‌

3,368‌

Bath

&

Body

Works

Inc

18,822‌

507‌

Best

Buy

Co

Inc

15,979‌

1,042‌

CarMax

Inc

(c)

12,670‌

1,146‌

Chipotle

Mexican

Grill

Inc

(c)

2,207‌

2,885‌

Costco

Wholesale

Corp

34,978‌

16,764‌

Darden

Restaurants

Inc

9,844‌

1,113‌

Dollar

General

Corp

18,056‌

4,432‌

Dollar

Tree

Inc

(c)

17,765‌

2,769‌

Domino's

Pizza

Inc

2,845‌

1,109‌

Genuine

Parts

Co

11,175‌

1,486‌

Home

Depot

Inc/The

81,553‌

22,367‌

Lowe's

Cos

Inc

52,176‌

9,114‌

McDonald's

Corp

58,365‌

14,409‌

O'Reilly

Automotive

Inc

(c)

5,187‌

3,277‌

Ross

Stores

Inc

27,732‌

1,948‌

Starbucks

Corp

90,511‌

6,914‌

Target

Corp

36,494‌

5,154‌

TJX

Cos

Inc/The

92,686‌

5,176‌

Tractor

Supply

Co

8,830‌

1,712‌

Ulta

Beauty

Inc

(c)

4,122‌

1,589‌

Walgreens

Boots

Alliance

Inc

56,578‌

2,144‌

Walmart

Inc

110,797‌

13,471‌

Yum!

Brands

Inc

22,505‌

2,554‌

$

127,285‌

Semiconductors

-

4

.93

%

Advanced

Micro

Devices

Inc

(c)

127,890‌

9,780‌

Analog

Devices

Inc

41,300‌

6,034‌

Applied

Materials

Inc

69,717‌

6,343‌

Schedule

of

Investments

LargeCap

S&P

500

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

166

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Semiconductors

(continued)

Broadcom

Inc

32,222‌

$

15,654‌

Intel

Corp

322,699‌

12,072‌

KLA

Corp

11,778‌

3,758‌

Lam

Research

Corp

10,948‌

4,665‌

Microchip

Technology

Inc

43,878‌

2,548‌

Micron

Technology

Inc

88,125‌

4,872‌

Monolithic

Power

Systems

Inc

3,460‌

1,329‌

NVIDIA

Corp

197,613‌

29,956‌

NXP

Semiconductors

NV

20,722‌

3,067‌

ON

Semiconductor

Corp

(c)

34,290‌

1,725‌

Qorvo

Inc

(c)

8,557‌

807‌

QUALCOMM

Inc

88,390‌

11,291‌

Skyworks

Solutions

Inc

12,701‌

1,177‌

Teradyne

Inc

12,644‌

1,132‌

Texas

Instruments

Inc

72,774‌

11,182‌

$

127,392‌

Shipbuilding

-

0

.03

%

Huntington

Ingalls

Industries

Inc

3,160‌

688‌

Software

-

9

.63

%

Activision

Blizzard

Inc

61,705‌

4,804‌

Adobe

Inc

(c)

37,289‌

13,650‌

Akamai

Technologies

Inc

(c)

12,652‌

1,156‌

ANSYS

Inc

(c)

6,865‌

1,643‌

Autodesk

Inc

(c)

17,168‌

2,952‌

Broadridge

Financial

Solutions

Inc

9,251‌

1,319‌

Cadence

Design

Systems

Inc

(c)

21,763‌

3,265‌

Ceridian

HCM

Holding

Inc

(c)

10,841‌

510‌

Citrix

Systems

Inc

9,843‌

956‌

Electronic

Arts

Inc

22,193‌

2,700‌

Fidelity

National

Information

Services

Inc

48,201‌

4,419‌

Fiserv

Inc

(c)

45,912‌

4,085‌

Intuit

Inc

22,319‌

8,603‌

Jack

Henry

&

Associates

Inc

5,750‌

1,035‌

Microsoft

Corp

590,237‌

151,591‌

MSCI

Inc

6,402‌

2,639‌

Oracle

Corp

124,234‌

8,680‌

Paychex

Inc

25,357‌

2,887‌

Paycom

Software

Inc

(c)

3,800‌

1,064‌

PTC

Inc

(c)

8,308‌

883‌

Roper

Technologies

Inc

8,358‌

3,299‌

Salesforce

Inc

(c)

78,408‌

12,940‌

ServiceNow

Inc

(c)

15,820‌

7,523‌

Synopsys

Inc

(c)

12,082‌

3,669‌

Take-Two

Interactive

Software

Inc

(c)

12,476‌

1,529‌

Tyler

Technologies

Inc

(c)

3,273‌

1,088‌

$

248,889‌

Telecommunications

-

2

.20

%

Arista

Networks

Inc

(c)

17,759‌

1,665‌

AT&T

Inc

564,981‌

11,842‌

Cisco

Systems

Inc

327,844‌

13,979‌

Corning

Inc

59,989‌

1,890‌

Juniper

Networks

Inc

25,499‌

727‌

Lumen

Technologies

Inc

73,374‌

801‌

Motorola

Solutions

Inc

13,203‌

2,767‌

T-Mobile

US

Inc

(c)

46,497‌

6,256‌

Verizon

Communications

Inc

331,431‌

16,820‌

$

56,747‌

Toys,

Games

&

Hobbies

-

0

.03

%

Hasbro

Inc

10,344‌

847‌

Transportation

-

1

.54

%

CH

Robinson

Worldwide

Inc

10,044‌

1,018‌

CSX

Corp

171,591‌

4,987‌

Expeditors

International

of

Washington

Inc

13,240‌

1,291‌

FedEx

Corp

18,818‌

4,266‌

JB

Hunt

Transport

Services

Inc

6,615‌

1,042‌

Norfolk

Southern

Corp

18,810‌

4,275‌

Old

Dominion

Freight

Line

Inc

7,247‌

1,857‌

Union

Pacific

Corp

49,564‌

10,571‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Transportation

(continued)

United

Parcel

Service

Inc

57,961‌

$

10,580‌

$

39,887‌

Water

-

0

.08

%

American

Water

Works

Co

Inc

14,343‌

2,134‌

TOTAL

COMMON

STOCKS

$

2,517,774‌

Total

Investments

$

2,589,133‌

Other

Assets

and

Liabilities

-  (0.20)%

(

5,186‌

)

TOTAL

NET

ASSETS

-

100.00%

$

2,583,947‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

(c)

Non-income

producing

security

(d)

Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$5,730

or

0.22%

of

net

assets.

Portfolio

Summary  (unaudited)

Sector

Percent

Technology

22

.58‌

%

Consumer,

Non-cyclical

21

.95‌

%

Financial

14

.56‌

%

Communications

12

.50‌

%

Consumer,

Cyclical

8

.88‌

%

Industrial

7

.54‌

%

Energy

4

.37‌

%

Utilities

3

.02‌

%

Money

Market

Funds

2

.54‌

%

Basic

Materials

2

.04‌

%

Investment

Companies

0

.22‌

%

Other

Assets

and

Liabilities

(

0

.20‌

)

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

LargeCap

S&P

500

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

167

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

91,329‌

$

321,370‌

$

347,033‌

$

65,666‌

$

91,329‌

$

321,370‌

$

347,033‌

$

65,666‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

65‌

$

—‌

$

—‌

$

—‌

$

65‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini;

September

2022

Long

347‌

$

65,748‌

$

(

2,721‌

)

Total

$

(

2,721‌

)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

LargeCap

S&P

500

Managed

Volatility

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

168

INVESTMENT

COMPANIES

-

6

.75

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0

.18

%

iShares

Core

S&P

500

ETF

916‌

$

347‌

Money

Market

Funds

-

6

.57

%

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

(a),(b)

12,517,523‌

12,518‌

TOTAL

INVESTMENT

COMPANIES

$

12,865‌

COMMON

STOCKS

-

93

.04

%

Shares

Held

Value

(000's)

Advertising

-

0

.07

%

Interpublic

Group

of

Cos

Inc/The

2,187‌

$

60‌

Omnicom

Group

Inc

1,144‌

73‌

$

133‌

Aerospace

&

Defense

-

1

.59

%

Boeing

Co/The

(c)

3,092‌

423‌

General

Dynamics

Corp

1,281‌

283‌

Howmet

Aerospace

Inc

2,092‌

66‌

L3Harris

Technologies

Inc

1,073‌

259‌

Lockheed

Martin

Corp

1,317‌

566‌

Northrop

Grumman

Corp

813‌

389‌

Raytheon

Technologies

Corp

8,271‌

795‌

Teledyne

Technologies

Inc

(c)

260‌

98‌

TransDigm

Group

Inc

(c)

289‌

155‌

$

3,034‌

Agriculture

-

0

.79

%

Altria

Group

Inc

10,068‌

420‌

Archer-Daniels-Midland

Co

3,128‌

243‌

Philip

Morris

International

Inc

8,618‌

851‌

$

1,514‌

Airlines

-

0

.19

%

Alaska

Air

Group

Inc

(c)

701‌

28‌

American

Airlines

Group

Inc

(c)

3,610‌

46‌

Delta

Air

Lines

Inc

(c)

3,563‌

103‌

Southwest

Airlines

Co

(c)

3,296‌

119‌

United

Airlines

Holdings

Inc

(c)

1,815‌

64‌

$

360‌

Apparel

-

0

.47

%

NIKE

Inc

7,055‌

721‌

PVH

Corp

376‌

21‌

Ralph

Lauren

Corp

257‌

23‌

Tapestry

Inc

1,401‌

43‌

VF

Corp

1,794‌

79‌

$

887‌

Automobile

Manufacturers

-

2

.07

%

Cummins

Inc

785‌

152‌

Ford

Motor

Co

21,956‌

244‌

General

Motors

Co

(c)

8,106‌

258‌

PACCAR

Inc

1,933‌

159‌

Tesla

Inc

(c)

4,666‌

3,142‌

$

3,955‌

Automobile

Parts

&

Equipment

-

0

.09

%

Aptiv

PLC

(c)

1,506‌

134‌

BorgWarner

Inc

1,332‌

45‌

$

179‌

Banks

-

4

.26

%

Bank

of

America

Corp

39,421‌

1,227‌

Bank

of

New

York

Mellon

Corp/The

4,131‌

172‌

Citigroup

Inc

10,798‌

497‌

Citizens

Financial

Group

Inc

2,728‌

97‌

Comerica

Inc

727‌

53‌

Fifth

Third

Bancorp

3,813‌

128‌

First

Republic

Bank/CA

997‌

144‌

Goldman

Sachs

Group

Inc/The

1,909‌

567‌

Huntington

Bancshares

Inc/OH

8,001‌

96‌

JPMorgan

Chase

&

Co

16,332‌

1,839‌

KeyCorp

5,183‌

89‌

M&T

Bank

Corp

997‌

159‌

Morgan

Stanley

7,782‌

592‌

Northern

Trust

Corp

1,158‌

112‌

PNC

Financial

Services

Group

Inc/The

2,300‌

363‌

Regions

Financial

Corp

5,197‌

97‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

(continued)

Signature

Bank/New

York

NY

349‌

$

63‌

State

Street

Corp

2,041‌

126‌

SVB

Financial

Group

(c)

327‌

129‌

Truist

Financial

Corp

7,402‌

351‌

US

Bancorp

7,516‌

346‌

Wells

Fargo

&

Co

21,076‌

826‌

Zions

Bancorp

NA

841‌

43‌

$

8,116‌

Beverages

-

1

.74

%

Brown-Forman

Corp

-

B

Shares

1,016‌

71‌

Coca-Cola

Co/The

21,692‌

1,365‌

Constellation

Brands

Inc

906‌

211‌

Keurig

Dr

Pepper

Inc

4,100‌

145‌

Molson

Coors

Beverage

Co

1,047‌

57‌

Monster

Beverage

Corp

(c)

2,091‌

194‌

PepsiCo

Inc

7,688‌

1,281‌

$

3,324‌

Biotechnology

-

1

.50

%

Amgen

Inc

2,971‌

723‌

Biogen

Inc

(c)

814‌

166‌

Bio-Rad

Laboratories

Inc

(c)

120‌

59‌

Corteva

Inc

4,025‌

218‌

Gilead

Sciences

Inc

6,973‌

431‌

Illumina

Inc

(c)

873‌

161‌

Incyte

Corp

(c)

1,046‌

79‌

Moderna

Inc

(c)

1,925‌

275‌

Regeneron

Pharmaceuticals

Inc

(c)

600‌

355‌

Vertex

Pharmaceuticals

Inc

(c)

1,422‌

401‌

$

2,868‌

Building

Materials

-

0

.37

%

Carrier

Global

Corp

4,717‌

168‌

Fortune

Brands

Home

&

Security

Inc

728‌

44‌

Johnson

Controls

International

plc

3,869‌

185‌

Martin

Marietta

Materials

Inc

346‌

104‌

Masco

Corp

1,312‌

66‌

Mohawk

Industries

Inc

(c)

287‌

36‌

Vulcan

Materials

Co

738‌

105‌

$

708‌

Chemicals

-

1

.55

%

Air

Products

and

Chemicals

Inc

1,233‌

297‌

Albemarle

Corp

651‌

136‌

Celanese

Corp

602‌

71‌

CF

Industries

Holdings

Inc

1,160‌

99‌

Dow

Inc

4,049‌

209‌

DuPont

de

Nemours

Inc

2,828‌

157‌

Eastman

Chemical

Co

716‌

64‌

Ecolab

Inc

1,381‌

212‌

FMC

Corp

701‌

75‌

International

Flavors

&

Fragrances

Inc

1,416‌

169‌

Linde

PLC

2,799‌

805‌

LyondellBasell

Industries

NV

1,440‌

126‌

Mosaic

Co/The

2,013‌

95‌

PPG

Industries

Inc

1,314‌

150‌

Sherwin-Williams

Co/The

1,331‌

298‌

$

2,963‌

Commercial

Services

-

1

.60

%

Automatic

Data

Processing

Inc

2,323‌

488‌

Cintas

Corp

484‌

181‌

Equifax

Inc

680‌

124‌

FleetCor

Technologies

Inc

(c)

431‌

91‌

Gartner

Inc

(c)

448‌

108‌

Global

Payments

Inc

1,566‌

173‌

MarketAxess

Holdings

Inc

210‌

54‌

Moody's

Corp

893‌

243‌

Nielsen

Holdings

PLC

1,999‌

46‌

PayPal

Holdings

Inc

(c)

6,440‌

450‌

Quanta

Services

Inc

799‌

100‌

Robert

Half

International

Inc

614‌

46‌

Rollins

Inc

1,259‌

44‌

Schedule

of

Investments

LargeCap

S&P

500

Managed

Volatility

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

169

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Commercial

Services

(continued)

S&P

Global

Inc

1,931‌

$

651‌

United

Rentals

Inc

(c)

399‌

97‌

Verisk

Analytics

Inc

878‌

152‌

$

3,048‌

Computers

-

7

.61

%

Accenture

PLC

-

Class

A

3,521‌

978‌

Apple

Inc

85,494‌

11,689‌

Cognizant

Technology

Solutions

Corp

2,898‌

196‌

DXC

Technology

Co

(c)

1,357‌

41‌

EPAM

Systems

Inc

(c)

317‌

93‌

Fortinet

Inc

(c)

3,705‌

210‌

Hewlett

Packard

Enterprise

Co

7,228‌

96‌

HP

Inc

5,858‌

192‌

International

Business

Machines

Corp

5,001‌

706‌

Leidos

Holdings

Inc

760‌

76‌

NetApp

Inc

1,237‌

81‌

Seagate

Technology

Holdings

PLC

1,100‌

78‌

Western

Digital

Corp

(c)

1,741‌

78‌

$

14,514‌

Consumer

Products

-

0

.29

%

Avery

Dennison

Corp

455‌

74‌

Church

&

Dwight

Co

Inc

1,349‌

125‌

Clorox

Co/The

684‌

96‌

Kimberly-Clark

Corp

1,873‌

253‌

$

548‌

Cosmetics

&

Personal

Care

-

1

.37

%

Colgate-Palmolive

Co

4,660‌

374‌

Estee

Lauder

Cos

Inc/The

1,288‌

328‌

Procter

&

Gamble

Co/The

13,339‌

1,918‌

$

2,620‌

Distribution

&

Wholesale

-

0

.29

%

Copart

Inc

(c)

1,188‌

129‌

Fastenal

Co

3,199‌

160‌

LKQ

Corp

1,447‌

71‌

Pool

Corp

223‌

78‌

WW

Grainger

Inc

239‌

109‌

$

547‌

Diversified

Financial

Services

-

3

.44

%

American

Express

Co

3,392‌

470‌

Ameriprise

Financial

Inc

612‌

145‌

BlackRock

Inc

791‌

482‌

Capital

One

Financial

Corp

2,186‌

228‌

Cboe

Global

Markets

Inc

590‌

67‌

Charles

Schwab

Corp/The

8,384‌

530‌

CME

Group

Inc

1,998‌

409‌

Discover

Financial

Services

1,563‌

148‌

Franklin

Resources

Inc

1,558‌

36‌

Intercontinental

Exchange

Inc

3,105‌

292‌

Invesco

Ltd

1,873‌

30‌

Mastercard

Inc

4,776‌

1,507‌

Nasdaq

Inc

641‌

98‌

Raymond

James

Financial

Inc

1,080‌

96‌

Synchrony

Financial

2,789‌

77‌

T

Rowe

Price

Group

Inc

1,264‌

143‌

Visa

Inc

9,151‌

1,802‌

$

6,560‌

Electric

-

2

.73

%

AES

Corp/The

3,712‌

78‌

Alliant

Energy

Corp

1,394‌

82‌

Ameren

Corp

1,435‌

130‌

American

Electric

Power

Co

Inc

2,855‌

274‌

CenterPoint

Energy

Inc

3,498‌

103‌

CMS

Energy

Corp

1,613‌

109‌

Consolidated

Edison

Inc

1,970‌

187‌

Constellation

Energy

Corp

1,816‌

104‌

Dominion

Energy

Inc

4,509‌

360‌

DTE

Energy

Co

1,077‌

137‌

Duke

Energy

Corp

4,280‌

459‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electric

(continued)

Edison

International

2,119‌

$

134‌

Entergy

Corp

1,130‌

127‌

Evergy

Inc

1,275‌

83‌

Eversource

Energy

1,917‌

162‌

Exelon

Corp

5,449‌

247‌

FirstEnergy

Corp

3,173‌

122‌

NextEra

Energy

Inc

10,922‌

846‌

NRG

Energy

Inc

1,320‌

50‌

Pinnacle

West

Capital

Corp

628‌

46‌

PPL

Corp

4,092‌

111‌

Public

Service

Enterprise

Group

Inc

2,777‌

176‌

Sempra

Energy

1,748‌

263‌

Southern

Co/The

5,907‌

421‌

WEC

Energy

Group

Inc

1,753‌

176‌

Xcel

Energy

Inc

3,028‌

214‌

$

5,201‌

Electrical

Components

&

Equipment

-

0

.25

%

AMETEK

Inc

1,283‌

141‌

Emerson

Electric

Co

3,302‌

263‌

Generac

Holdings

Inc

(c)

354‌

74‌

$

478‌

Electronics

-

0

.98

%

Agilent

Technologies

Inc

1,668‌

198‌

Allegion

plc

489‌

48‌

Amphenol

Corp

3,319‌

214‌

Fortive

Corp

1,993‌

108‌

Garmin

Ltd

848‌

83‌

Honeywell

International

Inc

3,786‌

658‌

Keysight

Technologies

Inc

(c)

1,012‌

139‌

Mettler-Toledo

International

Inc

(c)

126‌

145‌

TE

Connectivity

Ltd

1,792‌

203‌

Trimble

Inc

(c)

1,390‌

81‌

$

1,877‌

Energy

-

Alternate

Sources

-

0

.12

%

Enphase

Energy

Inc

(c)

750‌

146‌

SolarEdge

Technologies

Inc

(c)

307‌

84‌

$

230‌

Engineering

&

Construction

-

0

.05

%

Jacobs

Engineering

Group

Inc

716‌

91‌

Entertainment

-

0

.07

%

Caesars

Entertainment

Inc

(c)

1,191‌

45‌

Live

Nation

Entertainment

Inc

(c)

761‌

63‌

Penn

National

Gaming

Inc

(c)

909‌

28‌

$

136‌

Environmental

Control

-

0

.27

%

Pentair

PLC

917‌

42‌

Republic

Services

Inc

1,159‌

152‌

Waste

Management

Inc

2,125‌

325‌

$

519‌

Food

-

1

.14

%

Campbell

Soup

Co

1,123‌

54‌

Conagra

Brands

Inc

2,667‌

91‌

General

Mills

Inc

3,347‌

252‌

Hershey

Co/The

811‌

174‌

Hormel

Foods

Corp

1,575‌

75‌

J

M

Smucker

Co/The

603‌

77‌

Kellogg

Co

1,410‌

101‌

Kraft

Heinz

Co/The

3,946‌

150‌

Kroger

Co/The

3,648‌

173‌

Lamb

Weston

Holdings

Inc

804‌

57‌

McCormick

&

Co

Inc/MD

1,391‌

116‌

Mondelez

International

Inc

7,696‌

478‌

Sysco

Corp

2,832‌

240‌

Tyson

Foods

Inc

1,622‌

140‌

$

2,178‌

Forest

Products

&

Paper

-

0

.05

%

International

Paper

Co

2,061‌

86‌

Schedule

of

Investments

LargeCap

S&P

500

Managed

Volatility

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

170

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Gas

-

0

.08

%

Atmos

Energy

Corp

772‌

$

87‌

NiSource

Inc

2,255‌

66‌

$

153‌

Hand

&

Machine

Tools

-

0

.08

%

Snap-on

Inc

296‌

58‌

Stanley

Black

&

Decker

Inc

840‌

88‌

$

146‌

Healthcare

-

Products

-

3

.61

%

Abbott

Laboratories

9,736‌

1,058‌

ABIOMED

Inc

(c)

253‌

63‌

Align

Technology

Inc

(c)

407‌

96‌

Baxter

International

Inc

2,799‌

180‌

Bio-Techne

Corp

218‌

76‌

Boston

Scientific

Corp

(c)

7,947‌

296‌

Cooper

Cos

Inc/The

274‌

86‌

Danaher

Corp

3,598‌

912‌

DENTSPLY

SIRONA

Inc

1,198‌

43‌

Edwards

Lifesciences

Corp

(c)

3,459‌

329‌

Henry

Schein

Inc

(c)

769‌

59‌

Hologic

Inc

(c)

1,388‌

96‌

IDEXX

Laboratories

Inc

(c)

468‌

164‌

Intuitive

Surgical

Inc

(c)

1,995‌

400‌

Medtronic

PLC

7,458‌

669‌

PerkinElmer

Inc

701‌

100‌

ResMed

Inc

813‌

170‌

STERIS

PLC

556‌

115‌

Stryker

Corp

1,871‌

372‌

Teleflex

Inc

260‌

64‌

Thermo

Fisher

Scientific

Inc

2,177‌

1,183‌

Waters

Corp

(c)

335‌

111‌

West

Pharmaceutical

Services

Inc

411‌

124‌

Zimmer

Biomet

Holdings

Inc

1,165‌

122‌

$

6,888‌

Healthcare

-

Services

-

2

.57

%

Catalent

Inc

(c)

996‌

107‌

Centene

Corp

(c)

3,252‌

275‌

Charles

River

Laboratories

International

Inc

(c)

282‌

60‌

DaVita

Inc

(c)

337‌

27‌

Elevance

Health

Inc

1,341‌

647‌

HCA

Healthcare

Inc

1,266‌

213‌

Humana

Inc

704‌

329‌

IQVIA

Holdings

Inc

(c)

1,053‌

228‌

Laboratory

Corp

of

America

Holdings

516‌

121‌

Molina

Healthcare

Inc

(c)

326‌

91‌

Quest

Diagnostics

Inc

653‌

87‌

UnitedHealth

Group

Inc

5,217‌

2,680‌

Universal

Health

Services

Inc

374‌

38‌

$

4,903‌

Home

Builders

-

0

.18

%

DR

Horton

Inc

1,782‌

118‌

Lennar

Corp

-

A

Shares

1,439‌

102‌

NVR

Inc

(c)

17‌

68‌

PulteGroup

Inc

1,322‌

52‌

$

340‌

Home

Furnishings

-

0

.03

%

Whirlpool

Corp

313‌

49‌

Housewares

-

0

.02

%

Newell

Brands

Inc

2,047‌

39‌

Insurance

-

3

.49

%

Aflac

Inc

3,296‌

182‌

Allstate

Corp/The

1,530‌

194‌

American

International

Group

Inc

4,405‌

225‌

Aon

PLC

1,181‌

319‌

Arthur

J

Gallagher

&

Co

1,168‌

191‌

Assurant

Inc

301‌

52‌

Berkshire

Hathaway

Inc

-

Class

B

(c)

10,060‌

2,747‌

Brown

&

Brown

Inc

1,302‌

76‌

Chubb

Ltd

2,356‌

463‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

(continued)

Cincinnati

Financial

Corp

830‌

$

99‌

Everest

Re

Group

Ltd

219‌

61‌

Globe

Life

Inc

505‌

49‌

Hartford

Financial

Services

Group

Inc/The

1,829‌

120‌

Lincoln

National

Corp

899‌

42‌

Loews

Corp

1,082‌

64‌

Marsh

&

McLennan

Cos

Inc

2,791‌

433‌

MetLife

Inc

3,844‌

241‌

Principal

Financial

Group

Inc

1,307‌

87‌

Progressive

Corp/The

3,252‌

378‌

Prudential

Financial

Inc

2,086‌

200‌

Travelers

Cos

Inc/The

1,335‌

226‌

W

R

Berkley

Corp

1,164‌

80‌

Willis

Towers

Watson

PLC

620‌

122‌

$

6,651‌

Internet

-

8

.34

%

Alphabet

Inc

-

A

Shares

(c)

1,672‌

3,644‌

Alphabet

Inc

-

C

Shares

(c)

1,533‌

3,353‌

Amazon.com

Inc

(c)

48,651‌

5,167‌

Booking

Holdings

Inc

(c)

226‌

395‌

CDW

Corp/DE

751‌

118‌

eBay

Inc

3,113‌

130‌

Etsy

Inc

(c)

706‌

52‌

Expedia

Group

Inc

(c)

842‌

80‌

F5

Inc

(c)

336‌

51‌

Match

Group

Inc

(c)

1,588‌

111‌

Meta

Platforms

Inc

(c)

12,753‌

2,056‌

Netflix

Inc

(c)

2,470‌

432‌

NortonLifeLock

Inc

3,234‌

71‌

Twitter

Inc

(c)

4,242‌

159‌

VeriSign

Inc

(c)

530‌

89‌

$

15,908‌

Iron

&

Steel

-

0

.08

%

Nucor

Corp

1,480‌

155‌

Leisure

Products

&

Services

-

0

.06

%

Carnival

Corp

(c)

4,511‌

39‌

Norwegian

Cruise

Line

Holdings

Ltd

(c)

2,330‌

26‌

Royal

Caribbean

Cruises

Ltd

(c)

1,247‌

44‌

$

109‌

Lodging

-

0

.28

%

Hilton

Worldwide

Holdings

Inc

1,547‌

173‌

Las

Vegas

Sands

Corp

(c)

1,910‌

64‌

Marriott

International

Inc/MD

1,528‌

208‌

MGM

Resorts

International

1,967‌

57‌

Wynn

Resorts

Ltd

(c)

586‌

33‌

$

535‌

Machinery

-

Construction

&

Mining

-

0

.28

%

Caterpillar

Inc

2,966‌

530‌

Machinery

-

Diversified

-

0

.66

%

Deere

&

Co

1,553‌

465‌

Dover

Corp

801‌

97‌

IDEX

Corp

422‌

77‌

Ingersoll

Rand

Inc

2,258‌

95‌

Nordson

Corp

300‌

61‌

Otis

Worldwide

Corp

2,351‌

166‌

Rockwell

Automation

Inc

646‌

129‌

Westinghouse

Air

Brake

Technologies

Corp

1,016‌

83‌

Xylem

Inc/NY

1,001‌

78‌

$

1,251‌

Media

-

1

.42

%

Charter

Communications

Inc

(c)

645‌

302‌

Comcast

Corp

-

Class

A

24,859‌

975‌

DISH

Network

Corp

(c)

1,393‌

25‌

FactSet

Research

Systems

Inc

210‌

81‌

Fox

Corp

-

A

Shares

1,734‌

56‌

Fox

Corp

-

B

Shares

804‌

24‌

News

Corp

-

A

Shares

2,161‌

34‌

News

Corp

-

B

Shares

670‌

11‌

Schedule

of

Investments

LargeCap

S&P

500

Managed

Volatility

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

171

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Media

(continued)

Paramount

Global

-

Class

B

3,381‌

$

83‌

Walt

Disney

Co/The

(c)

10,127‌

956‌

Warner

Bros

Discovery

Inc

(c)

12,278‌

165‌

$

2,712‌

Mining

-

0

.26

%

Freeport-McMoRan

Inc

8,059‌

236‌

Newmont

Corp

4,413‌

263‌

$

499‌

Miscellaneous

Manufacturers

-

0

.96

%

3M

Co

3,165‌

410‌

A

O

Smith

Corp

724‌

40‌

Eaton

Corp

PLC

2,218‌

279‌

General

Electric

Co

6,119‌

390‌

Illinois

Tool

Works

Inc

1,576‌

287‌

Parker-Hannifin

Corp

713‌

175‌

Textron

Inc

1,196‌

73‌

Trane

Technologies

PLC

1,300‌

169‌

$

1,823‌

Office

&

Business

Equipment

-

0

.05

%

Zebra

Technologies

Corp

(c)

292‌

86‌

Oil

&

Gas

-

3

.46

%

APA

Corp

1,881‌

66‌

Chevron

Corp

10,924‌

1,582‌

ConocoPhillips

7,193‌

646‌

Coterra

Energy

Inc

4,481‌

116‌

Devon

Energy

Corp

3,413‌

188‌

Diamondback

Energy

Inc

928‌

112‌

EOG

Resources

Inc

3,256‌

360‌

Exxon

Mobil

Corp

(d)

23,424‌

2,006‌

Hess

Corp

1,540‌

163‌

Marathon

Oil

Corp

3,936‌

89‌

Marathon

Petroleum

Corp

3,009‌

247‌

Occidental

Petroleum

Corp

4,949‌

291‌

Phillips

66

2,675‌

219‌

Pioneer

Natural

Resources

Co

1,252‌

279‌

Valero

Energy

Corp

2,269‌

241‌

$

6,605‌

Oil

&

Gas

Services

-

0

.31

%

Baker

Hughes

Co

5,199‌

150‌

Halliburton

Co

5,014‌

157‌

Schlumberger

NV

7,858‌

281‌

$

588‌

Packaging

&

Containers

-

0

.21

%

Amcor

PLC

8,356‌

104‌

Ball

Corp

1,779‌

122‌

Packaging

Corp

of

America

522‌

72‌

Sealed

Air

Corp

813‌

47‌

Westrock

Co

1,418‌

56‌

$

401‌

Pharmaceuticals

-

6

.33

%

AbbVie

Inc

9,824‌

1,505‌

AmerisourceBergen

Corp

838‌

118‌

Becton

Dickinson

and

Co

1,585‌

391‌

Bristol-Myers

Squibb

Co

11,839‌

912‌

Cardinal

Health

Inc

1,515‌

79‌

Cigna

Corp

1,765‌

465‌

CVS

Health

Corp

7,290‌

675‌

Dexcom

Inc

(c)

2,182‌

163‌

Eli

Lilly

&

Co

4,386‌

1,422‌

Johnson

&

Johnson

14,630‌

2,597‌

McKesson

Corp

809‌

264‌

Merck

&

Co

Inc

14,060‌

1,282‌

Organon

&

Co

1,410‌

47‌

Pfizer

Inc

31,197‌

1,636‌

Viatris

Inc

6,739‌

70‌

Zoetis

Inc

2,617‌

450‌

$

12,076‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Pipelines

-

0

.28

%

Kinder

Morgan

Inc

10,841‌

$

182‌

ONEOK

Inc

2,483‌

138‌

Williams

Cos

Inc/The

6,771‌

211‌

$

531‌

Real

Estate

-

0

.07

%

CBRE

Group

Inc

1,818‌

134‌

REITs

-

2

.65

%

Alexandria

Real

Estate

Equities

Inc

825‌

120‌

American

Tower

Corp

2,583‌

660‌

AvalonBay

Communities

Inc

777‌

151‌

Boston

Properties

Inc

792‌

71‌

Camden

Property

Trust

592‌

80‌

Crown

Castle

International

Corp

2,407‌

405‌

Digital

Realty

Trust

Inc

1,582‌

205‌

Duke

Realty

Corp

2,137‌

117‌

Equinix

Inc

506‌

332‌

Equity

Residential

1,902‌

137‌

Essex

Property

Trust

Inc

363‌

95‌

Extra

Space

Storage

Inc

746‌

127‌

Federal

Realty

OP

LP

397‌

38‌

Healthpeak

Properties

Inc

2,999‌

78‌

Host

Hotels

&

Resorts

Inc

3,973‌

62‌

Iron

Mountain

Inc

1,615‌

79‌

Kimco

Realty

Corp

3,435‌

68‌

Mid-America

Apartment

Communities

Inc

641‌

112‌

Prologis

Inc

4,116‌

484‌

Public

Storage

849‌

266‌

Realty

Income

Corp

3,344‌

228‌

Regency

Centers

Corp

862‌

51‌

SBA

Communications

Corp

600‌

192‌

Simon

Property

Group

Inc

1,825‌

173‌

UDR

Inc

1,664‌

77‌

Ventas

Inc

2,222‌

114‌

VICI

Properties

Inc

5,353‌

160‌

Vornado

Realty

Trust

884‌

25‌

Welltower

Inc

2,524‌

208‌

Weyerhaeuser

Co

4,139‌

137‌

$

5,052‌

Retail

-

4

.71

%

Advance

Auto

Parts

Inc

340‌

59‌

AutoZone

Inc

(c)

110‌

236‌

Bath

&

Body

Works

Inc

1,327‌

36‌

Best

Buy

Co

Inc

1,126‌

73‌

CarMax

Inc

(c)

893‌

81‌

Chipotle

Mexican

Grill

Inc

(c)

156‌

204‌

Costco

Wholesale

Corp

2,464‌

1,181‌

Darden

Restaurants

Inc

694‌

79‌

Dollar

General

Corp

1,273‌

313‌

Dollar

Tree

Inc

(c)

1,251‌

195‌

Domino's

Pizza

Inc

201‌

78‌

Genuine

Parts

Co

788‌

105‌

Home

Depot

Inc/The

5,746‌

1,576‌

Lowe's

Cos

Inc

3,677‌

642‌

McDonald's

Corp

4,113‌

1,016‌

O'Reilly

Automotive

Inc

(c)

366‌

231‌

Ross

Stores

Inc

1,954‌

137‌

Starbucks

Corp

6,377‌

487‌

Target

Corp

2,572‌

363‌

TJX

Cos

Inc/The

6,531‌

365‌

Tractor

Supply

Co

623‌

121‌

Ulta

Beauty

Inc

(c)

291‌

112‌

Walgreens

Boots

Alliance

Inc

3,985‌

151‌

Walmart

Inc

7,807‌

949‌

Yum!

Brands

Inc

1,586‌

180‌

$

8,970‌

Semiconductors

-

4

.71

%

Advanced

Micro

Devices

Inc

(c)

9,011‌

689‌

Analog

Devices

Inc

2,910‌

425‌

Applied

Materials

Inc

4,913‌

447‌

Schedule

of

Investments

LargeCap

S&P

500

Managed

Volatility

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

172

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Semiconductors

(continued)

Broadcom

Inc

2,271‌

$

1,103‌

Intel

Corp

22,735‌

851‌

KLA

Corp

830‌

265‌

Lam

Research

Corp

772‌

329‌

Microchip

Technology

Inc

3,090‌

179‌

Micron

Technology

Inc

6,208‌

343‌

Monolithic

Power

Systems

Inc

243‌

93‌

NVIDIA

Corp

13,922‌

2,110‌

NXP

Semiconductors

NV

1,460‌

216‌

ON

Semiconductor

Corp

(c)

2,416‌

122‌

Qorvo

Inc

(c)

603‌

57‌

QUALCOMM

Inc

6,228‌

796‌

Skyworks

Solutions

Inc

895‌

83‌

Teradyne

Inc

891‌

80‌

Texas

Instruments

Inc

5,127‌

788‌

$

8,976‌

Shipbuilding

-

0

.03

%

Huntington

Ingalls

Industries

Inc

222‌

48‌

Software

-

9

.20

%

Activision

Blizzard

Inc

4,346‌

338‌

Adobe

Inc

(c)

2,627‌

962‌

Akamai

Technologies

Inc

(c)

892‌

81‌

ANSYS

Inc

(c)

484‌

116‌

Autodesk

Inc

(c)

1,210‌

208‌

Broadridge

Financial

Solutions

Inc

651‌

93‌

Cadence

Design

Systems

Inc

(c)

1,534‌

230‌

Ceridian

HCM

Holding

Inc

(c)

763‌

36‌

Citrix

Systems

Inc

693‌

67‌

Electronic

Arts

Inc

1,563‌

190‌

Fidelity

National

Information

Services

Inc

3,396‌

311‌

Fiserv

Inc

(c)

3,235‌

288‌

Intuit

Inc

1,572‌

606‌

Jack

Henry

&

Associates

Inc

405‌

73‌

Microsoft

Corp

(d)

41,584‌

10,680‌

MSCI

Inc

451‌

186‌

Oracle

Corp

8,752‌

612‌

Paychex

Inc

1,786‌

203‌

Paycom

Software

Inc

(c)

267‌

75‌

PTC

Inc

(c)

585‌

62‌

Roper

Technologies

Inc

588‌

232‌

Salesforce

Inc

(c)

5,524‌

912‌

ServiceNow

Inc

(c)

1,114‌

530‌

Synopsys

Inc

(c)

851‌

258‌

Take-Two

Interactive

Software

Inc

(c)

879‌

108‌

Tyler

Technologies

Inc

(c)

230‌

77‌

$

17,534‌

Telecommunications

-

2

.10

%

Arista

Networks

Inc

(c)

1,251‌

117‌

AT&T

Inc

39,804‌

834‌

Cisco

Systems

Inc

23,099‌

985‌

Corning

Inc

4,225‌

133‌

Juniper

Networks

Inc

1,797‌

51‌

Lumen

Technologies

Inc

5,168‌

57‌

Motorola

Solutions

Inc

931‌

195‌

T-Mobile

US

Inc

(c)

3,276‌

441‌

Verizon

Communications

Inc

23,350‌

1,185‌

$

3,998‌

Toys,

Games

&

Hobbies

-

0

.03

%

Hasbro

Inc

728‌

60‌

Transportation

-

1

.47

%

CH

Robinson

Worldwide

Inc

708‌

72‌

CSX

Corp

12,090‌

351‌

Expeditors

International

of

Washington

Inc

933‌

91‌

FedEx

Corp

1,326‌

301‌

JB

Hunt

Transport

Services

Inc

466‌

73‌

Norfolk

Southern

Corp

1,326‌

302‌

Old

Dominion

Freight

Line

Inc

511‌

131‌

Union

Pacific

Corp

3,493‌

745‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Transportation

(continued)

United

Parcel

Service

Inc

4,083‌

$

745‌

$

2,811‌

Water

-

0

.08

%

American

Water

Works

Co

Inc

1,010‌

150‌

TOTAL

COMMON

STOCKS

$

177,385‌

TOTAL

PURCHASED

OPTIONS

-

0.54%

$

1,041‌

Total

Investments

$

191,291‌

Other

Assets

and

Liabilities

-  (0.33)%

(

631‌

)

TOTAL

NET

ASSETS

-

100.00%

$

190,660‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

(c)

Non-income

producing

security

(d)

Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$2,328

or

1.22%

of

net

assets.

Portfolio

Summary  (unaudited)

Sector

Percent

Technology

21

.57‌

%

Consumer,

Non-cyclical

20

.94‌

%

Financial

13

.91‌

%

Communications

11

.93‌

%

Consumer,

Cyclical

8

.49‌

%

Industrial

7

.20‌

%

Money

Market

Funds

6

.57‌

%

Energy

4

.17‌

%

Utilities

2

.89‌

%

Basic

Materials

1

.94‌

%

Purchased

Options

0

.54‌

%

Investment

Companies

0

.18‌

%

Other

Assets

and

Liabilities

(

0

.33‌

)

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

LargeCap

S&P

500

Managed

Volatility

Index

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

173

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

16,905‌

$

34,922‌

$

39,309‌

$

12,518‌

$

16,905‌

$

34,922‌

$

39,309‌

$

12,518‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

15‌

$

—‌

$

—‌

$

—‌

$

15‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

S&P

500

Index

N/A

60‌

$

6‌

$

3,800

.00‌

07/18/2022

$

369‌

$

409‌

$

40‌

Put

-

S&P

500

Index

N/A

100‌

10‌

$

3,625

.00‌

07/18/2022

888‌

292‌

(

596‌

)

Put

-

S&P

500

Index

N/A

100‌

10‌

$

3,650

.00‌

07/18/2022

699‌

340‌

(

359‌

)

Total

$

1,956‌

$

1,041‌

$

(

915‌

)

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

S&P

500

Index

N/A

60‌

$

6‌

$

3,820

.00‌

07/18/2022

$

(

324‌

)

$

(

349‌

)

$

(

25‌

)

Put

-

S&P

500

Index

N/A

100‌

10‌

$

3,600

.00‌

07/18/2022

(

558‌

)

(

247‌

)

311‌

Put

-

S&P

500

Index

N/A

100‌

10‌

$

3,575

.00‌

07/18/2022

(

723‌

)

(

205‌

)

518‌

Total

$

(

1,605‌

)

$

(

801‌

)

$

804‌

Amounts

in

thousands

except

contracts/shares.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini;

September

2022

Long

15‌

$

2,842‌

$

(

151‌

)

Total

$

(

151‌

)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

MidCap

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

174

INVESTMENT

COMPANIES

-

0

.21

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

0

.21

%

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

(a),(b)

1,145,819‌

$

1,146‌

TOTAL

INVESTMENT

COMPANIES

$

1,146‌

COMMON

STOCKS

-

99

.68

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

7

.48

%

HEICO

Corp

-

Class

A

157,467‌

$

16,594‌

TransDigm

Group

Inc

(c)

44,753‌

24,017‌

$

40,611‌

Banks

-

0

.83

%

First

Republic

Bank/CA

31,293‌

4,512‌

Beverages

-

0

.09

%

Brown-Forman

Corp

-

B

Shares

6,770‌

475‌

Building

Materials

-

4

.17

%

Martin

Marietta

Materials

Inc

20,939‌

6,266‌

Summit

Materials

Inc

(c)

121,599‌

2,832‌

Vulcan

Materials

Co

95,087‌

13,512‌

$

22,610‌

Chemicals

-

1

.03

%

Air

Products

and

Chemicals

Inc

13,055‌

3,140‌

Perimeter

Solutions

SA

(c)

222,248‌

2,409‌

Perimeter

Solutions

SA

-

Warrants

(c)

97,671‌

19‌

$

5,568‌

Commercial

Services

-

8

.48

%

Block

Inc

(c)

7,909‌

486‌

CoStar

Group

Inc

(c)

342,557‌

20,694‌

Gartner

Inc

(c)

22,891‌

5,536‌

Moody's

Corp

22,152‌

6,025‌

TransUnion

85,295‌

6,823‌

Verisk

Analytics

Inc

37,204‌

6,439‌

$

46,003‌

Distribution

&

Wholesale

-

5

.47

%

Copart

Inc

(c)

189,929‌

20,638‌

Fastenal

Co

181,561‌

9,063‌

$

29,701‌

Diversified

Financial

Services

-

0

.58

%

Brookfield

Asset

Management

Reinsurance

Partners

Ltd

(c)

4,484‌

200‌

Credit

Acceptance

Corp

(c)

6,277‌

2,972‌

$

3,172‌

Electric

-

3

.95

%

Brookfield

Infrastructure

Partners

LP

363,946‌

13,910‌

Brookfield

Renewable

Corp

58,134‌

2,070‌

Brookfield

Renewable

Partners

LP

156,410‌

5,443‌

$

21,423‌

Electronics

-

1

.97

%

Agilent

Technologies

Inc

58,575‌

6,957‌

Mettler-Toledo

International

Inc

(c)

3,243‌

3,725‌

$

10,682‌

Entertainment

-

3

.66

%

Live

Nation

Entertainment

Inc

(c)

144,921‌

11,967‌

Vail

Resorts

Inc

36,096‌

7,871‌

$

19,838‌

Healthcare

-

Products

-

0

.45

%

IDEXX

Laboratories

Inc

(c)

6,989‌

2,451‌

Home

Builders

-

2

.50

%

Lennar

Corp

-

A

Shares

76,755‌

5,417‌

Lennar

Corp

-

B

Shares

1,155‌

68‌

NVR

Inc

(c)

2,021‌

8,092‌

$

13,577‌

Insurance

-

8

.78

%

Aon

PLC

13,991‌

3,773‌

Arch

Capital

Group

Ltd

(c)

138,503‌

6,301‌

Brown

&

Brown

Inc

205,241‌

11,974‌

Fidelity

National

Financial

Inc

26,251‌

970‌

Markel

Corp

(c)

13,348‌

17,262‌

Progressive

Corp/The

63,403‌

7,372‌

$

47,652‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Internet

-

2

.55

%

VeriSign

Inc

(c)

56,848‌

$

9,512‌

Wix.com

Ltd

(c)

66,129‌

4,335‌

$

13,847‌

Lodging

-

3

.82

%

Hilton

Worldwide

Holdings

Inc

150,672‌

16,791‌

Hyatt

Hotels

Corp

(c)

53,691‌

3,968‌

$

20,759‌

Machinery

-

Diversified

-

0

.52

%

Cognex

Corp

30,148‌

1,282‌

Enovis

Corp

(c)

15,325‌

843‌

Esab

Corp

15,325‌

670‌

$

2,795‌

Media

-

4

.12

%

Liberty

Broadband

Corp

-

A

Shares

(c)

20,029‌

2,275‌

Liberty

Broadband

Corp

-

C

Shares

(c)

100,200‌

11,587‌

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(c)

15,460‌

896‌

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(c)

120,007‌

7,617‌

$

22,375‌

Private

Equity

-

8

.93

%

Ares

Management

Corp

41,512‌

2,361‌

Brookfield

Asset

Management

Inc

585,634‌

26,043‌

KKR

&

Co

Inc

342,717‌

15,864‌

Onex

Corp

84,462‌

4,199‌

$

48,467‌

Real

Estate

-

2

.51

%

CBRE

Group

Inc

119,000‌

8,760‌

Howard

Hughes

Corp/The

(c)

49,783‌

3,388‌

Kennedy-Wilson

Holdings

Inc

79,326‌

1,502‌

$

13,650‌

REITs

-

3

.41

%

SBA

Communications

Corp

57,853‌

18,516‌

Retail

-

11

.31

%

CarMax

Inc

(c)

197,260‌

17,848‌

Dollar

General

Corp

35,634‌

8,746‌

Domino's

Pizza

Inc

29,986‌

11,686‌

O'Reilly

Automotive

Inc

(c)

31,849‌

20,121‌

Ross

Stores

Inc

42,252‌

2,967‌

$

61,368‌

Semiconductors

-

1

.42

%

Microchip

Technology

Inc

133,109‌

7,731‌

Software

-

11

.65

%

ANSYS

Inc

(c)

17,342‌

4,150‌

Autodesk

Inc

(c)

66,020‌

11,353‌

Black

Knight

Inc

(c)

173,684‌

11,357‌

Guidewire

Software

Inc

(c)

113,501‌

8,057‌

HubSpot

Inc

(c)

279‌

84‌

MSCI

Inc

8,991‌

3,706‌

Roper

Technologies

Inc

36,741‌

14,500‌

Tyler

Technologies

Inc

(c)

30,196‌

10,039‌

$

63,246‌

TOTAL

COMMON

STOCKS

$

541,029‌

Total

Investments

$

542,175‌

Other

Assets

and

Liabilities

-  0.11%

614‌

TOTAL

NET

ASSETS

-

100.00%

$

542,789‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

(c)

Non-income

producing

security

Schedule

of

Investments

MidCap

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

175

Portfolio

Summary  (unaudited)

Sector

Percent

Consumer,

Cyclical

26

.76‌

%

Financial

25

.04‌

%

Industrial

14

.14‌

%

Technology

13

.07‌

%

Consumer,

Non-cyclical

9

.02‌

%

Communications

6

.67‌

%

Utilities

3

.95‌

%

Basic

Materials

1

.03‌

%

Money

Market

Funds

0

.21‌

%

Other

Assets

and

Liabilities

0

.11‌

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

1,988‌

$

31,786‌

$

32,628‌

$

1,146‌

$

1,988‌

$

31,786‌

$

32,628‌

$

1,146‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

1‌

$

—‌

$

—‌

$

—‌

$

1‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Principal

Capital

Appreciation

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

176

INVESTMENT

COMPANIES

-

3

.19

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

3

.19

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

1.33%

(a),(b)

737,561‌

$

738‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

(a),(c)

4,048,031‌

4,048‌

$

4,786‌

TOTAL

INVESTMENT

COMPANIES

$

4,786‌

COMMON

STOCKS

-

96

.70

%

Shares

Held

Value

(000's)

Apparel

-

1

.02

%

Deckers

Outdoor

Corp

(d)

3,653‌

$

933‌

NIKE

Inc

5,867‌

599‌

$

1,532‌

Automobile

Manufacturers

-

0

.94

%

PACCAR

Inc

17,142‌

1,411‌

Automobile

Parts

&

Equipment

-

0

.36

%

Magna

International

Inc

9,918‌

545‌

Banks

-

3

.96

%

First

Republic

Bank/CA

7,925‌

1,143‌

JPMorgan

Chase

&

Co

25,549‌

2,877‌

PNC

Financial

Services

Group

Inc/The

12,173‌

1,920‌

$

5,940‌

Beverages

-

1

.49

%

Keurig

Dr

Pepper

Inc

63,322‌

2,241‌

Chemicals

-

2

.18

%

Air

Products

and

Chemicals

Inc

3,834‌

922‌

Albemarle

Corp

6,842‌

1,430‌

FMC

Corp

8,648‌

925‌

$

3,277‌

Commercial

Services

-

0

.82

%

Morningstar

Inc

3,729‌

902‌

PayPal

Holdings

Inc

(d)

4,624‌

323‌

$

1,225‌

Computers

-

4

.76

%

Apple

Inc

52,305‌

7,151‌

Consumer

Products

-

1

.59

%

Church

&

Dwight

Co

Inc

16,797‌

1,556‌

WD-40

Co

(e)

4,140‌

834‌

$

2,390‌

Diversified

Financial

Services

-

6

.79

%

Ameriprise

Financial

Inc

6,279‌

1,492‌

BlackRock

Inc

1,024‌

624‌

Charles

Schwab

Corp/The

17,406‌

1,100‌

Discover

Financial

Services

3,769‌

356‌

Nasdaq

Inc

11,612‌

1,771‌

Visa

Inc

24,641‌

4,852‌

$

10,195‌

Electric

-

4

.37

%

Constellation

Energy

Corp

28,302‌

1,621‌

NextEra

Energy

Inc

39,619‌

3,069‌

Xcel

Energy

Inc

26,387‌

1,867‌

$

6,557‌

Electronics

-

0

.85

%

Honeywell

International

Inc

7,376‌

1,282‌

Energy

-

Alternate

Sources

-

0

.70

%

Enphase

Energy

Inc

(d)

5,375‌

1,049‌

Environmental

Control

-

1

.29

%

Republic

Services

Inc

14,782‌

1,935‌

Food

-

0

.57

%

Simply

Good

Foods

Co/The

(d)

22,846‌

863‌

Healthcare

-

Products

-

4

.51

%

Abbott

Laboratories

22,504‌

2,444‌

Cooper

Cos

Inc/The

3,101‌

971‌

Edwards

Lifesciences

Corp

(d)

7,611‌

724‌

Medtronic

PLC

6,849‌

615‌

Thermo

Fisher

Scientific

Inc

3,704‌

2,012‌

$

6,766‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Healthcare

-

Services

-

3

.09

%

UnitedHealth

Group

Inc

8,469‌

$

4,350‌

Universal

Health

Services

Inc

2,808‌

283‌

$

4,633‌

Home

Furnishings

-

0

.29

%

Sonos

Inc

(d)

24,059‌

434‌

Insurance

-

2

.93

%

Fidelity

National

Financial

Inc

8,151‌

302‌

Marsh

&

McLennan

Cos

Inc

10,687‌

1,659‌

Progressive

Corp/The

21,013‌

2,443‌

$

4,404‌

Internet

-

6

.36

%

Alphabet

Inc

-

A

Shares

(d)

2,494‌

5,435‌

Amazon.com

Inc

(d)

27,275‌

2,897‌

Meta

Platforms

Inc

(d)

6,634‌

1,070‌

Netflix

Inc

(d)

777‌

136‌

$

9,538‌

Machinery

-

Construction

&

Mining

-

0

.55

%

Epiroc

AB

-

A

Shares

53,525‌

830‌

Machinery

-

Diversified

-

0

.88

%

Deere

&

Co

4,387‌

1,314‌

Media

-

3

.26

%

Comcast

Corp

-

Class

A

58,237‌

2,285‌

Nexstar

Media

Group

Inc

8,706‌

1,418‌

Walt

Disney

Co/The

(d)

12,595‌

1,189‌

$

4,892‌

Miscellaneous

Manufacturers

-

0

.55

%

Parker-Hannifin

Corp

3,334‌

820‌

Oil

&

Gas

-

5

.34

%

Chevron

Corp

23,104‌

3,345‌

EOG

Resources

Inc

20,237‌

2,235‌

Helmerich

&

Payne

Inc

19,960‌

859‌

Marathon

Petroleum

Corp

11,708‌

963‌

Valero

Energy

Corp

5,723‌

608‌

$

8,010‌

Packaging

&

Containers

-

0

.48

%

Ball

Corp

10,386‌

714‌

Pharmaceuticals

-

7

.27

%

Bristol-Myers

Squibb

Co

15,603‌

1,201‌

CVS

Health

Corp

22,266‌

2,063‌

Eli

Lilly

&

Co

6,272‌

2,034‌

Merck

&

Co

Inc

23,120‌

2,108‌

Pfizer

Inc

37,847‌

1,984‌

Roche

Holding

AG

ADR

36,504‌

1,523‌

$

10,913‌

REITs

-

3

.33

%

Alexandria

Real

Estate

Equities

Inc

7,785‌

1,129‌

American

Tower

Corp

4,582‌

1,171‌

Extra

Space

Storage

Inc

3,684‌

627‌

Host

Hotels

&

Resorts

Inc

84,089‌

1,319‌

Prologis

Inc

6,395‌

752‌

$

4,998‌

Retail

-

6

.71

%

Chipotle

Mexican

Grill

Inc

(d)

701‌

916‌

Costco

Wholesale

Corp

3,616‌

1,733‌

Home

Depot

Inc/The

4,230‌

1,160‌

Lululemon

Athletica

Inc

(d)

2,674‌

729‌

O'Reilly

Automotive

Inc

(d)

2,512‌

1,587‌

Papa

John's

International

Inc

8,965‌

749‌

Starbucks

Corp

5,462‌

417‌

Target

Corp

10,252‌

1,448‌

Tractor

Supply

Co

6,833‌

1,325‌

$

10,064‌

Semiconductors

-

4

.67

%

Broadcom

Inc

6,820‌

3,313‌

Lam

Research

Corp

3,274‌

1,395‌

Microchip

Technology

Inc

14,703‌

854‌

NVIDIA

Corp

7,287‌

1,105‌

Schedule

of

Investments

Principal

Capital

Appreciation

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

177

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Semiconductors

(continued)

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

4,266‌

$

349‌

$

7,016‌

Software

-

10

.90

%

Adobe

Inc

(d)

5,975‌

2,187‌

Fair

Isaac

Corp

(d)

3,025‌

1,213‌

Microsoft

Corp

32,142‌

8,255‌

Roper

Technologies

Inc

3,843‌

1,517‌

Salesforce

Inc

(d)

7,112‌

1,174‌

ServiceNow

Inc

(d)

2,228‌

1,059‌

Veeva

Systems

Inc

(d)

4,799‌

950‌

$

16,355‌

Telecommunications

-

1

.89

%

T-Mobile

US

Inc

(d)

21,059‌

2,833‌

Transportation

-

2

.00

%

Expeditors

International

of

Washington

Inc

16,156‌

1,575‌

Union

Pacific

Corp

6,660‌

1,420‌

$

2,995‌

TOTAL

COMMON

STOCKS

$

145,122‌

Total

Investments

$

149,908‌

Other

Assets

and

Liabilities

-  0.11%

164‌

TOTAL

NET

ASSETS

-

100.00%

$

150,072‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$738

or

0.49%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d)

Non-income

producing

security

(e)

Security

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$727

or

0.48%

of

net

assets.

Portfolio

Summary  (unaudited)

Sector

Percent

Technology

20

.33‌

%

Consumer,

Non-cyclical

19

.34‌

%

Financial

17

.01‌

%

Communications

11

.51‌

%

Consumer,

Cyclical

9

.32‌

%

Industrial

6

.60‌

%

Energy

6

.04‌

%

Utilities

4

.37‌

%

Money

Market

Funds

3

.19‌

%

Basic

Materials

2

.18‌

%

Other

Assets

and

Liabilities

0

.11‌

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

1,996‌

$

25,217‌

$

23,165‌

$

4,048‌

$

1,996‌

$

25,217‌

$

23,165‌

$

4,048‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

5‌

$

—‌

$

—‌

$

—‌

$

5‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Principal

LifeTime

2010

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

178

INVESTMENT

COMPANIES

-

100

.02

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

58

.07

%

Blue

Chip

Fund

(a)

42,770‌

$

1,221‌

Core

Fixed

Income

Fund

(a)

1,452,652‌

12,740‌

Diversified

International

Fund

(a)

134,000‌

1,487‌

Diversified

Real

Asset

Fund

(a)

70,278‌

876‌

International

Small

Company

Fund

(a)

31,008‌

274‌

LargeCap

Growth

Fund

I

(a)

80,722‌

1,213‌

MidCap

Fund

(a)

24,619‌

757‌

MidCap

Value

Fund

I

(a)

48,045‌

740‌

Origin

Emerging

Markets

Fund

(a)

36,645‌

363‌

SmallCap

Growth

Fund

I

(a)

20,328‌

241‌

SmallCap

Value

Fund

II

(a)

21,094‌

235‌

$

20,147‌

Principal

Funds,

Inc.

Institutional

Class

-

41

.95

%

Equity

Income

Fund

(a)

34,230‌

1,193‌

High

Income

Fund

(a)

286,776‌

2,268‌

Inflation

Protection

Fund

(a)

294,847‌

2,489‌

LargeCap

S&P

500

Index

Fund

(a)

61,310‌

1,189‌

LargeCap

Value

Fund

III

(a)

68,253‌

1,188‌

Overseas

Fund

(a)

77,786‌

744‌

Short-Term

Income

Fund

(a)

470,862‌

5,486‌

$

14,557‌

TOTAL

INVESTMENT

COMPANIES

$

34,704‌

Total

Investments

$

34,704‌

Other

Assets

and

Liabilities

-  (0.02)%

(

7‌

)

TOTAL

NET

ASSETS

-

100.00%

$

34,697‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Fixed

Income

Funds

70

.53‌

%

Domestic

Equity

Funds

22

.99‌

%

International

Equity

Funds

3

.98‌

%

Specialty

Funds

2

.52‌

%

Other

Assets

and

Liabilities

(

0

.02‌

)

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2010

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

179

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

1,514‌

$

340‌

$

145‌

$

1,221‌

Core

Fixed

Income

Fund

11,735‌

3,708‌

1,273‌

12,740‌

Diversified

International

Fund

2,492‌

337‌

854‌

1,487‌

Diversified

Real

Asset

Fund

857‌

159‌

88‌

876‌

Equity

Income

Fund

1,414‌

264‌

260‌

1,193‌

High

Income

Fund

2,654‌

624‌

575‌

2,268‌

Inflation

Protection

Fund

2,288‌

662‌

237‌

2,489‌

International

Small

Company

Fund

463‌

62‌

150‌

274‌

LargeCap

Growth

Fund

I

1,456‌

399‌

131‌

1,213‌

LargeCap

S&P

500

Index

Fund

943‌

655‌

149‌

1,189‌

LargeCap

Value

Fund

III

1,432‌

253‌

338‌

1,188‌

MidCap

Fund

721‌

330‌

76‌

757‌

MidCap

Value

Fund

I

728‌

225‌

116‌

740‌

Origin

Emerging

Markets

Fund

612‌

82‌

200‌

363‌

Overseas

Fund

1,046‌

143‌

373‌

744‌

Short-Term

Income

Fund

6,237‌

1,082‌

1,553‌

5,486‌

SmallCap

Growth

Fund

I

329‌

76‌

61‌

241‌

SmallCap

Value

Fund

II

380‌

63‌

165‌

235‌

$

37,301‌

$

9,464‌

$

6,744‌

$

34,704‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—‌

$

—‌

$

—‌

$

(

488‌

)

Core

Fixed

Income

Fund

146‌

(

17‌

)

—‌

(

1,413‌

)

Diversified

International

Fund

—‌

(

8‌

)

—‌

(

480‌

)

Diversified

Real

Asset

Fund

9‌

—‌

—‌

(

52‌

)

Equity

Income

Fund

11‌

(

2‌

)

—‌

(

223‌

)

High

Income

Fund

67‌

(

39‌

)

—‌

(

396‌

)

Inflation

Protection

Fund

—‌

(

2‌

)

—‌

(

222‌

)

International

Small

Company

Fund

—‌

(

1‌

)

—‌

(

100‌

)

LargeCap

Growth

Fund

I

—‌

(

4‌

)

—‌

(

507‌

)

LargeCap

S&P

500

Index

Fund

—‌

(

5‌

)

—‌

(

255‌

)

LargeCap

Value

Fund

III

—‌

—‌

—‌

(

159‌

)

MidCap

Fund

—‌

(

3‌

)

—‌

(

215‌

)

MidCap

Value

Fund

I

—‌

(

2‌

)

—‌

(

95‌

)

Origin

Emerging

Markets

Fund

—‌

(

24‌

)

—‌

(

107‌

)

Overseas

Fund

—‌

29‌

—‌

(

101‌

)

Short-Term

Income

Fund

38‌

(

31‌

)

—‌

(

249‌

)

SmallCap

Growth

Fund

I

—‌

(

5‌

)

—‌

(

98‌

)

SmallCap

Value

Fund

II

—‌

(

3‌

)

—‌

(

40‌

)

$

271‌

$

(

117‌

)

$

—‌

$

(

5,200‌

)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2020

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

180

INVESTMENT

COMPANIES

-

100

.00

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

60

.74

%

Blue

Chip

Fund

(a)

259,746‌

$

7,416‌

Core

Fixed

Income

Fund

(a)

6,028,944‌

52,874‌

Diversified

International

Fund

(a)

834,261‌

9,260‌

Diversified

Real

Asset

Fund

(a)

321,916‌

4,011‌

International

Small

Company

Fund

(a)

185,948‌

1,642‌

LargeCap

Growth

Fund

I

(a)

490,101‌

7,366‌

MidCap

Fund

(a)

147,451‌

4,534‌

MidCap

Value

Fund

I

(a)

287,612‌

4,432‌

Origin

Emerging

Markets

Fund

(a)

208,040‌

2,060‌

SmallCap

Growth

Fund

I

(a)

119,047‌

1,411‌

SmallCap

Value

Fund

II

(a)

123,376‌

1,374‌

$

96,380‌

Principal

Funds,

Inc.

Institutional

Class

-

39

.26

%

Equity

Income

Fund

(a)

207,370‌

7,229‌

High

Income

Fund

(a)

1,111,222‌

8,790‌

Inflation

Protection

Fund

(a)

1,151,062‌

9,715‌

LargeCap

S&P

500

Index

Fund

(a)

372,226‌

7,221‌

LargeCap

Value

Fund

III

(a)

413,350‌

7,192‌

Overseas

Fund

(a)

493,449‌

4,722‌

Short-Term

Income

Fund

(a)

1,495,651‌

17,425‌

$

62,294‌

TOTAL

INVESTMENT

COMPANIES

$

158,674‌

Total

Investments

$

158,674‌

Other

Assets

and

Liabilities

-  0.00%

(

7‌

)

TOTAL

NET

ASSETS

-

100.00%

$

158,667‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Fixed

Income

Funds

61

.80‌

%

Domestic

Equity

Funds

30

.36‌

%

International

Equity

Funds

5

.31‌

%

Specialty

Funds

2

.53‌

%

Other

Assets

and

Liabilities

0

.00‌

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2020

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

181

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

10,286‌

$

1,204‌

$

866‌

$

7,416‌

Core

Fixed

Income

Fund

56,952‌

7,928‌

5,304‌

52,874‌

Diversified

International

Fund

17,182‌

546‌

5,136‌

9,260‌

Diversified

Real

Asset

Fund

4,441‌

220‌

402‌

4,011‌

Equity

Income

Fund

9,547‌

698‌

1,551‌

7,229‌

High

Income

Fund

11,542‌

1,419‌

2,324‌

8,790‌

Inflation

Protection

Fund

9,938‌

1,624‌

895‌

9,715‌

International

Small

Company

Fund

3,202‌

101‌

986‌

1,642‌

LargeCap

Growth

Fund

I

9,881‌

1,645‌

805‌

7,366‌

LargeCap

S&P

500

Index

Fund

7,019‌

2,864‌

919‌

7,221‌

LargeCap

Value

Fund

III

9,686‌

626‌

2,081‌

7,192‌

MidCap

Fund

4,866‌

1,555‌

466‌

4,534‌

MidCap

Value

Fund

I

4,804‌

915‌

665‌

4,432‌

Origin

Emerging

Markets

Fund

4,052‌

132‌

1,279‌

2,060‌

Overseas

Fund

7,232‌

234‌

2,243‌

4,722‌

Short-Term

Income

Fund

20,827‌

908‌

3,385‌

17,425‌

SmallCap

Growth

Fund

I

2,257‌

254‌

421‌

1,411‌

SmallCap

Value

Fund

II

2,624‌

172‌

1,138‌

1,374‌

$

196,338‌

$

23,045‌

$

30,866‌

$

158,674‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—‌

$

(

5‌

)

$

—‌

$

(

3,203‌

)

Core

Fixed

Income

Fund

678‌

(

30‌

)

—‌

(

6,672‌

)

Diversified

International

Fund

—‌

(

133‌

)

—‌

(

3,199‌

)

Diversified

Real

Asset

Fund

43‌

(

5‌

)

—‌

(

243‌

)

Equity

Income

Fund

72‌

16‌

—‌

(

1,481‌

)

High

Income

Fund

286‌

(

213‌

)

—‌

(

1,634‌

)

Inflation

Protection

Fund

—‌

(

1‌

)

—‌

(

951‌

)

International

Small

Company

Fund

—‌

(

3‌

)

—‌

(

672‌

)

LargeCap

Growth

Fund

I

—‌

(

7‌

)

—‌

(

3,348‌

)

LargeCap

S&P

500

Index

Fund

—‌

(

58‌

)

—‌

(

1,685‌

)

LargeCap

Value

Fund

III

—‌

29‌

—‌

(

1,068‌

)

MidCap

Fund

—‌

(

7‌

)

—‌

(

1,414‌

)

MidCap

Value

Fund

I

—‌

(

7‌

)

—‌

(

615‌

)

Origin

Emerging

Markets

Fund

—‌

(

205‌

)

—‌

(

640‌

)

Overseas

Fund

—‌

71‌

—‌

(

572‌

)

Short-Term

Income

Fund

127‌

(

90‌

)

—‌

(

835‌

)

SmallCap

Growth

Fund

I

—‌

(

33‌

)

—‌

(

646‌

)

SmallCap

Value

Fund

II

—‌

182‌

—‌

(

466‌

)

$

1,206‌

$

(

499‌

)

$

—‌

$

(

29,344‌

)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2030

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

182

INVESTMENT

COMPANIES

-

100

.00

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

72

.11

%

Blue

Chip

Fund

(a)

508,457‌

$

14,516‌

Core

Fixed

Income

Fund

(a)

8,703,061‌

76,325‌

Diversified

International

Fund

(a)

1,706,906‌

18,947‌

International

Small

Company

Fund

(a)

391,171‌

3,454‌

LargeCap

Growth

Fund

I

(a)

959,521‌

14,422‌

MidCap

Fund

(a)

288,851‌

8,882‌

MidCap

Value

Fund

I

(a)

563,768‌

8,688‌

Origin

Emerging

Markets

Fund

(a)

427,011‌

4,227‌

Real

Estate

Securities

Fund

(a)

205,953‌

5,703‌

SmallCap

Growth

Fund

I

(a)

239,247‌

2,835‌

SmallCap

Value

Fund

II

(a)

247,678‌

2,759‌

$

160,758‌

Principal

Funds,

Inc.

Institutional

Class

-

27

.89

%

Equity

Income

Fund

(a)

406,363‌

14,166‌

High

Income

Fund

(a)

1,290,335‌

10,206‌

LargeCap

S&P

500

Index

Fund

(a)

727,982‌

14,123‌

LargeCap

Value

Fund

III

(a)

810,114‌

14,096‌

Overseas

Fund

(a)

1,002,370‌

9,593‌

$

62,184‌

TOTAL

INVESTMENT

COMPANIES

$

222,942‌

Total

Investments

$

222,942‌

Other

Assets

and

Liabilities

-  0.00%

(

7‌

)

TOTAL

NET

ASSETS

-

100.00%

$

222,935‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Fixed

Income

Funds

47

.32‌

%

Domestic

Equity

Funds

44

.94‌

%

International

Equity

Funds

7

.74‌

%

Other

Assets

and

Liabilities

0

.00‌

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

18,828‌

$

2,400‌

$

831‌

$

14,516‌

Core

Fixed

Income

Fund

75,243‌

13,569‌

3,471‌

76,325‌

Diversified

International

Fund

30,127‌

1,831‌

6,762‌

18,947‌

Equity

Income

Fund

17,520‌

1,265‌

1,918‌

14,166‌

High

Income

Fund

12,009‌

1,792‌

1,633‌

10,206‌

International

Small

Company

Fund

5,494‌

336‌

1,116‌

3,454‌

LargeCap

Growth

Fund

I

18,132‌

3,283‌

827‌

14,422‌

LargeCap

S&P

500

Index

Fund

14,218‌

4,255‌

1,029‌

14,123‌

LargeCap

Value

Fund

III

17,751‌

1,133‌

2,859‌

14,096‌

MidCap

Fund

9,037‌

2,892‌

418‌

8,882‌

MidCap

Value

Fund

I

9,030‌

1,607‌

784‌

8,688‌

Origin

Emerging

Markets

Fund

6,897‌

439‌

1,549‌

4,227‌

Overseas

Fund

12,705‌

777‌

2,891‌

9,593‌

Real

Estate

Securities

Fund

6,948‌

468‌

258‌

5,703‌

SmallCap

Growth

Fund

I

4,201‌

478‌

581‌

2,835‌

SmallCap

Value

Fund

II

4,729‌

317‌

1,763‌

2,759‌

$

262,869‌

$

36,842‌

$

28,690‌

$

222,942‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—‌

$

3‌

$

—‌

$

(

5,884‌

)

Core

Fixed

Income

Fund

921‌

(

7‌

)

—‌

(

9,009‌

)

Diversified

International

Fund

—‌

(

37‌

)

—‌

(

6,212‌

)

Equity

Income

Fund

132‌

6‌

—‌

(

2,707‌

)

High

Income

Fund

304‌

(

101‌

)

—‌

(

1,861‌

)

International

Small

Company

Fund

—‌

(

3‌

)

—‌

(

1,257‌

)

LargeCap

Growth

Fund

I

—‌

(

1‌

)

—‌

(

6,165‌

)

LargeCap

S&P

500

Index

Fund

—‌

(

34‌

)

—‌

(

3,287‌

)

LargeCap

Value

Fund

III

—‌

37‌

—‌

(

1,966‌

)

MidCap

Fund

—‌

(

2‌

)

—‌

(

2,627‌

)

MidCap

Value

Fund

I

—‌

—‌

—‌

(

1,165‌

)

Origin

Emerging

Markets

Fund

—‌

(

235‌

)

—‌

(

1,325‌

)

Overseas

Fund

—‌

(

7‌

)

—‌

(

991‌

)

Real

Estate

Securities

Fund

41‌

(

2‌

)

—‌

(

1,453‌

)

SmallCap

Growth

Fund

I

—‌

(

3‌

)

—‌

(

1,260‌

)

SmallCap

Value

Fund

II

—‌

(

8‌

)

—‌

(

516‌

)

$

1,398‌

$

(

394‌

)

$

—‌

$

(

47,685‌

)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2040

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

183

INVESTMENT

COMPANIES

-

100

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

59

.83

%

Blue

Chip

Fund

(a)

349,890‌

$

9,989‌

Core

Fixed

Income

Fund

(a)

1,794,463‌

15,737‌

Diversified

International

Fund

(a)

1,196,608‌

13,282‌

International

Small

Company

Fund

(a)

271,060‌

2,394‌

LargeCap

Growth

Fund

I

(a)

660,340‌

9,925‌

MidCap

Value

Fund

I

(a)

380,205‌

5,859‌

Origin

Emerging

Markets

Fund

(a)

312,054‌

3,089‌

Real

Estate

Securities

Fund

(a)

106,590‌

2,952‌

SmallCap

Growth

Fund

I

(a)

166,327‌

1,971‌

SmallCap

Value

Fund

II

(a)

172,269‌

1,919‌

$

67,117‌

Principal

Funds,

Inc.

Institutional

Class

-

40

.18

%

Equity

Income

Fund

(a)

279,765‌

9,753‌

High

Income

Fund

(a)

387,663‌

3,067‌

LargeCap

S&P

500

Index

Fund

(a)

500,933‌

9,718‌

LargeCap

Value

Fund

III

(a)

557,776‌

9,705‌

MidCap

Growth

Fund

III

(a)

607,563‌

6,100‌

Overseas

Fund

(a)

703,978‌

6,737‌

$

45,080‌

TOTAL

INVESTMENT

COMPANIES

$

112,197‌

Total

Investments

$

112,197‌

Other

Assets

and

Liabilities

-  (0.01)%

(

7‌

)

TOTAL

NET

ASSETS

-

100.00%

$

112,190‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

60

.51‌

%

Fixed

Income

Funds

28

.60‌

%

International

Equity

Funds

10

.90‌

%

Other

Assets

and

Liabilities

(

0

.01‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

12,123‌

$

2,316‌

$

599‌

$

9,989‌

Core

Fixed

Income

Fund

15,320‌

3,058‌

814‌

15,737‌

Diversified

International

Fund

20,086‌

1,549‌

4,102‌

13,282‌

Equity

Income

Fund

11,451‌

1,314‌

1,209‌

9,753‌

High

Income

Fund

3,188‌

594‌

185‌

3,067‌

International

Small

Company

Fund

3,746‌

285‌

773‌

2,394‌

LargeCap

Growth

Fund

I

11,740‌

2,838‌

597‌

9,925‌

LargeCap

S&P

500

Index

Fund

10,541‌

2,176‌

687‌

9,718‌

LargeCap

Value

Fund

III

11,567‌

837‌

1,400‌

9,705‌

MidCap

Growth

Fund

III

5,719‌

2,579‌

307‌

6,100‌

MidCap

Value

Fund

I

6,149‌

1,142‌

644‌

5,859‌

Origin

Emerging

Markets

Fund

4,844‌

375‌

1,018‌

3,089‌

Overseas

Fund

8,472‌

662‌

1,700‌

6,737‌

Real

Estate

Securities

Fund

3,552‌

288‌

145‌

2,952‌

SmallCap

Growth

Fund

I

2,690‌

334‌

230‌

1,971‌

SmallCap

Value

Fund

II

2,988‌

227‌

951‌

1,919‌

$

134,176‌

$

20,574‌

$

15,361‌

$

112,197‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—‌

$

—‌

$

—‌

$

(

3,851‌

)

Core

Fixed

Income

Fund

187‌

(

1‌

)

—‌

(

1,826‌

)

Diversified

International

Fund

—‌

(

1‌

)

—‌

(

4,250‌

)

Equity

Income

Fund

87‌

(

4‌

)

—‌

(

1,799‌

)

High

Income

Fund

83‌

(

1‌

)

—‌

(

529‌

)

International

Small

Company

Fund

—‌

5‌

—‌

(

869‌

)

LargeCap

Growth

Fund

I

—‌

(

7‌

)

—‌

(

4,049‌

)

LargeCap

S&P

500

Index

Fund

—‌

(

14‌

)

—‌

(

2,298‌

)

LargeCap

Value

Fund

III

—‌

6‌

—‌

(

1,305‌

)

MidCap

Growth

Fund

III

—‌

(

1‌

)

—‌

(

1,890‌

)

MidCap

Value

Fund

I

—‌

1‌

—‌

(

789‌

)

Origin

Emerging

Markets

Fund

—‌

10‌

—‌

(

1,122‌

)

Overseas

Fund

—‌

(

4‌

)

—‌

(

693‌

)

Real

Estate

Securities

Fund

21‌

—‌

—‌

(

743‌

)

SmallCap

Growth

Fund

I

—‌

—‌

—‌

(

823‌

)

SmallCap

Value

Fund

II

—‌

2‌

—‌

(

347‌

)

$

378‌

$

(

9‌

)

$

—‌

$

(

27,183‌

)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2050

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

184

INVESTMENT

COMPANIES

-

100

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

55

.41

%

Blue

Chip

Fund

(a)

195,605‌

$

5,584‌

Core

Fixed

Income

Fund

(a)

153,551‌

1,347‌

Diversified

International

Fund

(a)

650,997‌

7,226‌

International

Small

Company

Fund

(a)

146,298‌

1,292‌

LargeCap

Growth

Fund

I

(a)

369,237‌

5,550‌

MidCap

Value

Fund

I

(a)

212,019‌

3,267‌

Origin

Emerging

Markets

Fund

(a)

174,874‌

1,731‌

Real

Estate

Securities

Fund

(a)

51,786‌

1,434‌

SmallCap

Growth

Fund

I

(a)

90,944‌

1,078‌

SmallCap

Value

Fund

II

(a)

94,122‌

1,048‌

$

29,557‌

Principal

Funds,

Inc.

Institutional

Class

-

44

.60

%

Equity

Income

Fund

(a)

156,366‌

5,451‌

High

Income

Fund

(a)

53,926‌

426‌

LargeCap

S&P

500

Index

Fund

(a)

280,115‌

5,434‌

LargeCap

Value

Fund

III

(a)

311,774‌

5,425‌

MidCap

Growth

Fund

III

(a)

338,712‌

3,401‌

Overseas

Fund

(a)

381,903‌

3,655‌

$

23,792‌

TOTAL

INVESTMENT

COMPANIES

$

53,349‌

Total

Investments

$

53,349‌

Other

Assets

and

Liabilities

-  (0.01)%

(

6‌

)

TOTAL

NET

ASSETS

-

100.00%

$

53,343‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

70

.61‌

%

Fixed

Income

Funds

16

.88‌

%

International

Equity

Funds

12

.52‌

%

Other

Assets

and

Liabilities

(

0

.01‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

7,059‌

$

1,571‌

$

793‌

$

5,584‌

Core

Fixed

Income

Fund

1,075‌

757‌

342‌

1,347‌

Diversified

International

Fund

11,412‌

1,243‌

2,979‌

7,226‌

Equity

Income

Fund

6,664‌

986‌

1,150‌

5,451‌

High

Income

Fund

277‌

269‌

63‌

426‌

International

Small

Company

Fund

2,119‌

229‌

562‌

1,292‌

LargeCap

Growth

Fund

I

6,840‌

1,871‌

791‌

5,550‌

LargeCap

S&P

500

Index

Fund

6,537‌

1,106‌

836‌

5,434‌

LargeCap

Value

Fund

III

6,720‌

649‌

1,194‌

5,425‌

MidCap

Growth

Fund

III

3,418‌

1,583‌

479‌

3,401‌

MidCap

Value

Fund

I

3,646‌

752‌

676‌

3,267‌

Origin

Emerging

Markets

Fund

2,787‌

301‌

703‌

1,731‌

Overseas

Fund

4,760‌

531‌

1,237‌

3,655‌

Real

Estate

Securities

Fund

1,815‌

180‌

186‌

1,434‌

SmallCap

Growth

Fund

I

1,572‌

229‌

241‌

1,078‌

SmallCap

Value

Fund

II

1,830‌

170‌

749‌

1,048‌

$

68,531‌

$

12,427‌

$

12,981‌

$

53,349‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—‌

$

(

26‌

)

$

—‌

$

(

2,227‌

)

Core

Fixed

Income

Fund

15‌

(

4‌

)

—‌

(

139‌

)

Diversified

International

Fund

—‌

(

10‌

)

—‌

(

2,440‌

)

Equity

Income

Fund

50‌

(

3‌

)

—‌

(

1,046‌

)

High

Income

Fund

9‌

(

1‌

)

—‌

(

56‌

)

International

Small

Company

Fund

—‌

3‌

—‌

(

497‌

)

LargeCap

Growth

Fund

I

—‌

(

33‌

)

—‌

(

2,337‌

)

LargeCap

S&P

500

Index

Fund

—‌

(

30‌

)

—‌

(

1,343‌

)

LargeCap

Value

Fund

III

—‌

10‌

—‌

(

760‌

)

MidCap

Growth

Fund

III

—‌

4‌

—‌

(

1,125‌

)

MidCap

Value

Fund

I

—‌

3‌

—‌

(

458‌

)

Origin

Emerging

Markets

Fund

—‌

17‌

—‌

(

671‌

)

Overseas

Fund

—‌

—‌

—‌

(

399‌

)

Real

Estate

Securities

Fund

11‌

—‌

—‌

(

375‌

)

SmallCap

Growth

Fund

I

—‌

9‌

—‌

(

491‌

)

SmallCap

Value

Fund

II

—‌

3‌

—‌

(

206‌

)

$

85‌

$

(

58‌

)

$

—‌

$

(

14,570‌

)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2060

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

185

INVESTMENT

COMPANIES

-

100

.04

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

55

.36

%

Blue

Chip

Fund

(a)

53,680‌

$

1,532‌

Core

Fixed

Income

Fund

(a)

43,658‌

383‌

Diversified

International

Fund

(a)

179,150‌

1,988‌

International

Small

Company

Fund

(a)

40,609‌

359‌

LargeCap

Growth

Fund

I

(a)

101,307‌

1,523‌

MidCap

Value

Fund

I

(a)

58,737‌

905‌

Origin

Emerging

Markets

Fund

(a)

47,604‌

471‌

Real

Estate

Securities

Fund

(a)

14,155‌

392‌

SmallCap

Growth

Fund

I

(a)

25,803‌

306‌

SmallCap

Value

Fund

II

(a)

26,732‌

298‌

$

8,157‌

Principal

Funds,

Inc.

Institutional

Class

-

44

.68

%

Equity

Income

Fund

(a)

42,930‌

1,497‌

High

Income

Fund

(a)

15,373‌

122‌

LargeCap

S&P

500

Index

Fund

(a)

76,891‌

1,492‌

LargeCap

Value

Fund

III

(a)

85,597‌

1,489‌

MidCap

Growth

Fund

III

(a)

93,820‌

942‌

Overseas

Fund

(a)

108,832‌

1,041‌

$

6,583‌

TOTAL

INVESTMENT

COMPANIES

$

14,740‌

Total

Investments

$

14,740‌

Other

Assets

and

Liabilities

-  (0.04)%

(

6‌

)

TOTAL

NET

ASSETS

-

100.00%

$

14,734‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

70

.43‌

%

Fixed

Income

Funds

16

.92‌

%

International

Equity

Funds

12

.69‌

%

Other

Assets

and

Liabilities

(

0

.04‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

1,767‌

$

479‌

$

137‌

$

1,532‌

Core

Fixed

Income

Fund

282‌

181‌

43‌

383‌

Diversified

International

Fund

2,858‌

421‌

670‌

1,988‌

Equity

Income

Fund

1,667‌

332‌

230‌

1,497‌

High

Income

Fund

98‌

62‌

19‌

122‌

International

Small

Company

Fund

535‌

78‌

128‌

359‌

LargeCap

Growth

Fund

I

1,712‌

555‌

137‌

1,523‌

LargeCap

S&P

500

Index

Fund

1,697‌

303‌

146‌

1,492‌

LargeCap

Value

Fund

III

1,685‌

244‌

243‌

1,489‌

MidCap

Growth

Fund

III

841‌

465‌

79‌

942‌

MidCap

Value

Fund

I

907‌

247‌

129‌

905‌

Origin

Emerging

Markets

Fund

690‌

102‌

158‌

471‌

Overseas

Fund

1,245‌

180‌

277‌

1,041‌

Real

Estate

Securities

Fund

457‌

65‌

33‌

392‌

SmallCap

Growth

Fund

I

389‌

78‌

38‌

306‌

SmallCap

Value

Fund

II

454‌

63‌

165‌

298‌

$

17,284‌

$

3,855‌

$

2,632‌

$

14,740‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—‌

$

—‌

$

—‌

$

(

577‌

)

Core

Fixed

Income

Fund

4‌

—‌

—‌

(

37‌

)

Diversified

International

Fund

—‌

1‌

—‌

(

622‌

)

Equity

Income

Fund

12‌

(

1‌

)

—‌

(

271‌

)

High

Income

Fund

3‌

—‌

—‌

(

19‌

)

International

Small

Company

Fund

—‌

—‌

—‌

(

126‌

)

LargeCap

Growth

Fund

I

—‌

(

3‌

)

—‌

(

604‌

)

LargeCap

S&P

500

Index

Fund

—‌

(

1‌

)

—‌

(

361‌

)

LargeCap

Value

Fund

III

—‌

1‌

—‌

(

198‌

)

MidCap

Growth

Fund

III

—‌

—‌

—‌

(

285‌

)

MidCap

Value

Fund

I

—‌

—‌

—‌

(

120‌

)

Origin

Emerging

Markets

Fund

—‌

1‌

—‌

(

164‌

)

Overseas

Fund

—‌

—‌

—‌

(

107‌

)

Real

Estate

Securities

Fund

3‌

—‌

—‌

(

97‌

)

SmallCap

Growth

Fund

I

—‌

—‌

—‌

(

123‌

)

SmallCap

Value

Fund

II

—‌

(

1‌

)

—‌

(

53‌

)

$

22‌

$

(

3‌

)

$

—‌

$

(

3,764‌

)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Strategic

Income

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

186

INVESTMENT

COMPANIES

-

100

.02

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

58

.13

%

Blue

Chip

Fund

(a)

31,685‌

$

905‌

Core

Fixed

Income

Fund

(a)

1,072,300‌

9,404‌

Diversified

International

Fund

(a)

95,703‌

1,062‌

Diversified

Real

Asset

Fund

(a)

53,614‌

668‌

International

Small

Company

Fund

(a)

23,030‌

203‌

LargeCap

Growth

Fund

I

(a)

59,790‌

899‌

MidCap

Fund

(a)

18,045‌

555‌

MidCap

Value

Fund

I

(a)

35,245‌

543‌

Origin

Emerging

Markets

Fund

(a)

27,738‌

275‌

SmallCap

Growth

Fund

I

(a)

14,795‌

175‌

SmallCap

Value

Fund

II

(a)

15,323‌

171‌

$

14,860‌

Principal

Funds,

Inc.

Institutional

Class

-

41

.89

%

Equity

Income

Fund

(a)

25,328‌

883‌

High

Income

Fund

(a)

211,110‌

1,670‌

Inflation

Protection

Fund

(a)

218,655‌

1,845‌

LargeCap

S&P

500

Index

Fund

(a)

45,366‌

880‌

LargeCap

Value

Fund

III

(a)

50,506‌

879‌

Overseas

Fund

(a)

57,058‌

546‌

Short-Term

Income

Fund

(a)

343,865‌

4,006‌

$

10,709‌

TOTAL

INVESTMENT

COMPANIES

$

25,569‌

Total

Investments

$

25,569‌

Other

Assets

and

Liabilities

-  (0.02)%

(

6‌

)

TOTAL

NET

ASSETS

-

100.00%

$

25,563‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Fixed

Income

Funds

70

.36‌

%

Domestic

Equity

Funds

23

.04‌

%

International

Equity

Funds

4

.01‌

%

Specialty

Funds

2

.61‌

%

Other

Assets

and

Liabilities

(

0

.02‌

)

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

Strategic

Income

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

187

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

1,174‌

$

244‌

$

140‌

$

905‌

Core

Fixed

Income

Fund

9,487‌

2,439‌

1,410‌

9,404‌

Diversified

International

Fund

1,957‌

190‌

714‌

1,062‌

Diversified

Real

Asset

Fund

719‌

90‌

100‌

668‌

Equity

Income

Fund

1,128‌

156‌

228‌

883‌

High

Income

Fund

2,146‌

396‌

534‌

1,670‌

Inflation

Protection

Fund

1,850‌

434‌

262‌

1,845‌

International

Small

Company

Fund

375‌

35‌

127‌

203‌

LargeCap

Growth

Fund

I

1,144‌

287‌

139‌

899‌

LargeCap

S&P

500

Index

Fund

844‌

394‌

150‌

880‌

LargeCap

Value

Fund

III

1,134‌

148‌

279‌

879‌

MidCap

Fund

626‌

189‌

84‌

555‌

MidCap

Value

Fund

I

630‌

143‌

154‌

543‌

Origin

Emerging

Markets

Fund

502‌

46‌

169‌

275‌

Overseas

Fund

833‌

80‌

311‌

546‌

Short-Term

Income

Fund

5,043‌

605‌

1,426‌

4,006‌

SmallCap

Growth

Fund

I

254‌

47‌

48‌

175‌

SmallCap

Value

Fund

II

287‌

37‌

120‌

171‌

$

30,133‌

$

5,960‌

$

6,395‌

$

25,569‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—‌

$

(

5‌

)

$

—‌

$

(

368‌

)

Core

Fixed

Income

Fund

113‌

(

12‌

)

—‌

(

1,100‌

)

Diversified

International

Fund

—‌

(

5‌

)

—‌

(

366‌

)

Diversified

Real

Asset

Fund

7‌

(

1‌

)

—‌

(

40‌

)

Equity

Income

Fund

8‌

(

5‌

)

—‌

(

168‌

)

High

Income

Fund

52‌

(

27‌

)

—‌

(

311‌

)

Inflation

Protection

Fund

—‌

—‌

—‌

(

177‌

)

International

Small

Company

Fund

—‌

—‌

—‌

(

80‌

)

LargeCap

Growth

Fund

I

—‌

(

4‌

)

—‌

(

389‌

)

LargeCap

S&P

500

Index

Fund

—‌

(

5‌

)

—‌

(

203‌

)

LargeCap

Value

Fund

III

—‌

1‌

—‌

(

125‌

)

MidCap

Fund

—‌

(

3‌

)

—‌

(

173‌

)

MidCap

Value

Fund

I

—‌

—‌

—‌

(

76‌

)

Origin

Emerging

Markets

Fund

—‌

(

20‌

)

—‌

(

84‌

)

Overseas

Fund

—‌

5‌

—‌

(

61‌

)

Short-Term

Income

Fund

29‌

(

25‌

)

—‌

(

191‌

)

SmallCap

Growth

Fund

I

—‌

—‌

—‌

(

78‌

)

SmallCap

Value

Fund

II

—‌

1‌

—‌

(

34‌

)

$

209‌

$

(

105‌

)

$

—‌

$

(

4,024‌

)

Amounts

in

thousands.

Schedule

of

Investments

Real

Estate

Securities

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

188

INVESTMENT

COMPANIES

-

1

.81

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1

.81

%

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

(a),(b)

2,644,821‌

$

2,645‌

TOTAL

INVESTMENT

COMPANIES

$

2,645‌

COMMON

STOCKS

-

98

.17

%

Shares

Held

Value

(000's)

Entertainment

-

1

.29

%

Marriott

Vacations

Worldwide

Corp

16,185‌

$

1,880‌

Home

Builders

-

0

.57

%

DR

Horton

Inc

12,495‌

827‌

Lodging

-

0

.68

%

Travel

+

Leisure

Co

25,599‌

994‌

REITs

-

95

.63

%

Agree

Realty

Corp

31,858‌

2,298‌

Alexandria

Real

Estate

Equities

Inc

36,314‌

5,267‌

American

Assets

Trust

Inc

15,284‌

454‌

American

Homes

4

Rent

154,814‌

5,487‌

American

Tower

Corp

19,680‌

5,030‌

Apartment

Income

REIT

Corp

70,195‌

2,920‌

Apple

Hospitality

REIT

Inc

80,965‌

1,188‌

AvalonBay

Communities

Inc

40,190‌

7,807‌

Brandywine

Realty

Trust

36,597‌

353‌

Broadstone

Net

Lease

Inc

105,104‌

2,156‌

Cousins

Properties

Inc

81,059‌

2,369‌

CubeSmart

95,039‌

4,060‌

DiamondRock

Hospitality

Co

(c)

137,415‌

1,128‌

Digital

Realty

Trust

Inc

10,228‌

1,328‌

Equinix

Inc

12,335‌

8,104‌

Equity

LifeStyle

Properties

Inc

52,567‌

3,704‌

Equity

Residential

14,410‌

1,041‌

Essex

Property

Trust

Inc

23,936‌

6,259‌

Extra

Space

Storage

Inc

38,845‌

6,608‌

First

Industrial

Realty

Trust

Inc

68,893‌

3,271‌

Healthcare

Realty

Trust

Inc

42,520‌

1,157‌

Healthcare

Trust

of

America

Inc

44,928‌

1,254‌

InvenTrust

Properties

Corp

33,563‌

866‌

Invitation

Homes

Inc

168,800‌

6,006‌

Kilroy

Realty

Corp

53,267‌

2,787‌

Medical

Properties

Trust

Inc

133,918‌

2,045‌

NETSTREIT

Corp

35,405‌

668‌

Park

Hotels

&

Resorts

Inc

57,505‌

780‌

Prologis

Inc

82,802‌

9,743‌

PS

Business

Parks

Inc

5,041‌

943‌

Public

Storage

10,670‌

3,336‌

Regency

Centers

Corp

59,661‌

3,538‌

Rexford

Industrial

Realty

Inc

60,578‌

3,489‌

Sabra

Health

Care

REIT

Inc

150,537‌

2,103‌

Saul

Centers

Inc

15,747‌

742‌

Simon

Property

Group

Inc

16,376‌

1,554‌

STORE

Capital

Corp

101,663‌

2,651‌

Sun

Communities

Inc

39,066‌

6,226‌

Terreno

Realty

Corp

50,330‌

2,805‌

Ventas

Inc

140,421‌

7,222‌

VICI

Properties

Inc

219,901‌

6,551‌

Welltower

Inc

29,229‌

2,407‌

$

139,705‌

TOTAL

COMMON

STOCKS

$

143,406‌

Total

Investments

$

146,051‌

Other

Assets

and

Liabilities

-  0.02%

30‌

TOTAL

NET

ASSETS

-

100.00%

$

146,081‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

(c)

Non-income

producing

security

Portfolio

Summary  (unaudited)

Sector

Percent

Financial

95

.63‌

%

Consumer,

Cyclical

2

.54‌

%

Money

Market

Funds

1

.81‌

%

Other

Assets

and

Liabilities

0

.02‌

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Real

Estate

Securities

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

189

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

2,129‌

$

13,355‌

$

12,839‌

$

2,645‌

$

2,129‌

$

13,355‌

$

12,839‌

$

2,645‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

3‌

$

—‌

$

—‌

$

—‌

$

3‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

Schedule

of

Investments

SAM

Balanced

Portfolio

June

30,

2022

(unaudited)

See

accompanying

notes.

190

INVESTMENT

COMPANIES

-

100

.02

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1

.49

%

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

(a),(b)

8,781,561‌

$

8,782‌

Principal

Exchange-Traded

Funds

-

12

.71

%

Principal

Investment

Grade

Corporate

Active

ETF

(a)

284,000‌

6,214‌

Principal

U.S.

Mega-Cap

ETF

(a)

1,262,807‌

46,219‌

Principal

U.S.

Small-Cap

Multi-Factor

ETF

(a)

587,600‌

22,370‌

$

74,803‌

Principal

Funds,

Inc.

Class

R-6

-

50

.26

%

Blue

Chip

Fund

(a)

1,877,355‌

53,599‌

Core

Fixed

Income

Fund

(a)

9,091,453‌

79,732‌

Diversified

International

Fund

(a)

1,655,092‌

18,372‌

Diversified

Real

Asset

Fund

(a)

2,167,416‌

27,006‌

Edge

MidCap

Fund

(a)

1,096,153‌

12,781‌

Global

Real

Estate

Securities

Fund

(a)

569,271‌

5,294‌

High

Yield

Fund

(a)

2,938,876‌

18,309‌

International

Small

Company

Fund

(a)

1,080,205‌

9,538‌

LargeCap

Growth

Fund

I

(a)

1,471,022‌

22,110‌

Origin

Emerging

Markets

Fund

(a)

2,317,405‌

22,942‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a)

2,923,688‌

25,962‌

$

295,645‌

Principal

Funds,

Inc.

Institutional

Class

-

18

.89

%

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a)

1,473,423‌

12,642‌

LargeCap

Value

Fund

III

(a)

1,709,697‌

29,749‌

Overseas

Fund

(a)

1,274,378‌

12,196‌

Principal

Capital

Appreciation

Fund

(a)

703,738‌

37,516‌

Short-Term

Income

Fund

(a)

1,634,251‌

19,039‌

$

111,142‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

16

.67

%

Equity

Income

Account

(a)

1,663,915‌

48,653‌

Government

&

High

Quality

Bond

Account

(a)

4,278,161‌

37,091‌

MidCap

Account

(a)

223,732‌

12,305‌

$

98,049‌

TOTAL

INVESTMENT

COMPANIES

$

588,421‌

Total

Investments

$

588,421‌

Other

Assets

and

Liabilities

-  (0.02)%

(

145‌

)

TOTAL

NET

ASSETS

-

100.00%

$

588,276‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

48

.50‌

%

Fixed

Income

Funds

36

.95‌

%

International

Equity

Funds

8

.49‌

%

Specialty

Funds

4

.59‌

%

Money

Market

Funds

1

.49‌

%

Other

Assets

and

Liabilities

(

0

.02‌

)

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

SAM

Balanced

Portfolio

June

30,

2022

(unaudited)

See

accompanying

notes.

191

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

76,921‌

$

5,203‌

$

5,209‌

$

53,599‌

Core

Fixed

Income

Fund

82,384‌

13,110‌

5,187‌

79,732‌

Diversified

International

Fund

19,142‌

5,276‌

661‌

18,372‌

Diversified

Real

Asset

Fund

37,643‌

349‌

9,399‌

27,006‌

Edge

MidCap

Fund

17,925‌

80‌

1,769‌

12,781‌

Equity

Income

Account

62,100‌

238‌

5,115‌

48,653‌

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

23,011‌

525‌

8,049‌

12,642‌

Global

Real

Estate

Securities

Fund

17,302‌

41‌

10,174‌

5,294‌

Government

&

High

Quality

Bond

Account

26,575‌

15,382‌

2,060‌

37,091‌

High

Yield

Fund

16,203‌

6,507‌

1,306‌

18,309‌

International

Small

Company

Fund

9,488‌

3,723‌

512‌

9,538‌

LargeCap

Growth

Fund

I

31,328‌

1,940‌

653‌

22,110‌

LargeCap

Value

Fund

III

37,659‌

93‌

4,091‌

29,749‌

MidCap

Account

7,624‌

9,351‌

607‌

12,305‌

Origin

Emerging

Markets

Fund

48,422‌

237‌

18,258‌

22,942‌

Overseas

Fund

7,286‌

7,705‌

1,414‌

12,196‌

Principal

Capital

Appreciation

Fund

13,047‌

34,221‌

1,977‌

37,516‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

22,974‌

13,051‌

27,243‌

8,782‌

Principal

Investment

Grade

Corporate

Active

ETF

10,054‌

—‌

2,533‌

6,214‌

Principal

U.S.

Mega-Cap

ETF

66,858‌

—‌

10,640‌

46,219‌

Principal

U.S.

Small-Cap

Multi-Factor

ETF

52,810‌

—‌

24,426‌

22,370‌

Short-Term

Income

Fund

25,640‌

183‌

5,813‌

19,039‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

32,072‌

745‌

2,500‌

25,962‌

$

744,468‌

$

117,960‌

$

149,596‌

$

588,421‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—‌

$

2,071‌

$

—‌

$

(

25,387‌

)

Core

Fixed

Income

Fund

1,062‌

(

463‌

)

—‌

(

10,112‌

)

Diversified

International

Fund

—‌

(

74‌

)

—‌

(

5,311‌

)

Diversified

Real

Asset

Fund

294‌

248‌

—‌

(

1,835‌

)

Edge

MidCap

Fund

—‌

(

13‌

)

—‌

(

3,442‌

)

Equity

Income

Account

—‌

3,233‌

—‌

(

11,803‌

)

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

480‌

(

888‌

)

—‌

(

1,957‌

)

Global

Real

Estate

Securities

Fund

—‌

2,332‌

—‌

(

4,207‌

)

Government

&

High

Quality

Bond

Account

—‌

(

171‌

)

—‌

(

2,635‌

)

High

Yield

Fund

520‌

(

100‌

)

—‌

(

2,995‌

)

International

Small

Company

Fund

—‌

(

99‌

)

—‌

(

3,062‌

)

LargeCap

Growth

Fund

I

—‌

(

117‌

)

—‌

(

10,388‌

)

LargeCap

Value

Fund

III

—‌

(

180‌

)

—‌

(

3,732‌

)

MidCap

Account

—‌

(

111‌

)

—‌

(

3,952‌

)

Origin

Emerging

Markets

Fund

—‌

(

1,937‌

)

—‌

(

5,522‌

)

Overseas

Fund

—‌

(

169‌

)

—‌

(

1,212‌

)

Principal

Capital

Appreciation

Fund

—‌

(

456‌

)

—‌

(

7,319‌

)

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

8‌

—‌

—‌

—‌

Principal

Investment

Grade

Corporate

Active

ETF

98‌

(

45‌

)

—‌

(

1,262‌

)

Principal

U.S.

Mega-Cap

ETF

211‌

4,336‌

—‌

(

14,335‌

)

Principal

U.S.

Small-Cap

Multi-Factor

ETF

13‌

6,854‌

—‌

(

12,868‌

)

Short-Term

Income

Fund

133‌

(

88‌

)

—‌

(

883‌

)

Spectrum

Preferred

and

Capital

Securities

Income

Fund

652‌

(

150‌

)

—‌

(

4,205‌

)

$

3,471‌

$

14,013‌

$

—‌

$

(

138,424‌

)

Amounts

in

thousands.

Schedule

of

Investments

SAM

Conservative

Balanced

Portfolio

June

30,

2022

(unaudited)

See

accompanying

notes.

192

INVESTMENT

COMPANIES

-

100

.03

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1

.75

%

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

(a),(b)

3,006,984‌

$

3,007‌

Principal

Exchange-Traded

Funds

-

8

.77

%

Principal

Investment

Grade

Corporate

Active

ETF

(a)

135,000‌

2,954‌

Principal

U.S.

Mega-Cap

ETF

(a)

231,230‌

8,463‌

Principal

U.S.

Small-Cap

Multi-Factor

ETF

(a)

96,200‌

3,662‌

$

15,079‌

Principal

Funds,

Inc.

Class

R-6

-

54

.08

%

Blue

Chip

Fund

(a)

367,026‌

10,479‌

Core

Fixed

Income

Fund

(a)

4,168,997‌

36,562‌

Diversified

International

Fund

(a)

258,472‌

2,869‌

Diversified

Real

Asset

Fund

(a)

550,530‌

6,860‌

Edge

MidCap

Fund

(a)

211,912‌

2,471‌

Global

Real

Estate

Securities

Fund

(a)

254,417‌

2,366‌

High

Yield

Fund

(a)

1,452,057‌

9,046‌

International

Small

Company

Fund

(a)

177,594‌

1,568‌

LargeCap

Growth

Fund

I

(a)

287,925‌

4,327‌

Origin

Emerging

Markets

Fund

(a)

428,582‌

4,243‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a)

1,371,687‌

12,181‌

$

92,972‌

Principal

Funds,

Inc.

Institutional

Class

-

18

.90

%

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a)

672,543‌

5,770‌

LargeCap

Value

Fund

III

(a)

321,022‌

5,586‌

Overseas

Fund

(a)

244,472‌

2,339‌

Principal

Capital

Appreciation

Fund

(a)

179,493‌

9,569‌

Short-Term

Income

Fund

(a)

791,834‌

9,225‌

$

32,489‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

16

.53

%

Equity

Income

Account

(a)

317,177‌

9,274‌

Government

&

High

Quality

Bond

Account

(a)

1,975,822‌

17,131‌

MidCap

Account

(a)

36,385‌

2,001‌

$

28,406‌

TOTAL

INVESTMENT

COMPANIES

$

171,953‌

Total

Investments

$

171,953‌

Other

Assets

and

Liabilities

-  (0.03)%

(

45‌

)

TOTAL

NET

ASSETS

-

100.00%

$

171,908‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Fixed

Income

Funds

55

.69‌

%

Domestic

Equity

Funds

32

.48‌

%

International

Equity

Funds

6

.12‌

%

Specialty

Funds

3

.99‌

%

Money

Market

Funds

1

.75‌

%

Other

Assets

and

Liabilities

(

0

.03‌

)

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

SAM

Conservative

Balanced

Portfolio

June

30,

2022

(unaudited)

See

accompanying

notes.

193

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

14,840‌

$

1,595‌

$

1,492‌

$

10,479‌

Core

Fixed

Income

Fund

37,543‌

5,316‌

1,539‌

36,562‌

Diversified

International

Fund

2,019‌

1,873‌

186‌

2,869‌

Diversified

Real

Asset

Fund

9,800‌

229‌

2,766‌

6,860‌

Edge

MidCap

Fund

3,423‌

135‌

432‌

2,471‌

Equity

Income

Account

11,346‌

346‌

800‌

9,274‌

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

11,778‌

403‌

5,133‌

5,770‌

Global

Real

Estate

Securities

Fund

6,822‌

47‌

3,714‌

2,366‌

Government

&

High

Quality

Bond

Account

12,152‌

7,339‌

1,104‌

17,131‌

High

Yield

Fund

7,943‌

3,285‌

665‌

9,046‌

International

Small

Company

Fund

2,398‌

253‌

497‌

1,568‌

LargeCap

Growth

Fund

I

6,046‌

646‌

306‌

4,327‌

LargeCap

Value

Fund

III

5,183‌

2,177‌

1,011‌

5,586‌

MidCap

Account

2,215‌

530‌

51‌

2,001‌

Origin

Emerging

Markets

Fund

8,855‌

117‌

3,357‌

4,243‌

Overseas

Fund

1,520‌

1,546‌

444‌

2,339‌

Principal

Capital

Appreciation

Fund

2,022‌

10,124‌

507‌

9,569‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

4,910‌

5,845‌

7,748‌

3,007‌

Principal

Investment

Grade

Corporate

Active

ETF

4,686‌

436‌

1,577‌

2,954‌

Principal

U.S.

Mega-Cap

ETF

12,575‌

—‌

2,301‌

8,463‌

Principal

U.S.

Small-Cap

Multi-Factor

ETF

7,265‌

—‌

2,716‌

3,662‌

Short-Term

Income

Fund

12,127‌

251‌

2,695‌

9,225‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

16,125‌

541‌

2,450‌

12,181‌

$

203,593‌

$

43,034‌

$

43,491‌

$

171,953‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—‌

$

504‌

$

—‌

$

(

4,968‌

)

Core

Fixed

Income

Fund

478‌

(

142‌

)

—‌

(

4,616‌

)

Diversified

International

Fund

—‌

(

31‌

)

—‌

(

806‌

)

Diversified

Real

Asset

Fund

74‌

65‌

—‌

(

468‌

)

Edge

MidCap

Fund

—‌

(

2‌

)

—‌

(

653‌

)

Equity

Income

Account

—‌

119‌

—‌

(

1,737‌

)

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

214‌

(

444‌

)

—‌

(

834‌

)

Global

Real

Estate

Securities

Fund

—‌

774‌

—‌

(

1,563‌

)

Government

&

High

Quality

Bond

Account

—‌

(

94‌

)

—‌

(

1,162‌

)

High

Yield

Fund

254‌

(

46‌

)

—‌

(

1,471‌

)

International

Small

Company

Fund

—‌

(

108‌

)

—‌

(

478‌

)

LargeCap

Growth

Fund

I

—‌

(

64‌

)

—‌

(

1,995‌

)

LargeCap

Value

Fund

III

—‌

(

50‌

)

—‌

(

713‌

)

MidCap

Account

—‌

(

11‌

)

—‌

(

682‌

)

Origin

Emerging

Markets

Fund

—‌

(

354‌

)

—‌

(

1,018‌

)

Overseas

Fund

—‌

(

54‌

)

—‌

(

229‌

)

Principal

Capital

Appreciation

Fund

—‌

(

125‌

)

—‌

(

1,945‌

)

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

3‌

—‌

—‌

—‌

Principal

Investment

Grade

Corporate

Active

ETF

44‌

(

28‌

)

—‌

(

563‌

)

Principal

U.S.

Mega-Cap

ETF

39‌

944‌

—‌

(

2,755‌

)

Principal

U.S.

Small-Cap

Multi-Factor

ETF

2‌

1,007‌

—‌

(

1,894‌

)

Short-Term

Income

Fund

63‌

(

21‌

)

—‌

(

437‌

)

Spectrum

Preferred

and

Capital

Securities

Income

Fund

304‌

(

92‌

)

—‌

(

1,943‌

)

$

1,475‌

$

1,747‌

$

—‌

$

(

32,930‌

)

Amounts

in

thousands.

Schedule

of

Investments

SAM

Conservative

Growth

Portfolio

June

30,

2022

(unaudited)

See

accompanying

notes.

194

INVESTMENT

COMPANIES

-

100

.03

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

2

.12

%

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

(a),(b)

7,358,531‌

$

7,359‌

Principal

Exchange-Traded

Funds

-

16

.93

%

Principal

Investment

Grade

Corporate

Active

ETF

(a)

82,000‌

1,794‌

Principal

U.S.

Mega-Cap

ETF

(a)

986,311‌

36,099‌

Principal

U.S.

Small-Cap

Multi-Factor

ETF

(a)

549,400‌

20,916‌

$

58,809‌

Principal

Funds,

Inc.

Class

R-6

-

44

.19

%

Blue

Chip

Fund

(a)

1,466,336‌

41,864‌

Core

Fixed

Income

Fund

(a)

2,043,688‌

17,923‌

Diversified

International

Fund

(a)

1,232,612‌

13,682‌

Diversified

Real

Asset

Fund

(a)

1,250,174‌

15,577‌

Edge

MidCap

Fund

(a)

951,886‌

11,099‌

Global

Real

Estate

Securities

Fund

(a)

84,358‌

784‌

High

Yield

Fund

(a)

451,811‌

2,815‌

International

Small

Company

Fund

(a)

840,420‌

7,421‌

LargeCap

Growth

Fund

I

(a)

1,240,436‌

18,644‌

Origin

Emerging

Markets

Fund

(a)

1,779,560‌

17,618‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a)

686,714‌

6,098‌

$

153,525‌

Principal

Funds,

Inc.

Institutional

Class

-

20

.73

%

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a)

368,108‌

3,158‌

LargeCap

Value

Fund

III

(a)

1,397,272‌

24,313‌

Overseas

Fund

(a)

706,025‌

6,757‌

Principal

Capital

Appreciation

Fund

(a)

616,283‌

32,854‌

Short-Term

Income

Fund

(a)

424,916‌

4,950‌

$

72,032‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

16

.06

%

Equity

Income

Account

(a)

1,241,499‌

36,301‌

Government

&

High

Quality

Bond

Account

(a)

1,006,325‌

8,725‌

MidCap

Account

(a)

196,262‌

10,794‌

$

55,820‌

TOTAL

INVESTMENT

COMPANIES

$

347,545‌

Total

Investments

$

347,545‌

Other

Assets

and

Liabilities

-  (0.03)%

(

104‌

)

TOTAL

NET

ASSETS

-

100.00%

$

347,441‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

67

.03‌

%

Fixed

Income

Funds

17

.02‌

%

International

Equity

Funds

9

.38‌

%

Specialty

Funds

4

.48‌

%

Money

Market

Funds

2

.12‌

%

Other

Assets

and

Liabilities

(

0

.03‌

)

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

SAM

Conservative

Growth

Portfolio

June

30,

2022

(unaudited)

See

accompanying

notes.

195

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

59,716‌

$

4,981‌

$

4,754‌

$

41,864‌

Core

Fixed

Income

Fund

17,280‌

3,884‌

913‌

17,923‌

Diversified

International

Fund

15,266‌

2,819‌

393‌

13,682‌

Diversified

Real

Asset

Fund

20,753‌

351‌

4,606‌

15,577‌

Edge

MidCap

Fund

14,981‌

306‌

1,213‌

11,099‌

Equity

Income

Account

48,104‌

875‌

6,323‌

36,301‌

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

4,093‌

1,540‌

1,763‌

3,158‌

Global

Real

Estate

Securities

Fund

8,020‌

—‌

6,718‌

784‌

Government

&

High

Quality

Bond

Account

5,358‌

4,366‌

354‌

8,725‌

High

Yield

Fund

2,154‌

1,313‌

183‌

2,815‌

International

Small

Company

Fund

7,388‌

2,723‌

253‌

7,421‌

LargeCap

Growth

Fund

I

25,761‌

2,084‌

396‌

18,644‌

LargeCap

Value

Fund

III

28,523‌

1,480‌

2,502‌

24,313‌

MidCap

Account

7,256‌

7,465‌

364‌

10,794‌

Origin

Emerging

Markets

Fund

36,702‌

538‌

13,958‌

17,618‌

Overseas

Fund

6,284‌

2,072‌

846‌

6,757‌

Principal

Capital

Appreciation

Fund

7,922‌

32,963‌

1,348‌

32,854‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

14,113‌

4,609‌

11,363‌

7,359‌

Principal

Investment

Grade

Corporate

Active

ETF

1,868‌

284‌

—‌

1,794‌

Principal

U.S.

Mega-Cap

ETF

52,006‌

—‌

7,973‌

36,099‌

Principal

U.S.

Small-Cap

Multi-Factor

ETF

41,514‌

—‌

15,282‌

20,916‌

Short-Term

Income

Fund

4,307‌

1,268‌

387‌

4,950‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

5,088‌

2,048‌

75‌

6,098‌

$

434,457‌

$

77,969‌

$

81,967‌

$

347,545‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—‌

$

747‌

$

—‌

$

(

18,826‌

)

Core

Fixed

Income

Fund

235‌

(

73‌

)

—‌

(

2,255‌

)

Diversified

International

Fund

—‌

(

73‌

)

—‌

(

3,937‌

)

Diversified

Real

Asset

Fund

166‌

123‌

—‌

(

1,044‌

)

Edge

MidCap

Fund

—‌

(

20‌

)

—‌

(

2,955‌

)

Equity

Income

Account

—‌

1,600‌

—‌

(

7,955‌

)

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

121‌

(

217‌

)

—‌

(

495‌

)

Global

Real

Estate

Securities

Fund

—‌

1,695‌

—‌

(

2,213‌

)

Government

&

High

Quality

Bond

Account

—‌

(

24‌

)

—‌

(

621‌

)

High

Yield

Fund

79‌

(

11‌

)

—‌

(

458‌

)

International

Small

Company

Fund

—‌

(

49‌

)

—‌

(

2,388‌

)

LargeCap

Growth

Fund

I

—‌

(

97‌

)

—‌

(

8,708‌

)

LargeCap

Value

Fund

III

—‌

(

143‌

)

—‌

(

3,045‌

)

MidCap

Account

—‌

(

70‌

)

—‌

(

3,493‌

)

Origin

Emerging

Markets

Fund

—‌

(

1,544‌

)

—‌

(

4,120‌

)

Overseas

Fund

—‌

(

101‌

)

—‌

(

652‌

)

Principal

Capital

Appreciation

Fund

—‌

(

327‌

)

—‌

(

6,356‌

)

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

8‌

—‌

—‌

—‌

Principal

Investment

Grade

Corporate

Active

ETF

28‌

—‌

—‌

(

358‌

)

Principal

U.S.

Mega-Cap

ETF

165‌

3,090‌

—‌

(

11,024‌

)

Principal

U.S.

Small-Cap

Multi-Factor

ETF

12‌

3,136‌

—‌

(

8,452‌

)

Short-Term

Income

Fund

33‌

(

11‌

)

—‌

(

227‌

)

Spectrum

Preferred

and

Capital

Securities

Income

Fund

146‌

(

6‌

)

—‌

(

957‌

)

$

993‌

$

7,625‌

$

—‌

$

(

90,539‌

)

Amounts

in

thousands.

Schedule

of

Investments

SAM

Flexible

Income

Portfolio

June

30,

2022

(unaudited)

See

accompanying

notes.

196

INVESTMENT

COMPANIES

-

100

.03

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1

.02

%

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

(a),(b)

1,618,147‌

$

1,618‌

Principal

Exchange-Traded

Funds

-

18

.98

%

Principal

Active

High

Yield

ETF

(a)

576,116‌

10,223‌

Principal

Investment

Grade

Corporate

Active

ETF

(a)

665,298‌

14,557‌

Principal

U.S.

Mega-Cap

ETF

(a)

143,407‌

5,249‌

Principal

U.S.

Small-Cap

Multi-Factor

ETF

(a)

1,000‌

38‌

$

30,067‌

Principal

Funds,

Inc.

Class

R-6

-

47

.03

%

Blue

Chip

Fund

(a)

233,713‌

6,672‌

Core

Fixed

Income

Fund

(a)

3,443,307‌

30,198‌

Diversified

International

Fund

(a)

442,748‌

4,914‌

Diversified

Real

Asset

Fund

(a)

601,944‌

7,500‌

Global

Real

Estate

Securities

Fund

(a)

299,353‌

2,784‌

High

Yield

Fund

(a)

376,793‌

2,347‌

Origin

Emerging

Markets

Fund

(a)

112,177‌

1,111‌

Small-MidCap

Dividend

Income

Fund

(a)

320,148‌

4,921‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a)

1,582,968‌

14,057‌

$

74,504‌

Principal

Funds,

Inc.

Institutional

Class

-

15

.69

%

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a)

498,212‌

4,275‌

LargeCap

Value

Fund

III

(a)

153,223‌

2,666‌

Principal

Capital

Appreciation

Fund

(a)

122,745‌

6,544‌

Short-Term

Income

Fund

(a)

976,341‌

11,374‌

$

24,859‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

17

.31

%

Equity

Income

Account

(a)

142,417‌

4,165‌

Government

&

High

Quality

Bond

Account

(a)

2,681,332‌

23,247‌

$

27,412‌

TOTAL

INVESTMENT

COMPANIES

$

158,460‌

Total

Investments

$

158,460‌

Other

Assets

and

Liabilities

-  (0.03)%

(

45‌

)

TOTAL

NET

ASSETS

-

100.00%

$

158,415‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Fixed

Income

Funds

72

.71‌

%

Domestic

Equity

Funds

19

.10‌

%

Specialty

Funds

4

.74‌

%

International

Equity

Funds

2

.46‌

%

Money

Market

Funds

1

.02‌

%

Other

Assets

and

Liabilities

(

0

.03‌

)

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

SAM

Flexible

Income

Portfolio

June

30,

2022

(unaudited)

See

accompanying

notes.

197

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

9,924‌

$

1,186‌

$

1,499‌

$

6,672‌

Core

Fixed

Income

Fund

34,551‌

2,863‌

3,156‌

30,198‌

Diversified

International

Fund

4,873‌

1,820‌

365‌

4,914‌

Diversified

Real

Asset

Fund

12,601‌

265‌

4,922‌

7,500‌

Equity

Income

Account

5,414‌

163‌

669‌

4,165‌

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

5,895‌

587‌

1,341‌

4,275‌

Global

Real

Estate

Securities

Fund

8,179‌

344‌

4,744‌

2,784‌

Government

&

High

Quality

Bond

Account

21,160‌

6,162‌

2,227‌

23,247‌

High

Yield

Fund

2,086‌

946‌

291‌

2,347‌

LargeCap

Value

Fund

III

3,442‌

93‌

512‌

2,666‌

Origin

Emerging

Markets

Fund

1,718‌

76‌

329‌

1,111‌

Principal

Active

High

Yield

ETF

12,000‌

—‌

—‌

10,223‌

Principal

Capital

Appreciation

Fund

3,243‌

5,287‌

604‌

6,544‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

3,795‌

6,793‌

8,970‌

1,618‌

Principal

Investment

Grade

Corporate

Active

ETF

19,063‌

—‌

1,526‌

14,557‌

Principal

U.S.

Mega-Cap

ETF

8,010‌

—‌

1,630‌

5,249‌

Principal

U.S.

Small-Cap

Multi-Factor

ETF

1,992‌

—‌

1,938‌

38‌

Short-Term

Income

Fund

14,944‌

304‌

3,263‌

11,374‌

Small-MidCap

Dividend

Income

Fund

4,192‌

2,261‌

533‌

4,921‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

16,670‌

1,622‌

1,833‌

14,057‌

$

193,752‌

$

30,772‌

$

40,352‌

$

158,460‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—‌

$

(

63‌

)

$

—‌

$

(

2,876‌

)

Core

Fixed

Income

Fund

406‌

(

295‌

)

—‌

(

3,765‌

)

Diversified

International

Fund

—‌

(

60‌

)

—‌

(

1,354‌

)

Diversified

Real

Asset

Fund

81‌

97‌

—‌

(

541‌

)

Equity

Income

Account

—‌

331‌

—‌

(

1,074‌

)

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

141‌

(

154‌

)

—‌

(

712‌

)

Global

Real

Estate

Securities

Fund

—‌

869‌

—‌

(

1,864‌

)

Government

&

High

Quality

Bond

Account

—‌

(

225‌

)

—‌

(

1,623‌

)

High

Yield

Fund

66‌

(

26‌

)

—‌

(

368‌

)

LargeCap

Value

Fund

III

—‌

(

25‌

)

—‌

(

332‌

)

Origin

Emerging

Markets

Fund

—‌

(

42‌

)

—‌

(

312‌

)

Principal

Active

High

Yield

ETF

266‌

—‌

—‌

(

1,777‌

)

Principal

Capital

Appreciation

Fund

—‌

(

138‌

)

—‌

(

1,244‌

)

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

2‌

—‌

—‌

—‌

Principal

Investment

Grade

Corporate

Active

ETF

229‌

(

106‌

)

—‌

(

2,874‌

)

Principal

U.S.

Mega-Cap

ETF

24‌

687‌

—‌

(

1,818‌

)

Principal

U.S.

Small-Cap

Multi-Factor

ETF

—‌

732‌

—‌

(

748‌

)

Short-Term

Income

Fund

84‌

(

78‌

)

—‌

(

533‌

)

Small-MidCap

Dividend

Income

Fund

40‌

(

62‌

)

—‌

(

937‌

)

Spectrum

Preferred

and

Capital

Securities

Income

Fund

361‌

(

194‌

)

—‌

(

2,208‌

)

$

1,700‌

$

1,248‌

$

—‌

$

(

26,960‌

)

Amounts

in

thousands.

Schedule

of

Investments

SAM

Strategic

Growth

Portfolio

June

30,

2022

(unaudited)

See

accompanying

notes.

198

INVESTMENT

COMPANIES

-

100

.03

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

2

.42

%

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

(a),(b)

8,136,355‌

$

8,136‌

Principal

Exchange-Traded

Funds

-

18

.61

%

Principal

U.S.

Mega-Cap

ETF

(a)

963,000‌

35,246‌

Principal

U.S.

Small-Cap

Multi-Factor

ETF

(a)

719,100‌

27,376‌

$

62,622‌

Principal

Funds,

Inc.

Class

R-6

-

40

.96

%

Blue

Chip

Fund

(a)

1,595,389‌

45,548‌

Diversified

International

Fund

(a)

1,987,568‌

22,062‌

Diversified

Real

Asset

Fund

(a)

728,251‌

9,074‌

Edge

MidCap

Fund

(a)

933,071‌

10,879‌

International

Small

Company

Fund

(a)

913,123‌

8,063‌

LargeCap

Growth

Fund

I

(a)

2,011,352‌

30,231‌

Origin

Emerging

Markets

Fund

(a)

1,204,623‌

11,926‌

$

137,783‌

Principal

Funds,

Inc.

Institutional

Class

-

24

.04

%

LargeCap

Value

Fund

III

(a)

1,677,014‌

29,180‌

Overseas

Fund

(a)

1,587,348‌

15,191‌

Principal

Capital

Appreciation

Fund

(a)

684,430‌

36,487‌

$

80,858‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

14

.00

%

Equity

Income

Account

(a)

1,305,211‌

38,165‌

MidCap

Account

(a)

162,656‌

8,946‌

$

47,111‌

TOTAL

INVESTMENT

COMPANIES

$

336,510‌

Total

Investments

$

336,510‌

Other

Assets

and

Liabilities

-  (0.03)%

(

102‌

)

TOTAL

NET

ASSETS

-

100.00%

$

336,408‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

77

.89‌

%

International

Equity

Funds

10

.46‌

%

Fixed

Income

Funds

6

.56‌

%

Specialty

Funds

2

.70‌

%

Money

Market

Funds

2

.42‌

%

Other

Assets

and

Liabilities

(

0

.03‌

)

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

SAM

Strategic

Growth

Portfolio

June

30,

2022

(unaudited)

See

accompanying

notes.

199

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

61,196‌

$

4,518‌

$

747‌

$

45,548‌

Diversified

International

Fund

25,501‌

3,303‌

379‌

22,062‌

Diversified

Real

Asset

Fund

19,442‌

124‌

9,954‌

9,074‌

Edge

MidCap

Fund

16,427‌

201‌

2,815‌

10,879‌

Equity

Income

Account

49,597‌

416‌

5,208‌

38,165‌

Global

Real

Estate

Securities

Fund

3,238‌

—‌

3,145‌

—‌

International

Small

Company

Fund

9,801‌

1,223‌

297‌

8,063‌

LargeCap

Growth

Fund

I

53,778‌

785‌

9,236‌

30,231‌

LargeCap

Value

Fund

III

33,629‌

2,220‌

2,870‌

29,180‌

MidCap

Account

13,367‌

603‌

1,769‌

8,946‌

Origin

Emerging

Markets

Fund

25,779‌

421‌

10,402‌

11,926‌

Overseas

Fund

15,482‌

2,167‌

874‌

15,191‌

Principal

Capital

Appreciation

Fund

9,406‌

35,446‌

1,024‌

36,487‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

9,966‌

2,768‌

4,598‌

8,136‌

Principal

U.S.

Mega-Cap

ETF

43,423‌

44‌

711‌

35,246‌

Principal

U.S.

Small-Cap

Multi-Factor

ETF

38,607‌

—‌

4,287‌

27,376‌

$

428,639‌

$

54,239‌

$

58,316‌

$

336,510‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—‌

$

(

144‌

)

$

—‌

$

(

19,275‌

)

Diversified

International

Fund

—‌

(

68‌

)

—‌

(

6,295‌

)

Diversified

Real

Asset

Fund

96‌

297‌

—‌

(

835‌

)

Edge

MidCap

Fund

—‌

(

326‌

)

—‌

(

2,608‌

)

Equity

Income

Account

—‌

1,060‌

—‌

(

7,700‌

)

Global

Real

Estate

Securities

Fund

—‌

1,183‌

—‌

(

1,276‌

)

International

Small

Company

Fund

—‌

(

60‌

)

—‌

(

2,604‌

)

LargeCap

Growth

Fund

I

—‌

(

598‌

)

—‌

(

14,498‌

)

LargeCap

Value

Fund

III

—‌

(

253‌

)

—‌

(

3,546‌

)

MidCap

Account

—‌

(

72‌

)

—‌

(

3,183‌

)

Origin

Emerging

Markets

Fund

—‌

(

371‌

)

—‌

(

3,501‌

)

Overseas

Fund

—‌

(

108‌

)

—‌

(

1,476‌

)

Principal

Capital

Appreciation

Fund

—‌

(

256‌

)

—‌

(

7,085‌

)

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

9‌

—‌

—‌

—‌

Principal

U.S.

Mega-Cap

ETF

161‌

209‌

—‌

(

7,719‌

)

Principal

U.S.

Small-Cap

Multi-Factor

ETF

16‌

420‌

—‌

(

7,364‌

)

$

282‌

$

913‌

$

—‌

$

(

88,965‌

)

Amounts

in

thousands.

Schedule

of

Investments

Short-Term

Income

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

200

INVESTMENT

COMPANIES

-

5

.59

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

5

.59

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

1.33%

(a),(b)

3,578,993‌

$

3,579‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

(a),(c)

4,155,039‌

4,155‌

$

7,734‌

TOTAL

INVESTMENT

COMPANIES

$

7,734‌

BONDS

-

87

.25

%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

0

.18

%

Raytheon

Technologies

Corp

3.20%,

03/15/2024

$

250‌

$

248‌

Agriculture

-

0

.07

%

Bunge

Ltd

Finance

Corp

1.63%,

08/17/2025

100‌

92‌

Airlines

-

0

.40

%

Alaska

Airlines

2020-1

Class

A

Pass

Through

Trust

4.80%,

02/15/2029

(d)

243‌

239‌

American

Airlines

2013-2

Class

A

Pass

Through

Trust

4.95%,

07/15/2024

88‌

86‌

Delta

Air

Lines

Inc

/

SkyMiles

IP

Ltd

4.50%,

10/20/2025

(d)

229‌

223‌

$

548‌

Automobile

Asset

Backed

Securities

-

10

.70

%

AmeriCredit

Automobile

Receivables

Trust

2021-1

0.28%,

06/18/2024

21‌

21‌

Americredit

Automobile

Receivables

Trust

2022-1

2.05%,

01/20/2026

2,000‌

1,979‌

CPS

Auto

Receivables

Trust

2021-A

0.61%,

02/18/2025

(d)

60‌

60‌

CPS

Auto

Receivables

Trust

2021-B

0.37%,

03/17/2025

(d)

47‌

47‌

CPS

Auto

Receivables

Trust

2021-C

0.33%,

07/15/2024

(d)

69‌

68‌

CPS

Auto

Receivables

Trust

2021-D

0.61%,

10/15/2025

(d)

228‌

224‌

CPS

Auto

Receivables

Trust

2022-A

0.98%,

04/16/2029

(d)

364‌

357‌

CPS

Auto

Receivables

Trust

2022-B

2.88%,

06/15/2026

(d)

1,762‌

1,743‌

Ford

Credit

Auto

Owner

Trust

2018-REV2

3.47%,

01/15/2030

(d)

800‌

798‌

Ford

Credit

Auto

Owner

Trust

2019-REV1

3.52%,

07/15/2030

(d)

300‌

299‌

Ford

Credit

Auto

Owner

Trust

2020-REV2

1.06%,

04/15/2033

(d)

475‌

430‌

Ford

Credit

Auto

Owner

Trust

2021-REV1

1.37%,

10/17/2033

(d)

250‌

227‌

GM

Financial

Consumer

Automobile

Receivables

Trust

2021-1

0.23%,

11/16/2023

1‌

1‌

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II

2.04%,

05/25/2027

(d)

800‌

798‌

1.00

x

30

Day

Average

Secured

Overnight

Financing

Rate

+

1.25%

OneMain

Direct

Auto

Receivables

Trust

2019-1

3.63%,

09/14/2027

(d)

750‌

732‌

OneMain

Direct

Auto

Receivables

Trust

2021-1

0.87%,

07/14/2028

(d)

750‌

698‌

OneMain

Direct

Auto

Receivables

Trust

2022-1

4.65%,

03/14/2029

(d)

500‌

502‌

Santander

Drive

Auto

Receivables

Trust

2021-3

0.33%,

03/17/2025

231‌

230‌

Santander

Drive

Auto

Receivables

Trust

2022-1

1.36%,

12/16/2024

966‌

959‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Automobile

Asset

Backed

Securities

(continued)

Toyota

Auto

Loan

Extended

Note

Trust

2019-1

2.56%,

11/25/2031

(d)

$

250‌

$

245‌

Toyota

Auto

Loan

Extended

Note

Trust

2020-1

1.35%,

05/25/2033

(d)

200‌

186‌

Westlake

Automobile

Receivables

Trust

2020-3

0.56%,

05/15/2024

(d)

205‌

205‌

Westlake

Automobile

Receivables

Trust

2021-1

0.39%,

10/15/2024

(d)

135‌

134‌

0.64%,

03/16/2026

(d)

250‌

244‌

Westlake

Automobile

Receivables

Trust

2021-2

0.32%,

04/15/2025

(d)

562‌

554‌

Westlake

Automobile

Receivables

Trust

2022-1

1.97%,

12/16/2024

(d)

1,800‌

1,781‌

Westlake

Automobile

Receivables

Trust

2022-2

1.55%,

08/15/2025

(d)

500‌

500‌

1.00

x

30

Day

Average

Secured

Overnight

Financing

Rate

+

1.13%

World

Omni

Auto

Receivables

Trust

2021-A

0.17%,

02/15/2024

47‌

47‌

World

Omni

Auto

Receivables

Trust

2022-A

1.15%,

04/15/2025

750‌

739‌

$

14,808‌

Banks

-

15

.13

%

Bank

of

America

Corp

0.98%,

09/25/2025

(e)

1,250‌

1,157‌

Secured

Overnight

Financing

Rate

+

0.91%

1.20%,

10/24/2026

(e)

400‌

358‌

Secured

Overnight

Financing

Rate

+

1.01%

1.32%,

06/19/2026

(e)

600‌

545‌

Secured

Overnight

Financing

Rate

+

1.15%

3.00%,

12/20/2023

(e)

430‌

429‌

3

Month

USD

LIBOR

+

0.79%

4.20%,

08/26/2024

750‌

751‌

Bank

of

Montreal

0.95%,

01/22/2027

(e)

300‌

267‌

Secured

Overnight

Financing

Rate

+

0.60%

Bank

of

New

York

Mellon

Corp/The

2.29%,

10/30/2023

500‌

500‌

3

Month

USD

LIBOR

+

1.05%

Bank

of

Nova

Scotia/The

1.30%,

09/15/2026

307‌

273‌

Barclays

PLC

2.28%,

11/24/2027

(e)

500‌

443‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.05%

BNP

Paribas

SA

3.50%,

03/01/2023

(d)

250‌

249‌

Citigroup

Inc

0.78%,

10/30/2024

(e)

400‌

381‌

Secured

Overnight

Financing

Rate

+

0.69%

1.12%,

01/28/2027

(e)

400‌

353‌

Secured

Overnight

Financing

Rate

+

0.77%

3.01%,

09/01/2023

500‌

499‌

3

Month

USD

LIBOR

+

1.43%

3.50%,

05/15/2023

250‌

250‌

4.00%,

08/05/2024

274‌

273‌

4.04%,

06/01/2024

(e)

250‌

249‌

3

Month

USD

LIBOR

+

1.02%

Credit

Suisse

Group

AG

4.21%,

06/12/2024

(d),(e)

500‌

495‌

3

Month

USD

LIBOR

+

1.24%

Deutsche

Bank

AG/New

York

NY

0.90%,

05/28/2024

175‌

164‌

0.96%,

11/08/2023

400‌

383‌

Fifth

Third

Bancorp

3.65%,

01/25/2024

200‌

199‌

4.30%,

01/16/2024

400‌

402‌

Schedule

of

Investments

Short-Term

Income

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

201

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

First

Republic

Bank/CA

1.91%,

02/12/2024

(e)

$

250‌

$

247‌

Secured

Overnight

Financing

Rate

+

0.62%

Goldman

Sachs

Group

Inc/The

1.22%,

12/06/2023

500‌

482‌

2.06%,

11/17/2023

500‌

496‌

Secured

Overnight

Financing

Rate

+

0.54%

2.31%,

12/09/2026

300‌

288‌

Secured

Overnight

Financing

Rate

+

0.79%

2.64%,

02/24/2028

(e)

300‌

272‌

Secured

Overnight

Financing

Rate

+

1.11%

3.20%,

02/23/2023

300‌

300‌

HSBC

Holdings

PLC

2.63%,

11/07/2025

(e)

200‌

191‌

Secured

Overnight

Financing

Rate

+

1.40%

JPMorgan

Chase

&

Co

1.04%,

02/04/2027

(e)

200‌

177‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

0.70%

1.05%,

11/19/2026

(e)

1,400‌

1,245‌

Secured

Overnight

Financing

Rate

+

0.80%

1.51%,

06/01/2024

(e)

300‌

292‌

Secured

Overnight

Financing

Rate

+

1.46%

2.41%,

10/24/2023

500‌

500‌

3

Month

USD

LIBOR

+

1.23%

Morgan

Stanley

0.53%,

01/25/2024

(e)

750‌

735‌

Secured

Overnight

Financing

Rate

+

0.46%

1.59%,

05/04/2027

(e)

250‌

222‌

Secured

Overnight

Financing

Rate

+

0.88%

2.48%,

01/21/2028

(e)

300‌

273‌

Secured

Overnight

Financing

Rate

+

1.00%

2.58%,

10/24/2023

1,400‌

1,400‌

3

Month

USD

LIBOR

+

1.40%

4.10%,

05/22/2023

300‌

301‌

NatWest

Group

PLC

4.27%,

03/22/2025

(e)

250‌

247‌

3

Month

USD

LIBOR

+

1.76%

NatWest

Markets

PLC

0.80%,

08/12/2024

(d)

200‌

186‌

1.60%,

09/29/2026

(d)

750‌

661‌

Royal

Bank

of

Canada

0.88%,

01/20/2026

300‌

269‌

Societe

Generale

SA

2.63%,

01/22/2025

(d)

300‌

285‌

Toronto-Dominion

Bank/The

0.30%,

06/02/2023

300‌

291‌

0.75%,

01/06/2026

300‌

268‌

Truist

Bank

2.45%,

08/01/2022

700‌

700‌

Truist

Financial

Corp

1.27%,

03/02/2027

(e)

348‌

312‌

Secured

Overnight

Financing

Rate

+

0.61%

UBS

Group

AG

1.01%,

07/30/2024

(d),(e)

250‌

242‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%

Wells

Fargo

&

Co

1.65%,

06/02/2024

(e)

400‌

391‌

Secured

Overnight

Financing

Rate

+

1.60%

2.16%,

02/11/2026

(e)

200‌

188‌

3

Month

USD

LIBOR

+

0.75%

2.19%,

04/30/2026

(e)

400‌

374‌

Secured

Overnight

Financing

Rate

+

2.00%

2.41%,

10/30/2025

(e)

500‌

476‌

Secured

Overnight

Financing

Rate

+

1.09%

$

20,931‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Beverages

-

0

.21

%

Keurig

Dr

Pepper

Inc

0.75%,

03/15/2024

$

300‌

$

285‌

Biotechnology

-

1

.05

%

Biogen

Inc

3.63%,

09/15/2022

359‌

359‌

Gilead

Sciences

Inc

0.75%,

09/29/2023

1,124‌

1,088‌

$

1,447‌

Building

Materials

-

0

.22

%

Martin

Marietta

Materials

Inc

4.25%,

07/02/2024

309‌

311‌

Chemicals

-

0

.33

%

Celanese

US

Holdings

LLC

3.50%,

05/08/2024

200‌

197‌

Westlake

Corp

3.60%,

08/15/2026

268‌

261‌

$

458‌

Commercial

Mortgage

Backed

Securities

-

8

.02

%

Arbor

Multifamily

Mortgage

Securities

Trust

2022-MF4

3.27%,

02/15/2055

(d),(f)

545‌

521‌

BX

2021-LBA3

Mortgage

Trust

2.01%,

10/15/2036

(d)

250‌

237‌

1.00

x

1

Month

USD

LIBOR

+

0.69%

BX

Commercial

Mortgage

Trust

2021-21M

2.05%,

10/15/2036

(d)

375‌

357‌

1.00

x

1

Month

USD

LIBOR

+

0.73%

BX

Commercial

Mortgage

Trust

2021-ACNT

2.18%,

11/15/2038

(d)

400‌

385‌

1.00

x

1

Month

USD

LIBOR

+

0.85%

BX

Commercial

Mortgage

Trust

2021-SOAR

2.00%,

06/15/2038

(d)

298‌

286‌

1.00

x

1

Month

USD

LIBOR

+

0.67%

BX

Commercial

Mortgage

Trust

2021-VINO

1.98%,

05/15/2038

(d)

200‌

190‌

1.00

x

1

Month

USD

LIBOR

+

0.65%

BX

Commercial

Mortgage

Trust

2021-VOLT

2.02%,

09/15/2036

(d)

1,000‌

965‌

1.00

x

1

Month

USD

LIBOR

+

0.70%

BX

Commercial

Mortgage

Trust

2021-XL2

2.01%,

10/15/2038

(d)

933‌

889‌

1.00

x

1

Month

USD

LIBOR

+

0.69%

BX

Trust

2021-BXMF

1.96%,

10/15/2026

(d)

375‌

359‌

1.00

x

1

Month

USD

LIBOR

+

0.64%

BX

Trust

2021-LGCY

1.83%,

10/15/2023

(d)

750‌

706‌

1.00

x

1

Month

USD

LIBOR

+

0.51%

Cold

Storage

Trust

2020-ICE5

2.22%,

11/15/2037

(d)

590‌

575‌

1.00

x

1

Month

USD

LIBOR

+

0.90%

ELP

Commercial

Mortgage

Trust

2021-ELP

2.03%,

11/15/2038

(d)

750‌

716‌

1.00

x

1

Month

USD

LIBOR

+

0.70%

Ginnie

Mae

0.10%,

02/16/2055

(f),(g)

2,612‌

6‌

0.21%,

10/16/2054

(f),(g)

1,513‌

22‌

0.25%,

01/16/2054

(f),(g)

1,003‌

8‌

0.33%,

09/16/2055

(f),(g)

1,016‌

11‌

0.35%,

01/16/2055

(f),(g)

2,751‌

22‌

0.85%,

06/16/2045

(f),(g)

399‌

8‌

1.25%,

12/16/2036

(f),(g)

27‌

2‌

Life

2021-BMR

Mortgage

Trust

2.02%,

03/15/2038

(d)

295‌

285‌

1.00

x

1

Month

USD

LIBOR

+

0.70%

Schedule

of

Investments

Short-Term

Income

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

202

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

Life

2022-BMR

Mortgage

Trust

2.57%,

05/15/2039

(d)

$

800‌

$

780‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

1.30%

MHC

Commercial

Mortgage

Trust

2021-MHC

2.12%,

04/15/2038

(d)

1,200‌

1,169‌

1.00

x

1

Month

USD

LIBOR

+

0.80%

MHC

Trust

2021-MHC2

2.17%,

05/15/2023

(d)

400‌

384‌

1.00

x

1

Month

USD

LIBOR

+

0.85%

MHP

2021-STOR

2.02%,

07/15/2038

(d)

200‌

192‌

1.00

x

1

Month

USD

LIBOR

+

0.70%

MHP

2022-MHIL

2.09%,

01/15/2027

(d)

500‌

478‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

0.81%

OPG

Trust

2021-PORT

1.81%,

10/15/2036

(d)

1,000‌

941‌

1.00

x

1

Month

USD

LIBOR

+

0.48%

SREIT

Trust

2021-MFP

2.05%,

11/15/2038

(d)

350‌

332‌

1.00

x

1

Month

USD

LIBOR

+

0.73%

TPGI

Trust

2021-DGWD

2.02%,

06/15/2026

(d)

275‌

263‌

1.00

x

1

Month

USD

LIBOR

+

0.70%

$

11,089‌

Computers

-

1

.07

%

Apple

Inc

1.13%,

05/11/2025

1,200‌

1,126‌

Dell

International

LLC

/

EMC

Corp

5.45%,

06/15/2023

52‌

53‌

Hewlett

Packard

Enterprise

Co

4.45%,

10/02/2023

300‌

303‌

$

1,482‌

Consumer

Products

-

0

.32

%

Avery

Dennison

Corp

0.85%,

08/15/2024

475‌

448‌

Diversified

Financial

Services

-

0

.51

%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

1.65%,

10/29/2024

500‌

462‌

Capital

One

Financial

Corp

3.90%,

01/29/2024

242‌

241‌

$

703‌

Electric

-

7

.56

%

AES

Corp/The

1.38%,

01/15/2026

400‌

353‌

Alliant

Energy

Finance

LLC

1.40%,

03/15/2026

(d)

150‌

133‌

3.75%,

06/15/2023

(d)

900‌

901‌

American

Electric

Power

Co

Inc

1.77%,

11/01/2023

600‌

596‌

3

Month

USD

LIBOR

+

0.48%

2.03%,

03/15/2024

350‌

339‌

Black

Hills

Corp

1.04%,

08/23/2024

550‌

514‌

4.25%,

11/30/2023

750‌

752‌

Dominion

Energy

Inc

2.36%,

09/15/2023

350‌

348‌

3

Month

USD

LIBOR

+

0.53%

3.07%,

08/15/2024

(f)

200‌

195‌

DTE

Energy

Co

1.05%,

06/01/2025

100‌

92‌

2.25%,

11/01/2022

250‌

249‌

2.53%,

10/01/2024

300‌

289‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Duke

Energy

Corp

0.90%,

09/15/2025

$

250‌

$

226‌

Emera

US

Finance

LP

0.83%,

06/15/2024

395‌

369‌

Entergy

Louisiana

LLC

0.62%,

11/17/2023

91‌

88‌

0.95%,

10/01/2024

500‌

470‌

Evergy

Inc

2.45%,

09/15/2024

200‌

192‌

Fells

Point

Funding

Trust

3.05%,

01/31/2027

(d)

750‌

692‌

Florida

Power

&

Light

Co

1.77%,

05/10/2023

200‌

198‌

Secured

Overnight

Financing

Rate

+

0.25%

Fortis

Inc/Canada

3.06%,

10/04/2026

413‌

389‌

NextEra

Energy

Capital

Holdings

Inc

1.50%,

11/03/2023

800‌

789‌

Secured

Overnight

Financing

Rate

+

0.40%

1.77%,

02/22/2023

200‌

199‌

3

Month

USD

LIBOR

+

0.27%

Public

Service

Enterprise

Group

Inc

0.80%,

08/15/2025

400‌

361‌

2.88%,

06/15/2024

100‌

98‌

Southwestern

Electric

Power

Co

1.65%,

03/15/2026

400‌

364‌

Tucson

Electric

Power

Co

3.05%,

03/15/2025

100‌

98‌

Vistra

Operations

Co

LLC

3.70%,

01/30/2027

(d)

500‌

460‌

Xcel

Energy

Inc

0.50%,

10/15/2023

500‌

481‌

1.75%,

03/15/2027

250‌

223‌

$

10,458‌

Entertainment

-

0

.54

%

Magallanes

Inc

3.29%,

03/15/2024

(d)

750‌

748‌

Secured

Overnight

Financing

Rate

+

1.78%

Food

-

0

.93

%

Nestle

Holdings

Inc

0.38%,

01/15/2024

(d)

850‌

813‌

0.61%,

09/14/2024

(d)

500‌

472‌

$

1,285‌

Forest

Products

&

Paper

-

0

.27

%

Georgia-Pacific

LLC

1.75%,

09/30/2025

(d)

400‌

371‌

Gas

-

0

.26

%

NiSource

Inc

0.95%,

08/15/2025

400‌

359‌

Healthcare

-

Products

-

0

.35

%

PerkinElmer

Inc

0.55%,

09/15/2023

500‌

482‌

Healthcare

-

Services

-

1

.16

%

Centene

Corp

4.25%,

12/15/2027

500‌

467‌

HCA

Inc

5.25%,

06/15/2026

662‌

658‌

Humana

Inc

0.65%,

08/03/2023

500‌

484‌

$

1,609‌

Home

Builders

-

0

.14

%

DR

Horton

Inc

2.50%,

10/15/2024

200‌

191‌

Schedule

of

Investments

Short-Term

Income

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

203

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Home

Furnishings

-

0

.32

%

Panasonic

Holdings

Corp

2.54%,

07/19/2022

(d)

$

200‌

$

200‌

2.68%,

07/19/2024

(d)

250‌

243‌

$

443‌

Insurance

-

3

.36

%

Athene

Global

Funding

1.72%,

01/07/2025

(d)

400‌

373‌

Five

Corners

Funding

Trust

4.42%,

11/15/2023

(d)

750‌

754‌

Guardian

Life

Global

Funding

0.88%,

12/10/2025

(d)

500‌

451‌

1.10%,

06/23/2025

(d)

550‌

508‌

MassMutual

Global

Funding

II

0.85%,

06/09/2023

(d)

500‌

489‌

2.75%,

06/22/2024

(d)

500‌

490‌

Metropolitan

Life

Global

Funding

I

0.90%,

06/08/2023

(d)

350‌

343‌

3.60%,

01/11/2024

(d)

600‌

597‌

New

York

Life

Global

Funding

2.00%,

01/22/2025

(d)

200‌

191‌

Northwestern

Mutual

Global

Funding

0.80%,

01/14/2026

(d)

500‌

449‌

$

4,645‌

Internet

-

0

.33

%

eBay

Inc

1.40%,

05/10/2026

500‌

450‌

Media

-

0

.45

%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

4.91%,

07/23/2025

292‌

293‌

Paramount

Global

4.75%,

05/15/2025

200‌

202‌

Sky

Ltd

3.13%,

11/26/2022

(d)

130‌

130‌

$

625‌

Mining

-

0

.46

%

Anglo

American

Capital

PLC

5.38%,

04/01/2025

(d)

400‌

410‌

Glencore

Funding

LLC

1.63%,

09/01/2025

(d)

250‌

228‌

$

638‌

Miscellaneous

Manufacturers

-

0

.21

%

Siemens

Financieringsmaatschappij

NV

1.95%,

03/11/2024

(d)

300‌

297‌

Secured

Overnight

Financing

Rate

+

0.43%

Mortgage

Backed

Securities

-

2

.45

%

CHL

Mortgage

Pass-Through

Trust

2003-46

2.24%,

01/19/2034

(f)

9‌

9‌

GS

Mortgage-Backed

Securities

Corp

Trust

2020-PJ3

3.00%,

10/25/2050

(d),(f)

5‌

5‌

GS

Mortgage-Backed

Securities

Corp

Trust

2021-PJ3

2.50%,

08/25/2051

(d),(f)

123‌

113‌

JP

Morgan

Mortgage

Trust

2004-A3

2.93%,

07/25/2034

(f)

6‌

6‌

JP

Morgan

Mortgage

Trust

2004-S1

5.00%,

09/25/2034

10‌

10‌

JP

Morgan

Mortgage

Trust

2021-1

2.50%,

06/25/2051

(d),(f)

341‌

313‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2020-1

2.50%,

12/25/2050

(d),(f)

173‌

158‌

Oceanview

Mortgage

Trust

2021-3

2.50%,

06/25/2051

(d),(f)

429‌

390‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mortgage

Backed

Securities

(continued)

PHH

Mortgage

Trust

Series

2008-CIM1

3.31%,

06/25/2038

$

32‌

$

30‌

1.00

x

1

Month

USD

LIBOR

+

2.25%

PSMC

2021-3

Trust

2.50%,

08/25/2051

(d),(f)

874‌

792‌

Sequoia

Mortgage

Trust

2020-4

2.50%,

11/25/2050

(d),(f)

169‌

160‌

Sequoia

Mortgage

Trust

2021-3

2.50%,

05/25/2051

(d),(f)

426‌

393‌

Sequoia

Mortgage

Trust

2021-4

2.50%,

06/25/2051

(d),(f)

632‌

569‌

Wells

Fargo

Mortgage

Backed

Securities

2020-2

Trust

3.00%,

12/25/2049

(d),(f)

28‌

28‌

Wells

Fargo

Mortgage

Backed

Securities

2020-3

Trust

3.00%,

06/25/2050

(d),(f)

21‌

21‌

Wells

Fargo

Mortgage

Backed

Securities

2020-4

Trust

3.00%,

07/25/2050

(d),(f)

248‌

221‌

Wells

Fargo

Mortgage

Backed

Securities

2020-5

Trust

2.50%,

09/25/2050

(d),(f)

106‌

97‌

Wells

Fargo

Mortgage

Backed

Securities

2021-1

Trust

2.50%,

12/25/2050

(d),(f)

74‌

68‌

$

3,383‌

Office

&

Business

Equipment

-

0

.26

%

CDW

LLC

/

CDW

Finance

Corp

2.67%,

12/01/2026

400‌

356‌

Oil

&

Gas

-

1

.01

%

Chevron

USA

Inc

0.43%,

08/11/2023

300‌

292‌

0.69%,

08/12/2025

400‌

367‌

Coterra

Energy

Inc

4.38%,

06/01/2024

(d)

250‌

250‌

Exxon

Mobil

Corp

1.57%,

04/15/2023

150‌

148‌

2.99%,

03/19/2025

200‌

197‌

Phillips

66

3.85%,

04/09/2025

150‌

149‌

$

1,403‌

Oil

&

Gas

Services

-

0

.14

%

Schlumberger

Holdings

Corp

3.75%,

05/01/2024

(d)

200‌

199‌

Other

Asset

Backed

Securities

-

12

.32

%

AMMC

CLO

15

Ltd

2.16%,

01/15/2032

(d)

600‌

589‌

1.00

x

3

Month

USD

LIBOR

+

1.12%

Bardot

CLO

Ltd

2.23%,

10/22/2032

(d)

500‌

487‌

1.00

x

3

Month

USD

LIBOR

+

1.09%

CCG

Receivables

Trust

2019-2

2.11%,

03/15/2027

(d)

49‌

49‌

CCG

Receivables

Trust

2020-1

0.54%,

12/14/2027

(d)

115‌

113‌

CCG

Receivables

Trust

2021-1

0.30%,

06/14/2027

(d)

341‌

332‌

CF

Hippolyta

Issuer

LLC

1.53%,

03/15/2061

(d)

1,688‌

1,488‌

Dewolf

Park

CLO

Ltd

1.96%,

10/15/2030

(d)

1,500‌

1,471‌

1.00

x

3

Month

USD

LIBOR

+

0.92%

Fortress

Credit

Opportunities

XVII

CLO

Ltd

1.59%,

01/15/2030

(d)

1,000‌

984‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.37%

Schedule

of

Investments

Short-Term

Income

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

204

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Other

Asset

Backed

Securities

(continued)

GreatAmerica

Leasing

Receivables

Funding

LLC

Series

2021-1

0.27%,

06/15/2023

(d)

$

104‌

$

103‌

KKR

CLO

18

Ltd

1.98%,

07/18/2030

(d)

1,000‌

982‌

1.00

x

3

Month

USD

LIBOR

+

0.94%

KKR

Lending

Partners

III

Clo

LLC

2.44%,

10/20/2030

(d)

378‌

374‌

1.00

x

3

Month

USD

LIBOR

+

1.38%

2.61%,

10/20/2030

(d)

400‌

390‌

1.00

x

3

Month

USD

LIBOR

+

1.55%

Lake

Shore

MM

CLO

III

LLC

2.52%,

10/17/2031

(d)

1,000‌

974‌

1.00

x

3

Month

USD

LIBOR

+

1.48%

Madison

Park

Funding

XVIII

Ltd

2.04%,

10/21/2030

(d)

500‌

490‌

1.00

x

3

Month

USD

LIBOR

+

0.94%

Marathon

CLO

X

Ltd

2.41%,

11/15/2029

(d)

229‌

226‌

1.00

x

3

Month

USD

LIBOR

+

1.00%

Marathon

CLO

XIII

Ltd

2.36%,

04/15/2032

(d)

500‌

490‌

1.00

x

3

Month

USD

LIBOR

+

1.32%

MMAF

Equipment

Finance

LLC

2020-A

0.74%,

04/09/2024

(d)

232‌

229‌

MMAF

Equipment

Finance

LLC

2020-B

0.38%,

08/14/2023

(d)

131‌

130‌

MVW

2021-1W

LLC

1.14%,

01/22/2041

(d)

71‌

66‌

MVW

Owner

Trust

2016-1

2.25%,

12/20/2033

(d)

50‌

50‌

MVW

Owner

Trust

2018-1

3.45%,

01/21/2036

(d)

111‌

109‌

Oaktree

CLO

2019-4

Ltd

2.18%,

10/20/2032

(d)

1,000‌

973‌

1.00

x

3

Month

USD

LIBOR

+

1.12%

Palmer

Square

Loan

Funding

2022-1

Ltd

1.28%,

04/15/2030

(d)

500‌

493‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.05%

Parliament

Funding

II

ltd

2.31%,

10/20/2031

(d)

400‌

392‌

1.00

x

3

Month

USD

LIBOR

+

1.25%

PFS

Financing

Corp

0.71%,

04/15/2026

(d)

250‌

234‌

0.93%,

08/15/2024

(d)

500‌

499‌

0.97%,

02/15/2026

(d)

350‌

332‌

2.23%,

10/15/2024

(d)

750‌

747‌

2.47%,

02/15/2027

(d)

1,000‌

958‌

Shackleton

2017-X

CLO

Ltd

1.95%,

04/20/2029

(d)

384‌

378‌

1.00

x

3

Month

USD

LIBOR

+

0.89%

Stratus

CLO

2021-2

Ltd

1.96%,

12/28/2029

(d)

239‌

235‌

1.00

x

3

Month

USD

LIBOR

+

0.90%

TCI-Flatiron

CLO

2016-1

Ltd

1.95%,

01/17/2032

(d)

750‌

737‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.10%

Trafigura

Securitisation

Finance

PLC

2021-1

1.08%,

01/15/2025

(d)

600‌

566‌

Verizon

Owner

Trust

2019-A

2.93%,

09/20/2023

3‌

3‌

Verizon

Owner

Trust

2019-B

2.33%,

12/20/2023

62‌

62‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Other

Asset

Backed

Securities

(continued)

Voya

2012-4

Ltd

2.04%,

10/15/2030

(d)

$

250‌

$

245‌

1.00

x

3

Month

USD

LIBOR

+

1.00%

VSE

2018-A

VOI

Mortgage

LLC

3.56%,

02/20/2036

(d)

69‌

68‌

$

17,048‌

Packaging

&

Containers

-

0

.33

%

Graphic

Packaging

International

LLC

0.82%,

04/15/2024

(d)

300‌

282‌

1.51%,

04/15/2026

(d)

200‌

181‌

$

463‌

Pharmaceuticals

-

1

.55

%

AbbVie

Inc

2.60%,

11/21/2024

200‌

194‌

Bayer

US

Finance

II

LLC

3.88%,

12/15/2023

(d)

200‌

200‌

Bristol-Myers

Squibb

Co

0.54%,

11/13/2023

300‌

289‌

0.75%,

11/13/2025

300‌

273‌

Cigna

Corp

0.61%,

03/15/2024

150‌

143‌

1.25%,

03/15/2026

300‌

271‌

GlaxoSmithKline

Capital

PLC

0.53%,

10/01/2023

500‌

483‌

Novartis

Capital

Corp

1.75%,

02/14/2025

300‌

289‌

$

2,142‌

Pipelines

-

1

.63

%

Buckeye

Partners

LP

4.15%,

07/01/2023

400‌

392‌

Florida

Gas

Transmission

Co

LLC

3.88%,

07/15/2022

(d)

250‌

250‌

Kinder

Morgan

Inc

2.32%,

01/15/2023

500‌

500‌

3

Month

USD

LIBOR

+

1.28%

ONEOK

Partners

LP

5.00%,

09/15/2023

825‌

834‌

Southeast

Supply

Header

LLC

4.25%,

06/15/2024

(d)

200‌

172‌

TransCanada

PipeLines

Ltd

3.62%,

05/15/2067

150‌

110‌

3

Month

USD

LIBOR

+

2.21%

$

2,258‌

REITs

-

2

.78

%

American

Tower

Trust

#1

3.07%,

03/15/2048

(d)

1,225‌

1,220‌

3.65%,

03/15/2048

(d)

270‌

267‌

Crown

Castle

International

Corp

1.35%,

07/15/2025

250‌

228‌

CubeSmart

LP

4.00%,

11/15/2025

65‌

64‌

Omega

Healthcare

Investors

Inc

4.50%,

01/15/2025

269‌

267‌

4.95%,

04/01/2024

250‌

251‌

SBA

Tower

Trust

1.63%,

05/15/2051

(d)

500‌

447‌

1.88%,

07/15/2050

(d)

125‌

115‌

2.33%,

07/15/2052

(d)

653‌

579‌

2.84%,

01/15/2050

(d)

225‌

217‌

Ventas

Realty

LP

3.50%,

04/15/2024

198‌

196‌

$

3,851‌

Semiconductors

-

0

.28

%

Microchip

Technology

Inc

4.33%,

06/01/2023

200‌

200‌

Schedule

of

Investments

Short-Term

Income

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

205

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Semiconductors

(continued)

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

2.70%,

05/01/2025

$

200‌

$

190‌

$

390‌

Software

-

0

.74

%

Oracle

Corp

1.65%,

03/25/2026

300‌

269‌

Roper

Technologies

Inc

1.00%,

09/15/2025

300‌

271‌

VMware

Inc

0.60%,

08/15/2023

500‌

483‌

$

1,023‌

Student

Loan

Asset

Backed

Securities

-

6

.15

%

Commonbond

Student

Loan

Trust

2018-BGS

3.56%,

09/25/2045

(d)

84‌

82‌

Commonbond

Student

Loan

Trust

2018-C-GS

3.87%,

02/25/2046

(d)

97‌

95‌

Commonbond

Student

Loan

Trust

2019-A-GS

2.54%,

01/25/2047

(d)

166‌

156‌

Commonbond

Student

Loan

Trust

2020-A-GS

1.98%,

08/25/2050

(d)

331‌

317‌

Commonbond

Student

Loan

Trust

2021-A-GS

1.20%,

03/25/2052

(d)

314‌

291‌

Commonbond

Student

Loan

Trust

2021-B-GS

1.17%,

09/25/2051

(d)

404‌

365‌

EDvestinU

Private

Education

Loan

Issue

No

3

LLC

1.80%,

11/25/2045

(d)

186‌

165‌

Keycorp

Student

Loan

Trust

2000-b

1.49%,

07/25/2029

55‌

55‌

1.00

x

3

Month

USD

LIBOR

+

0.31%

KeyCorp

Student

Loan

Trust

2003-A

1.71%,

01/25/2037

105‌

105‌

1.00

x

3

Month

USD

LIBOR

+

0.53%

Laurel

Road

Prime

Student

Loan

Trust

2019-A

2.34%,

10/25/2048

(d)

13‌

13‌

Navient

Private

Education

Refi

Loan

Trust

2019-A

3.42%,

01/15/2043

(d)

33‌

32‌

Navient

Private

Education

Refi

Loan

Trust

2019-G

2.40%,

10/15/2068

(d)

103‌

100‌

Navient

Private

Education

Refi

Loan

Trust

2020-D

1.69%,

05/15/2069

(d)

165‌

156‌

Navient

Private

Education

Refi

Loan

Trust

2020-F

1.22%,

07/15/2069

(d)

169‌

161‌

Navient

Private

Education

Refi

Loan

Trust

2020-G

1.17%,

09/16/2069

(d)

191‌

179‌

Navient

Private

Education

Refi

Loan

Trust

2020-H

1.31%,

01/15/2069

(d)

133‌

124‌

Navient

Private

Education

Refi

Loan

Trust

2021-A

0.84%,

05/15/2069

(d)

128‌

117‌

Navient

Private

Education

Refi

Loan

Trust

2021-B

0.94%,

07/15/2069

(d)

941‌

855‌

Navient

Private

Education

Refi

Loan

Trust

2021-c

1.06%,

10/15/2069

(d)

159‌

146‌

Navient

Private

Education

Refi

Loan

Trust

2021-E

0.97%,

12/16/2069

(d)

402‌

361‌

Navient

Private

Education

Refi

Loan

Trust

2021-F

1.11%,

02/18/2070

(d)

425‌

372‌

Navient

Private

Education

Refi

Loan

Trust

2022-A

2.23%,

07/15/2070

(d)

238‌

222‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Student

Loan

Asset

Backed

Securities

(continued)

Nelnet

Student

Loan

Trust

2021-A

1.36%,

04/20/2062

(d)

$

729‌

$

674‌

Nelnet

Student

Loan

Trust

2021-C

1.32%,

04/20/2062

(d)

237‌

218‌

Nelnet

Student

Loan

Trust

2021-D

1.63%,

04/20/2062

(d)

459‌

428‌

SLM

Private

Credit

Student

Loan

Trust

2004-A

2.23%,

06/15/2033

56‌

55‌

1.00

x

3

Month

USD

LIBOR

+

0.40%

SLM

Private

Credit

Student

Loan

Trust

2004-B

2.16%,

03/15/2024

74‌

73‌

1.00

x

3

Month

USD

LIBOR

+

0.33%

SLM

Private

Credit

Student

Loan

Trust

2006-A

2.12%,

06/15/2039

446‌

421‌

1.00

x

3

Month

USD

LIBOR

+

0.29%

SLM

Private

Credit

Student

Loan

Trust

2006-B

2.03%,

12/15/2039

177‌

168‌

1.00

x

3

Month

USD

LIBOR

+

0.20%

SMB

Private

Education

Loan

Trust

2021-A

1.07%,

01/15/2053

(d)

209‌

185‌

SMB

Private

Education

Loan

Trust

2021-B

1.31%,

07/17/2051

(d)

480‌

445‌

SMB

Private

Education

Loan

Trust

2021-D

1.34%,

03/17/2053

(d)

854‌

792‌

SMB

Private

Education

Loan

Trust

2021-E

1.68%,

02/15/2051

(d)

619‌

577‌

$

8,505‌

Telecommunications

-

2

.42

%

AT&T

Inc

1.70%,

03/25/2026

600‌

548‌

2.30%,

02/15/2023

250‌

250‌

3

Month

USD

LIBOR

+

0.89%

Crown

Castle

Towers

LLC

3.66%,

05/15/2045

(d)

100‌

98‌

4.24%,

07/15/2048

(d)

290‌

281‌

NTT

Finance

Corp

0.37%,

03/03/2023

(d)

200‌

197‌

0.58%,

03/01/2024

(d)

400‌

380‌

Sprint

Spectrum

Co

LLC

/

Sprint

Spectrum

Co

II

LLC

/

Sprint

Spectrum

Co

III

LLC

4.74%,

03/20/2025

(d)

791‌

791‌

5.15%,

03/20/2028

(d)

500‌

504‌

Verizon

Communications

Inc

2.31%,

03/20/2026

300‌

295‌

Secured

Overnight

Financing

Rate

+

0.79%

$

3,344‌

Transportation

-

0

.50

%

Canadian

Pacific

Railway

Co

1.35%,

12/02/2024

350‌

329‌

Ryder

System

Inc

1.75%,

09/01/2026

400‌

362‌

$

691‌

Trucking

&

Leasing

-

0

.14

%

Penske

Truck

Leasing

Co

Lp

/

PTL

Finance

Corp

3.45%,

07/01/2024

(d)

200‌

196‌

TOTAL

BONDS

$

120,703‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

12

.68

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

0

.00

%

2.47%,

09/01/2035

$

6‌

$

6‌

1.00

x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.25%

Federal

National

Mortgage

Association

(FNMA)

-

0

.03

%

1.82%,

07/01/2034

3‌

3‌

1.00

x

12

Month

USD

LIBOR

+

1.58%

2.01%,

08/01/2034

2‌

3‌

1.00

x

12

Month

USD

LIBOR

+

1.63%

Schedule

of

Investments

Short-Term

Income

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

206

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)

(continued)

2.02%,

12/01/2032

$

3‌

$

3‌

1.00

x

12

Month

USD

LIBOR

+

1.64%

2.13%,

04/01/2033

10‌

11‌

1.00

x

6

Month

USD

LIBOR

+

1.51%

2.13%,

01/01/2035

3‌

3‌

1.00

x

12

Month

USD

LIBOR

+

1.75%

2.31%,

02/01/2035

2‌

2‌

1.00

x

6

Month

USD

LIBOR

+

2.06%

2.31%,

02/01/2037

10‌

10‌

1.00

x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.07%

8.00%,

05/01/2027

1‌

1‌

$

36‌

U.S.

Treasury

-

12

.65

%

0.13%,

10/15/2023

1,000‌

964‌

0.25%,

07/31/2025

6,250‌

5,739‌

0.38%,

04/15/2024

2,950‌

2,816‌

0.63%,

03/31/2027

(h)

5,000‌

4,463‌

0.88%,

06/30/2026

2,800‌

2,570‌

1.63%,

10/31/2026

1,000‌

942‌

$

17,494‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

17,536‌

Total

Investments

$

145,973‌

Other

Assets

and

Liabilities

-  (5.52)%

(

7,632‌

)

TOTAL

NET

ASSETS

-

100.00%

$

138,341‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$3,579

or

2.59%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$69,930

or

50.55%

of

net

assets.

(e)

Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(f)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(g)

Security

is

an

Interest

Only

Strip.

(h)

Security

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$3,535

or

2.56%

of

net

assets.

Portfolio

Summary  (unaudited)

Sector

Percent

Asset

Backed

Securities

29

.17‌

%

Financial

21

.78‌

%

Government

12

.65‌

%

Mortgage

Securities

10

.50‌

%

Utilities

7

.82‌

%

Consumer,

Non-cyclical

5

.64‌

%

Money

Market

Funds

5

.59‌

%

Communications

3

.20‌

%

Energy

2

.78‌

%

Technology

2

.35‌

%

Industrial

1

.58‌

%

Consumer,

Cyclical

1

.40‌

%

Basic

Materials

1

.06‌

%

Other

Assets

and

Liabilities

(

5

.52‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

1,991‌

$

45,706‌

$

43,542‌

$

4,155‌

$

1,991‌

$

45,706‌

$

43,542‌

$

4,155‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

2‌

$

—‌

$

—‌

$

—‌

$

2‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

SmallCap

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

207

INVESTMENT

COMPANIES

-

4

.79

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

4

.79

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

1.33%

(a),(b)

4,736,061‌

$

4,736‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

(a),(c)

3,240,480‌

3,240‌

$

7,976‌

TOTAL

INVESTMENT

COMPANIES

$

7,976‌

COMMON

STOCKS

-

97

.68

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

1

.01

%

AAR

Corp

(d)

40,300‌

$

1,686‌

Agriculture

-

1

.60

%

Darling

Ingredients

Inc

(d)

39,600‌

2,368‌

Vital

Farms

Inc

(d)

34,400‌

301‌

$

2,669‌

Airlines

-

0

.24

%

Sun

Country

Airlines

Holdings

Inc

(d)

21,400‌

392‌

Automobile

Parts

&

Equipment

-

0

.66

%

Visteon

Corp

(d)

10,700‌

1,108‌

Banks

-

8

.81

%

Ameris

Bancorp

44,900‌

1,804‌

BancFirst

Corp

10,400‌

995‌

Bancorp

Inc/The

(d)

46,500‌

908‌

Enterprise

Financial

Services

Corp

22,500‌

934‌

First

Foundation

Inc

32,200‌

659‌

First

Interstate

BancSystem

Inc

35,800‌

1,364‌

First

Merchants

Corp

27,300‌

972‌

Independent

Bank

Corp

4,202‌

334‌

Independent

Bank

Corp/MI

19,800‌

382‌

Lakeland

Bancorp

Inc

24,000‌

351‌

Popular

Inc

17,100‌

1,316‌

Sandy

Spring

Bancorp

Inc

17,200‌

672‌

United

Community

Banks

Inc/GA

69,120‌

2,087‌

Webster

Financial

Corp

45,108‌

1,901‌

$

14,679‌

Biotechnology

-

4

.56

%

ADC

Therapeutics

SA

(d)

14,600‌

116‌

Allogene

Therapeutics

Inc

(d)

23,600‌

269‌

Cellectis

SA

ADR

(d)

33,200‌

94‌

ChemoCentryx

Inc

(d)

18,200‌

451‌

Denali

Therapeutics

Inc

(d)

26,100‌

768‌

Design

Therapeutics

Inc

(d),(e)

26,200‌

367‌

Horizon

Therapeutics

Plc

(d)

24,700‌

1,970‌

Immunocore

Holdings

PLC

ADR

(d)

13,600‌

507‌

Insmed

Inc

(d)

37,000‌

730‌

Iovance

Biotherapeutics

Inc

(d)

32,900‌

363‌

MacroGenics

Inc

(d)

28,700‌

85‌

Olink

Holding

AB

ADR

(d),(e)

34,400‌

523‌

Seagen

Inc

(d)

7,700‌

1,362‌

$

7,605‌

Building

Materials

-

1

.68

%

Builders

FirstSource

Inc

(d)

26,200‌

1,407‌

Modine

Manufacturing

Co

(d)

51,000‌

537‌

Summit

Materials

Inc

(d)

36,600‌

852‌

$

2,796‌

Chemicals

-

1

.12

%

Atotech

Ltd

(d)

75,000‌

1,451‌

Koppers

Holdings

Inc

18,100‌

410‌

$

1,861‌

Commercial

Services

-

4

.40

%

ABM

Industries

Inc

42,400‌

1,841‌

AMN

Healthcare

Services

Inc

(d)

19,500‌

2,139‌

First

Advantage

Corp

(d)

36,100‌

457‌

Heidrick

&

Struggles

International

Inc

17,300‌

560‌

ICF

International

Inc

9,800‌

931‌

Medifast

Inc

5,600‌

1,011‌

Paymentus

Holdings

Inc

(d)

29,100‌

389‌

$

7,328‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Computers

-

2

.22

%

ExlService

Holdings

Inc

(d)

17,100‌

$

2,520‌

KnowBe4

Inc

(d)

74,979‌

1,171‌

$

3,691‌

Consumer

Products

-

0

.57

%

Central

Garden

&

Pet

Co

-

A

Shares

(d)

23,620‌

945‌

Cosmetics

&

Personal

Care

-

0

.63

%

Beauty

Health

Co/The

(d)

82,100‌

1,056‌

Distribution

&

Wholesale

-

2

.10

%

Core

&

Main

Inc

(d)

46,700‌

1,041‌

ThredUp

Inc

(d)

36,257‌

91‌

Titan

Machinery

Inc

(d)

26,300‌

589‌

WESCO

International

Inc

(d)

16,600‌

1,778‌

$

3,499‌

Diversified

Financial

Services

-

5

.65

%

Encore

Capital

Group

Inc

(d)

36,800‌

2,126‌

Flywire

Corp

(d)

26,500‌

467‌

Focus

Financial

Partners

Inc

(d)

43,100‌

1,468‌

Janus

Henderson

Group

PLC

36,500‌

858‌

Lazard

Ltd

(e)

16,500‌

535‌

Moelis

&

Co

10,100‌

398‌

Piper

Sandler

Cos

12,883‌

1,460‌

Stifel

Financial

Corp

28,600‌

1,602‌

StoneX

Group

Inc

(d)

6,453‌

504‌

$

9,418‌

Electric

-

2

.35

%

Brookfield

Renewable

Corp

45,800‌

1,632‌

Portland

General

Electric

Co

47,200‌

2,281‌

$

3,913‌

Electrical

Components

&

Equipment

-

0

.83

%

EnerSys

20,700‌

1,221‌

nLight

Inc

(d)

15,890‌

162‌

$

1,383‌

Electronics

-

3

.64

%

Advanced

Energy

Industries

Inc

20,100‌

1,467‌

Atkore

Inc

(d)

21,500‌

1,785‌

Mirion

Technologies

Inc

(d),(e)

64,900‌

374‌

Mirion

Technologies

Inc

-

Warrants

(d)

45,150‌

47‌

TD

SYNNEX

Corp

13,600‌

1,239‌

Vishay

Intertechnology

Inc

64,700‌

1,153‌

$

6,065‌

Energy

-

Alternate

Sources

-

0

.27

%

Array

Technologies

Inc

(d)

40,800‌

449‌

Engineering

&

Construction

-

2

.54

%

Dycom

Industries

Inc

(d)

26,200‌

2,438‌

MYR

Group

Inc

(d)

14,200‌

1,251‌

Tutor

Perini

Corp

(d)

61,386‌

539‌

$

4,228‌

Entertainment

-

2

.27

%

Caesars

Entertainment

Inc

(d)

21,400‌

820‌

Golden

Entertainment

Inc

(d)

43,100‌

1,704‌

Vail

Resorts

Inc

5,800‌

1,265‌

$

3,789‌

Food

-

0

.99

%

Performance

Food

Group

Co

(d)

36,018‌

1,656‌

Gas

-

1

.26

%

Southwest

Gas

Holdings

Inc

24,100‌

2,099‌

Hand

&

Machine

Tools

-

0

.97

%

Regal

Rexnord

Corp

14,187‌

1,610‌

Healthcare

-

Products

-

2

.12

%

Adaptive

Biotechnologies

Corp

(d)

39,900‌

323‌

Castle

Biosciences

Inc

(d)

22,500‌

494‌

Natera

Inc

(d)

29,100‌

1,031‌

Nevro

Corp

(d)

19,100‌

837‌

STAAR

Surgical

Co

(d)

11,900‌

844‌

$

3,529‌

Schedule

of

Investments

SmallCap

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

208

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Healthcare

-

Services

-

3

.81

%

Accolade

Inc

(d)

15,000‌

$

111‌

Addus

HomeCare

Corp

(d)

19,300‌

1,607‌

Amedisys

Inc

(d)

15,600‌

1,640‌

Aveanna

Healthcare

Holdings

Inc

(d)

93,900‌

212‌

LifeStance

Health

Group

Inc

(d)

99,900‌

555‌

Syneos

Health

Inc

(d)

28,300‌

2,029‌

Teladoc

Health

Inc

(d)

5,900‌

196‌

$

6,350‌

Holding

Companies

-

Diversified

-

0

.00

%

Cazoo

Group

Ltd

-

Warrants

(d)

21,550‌

2‌

Home

Builders

-

1

.02

%

Taylor

Morrison

Home

Corp

(d)

72,500‌

1,694‌

Insurance

-

1

.99

%

CNO

Financial

Group

Inc

40,400‌

731‌

Hanover

Insurance

Group

Inc/The

15,000‌

2,194‌

Reinsurance

Group

of

America

Inc

3,300‌

387‌

$

3,312‌

Internet

-

0

.77

%

Lulu's

Fashion

Lounge

Holdings

Inc

(d)

57,400‌

623‌

Revolve

Group

Inc

(d)

25,400‌

658‌

$

1,281‌

Iron

&

Steel

-

1

.08

%

Cleveland-Cliffs

Inc

(d)

29,700‌

457‌

Commercial

Metals

Co

40,400‌

1,337‌

$

1,794‌

Leisure

Products

&

Services

-

1

.05

%

Life

Time

Group

Holdings

Inc

(d)

111,000‌

1,430‌

Lindblad

Expeditions

Holdings

Inc

(d)

38,900‌

315‌

$

1,745‌

Lodging

-

0

.13

%

Sonder

Holdings

Inc

(d)

207,000‌

215‌

Machinery

-

Diversified

-

1

.74

%

Chart

Industries

Inc

(d)

11,300‌

1,891‌

Zurn

Water

Solutions

Corp

37,000‌

1,008‌

$

2,899‌

Media

-

0

.90

%

World

Wrestling

Entertainment

Inc

23,900‌

1,494‌

Metal

Fabrication

&

Hardware

-

0

.19

%

Xometry

Inc

(d),(e)

9,327‌

316‌

Mining

-

0

.49

%

Alcoa

Corp

11,720‌

534‌

Piedmont

Lithium

Inc

(d)

7,800‌

284‌

$

818‌

Miscellaneous

Manufacturers

-

0

.71

%

Hillenbrand

Inc

29,000‌

1,188‌

Office

Furnishings

-

0

.32

%

HNI

Corp

15,419‌

535‌

Oil

&

Gas

-

3

.45

%

California

Resources

Corp

50,300‌

1,936‌

PDC

Energy

Inc

34,800‌

2,144‌

Pioneer

Natural

Resources

Co

7,453‌

1,663‌

$

5,743‌

Oil

&

Gas

Services

-

1

.88

%

ChampionX

Corp

89,700‌

1,781‌

NexTier

Oilfield

Solutions

Inc

(d)

142,300‌

1,353‌

$

3,134‌

Packaging

&

Containers

-

0

.60

%

Graphic

Packaging

Holding

Co

49,100‌

1,007‌

Pharmaceuticals

-

1

.12

%

Collegium

Pharmaceutical

Inc

(d)

47,400‌

840‌

Dexcom

Inc

(d)

8,400‌

626‌

PMV

Pharmaceuticals

Inc

(d),(e)

28,200‌

402‌

$

1,868‌

REITs

-

6

.79

%

Agree

Realty

Corp

36,400‌

2,625‌

Cousins

Properties

Inc

58,501‌

1,710‌

First

Industrial

Realty

Trust

Inc

46,200‌

2,194‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

(continued)

Ladder

Capital

Corp

79,000‌

$

833‌

Pebblebrook

Hotel

Trust

109,120‌

1,808‌

Rexford

Industrial

Realty

Inc

37,200‌

2,142‌

$

11,312‌

Retail

-

5

.69

%

BJ's

Wholesale

Club

Holdings

Inc

(d)

29,000‌

1,807‌

Bloomin'

Brands

Inc

49,500‌

823‌

Caleres

Inc

96,000‌

2,519‌

Petco

Health

&

Wellness

Co

Inc

(d),(e)

51,450‌

758‌

Portillo's

Inc

(d),(e)

37,000‌

605‌

Rush

Enterprises

Inc

-

Class

A

30,400‌

1,465‌

Sally

Beauty

Holdings

Inc

(d)

75,400‌

899‌

World

Fuel

Services

Corp

29,300‌

600‌

$

9,476‌

Savings

&

Loans

-

0

.64

%

Provident

Financial

Services

Inc

48,300‌

1,075‌

Semiconductors

-

2

.75

%

Allegro

MicroSystems

Inc

(d)

76,800‌

1,589‌

Entegris

Inc

17,000‌

1,566‌

SiTime

Corp

(d)

8,700‌

1,419‌

$

4,574‌

Software

-

6

.43

%

Aspen

Technology

Inc

(d)

3,444‌

633‌

Bentley

Systems

Inc

9,900‌

330‌

Concentrix

Corp

12,900‌

1,750‌

DigitalOcean

Holdings

Inc

(d)

27,500‌

1,137‌

DoubleVerify

Holdings

Inc

(d)

17,356‌

394‌

Doximity

Inc

(d),(e)

17,800‌

620‌

Duck

Creek

Technologies

Inc

(d)

7,200‌

107‌

Jamf

Holding

Corp

(d)

22,200‌

550‌

Manhattan

Associates

Inc

(d)

15,900‌

1,822‌

Privia

Health

Group

Inc

(d)

46,100‌

1,342‌

Signify

Health

Inc

(d),(e)

40,900‌

564‌

Sophia

Genetics

SA

(d),(e)

25,101‌

91‌

Sprout

Social

Inc

(d)

23,700‌

1,376‌

$

10,716‌

Telecommunications

-

0

.35

%

Credo

Technology

Group

Holding

Ltd

(d),(e)

50,375‌

588‌

Transportation

-

1

.29

%

Atlas

Air

Worldwide

Holdings

Inc

(d)

11,975‌

739‌

Hub

Group

Inc

(d)

19,900‌

1,412‌

$

2,151‌

TOTAL

COMMON

STOCKS

$

162,741‌

Total

Investments

$

170,717‌

Other

Assets

and

Liabilities

-  (2.47)%

(

4,114‌

)

TOTAL

NET

ASSETS

-

100.00%

$

166,603‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4,736

or

2.84%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d)

Non-income

producing

security

(e)

Security

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4,530

or

2.72%

of

net

assets.

Schedule

of

Investments

SmallCap

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

209

Portfolio

Summary  (unaudited)

Sector

Percent

Financial

23

.88‌

%

Consumer,

Non-cyclical

19

.80‌

%

Industrial

15

.20‌

%

Consumer,

Cyclical

13

.48‌

%

Technology

11

.40‌

%

Energy

5

.60‌

%

Money

Market

Funds

4

.79‌

%

Utilities

3

.61‌

%

Basic

Materials

2

.69‌

%

Communications

2

.02‌

%

Diversified

0

.00‌

%

Other

Assets

and

Liabilities

(

2

.47‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

7,998‌

$

55,245‌

$

60,003‌

$

3,240‌

$

7,998‌

$

55,245‌

$

60,003‌

$

3,240‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

4‌

$

—‌

$

—‌

$

—‌

$

4‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

U.S.

LargeCap

Buffer

July

Account

June

30,

2022

(unaudited)

See

accompanying

notes.

210

INVESTMENT

COMPANIES

-

86.25%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

79.15%

iShares

Core

S&P

500

ETF

17,029‌

$

6,456‌

SPDR

Portfolio

S&P

500

ETF

37,857‌

1,679‌

SPDR

S&P

500

ETF

Trust

3,424‌

1,292‌

Vanguard

S&P

500

ETF

5,587‌

1,938‌

$

11,365‌

Money

Market

Funds

-

7.10%

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

(a),(b)

1,020,000‌

1,020‌

TOTAL

INVESTMENT

COMPANIES

$

12,385‌

TOTAL

PURCHASED

OPTIONS

-

18.50%

$

2,657‌

Total

Investments

$

15,042‌

Other

Assets

and

Liabilities

-  (4.75)%

(682‌)

TOTAL

NET

ASSETS

-

100.00%

$

14,360‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary  (unaudited)

Sector

Percent

Investment

Companies

79.15‌%

Purchased

Options

18.50‌%

Money

Market

Funds

7.10‌%

Other

Assets

and

Liabilities

(4.75‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2021

Purchases

Sales

June

30,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

—‌

$

1,020‌

$

—‌

$

1,020‌

$

—‌

$

1,020‌

—‌

$

1,020‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Institutional

Class

1.10%

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

S&P

500

Mini

Index

(a)

N/A

41‌

$

4‌

$

3.79‌

07/03/2023

$

1,514‌

$

1,517‌

$

3‌

Put

-

S&P

500

Mini

Index

(a)

N/A

347‌

35‌

$

378.54‌

07/03/2023

1,167‌

1,140‌

(27‌)

Total

$

2,681‌

$

2,657‌

$

(24‌)

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

S&P

500

Mini

Index

(a)

N/A

115‌

$

12‌

$

416.39‌

07/03/2023

$

(240‌)

$

(236‌)

$

4‌

Put

-

S&P

500

Mini

Index

(a)

N/A

347‌

35‌

$

340.69‌

07/03/2023

(729‌)

(720‌)

9‌

Total

$

(969‌)

$

(956‌)

$

13‌

Amounts

in

thousands

except

contracts/shares.

(a)

FLEX

Options

are

customized

exchange-traded

option

contracts.

Glossary

to

the

Schedule

of

Investments

June

30,

2022

(unaudited)

See

accompanying

notes.

211

Currency

Abbreviations

USD/$

United

States

Dollar

See

accompanying

notes.

212

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

BLUE

CHIP

ACCOUNT

Class

3

shares

2022(c)

$

12

.81‌

(

$

0

.03‌

)

(

$

3

.90‌

)

(

$

3

.93‌

)

$

–‌

$

–‌

$

8

.88‌

2021

10

.34‌

(

0

.08‌

)

2

.64‌

2

.56‌

(

0

.09‌

)

(

0

.09‌

)

12

.81‌

2020(g)

10

.00‌

–‌

0

.34‌

0

.34‌

–‌

–‌

10

.34‌

See

accompanying

notes.

213

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

30

.68‌

)

%

(d)

$

7,204‌

1

.05‌

%

(e)

,(f)

(

0

.58‌

)

%

(e)

122

.8‌

%

(e)

24

.72‌

13,515‌

1

.05‌

(f)

(

0

.63‌

)

12

.5‌

3

.40‌

(d)

5,170‌

1

.05‌

(e)

,(f)

(

0

.66‌

)

(e)

54

.6‌

(e)

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

(f)

Reflects

Manager's

contractual

expense

limit.

(g)

Period

from

December

9,

2020,

date

operations

commenced,

through

December

31,

2020.

See

accompanying

notes.

214

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

BOND

MARKET

INDEX

ACCOUNT

Class

1

shares

2022(c)

$

10

.76‌

$

0

.10‌

(

$

1

.21‌

)

(

$

1

.11‌

)

$

–‌

$

–‌

$

–‌

$

9

.65‌

2021

11

.21‌

0

.17‌

(

0

.37‌

)

(

0

.20‌

)

(

0

.22‌

)

(

0

.03‌

)

(

0

.25‌

)

10

.76‌

2020

10

.72‌

0

.23‌

0

.55‌

0

.78‌

(

0

.29‌

)

–‌

(

0

.29‌

)

11

.21‌

2019

10

.15‌

0

.28‌

0

.58‌

0

.86‌

(

0

.29‌

)

–‌

(

0

.29‌

)

10

.72‌

2018

10

.39‌

0

.26‌

(

0

.28‌

)

(

0

.02‌

)

(

0

.22‌

)

–‌

(

0

.22‌

)

10

.15‌

2017

10

.25‌

0

.22‌

0

.11‌

0

.33‌

(

0

.19‌

)

–‌

(

0

.19‌

)

10

.39‌

See

accompanying

notes.

215

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

10

.32‌

)

%

(d)

$

2,390,610‌

0

.14‌

%

(e)

1

.91‌

%

(e)

114

.1‌

%

(e)

(

1

.83‌

)

2,900,608‌

0

.14‌

1

.58‌

130

.5‌

7

.29‌

2,735,259‌

0

.14‌

2

.04‌

104

.0‌

8

.47‌

2,539,460‌

0

.15‌

(f)

2

.60‌

93

.6‌

(

0

.19‌

)

2,213,355‌

0

.15‌

(f)

2

.52‌

123

.1‌

3

.27‌

2,448,068‌

0

.23‌

(f)

2

.10‌

108

.9‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

(f)

Reflects

Manager's

contractual

expense

limit.

See

accompanying

notes.

216

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

CORE

PLUS

BOND

ACCOUNT

Class

1

shares

2022(c)

$

11

.48‌

$

0

.13‌

(

$

1

.46‌

)

(

$

1

.33‌

)

$

–‌

$

–‌

$

–‌

$

10

.15‌

2021

12

.15‌

0

.25‌

(

0

.30‌

)

(

0

.05‌

)

(

0

.32‌

)

(

0

.30‌

)

(

0

.62‌

)

11

.48‌

2020

11

.50‌

0

.23‌

0

.86‌

1

.09‌

(

0

.44‌

)

–‌

(

0

.44‌

)

12

.15‌

2019

10

.81‌

0

.34‌

0

.72‌

1

.06‌

(

0

.37‌

)

–‌

(

0

.37‌

)

11

.50‌

2018

11

.35‌

0

.36‌

(

0

.52‌

)

(

0

.16‌

)

(

0

.38‌

)

–‌

(

0

.38‌

)

10

.81‌

2017

11

.15‌

0

.35‌

0

.18‌

0

.53‌

(

0

.33‌

)

–‌

(

0

.33‌

)

11

.35‌

See

accompanying

notes.

217

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

11

.59‌

)

%

(d)

$

198,903‌

0

.48‌

%

(e)

2

.48‌

%

(e)

138

.9‌

%

(e)

(

0

.45‌

)

236,382‌

0

.47‌

2

.12‌

150

.8‌

9

.55‌

255,956‌

0

.47‌

1

.92‌

210

.3‌

9

.81‌

252,874‌

0

.47‌

2

.99‌

152

.4‌

(

1

.41‌

)

280,760‌

0

.47‌

3

.27‌

127

.5‌

4

.81‌

293,662‌

0

.46‌

3

.08‌

123

.5‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

See

accompanying

notes.

218

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

DIVERSIFIED

BALANCED

ACCOUNT

Class

1

shares

2022(c)

$

18.11‌

$

–‌

(

$

2.73‌)

(

$

2.73‌)

$

–‌

$

–‌

$

–‌

$

15.38‌

2021

17.58‌

0.36‌

1.55‌

1.91‌

(

0.40‌)

(

0.98‌)

(

1.38‌)

18.11‌

2020

16.52‌

0.36‌

1.70‌

2.06‌

(

0.40‌)

(

0.60‌)

(

1.00‌)

17.58‌

2019

14.87‌

0.36‌

2.34‌

2.70‌

(

0.35‌)

(

0.70‌)

(

1.05‌)

16

.52‌

2018

15.98‌

0.31‌

(

0.78‌)

(

0.47‌)

(

0.43‌)

(

0.21‌)

(

0.64‌)

14.87‌

2017(f)

15.36‌

0.45‌

0.65‌

1.10‌

(

0.26‌)

(

0

.22‌)

(

0.48‌)

15.98‌

Class

2

shares

2022(c)

18.15‌

(

0.03‌)

(

2.73‌)

(

2.76‌)

–‌

–‌

–‌

15.39‌

2021

17.61‌

0.31‌

1.57‌

1.88‌

(

0.36‌)

(

0.98‌)

(

1.34‌)

18.15‌

2020

16.55‌

0.32‌

1.70‌

2.02‌

(

0.36‌)

(

0.60‌)

(

0.96‌)

17.61‌

2019

14.88‌

0.32‌

2.36‌

2.68‌

(

0.31‌)

(

0.70‌)

(

1.01‌)

16.55‌

2018

15.99‌

0.27‌

(

0.78‌)

(

0.51‌)

(

0.39‌)

(

0.21‌)

(

0.60‌)

14.88‌

2017

14.76‌

0.35‌

1.32‌

1.67‌

(

0.22‌)

(

0.22‌)

(

0.44‌)

15.99‌

Class

3

shares

2022(c)

18.04‌

(

0.04‌)

(

2

.71‌)

(

2.75‌)

–‌

–‌

–‌

15.29‌

2021

17.58‌

0.68‌

1.16‌

1.84‌

(

0.40‌)

(

0.98‌)

(

1.38‌)

18.04‌

2020(

i

)

17

.32‌

0.05‌

0.21‌

0.26‌

–‌

–‌

–‌

17.58‌

See

accompanying

notes.

219

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(15.07‌)

%

(d)

$

34,207‌

0.05‌

%

(e)

–‌

%

(0.05‌)

%

(e)

11.8‌

%

(e)

11.06‌

41,982‌

0.05‌

–‌

2.00‌

14.3‌

12.96‌

40,515‌

0.05‌

–‌

2.18‌

23.6‌

18.43‌

40,694‌

0.05‌

–‌

2.25‌

16.9‌

(3.14‌)

36,763‌

0.05‌

–‌

1.95‌

15.7‌

7.27‌

(d)

42,702‌

0.05‌

(e)

–‌

4.27‌

(e)

13.9‌

(15.21‌)

(d)

761,627‌

0.30‌

(e)

–‌

(0.30‌)

(e)

11.8‌

(e)

10.83‌

962,935‌

0.30‌

–‌

1.72‌

14.3‌

12.63‌

979,751‌

0.30‌

–‌

1.95‌

23.6‌

18.23‌

988,264‌

0.30‌

(g)

0.30‌

(h)

1.96‌

16.9‌

(3

.40‌)

968,449‌

0.30‌

(g)

0.30‌

(h)

1.69‌

15.7‌

11.43‌

1,131,373‌

0.30‌

(g)

0.30‌

(h)

2.27‌

13.9‌

(15.24‌)

(d)

407‌

0.45‌

(e)

–‌

(0.45‌)

(e)

11.8‌

(e)

10.65‌

327‌

0.45‌

–‌

3.79‌

14.3‌

1.50‌

(d)

10‌

0.45‌

(e)

–‌

4.31‌

(e)

23.6‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

(f)

Period

from

May

1,

2017,

date

operations

commenced,

through

December

31,

2017.

(g)

Reflects

Manager's

voluntary

expense

limit.

(h)

Excludes

expense

reimbursement

from

Manager.

(

i

)

Period

from

December

9,

2020,

date

operations

commenced,

through

December

31,

2020.

See

accompanying

notes.

220

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

DIVERSIFIED

BALANCED

MANAGED

VOLATILITY

ACCOUNT

Class

2

shares

2022(c)

$

14

.43‌

(

$

0.02‌)

(

$

2.11‌)

(

$

2.13‌)

$

–‌

$

–‌

$

–‌

$

12.30‌

2021

13.65‌

0.32‌

1.03‌

1.35‌

(

0.25‌)

(

0.32‌)

(

0.57‌)

14.43‌

2020

12.91‌

0.24‌

1.26‌

1.50‌

(

0.25‌)

(

0.51‌)

(

0.76‌)

13.65‌

2019

11.34‌

0.23‌

1.74‌

1.97‌

(

0.21‌)

(

0.19‌)

(

0.40‌)

12.91‌

2018

12.25‌

0.19‌

(

0.55‌)

(

0.36‌)

(

0.46‌)

(

0.09‌)

(

0.55‌)

11.34‌

2017

11.27‌

0.43‌

0.78‌

1.21‌

(

0.15‌)

(

0.08‌)

(

0.23‌)

12.25‌

Class

3

shares

2022(c)

14.38‌

(

0.03‌)

(

2.10‌)

(

2.13‌)

–‌

–‌

–‌

12.25‌

2021

13.65‌

0.31‌

1.02‌

1.33‌

(

0.28‌)

(

0.32‌)

(

0.60‌)

14.38‌

2020(g)

13.46‌

0.04‌

0.15‌

0.19‌

–‌

–‌

–‌

13.65‌

See

accompanying

notes.

221

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(14.76‌)

%

(d)

$

150,717‌

0.31‌

%

(e),(f)

(0.31‌)

%

(e)

14.9‌

%

(e)

9.94‌

184,060‌

0.31‌

(f)

2.24‌

18.7‌

12.03‌

185,139‌

0.31‌

(f)

1.84‌

25.0‌

17.48‌

176,235‌

0.31‌

(f)

1.90‌

21.3‌

(3.20‌)

162,166‌

0.31‌

(f)

1.59‌

16.2‌

10.90‌

181,005‌

0.31‌

(f)

3.65‌

13.6‌

(14.81‌)

(d)

9‌

0.46‌

(e)

(0.43‌)

(e)

14.9‌

(e)

9.81‌

11‌

0.46‌

2.17‌

18.7‌

1.41‌

(d)

10‌

0.46‌

(e)

4.31‌

(e)

25.0‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

(f)

Reflects

Manager's

contractual

expense

limit.

(g)

Period

from

December

9,

2020,

date

operations

commenced,

through

December

31,

2020.

See

accompanying

notes.

222

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

DIVERSIFIED

BALANCED

VOLATILITY

CONTROL

ACCOUNT

Class

2

shares

2022(c)

$

13

.27‌

(

$

0.02‌)

(

$

1.77‌)

(

$

1.79‌)

$

–‌

$

–‌

$

–‌

$

11.48‌

2021

12.40‌

0.22‌

1.02‌

1.24‌

(

0.17‌)

(

0.20‌)

(

0.37‌)

13.27‌

2020

11.71‌

0.20‌

0.81‌

1.01‌

(

0.18‌)

(

0.14‌)

(

0.32‌)

12.40‌

2019

10.31‌

0.28‌

1.30‌

1.58‌

(

0.09‌)

(

0.09‌)

(

0.18‌)

11.71‌

2018

10.80‌

0.20‌

(

0.58‌)

(

0.38‌)

(

0.08‌)

(

0.03‌)

(

0.11‌)

10.31‌

2017(h)

10.00‌

0.27‌

0.53‌

0.80‌

–‌

–‌

–‌

10.80‌

Class

3

shares

2022(c)

13.23‌

(

0.03‌)

(

1.76‌)

(

1.79‌)

–‌

–‌

–‌

11.44‌

2021

12.40‌

0.19‌

1.03‌

1.22‌

(

0.19‌)

(

0.20‌)

(

0.39‌)

13.23‌

2020(

i

)

12.22‌

0.04‌

0.14‌

0.18‌

–‌

–‌

–‌

12.40‌

See

accompanying

notes.

223

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(13.49‌)

%

(d)

$

202,048‌

0.38‌

%

(e)

(0.31‌)

%

(e)

68.9‌

%

(e)

10.08‌

229,787‌

0.38‌

1.67‌

47.6‌

8.82‌

184,469‌

0.38‌

(f)

1.73‌

83.5‌

15.47‌

145,371‌

0.38‌

(f)

2

.47‌

33.1‌

(3.71‌)

(g)

66,983‌

0.38‌

(f)

1.90‌

99.6‌

8.10‌

(d),(g)

36,522‌

0.39‌

(e),(f)

3.36‌

(e)

8.0‌

(e)

(13.53‌)

(d)

10‌

0.53‌

(e)

(0.45‌)

(e)

68.9‌

(e)

9.94‌

11‌

0.53‌

1.48‌

47.6‌

1.47‌

(d)

10‌

0.53‌

(e)

5.62‌

(e)

83.5‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

(f)

Reflects

Manager's

contractual

expense

limit.

(g)

Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

(h)

Period

from

March

30,

2017,

date

operations

commenced,

through

December

31,

2017.

(

i

)

Period

from

December

9,

2020,

date

operations

commenced,

through

December

31,

2020.

See

accompanying

notes.

224

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

DIVERSIFIED

GROWTH

ACCOUNT

Class

2

shares

2022(c)

$

21.68‌

(

$

0.03‌)

(

$

3.56‌)

(

$

3.59‌)

$

–‌

$

–‌

$

–‌

$

18.09‌

2021

20.15‌

0.37‌

2.56‌

2.93‌

(

0.38‌)

(

1.02‌)

(

1.40‌)

21.68‌

2020

18.69‌

0.35‌

2.12‌

2.47‌

(

0.37‌)

(

0.64‌)

(

1.01‌)

20.15‌

2019

16.29‌

0.34‌

3.06‌

3.40‌

(

0.33‌)

(

0.67‌)

(

1.00‌)

18.69‌

2018

17.66‌

0.30‌

(

1.03‌)

(

0.73‌)

(

0.45‌)

(

0.19‌)

(

0.64‌)

16.29‌

2017

15.93‌

0.43‌

1

.79‌

2.22‌

(

0.23‌)

(

0.26‌)

(

0.49‌)

17.66‌

Class

3

shares

2022(c)

21.60‌

(

0.04‌)

(

3.56‌)

(

3.60‌)

–‌

–‌

–‌

18.00‌

2021

20.15‌

0.42‌

2.48‌

2.90‌

(

0.43‌)

(

1.02‌)

(

1.45‌)

21.60‌

2020(

i

)

19.80‌

0.07‌

0.28‌

0.35‌

–‌

–‌

–‌

20.15‌

See

accompanying

notes.

225

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(16.56‌)

%

(d)

$

3,157,097‌

0.30‌

%

(e)

–‌

%

(0.30‌)

%

(e)

11.4‌

%

(e)

14.79‌

3,974,179‌

0.30‌

–‌

1.74‌

14.7‌

13.76‌

3,853,082‌

0.30‌

–‌

1.89‌

23.0‌

21.20‌

3,772,145‌

0.30‌

(f)

0.30‌

(g)

1.89‌

16.0‌

(4.51‌)

(h)

3,488,312‌

0.30‌

(f)

0.30‌

(g)

1.69‌

15.5‌

14.21‌

(h)

3,945,713‌

0.30‌

(f)

0.30‌

(g)

2.52‌

10.9‌

(16.67‌)

(d)

205‌

0.45‌

(e)

–‌

(0.45‌)

(e)

11.4‌

(e)

14.63‌

277‌

0.45‌

–‌

2.00‌

14.7‌

1.77‌

(d)

10‌

0.45‌

(e)

–‌

5.91‌

(e)

23.0‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

(f)

Reflects

Manager's

voluntary

expense

limit.

(g)

Excludes

expense

reimbursement

from

Manager.

(h)

Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

(

i

)

Period

from

December

9,

2020,

date

operations

commenced,

through

December

31,

2020.

See

accompanying

notes.

226

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

DIVERSIFIED

GROWTH

MANAGED

VOLATILITY

ACCOUNT

Class

2

shares

2022(c)

$

15

.66‌

(

$

0

.02‌

)

(

$

2

.50‌

)

(

$

2

.52‌

)

$

–‌

$

–‌

$

–‌

$

13

.14‌

2021

14

.33‌

0

.36‌

1

.58‌

1

.94‌

(

0

.24‌

)

(

0

.37‌

)

(

0

.61‌

)

15

.66‌

2020

13

.53‌

0

.23‌

1

.46‌

1

.69‌

(

0

.25‌

)

(

0

.64‌

)

(

0

.89‌

)

14

.33‌

2019

11

.61‌

0

.23‌

2

.09‌

2

.32‌

(

0

.20‌

)

(

0

.20‌

)

(

0

.40‌

)

13

.53‌

2018

12

.72‌

0

.19‌

(

0

.66‌

)

(

0

.47‌

)

(

0

.54‌

)

(

0

.10‌

)

(

0

.64‌

)

11

.61‌

2017

11

.46‌

0

.52‌

0

.99‌

1

.51‌

(

0

.15‌

)

(

0

.10‌

)

(

0

.25‌

)

12

.72‌

Class

3

shares

2022(c)

15

.59‌

(

0

.03‌

)

(

2

.48‌

)

(

2

.51‌

)

–‌

–‌

–‌

13

.08‌

2021

14

.33‌

0

.35‌

1

.56‌

1

.91‌

(

0

.28‌

)

(

0

.37‌

)

(

0

.65‌

)

15

.59‌

2020(g)

14

.09‌

0

.05‌

0

.19‌

0

.24‌

–‌

–‌

–‌

14

.33‌

See

accompanying

notes.

227

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

16

.09‌

)

%

(d)

$

308,274‌

0

.30‌

%

(e)

(

0

.30‌

)

%

(e)

11

.6‌

%

(e)

13

.70‌

388,912‌

0

.30‌

2

.39‌

17

.4‌

13

.06‌

378,238‌

0

.30‌

(f)

1

.74‌

22

.3‌

20

.18‌

353,687‌

0

.31‌

(f)

1

.80‌

18

.8‌

(

4

.07‌

)

325,228‌

0

.30‌

(f)

1

.53‌

16

.3‌

13

.34‌

355,062‌

0

.30‌

(f)

4

.30‌

12

.5‌

(

16

.10‌

)

(d)

10‌

0

.45‌

(e)

(

0

.44‌

)

(e)

11

.6‌

(e)

13

.44‌

12‌

0

.45‌

2

.31‌

17

.4‌

1

.70‌

(d)

10‌

0

.45‌

(e)

5

.91‌

(e)

22

.3‌

(e)

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

(f)

Reflects

Manager's

contractual

expense

limit.

(g)

Period

from

December

9,

2020,

date

operations

commenced,

through

December

31,

2020.

See

accompanying

notes.

228

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

DIVERSIFIED

GROWTH

VOLATILITY

CONTROL

ACCOUNT

Class

2

shares

2022(c)

$

14.07‌

(

$

0.02‌)

(

$

1.99‌)

(

$

2.01‌)

$

–‌

$

–‌

$

–‌

$

12.06‌

2021

12.68‌

0.23‌

1.52‌

1.75‌

(

0.16‌)

(

0.20‌)

(

0.36‌)

14.07‌

2020

12.00‌

0.19‌

0.86‌

1.05‌

(

0.18‌)

(

0.19‌)

(

0.37‌)

12.68‌

2019

10.37‌

0.26‌

1.55‌

1.81‌

(

0.10‌)

(

0.08‌)

(

0.18‌)

12.00‌

2018

10.97‌

0.21‌

(

0.71‌)

(

0.50‌)

(

0.07‌)

(

0.03‌)

(

0.10‌)

10.37‌

2017(g)

10.00‌

0.30‌

0.67‌

0.97‌

–‌

–‌

–‌

10.97‌

Class

3

shares

2022(c)

14.03‌

(

0.03‌)

(

1.99‌)

(

2.02‌)

–‌

–‌

–‌

12.01‌

2021

12.68‌

0.20‌

1.53‌

1.73‌

(

0.18‌)

(

0.20‌)

(

0.38‌)

14.03‌

2020(h)

12.47‌

0.05‌

0.16‌

0.21‌

–‌

–‌

–‌

12.68‌

See

accompanying

notes.

229

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(14.29‌)

%

(d)

$

1,136,429‌

0.37‌

%

(e)

(0.33‌)

%

(e)

78.0‌

%

(e)

13.89‌

1,277,128‌

0.37‌

1.69‌

57.4‌

8.98‌

995,575‌

0.37‌

1.63‌

85.9‌

17.57‌

765,417‌

0.37‌

(f)

2.32‌

36.2‌

(4.60‌)

384,706‌

0.37‌

(f)

1.96‌

103.6‌

9.70‌

(d)

171,769‌

0.38‌

(e)

,(f)

3.80‌

(e)

0.9‌

(e)

(14.40‌)

(d)

10‌

0.52‌

(e)

(0.48‌)

(e)

78.0‌

(e)

13.74‌

12‌

0.52‌

1.46‌

57.4‌

1.68‌

(d)

10‌

0.52‌

(e)

7.20‌

(e)

85.9‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

(f)

Reflects

Manager's

contractual

expense

limit.

(g)

Period

from

March

30,

2017,

date

operations

commenced,

through

December

31,

2017.

(h)

Period

from

December

9,

2020,

date

operations

commenced,

through

December

31,

2020.

See

accompanying

notes.

230

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

DIVERSIFIED

INCOME

ACCOUNT

Class

2

shares

2022(c)

$

15.21‌

(

$

0.02‌)

(

$

2.08‌)

(

$

2.10‌)

$

–‌

$

–‌

$

–‌

$

13.11‌

2021

14.82‌

0.26‌

0.77‌

1.03‌

(

0.29‌)

(

0.35‌)

(

0.64‌)

15.21‌

2020

13.82‌

0.30‌

1.23‌

1.53‌

(

0.28‌)

(

0.25‌)

(

0.53‌)

14.82‌

2019

12.46‌

0.29‌

1.58‌

1.87‌

(

0.22‌)

(

0.29‌)

(

0.51‌)

13.82‌

2018

13.12‌

0.22‌

(

0.51‌)

(

0.29‌)

(

0.28‌)

(

0.09‌)

(

0.37‌)

12.46‌

2017

12.34‌

0.26‌

0.82‌

1.08‌

(

0.18‌)

(

0.12‌)

(

0.30‌)

13.12‌

Class

3

shares

2022(c)

15.15‌

(

0.03‌)

(

2.07‌)

(

2.10‌)

–‌

–‌

–‌

13.05‌

2021

14.82‌

0.58‌

0.42‌

1.00‌

(

0.32‌)

(

0.35‌)

(

0.67‌)

15.15‌

2020(h)

14.65‌

0.02‌

0.15‌

0.17‌

–‌

–‌

–‌

14.82‌

See

accompanying

notes.

231

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(13.81‌)

%

(d)

$

264,995‌

0.30‌

%

(e)

–‌

%

(0.30‌)

%

(e)

18.8‌

%

(e)

6.96‌

325,983‌

0.30‌

(f)

0.30‌

(g)

1.75‌

24.8‌

11.27‌

323,525‌

0.30‌

(f)

0.30‌

(g)

2.10‌

31.2‌

15.16‌

279,888‌

0.31‌

(f)

0.31‌

(g)

2.16‌

25.6‌

(2.38‌)

241,331‌

0.30‌

(f)

0.30‌

(g)

1.72‌

22.8‌

8.81‌

268,135‌

0.30‌

(f)

0.30‌

(g)

2.06‌

21.2‌

(13.86‌)

(d)

55‌

0.45‌

–‌

(0.46‌)

(e)

18.8‌

(e)

6.78‌

781‌

0.45‌

–‌

3.83‌

24.8‌

1.16‌

(d)

10‌

0.45‌

–‌

2.69‌

(e)

31.2‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

(f)

Reflects

Manager's

voluntary

expense

limit.

(g)

Excludes

expense

reimbursement

from

Manager.

(h)

Period

from

December

9,

2020,

date

operations

commenced,

through

December

31,

2020.

See

accompanying

notes.

232

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

DIVERSIFIED

INTERNATIONAL

ACCOUNT

Class

1

shares

2022(c)

$

19

.17‌

$

0

.22‌

(

$

4

.60‌

)

(

$

4

.38‌

)

$

–‌

$

–‌

$

–‌

$

14

.79‌

2021

17

.77‌

0

.28‌

1

.46‌

1

.74‌

(

0

.25‌

)

(

0

.09‌

)

(

0

.34‌

)

19

.17‌

2020

15

.71‌

0

.18‌

2

.29‌

2

.47‌

(

0

.41‌

)

–‌

(

0

.41‌

)

17

.77‌

2019

13

.72‌

0

.28‌

2

.75‌

3

.03‌

(

0

.26‌

)

(

0

.78‌

)

(

1

.04‌

)

15

.71‌

2018

17

.01‌

0

.31‌

(

3

.25‌

)

(

2

.94‌

)

(

0

.35‌

)

–‌

(

0

.35‌

)

13

.72‌

2017

13

.42‌

0

.21‌

3

.67‌

3

.88‌

(

0

.29‌

)

–‌

(

0

.29‌

)

17

.01‌

See

accompanying

notes.

233

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

22

.85‌

)

%

(d)

$

231,745‌

0

.93‌

%

(e)

2

.64‌

%

(e)

52

.7‌

%

(e)

9

.75‌

299,426‌

0

.90‌

1

.49‌

36

.6‌

16

.16‌

291,726‌

0

.92‌

1

.19‌

47

.1‌

22

.69‌

266,768‌

0

.93‌

1

.86‌

43

.7‌

(

17

.54‌

)

233,612‌

0

.91‌

1

.91‌

59

.3‌

29

.06‌

292,975‌

0

.91‌

1

.37‌

42

.8‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

See

accompanying

notes.

234

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

EQUITY

INCOME

ACCOUNT

Class

1

shares

2022(c)

$

34.25‌

$

0.32‌

(

$

5.33‌)

(

$

5.01‌)

$

–‌

$

–‌

$

–‌

$

29.24‌

2021

28.54‌

0.55‌

5.82‌

6.37‌

(

0.64‌)

(

0.02‌)

(

0.66‌)

34.25‌

2020

28.19‌

0.55‌

1

.08‌

1.63‌

(

0.52‌)

(

0.76‌)

(

1.28‌)

28.54‌

2019

22.86‌

0.56‌

6.00‌

6.56‌

(

0.51‌)

(

0.72‌)

(

1.23‌)

28.19‌

2018

26.08‌

0.64‌

(

1.72‌)

(

1.08‌)

(

0.52‌)

(

1.62‌)

(

2.14‌)

22.86‌

2017

23.20‌

0.56‌

4.14‌

4.70‌

(

0.58‌)

(

1.24‌)

(

1.82‌)

26.08‌

Class

2

shares

2022(c)

33.87‌

0.28‌

(

5.27‌)

(

4.99‌)

–‌

–‌

–‌

28.88‌

2021

28.26‌

0.47‌

5.75‌

6.22‌

(

0.59‌)

(

0.02‌)

(

0.61‌)

33.87‌

2020

27.93‌

0.48‌

1.06‌

1.54‌

(

0.45‌)

(

0.76‌)

(

1.21‌)

28.26‌

2019

22.66‌

0.49‌

5.95‌

6.44‌

(

0.45‌)

(

0.72‌)

(

1.17‌)

27.93‌

2018

25.87‌

0.57‌

(

1.70‌)

(

1.13‌)

(

0.46‌)

(

1.62‌)

(

2.08‌)

22.66‌

2017

23.03‌

0.49‌

4.11‌

4.60‌

(

0.52‌)

(

1.24‌)

(

1.76‌)

25.87‌

Class

3

shares

2022(c)

34.10‌

0.26‌

(

5.31‌)

(

5.05‌)

–‌

–‌

–‌

29.05‌

2021

28.53‌

0.47‌

5.76‌

6.23‌

(

0.64‌)

(

0.02‌)

(

0.66‌)

34.10‌

2020(f)

27.94‌

0.03‌

0.56‌

0.59‌

–‌

–‌

–‌

28.53‌

See

accompanying

notes.

235

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(14.63‌)

%

(d)

$

568,050‌

0.48‌

%

(e)

2.03‌

%

(e)

17.8‌

%

(e)

22.47‌

701,625‌

0.47‌

1.73‌

9.6‌

6.43‌

755,882‌

0.48‌

2.18‌

21.0‌

29.09‌

741,311‌

0.47‌

2.16‌

17.9‌

(5.01‌)

636,177‌

0.49‌

2.47‌

13.2‌

21.08‌

572,629‌

0.50‌

2.26‌

15.9‌

(14.73‌)

(d)

50,945‌

0.73‌

(e)

1.79‌

(e)

17.8‌

(e)

22.15‌

53,723‌

0.72‌

1.48‌

9.6‌

6.15‌

33,951‌

0.73‌

1.93‌

21.0‌

28.78‌

31,874‌

0

.72‌

1.91‌

17.9‌

(5.24‌)

25,207‌

0.74‌

2.23‌

13.2‌

20.77‌

27,469‌

0.75‌

2.00‌

15.9‌

(14.81‌)

(d)

265‌

0.88‌

(e)

1.63‌

(e)

17.8‌

(e)

21.97‌

148‌

0.87‌

1.43‌

9.6‌

2.11‌

(d)

10‌

0.88‌

(e)

1.88‌

(e)

21.0‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

(f)

Period

from

December

9,

2020,

date

operations

commenced,

through

December

31,

2020.

See

accompanying

notes.

236

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

GLOBAL

EMERGING

MARKETS

ACCOUNT(c)

Class

1

shares

2022(d)

$

19

.67‌

$

0

.15‌

(

$

4

.15‌

)

(

$

4

.00‌

)

$

–‌

$

–‌

$

–‌

$

15

.67‌

2021

19

.94‌

0

.21‌

(

0

.08‌

)

0

.13‌

(

0

.09‌

)

(

0

.31‌

)

(

0

.40‌

)

19

.67‌

2020

17

.13‌

0

.12‌

3

.10‌

3

.22‌

(

0

.41‌

)

–‌

(

0

.41‌

)

19

.94‌

2019

15

.12‌

0

.40‌

2

.20‌

2

.60‌

(

0

.15‌

)

(

0

.44‌

)

(

0

.59‌

)

17

.13‌

2018

19

.40‌

0

.19‌

(

4

.25‌

)

(

4

.06‌

)

(

0

.22‌

)

–‌

(

0

.22‌

)

15

.12‌

2017

13

.94‌

0

.15‌

5

.53‌

5

.68‌

(

0

.22‌

)

–‌

(

0

.22‌

)

19

.40‌

See

accompanying

notes.

237

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

20

.34‌

)

%

(e)

$

70,853‌

1

.11‌

%

(f)

,(g)

1

.71‌

%

(f)

42

.8‌

%

(f)

0

.58‌

90,815‌

1

.18‌

(g)

1

.01‌

35

.7‌

19

.23‌

93,839‌

1

.21‌

(g)

,(h)

0

.71‌

57

.6‌

17

.60‌

89,729‌

1

.20‌

(g)

2

.46‌

112

.5‌

(

21

.02‌

)

83,366‌

1

.35‌

(g)

1

.05‌

121

.8‌

40

.84‌

114,735‌

1

.35‌

(g)

0

.91‌

98

.6‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Effective

May

2,

2022,

International

Emerging

Markets

Account

changed

its

name

to

Global

Emerging

Markets

Account.

(d)

Six

months

ended

June

30,

2022.

(e)

Total

return

amounts

have

not

been

annualized.

(f)

Computed

on

an

annualized

basis.

(g)

Reflects

Manager's

contractual

expense

limit.

(h)

Includes

0.01%

of

expenses

associated

with

the

reclaim

of

foreign

taxes

paid.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

See

accompanying

notes.

238

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

GOVERNMENT

&

HIGH

QUALITY

BOND

ACCOUNT

Class

1

shares

2022(c)

$

9

.48‌

$

0

.04‌

(

$

0

.85‌

)

(

$

0

.81‌

)

$

–‌

$

–‌

$

8

.67‌

2021

9

.83‌

0

.04‌

(

0

.17‌

)

(

0

.13‌

)

(

0

.22‌

)

(

0

.22‌

)

9

.48‌

2020

9

.81‌

0

.12‌

0

.16‌

0

.28‌

(

0

.26‌

)

(

0

.26‌

)

9

.83‌

2019

9

.47‌

0

.22‌

0

.39‌

0

.61‌

(

0

.27‌

)

(

0

.27‌

)

9

.81‌

2018

9

.76‌

0

.23‌

(

0

.15‌

)

0

.08‌

(

0

.37‌

)

(

0

.37‌

)

9

.47‌

2017

9

.98‌

0

.31‌

(

0

.12‌

)

0

.19‌

(

0

.41‌

)

(

0

.41‌

)

9

.76‌

See

accompanying

notes.

239

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

8

.54‌

)

%

(d)

$

199,237‌

0

.50‌

%

(e)

0

.91‌

%

(e)

326

.5‌

%

(e)

(

1

.32‌

)

197,777‌

0

.50‌

0

.40‌

360

.7‌

2

.87‌

227,996‌

0

.51‌

1

.22‌

124

.6‌

6

.45‌

241,332‌

0

.51‌

2

.26‌

22

.5‌

0

.91‌

219,612‌

0

.51‌

2

.43‌

17

.4‌

1

.88‌

241,839‌

0

.51‌

3

.09‌

24

.3‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

See

accompanying

notes.

240

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

LARGECAP

GROWTH

ACCOUNT

I

Class

1

shares

2022(c)

$

52

.48‌

(

$

0

.04‌

)

(

$

17

.00‌

)

(

$

17

.04‌

)

$

–‌

$

–‌

$

–‌

$

35

.44‌

2021

48

.46‌

(

0

.14‌

)

10

.65‌

10

.51‌

–‌

(

6

.49‌

)

(

6

.49‌

)

52

.48‌

2020

37

.64‌

(

0

.06‌

)

13

.36‌

13

.30‌

(

0

.01‌

)

(

2

.47‌

)

(

2

.48‌

)

48

.46‌

2019

30

.10‌

0

.01‌

10

.27‌

10

.28‌

(

0

.02‌

)

(

2

.72‌

)

(

2

.74‌

)

37

.64‌

2018

31

.18‌

0

.03‌

1

.41‌

1

.44‌

(

0

.01‌

)

(

2

.51‌

)

(

2

.52‌

)

30

.10‌

2017

24

.55‌

0

.01‌

8

.13‌

8

.14‌

(

0

.01‌

)

(

1

.50‌

)

(

1

.51‌

)

31

.18‌

See

accompanying

notes.

241

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

32

.47‌

)

%

(d)

$

463,073‌

0

.68‌

%

(e)

,(f)

(

0

.21‌

)

%

(e)

35

.4‌

%

(e)

21

.89‌

706,656‌

0

.66‌

(f)

(

0

.26‌

)

22

.1‌

36

.20‌

612,357‌

0

.69‌

(f)

(

0

.14‌

)

42

.2‌

34

.92‌

502,653‌

0

.71‌

(f)

0

.03‌

30

.4‌

3

.60‌

296,139‌

0

.74‌

(f)

0

.08‌

36

.9‌

33

.71‌

302,147‌

0

.75‌

(f)

0

.03‌

36

.2‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

(f)

Reflects

Manager's

contractual

expense

limit.

See

accompanying

notes.

242

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

LARGECAP

S&P

500

INDEX

ACCOUNT

Class

1

shares

2022(c)

$

25

.53‌

$

0

.15‌

(

$

5

.27‌

)

(

$

5

.12‌

)

$

–‌

$

–‌

$

–‌

$

20

.41‌

2021

21

.94‌

0

.27‌

5

.77‌

6

.04‌

(

0

.35‌

)

(

2

.10‌

)

(

2

.45‌

)

25

.53‌

2020

20

.19‌

0

.31‌

3

.12‌

3

.43‌

(

0

.37‌

)

(

1

.31‌

)

(

1

.68‌

)

21

.94‌

2019

16

.39‌

0

.34‌

4

.66‌

5

.00‌

(

0

.37‌

)

(

0

.83‌

)

(

1

.20‌

)

20

.19‌

2018

18

.06‌

0

.36‌

(

1

.06‌

)

(

0

.70‌

)

(

0

.32‌

)

(

0

.65‌

)

(

0

.97‌

)

16

.39‌

2017

15

.44‌

0

.29‌

2

.97‌

3

.26‌

(

0

.29‌

)

(

0

.35‌

)

(

0

.64‌

)

18

.06‌

Class

2

shares

2022(c)

25

.13‌

0

.12‌

(

5

.19‌

)

(

5

.07‌

)

–‌

–‌

–‌

20

.06‌

2021

21

.65‌

0

.21‌

5

.69‌

5

.90‌

(

0

.32‌

)

(

2

.10‌

)

(

2

.42‌

)

25

.13‌

2020

19

.97‌

0

.26‌

3

.07‌

3

.33‌

(

0

.34‌

)

(

1

.31‌

)

(

1

.65‌

)

21

.65‌

2019

16

.24‌

0

.29‌

4

.62‌

4

.91‌

(

0

.35‌

)

(

0

.83‌

)

(

1

.18‌

)

19

.97‌

2018

17

.95‌

0

.32‌

(

1

.07‌

)

(

0

.75‌

)

(

0

.31‌

)

(

0

.65‌

)

(

0

.96‌

)

16

.24‌

2017

15

.38‌

0

.25‌

2

.95‌

3

.20‌

(

0

.28‌

)

(

0

.35‌

)

(

0

.63‌

)

17

.95‌

See

accompanying

notes.

243

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

20

.05‌

)

%

(d)

$

2,545,348‌

0

.24‌

%

(e)

1

.29‌

%

(e)

8

.7‌

%

(e)

28

.33‌

3,162,615‌

0

.25‌

1

.11‌

2

.6‌

18

.08‌

2,892,842‌

0

.25‌

1

.60‌

11

.1‌

31

.10‌

2,693,344‌

0

.25‌

1

.80‌

3

.5‌

(

4

.58‌

)

2,378,088‌

0

.25‌

1

.94‌

8

.7‌

21

.49‌

2,563,986‌

0

.25‌

1

.71‌

3

.0‌

(

20

.18‌

)

(d)

38,599‌

0

.49‌

(e)

1

.04‌

(e)

8

.7‌

(e)

28

.05‌

46,634‌

0

.50‌

0

.86‌

2

.6‌

17

.77‌

27,801‌

0

.50‌

1

.35‌

11

.1‌

30

.82‌

15,834‌

0

.50‌

1

.56‌

3

.5‌

(

4

.90‌

)

7,081‌

0

.50‌

1

.77‌

8

.7‌

21

.20‌

3,234‌

0

.50‌

1

.46‌

3

.0‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

See

accompanying

notes.

244

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

LARGECAP

S&P

500

MANAGED

VOLATILITY

INDEX

ACCOUNT

Class

1

shares

2022(c)

$

18

.86‌

$

0

.08‌

(

$

3

.64‌

)

(

$

3

.56‌

)

$

–‌

$

–‌

$

–‌

$

15

.30‌

2021

16

.90‌

0

.15‌

4

.02‌

4

.17‌

(

0

.23‌

)

(

1

.98‌

)

(

2

.21‌

)

18

.86‌

2020

15

.06‌

0

.20‌

2

.24‌

2

.44‌

(

0

.25‌

)

(

0

.35‌

)

(

0

.60‌

)

16

.90‌

2019

12

.74‌

0

.23‌

3

.36‌

3

.59‌

(

0

.24‌

)

(

1

.03‌

)

(

1

.27‌

)

15

.06‌

2018

13

.42‌

0

.23‌

(

0

.71‌

)

(

0

.48‌

)

(

0

.20‌

)

–‌

(

0

.20‌

)

12

.74‌

2017

12

.15‌

0

.18‌

2

.11‌

2

.29‌

(

0

.18‌

)

(

0

.84‌

)

(

1

.02‌

)

13

.42‌

See

accompanying

notes.

245

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

18

.88‌

)

%

(d)

$

190,660‌

0

.46‌

%

(e)

1

.00‌

%

(e)

8

.4‌

%

(e)

25

.55‌

239,895‌

0

.46‌

0

.84‌

2

.6‌

16

.67‌

235,112‌

0

.46‌

1

.31‌

8

.9‌

28

.92‌

217,779‌

0

.47‌

1

.59‌

3

.8‌

(

3

.73‌

)

205,655‌

0

.46‌

1

.64‌

11

.2‌

19

.55‌

222,026‌

0

.46‌

(f)

1

.40‌

3

.0‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

(f)

Reflects

Manager's

contractual

expense

limit.

See

accompanying

notes.

246

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

MIDCAP

ACCOUNT

Class

1

shares

2022(c)

$

74

.76‌

$

0

.01‌

(

$

19

.77‌

)

(

$

19

.76‌

)

$

–‌

$

–‌

$

–‌

$

55

.00‌

2021

63

.69‌

–‌

15

.93‌

15

.93‌

(

0

.09‌

)

(

4

.77‌

)

(

4

.86‌

)

74

.76‌

2020

59

.93‌

0

.08‌

9

.93‌

10

.01‌

(

0

.44‌

)

(

5

.81‌

)

(

6

.25‌

)

63

.69‌

2019

48

.53‌

0

.43‌

19

.93‌

20

.36‌

(

0

.17‌

)

(

8

.79‌

)

(

8

.96‌

)

59

.93‌

2018

59

.42‌

0

.17‌

(

2

.93‌

)

(

2

.76‌

)

(

0

.17‌

)

(

7

.96‌

)

(

8

.13‌

)

48

.53‌

2017

50

.96‌

0

.19‌

12

.48‌

12

.67‌

(

0

.32‌

)

(

3

.89‌

)

(

4

.21‌

)

59

.42‌

Class

2

shares

2022(c)

73

.89‌

(

0

.07‌

)

(

19

.53‌

)

(

19

.60‌

)

–‌

–‌

–‌

54

.29‌

2021

63

.08‌

(

0

.18‌

)

15

.76‌

15

.58‌

–‌

(

4

.77‌

)

(

4

.77‌

)

73

.89‌

2020

59

.42‌

(

0

.07‌

)

9

.84‌

9

.77‌

(

0

.30‌

)

(

5

.81‌

)

(

6

.11‌

)

63

.08‌

2019

48

.19‌

0

.28‌

19

.77‌

20

.05‌

(

0

.03‌

)

(

8

.79‌

)

(

8

.82‌

)

59

.42‌

2018

59

.05‌

0

.02‌

(

2

.89‌

)

(

2

.87‌

)

(

0

.03‌

)

(

7

.96‌

)

(

7

.99‌

)

48

.19‌

2017

50

.69‌

0

.05‌

12

.39‌

12

.44‌

(

0

.19‌

)

(

3

.89‌

)

(

4

.08‌

)

59

.05‌

See

accompanying

notes.

247

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

26

.43‌

)

%

(d)

$

512,625‌

0

.53‌

%

(e)

0

.02‌

%

(e)

12

.7‌

%

(e)

25

.53‌

711,126‌

0

.53‌

(

0

.01‌

)

17

.1‌

18

.33‌

(f)

604,094‌

0

.54‌

0

.14‌

12

.2‌

43

.10‌

(f)

587,854‌

0

.55‌

0

.72‌

10

.5‌

(

6

.55‌

)

474,365‌

0

.54‌

0

.29‌

24

.6‌

25

.51‌

575,104‌

0

.54‌

0

.34‌

13

.4‌

(

26

.53‌

)

(d)

30,164‌

0

.78‌

(e)

(

0

.22‌

)

(e)

12

.7‌

(e)

25

.20‌

38,773‌

0

.78‌

(

0

.26‌

)

17

.1‌

18

.07‌

25,643‌

0

.79‌

(

0

.12‌

)

12

.2‌

42

.72‌

(f)

20,808‌

0

.80‌

0

.48‌

10

.5‌

(

6

.79‌

)

(f)

15,710‌

0

.79‌

0

.04‌

24

.6‌

25

.19‌

(f)

17,792‌

0

.79‌

0

.09‌

13

.4‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

(f)

Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

See

accompanying

notes.

248

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

PRINCIPAL

CAPITAL

APPRECIATION

ACCOUNT

Class

1

shares

2022(c)

$

41

.87‌

$

0

.14‌

(

$

8

.58‌

)

(

$

8

.44‌

)

$

–‌

$

–‌

$

–‌

$

33

.43‌

2021

34

.30‌

0

.28‌

9

.13‌

9

.41‌

(

0

.33‌

)

(

1

.51‌

)

(

1

.84‌

)

41

.87‌

2020

30

.72‌

0

.31‌

5

.21‌

5

.52‌

(

0

.41‌

)

(

1

.53‌

)

(

1

.94‌

)

34

.30‌

2019

25

.86‌

0

.38‌

7

.77‌

8

.15‌

(

0

.50‌

)

(

2

.79‌

)

(

3

.29‌

)

30

.72‌

2018

28

.54‌

0

.44‌

(

1

.19‌

)

(

0

.75‌

)

(

0

.34‌

)

(

1

.59‌

)

(

1

.93‌

)

25

.86‌

2017

23

.94‌

0

.28‌

4

.66‌

4

.94‌

(

0

.34‌

)

–‌

(

0

.34‌

)

28

.54‌

Class

2

shares

2022(c)

41

.19‌

0

.09‌

(

8

.43‌

)

(

8

.34‌

)

–‌

–‌

–‌

32

.85‌

2021

33

.81‌

0

.18‌

8

.99‌

9

.17‌

(

0

.28‌

)

(

1

.51‌

)

(

1

.79‌

)

41

.19‌

2020

30

.32‌

0

.24‌

5

.13‌

5

.37‌

(

0

.35‌

)

(

1

.53‌

)

(

1

.88‌

)

33

.81‌

2019

25

.58‌

0

.30‌

7

.67‌

7

.97‌

(

0

.44‌

)

(

2

.79‌

)

(

3

.23‌

)

30

.32‌

2018

28

.25‌

0

.37‌

(

1

.17‌

)

(

0

.80‌

)

(

0

.28‌

)

(

1

.59‌

)

(

1

.87‌

)

25

.58‌

2017

23

.71‌

0

.22‌

4

.60‌

4

.82‌

(

0

.28‌

)

–‌

(

0

.28‌

)

28

.25‌

See

accompanying

notes.

249

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

20

.16‌

)

%

(d)

$

122,229‌

0

.63‌

%

(e)

0

.75‌

%

(e)

59

.7‌

%

(e)

27

.82‌

163,159‌

0

.63‌

0

.73‌

30

.6‌

18

.72‌

147,026‌

0

.63‌

1

.03‌

36

.5‌

32

.49‌

143,227‌

0

.64‌

1

.27‌

29

.5‌

(

3

.41‌

)

128,547‌

0

.63‌

1

.52‌

44

.9‌

20

.75‌

154,472‌

0

.63‌

1

.07‌

28

.5‌

(

20

.25‌

)

(d)

27,843‌

0

.88‌

(e)

0

.51‌

(e)

59

.7‌

(e)

27

.50‌

31,088‌

0

.88‌

0

.47‌

30

.6‌

18

.44‌

18,688‌

0

.88‌

0

.79‌

36

.5‌

32

.10‌

13,536‌

0

.89‌

1

.03‌

29

.5‌

(

3

.64‌

)

(f)

8,757‌

0

.88‌

1

.28‌

44

.9‌

20

.46‌

(f)

8,526‌

0

.88‌

0

.83‌

28

.5‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

(f)

Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

See

accompanying

notes.

250

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

PRINCIPAL

LIFETIME

2010

ACCOUNT

Class

1

shares

2022(c)

$

13

.41‌

$

0

.09‌

(

$

1

.85‌

)

(

$

1

.76‌

)

$

–‌

$

–‌

$

–‌

$

11

.65‌

2021

13

.59‌

0

.38‌

0

.43‌

0

.81‌

(

0

.24‌

)

(

0

.75‌

)

(

0

.99‌

)

13

.41‌

2020

12

.75‌

0

.25‌

1

.17‌

1

.42‌

(

0

.33‌

)

(

0

.25‌

)

(

0

.58‌

)

13

.59‌

2019

12

.18‌

0

.32‌

1

.37‌

1

.69‌

(

0

.39‌

)

(

0

.73‌

)

(

1

.12‌

)

12

.75‌

2018

13

.41‌

0

.32‌

(

0

.80‌

)

(

0

.48‌

)

(

0

.41‌

)

(

0

.34‌

)

(

0

.75‌

)

12

.18‌

2017

12

.48‌

0

.34‌

1

.07‌

1

.41‌

(

0

.29‌

)

(

0

.19‌

)

(

0

.48‌

)

13

.41‌

See

accompanying

notes.

251

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

13

.12‌

)

%

(d)

$

34,697‌

0

.02‌

%

(e)

1

.51‌

%

(e)

37

.5‌

%

(e)

5

.94‌

37,297‌

0

.02‌

2

.79‌

26

.4‌

11

.40‌

35,824‌

0

.02‌

1

.94‌

71

.6‌

14

.10‌

31,499‌

0

.04‌

2

.51‌

60

.8‌

(

3

.87‌

)

31,890‌

0

.02‌

2

.43‌

29

.0‌

11

.42‌

41,836‌

0

.01‌

2

.57‌

21

.7‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

See

accompanying

notes.

252

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

PRINCIPAL

LIFETIME

2020

ACCOUNT

Class

1

shares

2022(c)

$

15

.19‌

$

0

.09‌

(

$

2

.31‌

)

(

$

2

.22‌

)

$

–‌

$

–‌

$

–‌

$

12

.97‌

2021

14

.99‌

0

.42‌

0

.94‌

1

.36‌

(

0

.26‌

)

(

0

.90‌

)

(

1

.16‌

)

15

.19‌

2020

13

.90‌

0

.25‌

1

.49‌

1

.74‌

(

0

.38‌

)

(

0

.27‌

)

(

0

.65‌

)

14

.99‌

2019

12

.60‌

0

.34‌

1

.90‌

2

.24‌

(

0

.34‌

)

(

0

.60‌

)

(

0

.94‌

)

13

.90‌

2018

14

.11‌

0

.33‌

(

1

.04‌

)

(

0

.71‌

)

(

0

.38‌

)

(

0

.42‌

)

(

0

.80‌

)

12

.60‌

2017

12

.66‌

0

.36‌

1

.52‌

1

.88‌

(

0

.27‌

)

(

0

.16‌

)

(

0

.43‌

)

14

.11‌

See

accompanying

notes.

253

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

14

.61‌

)

%

(d)

$

158,667‌

0

.01‌

%

(e)

1

.33‌

%

(e)

25

.4‌

%

(e)

9

.17‌

196,334‌

0

.00‌

2

.72‌

23

.3‌

12

.89‌

194,167‌

0

.01‌

1

.81‌

53

.4‌

18

.12‌

190,475‌

0

.01‌

2

.47‌

52

.7‌

(

5

.40‌

)

172,173‌

0

.01‌

2

.37‌

28

.7‌

15

.00‌

197,935‌

0

.00‌

2

.64‌

23

.6‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

See

accompanying

notes.

254

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

PRINCIPAL

LIFETIME

2030

ACCOUNT

Class

1

shares

2022(c)

$

15

.60‌

$

0

.08‌

(

$

2

.80‌

)

(

$

2

.72‌

)

$

–‌

$

–‌

$

–‌

$

12

.88‌

2021

14

.51‌

0

.43‌

1

.41‌

1

.84‌

(

0

.21‌

)

(

0

.54‌

)

(

0

.75‌

)

15

.60‌

2020

13

.12‌

0

.23‌

1

.67‌

1

.90‌

(

0

.28‌

)

(

0

.23‌

)

(

0

.51‌

)

14

.51‌

2019

11

.58‌

0

.32‌

2

.18‌

2

.50‌

(

0

.27‌

)

(

0

.69‌

)

(

0

.96‌

)

13

.12‌

2018

13

.17‌

0

.29‌

(

1

.15‌

)

(

0

.86‌

)

(

0

.32‌

)

(

0

.41‌

)

(

0

.73‌

)

11

.58‌

2017

11

.45‌

0

.34‌

1

.73‌

2

.07‌

(

0

.20‌

)

(

0

.15‌

)

(

0

.35‌

)

13

.17‌

See

accompanying

notes.

255

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

17

.44‌

)

%

(d)

$

222,935‌

0

.00‌

%

(e)

1

.15‌

%

(e)

23

.5‌

%

(e)

12

.79‌

262,864‌

0

.00‌

2

.78‌

26

.8‌

14

.89‌

228,291‌

0

.01‌

1

.77‌

52

.3‌

22

.01‌

182,172‌

0

.01‌

2

.47‌

35

.8‌

(

7

.06‌

)

140,617‌

0

.01‌

2

.21‌

28

.6‌

18

.26‌

152,469‌

0

.01‌

2

.77‌

31

.0‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

See

accompanying

notes.

256

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

PRINCIPAL

LIFETIME

2040

ACCOUNT

Class

1

shares

2022(c)

$

19

.94‌

$

0

.05‌

(

$

3

.98‌

)

(

$

3

.93‌

)

$

–‌

$

–‌

$

–‌

$

16

.01‌

2021

18

.09‌

0

.62‌

2

.13‌

2

.75‌

(

0

.25‌

)

(

0

.65‌

)

(

0

.90‌

)

19

.94‌

2020

16

.22‌

0

.29‌

2

.23‌

2

.52‌

(

0

.32‌

)

(

0

.33‌

)

(

0

.65‌

)

18

.09‌

2019

13

.94‌

0

.37‌

3

.01‌

3

.38‌

(

0

.30‌

)

(

0

.80‌

)

(

1

.10‌

)

16

.22‌

2018

15

.97‌

0

.34‌

(

1

.50‌

)

(

1

.16‌

)

(

0

.33‌

)

(

0

.54‌

)

(

0

.87‌

)

13

.94‌

2017

13

.52‌

0

.36‌

2

.41‌

2

.77‌

(

0

.20‌

)

(

0

.12‌

)

(

0

.32‌

)

15

.97‌

See

accompanying

notes.

257

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

19

.71‌

)

%

(d)

$

112,190‌

0

.01‌

%

(e)

0

.62‌

%

(e)

24

.9‌

%

(e)

15

.29‌

134,172‌

0

.01‌

3

.18‌

19

.9‌

16

.11‌

107,137‌

0

.01‌

1

.82‌

38

.9‌

24

.74‌

85,405‌

0

.02‌

2

.36‌

28

.8‌

(

7

.85‌

)

62,741‌

0

.01‌

2

.17‌

14

.5‌

20

.68‌

63,759‌

0

.01‌

2

.43‌

28

.3‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

See

accompanying

notes.

258

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

PRINCIPAL

LIFETIME

2050

ACCOUNT

Class

1

shares

2022(c)

$

19

.60‌

$

0

.02‌

(

$

4

.13‌

)

(

$

4

.11‌

)

$

–‌

$

–‌

$

–‌

$

15

.49‌

2021

17

.47‌

0

.64‌

2

.32‌

2

.96‌

(

0

.22‌

)

(

0

.61‌

)

(

0

.83‌

)

19

.60‌

2020

15

.59‌

0

.27‌

2

.24‌

2

.51‌

(

0

.28‌

)

(

0

.35‌

)

(

0

.63‌

)

17

.47‌

2019

13

.37‌

0

.32‌

3

.12‌

3

.44‌

(

0

.29‌

)

(

0

.93‌

)

(

1

.22‌

)

15

.59‌

2018

15

.62‌

0

.31‌

(

1

.53‌

)

(

1

.22‌

)

(

0

.33‌

)

(

0

.70‌

)

(

1

.03‌

)

13

.37‌

2017

13

.06‌

0

.32‌

2

.55‌

2

.87‌

(

0

.19‌

)

(

0

.12‌

)

(

0

.31‌

)

15

.62‌

See

accompanying

notes.

259

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

20

.97‌

)

%

(d)

$

53,343‌

0

.01‌

%

(e)

0

.26‌

%

(e)

40

.0‌

%

(e)

17

.02‌

68,527‌

0

.01‌

3

.37‌

28

.1‌

16

.68‌

49,779‌

0

.02‌

1

.75‌

32

.8‌

26

.39‌

38,881‌

0

.04‌

2

.11‌

24

.9‌

(

8

.64‌

)

30,354‌

0

.02‌

2

.03‌

22

.6‌

22

.14‌

31,610‌

0

.02‌

2

.23‌

36

.5‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

See

accompanying

notes.

260

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

PRINCIPAL

LIFETIME

2060

ACCOUNT

Class

1

shares

2022(c)

$

18

.81‌

$

0

.02‌

(

$

3

.96‌

)

(

$

3

.94‌

)

$

–‌

$

–‌

$

–‌

$

14

.87‌

2021

16

.49‌

0

.61‌

2

.33‌

2

.94‌

(

0

.18‌

)

(

0

.44‌

)

(

0

.62‌

)

18

.81‌

2020

14

.68‌

0

.25‌

2

.10‌

2

.35‌

(

0

.22‌

)

(

0

.32‌

)

(

0

.54‌

)

16

.49‌

2019

12

.32‌

0

.30‌

2

.99‌

3

.29‌

(

0

.20‌

)

(

0

.73‌

)

(

0

.93‌

)

14

.68‌

2018

14

.38‌

0

.25‌

(

1

.47‌

)

(

1

.22‌

)

(

0

.31‌

)

(

0

.53‌

)

(

0

.84‌

)

12

.32‌

2017

11

.88‌

0

.40‌

2

.29‌

2

.69‌

(

0

.12‌

)

(

0

.07‌

)

(

0

.19‌

)

14

.38‌

See

accompanying

notes.

261

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

20

.95‌

)

%

(d)

$

14,734‌

0

.04‌

%

(e)

,(f)

0

.25‌

%

(e)

32

.8‌

%

(e)

17

.96‌

17,280‌

0

.03‌

(f)

3

.38‌

25

.3‌

16

.58‌

11,468‌

0

.07‌

(f)

1

.73‌

58

.8‌

27

.24‌

8,131‌

0

.10‌

(f)

2

.15‌

38

.6‌

(

9

.25‌

)

4,649‌

0

.10‌

(f)

1

.71‌

84

.9‌

22

.74‌

5,712‌

0

.10‌

(f)

2

.98‌

33

.1‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

(f)

Reflects

Manager's

contractual

expense

limit.

See

accompanying

notes.

262

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

PRINCIPAL

LIFETIME

STRATEGIC

INCOME

ACCOUNT

Class

1

shares

2022(c)

$

12

.62‌

$

0

.09‌

(

$

1

.74‌

)

(

$

1

.65‌

)

$

–‌

$

–‌

$

–‌

$

10

.97‌

2021

12

.84‌

0

.37‌

0

.21‌

0

.58‌

(

0

.25‌

)

(

0

.55‌

)

(

0

.80‌

)

12

.62‌

2020

11

.92‌

0

.25‌

0

.96‌

1

.21‌

(

0

.28‌

)

(

0

.01‌

)

(

0

.29‌

)

12

.84‌

2019

11

.30‌

0

.33‌

1

.06‌

1

.39‌

(

0

.29‌

)

(

0

.48‌

)

(

0

.77‌

)

11

.92‌

2018

12

.11‌

0

.31‌

(

0

.66‌

)

(

0

.35‌

)

(

0

.33‌

)

(

0

.13‌

)

(

0

.46‌

)

11

.30‌

2017

11

.40‌

0

.30‌

0

.69‌

0

.99‌

(

0

.28‌

)

–‌

(

0

.28‌

)

12

.11‌

See

accompanying

notes.

263

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

13

.07‌

)

%

(d)

$

25,563‌

0

.02‌

%

(e)

1

.50‌

%

(e)

42

.7‌

%

(e)

4

.53‌

30,129‌

0

.02‌

2

.85‌

35

.6‌

10

.30‌

31,025‌

0

.03‌

2

.07‌

68

.6‌

12

.46‌

26,279‌

0

.06‌

2

.79‌

69

.0‌

(

3

.00‌

)

20,664‌

0

.03‌

2

.61‌

31

.2‌

8

.76‌

24,630‌

0

.02‌

2

.56‌

20

.0‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

See

accompanying

notes.

264

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

REAL

ESTATE

SECURITIES

ACCOUNT

Class

1

shares

2022(c)

$

24

.82‌

$

0

.11‌

(

$

5

.13‌

)

(

$

5

.02‌

)

$

–‌

$

–‌

$

–‌

$

19

.80‌

2021

19

.11‌

0

.28‌

7

.26‌

7

.54‌

(

0

.33‌

)

(

1

.50‌

)

(

1

.83‌

)

24

.82‌

2020

21

.50‌

0

.36‌

(

1

.21‌

)

(

0

.85‌

)

(

0

.39‌

)

(

1

.15‌

)

(

1

.54‌

)

19

.11‌

2019

17

.86‌

0

.34‌

5

.18‌

5

.52‌

(

0

.40‌

)

(

1

.48‌

)

(

1

.88‌

)

21

.50‌

2018

20

.62‌

0

.37‌

(

1

.09‌

)

(

0

.72‌

)

(

0

.37‌

)

(

1

.67‌

)

(

2

.04‌

)

17

.86‌

2017

21

.30‌

0

.25‌

1

.62‌

1

.87‌

(

0

.39‌

)

(

2

.16‌

)

(

2

.55‌

)

20

.62‌

Class

2

shares

2022(c)

24

.86‌

0

.08‌

(

5

.13‌

)

(

5

.05‌

)

–‌

–‌

–‌

19

.81‌

2021

19

.16‌

0

.23‌

7

.26‌

7

.49‌

(

0

.29‌

)

(

1

.50‌

)

(

1

.79‌

)

24

.86‌

2020

21

.56‌

0

.34‌

(

1

.24‌

)

(

0

.90‌

)

(

0

.35‌

)

(

1

.15‌

)

(

1

.50‌

)

19

.16‌

2019

17

.92‌

0

.30‌

5

.18‌

5

.48‌

(

0

.36‌

)

(

1

.48‌

)

(

1

.84‌

)

21

.56‌

2018

20

.70‌

0

.34‌

(

1

.12‌

)

(

0

.78‌

)

(

0

.33‌

)

(

1

.67‌

)

(

2

.00‌

)

17

.92‌

2017

21

.36‌

0

.19‌

1

.64‌

1

.83‌

(

0

.33‌

)

(

2

.16‌

)

(

2

.49‌

)

20

.70‌

See

accompanying

notes.

265

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

20

.23‌

)

%

(d)

$

136,537‌

0

.79‌

%

(e)

0

.98‌

%

(e)

15

.3‌

%

(e)

40

.44‌

174,922‌

0

.82‌

1

.25‌

23

.1‌

(

3

.42‌

)

129,617‌

0

.83‌

1

.89‌

35

.4‌

31

.26‌

155,569‌

0

.88‌

(f)

1

.62‌

19

.3‌

(

4

.21‌

)

133,429‌

0

.89‌

1

.89‌

17

.3‌

9

.19‌

154,615‌

0

.89‌

1

.19‌

19

.6‌

(

20

.31‌

)

(d)

9,544‌

1

.04‌

(e)

0

.76‌

(e)

15

.3‌

(e)

40

.04‌

11,650‌

1

.07‌

1

.02‌

23

.1‌

(

3

.65‌

)

6,965‌

1

.08‌

1

.80‌

35

.4‌

30

.94‌

6,361‌

1

.13‌

(f)

1

.43‌

19

.3‌

(

4

.47‌

)

3,493‌

1

.14‌

1

.73‌

17

.3‌

8

.94‌

2,830‌

1

.14‌

0

.89‌

19

.6‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

(f)

Reflects

Manager's

contractual

expense

limit.

See

accompanying

notes.

266

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SAM

BALANCED

PORTFOLIO

Class

1

shares

2022(c)

$

18

.11‌

$

0

.07‌

(

$

3

.11‌

)

(

$

3

.04‌

)

$

–‌

$

–‌

$

–‌

$

15

.07‌

2021

16

.51‌

0

.35‌

1

.91‌

2

.26‌

(

0

.28‌

)

(

0

.38‌

)

(

0

.66‌

)

18

.11‌

2020

15

.67‌

0

.26‌

1

.43‌

1

.69‌

(

0

.35‌

)

(

0

.50‌

)

(

0

.85‌

)

16

.51‌

2019

13

.90‌

0

.31‌

2

.43‌

2

.74‌

(

0

.40‌

)

(

0

.57‌

)

(

0

.97‌

)

15

.67‌

2018

15

.89‌

0

.36‌

(

1

.07‌

)

(

0

.71‌

)

(

0

.50‌

)

(

0

.78‌

)

(

1

.28‌

)

13

.90‌

2017

14

.44‌

0

.45‌

1

.71‌

2

.16‌

(

0

.34‌

)

(

0

.37‌

)

(

0

.71‌

)

15

.89‌

Class

2

shares

2022(c)

17

.84‌

0

.05‌

(

3

.05‌

)

(

3

.00‌

)

–‌

–‌

–‌

14

.84‌

2021

16

.29‌

0

.32‌

1

.85‌

2

.17‌

(

0

.24‌

)

(

0

.38‌

)

(

0

.62‌

)

17

.84‌

2020

15

.48‌

0

.23‌

1

.39‌

1

.62‌

(

0

.31‌

)

(

0

.50‌

)

(

0

.81‌

)

16

.29‌

2019

13

.74‌

0

.28‌

2

.39‌

2

.67‌

(

0

.36‌

)

(

0

.57‌

)

(

0

.93‌

)

15

.48‌

2018

15

.72‌

0

.32‌

(

1

.06‌

)

(

0

.74‌

)

(

0

.46‌

)

(

0

.78‌

)

(

1

.24‌

)

13

.74‌

2017

14

.30‌

0

.42‌

1

.67‌

2

.09‌

(

0

.30‌

)

(

0

.37‌

)

(

0

.67‌

)

15

.72‌

See

accompanying

notes.

267

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

16

.79‌

)

%

(d)

$

458,178‌

0

.23‌

%

(e)

0

.82‌

%

(e)

32

.0‌

%

(e)

13

.74‌

588,703‌

0

.23‌

2

.00‌

38

.9‌

11

.28‌

568,806‌

0

.23‌

1

.74‌

18

.9‌

20

.01‌

574,960‌

0

.24‌

(f)

2

.06‌

23

.0‌

(

5

.04‌

)

561,162‌

0

.23‌

(f)

2

.29‌

18

.2‌

15

.21‌

678,409‌

0

.23‌

2

.92‌

27

.4‌

(

16

.82‌

)

(d)

130,098‌

0

.48‌

(e)

0

.58‌

(e)

32

.0‌

(e)

13

.39‌

156,241‌

0

.48‌

1

.83‌

38

.9‌

10

.96‌

134,181‌

0

.48‌

1

.56‌

18

.9‌

19

.74‌

123,870‌

0

.49‌

(f)

1

.89‌

23

.0‌

(

5

.25‌

)

104,051‌

0

.48‌

(f)

2

.10‌

18

.2‌

14

.88‌

110,129‌

0

.48‌

2

.77‌

27

.4‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

(f)

Reflects

Manager's

contractual

expense

limit.

See

accompanying

notes.

268

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SAM

CONSERVATIVE

BALANCED

PORTFOLIO

Class

1

shares

2022(c)

$

13

.61‌

$

0

.08‌

(

$

2

.07‌

)

(

$

1

.99‌

)

$

–‌

$

–‌

$

–‌

$

11

.62‌

2021

12

.80‌

0

.29‌

0

.95‌

1

.24‌

(

0

.25‌

)

(

0

.18‌

)

(

0

.43‌

)

13

.61‌

2020

12

.19‌

0

.24‌

0

.89‌

1

.13‌

(

0

.29‌

)

(

0

.23‌

)

(

0

.52‌

)

12

.80‌

2019

11

.05‌

0

.28‌

1

.45‌

1

.73‌

(

0

.35‌

)

(

0

.24‌

)

(

0

.59‌

)

12

.19‌

2018

12

.33‌

0

.34‌

(

0

.73‌

)

(

0

.39‌

)

(

0

.42‌

)

(

0

.47‌

)

(

0

.89‌

)

11

.05‌

2017

11

.50‌

0

.38‌

0

.92‌

1

.30‌

(

0

.34‌

)

(

0

.13‌

)

(

0

.47‌

)

12

.33‌

Class

2

shares

2022(c)

13

.40‌

0

.07‌

(

2

.04‌

)

(

1

.97‌

)

–‌

–‌

–‌

11

.43‌

2021

12

.61‌

0

.26‌

0

.93‌

1

.19‌

(

0

.22‌

)

(

0

.18‌

)

(

0

.40‌

)

13

.40‌

2020

12

.03‌

0

.22‌

0

.86‌

1

.08‌

(

0

.27‌

)

(

0

.23‌

)

(

0

.50‌

)

12

.61‌

2019

10

.91‌

0

.25‌

1

.43‌

1

.68‌

(

0

.32‌

)

(

0

.24‌

)

(

0

.56‌

)

12

.03‌

2018

12

.19‌

0

.31‌

(

0

.73‌

)

(

0

.42‌

)

(

0

.39‌

)

(

0

.47‌

)

(

0

.86‌

)

10

.91‌

2017

11

.38‌

0

.36‌

0

.89‌

1

.25‌

(

0

.31‌

)

(

0

.13‌

)

(

0

.44‌

)

12

.19‌

See

accompanying

notes.

269

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

14

.62‌

)

%

(d)

$

141,439‌

0

.23‌

%

(e)

1

.34‌

%

(e)

38

.3‌

%

(e)

9

.71‌

169,338‌

0

.23‌

2

.13‌

41

.2‌

9

.60‌

164,411‌

0

.24‌

2

.03‌

23

.4‌

15

.88‌

164,095‌

0

.24‌

(f)

2

.32‌

30

.8‌

(

3

.49‌

)

154,297‌

0

.22‌

(f)

2

.79‌

19

.5‌

11

.46‌

178,523‌

0

.23‌

3

.16‌

26

.3‌

(

14

.70‌

)

(d)

30,469‌

0

.48‌

(e)

1

.10‌

(e)

38

.3‌

(e)

9

.48‌

34,318‌

0

.48‌

1

.95‌

41

.2‌

9

.25‌

30,178‌

0

.49‌

1

.85‌

23

.4‌

15

.66‌

25,380‌

0

.49‌

(f)

2

.15‌

30

.8‌

(

3

.75‌

)

20,449‌

0

.47‌

(f)

2

.59‌

19

.5‌

11

.14‌

20,541‌

0

.48‌

3

.06‌

26

.3‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

(f)

Reflects

Manager's

contractual

expense

limit.

See

accompanying

notes.

270

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SAM

CONSERVATIVE

GROWTH

PORTFOLIO

Class

1

shares

2022(c)

$

24

.82‌

$

0

.03‌

(

$

4

.74‌

)

(

$

4

.71‌

)

$

–‌

$

–‌

$

–‌

$

20

.11‌

2021

21

.75‌

0

.44‌

3

.40‌

3

.84‌

(

0

.29‌

)

(

0

.48‌

)

(

0

.77‌

)

24

.82‌

2020

19

.94‌

0

.28‌

2

.22‌

2

.50‌

(

0

.37‌

)

(

0

.32‌

)

(

0

.69‌

)

21

.75‌

2019

17

.16‌

0

.36‌

3

.68‌

4

.04‌

(

0

.36‌

)

(

0

.90‌

)

(

1

.26‌

)

19

.94‌

2018

19

.86‌

0

.35‌

(

1

.51‌

)

(

1

.16‌

)

(

0

.56‌

)

(

0

.98‌

)

(

1

.54‌

)

17

.16‌

2017

17

.22‌

0

.54‌

2

.82‌

3

.36‌

(

0

.30‌

)

(

0

.42‌

)

(

0

.72‌

)

19

.86‌

Class

2

shares

2022(c)

24

.39‌

–‌

(

4

.65‌

)

(

4

.65‌

)

–‌

–‌

–‌

19

.74‌

2021

21

.40‌

0

.39‌

3

.32‌

3

.71‌

(

0

.24‌

)

(

0

.48‌

)

(

0

.72‌

)

24

.39‌

2020

19

.63‌

0

.24‌

2

.17‌

2

.41‌

(

0

.32‌

)

(

0

.32‌

)

(

0

.64‌

)

21

.40‌

2019

16

.92‌

0

.32‌

3

.61‌

3

.93‌

(

0

.32‌

)

(

0

.90‌

)

(

1

.22‌

)

19

.63‌

2018

19

.60‌

0

.31‌

(

1

.50‌

)

(

1

.19‌

)

(

0

.51‌

)

(

0

.98‌

)

(

1

.49‌

)

16

.92‌

2017

17

.01‌

0

.49‌

2

.78‌

3

.27‌

(

0

.26‌

)

(

0

.42‌

)

(

0

.68‌

)

19

.60‌

See

accompanying

notes.

271

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

18

.98‌

)

%

(d)

$

192,846‌

0

.23‌

%

(e)

0

.28‌

%

(e)

36

.6‌

%

(e)

17

.75‌

242,713‌

0

.23‌

1

.85‌

43

.6‌

12

.95‌

226,009‌

0

.23‌

1

.46‌

20

.7‌

24

.06‌

213,346‌

0

.24‌

(f)

1

.89‌

16

.2‌

(

6

.62‌

)

189,654‌

0

.23‌

(f)

1

.81‌

27

.0‌

19

.78‌

220,054‌

0

.23‌

2

.88‌

35

.1‌

(

19

.07‌

)

(d)

154,595‌

0

.48‌

(e)

0

.03‌

(e)

36

.6‌

(e)

17

.44‌

192,114‌

0

.48‌

1

.67‌

43

.6‌

12

.68‌

158,606‌

0

.48‌

1

.28‌

20

.7‌

23

.68‌

143,501‌

0

.49‌

(f)

1

.68‌

16

.2‌

(

6

.82‌

)

118,307‌

0

.48‌

(f)

1

.60‌

27

.0‌

19

.46‌

127,079‌

0

.48‌

2

.68‌

35

.1‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

(f)

Reflects

Manager's

contractual

expense

limit.

See

accompanying

notes.

272

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SAM

FLEXIBLE

INCOME

PORTFOLIO

Class

1

shares

2022(c)

$

13

.17‌

$

0

.10‌

(

$

1

.79‌

)

(

$

1

.69‌

)

$

–‌

$

–‌

$

–‌

$

11

.48‌

2021

12

.81‌

0

.32‌

0

.55‌

0

.87‌

(

0

.31‌

)

(

0

.20‌

)

(

0

.51‌

)

13

.17‌

2020

12

.58‌

0

.31‌

0

.57‌

0

.88‌

(

0

.36‌

)

(

0

.29‌

)

(

0

.65‌

)

12

.81‌

2019

11

.86‌

0

.33‌

1

.22‌

1

.55‌

(

0

.46‌

)

(

0

.37‌

)

(

0

.83‌

)

12

.58‌

2018

12

.95‌

0

.40‌

(

0

.63‌

)

(

0

.23‌

)

(

0

.53‌

)

(

0

.33‌

)

(

0

.86‌

)

11

.86‌

2017

12

.45‌

0

.47‌

0

.56‌

1

.03‌

(

0

.44‌

)

(

0

.09‌

)

(

0

.53‌

)

12

.95‌

Class

2

shares

2022(c)

13

.00‌

0

.09‌

(

1

.77‌

)

(

1

.68‌

)

–‌

–‌

–‌

11

.32‌

2021

12

.66‌

0

.30‌

0

.53‌

0

.83‌

(

0

.29‌

)

(

0

.20‌

)

(

0

.49‌

)

13

.00‌

2020

12

.44‌

0

.28‌

0

.56‌

0

.84‌

(

0

.33‌

)

(

0

.29‌

)

(

0

.62‌

)

12

.66‌

2019

11

.74‌

0

.31‌

1

.19‌

1

.50‌

(

0

.43‌

)

(

0

.37‌

)

(

0

.80‌

)

12

.44‌

2018

12

.83‌

0

.38‌

(

0

.63‌

)

(

0

.25‌

)

(

0

.51‌

)

(

0

.33‌

)

(

0

.84‌

)

11

.74‌

2017

12

.34‌

0

.45‌

0

.54‌

0

.99‌

(

0

.41‌

)

(

0

.09‌

)

(

0

.50‌

)

12

.83‌

See

accompanying

notes.

273

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

12

.83‌

)

%

(d)

$

118,541‌

0

.23‌

%

(e)

1

.70‌

%

(e)

27

.6‌

%

(e)

6

.89‌

148,266‌

0

.23‌

2

.41‌

44

.0‌

7

.27‌

149,396‌

0

.24‌

2

.51‌

38

.6‌

13

.25‌

157,922‌

0

.24‌

2

.65‌

37

.4‌

(

1

.97‌

)

157,019‌

0

.23‌

3

.19‌

19

.9‌

8

.41‌

194,742‌

0

.23‌

3

.69‌

29

.3‌

(

12

.92‌

)

(d)

39,874‌

0

.48‌

(e)

1

.47‌

(e)

27

.6‌

(e)

6

.61‌

45,586‌

0

.48‌

2

.31‌

44

.0‌

7

.03‌

34,866‌

0

.49‌

2

.31‌

38

.6‌

12

.97‌

30,663‌

0

.49‌

2

.46‌

37

.4‌

(

2

.20‌

)

25,656‌

0

.48‌

3

.07‌

19

.9‌

8

.13‌

23,003‌

0

.48‌

3

.57‌

29

.3‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

See

accompanying

notes.

274

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SAM

STRATEGIC

GROWTH

PORTFOLIO

Class

1

shares

2022(c)

$

28

.09‌

(

$

0

.01‌

)

(

$

5

.80‌

)

(

$

5

.81‌

)

$

–‌

$

–‌

$

–‌

$

22

.28‌

2021

24

.17‌

0

.53‌

4

.24‌

4

.77‌

(

0

.26‌

)

(

0

.59‌

)

(

0

.85‌

)

28

.09‌

2020

21

.85‌

0

.26‌

2

.96‌

3

.22‌

(

0

.38‌

)

(

0

.52‌

)

(

0

.90‌

)

24

.17‌

2019

18

.36‌

0

.39‌

4

.54‌

4

.93‌

(

0

.33‌

)

(

1

.11‌

)

(

1

.44‌

)

21

.85‌

2018

21

.72‌

0

.33‌

(

2

.01‌

)

(

1

.68‌

)

(

0

.52‌

)

(

1

.16‌

)

(

1

.68‌

)

18

.36‌

2017

18

.54‌

0

.51‌

3

.54‌

4

.05‌

(

0

.30‌

)

(

0

.57‌

)

(

0

.87‌

)

21

.72‌

Class

2

shares

2022(c)

27

.62‌

(

0

.04‌

)

(

5

.70‌

)

(

5

.74‌

)

–‌

–‌

–‌

21

.88‌

2021

23

.80‌

0

.46‌

4

.16‌

4

.62‌

(

0

.21‌

)

(

0

.59‌

)

(

0

.80‌

)

27

.62‌

2020

21

.53‌

0

.22‌

2

.91‌

3

.13‌

(

0

.34‌

)

(

0

.52‌

)

(

0

.86‌

)

23

.80‌

2019

18

.11‌

0

.34‌

4

.47‌

4

.81‌

(

0

.28‌

)

(

1

.11‌

)

(

1

.39‌

)

21

.53‌

2018

21

.46‌

0

.28‌

(

2

.00‌

)

(

1

.72‌

)

(

0

.47‌

)

(

1

.16‌

)

(

1

.63‌

)

18

.11‌

2017

18

.33‌

0

.47‌

3

.48‌

3

.95‌

(

0

.25‌

)

(

0

.57‌

)

(

0

.82‌

)

21

.46‌

See

accompanying

notes.

275

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

20

.68‌

)

%

(d)

$

175,160‌

0

.23‌

%

(e)

(

0

.08‌

)

%

(e)

27

.4‌

%

(e)

19

.86‌

223,578‌

0

.23‌

1

.97‌

35

.9‌

15

.40‌

187,904‌

0

.23‌

1

.24‌

22

.3‌

27

.44‌

169,489‌

0

.24‌

(f)

1

.89‌

20

.3‌

(

8

.60‌

)

140,247‌

0

.23‌

(f)

1

.56‌

37

.8‌

22

.22‌

163,861‌

0

.23‌

2

.50‌

37

.7‌

(

20

.78‌

)

(d)

161,248‌

0

.48‌

(e)

(

0

.33‌

)

(e)

27

.4‌

(e)

19

.54‌

205,369‌

0

.48‌

1

.76‌

35

.9‌

15

.13‌

167,706‌

0

.48‌

1

.09‌

22

.3‌

27

.13‌

145,924‌

0

.49‌

(f)

1

.67‌

20

.3‌

(

8

.87‌

)

114,902‌

0

.48‌

(f)

1

.34‌

37

.8‌

21

.95‌

126,632‌

0

.48‌

2

.33‌

37

.7‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

(f)

Reflects

Manager's

contractual

expense

limit.

See

accompanying

notes.

276

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SHORT-TERM

INCOME

ACCOUNT

Class

1

shares

2022(c)

$

2

.53‌

$

0

.02‌

(

$

0

.11‌

)

(

$

0

.09‌

)

$

–‌

$

–‌

$

–‌

$

2

.44‌

2021

2

.60‌

0

.03‌

(

0

.05‌

)

(

0

.02‌

)

(

0

.04‌

)

(

0

.01‌

)

(

0

.05‌

)

2

.53‌

2020

2

.57‌

0

.04‌

0

.05‌

0

.09‌

(

0

.06‌

)

–‌

(

0

.06‌

)

2

.60‌

2019

2

.52‌

0

.06‌

0

.06‌

0

.12‌

(

0

.07‌

)

–‌

(

0

.07‌

)

2

.57‌

2018

2

.55‌

0

.06‌

(

0

.03‌

)

0

.03‌

(

0

.06‌

)

–‌

(

0

.06‌

)

2

.52‌

2017

2

.54‌

0

.05‌

0

.01‌

0

.06‌

(

0

.05‌

)

–‌

(

0

.05‌

)

2

.55‌

See

accompanying

notes.

277

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

3

.56‌

)

%

(d)

$

138,341‌

0

.47‌

%

(e)

1

.22‌

%

(e)

65

.3‌

%

(e)

(

0

.72‌

)

140,532‌

0

.47‌

1

.09‌

56

.7‌

3

.36‌

157,019‌

0

.51‌

(f)

1

.61‌

73

.7‌

4

.70‌

130,852‌

0

.51‌

(f)

2

.31‌

54

.2‌

1

.02‌

149,075‌

0

.50‌

(f)

2

.19‌

49

.9‌

2

.39‌

158,446‌

0

.50‌

(f)

2

.01‌

67

.3‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

(f)

Reflects

Manager's

contractual

expense

limit.

See

accompanying

notes.

278

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SMALLCAP

ACCOUNT

Class

1

shares

2022(c)

$

20

.05‌

$

0

.03‌

(

$

4

.82‌

)

(

$

4

.79‌

)

$

–‌

$

–‌

$

–‌

$

15

.26‌

2021

17

.26‌

(

0

.01‌

)

3

.48‌

3

.47‌

(

0

.06‌

)

(

0

.62‌

)

(

0

.68‌

)

20

.05‌

2020

15

.33‌

0

.03‌

3

.03‌

3

.06‌

(

0

.07‌

)

(

1

.06‌

)

(

1

.13‌

)

17

.26‌

2019

14

.30‌

0

.08‌

3

.67‌

3

.75‌

(

0

.06‌

)

(

2

.66‌

)

(

2

.72‌

)

15

.33‌

2018

17

.10‌

0

.03‌

(

1

.62‌

)

(

1

.59‌

)

(

0

.06‌

)

(

1

.15‌

)

(

1

.21‌

)

14

.30‌

2017

15

.21‌

0

.06‌

1

.89‌

1

.95‌

(

0

.06‌

)

–‌

(

0

.06‌

)

17

.10‌

Class

2

shares

2022(c)

19

.93‌

–‌

(

4

.78‌

)

(

4

.78‌

)

–‌

–‌

–‌

15

.15‌

2021

17

.17‌

(

0

.06‌

)

3

.47‌

3

.41‌

(

0

.03‌

)

(

0

.62‌

)

(

0

.65‌

)

19

.93‌

2020

15

.26‌

–‌

3

.01‌

3

.01‌

(

0

.04‌

)

(

1

.06‌

)

(

1

.10‌

)

17

.17‌

2019

14

.24‌

0

.04‌

3

.66‌

3

.70‌

(

0

.02‌

)

(

2

.66‌

)

(

2

.68‌

)

15

.26‌

2018

17

.04‌

(

0

.01‌

)

(

1

.62‌

)

(

1

.63‌

)

(

0

.02‌

)

(

1

.15‌

)

(

1

.17‌

)

14

.24‌

2017

15

.17‌

0

.02‌

1

.87‌

1

.89‌

(

0

.02‌

)

–‌

(

0

.02‌

)

17

.04‌

See

accompanying

notes.

279

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

23

.89‌

)

%

(d)

$

158,409‌

0

.83‌

%

(e)

0

.30‌

%

(e)

19

.0‌

%

(e)

20

.12‌

213,890‌

0

.82‌

(

0

.04‌

)

36

.6‌

22

.20‌

195,848‌

0

.84‌

0

.24‌

38

.8‌

27

.40‌

184,434‌

0

.84‌

0

.53‌

34

.7‌

(

10

.89‌

)

163,243‌

0

.83‌

0

.20‌

45

.0‌

12

.87‌

208,669‌

0

.83‌

0

.37‌

64

.1‌

(

23

.98‌

)

(d)

8,194‌

1

.08‌

(e)

0

.06‌

(e)

19

.0‌

(e)

19

.86‌

10,497‌

1

.07‌

(

0

.29‌

)

36

.6‌

21

.87‌

8,414‌

1

.09‌

(

0

.01‌

)

38

.8‌

27

.12‌

6,829‌

1

.09‌

0

.28‌

34

.7‌

(

11

.17‌

)

(f)

4,874‌

1

.08‌

(

0

.05‌

)

45

.0‌

12

.57‌

(f)

5,371‌

1

.08‌

0

.12‌

64

.1‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Six

months

ended

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

(f)

Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

See

accompanying

notes.

280

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

31

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Net

Asset

Value,

End

of

Period

U.S.

LARGECAP

BUFFER

JULY

ACCOUNT

Class

2

shares

2022(c)

$

10.00‌

$

–‌

(

$

0.

01‌

)

(

$

0.

01‌

)

$

9.

99‌

See

accompanying

notes.

281

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

0.00‌

%

(d),(e)

$

14,360‌

0.95‌

%

(f),(g)

0.

23‌

%

(f)

0.0‌

%

(f)

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c)

Period

from

June

29,

2022,

date

operations

commenced,

through

June

30,

2022.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

(f)

Computed

on

an

annualized

basis.

(g)

Reflects

Manager's

contractual

expense

limit.

Shareholder

Expense

Example

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

282

As

a

shareholder

of

Principal

Variable

Contracts

Funds,

Inc.

you

incur

ongoing

costs,

including

management

fees;

distribution

fees;

and

other

fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

Principal

Variable

Contracts

Funds,

Inc.

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

In

addition

to

the

expenses

the

Funds

bear

directly,

each

of

the

Funds

may

indirectly

bear

its

pro

rata

share

of

the

expenses

incurred

by

the

investment

companies

in

which

the

Funds

invest.

These

expenses

are

not

included

in

the

fund’s

annualized

expense

ratio

used

to

calculate

the

expenses

paid

in

this

example.

If

they

were,

the

expenses

paid

would

be

higher.

Expenses

shown

below

and

on

the

following

pages

do

not

account

for

fees,

expenses

and

charges

of

any

variable

insurance

contract

or

retirement

plan.

If

these

fees

had

been

reflected,

expenses

would

have

been

higher.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

(

January

1,

2022

to

June

30,

2022

),

unless

otherwise

noted.

Actual

Expenses

The

first

line

of

the

table

below

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

line,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

second

line

of

the

table

below

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

Principal

Variable

Contracts

Funds,

Inc.

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

cost

of

owning

different

funds.

Actual

Hypothetical

Beginning

Account

Value

January

1,

2022

Ending

Account

Value

June

30,

2022

Expenses

Paid

During Period

January

1,

2022 to

June

30,

2022

(a)

Beginning

Account

Value

January

1,

2022

Ending

Account

Value

June

30,

2022  

Expenses

Paid

During Period

January

1,

2022 to

June

30,

2022

(a)

Annualized

Expense

Ratio

Blue

Chip

Account

Class

3

$

1,000.00

$

693.21

$

4.41

$

1,000.00

$

1,019.59

$

5.26

1.05

%

Bond

Market

Index

Account

Class

1

1,000.00

896.84

0.66

1,000.00

1,024.10

0.70

0.14

Core

Plus

Bond

Account

Class

1

1,000.00

884.15

2.24

1,000.00

1,022.41

2.41

0.48

Diversified

Balanced

Account

Class

1

1,000.00

849.25

0.23

1,000.00

1,024.55

0.25

0.05

Class

2

1,000.00

847.93

1.37

1,000.00

1,023.31

1.51

0.30

Class

3

1,000.00

847.56

2.06

1,000.00

1,022.56

2.26

0.45

Diversified

Balanced

Managed

Volatility

Account

Class

2

1,000.00

852.39

1.42

1,000.00

1,023.26

1.56

0.31

Class

3

1,000.00

851.88

2.11

1,000.00

1,022.51

2.31

0.46

Diversified

Balanced

Volatility

Control

Account

Class

2

1,000.00

865.11

1.76

1,000.00

1,022.91

1.91

0.38

Class

3

1,000.00

864.70

2.45

1,000.00

1,022.17

2.66

0.53

Diversified

Growth

Account

Class

2

1,000.00

834.41

1.36

1,000.00

1,023.31

1.51

0.30

Class

3

1,000.00

833.33

2.05

1,000.00

1,022.56

2.26

0.45

Shareholder

Expense

Example

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

283

Actual

Hypothetical

Beginning

Account

Value

January

1,

2022

Ending

Account

Value

June

30,

2022

Expenses

Paid

During Period

January

1,

2022 to

June

30,

2022

(a)

Beginning

Account

Value

January

1,

2022

Ending

Account

Value

June

30,

2022  

Expenses

Paid

During Period

January

1,

2022 to

June

30,

2022

(a)

Annualized

Expense

Ratio

Diversified

Growth

Managed

Volatility

Account

Class

2

$

1,000.00

$

839.08

$

1.37

$

1,000.00

$

1,023.31

$

1.51

0.30

%

Class

3

1,000.00

839.00

2.05

1,000.00

1,022.56

2.26

0.45

Diversified

Growth

Volatility

Control

Account

Class

2

1,000.00

857.14

1.70

1,000.00

1,022.96

1.86

0.37

Class

3

1,000.00

856.02

2.39

1,000.00

1,022.22

2.61

0.52

Diversified

Income

Account

Class

2

1,000.00

861.93

1.38

1,000.00

1,023.31

1.51

0.30

Class

3

1,000.00

861.39

2.08

1,000.00

1,022.56

2.26

0.45

Diversified

International

Account

Class

1

1,000.00

771.52

4.08

1,000.00

1,020.18

4.66

0.93

Equity

Income

Account

Class

1

1,000.00

853.72

2.21

1,000.00

1,022.41

2.41

0.48

Class

2

1,000.00

852.67

3.35

1,000.00

1,021.17

3.66

0.73

Class

3

1,000.00

851.91

4.04

1,000.00

1,020.43

4.41

0.88

Global

Emerging

Markets

Account

Class

1

1,000.00

796.64

4.94

1,000.00

1,019.29

5.56

1.11

Government

&

High

Quality

Bond

Account

Class

1

1,000.00

914.56

2.37

1,000.00

1,022.32

2.51

0.50

LargeCap

Growth

Account

I

Class

1

1,000.00

675.30

2.82

1,000.00

1,021.42

3.41

0.68

LargeCap

S&P

500

Index

Account

Class

1

1,000.00

799.45

1.07

1,000.00

1,023.60

1.20

0.24

Class

2

1,000.00

798.25

2.18

1,000.00

1,022.36

2.46

0.49

LargeCap

S&P

500

Managed

Volatility

Index

Account

Class

1

1,000.00

811.24

2.07

1,000.00

1,022.51

2.31

0.46

MidCap

Account

Class

1

1,000.00

735.69

2.28

1,000.00

1,022.17

2.66

0.53

Class

2

1,000.00

734.74

3.35

1,000.00

1,020.93

3.91

0.78

Principal

Capital

Appreciation

Account

Class

1

1,000.00

798.42

2.81

1,000.00

1,021.67

3.16

0.63

Class

2

1,000.00

797.52

3.92

1,000.00

1,020.43

4.41

0.88

Principal

LifeTime

2010

Account

Class

1

1,000.00

868.75

0.09

1,000.00

1,024.70

0.10

0.02

Principal

LifeTime

2020

Account

Class

1

1,000.00

853.85

0.05

1,000.00

1,024.74

0.05

0.01

Principal

LifeTime

2030

Account

Class

1

1,000.00

825.64

0.00

1,000.00

1,024.79

0.00

0.00

Principal

LifeTime

2040

Account

Class

1

1,000.00

802.91

0.04

1,000.00

1,024.74

0.05

0.01

Shareholder

Expense

Example

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2022

(unaudited)

284

Actual

Hypothetical

Beginning

Account

Value

January

1,

2022

Ending

Account

Value

June

30,

2022

Expenses

Paid

During Period

January

1,

2022 to

June

30,

2022

(a)

Beginning

Account

Value

January

1,

2022

Ending

Account

Value

June

30,

2022  

Expenses

Paid

During Period

January

1,

2022 to

June

30,

2022

(a)

Annualized

Expense

Ratio

Principal

LifeTime

2050

Account

Class

1

$

1,000.00

$

790.31

$

0.04

$

1,000.00

$

1,024.74

$

0.05

0.01

%

Principal

LifeTime

2060

Account

Class

1

1,000.00

790.54

0.18

1,000.00

1,024.60

0.20

0.04

Principal

LifeTime

Strategic

Income

Account

Class

1

1,000.00

869.26

0.09

1,000.00

1,024.70

0.10

0.02

Real

Estate

Securities

Account

Class

1

1,000.00

797.74

3.52

1,000.00

1,020.88

3.96

0.79

Class

2

1,000.00

796.86

4.63

1,000.00

1,019.64

5.21

1.04

SAM

Balanced

Portfolio

Class

1

1,000.00

832.14

1.04

1,000.00

1,023.65

1.15

0.23

Class

2

1,000.00

831.84

2.18

1,000.00

1,022.41

2.41

0.48

SAM

Conservative

Balanced

Portfolio

Class

1

1,000.00

853.78

1.06

1,000.00

1,023.65

1.15

0.23

Class

2

1,000.00

852.99

2.21

1,000.00

1,022.41

2.41

0.48

SAM

Conservative

Growth

Portfolio

Class

1

1,000.00

810.23

1.03

1,000.00

1,023.65

1.15

0.23

Class

2

1,000.00

809.35

2.15

1,000.00

1,022.41

2.41

0.48

SAM

Flexible

Income

Portfolio

Class

1

1,000.00

871.68

1.07

1,000.00

1,023.65

1.15

0.23

Class

2

1,000.00

870.77

2.23

1,000.00

1,022.41

2.41

0.48

SAM

Strategic

Growth

Portfolio

Class

1

1,000.00

793.16

1.02

1,000.00

1,023.65

1.15

0.23

Class

2

1,000.00

792.18

2.13

1,000.00

1,022.41

2.41

0.48

Short-Term

Income

Account

Class

1

1,000.00

964.43

2.29

1,000.00

1,022.46

2.36

0.47

SmallCap

Account

Class

1

1,000.00

761.10

3.62

1,000.00

1,020.68

4.16

0.83

Class

2

1,000.00

760.16

4.71

1,000.00

1,019.44

5.41

1.08

U.S.

LargeCap

Buffer

July

Account

Class

2

1,000.00

1,000.00

0.03

(b)

1,000.00

1,020.08

4.76

0.95

(a)

Expenses

are

equal

to

a

fund's

annualized

expense

ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period).

(b)

Expenses

are

equal

to

a

fund's

annualized

expense

ratio

multiplied

by

the

average

account

value

over

the

period

(June

29,

2022

to

June

30,

2022),

multiplied

by

1/365

(to

reflect

the

period

since

inception).

285

FUND

BOARD

OF

DIRECTORS

AND

OFFICERS

The

Board

of

Directors

(the

“Board”)

has

overall

responsibility

for

overseeing

the

Fund’s

operations

in

accordance

with

the

Investment

Act

of

1940,

as

amended

(the

“1940

Act”),

other

applicable

laws,

and

the

Fund’s

charter.

Each

member

of

the

Board

(“Board

Member”)

serves

on

the

Board

of

the

following

investment

companies

sponsored

by

Principal

Life

Insurance

Company:

Principal

Funds,

Inc.,

Principal

Variable

Contracts

Funds,

Inc.,

Principal

Exchange-Traded

Funds,

and

Principal

Diversified

Select

Real

Asset

Fund

which

are

collectively

referred

to

as

the

“Fund

Complex”.

Board

Members

that

are

affiliated

persons

of

any

investment

advisor,

the

principal

distributor,

or

the

principal

underwriter

of

the

Fund

Complex

are

considered

“interested

persons”

of

the

Fund

(as

defined

in

the

1940

Act)

and

are

shown

below

as

“Interested

Board

Members”.

Board

Members

who

are

not

Interested

Board

Members

are

shown

below

as

“Independent

Board

Members”.

Each

Board

Member

generally

serves

until

the

next

annual

meeting

of

stockholders

or

until

such

Board

Member’s

earlier

death,

resignation,

or

removal.

Independent

Board

Members

have

a

72-year

age

limit

and,

for

Independent

Board

Members

elected

on

or

after

September

14,

2021,

a

72-year

age

limit

or

a

15-year

term

limit,

whichever

occurs

first.

The

Board

may

waive

the

age

or

term

limits

in

the

Board’s

discretion.

Officers

serve

at

the

pleasure

of

the

Board,

and

each

officer

has

the

same

position

with

each

investment

company

in

the

Fund

Complex.

INDEPENDENT

BOARD

MEMBERS

Name,

Position

Held

with

the

Fund

Complex,

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

Other

Directorships

Held

by

Board

Member

During

Past

5

Years

Leroy

T.

Barnes,

Jr.

Board

Member

since

2012

Member,

Audit

Committee

1951

Retired

127

McClatchy

Newspapers,

Inc.;

Frontier

Communications,

Inc.;

formerly,

Herbalife

Ltd.

Craig

Damos

Lead

Independent

Board

Member

since

2020

Board

Member

since

2008

Member,

Nominating

and

Governance

Committee

Member,

Operations

Committee

Member,

Executive

Committee

1954

President,

C.P.

Damos

Consulting

LLC

127

None

Fritz

S.

Hirsch

Board

Member

since

2005

Member,

Nominating

and

Governance

Committee

Chair,

15(c)

Committee

1951

Interim

CEO,

MAM

USA:

February

2020

to

October

2020

127

MAM

USA

Victor

Hymes

Board

Member

since

2020

Chair,

Audit

Committee

Member,

Nominating

and

Governance

Committee

1957

Founder

and

Managing

Member

of

Legato

Capital

Management,

LLC

127

Formerly,

Montgomery

Street

Income

Securities

Inc.

Padelford

(“Padel”)

L.

Lattimer

Board

Member

since

2020

Member,

Operations

Committee

Member,

15(c)

Committee

1961

TBA

Management

Consulting

LLC

127

None

Karen

(“Karrie”)

McMillan

Board

Member

since

2014

Chair,

Operations

Committee

Member,

15(c)

Committee

1961

Founder/Owner,

Tyche

Consulting

LLC

Formerly,

Managing

Director,

Patomak

Global

Partners,

LLC

127

None

286

INTERESTED

BOARD

MEMBERS

Correspondence

intended

for

each

Board

Member

who

is

other

than

an

Interested

Board

Member

may

be

sent

to

655

9th

Street,

Des

Moines,

IA

50392.

Name,

Position

Held

with

the

Fund

Complex,

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

Other

Directorships

Held

by

Board

Member

During

Past

5

Years

Elizabeth

A.

Nickels

Board

Member

since

2015

Member,

Audit

Committee

Chair,

Nominating

and

Governance

Committee

1962

Retired

127

SpartanNash;

Formerly:

Charlotte

Russe;

Follet

Corporation;

PetSmart;

Spectrum

Health

Systems

Mary

M.

(“Meg”)

VanDeWeghe

Board

Member

since

2018

Member,

Audit

Committee

Member,

15(c)

Committee

1959

CEO

and

President,

Forte

Consulting,

Inc.

127

Helmerich

&

Payne;

Formerly:

B/E

Aerospace;

Brown

Advisory;

Denbury

Resources

Inc.;

Nalco

(and

its

successor

Ecolab);

and

WP

Carey

Name,

Position

Held

with

the

Fund

Complex,

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

Other

Directorships

Held

by

Board

Member

During

Past

5

Years

Timothy

M.

Dunbar

Chair

and

Board

Member

since

2019

Chair,

Executive

Committee

1957

President-Principal

Global

Asset

Management

(“PGAM”),

Principal

Global

Investors,

LLC

(“PGI”)

(2018-2021)

Director,

PGI

(2018-2020)

Division

President,

Principal

Financial

Services,

Inc.

(“PFSI)

and

Principal

Life

Insurance

Company

(“PLIC”)

(2020–2021)

Executive

Vice

President

and

Chief

Investment

Officer,

PFSI

and

PLIC

(2014-2018)

President

–

PGAM,

PFSI

and

PLIC

(2018-2020)

Director,

Post

Advisory

Group,

LLC

(“Post”)

(2018-

2020)

Chair

and

Executive

Vice

President,

RobustWealth,

Inc.

(2018-2020)

127

None

Patrick

G.

Halter

Board

Member

since

2017

Member,

Executive

Committee

1959

Chair,

PGI

since

2018

Chief

Executive

Officer

and

President,

PGI

and

Principal

Real

Estate

Investors,

LLC

(“PREI”)

since

2018

Chief

Operating

Officer,

PGI

(2017-2018)

Director,

PGI

(2003-2018)

Director,

Origin

Asset

Management

LLP

(2018-

2019)

President,

PGAM,

PFSI,

and

PLIC

since

2020

Chief

Executive

Officer

and

President,

PLIC

(2018-

2020)

Chair,

Post

(2017-2020)

Director,

Post

since

2017

Chair,

“PREI”

since

2004

Chief

Executive

Officer,

PREI

(2005-2018)

Chair,

Spectrum

Asset

Management,

Inc.

(“Spectrum”)

since

2017

127

None

287

FUND

COMPLEX

OFFICERS

Name,

Position

Held

with

the

Fund

Complex,

Address,

and

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Kamal

Bhatia

President

and

Chief

Executive

Officer

Des

Moines,

IA

50392

1972

Director,

PGI

since

2019

President-Principal

Funds,

PGI

since

2019

Principal

Executive

Officer,

OPC

Private

Capital

(2017-2019)

Senior

Vice

President,

OppenheimerFunds

(2011-

2019)

Director,

Principal

Funds

Distributor,

Inc.

(“PFD”)

since

2019

Senior

Executive

Director

and

Chief

Operating

Officer,

PFSI

and

PLIC

since

2020

President,

Principal

Funds,

PFSI,

and

PLIC

(2019-

2020)

Director,

Post

since

2020

Director,

PREI

since

2020

Chair

and

Executive

Vice

President,

Principal

Shareholder

Services,

Inc.

(“PSS’)

since

2019

Director,

Spectrum

since

2021

Randy

D.

Bolin

Assistant

Tax

Counsel

Des

Moines,

IA

50392

1961

Vice

President/Associate

General

Counsel,

PGI

since

2016

Vice

President/Associate

General

Counsel,

PFSI

since

2013

Vice

President/Associate

General

Counsel,

PLIC

since

2013

Beth

Graff

Vice

President

and

Assistant

Controller

Des

Moines,

IA

50392

1968

Director

–

Fund

Accounting,

PLIC

since

2016

Gina

L.

Graham

Treasurer

Des

Moines,

IA

50392

1965

Vice

President

and

Treasurer,

PGI

since

2016

Vice

President

and

Treasurer,

PFD

since

2016

Vice

President

and

Treasurer,

PFSI

since

2016

Vice

President

and

Treasurer,

PLIC

since

2016

Vice

President

and

Treasurer,

PREI

since

2017

Vice

President

and

Treasurer,

Principal

Securities,

Inc.

(“PSI”)

since

2016

Vice

President

and

Treasurer,

PSS

since

2016

Vice

President

and

Treasurer,

RobustWealth,

Inc.

since

2018

Megan

Hoffmann

Vice

President

and

Controller

Des

Moines,

IA

50392

1979

Director

–

Accounting,

PLIC

since

2020

Assistant

Director

–

Accounting,

PLIC

(2017-2020)

Laura

B.

Latham

Assistant

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1986

Counsel,

PGI

since

2018

Counsel,

PLIC

since

2018

Diane

K.

Nelson

AML

Officer

Des

Moines,

IA

50392

1965

Chief

Compliance

Officer/AML

Officer,

PSS

since

2015

Tara

Parks

Vice

President

and

Assistant

Controller

Des

Moines,

IA

50392

1983

Director

–

Accounting,

PLIC

since

2019

Tax

Manager

–

ALPS

Fund

Services

(2011-2019)

Deanna

Y.

Pellack

Assistant

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1987

Counsel,

PLIC

since

2022

Vice

President,

The

Northern

Trust

Company

(2019-

2022)

Second

Vice

President,

The

Northern

Trust

Company

(2014-2019)

Secretary,

Advisers

Investment

Trust

(2021-2022)

Assistant

Secretary,

Advisers

Investment

Trust

(2018-2021)

288

Name,

Position

Held

with

the

Fund

Complex,

Address,

and

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Sara

L.

Reece

Vice

President

and

Chief

Operating

Officer

Des

Moines,

IA

50392

1975

Vice

President

and

Controller

(2016-2021)

Managing

Director

–

Global

Funds

Ops,

PLIC

since

2021

Managing

Director

–

Financial

Analysis/

Planning,

PLIC

(2021)

Director

-

Accounting,

PLIC

(2015-2021)

Teri

R.

Root

Chief

Compliance

Officer

Des

Moines,

IA

50392

1979

Interim

Chief

Compliance

Officer

-

Funds

(2018)

Deputy

Chief

Compliance

Officer

-

Funds

(2015-

2018)

Chief

Compliance

Officer

–

Funds,

PGI

since

2018

Deputy

Chief

Compliance

Officer,

PGI

(2017-2018)

Vice

President,

PSS

since

2015

Michael

Scholten

Chief

Financial

Officer

Des

Moines,

IA

50392

1979

Chief

Financial

Officer

–

PFD

since

2016

Assistant

Vice

President

and

Actuary,

PLIC

since

2021

Chief

Financial

Officer

–

Funds/Platforms,

PLIC

since

2015

Chief

Financial

Officer,

PSS

since

2015

Adam

U.

Shaikh

Assistant

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1972

Assistant

General

Counsel,

PGI

since

2018

Counsel,

PGI

(2017-2018)

Counsel,

PLIC

since

2006

John

L.

Sullivan

Assistant

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1970

Counsel,

PGI

since

2020

Counsel,

PLIC

since

2019

Prior

thereto,

Attorney

in

Private

Practice

Dan

L.

Westholm

Assistant

Treasurer

Des

Moines,

IA

50392

1966

Assistant

Vice

President-Treasury,

PGI

since

2013

Assistant

Vice

President-Treasury,

PFD

since

2013

Assistant

Vice

President-Treasury,

PLIC

since

2014

Assistant

Vice

President-Treasury,

PSI

since

2013

Assistant

Vice

President-Treasury,

PSS

since

2013

Beth

C.

Wilson

Vice

President

and

Secretary

Des

Moines,

IA

50392

1956

Director

and

Secretary

–

Funds,

PLIC

since

2007

289

The

15(c)

Committee’s

primary

purpose

is

to

assist

the

Board

in

performing

the

annual

review

of

the

Fund’s

advisory

and

sub-advisory

agreements

pursuant

to

Section

15(c)

of

the

1940

Act.

The

Committee

responsibilities

include

requesting

and

reviewing

related

materials.

The

Audit

Committee’s

primary

purpose

is

to

assist

the

Board

by

serving

as

an

independent

and

objective

party

to

monitor

the

Fund

Complex’s

accounting

policies,

financial

reporting

and

internal

control

system,

as

well

as

the

work

of

the

independent

registered

public

accountants.

The

Audit

Committee

assists

Board

oversight

of

1)

the

integrity

of

the

Fund

Complex’s

financial

statements;

2)

the

Fund

Complex’s

compliance

with

certain

legal

and

regulatory

requirements;

3)

the

independent

registered

public

accountants’

qualifications

and

independence;

and

4)

the

performance

of

the

Fund

Complex’s

independent

registered

public

accountants.

The

Audit

Committee

also

provides

an

open

avenue

of

communication

among

the

independent

registered

public

accountants,

the

Manager’s

internal

auditors,

Fund

Complex

management,

and

the

Board.

The

Executive

Committee’s

primary

purpose

is

to

exercise

certain

powers

of

the

Board

when

the

Board

is

not

in

session.

When

the

Board

is

not

in

session,

the

Committee

may

exercise

all

powers

of

the

Board

in

the

management

of

the

Fund

Complex's

business

except

the

power

to

1)

issue

stock,

except

as

permitted

by

law;

2)

recommend

to

the

stockholders

any

action

which

requires

stockholder

approval;

3)

amend

the

bylaws;

or

4)

approve

any

merger

or

share

exchange

which

does

not

require

stockholder

approval.

The

Nominating

and

Governance

Committee’s

primary

purpose

is

to

oversee

the

structure

and

efficiency

of

the

Board

and

the

committees.

The

Committee

is

responsible

for

evaluating

Board

membership

and

functions,

committee

membership

and

functions,

insurance

coverage,

and

legal

matters.

The

Committee's

nominating

functions

include

selecting

and

nominating

Independent

Board

Member

candidates

for

election

to

the

Board.

Generally,

the

Committee

requests

nominee

suggestions

from

Board

Members

and

management.

In

addition,

the

Committee

considers

candidates

recommended

by

shareholders

of

the

Fund

Complex.

Recommendations

should

be

submitted

in

writing

to

the

Principal

Funds

Complex

Secretary,

in

care

of

the

Principal

Funds

Complex,

711

High

Street,

Des

Moines,

IA

50392.

Such

recommendations

must

include

all

information

specified

in

the

Committee’s

charter

and

must

conform

with

the

procedures

set

forth

in

Appendix

A

thereto,

which

can

Name,

Position

Held

with

the

Fund

Complex,

Address,

and

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Clint

L.

Woods

Counsel,

Vice

President,

and

Assistant

Secretary

Des

Moines,

IA

50392

1961

Of

Counsel

(2015-2018)

Vice

President

(2016-2017)

Counsel

(2015-2017)

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary,

PGI

since

2021

Vice

President,

Associate

General

Counsel,

and

Secretary,

PGI

(2020-2021)

PSI

since

2021

PSS

since

2021

Vice

President,

Associate

General

Counsel,

Governance

Officer

and

Secretary,

PREI

since

2020

Vice

President,

Associate

General

Counsel,

Governance

Officer

and

Assistant

Corporate

Secretary,

PGI

(2018-2020)

PFSI

since

2015

PLIC

since

2015

PREI

(2020)

Vice

President,

Associate

General

Counsel

and

Assistant

Corporate

Secretary,

PFD

since

2019

PSI

(2019-2021)

PSS

(2019-2021)

RobustWealth,

Inc.

since

2019

Secretary,

Post

(2020-2021)

Spectrum

(2020-2021)

Assistant

Secretary,

Post

since

2021

Spectrum

since

2021

Jared

A.

Yepsen

Assistant

Tax

Counsel

Des

Moines,

IA

50392

1981

Counsel,

PGI

(2017-2019)

Counsel,

PLIC

since

2015

290

be

found

at

https://www.principalglobal.com/documentdownload/160950.

Examples

of

such

information

include

the

nominee’s

biographical

information;

relevant

educational

and

professional

background

of

the

nominee;

the

number

of

shares

of

each

Fund

owned

of

record

and

beneficially

by

the

nominee

and

by

the

recommending

shareholder;

any

other

information

regarding

the

nominee

that

would

be

required

to

be

disclosed

in

a

proxy

statement

or

other

filing

required

to

be

made

in

connection

with

the

solicitation

of

proxies

for

the

election

of

board

members;

whether

the

nominee

is

an

“interested

person”

of

the

Fund

as

defined

in

the

1940

Act;

and

the

written

consent

of

the

nominee

to

be

named

as

a

nominee

and

serve

as

a

board

member

if

elected.

When

evaluating

a

potential

nominee

for

Independent

Board

Member,

the

Committee

may

consider,

among

other

factors:

educational

background;

relevant

business

and

industry

experience;

whether

the

person

is

an

"interested

person"

of

the

Fund

as

defined

in

the

1940

Act;

and

whether

the

person

is

willing

to

serve,

and

willing

and

able

to

commit

the

time

necessary

to

attend

meetings

and

perform

the

duties

of

an

Independent

Board

Member. In

addition,

the

Committee

may

consider

whether

a

candidate’s

background,

experience,

skills

and

views

would

complement

the

background,

experience,

skills

and

views

of

other

Board

Members

and

would

contribute

to

the

diversity

of

the

Board. The

Committee

meets

with

nominees

and

conducts

a

reference

check.

The

final

decision

is

based

on

a

combination

of

factors,

including

the

strengths

and

the

experience

an

individual

may

bring

to

the

Board. 

The

Board

does

not

regularly

use

the

services

of

professional

search

firms

to

identify

or

evaluate

potential

candidates

or

nominees.

The

Operations

Committee’s

primary

purpose

is

to

oversee

the

provision

of

administrative

and

distribution

services

to

the

Fund

Complex,

communications

with

the

Fund

Complex’s

shareholders,

and

review

and

oversight

of

the

Fund

Complex’s

operations.

Additional

information

about

the

Fund

is

available

in

the

Prospectuses

and

the

Statement

of

Additional

Information

dated

May

1,

2022

and

as

supplemented.

These

documents

may

be

obtained

free

of

charge

by

writing

Principal

Funds,

Inc.,

P.O.

Box

8024,

Boston,

MA

02266-8024

or

telephoning

1-800-222-5852.

The

prospectus

may

be

viewed

at

www.PrincipalFunds.com/prospectuses-pvc.

291

PROXY

VOTING

POLICIES

A

description

of

the

policies

and

procedures

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

the

results

of

the

proxy

votes

for

the

most

recent

twelve

months

ended

June

30

may

be

obtained

free

of

charge

by

telephoning

1-800-222-5852,

or

on

the

SEC

website

at

www.sec.gov.

SCHEDULES

OF

INVESTMENTS

The

Fund

files

complete

schedules

of

investments

with

the

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund’s

Form

N-PORT

reports

are available

on the

Commission’s

website

at

www.

sec.gov.

STATEMENT

REGARDING

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

The

Board

of

Directors

of

Principal

Variable

Contracts

Funds,

Inc.

(the

“Board”)

met

on

March

15,

2022

to

review

the

liquidity

risk

management

program

(the

“Program”)

applicable

to

all

series

of

the

Principal

Variable

Contracts

Funds,

Inc.

(each,

a

“Fund”),

pursuant

to

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”)

for

the

period

from

December

31,

2020

through

December

31,

2021

(the

“Reporting

Period”).

 At

the

meeting,

the

committee

designated

by

the

Board

to

administer

the

Program,

the

Liquidity

Risk

Management

Committee

(the

“Committee”),

addressed

the

operation,

adequacy

and

effectiveness

of

the

Program,

the

operation

of

each

Fund’s

highly

liquid

investment

minimum,

where

applicable,

and

any

material

changes

made

to

the

Program

during

the

Reporting

Period.

The

Committee

noted

key

factors

it

considered

when

assessing,

managing

and

reviewing

each

Fund’s

liquidity

risk.

Such

factors

included

each

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions,

including

(a) whether

the

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund,

(b)

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

(c)

the

use

of

borrowings

for

investment

purposes

and

use

of

leveraged

derivatives

and

financial

commitment

obligations;

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources;

and

each

Fund’s

shareholder

ownership

concentration.

There

were

no

material

changes

to

the

Program

during

the

Reporting

Period.

The

Committee

concluded,

based

on

the

operation

of

the

functions

as

described

in

the

Report,that

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

292

BOARD

CONSIDERATION

OF

INVESTMENT

ADVISORY

CONTRACTS

During

the

period

covered

by

this

report,

the

Board

of

Directors

of

Principal

Variable

Contracts

Funds,

Inc.

(“PVC”)

approved

a

Management

Agreement

between

PVC

and

Principal

Global

Investors,

LLC

(“PGI”

or

the

“Manager”)

related

to

the

addition

of

the

U.S.

LargeCap

Buffer

January

Account,

U.S.

LargeCap

Buffer

April

Account,

U.S.

LargeCap

July

Account

and

the

U.S.

LargeCap

October

Account.

Management

Agreement

for

U.S.

LargeCap

Buffer

January

Account,

U.S

LargeCap

Buffer

April

Account,

U.S.

LargeCap

Buffer

July

Account

and

U.S.

LargeCap

Buffer

October

Account

On

December 14,

2021,

the

Board

met

to

consider

for

the

newly

established

U.S.

LargeCap

Buffer

January

Account,

U.S

LargeCap

Buffer

April

Account,

U.S.

LargeCap

Buffer

July

Account

and

U.S.

LargeCap

Buffer

October

Account

(collectively,

the

“Accounts”

and

each

an

“Account”)

the

approval

of

a

management

agreement

(the

“Management

Agreement”)

between

PVC,

on

behalf

of

each

Account,

and

Principal

Global

Investors,

LLC

(the

“Manager”).

Based

upon

their

review,

the

Board

concluded

that

it

was

in

the

best

interests

of

each

Account

to

approve

the

Management

Agreement

and,

accordingly,

recommended

to

the

Board

of

Directors

the

approval

of

the

Management

Agreement.

In

reaching

this

conclusion,

no

single

factor

was

determinative

in

the

Board’s

analysis,

but

rather

the

Board

considered

a

variety

of

factors.

The

Board

considered,

among

other

factors,

that

the

Manager

serves

as

the

investment

advisor

to

the

existing

series

of

PVC,

that

the

Manager

has

had

a

long-term

relationship

with

PVC,

and

that

the

Manager

has

demonstrated

a

long-

term

commitment

to

support

the

Principal

Funds.

The

Board

concluded

that

a

long-term

relationship

with

a

capable

and

conscientious

advisor

is

in

the

best

interests

of

the

Accounts.

The

Board

considered

various

factors,

including

the

following,

and

made

certain

findings

and

conclusions

with

regard

thereto,

in

approving

the

Management

Agreement.

Nature,

Quality

and

Extent

of

Services

The

Board

considered

the

nature,

quality

and

extent

of

the

services

to

be

provided

under

the

Management

Agreement,

including

administrative

services.

The

Board

noted

that,

in

connection

with

the

2021

annual

renewal

of

the

management

agreements

for

the

other

Principal

Funds,

the

Board

had:

(1) reviewed

the

services

provided

by

the

Manager

to

the

other

Principal

Funds

under

their

respective

management

agreements;

(2) considered

the

experience

and

skills

of

senior

management

leading

fund

operations,

the

experience

and

skills

of

the

personnel

performing

the

functions

under

the

management

agreements

and

the

resources

made

available

to

such

personnel,

the

ability

of

the

Manager

to

attract

and

retain

high-quality

personnel,

and

the

organizational

depth

and

stability

of

the

Manager

and

concluded

that

appropriate

resources

were

provided

under

the

management

agreements

for

the

other

Principal

Funds;

and

(3) considered

the

compliance

program

established

by

the

Manager

for

the

Principal

Funds

and

their

respective

series,

as

applicable,

the

quality

of

that

program

and

the

level

of

compliance

attained

by

the

Principal

Funds.

Based

upon

all

relevant

factors,

the

Board

concluded

that

the

nature,

quality

and

extent

of

the

services

to

be

provided

by

the

Manager

to

the

Accounts

under

the

Management

Agreement

are

expected

to

be

satisfactory.

Investment

Performance

Because

the

Accounts

are

newly

created

series,

the

Board

did

not

review

the

performance

of

the

Accounts

as

no

track

records

were

available.

Fees,

Economies

of

Scale

and

Profitability

The

Board

considered

the

proposed

management

fee

for

each

Account.

The

Board

received

information

from

the

Manager,

based

upon

data

supplied

by

Broadridge,

comparing

the

proposed

management

fee

for

each

Account

to

advisory

fees

of

funds

in

the

same

asset

category.

The

Board

also

considered

whether

there

are

economies

of

scale

with

respect

to

the

services

to

be

provided

to

each

Account

under

the

Management

Agreement.

The

Board

concluded

293

that,

although

the

proposed

management

fee

schedule

for

each

Account

does

not

include

breakpoints,

the

management

fee

schedules

are

appropriate

at

currently

anticipated

asset

levels.

In

evaluating

the

management

fee,

the

Board

considered

the

estimated

profitability

of

each

Account

to

the

Manager.

The

Board

also

reviewed

the

anticipated

expense

ratio

of

the

Class 2

shares

of

each

Account

(which

is

the

only

share

class

for

each

Account)

and

considered

that

the

Manager

proposed

to

cap

the

total

expense

ratio

for

that

class

at

a

specified

level

through

April 30,

2024.

On

the

basis

of

the

information

provided,

the

Board

concluded

that

the

proposed

management

fee

schedule

for

each

Account

was

reasonable.

Other

Benefits

The

Board

also

considered

the

character

and

amount

of

other

incidental

benefits

to

be

received

by

the

Manager.

The

Board

noted

the

Manager’s

statement

that

it

intends

to

use

Account

commissions

to

buy

Section

28(e)

eligible

products

and

services

consistent

with

its

use

of

commissions

for

the

other

equity

portfolios

it

currently

manages,

as

well

as

the

Manager’s

statement

that

there

would

be

no

known

fall-out

benefits

to

the

Manager

in

connection

with

its

management

of

the

Accounts

outside

the

use

of

soft

dollars.

The

Board

concluded

that,

on

the

basis

of

the

information

provided,

the

incidental

benefits

to

be

received

by

the

Manager

were

appropriate.

Overall

Conclusions

Based

upon

all

of

the

information

considered

and

the

conclusions

reached,

the

Board

determined

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

approval

of

the

Management

Agreement

is

in

the

best

interests

of

each

Account.

principalfunds.com

This

report

must

be

preceded

or

accompanied

by

a

current

prospectus

for

the

Principal

Variable

Contracts

Funds,

Inc.

Principal

Variable

Contracts

Funds,

Inc.,

are

distributed

by

Principal

Funds

Distributor,

Inc.

Principal

®

,

Principal

Financial

Group

®

,

and

Principal

and

the

logomark

design

are

registered

trademarks

of

Principal

Financial

Services,

Inc.,

a

Principal

Financial

Group

company,

in

the

United

States

and

are

trademarks

and

services

marks

of

Principal

Financial

Services,

Inc.,

in

various

countries

around

the

world.

©

2022

Principal

Financial

Services,

Inc.

|

MM1291-27

|

08/2022

|

2336004

ITEM 2 – CODE OF ETHICS

Not applicable to semi-annual reports.

ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable to semi-annual reports.

ITEM 4 – PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable to semi-annual reports.

ITEM 5 – AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6 – SCHEDULE OF INVESTMENTS

Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.

ITEM 7 – DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8 – PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9 – PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10 – SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None.

ITEM 11 – CONTROLS AND PROCEDURES

(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing).

(b) There have been no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12 – DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13 – EXHIBITS

(a)(1) Code of Ethics - Not applicable to semi-annual reports.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto as

Exhibit 99.CERT

.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto as

Exhibit 99.906CERT

.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Principal Variable Contracts Funds, Inc.

By /s/ Kamal Bhatia

            Kamal Bhatia, President and CEO

Date 8/2/2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By /s/ Kamal Bhatia

            Kamal Bhatia, President and CEO

Date 8/2/2022

By /s/ Michael Scholten

            Michael Scholten, Chief Financial Officer

Date 8/2/2022