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, 2023

Date of reporting period: June 30, 2023

ITEM 1 – REPORT TO STOCKHOLDERS

Principal

Variable

Contracts

Funds,

Inc.

Semiannual

Report

June

30,

2023

Sign

up

for

eDelivery!

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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

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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

64

Schedules

of

Investments

90

Financial

Highlights

(Includes

performance

information)

221

Shareholder

Expense

Example

295

Supplemental

Information

298

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(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

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

$

11,242‌

$

2,647,480‌

$

222,561‌

Investment

in

affiliated

Funds--at

cost

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

$

203‌

$

54,740‌

$

7,139‌

Assets

Investment

in

securities--at

value 

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

$

11,966‌

$

2,384,478‌

(a)

$

204,930‌

(a)

Investment

in

affiliated

Funds--at

value

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

203‌

54,740‌

7,139‌

Cash

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

–‌

81‌

308‌

Deposits

with

counterparty

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

–‌

–‌

8‌

Receivables:

Dividends

and

interest

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

4‌

14,123‌

1,333‌

Expense

reimbursement

from

Manager

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

1‌

–‌

–‌

Fund

shares

sold

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

41‌

29‌

949‌

Investment

securities

sold

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

–‌

25,630‌

268‌

Variation

margin

on

futures

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

–‌

–‌

44‌

Prepaid

expenses

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

4‌

–‌

9‌

Total

Assets  

12,219‌

2,479,081‌

214,988‌

Liabilities

Accrued

management

and

investment

advisory

fees

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

6‌

274‌

155‌

Accrued

distribution

fees

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

2‌

–‌

–‌

Accrued

service

fees

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

1‌

–‌

–‌

Accrued

directors'

expenses

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

1‌

14‌

2‌

Accrued

professional

fees

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

4‌

2‌

4‌

Accrued

other

expenses

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

–‌

5‌

–‌

Deposits

from

counterparty

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

–‌

25‌

–‌

Payables:

Fund

shares

redeemed

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

17‌

9,950‌

63‌

Investment

securities

purchased

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

100‌

58,900‌

17,217‌

Variation

margin

on

futures

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

–‌

–‌

2‌

Variation

margin

on

swaps

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

–‌

–‌

42‌

Collateral

obligation

on

securities

loaned,

at

value

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

–‌

8,682‌

945‌

Total

Liabilities  

131‌

77,852‌

18,430‌

Net

Assets

Applicable

to

Outstanding

Shares

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

$

12,088‌

$

2,401,229‌

$

196,558‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

12,452‌

$

2,655,389‌

$

222,850‌

Total

distributable

earnings

(accumulated

loss)

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

(

364‌

)

(

254,160‌

)

(

26,292‌

)

Total

Net

Assets 

$

12,088‌

$

2,401,229‌

$

196,558‌

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

$

2,401,229‌

$

196,558‌

Shares

Issued

and

Outstanding

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

257,149‌

20,492‌

Net

Asset

Value

per

share

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

$

9

.34‌

$

9

.59‌

Class

3

:

Net

Assets

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

$

12,088‌

N/A‌

N/A‌

Shares

Issued

and

Outstanding

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

1,129‌

Net

Asset

Value

per

share

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

$

10

.70‌

(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,

2023

(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

securities--at

cost

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

$

–‌

$

–‌

$

42,259‌

Investment

in

affiliated

Funds--at

cost

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

$

599,882‌

$

131,169‌

$

188,809‌

Assets

Investment

in

securities--at

value 

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

$

–‌

$

–‌

$

46,526‌

Investment

in

affiliated

Funds--at

value

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

760,875‌

142,830‌

182,393‌

Receivables:

Fund

shares

sold

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

31‌

–‌

–‌

Investment

securities

sold

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

2,619‌

174‌

1,210‌

Prepaid

expenses

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

7‌

4‌

1‌

Total

Assets  

763,532‌

143,008‌

230,130‌

Liabilities

Accrued

management

and

investment

advisory

fees

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

31‌

6‌

22‌

Accrued

distribution

fees

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

149‌

29‌

46‌

Accrued

directors'

expenses

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

6‌

2‌

3‌

Accrued

professional

fees

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

5‌

5‌

5‌

Payables:

Fund

shares

redeemed

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

2,650‌

175‌

1,512‌

Investment

securities

purchased

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

–‌

–‌

164‌

Total

Liabilities  

2,841‌

217‌

1,752‌

Net

Assets

Applicable

to

Outstanding

Shares

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

$

760,691‌

$

142,791‌

$

228,378‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

539,278‌

$

122,731‌

$

226,375‌

Total

distributable

earnings

(accumulated

loss)

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

221,413‌

20,060‌

2,003‌

Total

Net

Assets 

$

760,691‌

$

142,791‌

$

228,378‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

650,000‌

400,000‌

400,000‌

Net

Asset

Value

Per

Share:

Class

1

:

Net

Assets

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

$

33,976‌

N/A‌

N/A‌

Shares

Issued

and

Outstanding

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

2,311‌

Net

Asset

Value

per

share

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

$

14

.70‌

Class

2

:

Net

Assets

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

$

725,915‌

$

142,781‌

$

228,368‌

Shares

Issued

and

Outstanding

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

49,296‌

12,079‌

20,183‌

Net

Asset

Value

per

share

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

$

14

.73‌

$

11

.82‌

$

11

.32‌

Class

3

:

Net

Assets

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

$

800‌

$

10‌

$

10‌

Shares

Issued

and

Outstanding

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

55‌

1‌

1‌

Net

Asset

Value

per

share

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

$

14

.55‌

$

11

.76‌

$

11

.28‌

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(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

securities--at

cost

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

$

–‌

$

–‌

$

244,751‌

Investment

in

affiliated

Funds--at

cost

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

$

2,336,403‌

$

260,550‌

$

1,064,950‌

Assets

Investment

in

securities--at

value 

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

$

–‌

$

–‌

$

271,302‌

Investment

in

affiliated

Funds--at

value

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

3,148,565‌

300,406‌

1,071,770‌

Receivables:

Dividends

and

interest

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

–‌

–‌

1‌

Investment

securities

sold

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

10,743‌

1,169‌

3,799‌

Prepaid

expenses

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

3‌

2‌

2‌

Total

Assets  

3,159,311‌

301,577‌

1,346,874‌

Liabilities

Accrued

management

and

investment

advisory

fees

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

129‌

12‌

130‌

Accrued

distribution

fees

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

642‌

61‌

272‌

Accrued

directors'

expenses

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

20‌

3‌

8‌

Accrued

professional

fees

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

5‌

5‌

5‌

Payables:

Fund

shares

redeemed

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

10,743‌

1,169‌

4,749‌

Investment

securities

purchased

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

–‌

–‌

465‌

Total

Liabilities  

11,539‌

1,250‌

5,629‌

Net

Assets

Applicable

to

Outstanding

Shares

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

$

3,147,772‌

$

300,327‌

$

1,341,245‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

2,084,166‌

$

238,930‌

$

1,275,672‌

Total

distributable

earnings

(accumulated

loss)

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

1,063,606‌

61,397‌

65,573‌

Total

Net

Assets 

$

3,147,772‌

$

300,327‌

$

1,341,245‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

500,000‌

400,000‌

400,000‌

Net

Asset

Value

Per

Share:

Class

2

:

Net

Assets

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

$

3,147,505‌

$

300,316‌

$

1,341,234‌

Shares

Issued

and

Outstanding

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

176,482‌

23,427‌

111,178‌

Net

Asset

Value

per

share

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

$

17

.83‌

$

12

.82‌

$

12

.06‌

Class

3

:

Net

Assets

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

$

267‌

$

11‌

$

11‌

Shares

Issued

and

Outstanding

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

15‌

1‌

1‌

Net

Asset

Value

per

share

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

$

17

.68‌

$

12

.75‌

$

12

.03‌

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(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

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

$

–‌

$

206,814‌

$

342,909‌

Investment

in

affiliated

Funds--at

cost

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

$

240,709‌

$

2,970‌

$

17,254‌

Foreign

currency--at

cost

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

$

–‌

$

245‌

$

–‌

Assets

Investment

in

securities--at

value 

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

$

–‌

$

251,163‌

(a)

$

629,111‌

(a)

Investment

in

affiliated

Funds--at

value

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

255,862‌

2,970‌

17,254‌

Foreign

currency--at

value

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

–‌

245‌

–‌

Cash

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

–‌

81‌

–‌

Receivables:

Dividends

and

interest

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

–‌

894‌

1,332‌

Fund

shares

sold

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

–‌

119‌

144‌

Investment

securities

sold

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

632‌

1,510‌

1,906‌

Prepaid

expenses

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

3‌

–‌

24‌

Total

Assets  

256,497‌

256,982‌

649,771‌

Liabilities

Accrued

management

and

investment

advisory

fees

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

11‌

176‌

248‌

Accrued

distribution

fees

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

53‌

–‌

12‌

Accrued

directors'

expenses

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

3‌

3‌

6‌

Accrued

foreign

tax

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

–‌

65‌

–‌

Accrued

professional

fees

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

5‌

–‌

3‌

Accrued

other

expenses

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

–‌

5‌

–‌

Payables:

Fund

shares

redeemed

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

632‌

1,777‌

616‌

Investment

securities

purchased

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

–‌

959‌

1,930‌

Collateral

obligation

on

securities

loaned,

at

value

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

–‌

1,222‌

5,645‌

Total

Liabilities  

704‌

4,207‌

8,460‌

Net

Assets

Applicable

to

Outstanding

Shares

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

$

255,793‌

$

252,775‌

$

641,311‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

226,310‌

$

205,961‌

$

292,464‌

Total

distributable

earnings

(accumulated

loss)

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

29,483‌

46,814‌

348,847‌

Total

Net

Assets 

$

255,793‌

$

252,775‌

$

641,311‌

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

$

252,775‌

$

579,523‌

Shares

Issued

and

Outstanding

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

16,864‌

20,980‌

Net

Asset

Value

per

share

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

$

14

.99‌

$

27

.62‌

Class

2

:

Net

Assets

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

$

255,710‌

N/A‌

$

61,282‌

Shares

Issued

and

Outstanding

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

20,038‌

2,251‌

Net

Asset

Value

per

share

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

$

12

.76‌

$

27

.23‌

Class

3

:

Net

Assets

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

$

83‌

N/A‌

$

506‌

Shares

Issued

and

Outstanding

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

6‌

19‌

Net

Asset

Value

per

share

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

$

12

.98‌

$

27

.32‌

(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,

2023

(unaudited)

5

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Global

Emerging

Markets

Account

Government

&

High

Quality

Bond

Account

LargeCap

Growth

Account

I

Investment

in

securities--at

cost

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

$

60,982‌

$

153,087‌

$

381,701‌

Investment

in

affiliated

Funds--at

cost

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

$

1,046‌

$

2,558‌

$

13,808‌

Foreign

currency--at

cost

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

$

97‌

$

–‌

$

–‌

Assets

Investment

in

securities--at

value 

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

$

67,337‌

(a)

$

138,354‌

$

527,797‌

(a)

Investment

in

affiliated

Funds--at

value

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

1,046‌

2,558‌

13,808‌

Foreign

currency--at

value

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

97‌

–‌

–‌

Cash

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

475‌

106‌

–‌

Deposits

with

counterparty

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

–‌

273‌

246‌

Receivables:

Dividends

and

interest

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

253‌

379‌

133‌

Expense

reimbursement

from

Manager

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

–‌

–‌

6‌

Fund

shares

sold

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

106‌

378‌

77‌

Investment

securities

sold

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

12‌

–‌

2,395‌

Variation

margin

on

futures

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

–‌

52‌

58‌

Prepaid

expenses

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

5‌

17‌

10‌

Total

Assets  

69,331‌

142,117‌

544,530‌

Liabilities

Accrued

management

and

investment

advisory

fees

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

57‌

51‌

300‌

Accrued

directors'

expenses

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

1‌

2‌

3‌

Accrued

foreign

tax

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

326‌

–‌

–‌

Accrued

professional

fees

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

1‌

3‌

4‌

Cash

overdraft

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

–‌

–‌

12‌

Deposits

from

counterparty

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

–‌

107‌

–‌

Payables:

Fund

shares

redeemed

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

22‌

40‌

1,682‌

Investment

securities

purchased

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

494‌

15,775‌

863‌

Collateral

obligation

on

securities

loaned,

at

value

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

10‌

–‌

1,136‌

Total

Liabilities  

911‌

15,978‌

4,000‌

Net

Assets

Applicable

to

Outstanding

Shares

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

$

68,420‌

$

126,139‌

$

540,530‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

64,712‌

$

156,425‌

$

349,278‌

Total

distributable

earnings

(accumulated

loss)

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

3,708‌

(

30,286‌

)

191,252‌

Total

Net

Assets 

$

68,420‌

$

126,139‌

$

540,530‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

200,000‌

200,000‌

200,000‌

Net

Asset

Value

Per

Share:

Class

1

:

Net

Assets

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

$

68,420‌

$

126,139‌

$

540,530‌

Shares

Issued

and

Outstanding

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

4,730‌

15,026‌

14,058‌

Net

Asset

Value

per

share

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

$

14

.47‌

$

8

.39‌

$

38

.45‌

(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,

2023

(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

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

$

1,486,734‌

$

98,801‌

$

383,360‌

Investment

in

affiliated

Funds--at

cost

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

$

54,173‌

$

11,478‌

$

671‌

Assets

Investment

in

securities--at

value 

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

$

2,711,695‌

(a)

$

175,583‌

(a)

$

593,128‌

(a)

Investment

in

affiliated

Funds--at

value

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

54,173‌

11,478‌

671‌

Cash

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

–‌

–‌

5‌

Receivables:

Dividends

and

interest

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

1,903‌

157‌

131‌

Fund

shares

sold

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

804‌

–‌

600‌

Investment

securities

sold

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

–‌

–‌

1,602‌

Variation

margin

on

futures

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

638‌

42‌

–‌

Prepaid

expenses

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

–‌

–‌

18‌

Total

Assets  

2,769,213‌

187,260‌

596,155‌

Liabilities

Accrued

management

and

investment

advisory

fees

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

452‌

54‌

252‌

Accrued

distribution

fees

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

10‌

–‌

8‌

Accrued

directors'

expenses

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

17‌

2‌

5‌

Accrued

professional

fees

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

4‌

4‌

4‌

Accrued

other

expenses

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

2‌

4‌

–‌

Payables:

Fund

shares

redeemed

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

7,888‌

587‌

1,364‌

Investment

securities

purchased

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

–‌

–‌

1,258‌

Options

and

swaptions

contracts

written

 (premiums

received

$

0

,

$

453

and

$

0

)

...........

–‌

107‌

–‌

Collateral

obligation

on

securities

loaned,

at

value

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

603‌

39‌

693‌

Total

Liabilities  

8,976‌

797‌

3,584‌

Net

Assets

Applicable

to

Outstanding

Shares

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

$

2,760,237‌

$

186,463‌

$

592,571‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

1,288,523‌

$

100,803‌

$

327,127‌

Total

distributable

earnings

(accumulated

loss)

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

1,471,714‌

85,660‌

265,444‌

Total

Net

Assets 

$

2,760,237‌

$

186,463‌

$

592,571‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

300,000‌

100,000‌

105,000‌

Net

Asset

Value

Per

Share:

Class

1

:

Net

Assets

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

$

2,711,488‌

$

186,463‌

$

554,456‌

Shares

Issued

and

Outstanding

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

127,322‌

11,731‌

9,338‌

Net

Asset

Value

per

share

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

$

21

.30‌

$

15

.89‌

$

59

.37‌

Class

2

:

Net

Assets

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

$

48,749‌

N/A‌

$

38,115‌

Shares

Issued

and

Outstanding

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

2,335‌

652‌

Net

Asset

Value

per

share

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

$

20

.88‌

$

58

.50‌

(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,

2023

(unaudited)

7

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

Capital

Appreciation

Account

Principal

LifeTime

2020

Account

Principal

LifeTime

2030

Account

Investment

in

securities--at

cost

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

$

87,388‌

$

–‌

$

–‌

Investment

in

affiliated

Funds--at

cost

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

$

4,229‌

$

151,493‌

$

248,471‌

Assets

Investment

in

securities--at

value 

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

$

169,409‌

$

–‌

$

–‌

Investment

in

affiliated

Funds--at

value

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

4,229‌

151,099‌

253,407‌

Receivables:

Dividends

and

interest

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

128‌

191‌

244‌

Fund

shares

sold

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

12‌

21‌

1,329‌

Investment

securities

sold

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

–‌

135‌

–‌

Prepaid

expenses

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

15‌

10‌

9‌

Total

Assets  

173,793‌

151,456‌

254,989‌

Liabilities

Accrued

management

and

investment

advisory

fees

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

87‌

–‌

–‌

Accrued

distribution

fees

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

8‌

–‌

–‌

Accrued

directors'

expenses

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

3‌

2‌

2‌

Accrued

professional

fees

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

4‌

5‌

5‌

Payables:

Fund

shares

redeemed

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

743‌

155‌

56‌

Investment

securities

purchased

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

–‌

173‌

1,494‌

Total

Liabilities  

845‌

335‌

1,557‌

Net

Assets

Applicable

to

Outstanding

Shares

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

$

172,948‌

$

151,121‌

$

253,432‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

76,311‌

$

143,590‌

$

237,291‌

Total

distributable

earnings

(accumulated

loss)

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

96,637‌

7,531‌

16,141‌

Total

Net

Assets 

$

172,948‌

$

151,121‌

$

253,432‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

200,000‌

200,000‌

200,000‌

Net

Asset

Value

Per

Share:

Class

1

:

Net

Assets

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

$

130,856‌

$

151,121‌

$

253,432‌

Shares

Issued

and

Outstanding

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

3,760‌

12,186‌

19,936‌

Net

Asset

Value

per

share

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

$

34

.80‌

$

12

.40‌

$

12

.71‌

Class

2

:

Net

Assets

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

$

42,092‌

N/A‌

N/A‌

Shares

Issued

and

Outstanding

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

1,235‌

Net

Asset

Value

per

share

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

$

34

.09‌

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

8

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

2040

Account

Principal

LifeTime

2050

Account

Principal

LifeTime

2060

Account

Investment

in

affiliated

Funds--at

cost

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

$

127,146‌

$

60,706‌

$

17,098‌

Assets

Investment

in

affiliated

Funds--at

value

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

$

133,214‌

$

64,018‌

$

17,448‌

Receivables:

Dividends

and

interest

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

56‌

5‌

2‌

Fund

shares

sold

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

631‌

20‌

43‌

Investment

securities

sold

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

–‌

242‌

–‌

Prepaid

expenses

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

9‌

10‌

6‌

Total

Assets  

133,910‌

64,295‌

17,499‌

Liabilities

Accrued

directors'

expenses

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

2‌

1‌

1‌

Accrued

professional

fees

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

5‌

5‌

5‌

Payables:

Fund

shares

redeemed

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

4‌

261‌

–‌

Investment

securities

purchased

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

677‌

5‌

45‌

Total

Liabilities  

688‌

272‌

51‌

Net

Assets

Applicable

to

Outstanding

Shares

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

$

133,222‌

$

64,023‌

$

17,448‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

121,465‌

$

58,036‌

$

16,438‌

Total

distributable

earnings

(accumulated

loss)

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

11,757‌

5,987‌

1,010‌

Total

Net

Assets 

$

133,222‌

$

64,023‌

$

17,448‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

200,000‌

200,000‌

100,000‌

Net

Asset

Value

Per

Share:

Class

1

:

Net

Assets

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

$

133,222‌

$

64,023‌

$

17,448‌

Shares

Issued

and

Outstanding

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

8,237‌

4,085‌

1,146‌

Net

Asset

Value

per

share

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

$

16

.17‌

$

15

.67‌

$

15

.22‌

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

9

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

Strategic

Income

Account

Real

Estate

Securities

Account

SAM

Balanced

Portfolio

Investment

in

securities--at

cost

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

$

–‌

$

121,101‌

$

–‌

Investment

in

affiliated

Funds--at

cost

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

$

59,172‌

$

537‌

$

512,542‌

Assets

Investment

in

securities--at

value 

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

$

–‌

$

133,639‌

$

–‌

Investment

in

affiliated

Funds--at

value

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

55,707‌

537‌

584,844‌

Receivables:

Dividends

and

interest

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

82‌

679‌

425‌

Fund

shares

sold

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

47‌

104‌

232‌

Investment

securities

sold

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

–‌

–‌

1,051‌

Prepaid

expenses

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

13‌

11‌

13‌

Total

Assets  

55,849‌

134,970‌

586,565‌

Liabilities

Accrued

management

and

investment

advisory

fees

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

–‌

86‌

110‌

Accrued

distribution

fees

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

–‌

2‌

28‌

Accrued

directors'

expenses

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

1‌

2‌

4‌

Accrued

professional

fees

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

12‌

4‌

5‌

Payables:

Fund

shares

redeemed

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

18‌

36‌

1,283‌

Investment

securities

purchased

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

104‌

4‌

338‌

Total

Liabilities  

135‌

134‌

1,768‌

Net

Assets

Applicable

to

Outstanding

Shares

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

$

55,714‌

$

134,836‌

$

584,797‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

58,112‌

$

110,380‌

$

486,897‌

Total

distributable

earnings

(accumulated

loss)

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

(

2,398‌

)

24,456‌

97,900‌

Total

Net

Assets 

$

55,714‌

$

134,836‌

$

584,797‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

100,000‌

300,000‌

300,000‌

Net

Asset

Value

Per

Share:

Class

1

:

Net

Assets

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

$

55,714‌

$

125,043‌

$

447,721‌

Shares

Issued

and

Outstanding

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

5,208‌

7,013‌

32,376‌

Net

Asset

Value

per

share

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

$

10

.70‌

$

17

.83‌

$

13

.83‌

Class

2

:

Net

Assets

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

N/A‌

$

9,793‌

$

137,076‌

Shares

Issued

and

Outstanding

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

549‌

10,095‌

Net

Asset

Value

per

share

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

$

17

.84‌

$

13

.58‌

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

10

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

SAM

Conservative

Balanced

Portfolio

SAM

Conservative

Growth

Portfolio

SAM

Flexible

Income

Portfolio

Investment

in

affiliated

Funds--at

cost

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

$

153,375‌

$

311,022‌

$

140,664‌

Assets

Investment

in

affiliated

Funds--at

value

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

$

163,396‌

$

374,830‌

$

140,726‌

Receivables:

Dividends

and

interest

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

170‌

139‌

166‌

Fund

shares

sold

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

41‌

87‌

277‌

Investment

securities

sold

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

67‌

449‌

–‌

Prepaid

expenses

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

12‌

13‌

13‌

Total

Assets  

163,686‌

375,518‌

141,182‌

Liabilities

Accrued

management

and

investment

advisory

fees

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

31‌

70‌

27‌

Accrued

distribution

fees

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

6‌

35‌

7‌

Accrued

directors'

expenses

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

2‌

3‌

2‌

Accrued

professional

fees

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

5‌

5‌

3‌

Payables:

Fund

shares

redeemed

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

108‌

536‌

53‌

Investment

securities

purchased

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

148‌

89‌

368‌

Total

Liabilities  

300‌

738‌

460‌

Net

Assets

Applicable

to

Outstanding

Shares

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

$

163,386‌

$

374,780‌

$

140,722‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

152,517‌

$

298,963‌

$

144,675‌

Total

distributable

earnings

(accumulated

loss)

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

10,869‌

75,817‌

(

3,953‌

)

Total

Net

Assets 

$

163,386‌

$

374,780‌

$

140,722‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

200,000‌

200,000‌

200,000‌

Net

Asset

Value

Per

Share:

Class

1

:

Net

Assets

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

$

133,093‌

$

202,993‌

$

105,034‌

Shares

Issued

and

Outstanding

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

12,255‌

10,352‌

9,895‌

Net

Asset

Value

per

share

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

$

10

.86‌

$

19

.61‌

$

10

.61‌

Class

2

:

Net

Assets

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

$

30,293‌

$

171,787‌

$

35,688‌

Shares

Issued

and

Outstanding

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

2,842‌

8,945‌

3,415‌

Net

Asset

Value

per

share

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

$

10

.66‌

$

19

.21‌

$

10

.45‌

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

11

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

SAM

Strategic

Growth

Portfolio

Short-Term

Income

Account

SmallCap

Account

Investment

in

securities--at

cost

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

$

–‌

$

139,291‌

$

150,925‌

Investment

in

affiliated

Funds--at

cost

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

$

316,023‌

$

3,880‌

$

2,780‌

Assets

Investment

in

securities--at

value 

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

$

–‌

$

133,687‌

(a)

$

173,859‌

(a)

Investment

in

affiliated

Funds--at

value

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

377,761‌

3,880‌

2,780‌

Deposits

with

counterparty

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

–‌

123‌

–‌

Receivables:

Dividends

and

interest

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

18‌

709‌

164‌

Fund

shares

sold

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

467‌

763‌

483‌

Investment

securities

sold

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

–‌

1‌

–‌

Prepaid

expenses

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

13‌

11‌

17‌

Total

Assets  

378,259‌

139,174‌

177,303‌

Liabilities

Accrued

management

and

investment

advisory

fees

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

70‌

46‌

116‌

Accrued

distribution

fees

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

37‌

–‌

2‌

Accrued

directors'

expenses

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

3‌

2‌

3‌

Accrued

professional

fees

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

5‌

3‌

2‌

Cash

overdraft

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

–‌

–‌

6‌

Payables:

Fund

shares

redeemed

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

146‌

151‌

28‌

Investment

securities

purchased

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

321‌

–‌

7‌

Collateral

obligation

on

securities

loaned,

at

value

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

–‌

433‌

2,549‌

Total

Liabilities  

582‌

635‌

2,713‌

Net

Assets

Applicable

to

Outstanding

Shares

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

$

377,677‌

$

138,539‌

$

174,590‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

308,563‌

$

141,311‌

$

144,523‌

Total

distributable

earnings

(accumulated

loss)

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

69,114‌

(

2,772‌

)

30,067‌

Total

Net

Assets 

$

377,677‌

$

138,539‌

$

174,590‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

200,000‌

400,000‌

200,000‌

Net

Asset

Value

Per

Share:

Class

1

:

Net

Assets

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

$

193,447‌

$

138,539‌

$

165,538‌

Shares

Issued

and

Outstanding

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

8,670‌

56,427‌

11,468‌

Net

Asset

Value

per

share

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

$

22

.31‌

$

2

.46‌

$

14

.43‌

Class

2

:

Net

Assets

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

$

184,230‌

N/A‌

$

9,052‌

Shares

Issued

and

Outstanding

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

8,425‌

634‌

Net

Asset

Value

per

share

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

$

21

.87‌

$

14

.28‌

(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,

2023

(unaudited)

12

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

U.S.

LargeCap

Buffer

April

Account

U.S.

LargeCap

Buffer

January

Account

U.S.

LargeCap

Buffer

July

Account

Investment

in

securities--at

cost

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

$

56,451‌

$

15,594‌

$

25,246‌

Investment

in

affiliated

Funds--at

cost

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

$

3‌

$

3‌

$

–‌

Assets

Investment

in

securities--at

value 

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

$

58,809‌

$

16,817‌

$

26,712‌

Investment

in

affiliated

Funds--at

value

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

3‌

3‌

–‌

Cash

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

–‌

–‌

10,856‌

Receivables:

Dividends

and

interest

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

64‌

18‌

14‌

Expense

reimbursement

from

Manager

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

–‌

1‌

1‌

Fund

shares

sold

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

–‌

–‌

33,453‌

Investment

securities

sold

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

944‌

230‌

5,062‌

Prepaid

expenses

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

–‌

3‌

3‌

Total

Assets  

59,820‌

17,072‌

76,101‌

Liabilities

Accrued

management

and

investment

advisory

fees

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

37‌

10‌

9‌

Accrued

distribution

fees

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

13‌

4‌

3‌

Accrued

directors'

expenses

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

–‌

1‌

1‌

Accrued

professional

fees

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

2‌

6‌

6‌

Payables:

Borrowing

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

675‌

180‌

–‌

Fund

shares

redeemed

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

19,774‌

3,968‌

1,158‌

Investment

securities

purchased

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

253‌

46‌

15,809‌

Options

and

swaptions

contracts

written

 (premiums

received

$

2,430

,

$

793

and

$

797

)

....

1,629‌

496‌

801‌

Total

Liabilities  

22,383‌

4,711‌

17,787‌

Net

Assets

Applicable

to

Outstanding

Shares

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

$

37,437‌

$

12,361‌

$

58,314‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

33,650‌

$

9,649‌

$

55,859‌

Total

distributable

earnings

(accumulated

loss)

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

3,787‌

2,712‌

2,455‌

Total

Net

Assets 

$

37,437‌

$

12,361‌

$

58,314‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

200,000‌

200,000‌

200,000‌

Net

Asset

Value

Per

Share:

Class

2

:

Net

Assets

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

$

37,437‌

$

12,361‌

$

58,314‌

Shares

Issued

and

Outstanding

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

3,519‌

1,101‌

5,152‌

Net

Asset

Value

per

share

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

$

10

.64‌

$

11

.23‌

$

11

.32‌

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

13

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

U.S.

LargeCap

Buffer

October

Account

Investment

in

securities--at

cost

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

$

14,916‌

Investment

in

affiliated

Funds--at

cost

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

$

11‌

Assets

Investment

in

securities--at

value 

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

$

16,725‌

Investment

in

affiliated

Funds--at

value

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

11‌

Receivables:

Dividends

and

interest

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

16‌

Expense

reimbursement

from

Manager

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

1‌

Fund

shares

sold

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

1,214‌

Prepaid

expenses

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

3‌

Total

Assets  

17,970‌

Liabilities

Accrued

management

and

investment

advisory

fees

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

9‌

Accrued

distribution

fees

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

3‌

Accrued

directors'

expenses

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

1‌

Accrued

professional

fees

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

7‌

Payables:

Fund

shares

redeemed

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

8‌

Options

and

swaptions

contracts

written

 (premiums

received

$

903

)

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

547‌

Total

Liabilities  

575‌

Net

Assets

Applicable

to

Outstanding

Shares

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

$

17,395‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

14,239‌

Total

distributable

earnings

(accumulated

loss)

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

3,156‌

Total

Net

Assets 

$

17,395‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

200,000‌

Net

Asset

Value

Per

Share:

Class

2

:

Net

Assets

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

$

17,395‌

Shares

Issued

and

Outstanding

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

1,469‌

Net

Asset

Value

per

share

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

$

11

.84‌

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2023

(unaudited)

14

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

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

$

3‌

$

1,250‌

$

119‌

Dividends

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

38‌

92‌

–‌

Withholding

tax

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

(

1‌

)

–‌

–‌

Interest

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

–‌

34,596‌

3,632‌

Securities

lending

-

net

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

–‌

73‌

35‌

Total

Income

40‌

36,011‌

3,786‌

Expenses:

Management

and

investment

advisory

fees

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

31‌

1,646‌

456‌

Distribution

f

ees

-

Class

3

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

13‌

N/A‌

N/A‌

Administrative

service

fees

-

Class

3

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

8‌

N/A‌

N/A‌

Shareholder

meeting

expense

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

1‌

2‌

4‌

Chief

compliance

officer

expenses

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

–‌

1‌

–‌

Custodian

fees

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

1‌

22‌

9‌

Directors'

expenses

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

1‌

29‌

4‌

Professional fees

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

3‌

3‌

3‌

Other

expenses

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

–‌

4‌

–‌

Total

Gross

Expenses

58‌

1,707‌

476‌

Less:

Reimbursement

from

Manager

-

Class

3

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

4‌

N/A‌

N/A‌

Total

Net

Expenses

54‌

1,707‌

476‌

Net

Investment

Income

(Loss)

(

14‌

)

34,304‌

3,310‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

futures

and

swap

agreements

Net

realized

gain

(loss)

from:

Investment

transactions

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

(

62‌

)

(

13,941‌

)

(

2,894‌

)

Futures

contracts

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

–‌

–‌

(

480‌

)

Swap

agreements

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

–‌

–‌

(

860‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

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

2,091‌

31,966‌

4,663‌

Futures

contracts

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

–‌

–‌

(

218‌

)

Swap

agreements

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

–‌

–‌

4‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

futures

and

swap

agreements

2,029‌

18,025‌

215‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

2,015‌

$

52,329‌

$

3,525‌

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2023

(unaudited)

15

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

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

$

–‌

$

–‌

$

121‌

Dividends

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

–‌

–‌

244‌

Interest

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

–‌

–‌

4‌

Total

Income

–‌

–‌

369‌

Expenses:

Management

and

investment

advisory

fees

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

188‌

35‌

129‌

Distribution

f

ees

-

Class

2

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

900‌

176‌

269‌

Distribution

f

ees

-

Class

3

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

1‌

–‌

–‌

Administrative

service

fees

-

Class

3

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

1‌

–‌

–‌

Shareholder

meeting

expense

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

2‌

1‌

–‌

Directors'

expenses

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

11‌

3‌

4‌

Professional fees

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

2‌

2‌

2‌

Other

expenses

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

1‌

–‌

2‌

Total

Expenses

1,106‌

217‌

406‌

Net

Investment

Income

(Loss)

(

1,106‌

)

(

217‌

)

(

37‌

)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

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

–‌

–‌

129‌

Investment

transactions

in

affiliated

Funds

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

3,524‌

348‌

24‌

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

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

–‌

–‌

4,798‌

Investments

in

affiliated

Funds

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

57,539‌

10,099‌

10,596‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

61,063‌

10,447‌

15,547‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

59,957‌

$

10,230‌

$

15,510‌

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2023

(unaudited)

16

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

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

$

–‌

$

–‌

$

946‌

Dividends

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

–‌

–‌

1,291‌

Interest

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

–‌

–‌

1‌

Total

Income

–‌

–‌

2,238‌

Expenses:

Management

and

investment

advisory

fees

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

772‌

74‌

754‌

Distribution

f

ees

-

Class

2

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

3,856‌

370‌

1,571‌

Shareholder

meeting

expense

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

1‌

1‌

–‌

Chief

compliance

officer

expenses

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

1‌

–‌

–‌

Custodian

fees

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

–‌

–‌

1‌

Directors'

expenses

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

39‌

5‌

16‌

Professional fees

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

2‌

2‌

2‌

Other

expenses

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

5‌

–‌

6‌

Total

Expenses

4,676‌

452‌

2,350‌

Net

Investment

Income

(Loss)

(

4,676‌

)

(

452‌

)

(

112‌

)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

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

–‌

–‌

(

2,482‌

)

Investment

transactions

in

affiliated

Funds

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

11,754‌

1,032‌

(

2‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

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

–‌

–‌

28,294‌

Investments

in

affiliated

Funds

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

290,702‌

25,309‌

83,731‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

302,456‌

26,341‌

109,541‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

297,780‌

$

25,889‌

$

109,429‌

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2023

(unaudited)

17

See

accompanying

notes.

Amounts

in

thousands

Diversified

Income

Account

Diversified

International

Account

Equity

Income

Account

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

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

$

–‌

$

33‌

$

282‌

Dividends

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

–‌

4,521‌

9,410‌

Withholding

tax

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

–‌

(

400‌

)

(

295‌

)

Interest

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

–‌

–‌

1‌

Securities

lending

-

net

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

–‌

6‌

46‌

Total

Income

–‌

4,160‌

9,444‌

Expenses:

Management

and

investment

advisory

fees

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

64‌

1,047‌

1,554‌

Distribution

f

ees

-

Class

2

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

318‌

N/A‌

73‌

Distribution

f

ees

-

Class

3

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

–‌

N/A‌

1‌

Shareholder

meeting

expense

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

1‌

4‌

9‌

Custodian

fees

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

–‌

47‌

6‌

Directors'

expenses

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

4‌

4‌

9‌

Professional fees

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

2‌

16‌

1‌

Other

expenses

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

–‌

36‌

1‌

Total

Expenses

389‌

1,154‌

1,654‌

Net

Investment

Income

(Loss)

(

389‌

)

3,006‌

7,790‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

foreign

currencies

Net

realized

gain

(loss)

from:

Investment

transactions

 (

net

of

foreign

taxes

of 

$

0

,

$

(

67

)

and

$

0

,

respectively)

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

–‌

2,026‌

7,777‌

Investment

transactions

in

affiliated

Funds

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

765‌

–‌

–‌

Foreign

currency

transactions

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

–‌

(

40‌

)

–‌

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

 (net

of

foreign

taxes

of

$

0

,

$

50

and

$

0

,

respectively)

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

–‌

23,420‌

10,846‌

Investments

in

affiliated

Funds

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

15,483‌

–‌

–‌

Translation

of

assets

and

liabilities

in

foreign

currencies

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

–‌

(

7‌

)

–‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

foreign

currencies

16,248‌

25,399‌

18,623‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

15,859‌

$

28,405‌

$

26,413‌

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2023

(unaudited)

18

See

accompanying

notes.

Amounts

in

thousands

Global

Emerging

Markets

Account

Government

&

High

Quality

Bond

Account

LargeCap

Growth

Account

I

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

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

$

31‌

$

95‌

$

275‌

Dividends

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

1,101‌

–‌

1,315‌

Withholding

tax

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

(

47‌

)

–‌

(

13‌

)

Interest

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

–‌

1,884‌

4‌

Securities

lending

-

net

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

3‌

13‌

2‌

Total

Income

1,088‌

1,992‌

1,583‌

Expenses:

Management

and

investment

advisory

fees

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

345‌

313‌

1,686‌

Shareholder

meeting

expense

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

3‌

5‌

4‌

Custodian

fees

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

24‌

3‌

7‌

Directors'

expenses

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

2‌

3‌

7‌

Professional fees

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

15‌

2‌

3‌

Other

expenses

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

–‌

–‌

4‌

Total

Gross

Expenses

389‌

326‌

1,711‌

Less: Reimbursement

from

Manager

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

–‌

–‌

38‌

Less:

Reimbursement

from

Manager

-

Class

1

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

–‌

–‌

14‌

Total

Net

Expenses

389‌

326‌

1,659‌

Net

Investment

Income

(Loss)

699‌

1,666‌

(

76‌

)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

 (

net

of

foreign

taxes

of 

$

(

78

)

,

$

0

and

$

0

,

respectively)

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

(

206‌

)

(

1,941‌

)

23,065‌

Foreign

currency

transactions

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

(

16‌

)

–‌

–‌

Futures

contracts

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

–‌

75‌

346‌

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

 (net

of

foreign

taxes

of

$

(

11

)

,

$

0

and

$

0

,

respectively)

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

4,942‌

2,889‌

93,886‌

Futures

contracts

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

–‌

95‌

166‌

Translation

of

assets

and

liabilities

in

foreign

currencies

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

(

45‌

)

–‌

–‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

4,675‌

1,118‌

117,463‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

5,374‌

$

2,784‌

$

117,387‌

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2023

(unaudited)

19

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

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

$

1,112‌

$

242‌

$

4‌

Dividends

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

22,102‌

1,462‌

2,013‌

Withholding

tax

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

(

6‌

)

–‌

(

70‌

)

Interest

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

7‌

2‌

–‌

Securities

lending

-

net

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

1‌

–‌

1‌

Total

Income

23,216‌

1,706‌

1,948‌

Expenses:

Management

and

investment

advisory

fees

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

2,644‌

321‌

1,551‌

Distribution

f

ees

-

Class

2

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

56‌

N/A‌

44‌

Shareholder

meeting

expense

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

4‌

–‌

6‌

Chief

compliance

officer

expenses

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

1‌

–‌

–‌

Custodian

fees

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

5‌

7‌

2‌

Directors'

expenses

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

33‌

4‌

8‌

Professional fees

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

2‌

2‌

2‌

Other

expenses

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

18‌

1‌

6‌

Total

Expenses

2,763‌

335‌

1,619‌

Net

Investment

Income

(Loss)

20,453‌

1,371‌

329‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

futures

and

options

and

swaptions

Net

realized

gain

(loss)

from:

Investment

transactions

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

85,842‌

3,964‌

40,365‌

Futures

contracts

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

2,711‌

275‌

–‌

Options

and

swaptions

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

–‌

3,507‌

–‌

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

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

301,476‌

15,671‌

45,059‌

Futures

contracts

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

2,872‌

143‌

–‌

Options

and

swaptions

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

–‌

(

11‌

)

–‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

futures

and

options

and

swaptions

392,901‌

23,549‌

85,424‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

413,354‌

$

24,920‌

$

85,753‌

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2023

(unaudited)

20

See

accompanying

notes.

Amounts

in

thousands

Principal

Capital

Appreciation

Account

Principal

LifeTime

2020

Account

Principal

LifeTime

2030

Account

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

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

$

75‌

$

1,475‌

$

1,912‌

Dividends

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

1,174‌

–‌

–‌

Withholding

tax

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

(

8‌

)

–‌

–‌

Interest

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

1‌

–‌

–‌

Total

Income

1,242‌

1,475‌

1,912‌

Expenses:

Management

and

investment

advisory

fees

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

501‌

N/A‌

N/A‌

Distribution

f

ees

-

Class

2

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

45‌

N/A‌

N/A‌

Shareholder

meeting

expense

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

5‌

3‌

3‌

Custodian

fees

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

3‌

–‌

–‌

Directors'

expenses

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

3‌

3‌

5‌

Professional fees

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

2‌

2‌

2‌

Total

Expenses

559‌

8‌

10‌

Net

Investment

Income

(Loss)

683‌

1,467‌

1,902‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

foreign

currencies

Net

realized

gain

(loss)

from:

Investment

transactions

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

3,055‌

–‌

–‌

Investment

transactions

in

affiliated

Funds

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

–‌

604‌

10‌

Foreign

currency

transactions

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

(

2‌

)

–‌

–‌

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

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

18,514‌

–‌

–‌

Investments

in

affiliated

Funds

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

–‌

7,854‌

17,875‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

foreign

currencies

21,567‌

8,458‌

17,885‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

22,250‌

$

9,925‌

$

19,787‌

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2023

(unaudited)

21

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2040

Account

Principal

LifeTime

2050

Account

Principal

LifeTime

2060

Account

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

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

$

575‌

$

136‌

$

36‌

Total

Income

575‌

136‌

36‌

Expenses:

Shareholder

meeting

expense

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

3‌

3‌

2‌

Directors'

expenses

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

3‌

2‌

1‌

Professional fees

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

2‌

2‌

2‌

Total

Expenses

8‌

7‌

5‌

Net

Investment

Income

(Loss)

567‌

129‌

31‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

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

(

1‌

)

31‌

3‌

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

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

12,297‌

6,866‌

1,816‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

12,296‌

6,897‌

1,819‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

12,863‌

$

7,026‌

$

1,850‌

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2023

(unaudited)

22

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Strategic

Income

Account

Real

Estate

Securities

Account

SAM

Balanced

Portfolio

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

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

$

396‌

$

18‌

$

3,506‌

Dividends

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

–‌

2,270‌

–‌

Total

Income

396‌

2,288‌

3,506‌

Expenses:

Management

and

investment

advisory

fees

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

N/A‌

531‌

665‌

Distribution

f

ees

-

Class

2

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

N/A‌

12‌

165‌

Shareholder

meeting

expense

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

2‌

4‌

4‌

Custodian

fees

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

–‌

1‌

1‌

Directors'

expenses

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

2‌

3‌

8‌

Professional fees

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

2‌

2‌

2‌

Other

expenses

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

–‌

–‌

1‌

Total

Expenses

6‌

553‌

846‌

Net

Investment

Income

(Loss)

390‌

1,735‌

2,660‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

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

–‌

2,275‌

–‌

Investment

transactions

in

affiliated

Funds

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

(

135‌

)

–‌

(

10,134‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

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

–‌

2,688‌

–‌

Investments

in

affiliated

Funds

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

1,345‌

–‌

55,876‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

1,210‌

4,963‌

45,742‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

1,600‌

$

6,698‌

$

48,402‌

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2023

(unaudited)

23

See

accompanying

notes.

Amounts

in

thousands

SAM

Conservative

Balanced

Portfolio

SAM

Conservative

Growth

Portfolio

SAM

Flexible

Income

Portfolio

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

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

$

1,335‌

$

1,310‌

$

1,295‌

Total

Income

1,335‌

1,310‌

1,295‌

Expenses:

Management

and

investment

advisory

fees

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

189‌

414‌

165‌

Distribution

f

ees

-

Class

2

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

37‌

203‌

44‌

Shareholder

meeting

expense

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

4‌

4‌

4‌

Directors'

expenses

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

3‌

6‌

3‌

Professional fees

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

2‌

2‌

3‌

Total

Expenses

235‌

629‌

219‌

Net

Investment

Income

(Loss)

1,100‌

681‌

1,076‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

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

(

3,996‌

)

(

10,908‌

)

(

2,938‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

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

12,656‌

47,989‌

7,995‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

8,660‌

37,081‌

5,057‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

9,760‌

$

37,762‌

$

6,133‌

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2023

(unaudited)

24

See

accompanying

notes.

Amounts

in

thousands

SAM

Strategic

Growth

Portfolio

Short-Term

Income

Account

SmallCap

Account

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

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

$

480‌

$

78‌

$

29‌

Dividends

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

–‌

–‌

1,034‌

Withholding

tax

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

–‌

–‌

(

6‌

)

Interest

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

–‌

2,364‌

–‌

Securities

lending

-

net

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

–‌

2‌

9‌

Total

Income

480‌

2,444‌

1,066‌

Expenses:

Management

and

investment

advisory

fees

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

410‌

273‌

703‌

Distribution

f

ees

-

Class

2

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

216‌

N/A‌

11‌

Shareholder

meeting

expense

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

4‌

4‌

5‌

Custodian

fees

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

–‌

6‌

2‌

Directors'

expenses

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

6‌

3‌

3‌

Professional fees

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

2‌

2‌

3‌

Total

Expenses

638‌

288‌

727‌

Net

Investment

Income

(Loss)

(

158‌

)

2,156‌

339‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

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

–‌

(

230‌

)

7,302‌

Investment

transactions

in

affiliated

Funds

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

(

6,621‌

)

–‌

–‌

Futures

contracts

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

–‌

(

84‌

)

–‌

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

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

–‌

1,052‌

9,723‌

Investments

in

affiliated

Funds

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

50,045‌

–‌

–‌

Futures

contracts

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

–‌

(

144‌

)

–‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

43,424‌

594‌

17,025‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

43,266‌

$

2,750‌

$

17,364‌

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2023

(unaudited)

25

See

accompanying

notes.

Amounts

in

thousands

U.S.

LargeCap

Buffer

April

Account

(a)

U.S.

LargeCap

Buffer

January

Account

U.S.

LargeCap

Buffer

July

Account

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

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

$

15‌

$

11‌

$

1‌

Dividends

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

199‌

168‌

137‌

Total

Income

214‌

179‌

138‌

Expenses:

Management

and

investment

advisory

fees

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

97‌

85‌

75‌

Distribution

f

ees

-

Class

2

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

35‌

31‌

27‌

Shareholder

meeting

expense

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

–‌

1‌

1‌

Custodian

fees

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

–‌

1‌

–‌

Directors'

expenses

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

–‌

1‌

1‌

Professional fees

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

2‌

3‌

3‌

Other

expenses

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

1‌

4‌

3‌

Total

Gross

Expenses

135‌

126‌

110‌

Less:

Reimbursement

from

Manager

-

Class

2

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

–‌

4‌

5‌

Total

Net

Expenses

135‌

122‌

105‌

Net

Investment

Income

(Loss)

79‌

57‌

33‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

options

and

swaptions

Net

realized

gain

(loss)

from:

Investment

transactions

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

384‌

685‌

(

346‌

)

Options

and

swaptions

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

165‌

445‌

1,245‌

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

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

2,358‌

1,289‌

2,271‌

Options

and

swaptions

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

801‌

274‌

(

864‌

)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

options

and

swaptions

3,708‌

2,693‌

2,306‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

3,787‌

$

2,750‌

$

2,339‌

(a)

Period

from

March

29,

2023,

date

operations

commenced,

through

June

30,

2023.

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2023

(unaudited)

26

See

accompanying

notes.

Amounts

in

thousands

U.S.

LargeCap

Buffer

October

Account

Net

Investment

Income

(Loss)

Income:

Dividends

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

$

115‌

Total

Income

115‌

Expenses:

Management

and

investment

advisory

fees

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

59‌

Distribution

f

ees

-

Class

2

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

21‌

Shareholder

meeting

expense

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

1‌

Custodian

fees

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

1‌

Directors'

expenses

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

1‌

Professional fees

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

3‌

Other

expenses

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

3‌

Total

Gross

Expenses

89‌

Less:

Reimbursement

from

Manager

-

Class

2

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

6‌

Total

Net

Expenses

83‌

Net

Investment

Income

(Loss)

32‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

options

and

swaptions

Net

realized

gain

(loss)

from:

Investment

transactions

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

299‌

Options

and

swaptions

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

142‌

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

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

1,566‌

Options

and

swaptions

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

(

2‌

)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

options

and

swaptions

2,005‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

2,037‌

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

27

See

accompanying

notes.

Amounts

in

thousands

Blue

Chip

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

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

$

(

14‌

)

$

(

27‌

)

Net

realized

gain

(loss)

on

investments

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

(

62‌

)

(

1,012‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

2,091‌

(

2,849‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

2,015‌

(

3,888‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

–‌

(

13‌

)

Total

Dividends

and

Distributions

–‌

(

13‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

1,394‌

(

935‌

)

Total

Increase

(Decrease)

in

Net

Assets

3,409‌

(

4,836‌

)

Net

Assets

Beginning

of

period

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

8,679‌

13,515‌

End

of

period

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

$

12,088‌

$

8,679‌

Class

3

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

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

$

2,161‌

Redeemed

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

(

767‌

)

Net

Increase

(Decrease)

$

1,394‌

Shares:

Sold

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

222‌

Redeemed

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

(

79‌

)

Net

Increase

(Decrease)

143‌

Year

Ended

December

31,

2022

Dollars:

Sold

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

$

7,053‌

Reinvested

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

13‌

Redeemed

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

(

8,001‌

)

Net

Increase

(Decrease)

$

(

935‌

)

Shares:

Sold

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

704‌

Reinvested

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

1‌

Redeemed

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

(

774‌

)

Net

Increase

(Decrease)

(

69‌

)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

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

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

13‌

)

Total

Dividends

and

Distributions

$

(

13‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

28

See

accompanying

notes.

Amounts

in

thousands

Bond

Market

Index

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

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

$

34,304‌

$

54,849‌

Net

realized

gain

(loss)

on

investments

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

(

13,941‌

)

(

63,710‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

31,966‌

(

362,326‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

52,329‌

(

371,187‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

–‌

(

55,335‌

)

Total

Dividends

and

Distributions

–‌

(

55,335‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

58,829‌

(

184,015‌

)

Total

Increase

(Decrease)

in

Net

Assets

111,158‌

(

610,537‌

)

Net

Assets

Beginning

of

period

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

2,290,071‌

2,900,608‌

End

of

period

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

$

2,401,229‌

$

2,290,071‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

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

$

269,567‌

Redeemed

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

(

210,738‌

)

Net

Increase

(Decrease)

$

58,829‌

Shares:

Sold

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

28,747‌

Redeemed

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

(

22,533‌

)

Net

Increase

(Decrease)

6,214‌

Year

Ended

December

31,

2022

Dollars:

Sold

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

$

389,255‌

Reinvested

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

55,335‌

Redeemed

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

(

628,605‌

)

Net

Increase

(Decrease)

$

(

184,015‌

)

Shares:

Sold

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

40,752‌

Reinvested

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

5,982‌

Redeemed

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

(

65,346‌

)

Net

Increase

(Decrease)

(

18,612‌

)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

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

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

55,335‌

)

Total

Dividends

and

Distributions

$

(

55,335‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

29

See

accompanying

notes.

Amounts

in

thousands

Core

Plus

Bond

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

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

$

3,310‌

$

5,642‌

Net

realized

gain

(loss)

on

investments

,

futures

and

swap

agreements

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

(

4,234‌

)

(

11,893‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

futures

and

swap

agreements

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

4,449‌

(

26,470‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

3,525‌

(

32,721‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

–‌

(

8,626‌

)

Total

Dividends

and

Distributions

–‌

(

8,626‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

6,010‌

(

8,012‌

)

Total

Increase

(Decrease)

in

Net

Assets

9,535‌

(

49,359‌

)

Net

Assets

Beginning

of

period

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

187,023‌

236,382‌

End

of

period

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

$

196,558‌

$

187,023‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

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

$

18,832‌

Redeemed

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

(

12,822‌

)

Net

Increase

(Decrease)

$

6,010‌

Shares:

Sold

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

1,962‌

Redeemed

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

(

1,331‌

)

Net

Increase

(Decrease)

631‌

Year

Ended

December

31,

2022

Dollars:

Sold

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

$

20,483‌

Reinvested

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

8,626‌

Redeemed

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

(

37,121‌

)

Net

Increase

(Decrease)

$

(

8,012‌

)

Shares:

Sold

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

1,969‌

Reinvested

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

902‌

Redeemed

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

(

3,605‌

)

Net

Increase

(Decrease)

(

734‌

)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

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

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

8,626‌

)

Total

Dividends

and

Distributions

$

(

8,626‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

30

See

accompanying

notes.

Amounts

in

thousands

Diversified

Balanced

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

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

$

(

1,106‌

)

$

12,820‌

Net

realized

gain

(loss)

on

investments

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

3,524‌

45,591‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

57,539‌

(

205,426‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

59,957‌

(

147,015‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

–‌

(

91,817‌

)

Total

Dividends

and

Distributions

–‌

(

91,817‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(

48,181‌

)

(

17,497‌

)

Total

Increase

(Decrease)

in

Net

Assets

11,776‌

(

256,329‌

)

Net

Assets

Beginning

of

period

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

748,915‌

1,005,244‌

End

of

period

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

$

760,691‌

$

748,915‌

Class

1

Class

2

Class

3

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

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

$

663‌

$

2,938‌

$

217‌

Redeemed

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

(

1,929‌

)

(

50,039‌

)

(

31‌

)

Net

Increase

(Decrease)

$

(

1,266‌

)

$

(

47,101‌

)

$

186‌

Shares:

Sold

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

45‌

206‌

15‌

Redeemed

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

(

135‌

)

(

3,515‌

)

(

2‌

)

Net

Increase

(Decrease)

(

90‌

)

(

3,309‌

)

13‌

Year

Ended

December

31,

2022

Dollars:

Sold

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

$

835‌

$

6,172‌

$

358‌

Reinvested

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

4,093‌

87,663‌

61‌

Redeemed

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

(

4,113‌

)

(

112,510‌

)

(

56‌

)

Net

Increase

(Decrease)

$

815‌

$

(

18,675‌

)

$

363‌

Shares:

Sold

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

51‌

404‌

24‌

Reinvested

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

300‌

6,399‌

4‌

Redeemed

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

(

268‌

)

(

7,263‌

)

(

4‌

)

Net

Increase

(Decrease)

83‌

(

460‌

)

24‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

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

$

–‌

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

4,093‌

)

$

(

87,663‌

)

$

(

61‌

)

Total

Dividends

and

Distributions

$

(

4,093‌

)

$

(

87,663‌

)

$

(

61‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

31

See

accompanying

notes.

Amounts

in

thousands

Diversified

Balanced

Managed

Volatility

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

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

$

(

217‌

)

$

2,143‌

Net

realized

gain

(loss)

on

investments

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

348‌

6,213‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

10,099‌

(

34,833‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

10,230‌

(

26,477‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

–‌

(

15,880‌

)

Total

Dividends

and

Distributions

–‌

(

15,880‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(

8,832‌

)

(

321‌

)

Total

Increase

(Decrease)

in

Net

Assets

1,398‌

(

42,678‌

)

Net

Assets

Beginning

of

period

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

141,393‌

184,071‌

End

of

period

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

$

142,791‌

$

141,393‌

Class

2

Class

3

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

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

$

3,319‌

–‌

Redeemed

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

(

12,151‌

)

–‌

Net

Increase

(Decrease)

$

(

8,832‌

)

–‌

Shares:

Sold

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

285‌

–‌

Redeemed

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

(

1,060‌

)

–‌

Net

Increase

(Decrease)

(

775‌

)

–‌

Year

Ended

December

31,

2022

Dollars:

Sold

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

$

6,468‌

–‌

Reinvested

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

15,879‌

1‌

Redeemed

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

(

22,669‌

)

–‌

Net

Increase

(Decrease)

$

(

322‌

)

$

1‌

Shares:

Sold

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

498‌

–‌

Reinvested

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

1,436‌

–‌

Redeemed

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

(

1,834‌

)

–‌

Net

Increase

(Decrease)

100‌

–‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

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

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

15,879‌

)

$

(

1‌

)

Total

Dividends

and

Distributions

$

(

15,879‌

)

$

(

1‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

32

See

accompanying

notes.

Amounts

in

thousands

Diversified

Balanced

Volatility

Control

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

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

$

(

37‌

)

$

2,936‌

Net

realized

gain

(loss)

on

investments

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

153‌

1,244‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

15,394‌

(

36,097‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

15,510‌

(

31,917‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

–‌

(

16,150‌

)

Total

Dividends

and

Distributions

–‌

(

16,150‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

5,638‌

25,499‌

Total

Increase

(Decrease)

in

Net

Assets

21,148‌

(

22,568‌

)

Net

Assets

Beginning

of

period

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

207,230‌

229,798‌

End

of

period

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

$

228,378‌

$

207,230‌

Class

2

Class

3

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

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

$

13,919‌

–‌

Redeemed

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

(

8,281‌

)

–‌

Net

Increase

(Decrease)

$

5,638‌

–‌

Shares:

Sold

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

1,269‌

–‌

Redeemed

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

(

757‌

)

–‌

Net

Increase

(Decrease)

512‌

–‌

Year

Ended

December

31,

2022

Dollars:

Sold

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

$

22,113‌

–‌

Reinvested

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

16,149‌

1‌

Redeemed

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

(

12,764‌

)

–‌

Net

Increase

(Decrease)

$

25,498‌

$

1‌

Shares:

Sold

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

1,925‌

–‌

Reinvested

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

1,531‌

–‌

Redeemed

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

(

1,105‌

)

–‌

Net

Increase

(Decrease)

2,351‌

–‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

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

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

16,149‌

)

$

(

1‌

)

Total

Dividends

and

Distributions

$

(

16,149‌

)

$

(

1‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

33

See

accompanying

notes.

Amounts

in

thousands

Diversified

Growth

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

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

$

(

4,676‌

)

$

49,216‌

Net

realized

gain

(loss)

on

investments

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

11,754‌

196,522‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

290,702‌

(

857,158‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

297,780‌

(

611,420‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

–‌

(

358,548‌

)

Total

Dividends

and

Distributions

–‌

(

358,548‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(

195,945‌

)

41,449‌

Total

Increase

(Decrease)

in

Net

Assets

101,835‌

(

928,519‌

)

Net

Assets

Beginning

of

period

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

3,045,937‌

3,974,456‌

End

of

period

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

$

3,147,772‌

$

3,045,937‌

Class

2

Class

3

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

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

$

20,599‌

$

39‌

Redeemed

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

(

216,580‌

)

(

3‌

)

Net

Increase

(Decrease)

$

(

195,981‌

)

$

36‌

Shares:

Sold

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

1,210‌

2‌

Redeemed

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

(

12,704‌

)

–‌

Net

Increase

(Decrease)

(

11,494‌

)

2‌

Year

Ended

December

31,

2022

Dollars:

Sold

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

$

29,072‌

$

3‌

Reinvested

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

358,524‌

24‌

Redeemed

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

(

346,144‌

)

(

30‌

)

Net

Increase

(Decrease)

$

41,452‌

$

(

3‌

)

Shares:

Sold

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

1,595‌

–‌

Reinvested

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

22,022‌

1‌

Redeemed

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

(

18,929‌

)

(

1‌

)

Net

Increase

(Decrease)

4,688‌

–‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

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

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

358,524‌

)

$

(

24‌

)

Total

Dividends

and

Distributions

$

(

358,524‌

)

$

(

24‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

34

See

accompanying

notes.

Amounts

in

thousands

Diversified

Growth

Managed

Volatility

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

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

$

(

452‌

)

$

4,088‌

Net

realized

gain

(loss)

on

investments

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

1,032‌

17,012‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

25,309‌

(

78,488‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

25,889‌

(

57,388‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

–‌

(

35,729‌

)

Total

Dividends

and

Distributions

–‌

(

35,729‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(

18,532‌

)

(

2,837‌

)

Total

Increase

(Decrease)

in

Net

Assets

7,357‌

(

95,954‌

)

Net

Assets

Beginning

of

period

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

292,970‌

388,924‌

End

of

period

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

$

300,327‌

$

292,970‌

Class

2

Class

3

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

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

$

4,473‌

–‌

Redeemed

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

(

23,005‌

)

–‌

Net

Increase

(Decrease)

$

(

18,532‌

)

–‌

Shares:

Sold

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

358‌

–‌

Redeemed

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

(

1,861‌

)

–‌

Net

Increase

(Decrease)

(

1,503‌

)

–‌

Year

Ended

December

31,

2022

Dollars:

Sold

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

$

6,850‌

–‌

Reinvested

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

35,728‌

1‌

Redeemed

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

(

45,416‌

)

–‌

Net

Increase

(Decrease)

$

(

2,838‌

)

$

1‌

Shares:

Sold

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

501‌

–‌

Reinvested

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

3,030‌

–‌

Redeemed

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

(

3,441‌

)

–‌

Net

Increase

(Decrease)

90‌

–‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

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

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

35,728‌

)

$

(

1‌

)

Total

Dividends

and

Distributions

$

(

35,728‌

)

$

(

1‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

35

See

accompanying

notes.

Amounts

in

thousands

Diversified

Growth

Volatility

Control

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

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

$

(

112‌

)

$

16,069‌

Net

realized

gain

(loss)

on

investments

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

(

2,484‌

)

19,854‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

112,025‌

(

215,841‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

109,429‌

(

179,918‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

–‌

(

100,929‌

)

Total

Dividends

and

Distributions

–‌

(

100,929‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

34,985‌

200,538‌

Total

Increase

(Decrease)

in

Net

Assets

144,414‌

(

80,309‌

)

Net

Assets

Beginning

of

period

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

1,196,831‌

1,277,140‌

End

of

period

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

$

1,341,245‌

$

1,196,831‌

Class

2

Class

3

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

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

$

57,084‌

–‌

Redeemed

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

(

22,099‌

)

–‌

Net

Increase

(Decrease)

$

34,985‌

–‌

Shares:

Sold

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

4,940‌

–‌

Redeemed

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

(

1,910‌

)

–‌

Net

Increase

(Decrease)

3,030‌

–‌

Year

Ended

December

31,

2022

Dollars:

Sold

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

$

122,311‌

–‌

Reinvested

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

100,928‌

1‌

Redeemed

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

(

22,702‌

)

–‌

Net

Increase

(Decrease)

$

200,537‌

$

1‌

Shares:

Sold

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

10,128‌

–‌

Reinvested

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

9,142‌

–‌

Redeemed

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

(

1,899‌

)

–‌

Net

Increase

(Decrease)

17,371‌

–‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

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

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

100,928‌

)

$

(

1‌

)

Total

Dividends

and

Distributions

$

(

100,928‌

)

$

(

1‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

36

See

accompanying

notes.

Amounts

in

thousands

Diversified

Income

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

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

$

(

389‌

)

$

4,369‌

Net

realized

gain

(loss)

on

investments

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

765‌

9,790‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

15,483‌

(

59,996‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

15,859‌

(

45,837‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

–‌

(

19,858‌

)

Total

Dividends

and

Distributions

–‌

(

19,858‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(

14,420‌

)

(

6,715‌

)

Total

Increase

(Decrease)

in

Net

Assets

1,439‌

(

72,410‌

)

Net

Assets

Beginning

of

period

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

254,354‌

326,764‌

End

of

period

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

$

255,793‌

$

254,354‌

Class

2

Class

3

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

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

$

6,141‌

$

26‌

Redeemed

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

(

20,587‌

)

–‌

Net

Increase

(Decrease)

$

(

14,446‌

)

$

26‌

Shares:

Sold

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

493‌

2‌

Redeemed

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

(

1,655‌

)

–‌

Net

Increase

(Decrease)

(

1,162‌

)

2‌

Year

Ended

December

31,

2022

Dollars:

Sold

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

$

25,673‌

$

29‌

Reinvested

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

19,855‌

3‌

Redeemed

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

(

51,591‌

)

(

684‌

)

Net

Increase

(Decrease)

$

(

6,063‌

)

$

(

652‌

)

Shares:

Sold

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

1,931‌

2‌

Reinvested

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

1,640‌

–‌

Redeemed

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

(

3,807‌

)

(

49‌

)

Net

Increase

(Decrease)

(

236‌

)

(

47‌

)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

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

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

19,855‌

)

$

(

3‌

)

Total

Dividends

and

Distributions

$

(

19,855‌

)

$

(

3‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

37

See

accompanying

notes.

Amounts

in

thousands

Diversified

International

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

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

$

3,006‌

$

5,033‌

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

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

1,986‌

(

2,958‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

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

23,413‌

(

61,815‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

28,405‌

(

59,740‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

–‌

(

29,853‌

)

Total

Dividends

and

Distributions

–‌

(

29,853‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(

12,351‌

)

26,888‌

Total

Increase

(Decrease)

in

Net

Assets

16,054‌

(

62,705‌

)

Net

Assets

Beginning

of

period

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

236,721‌

299,426‌

End

of

period

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

$

252,775‌

$

236,721‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

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

$

6,495‌

Redeemed

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

(

18,846‌

)

Net

Increase

(Decrease)

$

(

12,351‌

)

Shares:

Sold

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

451‌

Redeemed

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

(

1,310‌

)

Net

Increase

(Decrease)

(

859‌

)

Year

Ended

December

31,

2022

Dollars:

Sold

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

$

19,900‌

Reinvested

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

29,853‌

Redeemed

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

(

22,865‌

)

Net

Increase

(Decrease)

$

26,888‌

Shares:

Sold

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

1,264‌

Reinvested

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

2,316‌

Redeemed

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

(

1,479‌

)

Net

Increase

(Decrease)

2,101‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

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

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

29,853‌

)

Total

Dividends

and

Distributions

$

(

29,853‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

38

See

accompanying

notes.

Amounts

in

thousands

Equity

Income

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

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

$

7,790‌

$

13,288‌

Net

realized

gain

(loss)

on

investments

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

7,777‌

39,464‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

10,846‌

(

129,955‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

26,413‌

(

77,203‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

–‌

(

90,442‌

)

Total

Dividends

and

Distributions

–‌

(

90,442‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(

67,669‌

)

94,716‌

Total

Increase

(Decrease)

in

Net

Assets

(

41,256‌

)

(

72,929‌

)

Net

Assets

Beginning

of

period

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

682,567‌

755,496‌

End

of

period

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

$

641,311‌

$

682,567‌

Class

1

Class

2

Class

3

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

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

$

16,754‌

$

5,096‌

$

226‌

Redeemed

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

(

87,101‌

)

(

2,598‌

)

(

46‌

)

Net

Increase

(Decrease)

$

(

70,347‌

)

$

2,498‌

$

180‌

Shares:

Sold

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

623‌

192‌

9‌

Redeemed

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

(

3,225‌

)

(

98‌

)

(

2‌

)

Net

Increase

(Decrease)

(

2,602‌

)

94‌

7‌

Year

Ended

December

31,

2022

Dollars:

Sold

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

$

81,023‌

$

13,227‌

$

382‌

Reinvested

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

83,164‌

7,220‌

58‌

Redeemed

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

(

85,628‌

)

(

4,544‌

)

(

186‌

)

Net

Increase

(Decrease)

$

78,559‌

$

15,903‌

$

254‌

Shares:

Sold

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

2,726‌

447‌

13‌

Reinvested

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

3,184‌

280‌

2‌

Redeemed

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

(

2,815‌

)

(

156‌

)

(

7‌

)

Net

Increase

(Decrease)

3,095‌

571‌

8‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

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

$

–‌

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

83,164‌

)

$

(

7,220‌

)

$

(

58‌

)

Total

Dividends

and

Distributions

$

(

83,164‌

)

$

(

7,220‌

)

$

(

58‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

39

See

accompanying

notes.

Amounts

in

thousands

Global

Emerging

Markets

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

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

$

699‌

$

1,454‌

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

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

(

222‌

)

(

3,977‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

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

4,897‌

(

17,707‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

5,374‌

(

20,230‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

–‌

(

8,143‌

)

Total

Dividends

and

Distributions

–‌

(

8,143‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(

4,969‌

)

5,573‌

Total

Increase

(Decrease)

in

Net

Assets

405‌

(

22,800‌

)

Net

Assets

Beginning

of

period

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

68,015‌

90,815‌

End

of

period

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

$

68,420‌

$

68,015‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

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

$

2,630‌

Redeemed

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

(

7,599‌

)

Net

Increase

(Decrease)

$

(

4,969‌

)

Shares:

Sold

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

186‌

Redeemed

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

(

536‌

)

Net

Increase

(Decrease)

(

350‌

)

Year

Ended

December

31,

2022

Dollars:

Sold

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

$

6,834‌

Reinvested

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

8,143‌

Redeemed

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

(

9,404‌

)

Net

Increase

(Decrease)

$

5,573‌

Shares:

Sold

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

440‌

Reinvested

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

614‌

Redeemed

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

(

591‌

)

Net

Increase

(Decrease)

463‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

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

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

8,143‌

)

Total

Dividends

and

Distributions

$

(

8,143‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

40

See

accompanying

notes.

Amounts

in

thousands

Government

&

High

Quality

Bond

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

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

$

1,666‌

$

2,369‌

Net

realized

gain

(loss)

on

investments

and

futures

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

(

1,866‌

)

(

8,193‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

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

2,984‌

(

17,049‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

2,784‌

(

22,873‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

–‌

(

2,203‌

)

Total

Dividends

and

Distributions

–‌

(

2,203‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(

14,991‌

)

(

34,355‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

12,207‌

)

(

59,431‌

)

Net

Assets

Beginning

of

period

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

138,346‌

197,777‌

End

of

period

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

$

126,139‌

$

138,346‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

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

$

10,401‌

Redeemed

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

(

25,392‌

)

Net

Increase

(Decrease)

$

(

14,991‌

)

Shares:

Sold

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

1,235‌

Redeemed

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

(

2,994‌

)

Net

Increase

(Decrease)

(

1,759‌

)

Year

Ended

December

31,

2022

Dollars:

Sold

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

$

43,900‌

Reinvested

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

2,203‌

Redeemed

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

(

80,458‌

)

Net

Increase

(Decrease)

$

(

34,355‌

)

Shares:

Sold

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

4,906‌

Reinvested

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

263‌

Redeemed

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

(

9,246‌

)

Net

Increase

(Decrease)

(

4,077‌

)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

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

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(

2,203‌

)

Total

Dividends

and

Distributions

$

(

2,203‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

41

See

accompanying

notes.

Amounts

in

thousands

LargeCap

Growth

Account

I

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

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

$

(

76‌

)

$

(

807‌

)

Net

realized

gain

(loss)

on

investments

and

futures

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

23,411‌

23,266‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

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

94,052‌

(

260,122‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

117,387‌

(

237,663‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

–‌

(

59,936‌

)

Total

Dividends

and

Distributions

–‌

(

59,936‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(

16,350‌

)

30,436‌

Total

Increase

(Decrease)

in

Net

Assets

101,037‌

(

267,163‌

)

Net

Assets

Beginning

of

period

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

439,493‌

706,656‌

End

of

period

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

$

540,530‌

$

439,493‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

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

$

19,834‌

Redeemed

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

(

36,184‌

)

Net

Increase

(Decrease)

$

(

16,350‌

)

Shares:

Sold

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

578‌

Redeemed

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

(

1,063‌

)

Net

Increase

(Decrease)

(

485‌

)

Year

Ended

December

31,

2022

Dollars:

Sold

..............................................................................................................

$

42,909‌

Reinvested

.........................................................................................................

59,936‌

Redeemed

..........................................................................................................

(

72,409‌

)

Net

Increase

(Decrease)

$

30,436‌

Shares:

Sold

..............................................................................................................

1,111‌

Reinvested

.........................................................................................................

1,847‌

Redeemed

..........................................................................................................

(

1,879‌

)

Net

Increase

(Decrease)

1,079‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(

59,936‌

)

Total

Dividends

and

Distributions

$

(

59,936‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

42

See

accompanying

notes.

Amounts

in

thousands

LargeCap

S&P

500

Index

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

................................................................................................................

$

20,453‌

$

36,849‌

Net

realized

gain

(loss)

on

investments

and

futures

.........................................................................................

88,553‌

158,691‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...........................................................

304,348‌

(

765,203‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

413,354‌

(

569,663‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–‌

(

323,890‌

)

Total

Dividends

and

Distributions

–‌

(

323,890‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(

211,418‌

)

242,605‌

Total

Increase

(Decrease)

in

Net

Assets

201,936‌

(

650,948‌

)

Net

Assets

Beginning

of

period

..........................................................................................................................

2,558,301‌

3,209,249‌

End

of

period

................................................................................................................................

$

2,760,237‌

$

2,558,301‌

Class

1

Class

2

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

...................................................................................................

$

71,732‌

$

4,547‌

Redeemed

...............................................................................................

(

282,866‌

)

(

4,831‌

)

Net

Increase

(Decrease)

$

(

211,134‌

)

$

(

284‌

)

Shares:

Sold

...................................................................................................

3,687‌

239‌

Redeemed

...............................................................................................

(

14,325‌

)

(

251‌

)

Net

Increase

(Decrease)

(

10,638‌

)

(

12‌

)

Year

Ended

December

31,

2022

Dollars:

Sold

...................................................................................................

$

410,935‌

$

9,528‌

Reinvested

..............................................................................................

318,523‌

5,367‌

Redeemed

...............................................................................................

(

496,565‌

)

(

5,183‌

)

Net

Increase

(Decrease)

$

232,893‌

$

9,712‌

Shares:

Sold

...................................................................................................

20,016‌

462‌

Reinvested

..............................................................................................

17,125‌

294‌

Redeemed

...............................................................................................

(

23,059‌

)

(

265‌

)

Net

Increase

(Decrease)

14,082‌

491‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(

318,523‌

)

$

(

5,367‌

)

Total

Dividends

and

Distributions

$

(

318,523‌

)

$

(

5,367‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

43

See

accompanying

notes.

Amounts

in

thousands

LargeCap

S&P

500

Managed

Volatility

Index

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

................................................................................................................

$

1,371‌

$

2,198‌

Net

realized

gain

(loss)

on

investments

,

futures

and

options

and

swaptions

................................................................

7,746‌

13,473‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

futures

and

options

and

swaptions

.................................

15,803‌

(

54,550‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

24,920‌

(

38,879‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–‌

(

21,467‌

)

Total

Dividends

and

Distributions

–‌

(

21,467‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(

19,612‌

)

1,606‌

Total

Increase

(Decrease)

in

Net

Assets

5,308‌

(

58,740‌

)

Net

Assets

Beginning

of

period

..........................................................................................................................

181,155‌

239,895‌

End

of

period

................................................................................................................................

$

186,463‌

$

181,155‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

..............................................................................................................

$

3,888‌

Redeemed

..........................................................................................................

(

23,500‌

)

Net

Increase

(Decrease)

$

(

19,612‌

)

Shares:

Sold

..............................................................................................................

263‌

Redeemed

..........................................................................................................

(

1,580‌

)

Net

Increase

(Decrease)

(

1,317‌

)

Year

Ended

December

31,

2022

Dollars:

Sold

..............................................................................................................

$

25,037‌

Reinvested

.........................................................................................................

21,467‌

Redeemed

..........................................................................................................

(

44,898‌

)

Net

Increase

(Decrease)

$

1,606‌

Shares:

Sold

..............................................................................................................

1,620‌

Reinvested

.........................................................................................................

1,521‌

Redeemed

..........................................................................................................

(

2,812‌

)

Net

Increase

(Decrease)

329‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(

21,467‌

)

Total

Dividends

and

Distributions

$

(

21,467‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

44

See

accompanying

notes.

Amounts

in

thousands

MidCap

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

................................................................................................................

$

329‌

$

1,079‌

Net

realized

gain

(loss)

on

investments

......................................................................................................

40,365‌

18,967‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

45,059‌

(

193,890‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

85,753‌

(

173,844‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–‌

(

64,874‌

)

Total

Dividends

and

Distributions

–‌

(

64,874‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(

80,953‌

)

76,590‌

Total

Increase

(Decrease)

in

Net

Assets

4,800‌

(

162,128‌

)

Net

Assets

Beginning

of

period

..........................................................................................................................

587,771‌

749,899‌

End

of

period

................................................................................................................................

$

592,571‌

$

587,771‌

Class

1

Class

2

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

...................................................................................................

$

7,256‌

$

1,581‌

Redeemed

...............................................................................................

(

88,365‌

)

(

1,425‌

)

Net

Increase

(Decrease)

$

(

81,109‌

)

$

156‌

Shares:

Sold

...................................................................................................

132‌

29‌

Redeemed

...............................................................................................

(

1,623‌

)

(

26‌

)

Net

Increase

(Decrease)

(

1,491‌

)

3‌

Year

Ended

December

31,

2022

Dollars:

Sold

...................................................................................................

$

73,412‌

$

6,394‌

Reinvested

..............................................................................................

61,220‌

3,653‌

Redeemed

...............................................................................................

(

64,934‌

)

(

3,155‌

)

Net

Increase

(Decrease)

$

69,698‌

$

6,892‌

Shares:

Sold

...................................................................................................

1,254‌

109‌

Reinvested

..............................................................................................

1,170‌

71‌

Redeemed

...............................................................................................

(

1,107‌

)

(

56‌

)

Net

Increase

(Decrease)

1,317‌

124‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(

61,221‌

)

$

(

3,653‌

)

Total

Dividends

and

Distributions

$

(

61,221‌

)

$

(

3,653‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

45

See

accompanying

notes.

Amounts

in

thousands

Principal

Capital

Appreciation

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

................................................................................................................

$

683‌

$

1,316‌

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.............................................................................

3,053‌

13,105‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

18,514‌

(

45,995‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

22,250‌

(

31,574‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–‌

(

20,695‌

)

Total

Dividends

and

Distributions

–‌

(

20,695‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(

3,381‌

)

12,101‌

Total

Increase

(Decrease)

in

Net

Assets

18,869‌

(

40,168‌

)

Net

Assets

Beginning

of

period

..........................................................................................................................

154,079‌

194,247‌

End

of

period

................................................................................................................................

$

172,948‌

$

154,079‌

Class

1

Class

2

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

...................................................................................................

$

2,348‌

$

5,276‌

Redeemed

...............................................................................................

(

9,684‌

)

(

1,321‌

)

Net

Increase

(Decrease)

$

(

7,336‌

)

$

3,955‌

Shares:

Sold

...................................................................................................

73‌

166‌

Redeemed

...............................................................................................

(

299‌

)

(

42‌

)

Net

Increase

(Decrease)

(

226‌

)

124‌

Year

Ended

December

31,

2022

Dollars:

Sold

...................................................................................................

$

5,046‌

$

9,781‌

Reinvested

..............................................................................................

16,595‌

4,100‌

Redeemed

...............................................................................................

(

21,029‌

)

(

2,392‌

)

Net

Increase

(Decrease)

$

612‌

$

11,489‌

Shares:

Sold

...................................................................................................

146‌

292‌

Reinvested

..............................................................................................

544‌

137‌

Redeemed

...............................................................................................

(

600‌

)

(

72‌

)

Net

Increase

(Decrease)

90‌

357‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(

16,595‌

)

$

(

4,100‌

)

Total

Dividends

and

Distributions

$

(

16,595‌

)

$

(

4,100‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

46

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2020

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

................................................................................................................

$

1,467‌

$

3,912‌

Net

realized

gain

(loss)

on

investments

......................................................................................................

604‌

2,229‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

7,854‌

(

34,528‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

9,925‌

(

28,387‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–‌

(

16,757‌

)

Total

Dividends

and

Distributions

–‌

(

16,757‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(

10,355‌

)

361‌

Total

Increase

(Decrease)

in

Net

Assets

(

430‌

)

(

44,783‌

)

Net

Assets

Beginning

of

period

..........................................................................................................................

151,551‌

196,334‌

End

of

period

................................................................................................................................

$

151,121‌

$

151,551‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

..............................................................................................................

$

10,836‌

Redeemed

..........................................................................................................

(

21,191‌

)

Net

Increase

(Decrease)

$

(

10,355‌

)

Shares:

Sold

..............................................................................................................

900‌

Redeemed

..........................................................................................................

(

1,755‌

)

Net

Increase

(Decrease)

(

855‌

)

Year

Ended

December

31,

2022

Dollars:

Sold

..............................................................................................................

$

20,769‌

Reinvested

.........................................................................................................

16,757‌

Redeemed

..........................................................................................................

(

37,165‌

)

Net

Increase

(Decrease)

$

361‌

Shares:

Sold

..............................................................................................................

1,572‌

Reinvested

.........................................................................................................

1,431‌

Redeemed

..........................................................................................................

(

2,888‌

)

Net

Increase

(Decrease)

115‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(

16,757‌

)

Total

Dividends

and

Distributions

$

(

16,757‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

47

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2030

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

................................................................................................................

$

1,902‌

$

4,457‌

Net

realized

gain

(loss)

on

investments

......................................................................................................

10‌

5,151‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

17,875‌

(

54,937‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

19,787‌

(

45,329‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–‌

(

22,810‌

)

Total

Dividends

and

Distributions

–‌

(

22,810‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

5,981‌

32,939‌

Total

Increase

(Decrease)

in

Net

Assets

25,768‌

(

35,200‌

)

Net

Assets

Beginning

of

period

..........................................................................................................................

227,664‌

262,864‌

End

of

period

................................................................................................................................

$

253,432‌

$

227,664‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

..............................................................................................................

$

26,301‌

Redeemed

..........................................................................................................

(

20,320‌

)

Net

Increase

(Decrease)

$

5,981‌

Shares:

Sold

..............................................................................................................

2,142‌

Redeemed

..........................................................................................................

(

1,662‌

)

Net

Increase

(Decrease)

480‌

Year

Ended

December

31,

2022

Dollars:

Sold

..............................................................................................................

$

53,204‌

Reinvested

.........................................................................................................

22,810‌

Redeemed

..........................................................................................................

(

43,075‌

)

Net

Increase

(Decrease)

$

32,939‌

Shares:

Sold

..............................................................................................................

4,035‌

Reinvested

.........................................................................................................

1,933‌

Redeemed

..........................................................................................................

(

3,360‌

)

Net

Increase

(Decrease)

2,608‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(

22,810‌

)

Total

Dividends

and

Distributions

$

(

22,810‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

48

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2040

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

................................................................................................................

$

567‌

$

1,803‌

Net

realized

gain

(loss)

on

investments

......................................................................................................

(

1‌

)

3,419‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

12,297‌

(

29,678‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

12,863‌

(

24,456‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–‌

(

12,301‌

)

Total

Dividends

and

Distributions

–‌

(

12,301‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

2,304‌

20,640‌

Total

Increase

(Decrease)

in

Net

Assets

15,167‌

(

16,117‌

)

Net

Assets

Beginning

of

period

..........................................................................................................................

118,055‌

134,172‌

End

of

period

................................................................................................................................

$

133,222‌

$

118,055‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

..............................................................................................................

$

18,375‌

Redeemed

..........................................................................................................

(

16,071‌

)

Net

Increase

(Decrease)

$

2,304‌

Shares:

Sold

..............................................................................................................

1,189‌

Redeemed

..........................................................................................................

(

1,043‌

)

Net

Increase

(Decrease)

146‌

Year

Ended

December

31,

2022

Dollars:

Sold

..............................................................................................................

$

28,579‌

Reinvested

.........................................................................................................

12,301‌

Redeemed

..........................................................................................................

(

20,240‌

)

Net

Increase

(Decrease)

$

20,640‌

Shares:

Sold

..............................................................................................................

1,734‌

Reinvested

.........................................................................................................

838‌

Redeemed

..........................................................................................................

(

1,210‌

)

Net

Increase

(Decrease)

1,362‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(

12,301‌

)

Total

Dividends

and

Distributions

$

(

12,301‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

49

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2050

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

................................................................................................................

$

129‌

$

719‌

Net

realized

gain

(loss)

on

investments

......................................................................................................

31‌

1,860‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

6,866‌

(

15,580‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

7,026‌

(

13,001‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–‌

(

6,812‌

)

Total

Dividends

and

Distributions

–‌

(

6,812‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

167‌

8,116‌

Total

Increase

(Decrease)

in

Net

Assets

7,193‌

(

11,697‌

)

Net

Assets

Beginning

of

period

..........................................................................................................................

56,830‌

68,527‌

End

of

period

................................................................................................................................

$

64,023‌

$

56,830‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

..............................................................................................................

$

8,973‌

Redeemed

..........................................................................................................

(

8,806‌

)

Net

Increase

(Decrease)

$

167‌

Shares:

Sold

..............................................................................................................

606‌

Redeemed

..........................................................................................................

(

592‌

)

Net

Increase

(Decrease)

14‌

Year

Ended

December

31,

2022

Dollars:

Sold

..............................................................................................................

$

14,329‌

Reinvested

.........................................................................................................

6,811‌

Redeemed

..........................................................................................................

(

13,024‌

)

Net

Increase

(Decrease)

$

8,116‌

Shares:

Sold

..............................................................................................................

886‌

Reinvested

.........................................................................................................

486‌

Redeemed

..........................................................................................................

(

797‌

)

Net

Increase

(Decrease)

575‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(

6,812‌

)

Total

Dividends

and

Distributions

$

(

6,812‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

50

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2060

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

................................................................................................................

$

31‌

$

187‌

Net

realized

gain

(loss)

on

investments

......................................................................................................

3‌

507‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

1,816‌

(

4,027‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,850‌

(

3,333‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–‌

(

1,644‌

)

Total

Dividends

and

Distributions

–‌

(

1,644‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

467‌

2,828‌

Total

Increase

(Decrease)

in

Net

Assets

2,317‌

(

2,149‌

)

Net

Assets

Beginning

of

period

..........................................................................................................................

15,131‌

17,280‌

End

of

period

................................................................................................................................

$

17,448‌

$

15,131‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

..............................................................................................................

$

2,982‌

Redeemed

..........................................................................................................

(

2,515‌

)

Net

Increase

(Decrease)

$

467‌

Shares:

Sold

..............................................................................................................

206‌

Redeemed

..........................................................................................................

(

176‌

)

Net

Increase

(Decrease)

30‌

Year

Ended

December

31,

2022

Dollars:

Sold

..............................................................................................................

$

5,272‌

Reinvested

.........................................................................................................

1,644‌

Redeemed

..........................................................................................................

(

4,088‌

)

Net

Increase

(Decrease)

$

2,828‌

Shares:

Sold

..............................................................................................................

339‌

Reinvested

.........................................................................................................

121‌

Redeemed

..........................................................................................................

(

263‌

)

Net

Increase

(Decrease)

197‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(

1,644‌

)

Total

Dividends

and

Distributions

$

(

1,644‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

51

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Strategic

Income

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

................................................................................................................

$

390‌

$

666‌

Net

realized

gain

(loss)

on

investments

......................................................................................................

(

135‌

)

176‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

1,345‌

(

4,788‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,600‌

(

3,946‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–‌

(

2,017‌

)

Total

Dividends

and

Distributions

–‌

(

2,017‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

29,981‌

(

33‌

)

Total

Increase

(Decrease)

in

Net

Assets

31,581‌

(

5,996‌

)

Net

Assets

Beginning

of

period

..........................................................................................................................

24,133‌

30,129‌

End

of

period

................................................................................................................................

$

55,714‌

$

24,133‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

..............................................................................................................

$

2,974‌

Issued

in

acquisitions

..................................................................................................

33,732‌

Redeemed

..........................................................................................................

(

6,725‌

)

Net

Increase

(Decrease)

$

29,981‌

Shares:

Sold

..............................................................................................................

282‌

Issued

in

acquisitions

..................................................................................................

3,181‌

Redeemed

..........................................................................................................

(

640‌

)

Net

Increase

(Decrease)

2,823‌

Year

Ended

December

31,

2022

Dollars:

Sold

..............................................................................................................

$

6,789‌

Reinvested

.........................................................................................................

2,017‌

Redeemed

..........................................................................................................

(

8,839‌

)

Net

Increase

(Decrease)

$

(

33‌

)

Shares:

Sold

..............................................................................................................

600‌

Reinvested

.........................................................................................................

198‌

Redeemed

..........................................................................................................

(

800‌

)

Net

Increase

(Decrease)

(

2‌

)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(

2,017‌

)

Total

Dividends

and

Distributions

$

(

2,017‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

52

See

accompanying

notes.

Amounts

in

thousands

Real

Estate

Securities

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

................................................................................................................

$

1,735‌

$

2,434‌

Net

realized

gain

(loss)

on

investments

......................................................................................................

2,275‌

5,568‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

2,688‌

(

54,789‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

6,698‌

(

46,787‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–‌

(

12,433‌

)

Total

Dividends

and

Distributions

–‌

(

12,433‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(

6,189‌

)

6,975‌

Total

Increase

(Decrease)

in

Net

Assets

509‌

(

52,245‌

)

Net

Assets

Beginning

of

period

..........................................................................................................................

134,327‌

186,572‌

End

of

period

................................................................................................................................

$

134,836‌

$

134,327‌

Class

1

Class

2

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

...................................................................................................

$

6,566‌

$

555‌

Redeemed

...............................................................................................

(

12,733‌

)

(

577‌

)

Net

Increase

(Decrease)

$

(

6,167‌

)

$

(

22‌

)

Shares:

Sold

...................................................................................................

374‌

32‌

Redeemed

...............................................................................................

(

723‌

)

(

33‌

)

Net

Increase

(Decrease)

(

349‌

)

(

1‌

)

Year

Ended

December

31,

2022

Dollars:

Sold

...................................................................................................

$

15,012‌

$

2,367‌

Reinvested

..............................................................................................

11,602‌

831‌

Redeemed

...............................................................................................

(

21,259‌

)

(

1,578‌

)

Net

Increase

(Decrease)

$

5,355‌

$

1,620‌

Shares:

Sold

...................................................................................................

726‌

116‌

Reinvested

..............................................................................................

617‌

44‌

Redeemed

...............................................................................................

(

1,029‌

)

(

79‌

)

Net

Increase

(Decrease)

314‌

81‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(

11,602‌

)

$

(

831‌

)

Total

Dividends

and

Distributions

$

(

11,602‌

)

$

(

831‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

53

See

accompanying

notes.

Amounts

in

thousands

SAM

Balanced

Portfolio

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

................................................................................................................

$

2,660‌

$

13,290‌

Net

realized

gain

(loss)

on

investments

......................................................................................................

(

10,134‌

)

21,497‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

55,876‌

(

152,302‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

48,402‌

(

117,515‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–‌

(

96,305‌

)

Total

Dividends

and

Distributions

–‌

(

96,305‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(

31,805‌

)

37,076‌

Total

Increase

(Decrease)

in

Net

Assets

16,597‌

(

176,744‌

)

Net

Assets

Beginning

of

period

..........................................................................................................................

568,200‌

744,944‌

End

of

period

................................................................................................................................

$

584,797‌

$

568,200‌

Class

1

Class

2

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

...................................................................................................

$

7,181‌

$

3,419‌

Redeemed

...............................................................................................

(

35,412‌

)

(

6,993‌

)

Net

Increase

(Decrease)

$

(

28,231‌

)

$

(

3,574‌

)

Shares:

Sold

...................................................................................................

538‌

263‌

Redeemed

...............................................................................................

(

2,658‌

)

(

539‌

)

Net

Increase

(Decrease)

(

2,120‌

)

(

276‌

)

Year

Ended

December

31,

2022

Dollars:

Sold

...................................................................................................

$

9,783‌

$

11,338‌

Reinvested

..............................................................................................

74,784‌

21,521‌

Redeemed

...............................................................................................

(

67,909‌

)

(

12,441‌

)

Net

Increase

(Decrease)

$

16,658‌

$

20,418‌

Shares:

Sold

...................................................................................................

644‌

760‌

Reinvested

..............................................................................................

5,820‌

1,703‌

Redeemed

...............................................................................................

(

4,482‌

)

(

848‌

)

Net

Increase

(Decrease)

1,982‌

1,615‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(

74,784‌

)

$

(

21,521‌

)

Total

Dividends

and

Distributions

$

(

74,784‌

)

$

(

21,521‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

54

See

accompanying

notes.

Amounts

in

thousands

SAM

Conservative

Balanced

Portfolio

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

................................................................................................................

$

1,100‌

$

4,537‌

Net

realized

gain

(loss)

on

investments

......................................................................................................

(

3,996‌

)

334‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

12,656‌

(

34,462‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

9,760‌

(

29,591‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–‌

(

20,687‌

)

Total

Dividends

and

Distributions

–‌

(

20,687‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(

9,669‌

)

9,917‌

Total

Increase

(Decrease)

in

Net

Assets

91‌

(

40,361‌

)

Net

Assets

Beginning

of

period

..........................................................................................................................

163,295‌

203,656‌

End

of

period

................................................................................................................................

$

163,386‌

$

163,295‌

Class

1

Class

2

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

...................................................................................................

$

6,936‌

$

1,036‌

Redeemed

...............................................................................................

(

16,244‌

)

(

1,397‌

)

Net

Increase

(Decrease)

$

(

9,308‌

)

$

(

361‌

)

Shares:

Sold

...................................................................................................

655‌

99‌

Redeemed

...............................................................................................

(

1,538‌

)

(

134‌

)

Net

Increase

(Decrease)

(

883‌

)

(

35‌

)

Year

Ended

December

31,

2022

Dollars:

Sold

...................................................................................................

$

11,034‌

$

4,448‌

Reinvested

..............................................................................................

16,969‌

3,718‌

Redeemed

...............................................................................................

(

21,575‌

)

(

4,677‌

)

Net

Increase

(Decrease)

$

6,428‌

$

3,489‌

Shares:

Sold

...................................................................................................

898‌

374‌

Reinvested

..............................................................................................

1,641‌

366‌

Redeemed

...............................................................................................

(

1,843‌

)

(

424‌

)

Net

Increase

(Decrease)

696‌

316‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(

16,969‌

)

$

(

3,718‌

)

Total

Dividends

and

Distributions

$

(

16,969‌

)

$

(

3,718‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

55

See

accompanying

notes.

Amounts

in

thousands

SAM

Conservative

Growth

Portfolio

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

................................................................................................................

$

681‌

$

6,120‌

Net

realized

gain

(loss)

on

investments

......................................................................................................

(

10,908‌

)

17,323‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

47,989‌

(

101,143‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

37,762‌

(

77,700‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–‌

(

47,780‌

)

Total

Dividends

and

Distributions

–‌

(

47,780‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(

8,727‌

)

36,398‌

Total

Increase

(Decrease)

in

Net

Assets

29,035‌

(

89,082‌

)

Net

Assets

Beginning

of

period

..........................................................................................................................

345,745‌

434,827‌

End

of

period

................................................................................................................................

$

374,780‌

$

345,745‌

Class

1

Class

2

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

...................................................................................................

$

5,853‌

$

6,150‌

Redeemed

...............................................................................................

(

13,882‌

)

(

6,848‌

)

Net

Increase

(Decrease)

$

(

8,029‌

)

$

(

698‌

)

Shares:

Sold

...................................................................................................

316‌

337‌

Redeemed

...............................................................................................

(

744‌

)

(

375‌

)

Net

Increase

(Decrease)

(

428‌

)

(

38‌

)

Year

Ended

December

31,

2022

Dollars:

Sold

...................................................................................................

$

19,210‌

$

9,265‌

Reinvested

..............................................................................................

26,475‌

21,305‌

Redeemed

...............................................................................................

(

28,556‌

)

(

11,301‌

)

Net

Increase

(Decrease)

$

17,129‌

$

19,269‌

Shares:

Sold

...................................................................................................

890‌

462‌

Reinvested

..............................................................................................

1,484‌

1,217‌

Redeemed

...............................................................................................

(

1,374‌

)

(

573‌

)

Net

Increase

(Decrease)

1,000‌

1,106‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(

26,475‌

)

$

(

21,305‌

)

Total

Dividends

and

Distributions

$

(

26,475‌

)

$

(

21,305‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

56

See

accompanying

notes.

Amounts

in

thousands

SAM

Flexible

Income

Portfolio

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

................................................................................................................

$

1,076‌

$

4,510‌

Net

realized

gain

(loss)

on

investments

......................................................................................................

(

2,938‌

)

(

5,625‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

7,995‌

(

23,780‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

6,133‌

(

24,895‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–‌

(

16,989‌

)

Total

Dividends

and

Distributions

–‌

(

16,989‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(

8,434‌

)

(

8,945‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

2,301‌

)

(

50,829‌

)

Net

Assets

Beginning

of

period

..........................................................................................................................

143,023‌

193,852‌

End

of

period

................................................................................................................................

$

140,722‌

$

143,023‌

Class

1

Class

2

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

...................................................................................................

$

2,718‌

$

2,304‌

Redeemed

...............................................................................................

(

10,728‌

)

(

2,728‌

)

Net

Increase

(Decrease)

$

(

8,010‌

)

$

(

424‌

)

Shares:

Sold

...................................................................................................

260‌

224‌

Redeemed

...............................................................................................

(

1,027‌

)

(

265‌

)

Net

Increase

(Decrease)

(

767‌

)

(

41‌

)

Year

Ended

December

31,

2022

Dollars:

Sold

...................................................................................................

$

6,065‌

$

6,472‌

Reinvested

..............................................................................................

12,901‌

4,088‌

Redeemed

...............................................................................................

(

27,189‌

)

(

11,282‌

)

Net

Increase

(Decrease)

$

(

8,223‌

)

$

(

722‌

)

Shares:

Sold

...................................................................................................

529‌

564‌

Reinvested

..............................................................................................

1,255‌

403‌

Redeemed

...............................................................................................

(

2,383‌

)

(

1,018‌

)

Net

Increase

(Decrease)

(

599‌

)

(

51‌

)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(

12,901‌

)

$

(

4,088‌

)

Total

Dividends

and

Distributions

$

(

12,901‌

)

$

(

4,088‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

57

See

accompanying

notes.

Amounts

in

thousands

SAM

Strategic

Growth

Portfolio

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

................................................................................................................

$

(

158‌

)

$

4,828‌

Net

realized

gain

(loss)

on

investments

......................................................................................................

(

6,621‌

)

11,366‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

50,045‌

(

96,735‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

43,266‌

(

80,541‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–‌

(

45,904‌

)

Total

Dividends

and

Distributions

–‌

(

45,904‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(

4,515‌

)

36,424‌

Total

Increase

(Decrease)

in

Net

Assets

38,751‌

(

90,021‌

)

Net

Assets

Beginning

of

period

..........................................................................................................................

338,926‌

428,947‌

End

of

period

................................................................................................................................

$

377,677‌

$

338,926‌

Class

1

Class

2

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

...................................................................................................

$

8,919‌

$

3,683‌

Redeemed

...............................................................................................

(

11,806‌

)

(

5,311‌

)

Net

Increase

(Decrease)

$

(

2,887‌

)

$

(

1,628‌

)

Shares:

Sold

...................................................................................................

423‌

179‌

Redeemed

...............................................................................................

(

562‌

)

(

259‌

)

Net

Increase

(Decrease)

(

139‌

)

(

80‌

)

Year

Ended

December

31,

2022

Dollars:

Sold

...................................................................................................

$

18,207‌

$

9,105‌

Reinvested

..............................................................................................

23,671‌

22,233‌

Redeemed

...............................................................................................

(

26,033‌

)

(

10,759‌

)

Net

Increase

(Decrease)

$

15,845‌

$

20,579‌

Shares:

Sold

...................................................................................................

799‌

401‌

Reinvested

..............................................................................................

1,189‌

1,137‌

Redeemed

...............................................................................................

(

1,139‌

)

(

468‌

)

Net

Increase

(Decrease)

849‌

1,070‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(

23,671‌

)

$

(

22,233‌

)

Total

Dividends

and

Distributions

$

(

23,671‌

)

$

(

22,233‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

58

See

accompanying

notes.

Amounts

in

thousands

Short-Term

Income

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

................................................................................................................

$

2,156‌

$

2,441‌

Net

realized

gain

(loss)

on

investments

and

futures

.........................................................................................

(

314‌

)

(

1,285‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...........................................................

908‌

(

6,708‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

2,750‌

(

5,552‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–‌

(

1,814‌

)

Total

Dividends

and

Distributions

–‌

(

1,814‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

1,667‌

956‌

Total

Increase

(Decrease)

in

Net

Assets

4,417‌

(

6,410‌

)

Net

Assets

Beginning

of

period

..........................................................................................................................

134,122‌

140,532‌

End

of

period

................................................................................................................................

$

138,539‌

$

134,122‌

Class

1

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

..............................................................................................................

$

15,989‌

Redeemed

..........................................................................................................

(

14,322‌

)

Net

Increase

(Decrease)

$

1,667‌

Shares:

Sold

..............................................................................................................

6,544‌

Redeemed

..........................................................................................................

(

5,852‌

)

Net

Increase

(Decrease)

692‌

Year

Ended

December

31,

2022

Dollars:

Sold

..............................................................................................................

$

42,597‌

Reinvested

.........................................................................................................

1,814‌

Redeemed

..........................................................................................................

(

43,455‌

)

Net

Increase

(Decrease)

$

956‌

Shares:

Sold

..............................................................................................................

17,245‌

Reinvested

.........................................................................................................

756‌

Redeemed

..........................................................................................................

(

17,747‌

)

Net

Increase

(Decrease)

254‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(

1,814‌

)

Total

Dividends

and

Distributions

$

(

1,814‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

59

See

accompanying

notes.

Amounts

in

thousands

SmallCap

Account

Period

Ended

June

30,

2023

Year

Ended

December

31,

2022

Operations

Net

investment

income

(loss)

................................................................................................................

$

339‌

$

563‌

Net

realized

gain

(loss)

on

investments

......................................................................................................

7,302‌

(

470‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

9,723‌

(

45,822‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

17,364‌

(

45,729‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–‌

(

32,260‌

)

Total

Dividends

and

Distributions

–‌

(

32,260‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(

8,060‌

)

18,888‌

Total

Increase

(Decrease)

in

Net

Assets

9,304‌

(

59,101‌

)

Net

Assets

Beginning

of

period

..........................................................................................................................

165,286‌

224,387‌

End

of

period

................................................................................................................................

$

174,590‌

$

165,286‌

Class

1

Class

2

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

...................................................................................................

$

4,228‌

$

198‌

Redeemed

...............................................................................................

(

12,076‌

)

(

410‌

)

Net

Increase

(Decrease)

$

(

7,848‌

)

$

(

212‌

)

Shares:

Sold

...................................................................................................

303‌

15‌

Redeemed

...............................................................................................

(

872‌

)

(

30‌

)

Net

Increase

(Decrease)

(

569‌

)

(

15‌

)

Year

Ended

December

31,

2022

Dollars:

Sold

...................................................................................................

$

8,534‌

$

1,094‌

Reinvested

..............................................................................................

30,668‌

1,592‌

Redeemed

...............................................................................................

(

22,009‌

)

(

991‌

)

Net

Increase

(Decrease)

$

17,193‌

$

1,695‌

Shares:

Sold

...................................................................................................

517‌

67‌

Reinvested

..............................................................................................

2,258‌

118‌

Redeemed

...............................................................................................

(

1,405‌

)

(

63‌

)

Net

Increase

(Decrease)

1,370‌

122‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–‌

$

–‌

Total

Dividends

and

Distributions

$

–‌

$

–‌

Year

Ended

December

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(

30,668‌

)

$

(

1,592‌

)

Total

Dividends

and

Distributions

$

(

30,668‌

)

$

(

1,592‌

)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

60

See

accompanying

notes.

Amounts

in

thousands

U.S.

LargeCap

Buffer

April

Account

Period Ended

June

30,

2023

Operations

Net

investment

income

(loss)

.......................................................................................................................................

$

79‌

Net

realized

gain

(loss)

on

investments

and

options

and

swaptions

................................................................................................

549‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

options

and

swaptions

.................................................................

3,159‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

3,787‌

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

...............................................................................................................

33,650‌

Total

Increase

(Decrease)

in

Net

Assets

37,437‌

Net

Assets

Beginning

of

period

.................................................................................................................................................

–‌

End

of

period

.......................................................................................................................................................

$

37,437‌

Class

2

Capital

Share

Transactions:

Period Ended

June

30,

2023

(a)

Dollars:

Sold

..............................................................................................................

$

64,383‌

Redeemed

..........................................................................................................

(

30,733‌

)

Net

Increase

(Decrease)

$

33,650‌

Shares:

Sold

..............................................................................................................

6,422‌

Redeemed

..........................................................................................................

(

2,903‌

)

Net

Increase

(Decrease)

3,519‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

(a)

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

(a)

Period

from

March

29,

2023,

date

operations

commenced,

through

June

30,

2023.

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

61

See

accompanying

notes.

Amounts

in

thousands

U.S.

LargeCap

Buffer

January

Account

Period

Ended

June

30,

2023

Period Ended

December

31,

2022

(a)

Operations

Net

investment

income

(loss)

................................................................................................................

$

57‌

$

5‌

Net

realized

gain

(loss)

on

investments

and

options

and

swaptions

.........................................................................

1,130‌

–‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

options

and

swaptions

..........................................

1,563‌

(

43‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

2,750‌

(

38‌

)

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

........................................................................................

(

16,970‌

)

26,619‌

Total

Increase

(Decrease)

in

Net

Assets

(

14,220‌

)

26,581‌

Net

Assets

Beginning

of

period

..........................................................................................................................

26,581‌

–‌

End

of

period

................................................................................................................................

$

12,361‌

$

26,581‌

Class

2

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

..............................................................................................................

$

8,889‌

Redeemed

..........................................................................................................

(

25,859‌

)

Net

Increase

(Decrease)

$

(

16,970‌

)

Shares:

Sold

..............................................................................................................

868‌

Redeemed

..........................................................................................................

(

2,429‌

)

Net

Increase

(Decrease)

(

1,561‌

)

Period Ended

December

31,

2022

(a)

Dollars:

Sold

..............................................................................................................

$

26,619‌

Net

Increase

(Decrease)

$

26,619‌

Shares:

Sold

..............................................................................................................

2,662‌

Redeemed

..........................................................................................................

–‌

Net

Increase

(Decrease)

2,662‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Period Ended

December

31,

2022

(a)

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

(a)

Period

from

December

28,

2022,

date

operations

commenced,

through

December

31,

2022.

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

62

See

accompanying

notes.

Amounts

in

thousands

U.S.

LargeCap

Buffer

July

Account

Period

Ended

June

30,

2023

Period Ended

December

31,

2022

(a)

Operations

Net

investment

income

(loss)

................................................................................................................

$

33‌

$

91‌

Net

realized

gain

(loss)

on

investments

and

options

and

swaptions

.........................................................................

899‌

49‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

options

and

swaptions

..........................................

1,407‌

55‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

2,339‌

195‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–‌

(

91‌

)

Total

Dividends

and

Distributions

–‌

(

91‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

29,728‌

26,143‌

Total

Increase

(Decrease)

in

Net

Assets

32,067‌

26,247‌

Net

Assets

Beginning

of

period

..........................................................................................................................

26,247‌

–‌

End

of

period

................................................................................................................................

$

58,314‌

$

26,247‌

Class

2

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

..............................................................................................................

$

45,813‌

Redeemed

..........................................................................................................

(

16,085‌

)

Net

Increase

(Decrease)

$

29,728‌

Shares:

Sold

..............................................................................................................

4,061‌

Redeemed

..........................................................................................................

(

1,493‌

)

Net

Increase

(Decrease)

2,568‌

Period Ended

December

31,

2022

(a)

Dollars:

Sold

..............................................................................................................

$

29,487‌

Reinvested

.........................................................................................................

91‌

Redeemed

..........................................................................................................

(

3,435‌

)

Net

Increase

(Decrease)

$

26,143‌

Shares:

Sold

..............................................................................................................

2,910‌

Reinvested

.........................................................................................................

9‌

Redeemed

..........................................................................................................

(

335‌

)

Net

Increase

(Decrease)

2,584‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Period Ended

December

31,

2022

(a)

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(

91‌

)

Total

Dividends

and

Distributions

$

(

91‌

)

(a)

Period

from

June

29,

2022,

date

operations

commenced,

through

December

31,

2022.

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

63

See

accompanying

notes.

Amounts

in

thousands

U.S.

LargeCap

Buffer

October

Account

Period

Ended

June

30,

2023

Period Ended

December

31,

2022

(a)

Operations

Net

investment

income

(loss)

................................................................................................................

$

32‌

$

39‌

Net

realized

gain

(loss)

on

investments

and

options

and

swaptions

.........................................................................

441‌

509‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

options

and

swaptions

..........................................

1,564‌

601‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

2,037‌

1,149‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–‌

(

39‌

)

Total

Dividends

and

Distributions

–‌

(

39‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(

2,620‌

)

16,868‌

Total

Increase

(Decrease)

in

Net

Assets

(

583‌

)

17,978‌

Net

Assets

Beginning

of

period

..........................................................................................................................

17,978‌

–‌

End

of

period

................................................................................................................................

$

17,395‌

$

17,978‌

Class

2

Capital

Share

Transactions:

Period

Ended

June

30,

2023

Dollars:

Sold

..............................................................................................................

$

1,985‌

Redeemed

..........................................................................................................

(

4,605‌

)

Net

Increase

(Decrease)

$

(

2,620‌

)

Shares:

Sold

..............................................................................................................

173‌

Redeemed

..........................................................................................................

(

415‌

)

Net

Increase

(Decrease)

(

242‌

)

Period Ended

December

31,

2022

(a)

Dollars:

Sold

..............................................................................................................

$

25,883‌

Reinvested

.........................................................................................................

39‌

Redeemed

..........................................................................................................

(

9,054‌

)

Net

Increase

(Decrease)

$

16,868‌

Shares:

Sold

..............................................................................................................

2,562‌

Reinvested

.........................................................................................................

4‌

Redeemed

..........................................................................................................

(

855‌

)

Net

Increase

(Decrease)

1,711‌

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2023

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–‌

Total

Dividends

and

Distributions

$

–‌

Period Ended

December

31,

2022

(a)

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(

39‌

)

Total

Dividends

and

Distributions

$

(

39‌

)

(a)

Period

from

September

29,

2022,

date

operations

commenced,

through

December

31,

2022.

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

64

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

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,

U.S.

LargeCap

Buffer

April

Account,

U.S.

LargeCap

Buffer

January

Account,

U.S.

LargeCap

Buffer

July

Account,

and

U.S.

LargeCap

Buffer

October

Account

series

of

the

Fund,

(known

as

the

“Funds”),

are

presented

herein.

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

(“the

Manager”).

Effective

September

29,

2022,

the

initial

purchase

of

$1,020,010

of

Class

2

shares

of

U.S.

LargeCap

Buffer

October

Account

was

made

by

PFSI,

an

affiliate

of

the

Manager.

Effective

December

28,

2022,

the

initial

purchase

of

$1,020,000

of

Class

2

shares

of

U.S.

LargeCap

Buffer

January

Account

was

made

by

PFSI,

an

affiliate

of

the

Manager.

Effective

March

29,

2023,

the

initial

purchase

of

$1,020,000

of

Class

2

shares

of

U.S.

LargeCap

Buffer

April

Account

was

made

by

PFSI,

an

affiliate

of

the

Manager.

Effective

April

28,

2023,

Principal

LifeTime

Strategic

Income

Account

acquired

all

the

assets

and

assumed

all

the

liabilities

of

Principal

LifeTime

2010

Account,

a

series

of

the

Fund,

pursuant

to

a

plan

of

reorganization

approved

by

shareholders

December

20,

2022.

The

purpose

of

the

acquisition

is

to

combine

two

funds

with

substantially

identical

strategies

and

risks

due

to

their

investment

glide

paths.

The

acquisition

was

accomplished

by

a

tax-free

exchange

of

3,110,000

shares

from

Principal

LifeTime

2010

Account

for

3,181,000

shares

valued

at

$33,732,000

of

Principal

LifeTime

Strategic

Income

Account

at

an

approximate

exchange

rate

of

1.02

for

Class

1.

The

investment

securities

of

Principal

LifeTime

2010

Account,

with

a

fair

value

of

approximately

$33,686,000

and

a

cost

of

$35,678,000

and

$11,000

cash

were

the

primary

assets

acquired

by

Principal

LifeTime

Strategic

Income

Account

on

April

28,

2023.

For

financial

reporting

purposes,

assets

received,

and

shares

issued

by

Principal

LifeTime

Strategic

Income

Account

were

recorded

at

fair

value;

however,

the

cost

basis

of

the

investments

received

from

Principal

LifeTime

2010

Account

were

maintained

through

the

reorganization.

The

net

assets

of

Principal

LifeTime

2010

Account

and

Principal

LifeTime

Strategic

Income

Account

immediately

prior

to

the

acquisition

in

accordance

with

U.S.

GAAP

were

approximately

$33,732,000

($66,000

of

accumulated

realized

loss)

and

$24,035,000,

respectively.

The

aggregate

net

assets

of

Principal

LifeTime

Strategic

Income

Account

immediately

following

the

acquisition

was

$57,767,000.

In

accordance

with

Sections

381-384

of

the

Internal

Revenue

Code,

a

portion

of

accumulated

realized

losses

may

be

subject

to

limitation.

Assuming

the

acquisition

had

been

completed

on

January

1,

2023,

the

beginning

of

the

fiscal

year

for

Principal

LifeTime

Strategic

Income

Account,

Principal

LifeTime

Strategic

Income

Account’s

pro

forma

results

of

operations

for

the

period

ended

June

30,

2023,

are

as

follows

(amounts

in

thousands):

Net

investment

income

$

623

Net

gain

on

investments

2,557

Net

increase

in

assets

resulting

from

operations

3,180

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

65

Because

the

combined

investment

portfolios

have

been

managed

as

a

single

integrated

portfolio

since

the

acquisition

was

completed,

it

is

not

practicable

to

separate

the

amounts

of

revenue

and

earnings

of

Principal

LifeTime

2010

Account

that

have

been

included

in

Principal

LifeTime

Strategic

Income

Account’s

statement

of

operations

since

April

28,

2023.

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

Fund’s

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

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.

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.

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)

1.

Organization

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

66

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,

2023:

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.

Distributions

received

from

other

series

of

the

Fund

and

other

investment

companies

(collectively,

"Underlying

Funds")

are

recorded

in

accordance

with

the

character

of

distributions

as

designated

by

the

Underlying

Funds.

Distributions

received

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

distributions

from REITs

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 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

of

the Funds

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.

Diversified

International

Account

Euro

22.9

%

Japanese

Yen

16.2

British

Pound

Sterling

15.6

Canadian

Dollar

7.8

Global

Emerging

Markets

Account

Hong

Kong

Dollar

22.5

%

New

Taiwan

Dollar

14.0

Indian

Rupee

13.7

South

Korean

Won

12.6

Brazilian

Real

5.9

Mexican

Peso

5.0

2.

Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

67

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.

The

Funds

recognize

interest

and

penalties,

if

any,

related

to

unrecognized

tax

positions

as

tax

expense

on

the

statements

of

operations. During

the period

ended

June

30,

2023,

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.

The

Funds

may

be

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

for

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

accrued

foreign tax

reclaims

receivables

are

included

in

dividends

and

interest

receivables

on

the

statements

of

assets

and

liabilities.

Any

foreign

tax

reclaims income is

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

receivables and

any

accrued

foreign

tax

liabilities

are

shown

on

the

statements

of

assets

and

liabilities.

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.

In

December

2022,

the

FASB

issued

ASU

No.

2022-06

Reference

Rate

Reform

(Topic

848):

Deferral

of

the

Sunset

Date

of

Topic

848

which

updates

and

clarifies

ASU

No.

2020-04.

The amendments

in

this ASU

defer

the

sunset

date

of

Topic

848

from

December

31,

2022,

to

December

31,

2024. Management expects

the impact

of

these

ASUs 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.

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

("SOFR") 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.

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. Any

outstanding

lending

as

of June

30,

2023 is included

in 

interfund

lending

on the

statements

of

assets

and

liabilities. 

Any

outstanding

borrowing as

of June

30,

2023 is

included

in

interfund

borrowing

on

the

statements

of

assets

and

liabilities.

2.

Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

68

During

the period

ended

June

30,

2023,

Funds

lending

to

the

Facility

were

as

follows

(amounts

in

thousands):

During

the period

ended

June

30,

2023,

Funds

borrowing

from

the

Facility

were

as

follows

(amounts

in

thousands): 

In

addition,

the

Funds

participate

with

other

registered

investment

companies

managed

by

the

Manager

in

an

unsecured

joint

line

of

credit

with

a

group

of

financial

institutions

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. The

line

of

credit

is

available

under

a

group

of

revolving

financial

institutions

and

lending

is

carried

out

with

unaffiliated

financial

institutions.

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

the

applicable

margin

of

1.00%.

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.

Any

outstanding

borrowing

as

of

June

30,

2023 is

included

in

borrowing

on

the

statements

of

assets

and

liabilities.

During

the period ended

June

30,

2023,

Funds

borrowing

against

the

line

of

credit

were

as

follows

(amounts

in

thousands):

Contingent

Convertible

Securities.

As

footnoted

in

the

schedules

of

investments, certain

of

the

Funds

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

Average

Daily

Amount

Loaned

Weighted

Average

Annual

Interest

Rate

Interest

Income

Blue

Chip

Account

$

2

5.43

%

$

—

Bond

Market

Index

Account

132

5.18

3

Core

Plus

Bond

Account

12

5.34

—

Diversified

Balanced

Volatility

Control

Account

150

5.37

4

Diversified

Growth

Volatility

Control

Account

1

5.08

—

Diversified

International

Account

5

5.50

—

Equity

Income

Account

25

5.20

1

Global

Emerging

Markets

Account

5

5.41

—

Government

&

High

Quality

Bond

Account

109

5.62

3

LargeCap

Growth

Account

I

67

5.27

2

LargeCap

S&P

500

Index

Account

285

5.27

7

LargeCap

S&P

500

Managed

Volatility

Index

Account

75

5.42

2

MidCap

Account

1

5.17

—

Principal

Capital

Appreciation

Account

68

5.07

1

Real

Estate

Securities

Account

5

5.62

—

Short-Term

Income

Account

1

5.11

—

SmallCap

Account

7

5.51

—

Average

Daily

Amount

Borrowed

Weighted

Average

Annual

Interest

Rate

Interest

Expense

Diversified

Balanced

Volatility

Control

Account

$

37

5.58

%

$

1

Diversified

Growth

Volatility

Control

Account

148

5.62

4

Diversified

International

Account

46

5.43

1

Global

Emerging

Markets

Account

3

5.68

—

Government

&

High

Quality

Bond

Account

4

5.43

—

LargeCap

S&P

500

Index

Account

10

5.42

—

MidCap

Account

174

5.37

5

Real

Estate

Securities

Account

—

5.44

—

SmallCap

Account

1

5.59

—

U.S.

LargeCap

Buffer

April

Account

10

5.60

—

U.S.

LargeCap

Buffer

January

Account

56

5.39

1

U.S.

LargeCap

Buffer

July

Account

83

5.24

2

U.S.

LargeCap

Buffer

October

Account

54

5.06

1

Average

Daily

Amount

Borrowed

Weighted

Average

Annual

Interest

Rate

SAM

Balanced

Portfolio

$

20

5.46

%

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

69

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,

2023

,

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

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,

2023,

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,

2023,

deposits

with

counterparty

were

as

follows

(amounts

in

thousands):

FCM

(Futures

and

Cleared

Swaps)

MSFTA

(Forward

Currency

Contracts

and

TBA

Securities)

Total

Deposits

with

Counterparty

Core

Plus

Bond

Account

$

—

$

8

$

8

Government

&

High

Quality

Bond

Account

265

8

273

LargeCap

Growth

Account

I

246

—

246

Short-Term

Income

Account

123

—

123

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

70

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,

2023,

deposits

from

counterparty

were

as

follows

(amounts

in

thousands):

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

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. 

MSFTA

(Forward

Currency

Contracts

and

TBA

Securities)

Bond

Market

Index

Account

$

25

Government

&

High

Quality

Bond

Account

107

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

71

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

may

enter

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

price

competitive,

transparent

auction

markets

and

avoiding

the

counterparty

exposure

of

the

OTC

options

positions.

All

FLEX

options

in

the

Funds

are

European-style

options,

that

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

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

are

typically

categorized

as

Level

2

within

the

disclosure

hierarchy.

As of

June

30,

2023,

the

Funds

had

no

unfunded

commitments

in

connection

with

PIPEs. 

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

72

Rebates.

Subject

to

best

execution,

the

Funds

may

direct

certain

portfolio

transactions

to

brokerage

firms

that,

in

turn,

have

agreed

to

rebate

a

portion

of

the

related

brokerage

commission

to

the

Funds

in

cash.

Commission

rebates

are

included

as

a

component

of

realized

gain

from

investment

transactions

in

the

statements

of

operations. 

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

transactions

are

accounted

for

as

secured

borrowings

and

the

remaining

contractual

maturity

is

overnight

and

continuous

for

all

securities. 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,

LIBOR,

SOFR,

or

a

similar

reference

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

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,

2023

,

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

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

73

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

period

ended

June

30,

2023

.

Swap

Agreements.

Certain

of

the

Funds

invested 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

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.

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

74

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,

2023

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.

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.PrincipalAM.com.

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

75

As

of

June

30,

2023,

series

of

the

Fund

owned

the

following

percentages,

in

the

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

98.66

%

Equity

Income

Account

21.82

Government

&

High

Quality

Bond

Account

16.38

LargeCap

S&P

500

Index

Account

77.27

LargeCap

S&P

500

Managed

Volatility

Index

Account

100.00

MidCap

Account

4.76

Asset

Derivatives

June

30,

2023

Liability

Derivatives

June

30,

2023

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)

$

—

Payables,

Total

distributable

earnings

(accumulated

loss)

$

160

*

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

18

*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

251

*

Total

$

18

*

$

411

*

Government

&

High

Quality

Bond

Account

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

104

*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

36

*

LargeCap

Growth

Account

I

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

125

*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

—

LargeCap

S&P

500

Index

Account

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

594

*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

—

LargeCap

S&P

500

Managed

Volatility

Index

Account

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

364

*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

107

Short-Term

Income

Account

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

—

Payables,

Total

distributable

earnings

(accumulated

loss)

$

151

*

U.S.

LargeCap

Buffer

April

Account

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

8,326

Payables,

Total

distributable

earnings

(accumulated

loss)

$

1,629

U.S.

LargeCap

Buffer

January

Account

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

2,430

Payables,

Total

distributable

earnings

(accumulated

loss)

$

496

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

76

Asset

Derivatives

June

30,

2023

Liability

Derivatives

June

30,

2023

Derivatives

not

accounted

for

as

hedging

instruments

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Statement

of

Assets

and

Liabilities

Location

Fair

Value

U.S.

LargeCap

Buffer

July

Account

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

4,211

Payables,

Total

distributable

earnings

(accumulated

loss)

$

801

U.S.

LargeCap

Buffer

October

Account

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

2,360

Payables,

Total

distributable

earnings

(accumulated

loss)

$

547

*

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

$

(860)

$

4

Interest

Rate

Contracts

Futures

contracts

$

(480)

$

(218)

Total

$

(1,340)

$

(214)

Government

&

High

Quality

Bond

Account

Interest

Rate

Contracts

Futures

contracts

$

75

$

95

LargeCap

Growth

Account

I

Equity

Contracts

Futures

contracts

$

346

$

166

LargeCap

S&P

500

Index

Account

Equity

Contracts

Futures

contracts

$

2,711

$

2,872

LargeCap

S&P

500

Managed

Volatility

Index

Account

Equity

Contracts

Investment

transactions/Investments*

$

(5,589)

$

(254)

Futures

contracts

$

275

$

143

Options

and

swaptions

$

3,507

$

(11)

Total

$

(1,807)

$

(122)

Short-Term

Income

Account

Interest

Rate

Contracts

Futures

contracts

$

(84)

$

(144)

U.S.

LargeCap

Buffer

April

Account

Equity

Contracts

Investment

transactions/Investments*

$

(302)

$

(1,385)

Options

and

swaptions

$

165

$

801

Total

$

(137)

$

(584)

U.S.

LargeCap

Buffer

January

Account

Equity

Contracts

Investment

transactions/Investments*

$

(648)

$

(448)

Options

and

swaptions

$

445

$

274

Total

$

(203)

$

(174)

U.S.

LargeCap

Buffer

July

Account

Equity

Contracts

Investment

transactions/Investments*

$

(1,536)

$

774

Options

and

swaptions

$

1,245

$

(864)

Total

$

(291)

$

(90)

U.S.

LargeCap

Buffer

October

Account

Equity

Contracts

Investment

transactions/Investments*

$

(225)

$

(142)

Options

and

swaptions

$

142

$

(2)

Total

$

(83)

$

(144)

*Investment

transactions

includes

purchased

options

and/or

purchased

swaptions

.

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

77

The

following

table

includes

a

summary

of

the

average

quarterly

outstanding

notional

by

derivative

instrument

type

for

the period

ended

June

30,

2023 (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

exchange-traded

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,

OTC

derivatives,

exchange

cleared

derivatives,

and

U.S.

Government

and

Government

Agency

Obligations.

Contract

Type

Derivative

Type

Average

Notional

Core

Plus

Bond

Account

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps

-

Buy

Protection

$

15,758

Interest

Rate

Contracts

Futures

-

Long

11,311

Futures

-

Short

4,323

Diversified

Growth

Volatility

Control

Account

Equity

Contracts

Futures

-

Short

4,322

Government

&

High

Quality

Bond

Account

Interest

Rate

Contracts

Futures

-

Long

12,265

Futures

-

Short

7,396

LargeCap

Growth

Account

I

Equity

Contracts

Futures

-

Long

3,016

LargeCap

S&P

500

Index

Account

Equity

Contracts

Futures

-

Long

59,289

LargeCap

S&P

500

Managed

Volatility

Index

Account

Equity

Contracts

Futures

-

Long

3,235

Purchased

Options

23

Written

Options

23

Short-Term

Income

Account

Interest

Rate

Contracts

Futures

-

Long

5,510

U.S.

LargeCap

Buffer

April

Account

Equity

Contracts

Purchased

Options

107

Written

Options

122

U.S.

LargeCap

Buffer

January

Account

Equity

Contracts

Purchased

Options

64

Written

Options

73

U.S.

LargeCap

Buffer

July

Account

Equity

Contracts

Purchased

Options

72

Written

Options

84

U.S.

LargeCap

Buffer

October

Account

Equity

Contracts

Purchased

Options

49

Written

Options

54

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

78

●

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

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.

Valuation

models

rely

on

one

or

more

significant

unobservable

inputs

such

as:

yield

to

maturity,

EBITDA

multiples,

discount

rates,

available

cash,

or

direct

offering

price.

Significant

increases

in

yield

to

maturity,

EBITDA

multiples,

available

cash,

or

direct

offering

price would

have

resulted

in

significantly

higher

fair

value

measurements.

A

significant

increases

in

discount

rates

would

have

resulted

in

a

significantly

lower

fair

value

measurement.

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,

2023

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*

$

11,966

$

—

$

—

$

11,966

Investment

Companies

203

—

—

203

Total

investments

in

securities

$

12,169

$

—

$

—

$

12,169

Bond

Market

Index

Account

Bonds*

—

702,861

—

702,861

Investment

Companies

69,758

—

—

69,758

Municipal

Bonds*

—

13,177

—

13,177

U.S.

Government

&

Government

Agency

Obligations*

—

1,653,422

—

1,653,422

Total

investments

in

securities

$

69,758

$

2,369,460

$

—

$

2,439,218

Core

Plus

Bond

Account

Bonds*

—

95,987

1

95,988

Investment

Companies

8,084

—

—

8,084

Senior

Floating

Rate

Interests*

—

1,347

—

1,347

U.S.

Government

&

Government

Agency

Obligations*

—

106,650

—

106,650

Total

investments

in

securities

$

8,084

$

203,984

$

1

$

212,069

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

79

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Core

Plus

Bond

Account

(continued)

Derivative

Assets

Interest

Rate

Contracts

Futures**

$

18

$

—

$

—

$

18

Derivative

Liabilities

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps**

—

(160)

—

(160)

Interest

Rate

Contracts

Futures**

(251)

—

—

(251)

Diversified

Balanced

Account

Investment

Companies

760,875

—

—

760,875

Total

investments

in

securities

$

760,875

$

—

$

—

$

760,875

Diversified

Balanced

Managed

Volatility

Account

Investment

Companies

142,830

—

—

142,830

Total

investments

in

securities

$

142,830

$

—

$

—

$

142,830

Diversified

Balanced

Volatility

Control

Account

Investment

Companies

228,919

—

—

228,919

Total

investments

in

securities

$

228,919

$

—

$

—

$

228,919

Diversified

Growth

Account

Investment

Companies

3,148,565

—

—

3,148,565

Total

investments

in

securities

$

3,148,565

$

—

$

—

$

3,148,565

Diversified

Growth

Managed

Volatility

Account

Investment

Companies

300,406

—

—

300,406

Total

investments

in

securities

$

300,406

$

—

$

—

$

300,406

Diversified

Growth

Volatility

Control

Account

Investment

Companies

1,343,072

—

—

1,343,072

Total

investments

in

securities

$

1,343,072

$

—

$

—

$

1,343,072

Diversified

Income

Account

Investment

Companies

255,862

—

—

255,862

Total

investments

in

securities

$

255,862

$

—

$

—

$

255,862

Diversified

International

Account

Common

Stocks

Basic

Materials

2,378

7,632

—

10,010

Communications

1,925

2,396

—

4,321

Consumer,

Cyclical

11,023

31,254

—

42,277

Consumer,

Non-cyclical

3,353

45,600

—

48,953

Energy

5,983

6,443

—

12,426

Financial

14,997

45,207

—

60,204

Industrial

7,105

30,472

—

37,577

Technology

—

30,111

—

30,111

Utilities

—

4,062

—

4,062

Investment

Companies

4,192

—

—

4,192

Total

investments

in

securities

$

50,956

$

203,177

$

—

$

254,133

Equity

Income

Account

Common

Stocks*

627,436

—

—

627,436

Investment

Companies

18,929

—

—

18,929

Total

investments

in

securities

$

646,365

$

—

$

—

$

646,365

Global

Emerging

Markets

Account

Common

Stocks

Basic

Materials

1,113

1,354

—

2,467

Communications

1,260

8,425

—

9,685

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

80

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)

Consumer,

Cyclical

$

1,431

$

6,591

$

—

$

8,022

Consumer,

Non-cyclical

1,517

7,221

—

8,738

Energy

751

3,691

—

4,442

Financial

2,184

10,886

—

13,070

Industrial

1,095

5,243

—

6,338

Technology

1,071

12,688

—

13,759

Utilities

—

500

—

500

Investment

Companies

1,056

—

—

1,056

Preferred

Stocks

Consumer,

Cyclical

—

293

—

293

Financial

—

13

—

13

Total

investments

in

securities

$

11,478

$

56,905

$

—

$

68,383

Government

&

High

Quality

Bond

Account

Bonds*

—

12,512

—

12,512

Investment

Companies

2,558

—

—

2,558

U.S.

Government

&

Government

Agency

Obligations*

—

125,842

—

125,842

Total

investments

in

securities

$

2,558

$

138,354

$

—

$

140,912

Derivative

Assets

Interest

Rate

Contracts

Futures**

104

—

—

104

Derivative

Liabilities

Interest

Rate

Contracts

Futures**

(36)

—

—

(36)

LargeCap

Growth

Account

I

Common

Stocks

Basic

Materials

416

—

—

416

Communications

95,258

—

—

95,258

Consumer,

Cyclical

31,086

—

—

31,086

Consumer,

Non-cyclical

128,390

—

—

128,390

Energy

417

—

—

417

Financial

40,307

—

—

40,307

Industrial

22,582

—

—

22,582

Technology

206,594

—

123

206,717

Utilities

37

—

—

37

Convertible

Preferred

Stocks

Basic

Materials

—

—

100

100

Consumer,

Cyclical

—

—

95

95

Technology

—

—

293

293

Investment

Companies

15,907

—

—

15,907

Total

investments

in

securities

$

540,994

$

—

$

611

$

541,605

Derivative

Assets

Equity

Contracts

Futures**

125

—

—

125

LargeCap

S&P

500

Index

Account

Common

Stocks*

2,704,400

—

—

2,704,400

Investment

Companies

61,468

—

—

61,468

Total

investments

in

securities

$

2,765,868

$

—

$

—

$

2,765,868

Derivative

Assets

Equity

Contracts

Futures**

594

—

—

594

LargeCap

S&P

500

Managed

Volatility

Index

Account

Common

Stocks*

174,647

—

—

174,647

Investment

Companies

12,148

—

—

12,148

Purchased

Options

—

266

—

266

Total

investments

in

securities

$

186,795

$

266

$

—

$

187,061

Derivative

Assets

Equity

Contracts

Futures**

98

—

—

98

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

81

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

LargeCap

S&P

500

Managed

Volatility

Index

Account

(continued)

Equity

Contracts

(continued)

Derivative

Liabilities

Equity

Contracts

Written

Options

$

—

$

(107)

$

—

$

(107)

MidCap

Account

Common

Stocks

Basic

Materials

5,300

—

—

5,300

Communications

22,239

—

—

22,239

Consumer,

Cyclical

166,886

—

—

166,886

Consumer,

Non-cyclical

62,764

—

—

62,764

Financial

138,055

—

—

138,055

Industrial

104,617

—

—

104,617

Technology

72,543

—

—

72,543

Utilities

20,031

—

—

20,031

Investment

Companies

1,364

—

—

1,364

Total

investments

in

securities

$

593,799

$

—

$

—

$

593,799

Principal

Capital

Appreciation

Account

Common

Stocks

Basic

Materials

4,120

—

—

4,120

Communications

21,699

—

—

21,699

Consumer,

Cyclical

18,515

—

—

18,515

Consumer,

Non-cyclical

29,751

—

—

29,751

Energy

7,515

—

—

7,515

Financial

26,283

—

—

26,283

Industrial

12,105

1,152

—

13,257

Technology

43,220

—

—

43,220

Utilities

5,049

—

—

5,049

Investment

Companies

4,229

—

—

4,229

Total

investments

in

securities

$

172,486

$

1,152

$

—

$

173,638

Principal

LifeTime

2020

Account

Investment

Companies

151,099

—

—

151,099

Total

investments

in

securities

$

151,099

$

—

$

—

$

151,099

Principal

LifeTime

2030

Account

Investment

Companies

253,407

—

—

253,407

Total

investments

in

securities

$

253,407

$

—

$

—

$

253,407

Principal

LifeTime

2040

Account

Investment

Companies

133,214

—

—

133,214

Total

investments

in

securities

$

133,214

$

—

$

—

$

133,214

Principal

LifeTime

2050

Account

Investment

Companies

64,018

—

—

64,018

Total

investments

in

securities

$

64,018

$

—

$

—

$

64,018

Principal

LifeTime

2060

Account

Investment

Companies

17,448

—

—

17,448

Total

investments

in

securities

$

17,448

$

—

$

—

$

17,448

Principal

LifeTime

Strategic

Income

Account

Investment

Companies

55,707

—

—

55,707

Total

investments

in

securities

$

55,707

$

—

$

—

$

55,707

Real

Estate

Securities

Account

Common

Stocks*

133,639

—

—

133,639

Investment

Companies

537

—

—

537

Total

investments

in

securities

$

134,176

$

—

$

—

$

134,176

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

82

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

SAM

Balanced

Portfolio

Investment

Companies

$

584,844

$

—

$

—

$

584,844

Total

investments

in

securities

$

584,844

$

—

$

—

$

584,844

SAM

Conservative

Balanced

Portfolio

Investment

Companies

163,396

—

—

163,396

Total

investments

in

securities

$

163,396

$

—

$

—

$

163,396

SAM

Conservative

Growth

Portfolio

Investment

Companies

374,830

—

—

374,830

Total

investments

in

securities

$

374,830

$

—

$

—

$

374,830

SAM

Flexible

Income

Portfolio

Investment

Companies

140,726

—

—

140,726

Total

investments

in

securities

$

140,726

$

—

$

—

$

140,726

SAM

Strategic

Growth

Portfolio

Investment

Companies

377,761

—

—

377,761

Total

investments

in

securities

$

377,761

$

—

$

—

$

377,761

Short-Term

Income

Account

Bonds*

—

119,680

—

119,680

Investment

Companies

4,313

—

—

4,313

U.S.

Government

&

Government

Agency

Obligations*

—

13,574

—

13,574

Total

investments

in

securities

$

4,313

$

133,254

$

—

$

137,567

Derivative

Liabilities

Interest

Rate

Contracts

Futures**

(151)

—

—

(151)

SmallCap

Account

Common

Stocks*

171,310

—

—

171,310

Investment

Companies

5,329

—

—

5,329

Total

investments

in

securities

$

176,639

$

—

$

—

$

176,639

U.S.

LargeCap

Buffer

April

Account

Investment

Companies

50,486

—

—

50,486

Purchased

Options

—

8,326

—

8,326

Total

investments

in

securities

$

50,486

$

8,326

$

—

$

58,812

Derivative

Liabilities

Equity

Contracts

Written

Options

—

(1,629)

—

(1,629)

U.S.

LargeCap

Buffer

January

Account

Investment

Companies

14,390

—

—

14,390

Purchased

Options

—

2,430

—

2,430

Total

investments

in

securities

$

14,390

$

2,430

$

—

$

16,820

Derivative

Liabilities

Equity

Contracts

Written

Options

—

(496)

—

(496)

U.S.

LargeCap

Buffer

July

Account

Investment

Companies

22,501

—

—

22,501

Purchased

Options

—

4,211

—

4,211

Total

investments

in

securities

$

22,501

$

4,211

$

—

$

26,712

Derivative

Liabilities

Equity

Contracts

Written

Options

—

(801)

—

(801)

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

83

*For

additional

detail

regarding

sector

and/or

sub-industry

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

of

the

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)

U.S.

LargeCap

Buffer

October

Account

Investment

Companies

$

14,376

$

—

$

—

$

14,376

Purchased

Options

—

2,360

—

2,360

Total

investments

in

securities

$

14,376

$

2,360

$

—

$

16,736

Derivative

Liabilities

Equity

Contracts

Written

Options

—

(547)

—

(547)

Net

Assets

of

Fund

(in

millions)

First

$100

Next

$100

Next

$100

Next

$100

Thereafter

Core

Plus

Bond

Account

.50%

.45%

.40%

.35%

.30%

Government

&

High

Quality

Bond

Account

.50

.48

.46

.45

.44

LargeCap

Growth

Account

I

.80

.75

.70

.65

.60

Real

Estate

Securities

Account

.79

.77

.73

.70

.68

SmallCap

Account

.85

.80

.75

.70

.65

Net

Assets

of

Fund

(in

millions)

First

$100

Next

$100

Next

$100

Next

$100

Next

$300

Next

$300

Thereafter

Equity

Income

Account

.60%

.55%

.50%

.45%

.40%

.39%

.38%

MidCap

Account

.65

.60

.55

.50

.45

.44

.43

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

.500

Short-Term

Income

Account

.40

.39

Net

Assets

of

Fund

(in

billions)

First

$3

Over

$3

LargeCap

S&P

500

Index

Account

.20%

.18%

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

.35

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

84

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

March

29,

2023

(date

operations

commenced)

to

June

30,

2023.

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%.

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,

2023,

the

Manager,

Principal National

Life

Insurance

Company

(an

affiliate

of

the

Manager), Principal

Life

Insurance

Company

(an

affiliate

of

the

Manager),

Principal

Financial

Services,

Inc.

(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):

All

Net

Assets

U.S.

LargeCap

Buffer

January

Account

.69

U.S.

LargeCap

Buffer

April

Account

.69

U.S.

LargeCap

Buffer

July

Account

.69

U.S.

LargeCap

Buffer

October

Account

.69

Period

from

January

1,

2023

through

June

30,

2023

Expiration

LargeCap

Growth

Account

I

.016%

April

30,

2024

Period

from

January

1,

2023

through

June

30,

2023

Class

1

Class

2

Class

3

Expiration

Blue

Chip

Account

N/A

N/A

1.05%

April

30,

2024

Diversified

Balanced

Managed

Volatility

Account

N/A

.31%

N/A

April

30,

2024

Global

Emerging

Markets

Account

1.20%

N/A

N/A

April

30,

2023

LargeCap

Growth

Account

I

.69

N/A

N/A

April

30,

2024

U.S.

LargeCap

Buffer

January

Account

N/A

.95

N/A

April

30,

2024

U.S.

LargeCap

Buffer

April

Account

N/A

.95*

N/A

April

30,

2024

U.S.

LargeCap

Buffer

July

Account

N/A

.95

N/A

April

30,

2024

U.S.

LargeCap

Buffer

October

Account

N/A

.95

N/A

April

30,

2024

Class

1

Class

2

Class

3

Blue

Chip

Account

N/A

N/A

996

Bond

Market

Index

Account

3,038

N/A

N/A

Core

Plus

Bond

Account

19,856

N/A

N/A

Diversified

Balanced

Account

2,327

50,016

1

Diversified

Balanced

Managed

Volatility

Account

N/A

12,063

1

Diversified

Balanced

Volatility

Control

Account

N/A

20,129

1

Diversified

Growth

Account

N/A

178,953

1

Diversified

Growth

Managed

Volatility

Account

N/A

23,750

1

5.

Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

85

6.

Investment

Transactions

For

the period ended

June

30,

2023,

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

Diversified

Growth

Volatility

Control

Account

N/A

110,995

1

Diversified

Income

Account

N/A

20,322

—

Diversified

International

Account

16,859

N/A

N/A

Equity

Income

Account

11,704

553

—

Global

Emerging

Markets

Account

4,863

N/A

N/A

Government

&

High

Quality

Bond

Account

12,296

N/A

N/A

LargeCap

Growth

Account

I

13,822

N/A

N/A

LargeCap

S&P

500

Index

Account

27,067

2,339

N/A

MidCap

Account

8,759

295

N/A

Principal

Capital

Appreciation

Account

3,238

395

N/A

Principal

LifeTime

2020

Account

12,346

N/A

N/A

Principal

LifeTime

2030

Account

19,613

N/A

N/A

Principal

LifeTime

2040

Account

8,038

N/A

N/A

Principal

LifeTime

2050

Account

4,061

N/A

N/A

Principal

LifeTime

2060

Account

1,107

N/A

N/A

Principal

LifeTime

Strategic

Income

Account

5,298

N/A

N/A

Real

Estate

Securities

Account

7,039

542

N/A

SAM

Balanced

Portfolio

30,630

2,872

N/A

SAM

Conservative

Balanced

Portfolio

12,152

1,408

N/A

SAM

Conservative

Growth

Portfolio

9,211

1,431

N/A

SAM

Flexible

Income

Portfolio

9,718

2,514

N/A

SAM

Strategic

Growth

Portfolio

8,298

838

N/A

Short-Term

Income

Account

55,847

N/A

N/A

SmallCap

Account

11,247

338

N/A

U.S.

LargeCap

Buffer

April

Account

N/A

6,255

N/A

U.S.

LargeCap

Buffer

January

Account

N/A

1,624

N/A

U.S.

LargeCap

Buffer

July

Account

N/A

1,319

N/A

U.S.

LargeCap

Buffer

October

Account

N/A

1,412

N/A

Purchases

Sales

Blue

Chip

Account

$

1,761

$

412

Bond

Market

Index

Account

303,664

272,520

Core

Plus

Bond

Account

96,045

100,097

Diversified

Balanced

Account

45,325

94,625

Diversified

Balanced

Managed

Volatility

Account

10,027

19,079

Diversified

Balanced

Volatility

Control

Account

83,586

55,761

Diversified

Growth

Account

178,841

379,487

Diversified

Growth

Managed

Volatility

Account

18,804

37,791

Diversified

Growth

Volatility

Control

Account

567,366

366,881

Diversified

Income

Account

17,446

32,257

Diversified

International

Account

50,295

61,368

Equity

Income

Account

54,122

113,818

Global

Emerging

Markets

Account

12,157

15,651

Government

&

High

Quality

Bond

Account

65,607

80,145

LargeCap

Growth

Account

I

91,086

108,696

LargeCap

S&P

500

Index

Account

17,436

161,634

LargeCap

S&P

500

Managed

Volatility

Index

Account

3,665

22,203

MidCap

Account

18,964

99,583

Principal

Capital

Appreciation

Account

37,483

39,201

Principal

LifeTime

2020

Account

11,391

20,306

Principal

LifeTime

2030

Account

27,948

20,095

Principal

LifeTime

2040

Account

20,054

17,195

Principal

LifeTime

2050

Account

9,292

9,006

Principal

LifeTime

2060

Account

2,977

2,482

Principal

LifeTime

Strategic

Income

Account

2,244

5,570

Real

Estate

Securities

Account

6,458

9,685

SAM

Balanced

Portfolio

95,048

129,768

SAM

Conservative

Balanced

Portfolio

28,757

36,915

SAM

Conservative

Growth

Portfolio

61,126

75,993

SAM

Flexible

Income

Portfolio

19,081

26,697

SAM

Strategic

Growth

Portfolio

65,911

72,499

5.

Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

86

For

the period

ended

June

30,

2023,

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,

2023 and

December

31,

2022 were

as

follows

(amounts

in

thousands):

*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).

**Unrecaptured

Section

1250

gains

are

gains

from

the

sale

of

depreciable

property

that

are

subject

to

a

maximum

tax

rate

of

25%.

Certain

Funds

may

also

utilize

earnings

and

profits

distributed

to

shareholders

on

redemptions

of

shares

as

part

of

the

dividends

paid

deduction.

Purchases

Sales

Short-Term

Income

Account

$

19,413

$

17,938

SmallCap

Account

23,341

33,487

U.S.

LargeCap

Buffer

April

Account

55,801

9,747

U.S.

LargeCap

Buffer

January

Account

7,808

19,204

U.S.

LargeCap

Buffer

July

Account

10,941

14,062

U.S.

LargeCap

Buffer

October

Account

448

4,062

Purchases

Sales

Bond

Market

Index

Account

$

397,043

$

329,472

Core

Plus

Bond

Account

46,815

41,593

Government

&

High

Quality

Bond

Account

43,995

44,718

Short-Term

Income

Account

7,001

9,114

Ordinary

Income

Long-Term

Capital

Gain*

Section

1250

Gain**

2023

2022

2023

2022

2023

2022

Blue

Chip

Account

$

—

$

—

$

—

$

13

$

—

$

—

Bond

Market

Index

Account

—

53,039

—

2,296

—

—

Core

Plus

Bond

Account

—

6,363

—

2,263

—

—

Diversified

Balanced

Account

—

20,659

—

71,158

—

—

Diversified

Balanced

Managed

Volatility

Account

—

4,380

—

11,500

—

—

Diversified

Balanced

Volatility

Control

Account

—

11,938

—

4,212

—

—

Diversified

Growth

Account

—

82,184

—

276,364

—

—

Diversified

Growth

Managed

Volatility

Account

—

9,755

—

25,974

—

—

Diversified

Growth

Volatility

Control

Account

—

67,136

—

33,793

—

—

Diversified

Income

Account

—

7,318

—

12,540

—

—

Diversified

International

Account

—

6,558

—

23,295

—

—

Equity

Income

Account

—

29,946

—

60,496

—

—

Global

Emerging

Markets

Account

—

2,586

—

5,557

—

—

Government

&

High

Quality

Bond

Account

—

2,203

—

—

—

—

LargeCap

Growth

Account

I

—

6,213

—

53,723

—

—

LargeCap

S&P

500

Index

Account

—

41,050

—

282,840

—

—

LargeCap

S&P

500

Managed

Volatility

Index

Account

—

2,043

—

19,424

—

—

MidCap

Account

—

1,775

—

63,099

—

—

Principal

Capital

Appreciation

Account

—

5,170

—

15,525

—

—

Principal

LifeTime

2020

Account

—

6,678

—

10,079

—

—

Principal

LifeTime

2030

Account

—

8,467

—

14,343

—

—

Principal

LifeTime

2040

Account

—

4,161

—

8,140

—

—

Principal

LifeTime

2050

Account

—

2,185

—

4,627

—

—

Principal

LifeTime

2060

Account

—

518

—

1,126

—

—

Principal

LifeTime

Strategic

Income

Account

—

926

—

1,091

—

—

Real

Estate

Securities

Account

—

2,788

—

9,374

—

271

SAM

Balanced

Portfolio

—

21,423

—

74,882

—

—

SAM

Conservative

Balanced

Portfolio

—

5,818

—

14,869

—

—

SAM

Conservative

Growth

Portfolio

—

12,091

—

35,689

—

—

SAM

Flexible

Income

Portfolio

—

6,580

—

10,409

—

—

SAM

Strategic

Growth

Portfolio

—

9,751

—

36,153

—

—

Short-Term

Income

Account

—

1,615

—

199

—

—

SmallCap

Account

—

6,073

—

26,187

—

—

U.S.

LargeCap

Buffer

July

Account

—

91

—

—

—

—

U.S.

LargeCap

Buffer

October

Account

—

39

—

—

—

—

6.

Investment

Transactions

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

87

For

U.S.

federal

income

tax

purposes,

short-term

capital

gain

distributions

are

considered

ordinary

income

distributions.

Distributable

Earnings.

As

of December

31,

2022,

the

components

of

total

distributable

earnings

(accumulated

loss)

on

a

federal

tax

basis

were

as

follows

(amounts

in

thousands):

*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,

2022,

the

Funds

had

approximate

net

capital

loss

carryforwards

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)

Blue

Chip

Account

$

—

$

—

$

(511)

$

(1,868)

$

—

$

(2,379)

Bond

Market

Index

Account

57,063

—

(64,803)

(298,749)

—

(306,489)

Core

Plus

Bond

Account

5,691

—

(12,004)

(23,494)

(10)

(29,817)

Diversified

Balanced

Account

12,813

45,809

—

102,834

—

161,456

Diversified

Balanced

Managed

Volatility

Account

2,142

6,251

—

1,437

—

9,830

Diversified

Balanced

Volatility

Control

Account

2,934

1,785

—

(18,205)

(21)

(13,507)

Diversified

Growth

Account

49,198

197,801

—

518,827

—

765,826

Diversified

Growth

Managed

Volatility

Account

4,087

17,109

—

14,312

—

35,508

Diversified

Growth

Volatility

Control

Account

16,061

20,319

—

(79,904)

(332)

(43,856)

Diversified

Income

Account

4,711

9,737

—

(824)

—

13,624

Diversified

International

Account

2,725

—

(3,536)

19,220

—

18,409

Equity

Income

Account

14,228

28,776

—

279,430

—

322,434

Global

Emerging

Markets

Account

1,455

—

(3,922)

801

—

(1,666)

Government

&

High

Quality

Bond

Account

2,867

—

(18,300)

(17,623)

(14)

(33,070)

LargeCap

Growth

Account

I

—

25,446

—

48,419

—

73,865

LargeCap

S&P

500

Index

Account

37,480

110,231

—

910,649

—

1,058,360

LargeCap

S&P

500

Managed

Volatility

Index

Account

2,246

10,487

—

60,350

(12,343)

60,740

MidCap

Account

—

13,916

—

165,775

—

179,691

Principal

Capital

Appreciation

Account

1,321

10,885

—

62,181

—

74,387

Principal

LifeTime

2020

Account

3,911

2,270

—

(8,575)

—

(2,394)

Principal

LifeTime

2030

Account

4,547

5,335

—

(13,528)

—

(3,646)

Principal

LifeTime

2040

Account

1,862

3,436

—

(6,404)

—

(1,106)

Principal

LifeTime

2050

Account

744

1,925

—

(3,708)

—

(1,039)

Principal

LifeTime

2060

Account

195

508

—

(1,543)

—

(840)

Principal

LifeTime

Strategic

Income

Account

667

236

—

(2,909)

—

(2,006)

Real

Estate

Securities

Account

2,792

5,322

—

9,644

—

17,758

SAM

Balanced

Portfolio

13,322

24,360

—

11,816

—

49,498

SAM

Conservative

Balanced

Portfolio

4,551

1,138

—

(4,580)

—

1,109

SAM

Conservative

Growth

Portfolio

6,135

19,108

—

12,812

—

38,055

SAM

Flexible

Income

Portfolio

4,525

—

(4,243)

(10,368)

—

(10,086)

SAM

Strategic

Growth

Portfolio

4,835

13,605

—

7,408

—

25,848

Short-Term

Income

Account

2,437

—

(1,198)

(6,755)

(6)

(5,522)

SmallCap

Account

510

—

(709)

12,902

—

12,703

U.S.

LargeCap

Buffer

January

Account

4

—

(41)

(1)

—

(38)

U.S.

LargeCap

Buffer

July

Account

92

56

—

(30)

(2)

116

U.S.

LargeCap

Buffer

October

Account

446

—

—

686

(13)

1,119

Short-Term

Long-Term

Total

Blue

Chip

Account

$

511

$

—

$

511

Bond

Market

Index

Account

32,787

32,016

64,803

Core

Plus

Bond

Account

6,614

5,390

12,004

Diversified

International

Account

3,536

—

3,536

Global

Emerging

Markets

Account

1,790

2,132

3,922

Government

&

High

Quality

Bond

Account

8,415

9,885

18,300

SAM

Flexible

Income

Portfolio

1,674

2,569

4,243

Short-Term

Income

Account

888

310

1,198

SmallCap

Account

709

—

709

U.S.

LargeCap

Buffer

January

Account

17

24

41

7.

Federal

Tax

Information

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

88

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.

For

the

year

ended

December

31,

2022,

the

Funds

did

not

utilize

capital

loss

carryforwards.

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,

2022

,

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,

2022,

the

Funds

recorded

reclassifications

as

follows

(amounts

in

thousands):

Federal

Income

Tax

Basis.

As

of June

30,

2023,

the

net

federal

income

tax

unrealized

appreciation

(depreciation)

and

federal

tax

cost

of

investments

held

by

the

Funds

were

as

follows

(amounts

in

thousands):

Total

Distributable

Earnings

(Accumulated

Loss)

Capital

Shares

and

Additional

Paid-in-Capital

Blue

Chip

Account

$

27

$

(27)

Equity

Income

Account

(9,345)

9,345

LargeCap

Growth

Account

I

804

(804)

LargeCap

S&P

500

Index

Account

(44,443)

44,443

LargeCap

S&P

500

Managed

Volatility

Index

Account

(1,406)

1,406

MidCap

Account

(4,202)

4,202

Principal

Capital

Appreciation

Account

(2,789)

2,789

SmallCap

Account

(1)

1

U.S.

LargeCap

Buffer

July

Account

12

(12)

U.S.

LargeCap

Buffer

October

Account

9

(9)

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Unrealized

Appreciation/

(Depreciation)

Cost

for

Federal

Income

Tax

Purposes

Blue

Chip

Account

$

1,445

$

(1,223)

$

222

$

11,947

Bond

Market

Index

Account

2,963

(269,753)

(266,790)

2,706,008

Core

Plus

Bond

Account

649

(19,669)

(19,020)

230,696

Diversified

Balanced

Account

196,032

(35,659)

160,373

600,502

Diversified

Balanced

Managed

Volatility

Account

20,134

(8,598)

11,536

131,294

Diversified

Balanced

Volatility

Control

Account

13,236

(16,046)

(2,810)

231,729

Diversified

Growth

Account

929,509

(119,981)

809,528

2,339,037

Diversified

Growth

Managed

Volatility

Account

53,054

(13,432)

39,622

260,784

Diversified

Growth

Volatility

Control

Account

100,056

(67,935)

32,121

1,310,951

Diversified

Income

Account

35,512

(20,852)

14,660

241,202

Diversified

International

Account

50,470

(7,758)

42,712

211,421

Equity

Income

Account

302,161

(11,886)

290,275

356,090

Global

Emerging

Markets

Account

13,023

(6,997)

6,026

62,357

Government

&

High

Quality

Bond

Account

845

(15,483)

(14,638)

155,618

LargeCap

Growth

Account

I

172,708

(30,237)

142,471

399,259

LargeCap

S&P

500

Index

Account

1,316,802

(101,805)

1,214,997

1,551,465

LargeCap

S&P

500

Managed

Volatility

Index

Account

83,523

(7,370)

76,153

110,899

MidCap

Account

227,421

(16,586)

210,835

382,964

Principal

Capital

Appreciation

Account

83,835

(3,140)

80,695

92,943

Principal

LifeTime

2020

Account

16,538

(17,259)

(721)

151,820

Principal

LifeTime

2030

Account

25,941

(21,594)

4,347

249,060

Principal

LifeTime

2040

Account

14,393

(8,500)

5,893

127,321

Principal

LifeTime

2050

Account

7,678

(4,520)

3,158

60,860

Principal

LifeTime

2060

Account

1,427

(1,154)

273

17,175

Principal

LifeTime

Strategic

Income

Account

3,545

(7,100)

(3,555)

59,262

Real

Estate

Securities

Account

24,055

(11,723)

12,332

121,844

SAM

Balanced

Portfolio

92,866

(25,174)

67,692

517,152

SAM

Conservative

Balanced

Portfolio

17,350

(9,274)

8,076

155,320

7.

Federal

Tax

Information

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

89

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

SAM

Conservative

Growth

Portfolio

$

73,170

$

(12,370)

$

60,800

$

314,030

SAM

Flexible

Income

Portfolio

7,052

(9,424)

(2,372)

143,098

SAM

Strategic

Growth

Portfolio

65,193

(7,740)

57,453

320,308

Short-Term

Income

Account

117

(5,964)

(5,847)

143,263

SmallCap

Account

46,684

(24,059)

22,625

154,014

U.S.

LargeCap

Buffer

April

Account

5,447

(2,288)

3,159

54,024

U.S.

LargeCap

Buffer

January

Account

2,496

(934)

1,562

14,762

U.S.

LargeCap

Buffer

July

Account

1,385

(7)

1,378

24,533

U.S.

LargeCap

Buffer

October

Account

3,403

(1,153)

2,250

13,939

7.

Federal

Tax

Information

(continued)

Schedule

of

Investments

Blue

Chip

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

90

INVESTMENT

COMPANIES

-

1

.68

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1

.68

%

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(a),(b)

203,253‌

$

203‌

TOTAL

INVESTMENT

COMPANIES

$

203‌

COMMON

STOCKS

-

98

.99

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

5

.73

%

HEICO

Corp

-

Class

A

426‌

$

60‌

TransDigm

Group

Inc

708‌

633‌

$

693‌

Chemicals

-

2

.43

%

Linde

PLC

518‌

197‌

Sherwin-Williams

Co/The

365‌

97‌

$

294‌

Commercial

Services

-

8

.37

%

CoStar

Group

Inc

(c)

3,770‌

336‌

Moody's

Corp

1,128‌

392‌

S&P

Global

Inc

707‌

283‌

$

1,011‌

Distribution

&

Wholesale

-

2

.15

%

Copart

Inc

(c)

2,847‌

260‌

Diversified

Financial

Services

-

12

.00

%

Brookfield

Asset

Management

Ltd

3,002‌

98‌

Charles

Schwab

Corp/The

3,456‌

196‌

Mastercard

Inc

1,477‌

581‌

Visa

Inc

2,428‌

576‌

$

1,451‌

Healthcare

-

Products

-

4

.73

%

Danaher

Corp

1,785‌

428‌

IDEXX

Laboratories

Inc

(c)

197‌

99‌

Intuitive

Surgical

Inc

(c)

127‌

44‌

$

571‌

Insurance

-

3

.30

%

Progressive

Corp/The

3,011‌

399‌

Internet

-

16

.56

%

Alphabet

Inc

-

A

Shares

(c)

1,137‌

136‌

Alphabet

Inc

-

C

Shares

(c)

4,925‌

596‌

Amazon.com

Inc

(c)

6,881‌

897‌

Netflix

Inc

(c)

847‌

373‌

$

2,002‌

Lodging

-

2

.46

%

Hilton

Worldwide

Holdings

Inc

2,038‌

297‌

Pharmaceuticals

-

1

.90

%

Zoetis

Inc

1,333‌

230‌

Private

Equity

-

5

.89

%

Brookfield

Corp

14,818‌

499‌

KKR

&

Co

Inc

3,814‌

213‌

$

712‌

REITs

-

3

.80

%

American

Tower

Corp

2,228‌

432‌

SBA

Communications

Corp

118‌

27‌

$

459‌

Retail

-

3

.72

%

CarMax

Inc

(c)

1,079‌

90‌

Costco

Wholesale

Corp

207‌

112‌

O'Reilly

Automotive

Inc

(c)

260‌

248‌

$

450‌

Semiconductors

-

0

.73

%

NVIDIA

Corp

207‌

88‌

Software

-

22

.36

%

Adobe

Inc

(c)

1,032‌

505‌

Intuit

Inc

930‌

426‌

Microsoft

Corp

4,300‌

1,464‌

Roper

Technologies

Inc

602‌

289‌

Salesforce

Inc

(c)

89‌

19‌

$

2,703‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Transportation

-

2

.86

%

Union

Pacific

Corp

1,691‌

$

346‌

TOTAL

COMMON

STOCKS

$

11,966‌

Total

Investments

$

12,169‌

Other

Assets

and

Liabilities

-  (0.67)%

(

81‌

)

TOTAL

NET

ASSETS

-

100.00%

$

12,088‌

(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

Sector

Percent

Financial

24

.99‌

%

Technology

23

.09‌

%

Communications

16

.56‌

%

Consumer,

Non-cyclical

15

.00‌

%

Industrial

8

.59‌

%

Consumer,

Cyclical

8

.33‌

%

Basic

Materials

2

.43‌

%

Money

Market

Funds

1

.68‌

%

Other

Assets

and

Liabilities

(

0

.67‌

)

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Blue

Chip

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

91

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

194‌

$

1,887‌

$

1,878‌

$

203‌

$

194‌

$

1,887‌

$

1,878‌

$

203‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

3‌

$

—‌

$

—‌

$

—‌

$

3‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

92

INVESTMENT

COMPANIES

-

2

.90

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0

.52

%

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

115,000‌

$

12,436‌

Money

Market

Funds

-

2

.38

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

5.00%

(a),(b)

2,581,515‌

2,582‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(a),(b),(c)

54,740,105‌

54,740‌

$

57,322‌

TOTAL

INVESTMENT

COMPANIES

$

69,758‌

BONDS

-

29

.27

%

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

279‌

Omnicom

Group

Inc

2.45%,

04/30/2030

160‌

134‌

2.60%,

08/01/2031

295‌

245‌

$

813‌

Aerospace

&

Defense

-

0

.46

%

Boeing

Co/The

2.75%,

02/01/2026

175‌

163‌

2.95%,

02/01/2030

170‌

148‌

3.25%,

02/01/2028

325‌

298‌

3.25%,

02/01/2035

170‌

138‌

3.63%,

02/01/2031

175‌

158‌

3.75%,

02/01/2050

235‌

176‌

3.95%,

08/01/2059

315‌

233‌

4.88%,

05/01/2025

620‌

611‌

5.04%,

05/01/2027

310‌

306‌

5.15%,

05/01/2030

310‌

307‌

5.71%,

05/01/2040

310‌

309‌

5.81%,

05/01/2050

505‌

503‌

5.88%,

02/15/2040

154‌

155‌

General

Dynamics

Corp

1.15%,

06/01/2026

195‌

176‌

2.25%,

06/01/2031

195‌

164‌

3.25%,

04/01/2025

80‌

77‌

3.50%,

04/01/2027

160‌

153‌

3.75%,

05/15/2028

300‌

287‌

4.25%,

04/01/2040

160‌

147‌

L3Harris

Technologies

Inc

1.80%,

01/15/2031

90‌

71‌

2.90%,

12/15/2029

60‌

52‌

3.83%,

04/27/2025

500‌

484‌

Lockheed

Martin

Corp

1.85%,

06/15/2030

55‌

46‌

3.55%,

01/15/2026

120‌

116‌

3.80%,

03/01/2045

375‌

316‌

3.90%,

06/15/2032

100‌

94‌

4.07%,

12/15/2042

47‌

42‌

4.09%,

09/15/2052

389‌

342‌

4.15%,

06/15/2053

100‌

88‌

4.70%,

05/15/2046

25‌

24‌

4.75%,

02/15/2034

150‌

150‌

4.95%,

10/15/2025

135‌

135‌

5.10%,

11/15/2027

150‌

153‌

5.25%,

01/15/2033

150‌

155‌

5.70%,

11/15/2054

150‌

167‌

Northrop

Grumman

Corp

3.20%,

02/01/2027

500‌

471‌

3.85%,

04/15/2045

500‌

407‌

4.03%,

10/15/2047

300‌

258‌

4.70%,

03/15/2033

150‌

147‌

4.95%,

03/15/2053

115‌

112‌

Raytheon

Technologies

Corp

1.90%,

09/01/2031

170‌

136‌

2.25%,

07/01/2030

160‌

135‌

2.38%,

03/15/2032

195‌

160‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Aerospace

&

Defense

(continued)

Raytheon

Technologies

Corp  

(continued)

2.82%,

09/01/2051

$

175‌

$

118‌

3.03%,

03/15/2052

195‌

137‌

3.50%,

03/15/2027

250‌

238‌

3.75%,

11/01/2046

30‌

24‌

4.05%,

05/04/2047

300‌

255‌

4.13%,

11/16/2028

435‌

419‌

4.15%,

05/15/2045

40‌

34‌

4.35%,

04/15/2047

40‌

35‌

4.50%,

06/01/2042

375‌

345‌

4.63%,

11/16/2048

210‌

196‌

4.88%,

10/15/2040

154‌

147‌

5.00%,

02/27/2026

110‌

110‌

5.15%,

02/27/2033

110‌

112‌

5.38%,

02/27/2053

85‌

88‌

$

11,028‌

Agriculture

-

0

.34

%

Altria

Group

Inc

2.35%,

05/06/2025

160‌

151‌

2.45%,

02/04/2032

190‌

148‌

3.40%,

05/06/2030

325‌

287‌

3.70%,

02/04/2051

190‌

127‌

3.88%,

09/16/2046

60‌

42‌

4.00%,

02/04/2061

190‌

131‌

4.80%,

02/14/2029

63‌

61‌

5.80%,

02/14/2039

380‌

372‌

Archer-Daniels-Midland

Co

2.50%,

08/11/2026

850‌

796‌

2.70%,

09/15/2051

195‌

131‌

2.90%,

03/01/2032

390‌

339‌

4.50%,

08/15/2033

125‌

122‌

BAT

Capital

Corp

2.26%,

03/25/2028

170‌

146‌

2.73%,

03/25/2031

170‌

135‌

2.79%,

09/06/2024

245‌

236‌

3.46%,

09/06/2029

245‌

212‌

3.56%,

08/15/2027

800‌

736‌

3.98%,

09/25/2050

170‌

115‌

4.54%,

08/15/2047

325‌

239‌

BAT

International

Finance

PLC

1.67%,

03/25/2026

170‌

153‌

Bunge

Ltd

Finance

Corp

2.75%,

05/14/2031

195‌

164‌

Philip

Morris

International

Inc

0.88%,

05/01/2026

175‌

156‌

1.75%,

11/01/2030

175‌

138‌

2.75%,

02/25/2026

310‌

291‌

3.25%,

11/10/2024

30‌

29‌

3.38%,

08/11/2025

375‌

361‌

4.13%,

03/04/2043

300‌

245‌

4.25%,

11/10/2044

30‌

25‌

4.38%,

11/15/2041

61‌

52‌

4.50%,

03/20/2042

400‌

345‌

4.88%,

02/13/2026

75‌

74‌

4.88%,

02/15/2028

150‌

148‌

4.88%,

11/15/2043

35‌

31‌

5.13%,

11/17/2027

255‌

256‌

5.38%,

02/15/2033

150‌

150‌

5.63%,

11/17/2029

255‌

260‌

5.75%,

11/17/2032

130‌

133‌

Reynolds

American

Inc

4.45%,

06/12/2025

250‌

243‌

5.70%,

08/15/2035

25‌

24‌

5.85%,

08/15/2045

415‌

369‌

$

8,173‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

93

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Airlines

-

0

.04

%

American

Airlines

2019-1

Class

AA

Pass

Through

Trust

3.15%,

08/15/2033

$

142‌

$

124‌

Delta

Air

Lines

2020-1

Class

AA

Pass

Through

Trust

2.00%,

06/10/2028

263‌

231‌

Southwest

Airlines

Co

5.25%,

05/04/2025

480‌

475‌

United

Airlines

2014-2

Class

A

Pass

Through

Trust

3.75%,

03/03/2028

116‌

109‌

United

Airlines

2019-2

Class

AA

Pass

Through

Trust

2.70%,

11/01/2033

69‌

57‌

$

996‌

Apparel

-

0

.04

%

NIKE

Inc

2.40%,

03/27/2025

160‌

153‌

2.75%,

03/27/2027

160‌

150‌

3.25%,

03/27/2040

160‌

131‌

3.38%,

11/01/2046

350‌

281‌

3.63%,

05/01/2043

200‌

168‌

$

883‌

Automobile

Manufacturers

-

0

.37

%

American

Honda

Finance

Corp

0.55%,

07/12/2024

190‌

181‌

1.20%,

07/08/2025

165‌

152‌

1.30%,

09/09/2026

195‌

174‌

2.15%,

09/10/2024

445‌

427‌

2.25%,

01/12/2029

200‌

174‌

4.60%,

04/17/2025

150‌

148‌

4.60%,

04/17/2030

150‌

146‌

4.70%,

01/12/2028

150‌

149‌

General

Motors

Co

5.00%,

10/01/2028

(d)

400‌

389‌

5.00%,

04/01/2035

200‌

181‌

5.40%,

04/01/2048

360‌

309‌

6.75%,

04/01/2046

25‌

25‌

General

Motors

Financial

Co

Inc

1.20%,

10/15/2024

175‌

165‌

1.25%,

01/08/2026

190‌

170‌

1.50%,

06/10/2026

190‌

168‌

2.35%,

02/26/2027

730‌

651‌

2.35%,

01/08/2031

190‌

149‌

2.40%,

04/10/2028

190‌

164‌

2.40%,

10/15/2028

175‌

148‌

2.70%,

06/10/2031

190‌

152‌

3.80%,

04/07/2025

200‌

193‌

4.30%,

07/13/2025

325‌

315‌

4.35%,

01/17/2027

305‌

292‌

6.00%,

01/09/2028

150‌

151‌

6.40%,

01/09/2033

150‌

152‌

Honda

Motor

Co

Ltd

2.53%,

03/10/2027

390‌

359‌

Mercedes-Benz

Finance

North

America

LLC

8.50%,

01/18/2031

127‌

158‌

PACCAR

Financial

Corp

1.80%,

02/06/2025

170‌

160‌

3.55%,

08/11/2025

175‌

170‌

Toyota

Motor

Corp

1.34%,

03/25/2026

385‌

349‌

3.67%,

07/20/2028

200‌

191‌

Toyota

Motor

Credit

Corp

0.80%,

10/16/2025

210‌

190‌

1.15%,

08/13/2027

165‌

143‌

1.65%,

01/10/2031

190‌

152‌

1.80%,

02/13/2025

160‌

151‌

1.90%,

01/13/2027

200‌

181‌

1.90%,

09/12/2031

195‌

157‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Automobile

Manufacturers

(continued)

Toyota

Motor

Credit

Corp  

(continued)

2.00%,

10/07/2024

(d)

$

165‌

$

158‌

3.65%,

08/18/2025

115‌

111‌

4.40%,

09/20/2024

165‌

163‌

4.45%,

06/29/2029

155‌

152‌

4.55%,

09/20/2027

95‌

94‌

4.55%,

05/17/2030

295‌

288‌

4.63%,

01/12/2028

300‌

297‌

$

8,949‌

Automobile

Parts

&

Equipment

-

0

.03

%

Aptiv

PLC

/

Aptiv

Corp

3.25%,

03/01/2032

175‌

150‌

BorgWarner

Inc

3.38%,

03/15/2025

500‌

479‌

$

629‌

Banks

-

5

.70

%

Banco

Santander

SA

1.85%,

03/25/2026

400‌

358‌

2.75%,

05/28/2025

200‌

188‌

2.75%,

12/03/2030

400‌

313‌

3.22%,

11/22/2032

(e)

200‌

158‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.60%

3.49%,

05/28/2030

200‌

174‌

5.29%,

08/18/2027

200‌

196‌

Bank

of

America

Corp

0.98%,

09/25/2025

(e)

170‌

160‌

Secured

Overnight

Financing

Rate

+

0.91%

1.32%,

06/19/2026

(e)

320‌

293‌

Secured

Overnight

Financing

Rate

+

1.15%

1.66%,

03/11/2027

(e)

365‌

328‌

Secured

Overnight

Financing

Rate

+

0.91%

1.73%,

07/22/2027

(e)

380‌

339‌

Secured

Overnight

Financing

Rate

+

0.96%

1.90%,

07/23/2031

(e)

750‌

597‌

Secured

Overnight

Financing

Rate

+

1.53%

1.92%,

10/24/2031

(e)

340‌

269‌

Secured

Overnight

Financing

Rate

+

1.37%

2.09%,

06/14/2029

(e)

190‌

162‌

Secured

Overnight

Financing

Rate

+

1.06%

2.30%,

07/21/2032

(e)

380‌

304‌

Secured

Overnight

Financing

Rate

+

1.22%

2.46%,

10/22/2025

(e)

310‌

296‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.13%

2.48%,

09/21/2036

(e)

385‌

295‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%

2.50%,

02/13/2031

(e)

320‌

268‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.25%

2.55%,

02/04/2028

(e)

390‌

352‌

Secured

Overnight

Financing

Rate

+

1.05%

2.57%,

10/20/2032

(e)

355‌

289‌

Secured

Overnight

Financing

Rate

+

1.21%

2.65%,

03/11/2032

(e)

570‌

472‌

Secured

Overnight

Financing

Rate

+

1.22%

2.68%,

06/19/2041

(e)

670‌

470‌

Secured

Overnight

Financing

Rate

+

1.93%

2.83%,

10/24/2051

(e)

880‌

578‌

Secured

Overnight

Financing

Rate

+

1.88%

2.97%,

02/04/2033

(e)

390‌

325‌

Secured

Overnight

Financing

Rate

+

1.33%

2.97%,

07/21/2052

(e)

380‌

258‌

Secured

Overnight

Financing

Rate

+

1.56%

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

94

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Bank

of

America

Corp  

(continued)

3.19%,

07/23/2030

(e)

$

335‌

$

295‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.44%

3.25%,

10/21/2027

40‌

37‌

3.31%,

04/22/2042

(e)

380‌

290‌

Secured

Overnight

Financing

Rate

+

1.58%

3.38%,

04/02/2026

(e)

195‌

187‌

Secured

Overnight

Financing

Rate

+

1.33%

3.42%,

12/20/2028

(e)

1,041‌

955‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.30%

3.48%,

03/13/2052

(e)

190‌

141‌

Secured

Overnight

Financing

Rate

+

1.65%

3.50%,

04/19/2026

345‌

331‌

3.59%,

07/21/2028

(e)

500‌

465‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.63%

3.82%,

01/20/2028

(e)

400‌

378‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.84%

3.88%,

08/01/2025

30‌

29‌

3.95%,

04/21/2025

480‌

465‌

3.97%,

02/07/2030

(e)

500‌

463‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.47%

4.18%,

11/25/2027

560‌

532‌

4.20%,

08/26/2024

625‌

613‌

4.27%,

07/23/2029

(e)

360‌

342‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.57%

4.33%,

03/15/2050

(e)

310‌

267‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.78%

4.38%,

04/27/2028

(e)

470‌

451‌

Secured

Overnight

Financing

Rate

+

1.58%

4.44%,

01/20/2048

(e)

30‌

27‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

2.25%

4.57%,

04/27/2033

(e)

590‌

555‌

Secured

Overnight

Financing

Rate

+

1.83%

4.83%,

07/22/2026

(e)

340‌

334‌

Secured

Overnight

Financing

Rate

+

1.75%

5.00%,

01/21/2044

25‌

24‌

5.02%,

07/22/2033

(e)

340‌

333‌

Secured

Overnight

Financing

Rate

+

2.16%

5.08%,

01/20/2027

(e)

255‌

251‌

Secured

Overnight

Financing

Rate

+

1.29%

5.20%,

04/25/2029

(e)

295‌

292‌

Secured

Overnight

Financing

Rate

+

1.63%

5.29%,

04/25/2034

(e)

295‌

292‌

Secured

Overnight

Financing

Rate

+

1.91%

5.88%,

02/07/2042

228‌

242‌

6.11%,

01/29/2037

400‌

422‌

7.75%,

05/14/2038

250‌

297‌

Bank

of

America

NA

6.00%,

10/15/2036

250‌

267‌

Bank

of

Montreal

0.95%,

01/22/2027

(e)

190‌

170‌

Secured

Overnight

Financing

Rate

+

0.60%

1.85%,

05/01/2025

150‌

140‌

3.09%,

01/10/2037

(e)

400‌

314‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%

3.70%,

06/07/2025

175‌

169‌

4.25%,

09/14/2024

105‌

103‌

4.70%,

09/14/2027

105‌

103‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Bank

of

Montreal  

(continued)

5.30%,

06/05/2026

$

150‌

$

150‌

Bank

of

New

York

Mellon

Corp/The

0.75%,

01/28/2026

185‌

165‌

1.60%,

04/24/2025

140‌

131‌

1.65%,

07/14/2028

150‌

128‌

2.05%,

01/26/2027

200‌

180‌

2.10%,

10/24/2024

375‌

358‌

2.50%,

01/26/2032

200‌

163‌

3.35%,

04/25/2025

195‌

187‌

3.99%,

06/13/2028

(e)

175‌

168‌

Secured

Overnight

Financing

Rate

+

1.15%

4.41%,

07/24/2026

(e)

170‌

166‌

Secured

Overnight

Financing

Rate

+

1.35%

4.54%,

02/01/2029

(e)

110‌

107‌

Secured

Overnight

Financing

Rate

+

1.17%

4.95%,

04/26/2027

(e)

110‌

109‌

Secured

Overnight

Financing

Rate

+

1.03%

4.97%,

04/26/2034

(e)

110‌

107‌

Secured

Overnight

Financing

Rate

+

1.61%

5.83%,

10/25/2033

(e)

150‌

156‌

Secured

Overnight

Financing

Rate

+

2.07%

Bank

of

Nova

Scotia/The

1.05%,

03/02/2026

190‌

169‌

1.30%,

06/11/2025

160‌

147‌

1.30%,

09/15/2026

195‌

172‌

1.45%,

01/10/2025

175‌

164‌

2.15%,

08/01/2031

190‌

152‌

2.70%,

08/03/2026

170‌

158‌

4.50%,

12/16/2025

500‌

483‌

4.85%,

02/01/2030

245‌

236‌

5.25%,

12/06/2024

155‌

154‌

Barclays

PLC

2.28%,

11/24/2027

(e)

420‌

369‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.05%

2.65%,

06/24/2031

(e)

320‌

257‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%

2.67%,

03/10/2032

(e)

200‌

157‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.20%

3.56%,

09/23/2035

(e)

200‌

158‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.90%

3.81%,

03/10/2042

(e)

200‌

142‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.70%

4.34%,

01/10/2028

830‌

782‌

4.38%,

01/12/2026

200‌

192‌

4.97%,

05/16/2029

(e)

210‌

198‌

3

Month

USD

LIBOR

+

1.90%

5.50%,

08/09/2028

(e)

335‌

327‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.65%

6.22%,

05/09/2034

(e)

295‌

294‌

Secured

Overnight

Financing

Rate

+

2.98%

7.33%,

11/02/2026

(e)

305‌

312‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.05%

7.44%,

11/02/2033

(e)

305‌

330‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.50%

BNP

Paribas

SA

4.25%,

10/15/2024

750‌

730‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

95

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Canadian

Imperial

Bank

of

Commerce

1.25%,

06/22/2026

$

190‌

$

169‌

3.30%,

04/07/2025

375‌

360‌

5.00%,

04/28/2028

145‌

143‌

Citigroup

Inc

1.12%,

01/28/2027

(e)

185‌

165‌

Secured

Overnight

Financing

Rate

+

0.77%

1.28%,

11/03/2025

(e)

145‌

136‌

Secured

Overnight

Financing

Rate

+

0.53%

1.46%,

06/09/2027

(e)

370‌

329‌

Secured

Overnight

Financing

Rate

+

0.77%

2.01%,

01/25/2026

(e)

185‌

174‌

Secured

Overnight

Financing

Rate

+

0.69%

2.52%,

11/03/2032

(e)

175‌

141‌

Secured

Overnight

Financing

Rate

+

1.18%

2.56%,

05/01/2032

(e)

520‌

425‌

Secured

Overnight

Financing

Rate

+

1.17%

2.57%,

06/03/2031

(e)

320‌

267‌

Secured

Overnight

Financing

Rate

+

2.11%

2.67%,

01/29/2031

(e)

315‌

267‌

Secured

Overnight

Financing

Rate

+

1.15%

2.90%,

11/03/2042

(e)

195‌

138‌

Secured

Overnight

Financing

Rate

+

1.38%

2.98%,

11/05/2030

(e)

155‌

134‌

Secured

Overnight

Financing

Rate

+

1.42%

3.06%,

01/25/2033

(e)

185‌

154‌

Secured

Overnight

Financing

Rate

+

1.35%

3.20%,

10/21/2026

770‌

721‌

3.67%,

07/24/2028

(e)

650‌

608‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.65%

3.79%,

03/17/2033

(e)

395‌

349‌

Secured

Overnight

Financing

Rate

+

1.94%

3.89%,

01/10/2028

(e)

400‌

379‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.82%

4.07%,

04/23/2029

(e)

240‌

226‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.45%

4.28%,

04/24/2048

(e)

330‌

284‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

2.10%

4.30%,

11/20/2026

525‌

502‌

4.40%,

06/10/2025

780‌

758‌

4.45%,

09/29/2027

20‌

19‌

4.60%,

03/09/2026

60‌

58‌

4.65%,

07/30/2045

222‌

197‌

4.66%,

05/24/2028

(e)

365‌

356‌

Secured

Overnight

Financing

Rate

+

1.89%

4.91%,

05/24/2033

(e)

230‌

223‌

Secured

Overnight

Financing

Rate

+

2.09%

5.30%,

05/06/2044

25‌

23‌

5.50%,

09/13/2025

325‌

323‌

5.61%,

09/29/2026

(e)

395‌

394‌

Secured

Overnight

Financing

Rate

+

1.55%

5.88%,

01/30/2042

328‌

344‌

6.17%,

05/25/2034

(e)

295‌

298‌

Secured

Overnight

Financing

Rate

+

2.66%

6.27%,

11/17/2033

(e)

305‌

324‌

Secured

Overnight

Financing

Rate

+

2.34%

6.63%,

06/15/2032

112‌

118‌

6.68%,

09/13/2043

30‌

32‌

8.13%,

07/15/2039

132‌

169‌

Citizens

Bank

NA/Providence

RI

6.06%,

10/24/2025

(e)

295‌

280‌

Secured

Overnight

Financing

Rate

+

1.45%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Cooperatieve

Rabobank

UA

5.25%,

05/24/2041

$

500‌

$

523‌

5.25%,

08/04/2045

250‌

234‌

5.75%,

12/01/2043

250‌

251‌

Cooperatieve

Rabobank

UA/NY

3.88%,

08/22/2024

250‌

245‌

Credit

Suisse

AG/New

York

NY

1.25%,

08/07/2026

250‌

215‌

3.63%,

09/09/2024

400‌

385‌

5.00%,

07/09/2027

275‌

265‌

7.95%,

01/09/2025

300‌

306‌

Deutsche

Bank

AG/New

York

NY

1.69%,

03/19/2026

500‌

450‌

2.13%,

11/24/2026

(e)

200‌

178‌

Secured

Overnight

Financing

Rate

+

1.87%

4.10%,

01/13/2026

500‌

468‌

5.37%,

09/09/2027

325‌

320‌

6.72%,

01/18/2029

(e)

300‌

300‌

Secured

Overnight

Financing

Rate

+

3.18%

7.08%,

02/10/2034

(e)

305‌

282‌

Secured

Overnight

Financing

Rate

+

3.65%

Discover

Bank

2.45%,

09/12/2024

320‌

303‌

2.70%,

02/06/2030

250‌

202‌

Fifth

Third

Bancorp

2.38%,

01/28/2025

85‌

80‌

4.06%,

04/25/2028

(e)

150‌

138‌

Secured

Overnight

Financing

Rate

+

1.36%

Fifth

Third

Bank

NA

3.85%,

03/15/2026

700‌

646‌

Goldman

Sachs

Group

Inc/The

0.86%,

02/12/2026

(e)

155‌

143‌

Secured

Overnight

Financing

Rate

+

0.61%

1.09%,

12/09/2026

(e)

315‌

281‌

Secured

Overnight

Financing

Rate

+

0.79%

1.43%,

03/09/2027

(e)

385‌

344‌

Secured

Overnight

Financing

Rate

+

0.80%

1.54%,

09/10/2027

(e)

190‌

167‌

Secured

Overnight

Financing

Rate

+

0.82%

1.95%,

10/21/2027

(e)

400‌

356‌

Secured

Overnight

Financing

Rate

+

0.91%

1.99%,

01/27/2032

(e)

475‌

374‌

Secured

Overnight

Financing

Rate

+

1.09%

2.38%,

07/21/2032

(e)

285‌

228‌

Secured

Overnight

Financing

Rate

+

1.25%

2.60%,

02/07/2030

840‌

715‌

2.62%,

04/22/2032

(e)

380‌

312‌

Secured

Overnight

Financing

Rate

+

1.28%

2.64%,

02/24/2028

(e)

300‌

272‌

Secured

Overnight

Financing

Rate

+

1.11%

2.65%,

10/21/2032

(e)

195‌

159‌

Secured

Overnight

Financing

Rate

+

1.26%

2.91%,

07/21/2042

(e)

385‌

272‌

Secured

Overnight

Financing

Rate

+

1.47%

3.10%,

02/24/2033

(e)

780‌

659‌

Secured

Overnight

Financing

Rate

+

1.41%

3.21%,

04/22/2042

(e)

190‌

140‌

Secured

Overnight

Financing

Rate

+

1.51%

3.44%,

02/24/2043

(e)

385‌

293‌

Secured

Overnight

Financing

Rate

+

1.63%

3.50%,

01/23/2025

600‌

579‌

3.81%,

04/23/2029

(e)

950‌

882‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.42%

3.85%,

01/26/2027

60‌

57‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

96

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Goldman

Sachs

Group

Inc/The  

(continued)

4.22%,

05/01/2029

(e)

$

415‌

$

392‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.56%

4.25%,

10/21/2025

680‌

655‌

4.41%,

04/23/2039

(e)

180‌

157‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.69%

4.48%,

08/23/2028

(e)

280‌

271‌

Secured

Overnight

Financing

Rate

+

1.73%

4.80%,

07/08/2044

25‌

23‌

5.15%,

05/22/2045

310‌

289‌

6.75%,

10/01/2037

530‌

570‌

HSBC

Holdings

PLC

1.59%,

05/24/2027

(e)

400‌

353‌

Secured

Overnight

Financing

Rate

+

1.29%

1.65%,

04/18/2026

(e)

250‌

230‌

Secured

Overnight

Financing

Rate

+

1.54%

2.01%,

09/22/2028

(e)

335‌

287‌

Secured

Overnight

Financing

Rate

+

1.73%

2.10%,

06/04/2026

(e)

320‌

296‌

Secured

Overnight

Financing

Rate

+

1.93%

2.36%,

08/18/2031

(e)

200‌

160‌

Secured

Overnight

Financing

Rate

+

1.95%

2.63%,

11/07/2025

(e)

230‌

218‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.40%

2.80%,

05/24/2032

(e)

200‌

162‌

Secured

Overnight

Financing

Rate

+

1.19%

2.85%,

06/04/2031

(e)

200‌

166‌

Secured

Overnight

Financing

Rate

+

2.39%

2.87%,

11/22/2032

(e)

400‌

323‌

Secured

Overnight

Financing

Rate

+

1.41%

3.97%,

05/22/2030

(e)

400‌

359‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.87%

4.04%,

03/13/2028

(e)

500‌

468‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.81%

4.18%,

12/09/2025

(e)

340‌

330‌

Secured

Overnight

Financing

Rate

+

1.51%

4.29%,

09/12/2026

(e)

500‌

481‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.61%

4.58%,

06/19/2029

(e)

365‌

343‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.80%

4.76%,

06/09/2028

(e)

200‌

192‌

Secured

Overnight

Financing

Rate

+

2.11%

4.95%,

03/31/2030

200‌

197‌

5.25%,

03/14/2044

300‌

271‌

5.40%,

08/11/2033

(e)

335‌

328‌

Secured

Overnight

Financing

Rate

+

2.87%

6.10%,

01/14/2042

174‌

184‌

6.16%,

03/09/2029

(e)

200‌

202‌

Secured

Overnight

Financing

Rate

+

1.97%

6.25%,

03/09/2034

(e)

260‌

266‌

Secured

Overnight

Financing

Rate

+

2.39%

6.33%,

03/09/2044

(e)

215‌

223‌

Secured

Overnight

Financing

Rate

+

2.65%

6.50%,

05/02/2036

420‌

433‌

6.55%,

06/20/2034

(e)

295‌

294‌

Secured

Overnight

Financing

Rate

+

2.98%

7.39%,

11/03/2028

(e)

305‌

322‌

Secured

Overnight

Financing

Rate

+

3.35%

Huntington

Bancshares

Inc/OH

2.55%,

02/04/2030

110‌

88‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Huntington

National

Bank/The

5.65%,

01/10/2030

$

305‌

$

291‌

ING

Groep

NV

1.73%,

04/01/2027

(e)

200‌

178‌

Secured

Overnight

Financing

Rate

+

1.01%

2.73%,

04/01/2032

(e)

200‌

165‌

Secured

Overnight

Financing

Rate

+

1.32%

JPMorgan

Chase

&

Co

0.77%,

08/09/2025

(e)

385‌

363‌

Secured

Overnight

Financing

Rate

+

0.49%

1.04%,

02/04/2027

(e)

380‌

338‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

0.70%

1.05%,

11/19/2026

(e)

360‌

322‌

Secured

Overnight

Financing

Rate

+

0.80%

1.47%,

09/22/2027

(e)

155‌

137‌

Secured

Overnight

Financing

Rate

+

0.77%

1.58%,

04/22/2027

(e)

380‌

341‌

Secured

Overnight

Financing

Rate

+

0.89%

1.76%,

11/19/2031

(e)

360‌

285‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.11%

1.95%,

02/04/2032

(e)

380‌

303‌

Secured

Overnight

Financing

Rate

+

1.07%

2.01%,

03/13/2026

(e)

160‌

150‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.59%

2.07%,

06/01/2029

(e)

295‌

253‌

Secured

Overnight

Financing

Rate

+

1.02%

2.08%,

04/22/2026

(e)

460‌

431‌

Secured

Overnight

Financing

Rate

+

1.85%

2.18%,

06/01/2028

(e)

265‌

235‌

Secured

Overnight

Financing

Rate

+

1.89%

2.30%,

10/15/2025

(e)

280‌

267‌

Secured

Overnight

Financing

Rate

+

1.16%

2.52%,

04/22/2031

(e)

380‌

321‌

Secured

Overnight

Financing

Rate

+

2.04%

2.53%,

11/19/2041

(e)

180‌

124‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.51%

2.55%,

11/08/2032

(e)

390‌

320‌

Secured

Overnight

Financing

Rate

+

1.18%

2.58%,

04/22/2032

(e)

380‌

316‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.25%

2.74%,

10/15/2030

(e)

260‌

224‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.51%

2.95%,

10/01/2026

300‌

281‌

2.96%,

05/13/2031

(e)

350‌

300‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

2.52%

3.11%,

04/22/2041

(e)

380‌

288‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

2.46%

3.11%,

04/22/2051

(e)

730‌

510‌

Secured

Overnight

Financing

Rate

+

2.44%

3.30%,

04/01/2026

500‌

476‌

3.33%,

04/22/2052

(e)

380‌

277‌

Secured

Overnight

Financing

Rate

+

1.58%

3.51%,

01/23/2029

(e)

400‌

370‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

0.95%

3.63%,

12/01/2027

25‌

23‌

3.88%,

09/10/2024

500‌

488‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

97

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

JPMorgan

Chase

&

Co  

(continued)

3.88%,

07/24/2038

(e)

$

500‌

$

431‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.62%

3.90%,

07/15/2025

300‌

292‌

3.96%,

11/15/2048

(e)

400‌

329‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.64%

4.01%,

04/23/2029

(e)

270‌

254‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.38%

4.03%,

07/24/2048

(e)

30‌

25‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.72%

4.20%,

07/23/2029

(e)

300‌

285‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.52%

4.25%,

10/01/2027

10‌

10‌

4.32%,

04/26/2028

(e)

585‌

565‌

Secured

Overnight

Financing

Rate

+

1.56%

4.57%,

06/14/2030

(e)

535‌

514‌

Secured

Overnight

Financing

Rate

+

1.75%

4.59%,

04/26/2033

(e)

390‌

372‌

Secured

Overnight

Financing

Rate

+

1.80%

4.85%,

07/25/2028

(e)

170‌

168‌

Secured

Overnight

Financing

Rate

+

1.99%

4.85%,

02/01/2044

20‌

19‌

4.91%,

07/25/2033

(e)

340‌

332‌

Secured

Overnight

Financing

Rate

+

2.08%

4.95%,

06/01/2045

55‌

51‌

5.35%,

06/01/2034

(e)

370‌

373‌

Secured

Overnight

Financing

Rate

+

1.85%

5.40%,

01/06/2042

102‌

104‌

5.55%,

12/15/2025

(e)

310‌

309‌

Secured

Overnight

Financing

Rate

+

1.07%

5.60%,

07/15/2041

154‌

160‌

5.63%,

08/16/2043

375‌

384‌

5.72%,

09/14/2033

(e)

325‌

330‌

Secured

Overnight

Financing

Rate

+

2.58%

6.40%,

05/15/2038

275‌

307‌

KeyBank

NA/Cleveland

OH

5.85%,

11/15/2027

250‌

235‌

KeyCorp

2.25%,

04/06/2027

410‌

340‌

2.55%,

10/01/2029

310‌

234‌

Korea

Development

Bank/The

0.80%,

04/27/2026

350‌

308‌

1.75%,

02/18/2025

500‌

472‌

4.00%,

09/08/2025

200‌

194‌

4.38%,

02/15/2028

305‌

299‌

Kreditanstalt

fuer

Wiederaufbau

0.00%,

04/18/2036

(f)

380‌

225‌

0.00%,

06/29/2037

(f)

200‌

113‌

0.38%,

07/18/2025

580‌

530‌

0.50%,

09/20/2024

575‌

542‌

0.63%,

01/22/2026

790‌

714‌

1.00%,

10/01/2026

290‌

259‌

1.25%,

01/31/2025

800‌

753‌

2.00%,

05/02/2025

380‌

360‌

2.50%,

11/20/2024

800‌

770‌

2.88%,

04/03/2028

275‌

259‌

3.00%,

05/20/2027

520‌

493‌

3.13%,

06/10/2025

770‌

743‌

3.63%,

04/01/2026

450‌

438‌

3.75%,

02/15/2028

225‌

220‌

3.88%,

06/15/2028

360‌

354‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Landwirtschaftliche

Rentenbank

0.88%,

03/30/2026

$

170‌

$

153‌

0.88%,

09/03/2030

330‌

264‌

2.00%,

01/13/2025

300‌

286‌

2.38%,

06/10/2025

600‌

570‌

3.88%,

09/28/2027

(d)

205‌

201‌

3.88%,

06/14/2028

295‌

290‌

Lloyds

Banking

Group

PLC

3.57%,

11/07/2028

(e)

430‌

389‌

3

Month

USD

LIBOR

+

1.21%

3.75%,

01/11/2027

515‌

482‌

4.45%,

05/08/2025

400‌

388‌

4.65%,

03/24/2026

500‌

477‌

4.98%,

08/11/2033

(e)

335‌

313‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%

5.30%,

12/01/2045

200‌

180‌

5.87%,

03/06/2029

(e)

200‌

198‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.70%

Mitsubishi

UFJ

Financial

Group

Inc

0.95%,

07/19/2025

(e)

400‌

378‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.55%

1.41%,

07/17/2025

200‌

183‌

1.54%,

07/20/2027

(e)

400‌

353‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.75%

1.64%,

10/13/2027

(e)

200‌

176‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.67%

2.05%,

07/17/2030

250‌

203‌

2.19%,

02/25/2025

200‌

188‌

2.56%,

02/25/2030

200‌

170‌

2.76%,

09/13/2026

200‌

183‌

2.80%,

07/18/2024

450‌

436‌

3.20%,

07/18/2029

200‌

177‌

3.75%,

07/18/2039

550‌

466‌

3.85%,

03/01/2026

350‌

335‌

4.08%,

04/19/2028

(e)

200‌

190‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.30%

4.32%,

04/19/2033

(e)

200‌

186‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.55%

5.13%,

07/20/2033

(e)

200‌

196‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.13%

5.35%,

09/13/2028

(e)

325‌

323‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%

5.41%,

04/19/2034

(e)

300‌

298‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.97%

Mizuho

Financial

Group

Inc

2.20%,

07/10/2031

(e)

200‌

160‌

Secured

Overnight

Financing

Rate

+

1.77%

2.23%,

05/25/2026

(d),(e)

200‌

185‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.09%

2.26%,

07/09/2032

(e)

200‌

156‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%

2.84%,

07/16/2025

(e)

500‌

482‌

Secured

Overnight

Financing

Rate

+

1.24%

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

98

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Mizuho

Financial

Group

Inc  

(continued)

3.15%,

07/16/2030

(e)

$

400‌

$

345‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.39%

5.41%,

09/13/2028

(e)

325‌

322‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.05%

5.74%,

05/27/2031

(e)

305‌

305‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.65%

5.75%,

07/06/2034

(e),(g)

300‌

301‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%

Morgan

Stanley

0.86%,

10/21/2025

(e)

95‌

88‌

Secured

Overnight

Financing

Rate

+

0.75%

0.99%,

12/10/2026

(e)

280‌

250‌

Secured

Overnight

Financing

Rate

+

0.72%

1.16%,

10/21/2025

(e)

165‌

154‌

Secured

Overnight

Financing

Rate

+

0.56%

1.51%,

07/20/2027

(e)

380‌

337‌

Secured

Overnight

Financing

Rate

+

0.86%

1.59%,

05/04/2027

(e)

270‌

242‌

Secured

Overnight

Financing

Rate

+

0.88%

1.79%,

02/13/2032

(e)

710‌

551‌

Secured

Overnight

Financing

Rate

+

1.03%

1.93%,

04/28/2032

(e)

105‌

82‌

Secured

Overnight

Financing

Rate

+

1.02%

2.19%,

04/28/2026

(e)

475‌

446‌

Secured

Overnight

Financing

Rate

+

1.99%

2.24%,

07/21/2032

(e)

380‌

302‌

Secured

Overnight

Financing

Rate

+

1.18%

2.48%,

01/21/2028

(e)

120‌

108‌

Secured

Overnight

Financing

Rate

+

1.00%

2.48%,

09/16/2036

(e)

265‌

201‌

Secured

Overnight

Financing

Rate

+

1.36%

2.51%,

10/20/2032

(e)

180‌

145‌

Secured

Overnight

Financing

Rate

+

1.20%

2.72%,

07/22/2025

(e)

250‌

241‌

Secured

Overnight

Financing

Rate

+

1.15%

2.80%,

01/25/2052

(e)

240‌

157‌

Secured

Overnight

Financing

Rate

+

1.43%

2.94%,

01/21/2033

(e)

280‌

233‌

Secured

Overnight

Financing

Rate

+

1.29%

3.13%,

07/27/2026

680‌

637‌

3.22%,

04/22/2042

(e)

190‌

144‌

Secured

Overnight

Financing

Rate

+

1.49%

3.59%,

07/22/2028

30‌

28‌

3

Month

USD

LIBOR

+

1.34%

3.63%,

01/20/2027

530‌

503‌

3.70%,

10/23/2024

25‌

24‌

3.77%,

01/24/2029

(e)

360‌

336‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.40%

3.95%,

04/23/2027

50‌

47‌

3.97%,

07/22/2038

15‌

13‌

3

Month

USD

LIBOR

+

1.46%

4.00%,

07/23/2025

30‌

29‌

4.21%,

04/20/2028

(e)

390‌

375‌

Secured

Overnight

Financing

Rate

+

1.61%

4.30%,

01/27/2045

50‌

44‌

4.35%,

09/08/2026

30‌

29‌

4.38%,

01/22/2047

30‌

27‌

4.68%,

07/17/2026

(e)

170‌

167‌

Secured

Overnight

Financing

Rate

+

1.67%

4.89%,

07/20/2033

(e)

225‌

217‌

Secured

Overnight

Financing

Rate

+

2.08%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Morgan

Stanley  

(continued)

5.00%,

11/24/2025

$

525‌

$

516‌

5.05%,

01/28/2027

(e)

225‌

223‌

Secured

Overnight

Financing

Rate

+

1.30%

5.12%,

02/01/2029

(e)

300‌

296‌

Secured

Overnight

Financing

Rate

+

1.73%

5.16%,

04/20/2029

(e)

150‌

148‌

Secured

Overnight

Financing

Rate

+

1.59%

5.25%,

04/21/2034

(e)

295‌

291‌

Secured

Overnight

Financing

Rate

+

1.87%

5.60%,

03/24/2051

(e)

500‌

522‌

Secured

Overnight

Financing

Rate

+

4.84%

5.95%,

01/19/2038

(e)

150‌

148‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.43%

6.14%,

10/16/2026

(e)

295‌

298‌

Secured

Overnight

Financing

Rate

+

1.77%

6.30%,

10/18/2028

(e)

295‌

303‌

Secured

Overnight

Financing

Rate

+

2.24%

6.34%,

10/18/2033

(e)

295‌

314‌

Secured

Overnight

Financing

Rate

+

2.56%

6.38%,

07/24/2042

620‌

691‌

Morgan

Stanley

Bank

NA

4.75%,

04/21/2026

300‌

296‌

National

Australia

Bank

Ltd/New

York

4.90%,

06/13/2028

295‌

292‌

4.97%,

01/12/2026

300‌

298‌

NatWest

Group

PLC

1.64%,

06/14/2027

(e)

265‌

233‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%

4.80%,

04/05/2026

500‌

485‌

4.89%,

05/18/2029

(e)

400‌

380‌

3

Month

USD

LIBOR

+

1.75%

5.08%,

01/27/2030

(e)

400‌

382‌

3

Month

USD

LIBOR

+

1.91%

5.85%,

03/02/2027

(e)

200‌

198‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.35%

Northern

Trust

Corp

3.95%,

10/30/2025

500‌

482‌

4.00%,

05/10/2027

130‌

125‌

Oesterreichische

Kontrollbank

AG

0.38%,

09/17/2025

340‌

308‌

2.88%,

05/23/2025

430‌

413‌

3.63%,

09/09/2027

125‌

121‌

4.13%,

01/20/2026

150‌

148‌

4.25%,

03/01/2028

300‌

299‌

PNC

Bank

NA

2.70%,

10/22/2029

250‌

209‌

PNC

Financial

Services

Group

Inc/The

2.20%,

11/01/2024

130‌

124‌

2.31%,

04/23/2032

(e)

150‌

122‌

Secured

Overnight

Financing

Rate

+

0.98%

2.55%,

01/22/2030

160‌

134‌

2.60%,

07/23/2026

490‌

452‌

3.45%,

04/23/2029

300‌

270‌

4.63%,

06/06/2033

(e)

105‌

97‌

Secured

Overnight

Financing

Rate

+

1.85%

4.76%,

01/26/2027

(e)

240‌

235‌

Secured

Overnight

Financing

Rate

+

1.09%

5.35%,

12/02/2028

(e)

105‌

104‌

Secured

Overnight

Financing

Rate

+

1.62%

Royal

Bank

of

Canada

1.15%,

07/14/2026

190‌

168‌

1.20%,

04/27/2026

175‌

156‌

1.60%,

01/21/2025

700‌

658‌

2.25%,

11/01/2024

310‌

296‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

99

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Royal

Bank

of

Canada  

(continued)

2.55%,

07/16/2024

$

125‌

$

121‌

3.63%,

05/04/2027

115‌

109‌

3.88%,

05/04/2032

225‌

206‌

4.90%,

01/12/2028

(d)

300‌

296‌

4.95%,

04/25/2025

145‌

143‌

5.00%,

05/02/2033

145‌

141‌

6.00%,

11/01/2027

150‌

154‌

Santander

Holdings

USA

Inc

2.49%,

01/06/2028

(e)

270‌

233‌

Secured

Overnight

Financing

Rate

+

1.25%

4.50%,

07/17/2025

780‌

757‌

Santander

UK

Group

Holdings

PLC

1.53%,

08/21/2026

(e)

200‌

178‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.25%

1.67%,

06/14/2027

(e)

200‌

172‌

Secured

Overnight

Financing

Rate

+

0.99%

2.47%,

01/11/2028

(e)

200‌

175‌

Secured

Overnight

Financing

Rate

+

1.22%

State

Street

Corp

2.20%,

02/07/2028

(e)

145‌

131‌

Secured

Overnight

Financing

Rate

+

0.73%

2.20%,

03/03/2031

140‌

114‌

2.35%,

11/01/2025

(e)

250‌

239‌

Secured

Overnight

Financing

Rate

+

0.94%

2.40%,

01/24/2030

160‌

138‌

2.65%,

05/19/2026

60‌

56‌

3.55%,

08/18/2025

225‌

217‌

4.42%,

05/13/2033

(e)

365‌

346‌

Secured

Overnight

Financing

Rate

+

1.61%

4.82%,

01/26/2034

(e)

65‌

63‌

Secured

Overnight

Financing

Rate

+

1.57%

5.10%,

05/18/2026

(e)

150‌

149‌

Secured

Overnight

Financing

Rate

+

1.13%

5.75%,

11/04/2026

(e)

90‌

90‌

Secured

Overnight

Financing

Rate

+

1.35%

Sumitomo

Mitsui

Financial

Group

Inc

1.47%,

07/08/2025

300‌

275‌

1.90%,

09/17/2028

400‌

336‌

2.13%,

07/08/2030

530‌

431‌

2.14%,

09/23/2030

170‌

136‌

2.30%,

01/12/2041

200‌

134‌

2.35%,

01/15/2025

200‌

190‌

2.70%,

07/16/2024

420‌

406‌

2.75%,

01/15/2030

200‌

172‌

2.93%,

09/17/2041

(d)

195‌

138‌

3.04%,

07/16/2029

200‌

175‌

3.36%,

07/12/2027

450‌

420‌

3.45%,

01/11/2027

140‌

131‌

3.78%,

03/09/2026

500‌

478‌

5.46%,

01/13/2026

215‌

214‌

5.77%,

01/13/2033

200‌

206‌

Toronto-Dominion

Bank/The

0.70%,

09/10/2024

195‌

184‌

1.15%,

06/12/2025

330‌

304‌

1.20%,

06/03/2026

190‌

169‌

1.95%,

01/12/2027

400‌

360‌

2.00%,

09/10/2031

195‌

155‌

3.20%,

03/10/2032

195‌

169‌

3.77%,

06/06/2025

70‌

68‌

4.11%,

06/08/2027

70‌

67‌

4.29%,

09/13/2024

295‌

290‌

4.46%,

06/08/2032

175‌

166‌

4.69%,

09/15/2027

565‌

553‌

5.10%,

01/09/2026

(d)

150‌

149‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Truist

Bank

1.50%,

03/10/2025

$

250‌

$

231‌

3.63%,

09/16/2025

250‌

234‌

Truist

Financial

Corp

1.13%,

08/03/2027

215‌

181‌

1.20%,

08/05/2025

365‌

331‌

1.27%,

03/02/2027

(e)

60‌

53‌

Secured

Overnight

Financing

Rate

+

0.61%

1.89%,

06/07/2029

(e)

175‌

145‌

Secured

Overnight

Financing

Rate

+

0.86%

1.95%,

06/05/2030

290‌

230‌

2.50%,

08/01/2024

350‌

336‌

4.12%,

06/06/2028

(e)

135‌

127‌

Secured

Overnight

Financing

Rate

+

1.37%

4.87%,

01/26/2029

(e)

150‌

144‌

Secured

Overnight

Financing

Rate

+

1.44%

5.12%,

01/26/2034

(e)

150‌

142‌

Secured

Overnight

Financing

Rate

+

1.85%

5.87%,

06/08/2034

(e)

150‌

150‌

Secured

Overnight

Financing

Rate

+

2.36%

5.90%,

10/28/2026

(e)

150‌

149‌

Secured

Overnight

Financing

Rate

+

1.63%

UBS

Group

AG

3.75%,

03/26/2025

250‌

239‌

4.88%,

05/15/2045

250‌

216‌

US

Bancorp

1.38%,

07/22/2030

415‌

317‌

2.22%,

01/27/2028

(e)

155‌

137‌

Secured

Overnight

Financing

Rate

+

0.73%

2.40%,

07/30/2024

190‌

183‌

2.49%,

11/03/2036

(e)

175‌

128‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

0.95%

3.00%,

07/30/2029

950‌

804‌

3.15%,

04/27/2027

25‌

23‌

4.65%,

02/01/2029

(e)

130‌

124‌

Secured

Overnight

Financing

Rate

+

1.23%

4.84%,

02/01/2034

(e)

130‌

121‌

Secured

Overnight

Financing

Rate

+

1.60%

5.73%,

10/21/2026

(e)

150‌

150‌

Secured

Overnight

Financing

Rate

+

1.43%

5.84%,

06/12/2034

(e)

295‌

297‌

Secured

Overnight

Financing

Rate

+

2.26%

5.85%,

10/21/2033

(e)

150‌

150‌

Secured

Overnight

Financing

Rate

+

2.09%

US

Bank

NA/Cincinnati

OH

2.05%,

01/21/2025

300‌

283‌

Wells

Fargo

&

Co

2.16%,

02/11/2026

(e)

645‌

607‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.01%

2.19%,

04/30/2026

(e)

525‌

492‌

Secured

Overnight

Financing

Rate

+

2.00%

2.39%,

06/02/2028

(e)

475‌

423‌

Secured

Overnight

Financing

Rate

+

2.10%

2.41%,

10/30/2025

(e)

720‌

686‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.09%

3.00%,

04/22/2026

500‌

470‌

3.00%,

10/23/2026

530‌

492‌

3.07%,

04/30/2041

(e)

480‌

353‌

Secured

Overnight

Financing

Rate

+

2.53%

3.35%,

03/02/2033

(e)

465‌

398‌

Secured

Overnight

Financing

Rate

+

1.50%

3.58%,

05/22/2028

(e)

500‌

466‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.57%

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

100

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Wells

Fargo

&

Co  

(continued)

3.91%,

04/25/2026

(e)

$

390‌

$

377‌

Secured

Overnight

Financing

Rate

+

1.32%

4.10%,

06/03/2026

600‌

576‌

4.40%,

06/14/2046

385‌

313‌

4.48%,

04/04/2031

(e)

245‌

233‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.03%

4.61%,

04/25/2053

(e)

390‌

342‌

Secured

Overnight

Financing

Rate

+

2.13%

4.65%,

11/04/2044

330‌

280‌

4.81%,

07/25/2028

(e)

170‌

166‌

Secured

Overnight

Financing

Rate

+

1.98%

4.90%,

07/25/2033

(e)

340‌

326‌

Secured

Overnight

Financing

Rate

+

2.10%

4.90%,

11/17/2045

520‌

458‌

5.01%,

04/04/2051

(e)

325‌

303‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.50%

5.38%,

11/02/2043

20‌

19‌

5.39%,

04/24/2034

(e)

210‌

209‌

Secured

Overnight

Financing

Rate

+

2.02%

5.61%,

01/15/2044

45‌

43‌

Wells

Fargo

Bank

NA

5.95%,

08/26/2036

750‌

759‌

6.60%,

01/15/2038

250‌

271‌

Westpac

Banking

Corp

1.15%,

06/03/2026

190‌

169‌

1.95%,

11/20/2028

200‌

171‌

2.15%,

06/03/2031

(d)

190‌

160‌

2.35%,

02/19/2025

155‌

148‌

2.65%,

01/16/2030

155‌

136‌

2.89%,

02/04/2030

(e)

160‌

149‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.35%

2.96%,

11/16/2040

80‌

54‌

3.02%,

11/18/2036

(e)

150‌

115‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%

3.13%,

11/18/2041

200‌

136‌

3.74%,

08/26/2025

110‌

107‌

4.04%,

08/26/2027

110‌

107‌

4.11%,

07/24/2034

(e)

165‌

143‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%

4.42%,

07/24/2039

165‌

136‌

5.46%,

11/18/2027

560‌

568‌

$

136,736‌

Beverages

-

0

.55

%

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

3.65%,

02/01/2026

525‌

508‌

4.70%,

02/01/2036

880‌

856‌

4.90%,

02/01/2046

890‌

851‌

Anheuser-Busch

InBev

Finance

Inc

4.63%,

02/01/2044

25‌

23‌

Anheuser-Busch

InBev

Worldwide

Inc

3.50%,

06/01/2030

295‌

274‌

4.35%,

06/01/2040

605‌

556‌

4.75%,

01/23/2029

560‌

558‌

5.45%,

01/23/2039

500‌

517‌

5.80%,

01/23/2059

595‌

648‌

8.20%,

01/15/2039

51‌

67‌

Coca-Cola

Co/The

1.00%,

03/15/2028

340‌

292‌

1.38%,

03/15/2031

340‌

272‌

1.45%,

06/01/2027

360‌

322‌

1.50%,

03/05/2028

190‌

167‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Beverages

(continued)

Coca-Cola

Co/The  

(continued)

1.65%,

06/01/2030

$

260‌

$

217‌

1.75%,

09/06/2024

190‌

184‌

2.13%,

09/06/2029

165‌

145‌

2.25%,

01/05/2032

195‌

166‌

2.50%,

06/01/2040

260‌

196‌

2.50%,

03/15/2051

170‌

116‌

2.60%,

06/01/2050

260‌

182‌

2.88%,

05/05/2041

195‌

154‌

3.00%,

03/05/2051

285‌

217‌

3.38%,

03/25/2027

160‌

154‌

Constellation

Brands

Inc

2.25%,

08/01/2031

170‌

139‌

3.15%,

08/01/2029

630‌

568‌

4.35%,

05/09/2027

160‌

156‌

4.90%,

05/01/2033

75‌

74‌

Diageo

Capital

PLC

2.13%,

10/24/2024

200‌

191‌

2.13%,

04/29/2032

200‌

162‌

2.38%,

10/24/2029

200‌

173‌

5.30%,

10/24/2027

295‌

300‌

5.88%,

09/30/2036

139‌

149‌

Keurig

Dr

Pepper

Inc

2.25%,

03/15/2031

190‌

156‌

3.35%,

03/15/2051

190‌

136‌

3.95%,

04/15/2029

110‌

104‌

4.05%,

04/15/2032

110‌

102‌

4.50%,

04/15/2052

110‌

97‌

Molson

Coors

Beverage

Co

3.00%,

07/15/2026

530‌

495‌

5.00%,

05/01/2042

50‌

46‌

PepsiCo

Inc

1.40%,

02/25/2031

165‌

133‌

1.63%,

05/01/2030

95‌

79‌

1.95%,

10/21/2031

165‌

136‌

2.38%,

10/06/2026

670‌

628‌

2.63%,

07/29/2029

170‌

153‌

2.63%,

10/21/2041

160‌

121‌

2.75%,

10/21/2051

160‌

115‌

2.85%,

02/24/2026

500‌

476‌

2.88%,

10/15/2049

160‌

120‌

3.60%,

02/18/2028

170‌

164‌

4.20%,

07/18/2052

60‌

56‌

4.45%,

05/15/2028

150‌

150‌

4.45%,

02/15/2033

(d)

250‌

252‌

$

13,273‌

Biotechnology

-

0

.35

%

Amgen

Inc

1.65%,

08/15/2028

180‌

154‌

1.90%,

02/21/2025

160‌

151‌

2.00%,

01/15/2032

180‌

142‌

2.20%,

02/21/2027

790‌

718‌

2.45%,

02/21/2030

160‌

137‌

2.60%,

08/19/2026

500‌

463‌

3.00%,

02/22/2029

200‌

181‌

3.00%,

01/15/2052

180‌

120‌

3.15%,

02/21/2040

860‌

658‌

3.38%,

02/21/2050

160‌

117‌

4.20%,

03/01/2033

165‌

154‌

4.20%,

02/22/2052

200‌

165‌

4.40%,

05/01/2045

40‌

35‌

4.66%,

06/15/2051

300‌

269‌

4.88%,

03/01/2053

165‌

152‌

5.15%,

03/02/2028

270‌

270‌

5.25%,

03/02/2025

400‌

398‌

5.25%,

03/02/2030

130‌

130‌

5.25%,

03/02/2033

155‌

155‌

5.60%,

03/02/2043

310‌

311‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

101

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Biotechnology

(continued)

Amgen

Inc  

(continued)

5.65%,

03/02/2053

$

310‌

$

314‌

5.75%,

03/02/2063

230‌

233‌

Baxalta

Inc

4.00%,

06/23/2025

50‌

48‌

5.25%,

06/23/2045

130‌

128‌

Biogen

Inc

2.25%,

05/01/2030

115‌

96‌

5.20%,

09/15/2045

540‌

537‌

Gilead

Sciences

Inc

1.65%,

10/01/2030

165‌

135‌

2.60%,

10/01/2040

85‌

61‌

2.80%,

10/01/2050

165‌

112‌

2.95%,

03/01/2027

530‌

498‌

4.00%,

09/01/2036

300‌

270‌

4.60%,

09/01/2035

500‌

481‌

Regeneron

Pharmaceuticals

Inc

1.75%,

09/15/2030

165‌

131‌

Royalty

Pharma

PLC

1.75%,

09/02/2027

310‌

266‌

2.20%,

09/02/2030

160‌

129‌

3.30%,

09/02/2040

160‌

114‌

$

8,433‌

Building

Materials

-

0

.16

%

Carrier

Global

Corp

2.24%,

02/15/2025

23‌

22‌

2.49%,

02/15/2027

36‌

33‌

2.72%,

02/15/2030

320‌

275‌

3.38%,

04/05/2040

300‌

230‌

3.58%,

04/05/2050

160‌

118‌

Johnson

Controls

International

plc

4.50%,

02/15/2047

500‌

435‌

Johnson

Controls

International

plc

/

Tyco

Fire

&

Security

Finance

SCA

2.00%,

09/16/2031

385‌

308‌

Martin

Marietta

Materials

Inc

2.50%,

03/15/2030

500‌

423‌

3.20%,

07/15/2051

190‌

132‌

Masco

Corp

1.50%,

02/15/2028

190‌

162‌

4.50%,

05/15/2047

525‌

424‌

Owens

Corning

4.40%,

01/30/2048

300‌

248‌

Trane

Technologies

Luxembourg

Finance

SA

3.80%,

03/21/2029

600‌

565‌

4.65%,

11/01/2044

300‌

267‌

Vulcan

Materials

Co

3.50%,

06/01/2030

295‌

267‌

$

3,909‌

Chemicals

-

0

.36

%

Air

Products

and

Chemicals

Inc

1.85%,

05/15/2027

655‌

589‌

2.80%,

05/15/2050

155‌

111‌

4.80%,

03/03/2033

155‌

156‌

Albemarle

Corp

5.45%,

12/01/2044

150‌

141‌

Celanese

US

Holdings

LLC

6.05%,

03/15/2025

345‌

344‌

6.17%,

07/15/2027

345‌

343‌

6.38%,

07/15/2032

(d)

345‌

348‌

Dow

Chemical

Co/The

2.10%,

11/15/2030

165‌

136‌

3.60%,

11/15/2050

165‌

123‌

4.38%,

11/15/2042

230‌

194‌

4.80%,

05/15/2049

300‌

261‌

5.25%,

11/15/2041

280‌

270‌

9.40%,

05/15/2039

30‌

40‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Chemicals

(continued)

DuPont

de

Nemours

Inc

4.73%,

11/15/2028

$

475‌

$

467‌

5.32%,

11/15/2038

500‌

495‌

5.42%,

11/15/2048

245‌

242‌

Eastman

Chemical

Co

4.80%,

09/01/2042

100‌

87‌

Ecolab

Inc

1.30%,

01/30/2031

85‌

67‌

1.65%,

02/01/2027

350‌

315‌

2.13%,

08/15/2050

85‌

51‌

2.75%,

08/18/2055

307‌

197‌

4.80%,

03/24/2030

160‌

160‌

EIDP

Inc

1.70%,

07/15/2025

185‌

172‌

Linde

Inc/CT

1.10%,

08/10/2030

165‌

131‌

LYB

International

Finance

III

LLC

1.25%,

10/01/2025

84‌

76‌

2.25%,

10/01/2030

(d)

165‌

135‌

3.63%,

04/01/2051

165‌

114‌

4.20%,

10/15/2049

125‌

96‌

5.63%,

05/15/2033

150‌

150‌

LyondellBasell

Industries

NV

4.63%,

02/26/2055

20‌

16‌

Nutrien

Ltd

4.20%,

04/01/2029

600‌

566‌

4.90%,

06/01/2043

200‌

179‌

5.80%,

03/27/2053

155‌

156‌

5.95%,

11/07/2025

155‌

156‌

PPG

Industries

Inc

1.20%,

03/15/2026

190‌

170‌

Sherwin-Williams

Co/The

2.20%,

03/15/2032

160‌

129‌

2.30%,

05/15/2030

160‌

134‌

2.95%,

08/15/2029

450‌

397‌

3.30%,

05/15/2050

160‌

114‌

3.80%,

08/15/2049

175‌

135‌

Westlake

Corp

3.13%,

08/15/2051

190‌

119‌

3.60%,

08/15/2026

350‌

328‌

$

8,610‌

Coal

-

0

.03

%

Teck

Resources

Ltd

3.90%,

07/15/2030

695‌

632‌

Commercial

Mortgage

Backed

Securities

-

1

.17

%

BANK

2018-BNK10

3.69%,

02/15/2061

1,850‌

1,706‌

CFCRE

Commercial

Mortgage

Trust

2016-C4

3.28%,

05/10/2058

1,300‌

1,206‌

Citigroup

Commercial

Mortgage

Trust

2016-GC36

3.62%,

02/10/2049

1,000‌

933‌

COMM

2015-DC1

Mortgage

Trust

3.35%,

02/10/2048

1,000‌

952‌

COMM

2015-LC19

Mortgage

Trust

3.18%,

02/10/2048

1,000‌

952‌

COMM

2016-CR28

Mortgage

Trust

3.76%,

02/10/2049

1,000‌

945‌

CSAIL

2016-C7

Commercial

Mortgage

Trust

3.31%,

11/15/2049

548‌

526‌

Fannie

Mae-Aces

2.50%,

10/25/2026

(h)

756‌

702‌

2.53%,

09/25/2024

663‌

638‌

2.79%,

06/25/2025

(h)

1,349‌

1,279‌

2.90%,

02/25/2027

(h)

711‌

667‌

2.96%,

02/25/2027

(h)

848‌

799‌

3.09%,

12/25/2027

(h)

703‌

658‌

3.47%,

07/25/2028

(h)

2,025‌

1,917‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

102

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2.67%,

03/25/2026

$

1,050‌

$

989‌

3.06%,

07/25/2023

(h)

40‌

40‌

3.06%,

12/25/2024

500‌

483‌

3.41%,

12/25/2026

1,500‌

1,437‌

3.53%,

10/25/2023

(h)

899‌

893‌

GS

Mortgage

Securities

Trust

2014-GC18

3.80%,

01/10/2047

291‌

289‌

GS

Mortgage

Securities

Trust

2015-GC34

3.51%,

10/10/2048

1,000‌

937‌

GS

Mortgage

Securities

Trust

2017-GS5

3.47%,

03/10/2050

1,572‌

1,486‌

GS

Mortgage

Securities

Trust

2018-GS9

3.99%,

03/10/2051

(h)

1,500‌

1,394‌

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C22

3.80%,

09/15/2047

1,000‌

965‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2015-C24

3.48%,

05/15/2048

821‌

780‌

Morgan

Stanley

Capital

I

Trust

2017-H1

3.26%,

06/15/2050

2,500‌

2,282‌

SG

Commercial

Mortgage

Securities

Trust

2016-C5

3.06%,

10/10/2048

1,000‌

908‌

Wells

Fargo

Commercial

Mortgage

Trust

2015-C28

3.29%,

05/15/2048

1,482‌

1,407‌

$

28,170‌

Commercial

Services

-

0

.24

%

American

University/The

3.67%,

04/01/2049

125‌

100‌

Automatic

Data

Processing

Inc

1.70%,

05/15/2028

195‌

171‌

3.38%,

09/15/2025

500‌

483‌

California

Institute

of

Technology

4.32%,

08/01/2045

80‌

73‌

Global

Payments

Inc

1.20%,

03/01/2026

370‌

329‌

1.50%,

11/15/2024

195‌

183‌

2.65%,

02/15/2025

170‌

161‌

3.20%,

08/15/2029

170‌

148‌

4.15%,

08/15/2049

85‌

64‌

Leland

Stanford

Junior

University/The

3.65%,

05/01/2048

287‌

246‌

Massachusetts

Institute

of

Technology

3.89%,

07/01/2116

250‌

192‌

4.68%,

07/01/2114

250‌

233‌

Moody's

Corp

4.25%,

08/08/2032

175‌

166‌

5.25%,

07/15/2044

500‌

491‌

PayPal

Holdings

Inc

1.65%,

06/01/2025

160‌

150‌

2.30%,

06/01/2030

160‌

136‌

2.40%,

10/01/2024

160‌

154‌

2.85%,

10/01/2029

160‌

142‌

3.90%,

06/01/2027

185‌

179‌

4.40%,

06/01/2032

185‌

178‌

S&P

Global

Inc

1.25%,

08/15/2030

165‌

130‌

2.45%,

03/01/2027

295‌

272‌

2.50%,

12/01/2029

120‌

105‌

3.25%,

12/01/2049

120‌

90‌

3.70%,

03/01/2052

295‌

241‌

University

of

Southern

California

5.25%,

10/01/2111

30‌

30‌

Verisk

Analytics

Inc

4.00%,

06/15/2025

500‌

485‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Services

(continued)

William

Marsh

Rice

University

3.57%,

05/15/2045

$

500‌

$

419‌

$

5,751‌

Computers

-

0

.63

%

Apple

Inc

0.55%,

08/20/2025

525‌

480‌

0.70%,

02/08/2026

350‌

316‌

1.13%,

05/11/2025

550‌

512‌

1.20%,

02/08/2028

345‌

299‌

1.25%,

08/20/2030

525‌

426‌

1.40%,

08/05/2028

190‌

164‌

1.65%,

05/11/2030

160‌

135‌

1.65%,

02/08/2031

175‌

145‌

1.70%,

08/05/2031

385‌

318‌

2.20%,

09/11/2029

165‌

145‌

2.38%,

02/08/2041

175‌

129‌

2.40%,

08/20/2050

525‌

352‌

2.65%,

05/11/2050

160‌

111‌

2.65%,

02/08/2051

175‌

121‌

2.70%,

08/05/2051

285‌

199‌

2.80%,

02/08/2061

175‌

118‌

2.90%,

09/12/2027

655‌

615‌

2.95%,

09/11/2049

165‌

123‌

3.20%,

05/13/2025

445‌

431‌

3.20%,

05/11/2027

320‌

305‌

3.25%,

08/08/2029

175‌

164‌

3.35%,

02/09/2027

535‌

514‌

3.35%,

08/08/2032

175‌

163‌

3.45%,

02/09/2045

30‌

25‌

3.75%,

09/12/2047

115‌

99‌

3.75%,

11/13/2047

150‌

130‌

3.85%,

05/04/2043

300‌

268‌

3.95%,

08/08/2052

175‌

154‌

4.30%,

05/10/2033

(d)

295‌

293‌

4.65%,

02/23/2046

885‌

873‌

4.85%,

05/10/2053

295‌

302‌

Dell

International

LLC

/

EMC

Corp

3.38%,

12/15/2041

(i)

200‌

141‌

3.45%,

12/15/2051

(i)

400‌

268‌

5.25%,

02/01/2028

150‌

150‌

6.02%,

06/15/2026

850‌

864‌

8.10%,

07/15/2036

138‌

161‌

8.35%,

07/15/2046

83‌

102‌

Hewlett

Packard

Enterprise

Co

4.90%,

10/15/2025

300‌

296‌

6.20%,

10/15/2035

80‌

84‌

6.35%,

10/15/2045

195‌

203‌

HP

Inc

1.45%,

06/17/2026

190‌

171‌

2.20%,

06/17/2025

240‌

226‌

3.00%,

06/17/2027

240‌

221‌

4.75%,

01/15/2028

175‌

170‌

6.00%,

09/15/2041

154‌

156‌

International

Business

Machines

Corp

2.20%,

02/09/2027

100‌

91‌

3.30%,

05/15/2026

800‌

763‌

3.50%,

05/15/2029

470‌

434‌

4.00%,

07/27/2025

165‌

161‌

4.00%,

06/20/2042

35‌

30‌

4.15%,

05/15/2039

230‌

202‌

4.25%,

05/15/2049

340‌

289‌

4.40%,

07/27/2032

165‌

158‌

4.50%,

02/06/2028

115‌

113‌

4.70%,

02/19/2046

185‌

167‌

5.10%,

02/06/2053

150‌

144‌

5.60%,

11/30/2039

92‌

94‌

5.88%,

11/29/2032

200‌

214‌

6.22%,

08/01/2027

351‌

368‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

103

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Computers

(continued)

NetApp

Inc

2.38%,

06/22/2027

$

160‌

$

145‌

$

15,015‌

Consumer

Products

-

0

.05

%

Church

&

Dwight

Co

Inc

3.15%,

08/01/2027

300‌

282‌

3.95%,

08/01/2047

300‌

247‌

Clorox

Co/The

1.80%,

05/15/2030

160‌

131‌

Kimberly-Clark

Corp

2.75%,

02/15/2026

400‌

379‌

2.88%,

02/07/2050

160‌

115‌

$

1,154‌

Cosmetics

&

Personal

Care

-

0

.22

%

Colgate-Palmolive

Co

3.10%,

08/15/2025

175‌

168‌

3.25%,

08/15/2032

175‌

161‌

4.60%,

03/01/2028

155‌

156‌

Estee

Lauder

Cos

Inc/The

1.95%,

03/15/2031

170‌

140‌

2.00%,

12/01/2024

240‌

229‌

2.38%,

12/01/2029

240‌

208‌

Haleon

UK

Capital

PLC

3.13%,

03/24/2025

250‌

239‌

Haleon

US

Capital

LLC

3.38%,

03/24/2027

475‌

445‌

3.63%,

03/24/2032

370‌

332‌

4.00%,

03/24/2052

250‌

208‌

Kenvue

Inc

4.90%,

03/22/2033

(i)

155‌

157‌

5.05%,

03/22/2028

(i)

155‌

156‌

5.05%,

03/22/2053

(i)

155‌

158‌

5.10%,

03/22/2043

(i)

155‌

158‌

5.50%,

03/22/2025

(i)

155‌

155‌

Procter

&

Gamble

Co/The

0.55%,

10/29/2025

240‌

217‌

1.20%,

10/29/2030

340‌

274‌

1.90%,

02/01/2027

115‌

105‌

2.30%,

02/01/2032

115‌

100‌

2.80%,

03/25/2027

660‌

621‌

3.55%,

03/25/2040

160‌

141‌

3.95%,

01/26/2028

150‌

147‌

Unilever

Capital

Corp

1.38%,

09/14/2030

170‌

136‌

2.13%,

09/06/2029

115‌

99‌

5.90%,

11/15/2032

230‌

251‌

$

5,161‌

Distribution

&

Wholesale

-

0

.01

%

WW

Grainger

Inc

4.60%,

06/15/2045

250‌

236‌

Diversified

Financial

Services

-

0

.90

%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

1.65%,

10/29/2024

990‌

930‌

1.75%,

10/29/2024

380‌

357‌

1.75%,

01/30/2026

170‌

153‌

2.45%,

10/29/2026

225‌

201‌

2.88%,

08/14/2024

885‌

850‌

3.00%,

10/29/2028

245‌

212‌

3.30%,

01/30/2032

380‌

311‌

3.40%,

10/29/2033

275‌

221‌

3.88%,

01/23/2028

300‌

276‌

Air

Lease

Corp

1.88%,

08/15/2026

200‌

178‌

2.10%,

09/01/2028

385‌

320‌

2.30%,

02/01/2025

265‌

249‌

2.88%,

01/15/2026

385‌

356‌

2.88%,

01/15/2032

200‌

161‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Diversified

Financial

Services

(continued)

Air

Lease

Corp  

(continued)

3.25%,

03/01/2025

$

500‌

$

476‌

3.25%,

10/01/2029

95‌

82‌

Ally

Financial

Inc

2.20%,

11/02/2028

190‌

152‌

4.75%,

06/09/2027

160‌

148‌

8.00%,

11/01/2031

540‌

561‌

American

Express

Co

1.65%,

11/04/2026

1,000‌

890‌

2.25%,

03/04/2025

195‌

185‌

3.30%,

05/03/2027

30‌

28‌

4.05%,

05/03/2029

75‌

71‌

4.05%,

12/03/2042

25‌

22‌

4.99%,

05/01/2026

(e)

550‌

543‌

Secured

Overnight

Financing

Rate

+

1.00%

BlackRock

Inc

2.10%,

02/25/2032

150‌

121‌

2.40%,

04/30/2030

125‌

108‌

Capital

One

Financial

Corp

1.88%,

11/02/2027

(e)

125‌

107‌

Secured

Overnight

Financing

Rate

+

0.86%

2.36%,

07/29/2032

(e)

190‌

134‌

Secured

Overnight

Financing

Rate

+

1.34%

3.20%,

02/05/2025

415‌

395‌

3.75%,

07/28/2026

850‌

792‌

4.20%,

10/29/2025

30‌

29‌

4.93%,

05/10/2028

(e)

255‌

242‌

Secured

Overnight

Financing

Rate

+

2.06%

5.82%,

02/01/2034

(e)

150‌

143‌

Secured

Overnight

Financing

Rate

+

2.60%

6.31%,

06/08/2029

(e)

150‌

149‌

Secured

Overnight

Financing

Rate

+

2.64%

Charles

Schwab

Corp/The

0.90%,

03/11/2026

315‌

278‌

1.15%,

05/13/2026

195‌

172‌

1.65%,

03/11/2031

315‌

240‌

1.95%,

12/01/2031

195‌

148‌

2.00%,

03/20/2028

385‌

331‌

3.45%,

02/13/2026

250‌

238‌

5.64%,

05/19/2029

(e)

150‌

150‌

Secured

Overnight

Financing

Rate

+

2.21%

CME

Group

Inc

3.00%,

03/15/2025

530‌

511‌

5.30%,

09/15/2043

200‌

208‌

Credit

Suisse

USA

Inc

7.13%,

07/15/2032

300‌

332‌

Discover

Financial

Services

4.10%,

02/09/2027

500‌

464‌

Intercontinental

Exchange

Inc

1.85%,

09/15/2032

125‌

96‌

2.10%,

06/15/2030

160‌

133‌

2.65%,

09/15/2040

165‌

117‌

3.00%,

09/15/2060

165‌

107‌

3.75%,

12/01/2025

50‌

48‌

4.00%,

09/15/2027

365‌

355‌

4.25%,

09/21/2048

150‌

129‌

4.60%,

03/15/2033

185‌

179‌

4.95%,

06/15/2052

335‌

319‌

Jefferies

Financial

Group

Inc

2.63%,

10/15/2031

165‌

128‌

4.15%,

01/23/2030

400‌

360‌

6.50%,

01/20/2043

200‌

200‌

Mastercard

Inc

2.00%,

03/03/2025

210‌

200‌

2.00%,

11/18/2031

170‌

140‌

2.95%,

11/21/2026

500‌

472‌

2.95%,

03/15/2051

190‌

139‌

3.35%,

03/26/2030

80‌

74‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

104

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Diversified

Financial

Services

(continued)

Mastercard

Inc  

(continued)

3.85%,

03/26/2050

$

560‌

$

482‌

4.88%,

03/09/2028

155‌

157‌

Nasdaq

Inc

2.50%,

12/21/2040

185‌

124‌

5.35%,

06/28/2028

150‌

150‌

5.95%,

08/15/2053

35‌

36‌

Nomura

Holdings

Inc

1.85%,

07/16/2025

330‌

302‌

2.33%,

01/22/2027

385‌

340‌

2.68%,

07/16/2030

330‌

270‌

5.84%,

01/18/2028

(d)

300‌

300‌

Synchrony

Financial

4.25%,

08/15/2024

800‌

771‌

4.50%,

07/23/2025

20‌

19‌

Visa

Inc

1.10%,

02/15/2031

165‌

130‌

1.90%,

04/15/2027

475‌

433‌

2.00%,

08/15/2050

165‌

101‌

2.05%,

04/15/2030

155‌

133‌

2.70%,

04/15/2040

155‌

119‌

3.15%,

12/14/2025

600‌

575‌

3.65%,

09/15/2047

85‌

72‌

4.15%,

12/14/2035

215‌

205‌

4.30%,

12/14/2045

375‌

348‌

Western

Union

Co/The

6.20%,

11/17/2036

(d)

200‌

199‌

$

21,687‌

Electric

-

1

.89

%

AEP

Texas

Inc

2.10%,

07/01/2030

165‌

135‌

3.45%,

01/15/2050

55‌

39‌

3.45%,

05/15/2051

195‌

139‌

4.70%,

05/15/2032

65‌

62‌

5.25%,

05/15/2052

65‌

61‌

AEP

Transmission

Co

LLC

2.75%,

08/15/2051

190‌

122‌

4.00%,

12/01/2046

400‌

335‌

4.50%,

06/15/2052

90‌

80‌

5.40%,

03/15/2053

155‌

159‌

AES

Corp/The

2.45%,

01/15/2031

180‌

146‌

Alabama

Power

Co

1.45%,

09/15/2030

160‌

127‌

3.13%,

07/15/2051

190‌

131‌

4.30%,

01/02/2046

400‌

336‌

Ameren

Corp

1.75%,

03/15/2028

190‌

163‌

Ameren

Illinois

Co

1.55%,

11/15/2030

180‌

143‌

3.25%,

03/15/2050

80‌

58‌

3.85%,

09/01/2032

115‌

106‌

American

Electric

Power

Co

Inc

1.00%,

11/01/2025

45‌

41‌

2.30%,

03/01/2030

160‌

133‌

5.63%,

03/01/2033

155‌

158‌

Appalachian

Power

Co

3.30%,

06/01/2027

200‌

187‌

7.00%,

04/01/2038

120‌

135‌

Arizona

Public

Service

Co

2.60%,

08/15/2029

270‌

230‌

2.65%,

09/15/2050

170‌

104‌

4.50%,

04/01/2042

77‌

66‌

Baltimore

Gas

and

Electric

Co

2.25%,

06/15/2031

190‌

158‌

4.55%,

06/01/2052

60‌

53‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Berkshire

Hathaway

Energy

Co

1.65%,

05/15/2031

$

135‌

$

105‌

2.85%,

05/15/2051

180‌

116‌

3.80%,

07/15/2048

300‌

232‌

4.50%,

02/01/2045

325‌

278‌

4.60%,

05/01/2053

195‌

167‌

5.15%,

11/15/2043

15‌

14‌

6.13%,

04/01/2036

156‌

163‌

CenterPoint

Energy

Houston

Electric

LLC

3.35%,

04/01/2051

190‌

142‌

4.25%,

02/01/2049

300‌

261‌

4.85%,

10/01/2052

80‌

76‌

4.95%,

04/01/2033

155‌

155‌

CenterPoint

Energy

Inc

1.45%,

06/01/2026

195‌

174‌

2.50%,

09/01/2024

90‌

86‌

2.95%,

03/01/2030

125‌

109‌

3.70%,

09/01/2049

90‌

68‌

CMS

Energy

Corp

3.75%,

12/01/2050

(e)

180‌

139‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.90%

Commonwealth

Edison

Co

3.00%,

03/01/2050

160‌

110‌

3.13%,

03/15/2051

190‌

133‌

4.00%,

03/01/2049

300‌

248‌

5.30%,

02/01/2053

150‌

152‌

Connecticut

Light

and

Power

Co/The

0.75%,

12/01/2025

180‌

161‌

2.05%,

07/01/2031

190‌

155‌

3.20%,

03/15/2027

165‌

155‌

4.00%,

04/01/2048

500‌

421‌

Consolidated

Edison

Co

of

New

York

Inc

2.40%,

06/15/2031

195‌

162‌

3.00%,

12/01/2060

180‌

114‌

3.70%,

11/15/2059

80‌

58‌

3.88%,

06/15/2047

650‌

510‌

4.13%,

05/15/2049

300‌

246‌

4.20%,

03/15/2042

128‌

108‌

4.30%,

12/01/2056

230‌

187‌

5.20%,

03/01/2033

150‌

152‌

5.85%,

03/15/2036

51‌

52‌

6.15%,

11/15/2052

155‌

170‌

6.75%,

04/01/2038

125‌

139‌

Consumers

Energy

Co

2.50%,

05/01/2060

94‌

54‌

3.10%,

08/15/2050

245‌

173‌

4.20%,

09/01/2052

175‌

150‌

Delmarva

Power

&

Light

Co

4.15%,

05/15/2045

350‌

291‌

Dominion

Energy

Inc

1.45%,

04/15/2026

190‌

171‌

3.30%,

04/15/2041

190‌

141‌

3.38%,

04/01/2030

155‌

139‌

4.70%,

12/01/2044

300‌

259‌

4.90%,

08/01/2041

77‌

69‌

5.38%,

11/15/2032

105‌

105‌

5.95%,

06/15/2035

400‌

411‌

Dominion

Energy

South

Carolina

Inc

5.45%,

02/01/2041

77‌

77‌

DTE

Electric

Co

1.90%,

04/01/2028

435‌

381‌

2.25%,

03/01/2030

160‌

137‌

2.63%,

03/01/2031

155‌

132‌

3.95%,

03/01/2049

250‌

205‌

5.40%,

04/01/2053

155‌

160‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

105

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

DTE

Energy

Co

1.05%,

06/01/2025

$

85‌

$

78‌

4.88%,

06/01/2028

100‌

98‌

Duke

Energy

Carolinas

LLC

3.20%,

08/15/2049

450‌

324‌

4.00%,

09/30/2042

100‌

83‌

4.95%,

01/15/2033

150‌

149‌

5.30%,

02/15/2040

362‌

363‌

5.35%,

01/15/2053

150‌

152‌

Duke

Energy

Corp

0.90%,

09/15/2025

170‌

155‌

3.15%,

08/15/2027

15‌

14‌

3.30%,

06/15/2041

190‌

140‌

3.50%,

06/15/2051

190‌

138‌

3.75%,

09/01/2046

400‌

303‌

4.50%,

08/15/2032

175‌

165‌

5.00%,

08/15/2052

175‌

160‌

Duke

Energy

Florida

LLC

1.75%,

06/15/2030

160‌

130‌

2.50%,

12/01/2029

330‌

285‌

3.40%,

10/01/2046

300‌

224‌

5.65%,

04/01/2040

25‌

26‌

5.95%,

11/15/2052

155‌

169‌

6.40%,

06/15/2038

66‌

72‌

Duke

Energy

Indiana

LLC

2.75%,

04/01/2050

160‌

102‌

5.40%,

04/01/2053

155‌

156‌

6.12%,

10/15/2035

77‌

80‌

Duke

Energy

Ohio

Inc

2.13%,

06/01/2030

160‌

133‌

Duke

Energy

Progress

LLC

2.50%,

08/15/2050

165‌

102‌

Emera

US

Finance

LP

3.55%,

06/15/2026

25‌

24‌

4.75%,

06/15/2046

25‌

20‌

Entergy

Arkansas

LLC

2.65%,

06/15/2051

170‌

106‌

5.15%,

01/15/2033

150‌

150‌

Entergy

Corp

1.90%,

06/15/2028

115‌

98‌

2.40%,

06/15/2031

190‌

154‌

Entergy

Louisiana

LLC

2.90%,

03/15/2051

90‌

59‌

3.10%,

06/15/2041

190‌

143‌

4.75%,

09/15/2052

105‌

96‌

Entergy

Texas

Inc

1.75%,

03/15/2031

165‌

130‌

4.00%,

03/30/2029

300‌

283‌

4.50%,

03/30/2039

300‌

270‌

Evergy

Inc

2.45%,

09/15/2024

165‌

158‌

Evergy

Kansas

Central

Inc

5.70%,

03/15/2053

155‌

160‌

Evergy

Metro

Inc

2.25%,

06/01/2030

160‌

133‌

Eversource

Energy

0.80%,

08/15/2025

165‌

149‌

1.65%,

08/15/2030

165‌

131‌

5.13%,

05/15/2033

150‌

148‌

Exelon

Corp

3.35%,

03/15/2032

195‌

169‌

4.45%,

04/15/2046

20‌

17‌

5.63%,

06/15/2035

300‌

303‌

Florida

Power

&

Light

Co

2.45%,

02/03/2032

200‌

168‌

2.88%,

12/04/2051

195‌

135‌

3.15%,

10/01/2049

90‌

66‌

3.70%,

12/01/2047

200‌

162‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Florida

Power

&

Light

Co  

(continued)

4.05%,

10/01/2044

$

350‌

$

299‌

4.40%,

05/15/2028

150‌

147‌

4.80%,

05/15/2033

110‌

109‌

5.10%,

04/01/2033

155‌

157‌

5.69%,

03/01/2040

48‌

50‌

Georgia

Power

Co

2.20%,

09/15/2024

165‌

158‌

4.30%,

03/15/2042

228‌

197‌

4.65%,

05/16/2028

150‌

147‌

4.70%,

05/15/2032

185‌

179‌

Hydro-Quebec

8.05%,

07/07/2024

102‌

104‌

Iberdrola

International

BV

6.75%,

07/15/2036

128‌

145‌

Interstate

Power

and

Light

Co

2.30%,

06/01/2030

40‌

33‌

4.10%,

09/26/2028

300‌

284‌

Kentucky

Utilities

Co

3.30%,

06/01/2050

155‌

110‌

5.13%,

11/01/2040

250‌

239‌

MidAmerican

Energy

Co

3.15%,

04/15/2050

165‌

115‌

3.65%,

04/15/2029

300‌

279‌

4.25%,

07/15/2049

300‌

255‌

Mississippi

Power

Co

4.25%,

03/15/2042

100‌

83‌

National

Rural

Utilities

Cooperative

Finance

Corp

1.00%,

06/15/2026

190‌

168‌

2.40%,

03/15/2030

105‌

89‌

3.05%,

04/25/2027

300‌

278‌

3.25%,

11/01/2025

500‌

476‌

4.15%,

12/15/2032

175‌

162‌

4.80%,

03/15/2028

115‌

114‌

Nevada

Power

Co

2.40%,

05/01/2030

200‌

169‌

NextEra

Energy

Capital

Holdings

Inc

1.90%,

06/15/2028

195‌

167‌

2.25%,

06/01/2030

450‌

374‌

2.75%,

11/01/2029

115‌

100‌

4.90%,

02/28/2028

150‌

149‌

5.00%,

07/15/2032

175‌

173‌

5.25%,

02/28/2053

150‌

144‌

5.65%,

05/01/2079

(e)

500‌

462‌

3

Month

USD

LIBOR

+

3.16%

Northern

States

Power

Co/MN

2.25%,

04/01/2031

190‌

159‌

2.60%,

06/01/2051

160‌

103‌

2.90%,

03/01/2050

80‌

55‌

3.40%,

08/15/2042

100‌

78‌

5.10%,

05/15/2053

150‌

148‌

5.35%,

11/01/2039

82‌

83‌

NorthWestern

Corp

4.18%,

11/15/2044

300‌

249‌

NSTAR

Electric

Co

4.55%,

06/01/2052

185‌

166‌

4.95%,

09/15/2052

80‌

78‌

Ohio

Power

Co

1.63%,

01/15/2031

150‌

118‌

Oncor

Electric

Delivery

Co

LLC

0.55%,

10/01/2025

165‌

149‌

3.10%,

09/15/2049

430‌

304‌

4.15%,

06/01/2032

185‌

176‌

4.30%,

05/15/2028

(i)

250‌

243‌

4.55%,

09/15/2032

115‌

112‌

4.60%,

06/01/2052

185‌

169‌

5.25%,

09/30/2040

51‌

51‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

106

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Pacific

Gas

and

Electric

Co

2.10%,

08/01/2027

$

885‌

$

756‌

2.50%,

02/01/2031

320‌

251‌

3.30%,

08/01/2040

160‌

108‌

3.50%,

08/01/2050

1,160‌

738‌

4.20%,

06/01/2041

190‌

142‌

4.95%,

06/08/2025

455‌

441‌

5.90%,

06/15/2032

150‌

144‌

6.10%,

01/15/2029

150‌

148‌

6.75%,

01/15/2053

150‌

148‌

PacifiCorp

2.90%,

06/15/2052

190‌

118‌

5.35%,

12/01/2053

155‌

142‌

5.50%,

05/15/2054

150‌

141‌

6.25%,

10/15/2037

92‌

92‌

PECO

Energy

Co

2.80%,

06/15/2050

425‌

280‌

2.85%,

09/15/2051

175‌

115‌

4.38%,

08/15/2052

115‌

102‌

4.60%,

05/15/2052

55‌

50‌

4.90%,

06/15/2033

150‌

150‌

PPL

Electric

Utilities

Corp

3.00%,

10/01/2049

80‌

57‌

3.95%,

06/01/2047

300‌

251‌

5.00%,

05/15/2033

155‌

155‌

Progress

Energy

Inc

7.75%,

03/01/2031

136‌

154‌

Public

Service

Co

of

Colorado

1.88%,

06/15/2031

155‌

124‌

2.70%,

01/15/2051

495‌

313‌

3.70%,

06/15/2028

300‌

285‌

4.50%,

06/01/2052

60‌

52‌

5.25%,

04/01/2053

110‌

106‌

Public

Service

Co

of

Oklahoma

5.25%,

01/15/2033

150‌

149‌

Public

Service

Electric

and

Gas

Co

2.05%,

08/01/2050

165‌

97‌

2.45%,

01/15/2030

160‌

138‌

3.00%,

05/15/2027

400‌

374‌

3.15%,

01/01/2050

160‌

116‌

3.65%,

09/01/2042

200‌

161‌

4.65%,

03/15/2033

155‌

152‌

Public

Service

Enterprise

Group

Inc

0.80%,

08/15/2025

330‌

298‌

Puget

Sound

Energy

Inc

2.89%,

09/15/2051

170‌

112‌

3.25%,

09/15/2049

60‌

42‌

5.80%,

03/15/2040

351‌

356‌

San

Diego

Gas

&

Electric

Co

1.70%,

10/01/2030

170‌

136‌

3.32%,

04/15/2050

155‌

111‌

3.70%,

03/15/2052

195‌

151‌

Sempra

Energy

3.40%,

02/01/2028

300‌

276‌

3.80%,

02/01/2038

300‌

249‌

4.00%,

02/01/2048

400‌

311‌

6.00%,

10/15/2039

112‌

115‌

Southern

California

Edison

Co

2.25%,

06/01/2030

160‌

134‌

2.85%,

08/01/2029

125‌

109‌

3.45%,

02/01/2052

200‌

143‌

3.65%,

02/01/2050

315‌

234‌

4.00%,

04/01/2047

585‌

464‌

4.70%,

06/01/2027

365‌

359‌

5.30%,

03/01/2028

155‌

155‌

5.50%,

03/15/2040

102‌

100‌

5.70%,

03/01/2053

155‌

155‌

5.85%,

11/01/2027

155‌

159‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Southern

California

Edison

Co  

(continued)

5.95%,

02/01/2038

$

367‌

$

377‌

Southern

Co/The

1.75%,

03/15/2028

190‌

162‌

3.25%,

07/01/2026

570‌

536‌

3.75%,

09/15/2051

(e)

435‌

370‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.92%

4.00%,

01/15/2051

(e)

170‌

157‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.73%

5.15%,

10/06/2025

90‌

89‌

5.20%,

06/15/2033

150‌

149‌

5.70%,

10/15/2032

60‌

62‌

Southern

Power

Co

0.90%,

01/15/2026

40‌

36‌

5.25%,

07/15/2043

200‌

184‌

Southwestern

Electric

Power

Co

4.10%,

09/15/2028

400‌

379‌

6.20%,

03/15/2040

51‌

52‌

Tampa

Electric

Co

3.45%,

03/15/2051

185‌

132‌

4.35%,

05/15/2044

200‌

169‌

Tucson

Electric

Power

Co

1.50%,

08/01/2030

455‌

359‌

3.25%,

05/01/2051

195‌

133‌

Union

Electric

Co

2.15%,

03/15/2032

190‌

152‌

2.63%,

03/15/2051

165‌

106‌

5.45%,

03/15/2053

155‌

158‌

Virginia

Electric

and

Power

Co

2.30%,

11/15/2031

195‌

158‌

2.45%,

12/15/2050

90‌

54‌

2.88%,

07/15/2029

90‌

80‌

2.95%,

11/15/2051

380‌

254‌

3.75%,

05/15/2027

115‌

110‌

4.20%,

05/15/2045

300‌

246‌

5.45%,

04/01/2053

125‌

125‌

6.00%,

05/15/2037

77‌

80‌

8.88%,

11/15/2038

10‌

13‌

WEC

Energy

Group

Inc

1.38%,

10/15/2027

165‌

141‌

2.20%,

12/15/2028

200‌

172‌

4.75%,

01/09/2026

150‌

148‌

5.00%,

09/27/2025

80‌

79‌

Wisconsin

Electric

Power

Co

2.05%,

12/15/2024

65‌

62‌

4.75%,

09/30/2032

120‌

117‌

Wisconsin

Public

Service

Corp

2.85%,

12/01/2051

195‌

129‌

Xcel

Energy

Inc

1.75%,

03/15/2027

280‌

248‌

2.60%,

12/01/2029

115‌

98‌

4.60%,

06/01/2032

110‌

104‌

$

45,268‌

Electrical

Components

&

Equipment

-

0

.03

%

Emerson

Electric

Co

0.88%,

10/15/2026

550‌

485‌

2.20%,

12/21/2031

400‌

331‌

$

816‌

Electronics

-

0

.09

%

Agilent

Technologies

Inc

2.10%,

06/04/2030

160‌

131‌

2.30%,

03/12/2031

195‌

160‌

Fortive

Corp

3.15%,

06/15/2026

535‌

504‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

107

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electronics

(continued)

Honeywell

International

Inc

1.10%,

03/01/2027

$

190‌

$

168‌

1.35%,

06/01/2025

75‌

70‌

1.75%,

09/01/2031

190‌

152‌

1.95%,

06/01/2030

310‌

260‌

2.50%,

11/01/2026

50‌

47‌

2.70%,

08/15/2029

85‌

76‌

2.80%,

06/01/2050

(d)

160‌

119‌

4.25%,

01/15/2029

150‌

146‌

5.00%,

02/15/2033

155‌

158‌

Jabil

Inc

1.70%,

04/15/2026

190‌

170‌

Tyco

Electronics

Group

SA

7.13%,

10/01/2037

14‌

16‌

$

2,177‌

Entertainment

-

0

.10

%

Warnermedia

Holdings

Inc

3.64%,

03/15/2025

395‌

381‌

3.76%,

03/15/2027

395‌

368‌

4.05%,

03/15/2029

390‌

357‌

4.28%,

03/15/2032

290‌

257‌

5.05%,

03/15/2042

395‌

333‌

5.14%,

03/15/2052

295‌

240‌

5.39%,

03/15/2062

635‌

518‌

$

2,454‌

Environmental

Control

-

0

.09

%

Republic

Services

Inc

1.75%,

02/15/2032

90‌

70‌

2.30%,

03/01/2030

340‌

290‌

2.50%,

08/15/2024

215‌

207‌

5.00%,

04/01/2034

305‌

304‌

Waste

Connections

Inc

2.20%,

01/15/2032

385‌

311‌

4.20%,

01/15/2033

345‌

324‌

Waste

Management

Inc

0.75%,

11/15/2025

90‌

81‌

2.00%,

06/01/2029

195‌

167‌

2.50%,

11/15/2050

180‌

115‌

4.15%,

04/15/2032

95‌

91‌

4.63%,

02/15/2033

150‌

147‌

$

2,107‌

Federal

&

Federally

Sponsored

Credit

-

0

.05

%

Federal

Farm

Credit

Banks

Funding

Corp

4.25%,

09/26/2024

315‌

311‌

4.38%,

06/23/2026

445‌

444‌

4.50%,

11/18/2024

460‌

455‌

$

1,210‌

Finance

-

Mortgage

Loan/Banker

-

0

.58

%

Fannie

Mae

0.50%,

06/17/2025

370‌

340‌

0.50%,

11/07/2025

360‌

326‌

0.75%,

10/08/2027

500‌

434‌

0.88%,

08/05/2030

680‌

547‌

2.13%,

04/24/2026

1,150‌

1,075‌

2.63%,

09/06/2024

750‌

728‌

5.63%,

07/15/2037

200‌

229‌

6.63%,

11/15/2030

602‌

698‌

7.13%,

01/15/2030

199‌

234‌

7.25%,

05/15/2030

280‌

332‌

Federal

Home

Loan

Banks

0.38%,

09/04/2025

470‌

428‌

3.25%,

11/16/2028

2,000‌

1,911‌

4.50%,

10/03/2024

1,195‌

1,183‌

4.63%,

06/06/2025

445‌

442‌

5.00%,

02/28/2025

460‌

459‌

5.50%,

07/15/2036

700‌

790‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Finance

-

Mortgage

Loan/Banker

(continued)

Freddie

Mac

0.38%,

09/23/2025

$

3,160‌

$

2,867‌

6.25%,

07/15/2032

(d)

231‌

268‌

6.75%,

03/15/2031

577‌

678‌

$

13,969‌

Food

-

0

.30

%

Campbell

Soup

Co

3.95%,

03/15/2025

350‌

340‌

4.15%,

03/15/2028

160‌

153‌

Conagra

Brands

Inc

1.38%,

11/01/2027

125‌

106‌

4.85%,

11/01/2028

205‌

200‌

5.30%,

11/01/2038

120‌

115‌

5.40%,

11/01/2048

120‌

114‌

General

Mills

Inc

2.25%,

10/14/2031

170‌

139‌

4.00%,

04/17/2025

300‌

292‌

4.95%,

03/29/2033

155‌

154‌

Hershey

Co/The

1.70%,

06/01/2030

160‌

133‌

3.38%,

08/15/2046

350‌

267‌

J

M

Smucker

Co/The

2.13%,

03/15/2032

195‌

156‌

JBS

USA

LUX

SA

/

JBS

USA

Food

Co

/

JBS

USA

Finance

Inc

5.13%,

02/01/2028

(i)

325‌

312‌

5.75%,

04/01/2033

(i)

325‌

306‌

6.50%,

12/01/2052

(i)

325‌

308‌

Kellogg

Co

2.10%,

06/01/2030

160‌

133‌

3.25%,

04/01/2026

500‌

476‌

Koninklijke

Ahold

Delhaize

NV

5.70%,

10/01/2040

30‌

30‌

Kroger

Co/The

1.70%,

01/15/2031

190‌

149‌

3.70%,

08/01/2027

300‌

286‌

3.95%,

01/15/2050

175‌

140‌

4.45%,

02/01/2047

55‌

48‌

5.15%,

08/01/2043

300‌

276‌

5.40%,

07/15/2040

25‌

24‌

McCormick

&

Co

Inc/MD

0.90%,

02/15/2026

190‌

169‌

1.85%,

02/15/2031

190‌

150‌

Mondelez

International

Inc

1.50%,

02/04/2031

105‌

83‌

2.63%,

03/17/2027

195‌

180‌

2.63%,

09/04/2050

625‌

405‌

Sysco

Corp

2.40%,

02/15/2030

135‌

115‌

2.45%,

12/14/2031

115‌

94‌

4.50%,

04/01/2046

300‌

254‌

4.85%,

10/01/2045

250‌

222‌

5.38%,

09/21/2035

500‌

496‌

Tyson

Foods

Inc

4.55%,

06/02/2047

520‌

433‌

$

7,258‌

Forest

Products

&

Paper

-

0

.05

%

Celulosa

Arauco

y

Constitucion

SA

4.50%,

08/01/2024

500‌

491‌

Georgia-Pacific

LLC

7.75%,

11/15/2029

51‌

57‌

International

Paper

Co

4.80%,

06/15/2044

223‌

197‌

Suzano

Austria

GmbH

2.50%,

09/15/2028

90‌

77‌

5.00%,

01/15/2030

300‌

284‌

$

1,106‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

108

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Gas

-

0

.12

%

Atmos

Energy

Corp

1.50%,

01/15/2031

$

165‌

$

130‌

3.38%,

09/15/2049

165‌

122‌

4.13%,

10/15/2044

400‌

336‌

5.75%,

10/15/2052

105‌

111‌

CenterPoint

Energy

Resources

Corp

1.75%,

10/01/2030

165‌

132‌

4.40%,

07/01/2032

175‌

167‌

5.25%,

03/01/2028

150‌

150‌

Eastern

Energy

Gas

Holdings

LLC

2.50%,

11/15/2024

155‌

148‌

NiSource

Inc

0.95%,

08/15/2025

330‌

301‌

3.49%,

05/15/2027

20‌

19‌

3.60%,

05/01/2030

150‌

135‌

5.00%,

06/15/2052

355‌

327‌

5.25%,

03/30/2028

60‌

60‌

5.40%,

06/30/2033

150‌

150‌

Southern

California

Gas

Co

2.55%,

02/01/2030

160‌

137‌

5.75%,

06/01/2053

150‌

152‌

Southern

Co

Gas

Capital

Corp

1.75%,

01/15/2031

165‌

130‌

3.15%,

09/30/2051

195‌

132‌

Washington

Gas

Light

Co

3.65%,

09/15/2049

95‌

71‌

$

2,910‌

Hand

&

Machine

Tools

-

0

.03

%

Stanley

Black

&

Decker

Inc

2.30%,

03/15/2030

735‌

606‌

2.75%,

11/15/2050

175‌

104‌

$

710‌

Healthcare

-

Products

-

0

.28

%

Abbott

Laboratories

1.15%,

01/30/2028

250‌

216‌

1.40%,

06/30/2030

330‌

272‌

3.75%,

11/30/2026

266‌

259‌

4.75%,

11/30/2036

40‌

40‌

4.90%,

11/30/2046

500‌

505‌

5.30%,

05/27/2040

200‌

209‌

Baxter

International

Inc

1.73%,

04/01/2031

175‌

135‌

1.92%,

02/01/2027

395‌

351‌

2.27%,

12/01/2028

195‌

167‌

Boston

Scientific

Corp

1.90%,

06/01/2025

160‌

150‌

2.65%,

06/01/2030

160‌

139‌

4.70%,

03/01/2049

17‌

16‌

7.38%,

01/15/2040

51‌

61‌

Danaher

Corp

2.60%,

10/01/2050

165‌

111‌

DH

Europe

Finance

II

Sarl

2.60%,

11/15/2029

155‌

136‌

3.25%,

11/15/2039

155‌

126‌

GE

HealthCare

Technologies

Inc

5.60%,

11/15/2025

155‌

155‌

5.65%,

11/15/2027

155‌

157‌

5.86%,

03/15/2030

155‌

159‌

5.91%,

11/22/2032

155‌

162‌

6.38%,

11/22/2052

155‌

173‌

Koninklijke

Philips

NV

5.00%,

03/15/2042

128‌

118‌

Medtronic

Global

Holdings

SCA

4.25%,

03/30/2028

155‌

151‌

Medtronic

Inc

4.38%,

03/15/2035

665‌

639‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Healthcare

-

Products

(continued)

Revvity

Inc

0.85%,

09/15/2024

$

120‌

$

113‌

1.90%,

09/15/2028

155‌

131‌

Stryker

Corp

3.50%,

03/15/2026

500‌

480‌

4.10%,

04/01/2043

200‌

171‌

4.63%,

03/15/2046

20‌

19‌

Thermo

Fisher

Scientific

Inc

1.22%,

10/18/2024

385‌

364‌

2.00%,

10/15/2031

190‌

155‌

2.60%,

10/01/2029

160‌

141‌

2.80%,

10/15/2041

250‌

186‌

4.80%,

11/21/2027

155‌

156‌

Zimmer

Biomet

Holdings

Inc

2.60%,

11/24/2031

165‌

137‌

$

6,660‌

Healthcare

-

Services

-

0

.65

%

Aetna

Inc

3.50%,

11/15/2024

300‌

291‌

4.13%,

11/15/2042

100‌

82‌

6.63%,

06/15/2036

105‌

115‌

6.75%,

12/15/2037

112‌

123‌

Ascension

Health

3.95%,

11/15/2046

500‌

419‌

Baylor

Scott

&

White

Holdings

3.97%,

11/15/2046

232‌

193‌

Centene

Corp

4.63%,

12/15/2029

500‌

460‌

Children's

Hospital

Medical

Center/Cincinnati

OH

4.27%,

05/15/2044

215‌

189‌

CommonSpirit

Health

4.35%,

11/01/2042

200‌

172‌

Elevance

Health

Inc

1.50%,

03/15/2026

190‌

172‌

2.88%,

09/15/2029

120‌

106‌

3.13%,

05/15/2050

600‌

418‌

3.60%,

03/15/2051

190‌

145‌

3.65%,

12/01/2027

300‌

283‌

4.10%,

05/15/2032

170‌

158‌

4.38%,

12/01/2047

300‌

261‌

4.63%,

05/15/2042

30‌

27‌

4.65%,

01/15/2043

115‌

105‌

4.75%,

02/15/2033

150‌

146‌

6.10%,

10/15/2052

150‌

164‌

HCA

Inc

2.38%,

07/15/2031

190‌

152‌

3.38%,

03/15/2029

(i)

390‌

347‌

3.50%,

07/15/2051

190‌

131‌

4.38%,

03/15/2042

(i)

195‌

161‌

4.50%,

02/15/2027

800‌

772‌

5.20%,

06/01/2028

150‌

149‌

5.25%,

06/15/2026

750‌

742‌

5.50%,

06/01/2033

150‌

150‌

Humana

Inc

1.35%,

02/03/2027

190‌

165‌

2.15%,

02/03/2032

190‌

150‌

3.13%,

08/15/2029

85‌

75‌

4.50%,

04/01/2025

160‌

157‌

4.95%,

10/01/2044

325‌

297‌

5.50%,

03/15/2053

155‌

154‌

Kaiser

Foundation

Hospitals

3.27%,

11/01/2049

230‌

170‌

4.15%,

05/01/2047

470‌

410‌

Laboratory

Corp

of

America

Holdings

2.30%,

12/01/2024

310‌

294‌

2.95%,

12/01/2029

310‌

272‌

4.70%,

02/01/2045

115‌

100‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

109

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Healthcare

-

Services

(continued)

Mass

General

Brigham

Inc

3.19%,

07/01/2049

$

315‌

$

229‌

4.12%,

07/01/2055

300‌

250‌

Memorial

Sloan-Kettering

Cancer

Center

4.13%,

07/01/2052

200‌

170‌

4.20%,

07/01/2055

250‌

212‌

Mount

Sinai

Hospitals

Group

Inc

3.98%,

07/01/2048

400‌

319‌

Quest

Diagnostics

Inc

2.95%,

06/30/2030

155‌

136‌

UnitedHealth

Group

Inc

1.25%,

01/15/2026

160‌

146‌

2.00%,

05/15/2030

160‌

135‌

2.30%,

05/15/2031

195‌

165‌

2.38%,

08/15/2024

250‌

242‌

2.75%,

05/15/2040

160‌

119‌

2.88%,

08/15/2029

175‌

157‌

2.90%,

05/15/2050

160‌

112‌

3.05%,

05/15/2041

195‌

151‌

3.25%,

05/15/2051

120‌

90‌

3.45%,

01/15/2027

440‌

422‌

3.50%,

08/15/2039

200‌

168‌

3.70%,

05/15/2027

185‌

178‌

3.70%,

08/15/2049

350‌

281‌

4.20%,

05/15/2032

185‌

177‌

4.25%,

01/15/2029

305‌

296‌

4.25%,

06/15/2048

165‌

145‌

4.45%,

12/15/2048

120‌

109‌

4.63%,

07/15/2035

30‌

29‌

4.75%,

07/15/2045

700‌

670‌

4.75%,

05/15/2052

185‌

176‌

5.20%,

04/15/2063

305‌

305‌

5.25%,

02/15/2028

295‌

301‌

5.35%,

02/15/2033

295‌

307‌

5.88%,

02/15/2053

295‌

328‌

6.50%,

06/15/2037

77‌

86‌

$

15,488‌

Home

Builders

-

0

.01

%

DR

Horton

Inc

1.30%,

10/15/2026

190‌

166‌

1.40%,

10/15/2027

165‌

142‌

$

308‌

Insurance

-

0

.64

%

Aflac

Inc

1.13%,

03/15/2026

195‌

175‌

Allied

World

Assurance

Co

Holdings

Ltd

4.35%,

10/29/2025

500‌

475‌

Allstate

Corp/The

0.75%,

12/15/2025

160‌

143‌

1.45%,

12/15/2030

160‌

124‌

3.28%,

12/15/2026

500‌

471‌

5.25%,

03/30/2033

125‌

125‌

5.55%,

05/09/2035

200‌

203‌

American

International

Group

Inc

4.80%,

07/10/2045

50‌

44‌

5.13%,

03/27/2033

450‌

439‌

Aon

Corp

2.80%,

05/15/2030

160‌

138‌

Aon

Corp

/

Aon

Global

Holdings

PLC

2.60%,

12/02/2031

245‌

202‌

2.85%,

05/28/2027

195‌

178‌

2.90%,

08/23/2051

195‌

127‌

5.00%,

09/12/2032

90‌

89‌

5.35%,

02/28/2033

155‌

156‌

Arch

Capital

Finance

LLC

5.03%,

12/15/2046

250‌

222‌

Arch

Capital

Group

US

Inc

5.14%,

11/01/2043

375‌

342‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Insurance

(continued)

Athene

Holding

Ltd

4.13%,

01/12/2028

$

500‌

$

456‌

Berkshire

Hathaway

Finance

Corp

1.45%,

10/15/2030

165‌

134‌

1.85%,

03/12/2030

80‌

68‌

2.30%,

03/15/2027

195‌

182‌

2.50%,

01/15/2051

190‌

124‌

2.85%,

10/15/2050

125‌

87‌

2.88%,

03/15/2032

195‌

172‌

4.20%,

08/15/2048

285‌

257‌

4.25%,

01/15/2049

400‌

364‌

4.30%,

05/15/2043

300‌

274‌

5.75%,

01/15/2040

115‌

127‌

Berkshire

Hathaway

Inc

3.13%,

03/15/2026

350‌

337‌

4.50%,

02/11/2043

25‌

24‌

Chubb

Corp/The

6.50%,

05/15/2038

10‌

11‌

Chubb

INA

Holdings

Inc

1.38%,

09/15/2030

335‌

266‌

2.85%,

12/15/2051

100‌

70‌

3.35%,

05/03/2026

30‌

29‌

4.35%,

11/03/2045

25‌

23‌

6.70%,

05/15/2036

250‌

279‌

CNA

Financial

Corp

2.05%,

08/15/2030

165‌

132‌

Corebridge

Financial

Inc

3.50%,

04/04/2025

200‌

191‌

3.85%,

04/05/2029

200‌

180‌

3.90%,

04/05/2032

200‌

174‌

Equitable

Holdings

Inc

4.35%,

04/20/2028

605‌

566‌

Hartford

Financial

Services

Group

Inc/The

2.90%,

09/15/2051

165‌

107‌

3.60%,

08/19/2049

170‌

128‌

4.30%,

04/15/2043

250‌

204‌

Lincoln

National

Corp

4.35%,

03/01/2048

55‌

39‌

7.00%,

06/15/2040

47‌

49‌

Loews

Corp

4.13%,

05/15/2043

200‌

166‌

Manulife

Financial

Corp

5.38%,

03/04/2046

250‌

247‌

Markel

Group

Inc

3.45%,

05/07/2052

250‌

176‌

Marsh

&

McLennan

Cos

Inc

2.38%,

12/15/2031

150‌

122‌

4.38%,

03/15/2029

50‌

49‌

4.90%,

03/15/2049

400‌

376‌

6.25%,

11/01/2052

150‌

169‌

MetLife

Inc

3.00%,

03/01/2025

300‌

290‌

4.05%,

03/01/2045

400‌

336‌

4.60%,

05/13/2046

225‌

203‌

4.88%,

11/13/2043

20‌

18‌

5.25%,

01/15/2054

150‌

145‌

5.70%,

06/15/2035

164‌

169‌

6.40%,

12/15/2066

288‌

287‌

Progressive

Corp/The

3.20%,

03/26/2030

160‌

143‌

3.70%,

03/15/2052

165‌

129‌

4.35%,

04/25/2044

200‌

173‌

4.95%,

06/15/2033

150‌

149‌

Prudential

Financial

Inc

2.10%,

03/10/2030

(d)

160‌

135‌

3.70%,

10/01/2050

(e)

165‌

139‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.04%

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

110

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Insurance

(continued)

Prudential

Financial

Inc  

(continued)

3.70%,

03/13/2051

$

630‌

$

483‌

3.91%,

12/07/2047

177‌

141‌

5.70%,

12/14/2036

25‌

26‌

5.70%,

09/15/2048

(e)

400‌

386‌

3

Month

USD

LIBOR

+

2.67%

Travelers

Cos

Inc/The

3.05%,

06/08/2051

270‌

192‌

4.00%,

05/30/2047

400‌

337‌

5.45%,

05/25/2053

185‌

194‌

6.25%,

06/15/2037

12‌

13‌

6.75%,

06/20/2036

51‌

58‌

Trinity

Acquisition

PLC

4.40%,

03/15/2026

500‌

482‌

W

R

Berkley

Corp

4.00%,

05/12/2050

85‌

67‌

Willis

North

America

Inc

2.95%,

09/15/2029

55‌

47‌

3.88%,

09/15/2049

165‌

120‌

5.35%,

05/15/2033

150‌

146‌

XL

Group

Ltd

5.25%,

12/15/2043

400‌

394‌

$

15,414‌

Internet

-

0

.50

%

Alibaba

Group

Holding

Ltd

2.13%,

02/09/2031

(d)

200‌

163‌

3.15%,

02/09/2051

300‌

194‌

3.40%,

12/06/2027

325‌

302‌

3.60%,

11/28/2024

300‌

291‌

4.20%,

12/06/2047

575‌

452‌

4.40%,

12/06/2057

305‌

239‌

Alphabet

Inc

0.80%,

08/15/2027

330‌

286‌

1.10%,

08/15/2030

165‌

133‌

1.90%,

08/15/2040

165‌

114‌

2.00%,

08/15/2026

30‌

28‌

2.05%,

08/15/2050

165‌

103‌

2.25%,

08/15/2060

165‌

100‌

Amazon.com

Inc

1.20%,

06/03/2027

465‌

408‌

1.50%,

06/03/2030

465‌

382‌

1.65%,

05/12/2028

560‌

489‌

2.10%,

05/12/2031

365‌

307‌

2.88%,

05/12/2041

365‌

281‌

3.00%,

04/13/2025

300‌

289‌

3.10%,

05/12/2051

365‌

272‌

3.15%,

08/22/2027

490‌

461‌

3.25%,

05/12/2061

385‌

279‌

3.30%,

04/13/2027

380‌

362‌

3.60%,

04/13/2032

380‌

354‌

3.80%,

12/05/2024

20‌

20‌

3.88%,

08/22/2037

340‌

310‌

3.95%,

04/13/2052

190‌

166‌

4.05%,

08/22/2047

30‌

27‌

4.60%,

12/01/2025

280‌

278‌

4.65%,

12/01/2029

280‌

281‌

4.70%,

12/01/2032

280‌

282‌

4.80%,

12/05/2034

30‌

31‌

4.95%,

12/05/2044

240‌

243‌

Baidu

Inc

1.72%,

04/09/2026

200‌

179‌

2.38%,

10/09/2030

200‌

164‌

3.08%,

04/07/2025

(d)

200‌

191‌

4.13%,

06/30/2025

(d)

500‌

483‌

eBay

Inc

1.90%,

03/11/2025

160‌

150‌

2.60%,

05/10/2031

195‌

163‌

3.45%,

08/01/2024

605‌

592‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Internet

(continued)

eBay

Inc  

(continued)

4.00%,

07/15/2042

$

100‌

$

79‌

5.95%,

11/22/2027

155‌

159‌

Expedia

Group

Inc

2.95%,

03/15/2031

195‌

164‌

Meta

Platforms

Inc

3.50%,

08/15/2027

345‌

328‌

3.85%,

08/15/2032

345‌

320‌

4.45%,

08/15/2052

300‌

261‌

4.60%,

05/15/2028

150‌

148‌

4.80%,

05/15/2030

295‌

295‌

4.95%,

05/15/2033

150‌

150‌

5.60%,

05/15/2053

295‌

303‌

$

12,056‌

Iron

&

Steel

-

0

.07

%

Nucor

Corp

2.00%,

06/01/2025

155‌

145‌

3.13%,

04/01/2032

195‌

169‌

4.30%,

05/23/2027

185‌

179‌

Steel

Dynamics

Inc

1.65%,

10/15/2027

85‌

72‌

2.40%,

06/15/2025

40‌

37‌

2.80%,

12/15/2024

500‌

477‌

Vale

Overseas

Ltd

6.13%,

06/12/2033

295‌

296‌

6.88%,

11/21/2036

317‌

332‌

8.25%,

01/17/2034

38‌

44‌

$

1,751‌

Lodging

-

0

.02

%

Marriott

International

Inc/MD

2.85%,

04/15/2031

195‌

164‌

5.00%,

10/15/2027

300‌

298‌

$

462‌

Machinery

-

Construction

&

Mining

-

0

.08

%

Caterpillar

Financial

Services

Corp

0.80%,

11/13/2025

180‌

163‌

1.10%,

09/14/2027

335‌

289‌

1.15%,

09/14/2026

195‌

173‌

3.40%,

05/13/2025

365‌

353‌

3.65%,

08/12/2025

175‌

170‌

4.35%,

05/15/2026

150‌

148‌

4.90%,

01/17/2025

155‌

154‌

Caterpillar

Inc

2.60%,

04/09/2030

150‌

133‌

3.25%,

09/19/2049

160‌

126‌

3.80%,

08/15/2042

105‌

92‌

6.05%,

08/15/2036

132‌

145‌

$

1,946‌

Machinery

-

Diversified

-

0

.16

%

CNH

Industrial

Capital

LLC

1.45%,

07/15/2026

200‌

177‌

1.88%,

01/15/2026

165‌

151‌

Deere

&

Co

2.88%,

09/07/2049

165‌

124‌

3.10%,

04/15/2030

160‌

146‌

3.90%,

06/09/2042

30‌

27‌

5.38%,

10/16/2029

100‌

103‌

Dover

Corp

5.38%,

03/01/2041

77‌

75‌

John

Deere

Capital

Corp

0.70%,

01/15/2026

155‌

139‌

1.05%,

06/17/2026

190‌

171‌

1.50%,

03/06/2028

190‌

164‌

2.00%,

06/17/2031

195‌

160‌

2.05%,

01/09/2025

160‌

152‌

2.35%,

03/08/2027

195‌

179‌

2.80%,

07/18/2029

185‌

166‌

3.40%,

06/06/2025

175‌

170‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

111

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Machinery

-

Diversified

(continued)

John

Deere

Capital

Corp  

(continued)

4.15%,

09/15/2027

$

205‌

$

200‌

4.35%,

09/15/2032

120‌

118‌

4.55%,

10/11/2024

120‌

119‌

4.75%,

06/08/2026

295‌

294‌

4.80%,

01/09/2026

150‌

149‌

5.15%,

03/03/2025

310‌

310‌

Otis

Worldwide

Corp

2.06%,

04/05/2025

160‌

151‌

2.57%,

02/15/2030

160‌

138‌

3.36%,

02/15/2050

160‌

117‌

Rockwell

Automation

Inc

1.75%,

08/15/2031

135‌

109‌

2.80%,

08/15/2061

190‌

124‌

$

3,933‌

Media

-

0

.71

%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

2.25%,

01/15/2029

385‌

321‌

2.30%,

02/01/2032

145‌

110‌

2.80%,

04/01/2031

405‌

326‌

3.50%,

06/01/2041

380‌

257‌

3.70%,

04/01/2051

405‌

256‌

3.85%,

04/01/2061

145‌

88‌

3.90%,

06/01/2052

195‌

128‌

4.40%,

12/01/2061

95‌

64‌

4.80%,

03/01/2050

545‌

411‌

4.91%,

07/23/2025

450‌

441‌

5.75%,

04/01/2048

605‌

518‌

6.48%,

10/23/2045

435‌

409‌

Comcast

Corp

1.50%,

02/15/2031

165‌

131‌

2.35%,

01/15/2027

60‌

55‌

2.45%,

08/15/2052

165‌

101‌

2.65%,

02/01/2030

125‌

109‌

2.65%,

08/15/2062

165‌

98‌

2.89%,

11/01/2051

1,247‌

836‌

3.15%,

03/01/2026

30‌

29‌

3.25%,

11/01/2039

245‌

194‌

3.38%,

08/15/2025

525‌

506‌

3.40%,

07/15/2046

20‌

15‌

3.45%,

02/01/2050

485‌

369‌

3.55%,

05/01/2028

125‌

118‌

3.75%,

04/01/2040

860‌

725‌

3.90%,

03/01/2038

150‌

130‌

4.00%,

08/15/2047

30‌

25‌

4.00%,

03/01/2048

400‌

333‌

4.00%,

11/01/2049

20‌

16‌

4.15%,

10/15/2028

500‌

484‌

4.25%,

01/15/2033

120‌

114‌

4.55%,

01/15/2029

575‌

565‌

4.80%,

05/15/2033

575‌

569‌

5.25%,

11/07/2025

70‌

70‌

5.35%,

05/15/2053

575‌

584‌

5.50%,

11/15/2032

120‌

125‌

5.65%,

06/15/2035

20‌

21‌

7.05%,

03/15/2033

15‌

17‌

Discovery

Communications

LLC

3.63%,

05/15/2030

180‌

158‌

3.95%,

06/15/2025

250‌

240‌

3.95%,

03/20/2028

250‌

232‌

4.00%,

09/15/2055

301‌

200‌

Fox

Corp

3.05%,

04/07/2025

40‌

38‌

5.48%,

01/25/2039

200‌

187‌

5.58%,

01/25/2049

500‌

468‌

Grupo

Televisa

SAB

4.63%,

01/30/2026

500‌

487‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Media

(continued)

NBCUniversal

Media

LLC

4.45%,

01/15/2043

$

10‌

$

9‌

Paramount

Global

4.00%,

01/15/2026

300‌

286‌

4.20%,

05/19/2032

200‌

168‌

4.38%,

03/15/2043

235‌

166‌

4.85%,

07/01/2042

200‌

148‌

6.88%,

04/30/2036

181‌

176‌

7.88%,

07/30/2030

178‌

188‌

Thomson

Reuters

Corp

5.85%,

04/15/2040

25‌

25‌

Time

Warner

Cable

Enterprises

LLC

8.38%,

07/15/2033

95‌

104‌

Time

Warner

Cable

LLC

5.50%,

09/01/2041

340‌

283‌

5.88%,

11/15/2040

20‌

18‌

6.55%,

05/01/2037

176‌

169‌

6.75%,

06/15/2039

77‌

74‌

7.30%,

07/01/2038

300‌

306‌

TWDC

Enterprises

18

Corp

3.70%,

12/01/2042

100‌

83‌

7.00%,

03/01/2032

51‌

58‌

Walt

Disney

Co/The

1.75%,

01/13/2026

315‌

291‌

2.00%,

09/01/2029

245‌

209‌

2.20%,

01/13/2028

460‌

416‌

2.65%,

01/13/2031

395‌

344‌

2.75%,

09/01/2049

325‌

220‌

3.35%,

03/24/2025

120‌

116‌

3.50%,

05/13/2040

160‌

132‌

3.60%,

01/13/2051

160‌

127‌

3.70%,

03/23/2027

120‌

116‌

4.63%,

03/23/2040

240‌

231‌

4.75%,

11/15/2046

230‌

217‌

4.95%,

10/15/2045

350‌

338‌

6.20%,

12/15/2034

154‌

169‌

6.40%,

12/15/2035

98‌

110‌

$

16,975‌

Metal

Fabrication

&

Hardware

-

0

.01

%

Precision

Castparts

Corp

3.25%,

06/15/2025

25‌

24‌

4.38%,

06/15/2045

250‌

223‌

$

247‌

Mining

-

0

.14

%

Barrick

North

America

Finance

LLC

5.75%,

05/01/2043

355‌

365‌

Barrick

PD

Australia

Finance

Pty

Ltd

5.95%,

10/15/2039

90‌

94‌

BHP

Billiton

Finance

USA

Ltd

4.13%,

02/24/2042

500‌

453‌

4.88%,

02/27/2026

155‌

154‌

4.90%,

02/28/2033

155‌

155‌

5.00%,

09/30/2043

270‌

270‌

Newmont

Corp

2.25%,

10/01/2030

610‌

500‌

2.60%,

07/15/2032

140‌

114‌

4.88%,

03/15/2042

20‌

19‌

Rio

Tinto

Alcan

Inc

6.13%,

12/15/2033

77‌

83‌

Rio

Tinto

Finance

USA

Ltd

2.75%,

11/02/2051

175‌

119‌

Rio

Tinto

Finance

USA

PLC

4.75%,

03/22/2042

328‌

311‌

5.00%,

03/09/2033

155‌

156‌

Southern

Copper

Corp

5.88%,

04/23/2045

350‌

358‌

6.75%,

04/16/2040

258‌

284‌

$

3,435‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

112

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Miscellaneous

Manufacturers

-

0

.11

%

3M

Co

2.00%,

02/14/2025

(d)

$

130‌

$

123‌

2.38%,

08/26/2029

(d)

500‌

429‌

Eaton

Corp

3.10%,

09/15/2027

575‌

539‌

4.00%,

11/02/2032

100‌

94‌

4.15%,

03/15/2033

150‌

142‌

4.15%,

11/02/2042

50‌

45‌

Illinois

Tool

Works

Inc

2.65%,

11/15/2026

500‌

468‌

Parker-Hannifin

Corp

4.25%,

09/15/2027

355‌

344‌

4.50%,

09/15/2029

355‌

345‌

Teledyne

Technologies

Inc

2.25%,

04/01/2028

190‌

166‌

$

2,695‌

Oil

&

Gas

-

0

.81

%

BP

Capital

Markets

America

Inc

1.75%,

08/10/2030

460‌

377‌

2.72%,

01/12/2032

100‌

85‌

2.77%,

11/10/2050

425‌

281‌

2.94%,

06/04/2051

190‌

130‌

3.00%,

02/24/2050

160‌

111‌

3.00%,

03/17/2052

195‌

134‌

3.06%,

06/17/2041

385‌

292‌

3.54%,

04/06/2027

275‌

263‌

3.59%,

04/14/2027

30‌

29‌

4.81%,

02/13/2033

150‌

148‌

4.89%,

09/11/2033

150‌

148‌

BP

Capital

Markets

PLC

3.28%,

09/19/2027

175‌

165‌

3.72%,

11/28/2028

40‌

38‌

Canadian

Natural

Resources

Ltd

3.85%,

06/01/2027

655‌

619‌

4.95%,

06/01/2047

20‌

18‌

6.25%,

03/15/2038

250‌

254‌

Chevron

Corp

1.55%,

05/11/2025

85‌

80‌

2.00%,

05/11/2027

160‌

145‌

2.24%,

05/11/2030

160‌

139‌

2.95%,

05/16/2026

355‌

338‌

3.08%,

05/11/2050

160‌

119‌

Chevron

USA

Inc

0.69%,

08/12/2025

330‌

301‌

1.02%,

08/12/2027

165‌

143‌

2.34%,

08/12/2050

165‌

105‌

3.25%,

10/15/2029

325‌

301‌

ConocoPhillips

Co

2.40%,

03/07/2025

24‌

23‌

3.76%,

03/15/2042

402‌

338‌

3.80%,

03/15/2052

135‌

109‌

4.03%,

03/15/2062

169‌

137‌

4.30%,

11/15/2044

420‌

371‌

Devon

Energy

Corp

5.00%,

06/15/2045

10‌

9‌

5.60%,

07/15/2041

425‌

400‌

Diamondback

Energy

Inc

3.25%,

12/01/2026

155‌

146‌

EOG

Resources

Inc

4.15%,

01/15/2026

350‌

343‌

Equinor

ASA

1.75%,

01/22/2026

160‌

148‌

2.88%,

04/06/2025

145‌

139‌

3.00%,

04/06/2027

345‌

323‌

3.25%,

11/18/2049

450‌

338‌

3.63%,

04/06/2040

145‌

122‌

5.10%,

08/17/2040

263‌

264‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

Exxon

Mobil

Corp

2.02%,

08/16/2024

$

400‌

$

386‌

2.28%,

08/16/2026

500‌

464‌

2.44%,

08/16/2029

150‌

133‌

2.61%,

10/15/2030

305‌

268‌

2.99%,

03/19/2025

305‌

294‌

3.00%,

08/16/2039

150‌

119‌

3.10%,

08/16/2049

450‌

329‌

3.45%,

04/15/2051

405‌

315‌

4.23%,

03/19/2040

305‌

281‌

Hess

Corp

5.60%,

02/15/2041

51‌

49‌

7.13%,

03/15/2033

221‌

241‌

7.30%,

08/15/2031

25‌

27‌

HF

Sinclair

Corp

5.88%,

04/01/2026

475‌

477‌

Marathon

Oil

Corp

6.60%,

10/01/2037

223‌

222‌

Marathon

Petroleum

Corp

3.63%,

09/15/2024

400‌

389‌

5.00%,

09/15/2054

200‌

165‌

5.13%,

12/15/2026

300‌

297‌

Occidental

Petroleum

Corp

6.45%,

09/15/2036

295‌

303‌

6.63%,

09/01/2030

295‌

307‌

Phillips

66

1.30%,

02/15/2026

90‌

81‌

2.15%,

12/15/2030

410‌

335‌

3.85%,

04/09/2025

490‌

476‌

5.88%,

05/01/2042

128‌

133‌

Phillips

66

Co

4.95%,

12/01/2027

155‌

154‌

Pioneer

Natural

Resources

Co

1.13%,

01/15/2026

190‌

171‌

1.90%,

08/15/2030

165‌

134‌

2.15%,

01/15/2031

190‌

156‌

Shell

International

Finance

BV

2.00%,

11/07/2024

155‌

148‌

2.38%,

11/07/2029

155‌

135‌

2.50%,

09/12/2026

330‌

307‌

2.75%,

04/06/2030

400‌

357‌

2.88%,

11/26/2041

180‌

135‌

3.13%,

11/07/2049

155‌

113‌

3.25%,

04/06/2050

400‌

298‌

3.63%,

08/21/2042

100‌

83‌

4.00%,

05/10/2046

245‌

208‌

4.38%,

05/11/2045

490‌

442‌

4.55%,

08/12/2043

35‌

32‌

5.50%,

03/25/2040

25‌

26‌

6.38%,

12/15/2038

43‌

48‌

Suncor

Energy

Inc

3.75%,

03/04/2051

190‌

139‌

4.00%,

11/15/2047

90‌

69‌

6.50%,

06/15/2038

428‌

444‌

6.80%,

05/15/2038

12‌

13‌

6.85%,

06/01/2039

5‌

5‌

TotalEnergies

Capital

International

SA

2.43%,

01/10/2025

85‌

81‌

2.83%,

01/10/2030

85‌

76‌

2.99%,

06/29/2041

170‌

129‌

3.13%,

05/29/2050

510‌

370‌

3.39%,

06/29/2060

370‌

272‌

3.46%,

07/12/2049

85‌

66‌

Valero

Energy

Corp

2.80%,

12/01/2031

395‌

323‌

4.00%,

06/01/2052

195‌

147‌

6.63%,

06/15/2037

234‌

251‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

113

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

Valero

Energy

Corp  

(continued)

7.50%,

04/15/2032

$

15‌

$

17‌

$

19,413‌

Oil

&

Gas

Services

-

0

.06

%

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co-

Obligor

Inc

2.06%,

12/15/2026

200‌

180‌

3.14%,

11/07/2029

155‌

138‌

3.34%,

12/15/2027

165‌

153‌

4.08%,

12/15/2047

170‌

137‌

Halliburton

Co

3.80%,

11/15/2025

24‌

23‌

4.50%,

11/15/2041

51‌

43‌

4.85%,

11/15/2035

275‌

259‌

7.45%,

09/15/2039

10‌

12‌

NOV

Inc

3.60%,

12/01/2029

155‌

138‌

3.95%,

12/01/2042

200‌

147‌

Schlumberger

Investment

SA

2.65%,

06/26/2030

165‌

144‌

$

1,374‌

Packaging

&

Containers

-

0

.04

%

Amcor

Flexibles

North

America

Inc

4.00%,

05/17/2025

365‌

353‌

Packaging

Corp

of

America

3.00%,

12/15/2029

310‌

270‌

3.05%,

10/01/2051

165‌

109‌

4.05%,

12/15/2049

155‌

123‌

WRKCo

Inc

3.00%,

06/15/2033

(d)

80‌

65‌

$

920‌

Pharmaceuticals

-

1

.56

%

AbbVie

Inc

2.60%,

11/21/2024

465‌

446‌

2.95%,

11/21/2026

310‌

290‌

3.20%,

05/14/2026

335‌

317‌

3.20%,

11/21/2029

775‌

701‌

3.80%,

03/15/2025

330‌

321‌

4.05%,

11/21/2039

385‌

335‌

4.25%,

11/14/2028

220‌

213‌

4.25%,

11/21/2049

620‌

535‌

4.30%,

05/14/2036

170‌

156‌

4.40%,

11/06/2042

200‌

179‌

4.45%,

05/14/2046

280‌

247‌

4.50%,

05/14/2035

300‌

285‌

4.63%,

10/01/2042

100‌

90‌

4.70%,

05/14/2045

330‌

301‌

4.75%,

03/15/2045

235‌

215‌

4.88%,

11/14/2048

210‌

198‌

Astrazeneca

Finance

LLC

1.75%,

05/28/2028

195‌

169‌

2.25%,

05/28/2031

190‌

160‌

4.88%,

03/03/2028

130‌

130‌

4.88%,

03/03/2033

130‌

132‌

AstraZeneca

PLC

0.70%,

04/08/2026

125‌

112‌

1.38%,

08/06/2030

165‌

133‌

2.13%,

08/06/2050

85‌

53‌

3.00%,

05/28/2051

155‌

115‌

3.38%,

11/16/2025

605‌

582‌

4.00%,

09/18/2042

125‌

111‌

4.38%,

11/16/2045

185‌

172‌

4.38%,

08/17/2048

90‌

84‌

6.45%,

09/15/2037

164‌

188‌

Becton

Dickinson

&

Co

1.96%,

02/11/2031

190‌

154‌

2.82%,

05/20/2030

160‌

140‌

3.70%,

06/06/2027

600‌

570‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pharmaceuticals

(continued)

Becton

Dickinson

&

Co  

(continued)

3.73%,

12/15/2024

$

54‌

$

52‌

4.67%,

06/06/2047

35‌

32‌

4.69%,

12/15/2044

196‌

178‌

Bristol-Myers

Squibb

Co

0.75%,

11/13/2025

180‌

164‌

1.13%,

11/13/2027

315‌

274‌

1.45%,

11/13/2030

180‌

145‌

2.55%,

11/13/2050

180‌

117‌

2.90%,

07/26/2024

389‌

379‌

2.95%,

03/15/2032

500‌

442‌

3.25%,

08/01/2042

300‌

234‌

3.40%,

07/26/2029

167‌

155‌

3.55%,

03/15/2042

500‌

415‌

3.70%,

03/15/2052

600‌

487‌

3.90%,

02/20/2028

185‌

180‌

4.13%,

06/15/2039

230‌

210‌

4.25%,

10/26/2049

430‌

381‌

4.35%,

11/15/2047

150‌

136‌

4.55%,

02/20/2048

144‌

134‌

Cardinal

Health

Inc

3.41%,

06/15/2027

200‌

189‌

4.60%,

03/15/2043

100‌

84‌

Cigna

Group/The

1.25%,

03/15/2026

370‌

332‌

2.40%,

03/15/2030

860‌

731‌

3.20%,

03/15/2040

160‌

123‌

3.40%,

03/15/2051

185‌

135‌

4.13%,

11/15/2025

270‌

263‌

4.38%,

10/15/2028

750‌

725‌

4.80%,

08/15/2038

400‌

378‌

4.80%,

07/15/2046

25‌

23‌

4.90%,

12/15/2048

360‌

335‌

6.13%,

11/15/2041

16‌

17‌

CVS

Health

Corp

1.30%,

08/21/2027

165‌

142‌

1.75%,

08/21/2030

165‌

132‌

1.88%,

02/28/2031

185‌

147‌

2.63%,

08/15/2024

420‌

406‌

2.70%,

08/21/2040

750‌

524‌

3.00%,

08/15/2026

375‌

352‌

3.25%,

08/15/2029

170‌

153‌

4.30%,

03/25/2028

219‌

211‌

4.78%,

03/25/2038

485‌

448‌

5.00%,

01/30/2029

150‌

149‌

5.05%,

03/25/2048

880‌

811‌

5.13%,

07/20/2045

370‌

342‌

5.25%,

02/21/2033

150‌

149‌

5.30%,

06/01/2033

150‌

150‌

5.30%,

12/05/2043

25‌

24‌

5.63%,

02/21/2053

150‌

149‌

5.88%,

06/01/2053

295‌

303‌

Eli

Lilly

&

Co

3.95%,

03/15/2049

400‌

357‌

4.70%,

02/27/2033

120‌

122‌

4.88%,

02/27/2053

115‌

118‌

GlaxoSmithKline

Capital

Inc

3.63%,

05/15/2025

600‌

583‌

3.88%,

05/15/2028

545‌

524‌

5.38%,

04/15/2034

500‌

527‌

Johnson

&

Johnson

0.55%,

09/01/2025

370‌

338‌

0.95%,

09/01/2027

370‌

323‌

2.10%,

09/01/2040

370‌

261‌

2.45%,

03/01/2026

30‌

28‌

3.50%,

01/15/2048

90‌

76‌

3.63%,

03/03/2037

20‌

18‌

3.70%,

03/01/2046

225‌

198‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

114

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pharmaceuticals

(continued)

Johnson

&

Johnson  

(continued)

3.75%,

03/03/2047

$

30‌

$

26‌

4.95%,

05/15/2033

201‌

212‌

McKesson

Corp

0.90%,

12/03/2025

185‌

166‌

Mead

Johnson

Nutrition

Co

4.60%,

06/01/2044

250‌

226‌

Merck

&

Co

Inc

0.75%,

02/24/2026

80‌

72‌

1.45%,

06/24/2030

365‌

298‌

1.70%,

06/10/2027

340‌

305‌

1.90%,

12/10/2028

190‌

166‌

2.15%,

12/10/2031

380‌

315‌

2.35%,

06/24/2040

285‌

204‌

2.75%,

02/10/2025

385‌

371‌

2.75%,

12/10/2051

235‌

162‌

3.60%,

09/15/2042

100‌

83‌

3.70%,

02/10/2045

10‌

8‌

3.90%,

03/07/2039

115‌

103‌

4.00%,

03/07/2049

170‌

150‌

4.05%,

05/17/2028

(d)

295‌

290‌

4.15%,

05/18/2043

200‌

182‌

4.50%,

05/17/2033

295‌

293‌

5.00%,

05/17/2053

295‌

299‌

Novartis

Capital

Corp

1.75%,

02/14/2025

325‌

308‌

2.00%,

02/14/2027

325‌

298‌

2.20%,

08/14/2030

160‌

138‌

2.75%,

08/14/2050

160‌

116‌

3.00%,

11/20/2025

500‌

478‌

4.40%,

05/06/2044

350‌

335‌

Pfizer

Inc

0.80%,

05/28/2025

445‌

411‌

1.70%,

05/28/2030

195‌

162‌

1.75%,

08/18/2031

155‌

126‌

2.55%,

05/28/2040

450‌

331‌

2.63%,

04/01/2030

160‌

142‌

2.70%,

05/28/2050

190‌

134‌

3.45%,

03/15/2029

210‌

198‌

4.00%,

03/15/2049

140‌

125‌

4.40%,

05/15/2044

30‌

28‌

5.60%,

09/15/2040

380‌

410‌

7.20%,

03/15/2039

176‌

219‌

Pfizer

Investment

Enterprises

Pte

Ltd

4.45%,

05/19/2026

295‌

291‌

4.45%,

05/19/2028

445‌

437‌

4.65%,

05/19/2025

295‌

292‌

4.65%,

05/19/2030

295‌

291‌

4.75%,

05/19/2033

445‌

443‌

5.11%,

05/19/2043

295‌

296‌

5.30%,

05/19/2053

445‌

463‌

5.34%,

05/19/2063

295‌

299‌

Sanofi

3.63%,

06/19/2028

400‌

385‌

Shire

Acquisitions

Investments

Ireland

DAC

3.20%,

09/23/2026

525‌

493‌

Takeda

Pharmaceutical

Co

Ltd

2.05%,

03/31/2030

405‌

337‌

3.18%,

07/09/2050

405‌

285‌

Utah

Acquisition

Sub

Inc

3.95%,

06/15/2026

595‌

565‌

5.25%,

06/15/2046

170‌

134‌

Viatris

Inc

2.30%,

06/22/2027

120‌

105‌

2.70%,

06/22/2030

160‌

129‌

3.85%,

06/22/2040

120‌

83‌

4.00%,

06/22/2050

160‌

106‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pharmaceuticals

(continued)

Wyeth

LLC

5.95%,

04/01/2037

$

91‌

$

99‌

6.50%,

02/01/2034

144‌

161‌

Zoetis

Inc

2.00%,

05/15/2030

350‌

292‌

3.00%,

05/15/2050

175‌

122‌

3.95%,

09/12/2047

5‌

4‌

5.40%,

11/14/2025

110‌

110‌

$

37,461‌

Pipelines

-

0

.79

%

Cheniere

Corpus

Christi

Holdings

LLC

3.70%,

11/15/2029

310‌

281‌

Eastern

Gas

Transmission

&

Storage

Inc

4.80%,

11/01/2043

300‌

261‌

Enbridge

Energy

Partners

LP

7.38%,

10/15/2045

100‌

115‌

Enbridge

Inc

1.60%,

10/04/2026

60‌

53‌

2.50%,

01/15/2025

155‌

147‌

2.50%,

08/01/2033

390‌

305‌

3.13%,

11/15/2029

155‌

137‌

3.40%,

08/01/2051

390‌

272‌

5.50%,

12/01/2046

30‌

29‌

5.70%,

03/08/2033

155‌

157‌

Energy

Transfer

LP

2.90%,

05/15/2025

315‌

298‌

3.75%,

05/15/2030

160‌

144‌

4.75%,

01/15/2026

50‌

49‌

4.95%,

01/15/2043

200‌

166‌

5.00%,

05/15/2044

350‌

294‌

5.15%,

03/15/2045

400‌

345‌

5.25%,

04/15/2029

400‌

391‌

5.30%,

04/15/2047

15‌

13‌

5.35%,

05/15/2045

15‌

13‌

5.75%,

02/15/2033

155‌

156‌

6.13%,

12/15/2045

525‌

499‌

6.25%,

04/15/2049

500‌

488‌

6.50%,

02/01/2042

402‌

407‌

Enterprise

Products

Operating

LLC

2.80%,

01/31/2030

120‌

105‌

3.30%,

02/15/2053

65‌

46‌

3.70%,

02/15/2026

375‌

362‌

3.70%,

01/31/2051

250‌

191‌

3.75%,

02/15/2025

500‌

486‌

4.25%,

02/15/2048

155‌

131‌

4.85%,

08/15/2042

300‌

275‌

4.85%,

03/15/2044

430‌

397‌

4.90%,

05/15/2046

400‌

369‌

5.05%,

01/10/2026

150‌

150‌

6.13%,

10/15/2039

123‌

131‌

6.45%,

09/01/2040

177‌

192‌

6.88%,

03/01/2033

15‌

17‌

Kinder

Morgan

Energy

Partners

LP

4.70%,

11/01/2042

200‌

166‌

5.00%,

03/01/2043

100‌

86‌

5.40%,

09/01/2044

400‌

355‌

6.38%,

03/01/2041

128‌

128‌

6.50%,

09/01/2039

112‌

115‌

6.95%,

01/15/2038

112‌

120‌

7.40%,

03/15/2031

177‌

192‌

Kinder

Morgan

Inc

1.75%,

11/15/2026

190‌

168‌

2.00%,

02/15/2031

310‌

246‌

3.25%,

08/01/2050

310‌

200‌

3.60%,

02/15/2051

155‌

107‌

4.30%,

06/01/2025

55‌

54‌

5.05%,

02/15/2046

15‌

13‌

5.20%,

06/01/2033

150‌

145‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

115

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pipelines

(continued)

Kinder

Morgan

Inc  

(continued)

5.55%,

06/01/2045

$

50‌

$

46‌

MPLX

LP

1.75%,

03/01/2026

165‌

150‌

4.13%,

03/01/2027

425‌

407‌

4.25%,

12/01/2027

400‌

380‌

4.50%,

04/15/2038

220‌

189‌

4.70%,

04/15/2048

185‌

152‌

4.88%,

12/01/2024

30‌

30‌

4.90%,

04/15/2058

60‌

48‌

5.00%,

03/01/2033

150‌

144‌

5.20%,

03/01/2047

330‌

289‌

5.20%,

12/01/2047

200‌

175‌

5.50%,

02/15/2049

170‌

154‌

ONEOK

Inc

2.20%,

09/15/2025

160‌

148‌

2.75%,

09/01/2024

175‌

169‌

3.40%,

09/01/2029

100‌

87‌

4.45%,

09/01/2049

500‌

379‌

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp

4.30%,

01/31/2043

200‌

149‌

4.50%,

12/15/2026

300‌

291‌

4.65%,

10/15/2025

15‌

15‌

Sabine

Pass

Liquefaction

LLC

5.00%,

03/15/2027

360‌

354‌

5.63%,

03/01/2025

390‌

389‌

5.88%,

06/30/2026

345‌

348‌

Spectra

Energy

Partners

LP

5.95%,

09/25/2043

200‌

197‌

Targa

Resources

Corp

5.20%,

07/01/2027

355‌

349‌

6.13%,

03/15/2033

150‌

153‌

Texas

Eastern

Transmission

LP

7.00%,

07/15/2032

100‌

111‌

TransCanada

PipeLines

Ltd

2.50%,

10/12/2031

195‌

157‌

4.25%,

05/15/2028

300‌

286‌

4.75%,

05/15/2038

300‌

268‌

4.88%,

05/15/2048

420‌

376‌

5.60%,

03/31/2034

300‌

297‌

6.10%,

06/01/2040

25‌

25‌

7.25%,

08/15/2038

51‌

57‌

Western

Midstream

Operating

LP

6.15%,

04/01/2033

150‌

151‌

Williams

Cos

Inc/The

2.60%,

03/15/2031

590‌

489‌

3.50%,

10/15/2051

195‌

135‌

3.75%,

06/15/2027

400‌

378‌

3.90%,

01/15/2025

350‌

340‌

5.10%,

09/15/2045

180‌

162‌

5.30%,

08/15/2052

175‌

161‌

5.65%,

03/15/2033

155‌

157‌

6.30%,

04/15/2040

343‌

360‌

$

19,069‌

Private

Equity

-

0

.04

%

Brookfield

Corp

4.00%,

01/15/2025

300‌

291‌

Brookfield

Finance

Inc

2.72%,

04/15/2031

190‌

156‌

3.50%,

03/30/2051

165‌

109‌

3.90%,

01/25/2028

400‌

370‌

Brookfield

Finance

LLC

/

Brookfield

Finance

Inc

3.45%,

04/15/2050

160‌

106‌

$

1,032‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Regional

Authority

-

0

.24

%

Province

of

Alberta

Canada

1.00%,

05/20/2025

$

555‌

$

514‌

1.30%,

07/22/2030

300‌

244‌

3.30%,

03/15/2028

270‌

256‌

Province

of

British

Columbia

Canada

0.90%,

07/20/2026

585‌

522‌

1.30%,

01/29/2031

(d)

185‌

150‌

4.20%,

07/06/2033

(g)

300‌

299‌

6.50%,

01/15/2026

18‌

19‌

Province

of

Manitoba

Canada

1.50%,

10/25/2028

190‌

164‌

Province

of

Ontario

Canada

0.63%,

01/21/2026

495‌

445‌

1.05%,

04/14/2026

(d)

380‌

343‌

1.13%,

10/07/2030

425‌

341‌

2.13%,

01/21/2032

420‌

356‌

3.10%,

05/19/2027

310‌

293‌

Province

of

Quebec

Canada

0.60%,

07/23/2025

650‌

595‌

1.35%,

05/28/2030

760‌

626‌

1.50%,

02/11/2025

295‌

278‌

3.63%,

04/13/2028

300‌

289‌

7.50%,

09/15/2029

64‌

74‌

$

5,808‌

REITs

-

0

.89

%

Alexandria

Real

Estate

Equities

Inc

1.88%,

02/01/2033

250‌

183‌

2.75%,

12/15/2029

80‌

68‌

2.95%,

03/15/2034

195‌

154‌

3.00%,

05/18/2051

190‌

117‌

3.38%,

08/15/2031

115‌

99‌

4.00%,

02/01/2050

85‌

63‌

4.90%,

12/15/2030

80‌

77‌

5.15%,

04/15/2053

150‌

134‌

American

Tower

Corp

1.30%,

09/15/2025

80‌

72‌

1.60%,

04/15/2026

190‌

170‌

1.88%,

10/15/2030

165‌

130‌

2.90%,

01/15/2030

160‌

138‌

2.95%,

01/15/2051

180‌

114‌

3.38%,

10/15/2026

500‌

467‌

3.65%,

03/15/2027

200‌

187‌

3.70%,

10/15/2049

165‌

118‌

5.25%,

07/15/2028

150‌

148‌

5.65%,

03/15/2033

155‌

157‌

AvalonBay

Communities

Inc

1.90%,

12/01/2028

200‌

170‌

2.05%,

01/15/2032

195‌

156‌

2.30%,

03/01/2030

160‌

134‌

5.00%,

02/15/2033

155‌

154‌

Boston

Properties

LP

2.55%,

04/01/2032

155‌

117‌

2.75%,

10/01/2026

550‌

486‌

2.90%,

03/15/2030

415‌

333‌

Brixmor

Operating

Partnership

LP

3.85%,

02/01/2025

300‌

287‌

Corporate

Office

Properties

LP

2.75%,

04/15/2031

195‌

148‌

Crown

Castle

Inc

1.05%,

07/15/2026

380‌

333‌

1.35%,

07/15/2025

195‌

178‌

2.50%,

07/15/2031

190‌

156‌

2.90%,

04/01/2041

190‌

133‌

3.10%,

11/15/2029

150‌

131‌

3.20%,

09/01/2024

250‌

242‌

3.25%,

01/15/2051

370‌

252‌

3.30%,

07/01/2030

155‌

137‌

4.00%,

11/15/2049

110‌

84‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

116

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

REITs

(continued)

Crown

Castle

Inc  

(continued)

5.00%,

01/11/2028

$

150‌

$

147‌

5.10%,

05/01/2033

145‌

143‌

CubeSmart

LP

2.00%,

02/15/2031

125‌

98‌

2.25%,

12/15/2028

200‌

169‌

Digital

Realty

Trust

LP

4.45%,

07/15/2028

250‌

234‌

5.55%,

01/15/2028

120‌

118‌

Equinix

Inc

1.00%,

09/15/2025

165‌

149‌

1.25%,

07/15/2025

160‌

146‌

1.80%,

07/15/2027

160‌

139‌

2.50%,

05/15/2031

195‌

159‌

2.63%,

11/18/2024

155‌

148‌

3.20%,

11/18/2029

260‌

228‌

3.40%,

02/15/2052

195‌

136‌

ERP

Operating

LP

1.85%,

08/01/2031

385‌

302‌

2.50%,

02/15/2030

125‌

106‌

Essex

Portfolio

LP

1.70%,

03/01/2028

190‌

160‌

3.00%,

01/15/2030

170‌

145‌

4.00%,

03/01/2029

300‌

277‌

4.50%,

03/15/2048

300‌

244‌

Extra

Space

Storage

LP

5.50%,

07/01/2030

150‌

149‌

Federal

Realty

OP

LP

1.25%,

02/15/2026

170‌

152‌

4.50%,

12/01/2044

250‌

197‌

GLP

Capital

LP

/

GLP

Financing

II

Inc

4.00%,

01/15/2030

170‌

147‌

5.38%,

04/15/2026

300‌

294‌

Healthcare

Realty

Holdings

LP

2.00%,

03/15/2031

170‌

131‌

Healthpeak

OP

LLC

2.13%,

12/01/2028

165‌

139‌

3.00%,

01/15/2030

150‌

130‌

3.40%,

02/01/2025

19‌

18‌

5.25%,

12/15/2032

75‌

73‌

6.75%,

02/01/2041

300‌

319‌

Kilroy

Realty

LP

2.50%,

11/15/2032

165‌

115‌

Kimco

Realty

OP

LLC

2.25%,

12/01/2031

195‌

152‌

2.70%,

10/01/2030

165‌

136‌

3.70%,

10/01/2049

330‌

234‌

4.60%,

02/01/2033

175‌

162‌

Life

Storage

LP

2.20%,

10/15/2030

85‌

68‌

2.40%,

10/15/2031

195‌

154‌

Mid-America

Apartments

LP

1.70%,

02/15/2031

125‌

99‌

4.00%,

11/15/2025

500‌

484‌

NNN

REIT

Inc

4.80%,

10/15/2048

200‌

165‌

Omega

Healthcare

Investors

Inc

4.50%,

01/15/2025

300‌

287‌

Prologis

LP

1.25%,

10/15/2030

165‌

127‌

1.75%,

07/01/2030

160‌

129‌

2.13%,

04/15/2027

145‌

131‌

2.25%,

04/15/2030

140‌

119‌

2.25%,

01/15/2032

195‌

157‌

2.88%,

11/15/2029

75‌

66‌

3.00%,

04/15/2050

110‌

75‌

3.88%,

09/15/2028

250‌

236‌

4.00%,

09/15/2028

400‌

383‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

REITs

(continued)

Prologis

LP  

(continued)

4.63%,

01/15/2033

$

80‌

$

78‌

4.88%,

06/15/2028

150‌

149‌

Public

Storage

0.88%,

02/15/2026

145‌

130‌

1.85%,

05/01/2028

380‌

330‌

2.25%,

11/09/2031

200‌

163‌

Realty

Income

Corp

0.75%,

03/15/2026

430‌

378‌

2.20%,

06/15/2028

180‌

156‌

3.10%,

12/15/2029

375‌

329‌

3.25%,

01/15/2031

165‌

144‌

4.85%,

03/15/2030

150‌

145‌

4.90%,

07/15/2033

150‌

143‌

Simon

Property

Group

LP

1.75%,

02/01/2028

190‌

162‌

2.00%,

09/13/2024

915‌

873‌

2.45%,

09/13/2029

140‌

118‌

2.65%,

02/01/2032

200‌

162‌

3.25%,

11/30/2026

500‌

469‌

3.25%,

09/13/2049

140‌

94‌

3.50%,

09/01/2025

165‌

158‌

4.25%,

11/30/2046

130‌

104‌

6.75%,

02/01/2040

25‌

27‌

Spirit

Realty

LP

2.10%,

03/15/2028

190‌

159‌

UDR

Inc

2.10%,

08/01/2032

565‌

429‌

3.20%,

01/15/2030

165‌

146‌

Ventas

Realty

LP

3.00%,

01/15/2030

200‌

171‌

5.70%,

09/30/2043

300‌

282‌

VICI

Properties

LP

4.38%,

05/15/2025

585‌

565‌

Welltower

OP

LLC

2.75%,

01/15/2032

195‌

158‌

4.13%,

03/15/2029

300‌

277‌

Weyerhaeuser

Co

7.38%,

03/15/2032

85‌

95‌

WP

Carey

Inc

2.40%,

02/01/2031

85‌

68‌

$

21,365‌

Retail

-

0

.70

%

AutoZone

Inc

1.65%,

01/15/2031

165‌

129‌

3.75%,

06/01/2027

250‌

238‌

Costco

Wholesale

Corp

1.38%,

06/20/2027

155‌

137‌

1.60%,

04/20/2030

155‌

129‌

1.75%,

04/20/2032

155‌

125‌

3.00%,

05/18/2027

150‌

142‌

Dollar

General

Corp

4.15%,

11/01/2025

500‌

485‌

Dollar

Tree

Inc

4.20%,

05/15/2028

185‌

175‌

Home

Depot

Inc/The

0.90%,

03/15/2028

190‌

160‌

1.88%,

09/15/2031

195‌

159‌

2.13%,

09/15/2026

250‌

231‌

2.38%,

03/15/2051

190‌

118‌

2.70%,

04/15/2025

195‌

187‌

2.75%,

09/15/2051

195‌

131‌

2.88%,

04/15/2027

195‌

183‌

2.95%,

06/15/2029

435‌

396‌

3.50%,

09/15/2056

305‌

235‌

3.90%,

06/15/2047

30‌

26‌

4.00%,

09/15/2025

325‌

319‌

4.20%,

04/01/2043

520‌

465‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

117

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Retail

(continued)

Home

Depot

Inc/The  

(continued)

4.25%,

04/01/2046

$

340‌

$

301‌

4.40%,

03/15/2045

320‌

292‌

4.95%,

09/15/2052

160‌

159‌

5.95%,

04/01/2041

351‌

386‌

Lowe's

Cos

Inc

1.30%,

04/15/2028

165‌

139‌

1.70%,

10/15/2030

165‌

132‌

3.00%,

10/15/2050

50‌

33‌

3.10%,

05/03/2027

250‌

233‌

3.65%,

04/05/2029

250‌

232‌

3.70%,

04/15/2046

40‌

30‌

3.75%,

04/01/2032

195‌

177‌

4.00%,

04/15/2025

160‌

156‌

4.05%,

05/03/2047

30‌

24‌

4.25%,

04/01/2052

195‌

159‌

4.38%,

09/15/2045

500‌

418‌

4.40%,

09/08/2025

160‌

157‌

4.80%,

04/01/2026

155‌

154‌

5.00%,

04/15/2033

160‌

158‌

5.00%,

04/15/2040

160‌

151‌

5.63%,

04/15/2053

160‌

160‌

5.75%,

07/01/2053

155‌

158‌

McDonald's

Corp

1.45%,

09/01/2025

160‌

148‌

2.13%,

03/01/2030

160‌

136‌

2.63%,

09/01/2029

415‌

368‌

3.38%,

05/26/2025

500‌

483‌

3.50%,

07/01/2027

325‌

309‌

3.63%,

09/01/2049

115‌

91‌

3.70%,

02/15/2042

128‌

104‌

4.70%,

12/09/2035

25‌

24‌

4.88%,

07/15/2040

9‌

9‌

4.88%,

12/09/2045

250‌

239‌

5.15%,

09/09/2052

325‌

324‌

6.30%,

10/15/2037

262‌

288‌

O'Reilly

Automotive

Inc

1.75%,

03/15/2031

85‌

67‌

4.35%,

06/01/2028

300‌

290‌

Starbucks

Corp

2.00%,

03/12/2027

160‌

144‌

3.00%,

02/14/2032

135‌

117‌

3.55%,

08/15/2029

500‌

466‌

4.45%,

08/15/2049

300‌

265‌

4.80%,

02/15/2033

(d)

165‌

163‌

Target

Corp

1.95%,

01/15/2027

150‌

137‌

2.35%,

02/15/2030

320‌

277‌

2.50%,

04/15/2026

500‌

473‌

2.95%,

01/15/2052

175‌

123‌

4.50%,

09/15/2032

245‌

239‌

4.80%,

01/15/2053

150‌

144‌

TJX

Cos

Inc/The

1.60%,

05/15/2031

130‌

105‌

Walgreens

Boots

Alliance

Inc

3.45%,

06/01/2026

148‌

139‌

Walmart

Inc

1.05%,

09/17/2026

185‌

165‌

1.50%,

09/22/2028

185‌

161‌

1.80%,

09/22/2031

195‌

162‌

2.50%,

09/22/2041

195‌

145‌

2.65%,

09/22/2051

185‌

131‌

2.95%,

09/24/2049

245‌

183‌

3.90%,

09/09/2025

160‌

157‌

3.90%,

04/15/2028

225‌

220‌

3.95%,

06/28/2038

185‌

171‌

4.00%,

04/15/2026

95‌

93‌

4.00%,

04/15/2030

95‌

92‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Retail

(continued)

Walmart

Inc  

(continued)

4.10%,

04/15/2033

$

95‌

$

92‌

4.15%,

09/09/2032

660‌

651‌

4.50%,

09/09/2052

660‌

645‌

$

16,719‌

Semiconductors

-

0

.64

%

Analog

Devices

Inc

2.10%,

10/01/2031

135‌

112‌

2.80%,

10/01/2041

195‌

145‌

Applied

Materials

Inc

1.75%,

06/01/2030

160‌

133‌

3.30%,

04/01/2027

35‌

33‌

3.90%,

10/01/2025

500‌

489‌

4.35%,

04/01/2047

40‌

37‌

5.10%,

10/01/2035

250‌

253‌

Broadcom

Corp

/

Broadcom

Cayman

Finance

Ltd

3.88%,

01/15/2027

450‌

429‌

Broadcom

Inc

1.95%,

02/15/2028

(i)

150‌

130‌

2.60%,

02/15/2033

(i)

405‌

317‌

3.14%,

11/15/2035

(i)

640‌

491‌

3.19%,

11/15/2036

(i)

14‌

11‌

3.42%,

04/15/2033

(i)

460‌

385‌

3.47%,

04/15/2034

(i)

350‌

287‌

3.50%,

02/15/2041

(i)

200‌

150‌

3.75%,

02/15/2051

(i)

50‌

37‌

4.15%,

11/15/2030

271‌

249‌

4.30%,

11/15/2032

185‌

170‌

4.75%,

04/15/2029

730‌

706‌

Intel

Corp

2.00%,

08/12/2031

190‌

155‌

2.45%,

11/15/2029

310‌

268‌

3.05%,

08/12/2051

190‌

127‌

3.15%,

05/11/2027

540‌

506‌

3.20%,

08/12/2061

190‌

123‌

3.25%,

11/15/2049

315‌

222‌

3.40%,

03/25/2025

160‌

155‌

3.73%,

12/08/2047

240‌

187‌

3.75%,

03/25/2027

160‌

154‌

3.75%,

08/05/2027

175‌

167‌

4.00%,

08/05/2029

705‌

671‌

4.00%,

12/15/2032

200‌

188‌

4.15%,

08/05/2032

175‌

166‌

4.25%,

12/15/2042

200‌

174‌

4.60%,

03/25/2040

160‌

150‌

4.80%,

10/01/2041

77‌

72‌

4.88%,

02/10/2026

255‌

254‌

4.90%,

07/29/2045

25‌

25‌

5.20%,

02/10/2033

130‌

131‌

5.63%,

02/10/2043

130‌

132‌

5.70%,

02/10/2053

255‌

259‌

KLA

Corp

4.65%,

11/01/2024

145‌

143‌

4.95%,

07/15/2052

355‌

350‌

Lam

Research

Corp

1.90%,

06/15/2030

155‌

129‌

2.88%,

06/15/2050

235‌

164‌

Marvell

Technology

Inc

2.45%,

04/15/2028

380‌

332‌

4.88%,

06/22/2028

300‌

291‌

Micron

Technology

Inc

2.70%,

04/15/2032

290‌

229‌

4.19%,

02/15/2027

115‌

110‌

4.66%,

02/15/2030

115‌

108‌

NVIDIA

Corp

1.55%,

06/15/2028

190‌

166‌

2.00%,

06/15/2031

385‌

322‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

118

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Semiconductors

(continued)

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

2.50%,

05/11/2031

$

385‌

$

314‌

3.13%,

02/15/2042

195‌

136‌

3.15%,

05/01/2027

80‌

73‌

3.25%,

05/11/2041

195‌

142‌

4.40%,

06/01/2027

220‌

213‌

QUALCOMM

Inc

1.30%,

05/20/2028

411‌

350‌

1.65%,

05/20/2032

340‌

268‌

3.25%,

05/20/2027

320‌

303‌

4.65%,

05/20/2035

115‌

115‌

4.80%,

05/20/2045

425‌

413‌

6.00%,

05/20/2053

155‌

174‌

Texas

Instruments

Inc

1.13%,

09/15/2026

195‌

174‌

1.38%,

03/12/2025

160‌

150‌

1.75%,

05/04/2030

245‌

206‌

1.90%,

09/15/2031

195‌

160‌

4.15%,

05/15/2048

205‌

186‌

4.60%,

02/15/2028

150‌

150‌

4.90%,

03/14/2033

150‌

154‌

5.00%,

03/14/2053

155‌

157‌

TSMC

Arizona

Corp

3.88%,

04/22/2027

200‌

193‌

4.25%,

04/22/2032

(d)

200‌

194‌

$

15,419‌

Software

-

0

.63

%

Activision

Blizzard

Inc

1.35%,

09/15/2030

85‌

68‌

2.50%,

09/15/2050

790‌

508‌

Adobe

Inc

1.90%,

02/01/2025

315‌

299‌

2.30%,

02/01/2030

160‌

140‌

Electronic

Arts

Inc

1.85%,

02/15/2031

190‌

154‌

Fidelity

National

Information

Services

Inc

1.65%,

03/01/2028

180‌

152‌

3.10%,

03/01/2041

90‌

62‌

4.50%,

07/15/2025

130‌

127‌

5.10%,

07/15/2032

130‌

126‌

Fiserv

Inc

3.50%,

07/01/2029

310‌

283‌

3.85%,

06/01/2025

300‌

290‌

5.45%,

03/02/2028

730‌

734‌

Microsoft

Corp

2.40%,

08/08/2026

55‌

52‌

2.53%,

06/01/2050

792‌

548‌

2.68%,

06/01/2060

1,209‌

811‌

3.13%,

11/03/2025

700‌

674‌

3.30%,

02/06/2027

200‌

192‌

3.45%,

08/08/2036

358‌

327‌

Oracle

Corp

2.30%,

03/25/2028

385‌

340‌

2.50%,

04/01/2025

150‌

142‌

2.65%,

07/15/2026

700‌

647‌

2.80%,

04/01/2027

850‌

781‌

2.88%,

03/25/2031

385‌

329‌

2.95%,

04/01/2030

150‌

131‌

3.60%,

04/01/2040

150‌

116‌

3.60%,

04/01/2050

150‌

107‌

3.65%,

03/25/2041

385‌

297‌

3.80%,

11/15/2037

250‌

204‌

3.90%,

05/15/2035

600‌

518‌

3.95%,

03/25/2051

385‌

291‌

4.00%,

07/15/2046

780‌

599‌

4.10%,

03/25/2061

190‌

140‌

4.30%,

07/08/2034

615‌

559‌

4.38%,

05/15/2055

610‌

488‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Software

(continued)

Oracle

Corp  

(continued)

4.50%,

05/06/2028

$

130‌

$

126‌

4.65%,

05/06/2030

265‌

256‌

5.55%,

02/06/2053

125‌

121‌

5.80%,

11/10/2025

235‌

238‌

6.15%,

11/09/2029

55‌

57‌

6.25%,

11/09/2032

115‌

122‌

6.90%,

11/09/2052

115‌

129‌

Roper

Technologies

Inc

1.00%,

09/15/2025

85‌

77‌

1.40%,

09/15/2027

165‌

142‌

2.35%,

09/15/2024

110‌

105‌

2.95%,

09/15/2029

95‌

84‌

Salesforce

Inc

1.95%,

07/15/2031

190‌

157‌

2.70%,

07/15/2041

385‌

283‌

2.90%,

07/15/2051

385‌

271‌

ServiceNow

Inc

1.40%,

09/01/2030

165‌

131‌

Take-Two

Interactive

Software

Inc

3.55%,

04/14/2025

340‌

328‌

4.95%,

03/28/2028

150‌

148‌

VMware

Inc

1.40%,

08/15/2026

570‌

503‌

1.80%,

08/15/2028

285‌

239‌

2.20%,

08/15/2031

385‌

303‌

$

15,056‌

Sovereign

-

1

.53

%

Canada

Government

International

Bond

0.75%,

05/19/2026

390‌

350‌

1.63%,

01/22/2025

865‌

820‌

2.88%,

04/28/2025

430‌

414‌

3.75%,

04/26/2028

240‌

235‌

Chile

Government

International

Bond

2.45%,

01/31/2031

535‌

461‌

2.55%,

01/27/2032

(d)

475‌

406‌

2.75%,

01/31/2027

200‌

185‌

3.10%,

05/07/2041

500‌

375‌

3.13%,

03/27/2025

250‌

242‌

3.24%,

02/06/2028

400‌

375‌

3.50%,

04/15/2053

200‌

149‌

3.86%,

06/21/2047

300‌

246‌

4.00%,

01/31/2052

200‌

163‌

4.95%,

01/05/2036

(g)

300‌

296‌

Export

Development

Canada

3.38%,

08/26/2025

250‌

243‌

3.88%,

02/14/2028

305‌

299‌

4.38%,

06/29/2026

445‌

442‌

Export-Import

Bank

of

Korea

1.25%,

01/18/2025

200‌

188‌

1.38%,

02/09/2031

200‌

158‌

2.13%,

01/18/2032

200‌

163‌

3.25%,

11/10/2025

500‌

475‌

3.25%,

08/12/2026

500‌

468‌

4.25%,

09/15/2027

200‌

195‌

4.50%,

09/15/2032

200‌

196‌

4.88%,

01/11/2026

305‌

301‌

Indonesia

Government

International

Bond

2.15%,

07/28/2031

400‌

327‌

2.85%,

02/14/2030

800‌

710‌

3.05%,

03/12/2051

400‌

292‌

3.50%,

01/11/2028

200‌

188‌

3.70%,

10/30/2049

(d)

200‌

159‌

4.15%,

09/20/2027

200‌

194‌

4.20%,

10/15/2050

(d)

500‌

425‌

4.55%,

01/11/2028

200‌

197‌

4.65%,

09/20/2032

335‌

328‌

4.75%,

02/11/2029

200‌

198‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

119

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

Israel

Government

AID

Bond

5.50%,

09/18/2033

$

12‌

$

13‌

Israel

Government

International

Bond

3.88%,

07/03/2050

400‌

327‌

4.50%,

01/30/2043

400‌

366‌

Japan

Bank

for

International

Cooperation

1.25%,

01/21/2031

400‌

316‌

1.88%,

04/15/2031

200‌

165‌

2.00%,

10/17/2029

200‌

172‌

2.13%,

02/16/2029

400‌

349‌

2.25%,

11/04/2026

400‌

367‌

2.38%,

04/20/2026

300‌

280‌

2.88%,

04/14/2025

400‌

383‌

3.88%,

09/16/2025

300‌

292‌

4.25%,

04/27/2026

220‌

216‌

Korea

International

Bond

1.00%,

09/16/2030

200‌

161‌

3.88%,

09/20/2048

500‌

447‌

Mexico

Government

International

Bond

2.66%,

05/24/2031

400‌

333‌

3.25%,

04/16/2030

200‌

178‌

3.50%,

02/12/2034

600‌

503‌

3.75%,

01/11/2028

250‌

238‌

3.75%,

04/19/2071

400‌

266‌

3.77%,

05/24/2061

200‌

136‌

3.90%,

04/27/2025

600‌

589‌

4.13%,

01/21/2026

500‌

490‌

4.50%,

04/22/2029

300‌

291‌

4.50%,

01/31/2050

800‌

651‌

4.60%,

02/10/2048

700‌

574‌

4.75%,

03/08/2044

506‌

432‌

5.55%,

01/21/2045

(d)

300‌

285‌

6.05%,

01/11/2040

464‌

469‌

6.35%,

02/09/2035

400‌

421‌

Panama

Government

International

Bond

2.25%,

09/29/2032

200‌

153‌

3.30%,

01/19/2033

200‌

167‌

3.75%,

03/16/2025

800‌

774‌

3.87%,

07/23/2060

340‌

225‌

3.88%,

03/17/2028

500‌

473‌

4.30%,

04/29/2053

400‌

297‌

4.50%,

05/15/2047

200‌

159‌

4.50%,

04/16/2050

400‌

309‌

6.40%,

02/14/2035

200‌

208‌

6.70%,

01/26/2036

224‌

239‌

6.85%,

03/28/2054

200‌

208‌

Peruvian

Government

International

Bond

1.86%,

12/01/2032

405‌

312‌

2.78%,

01/23/2031

145‌

124‌

2.78%,

12/01/2060

180‌

110‌

3.30%,

03/11/2041

340‌

262‌

3.55%,

03/10/2051

(d)

200‌

150‌

5.63%,

11/18/2050

528‌

544‌

6.55%,

03/14/2037

126‌

141‌

8.75%,

11/21/2033

192‌

243‌

Philippine

Government

International

Bond

2.46%,

05/05/2030

500‌

432‌

2.65%,

12/10/2045

400‌

269‌

2.95%,

05/05/2045

200‌

142‌

3.00%,

02/01/2028

300‌

279‌

3.20%,

07/06/2046

200‌

147‌

3.70%,

03/01/2041

200‌

164‌

3.70%,

02/02/2042

230‌

188‌

5.00%,

07/17/2033

200‌

202‌

5.00%,

01/13/2037

300‌

299‌

5.50%,

01/17/2048

200‌

205‌

6.38%,

10/23/2034

210‌

234‌

9.50%,

02/02/2030

400‌

501‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

Philippine

Government

International

Bond  

(continued)

10.63%,

03/16/2025

$

400‌

$

434‌

Republic

of

Italy

Government

International

Bond

1.25%,

02/17/2026

400‌

357‌

2.38%,

10/17/2024

200‌

191‌

2.88%,

10/17/2029

200‌

174‌

3.88%,

05/06/2051

600‌

432‌

5.38%,

06/15/2033

280‌

279‌

Republic

of

Poland

Government

International

Bond

4.88%,

10/04/2033

300‌

294‌

State

of

Israel

2.50%,

01/15/2030

200‌

174‌

3.38%,

01/15/2050

400‌

300‌

Svensk

Exportkredit

AB

0.50%,

08/26/2025

835‌

759‌

3.63%,

09/03/2024

200‌

195‌

4.00%,

07/15/2025

295‌

289‌

4.13%,

06/14/2028

295‌

291‌

4.38%,

02/13/2026

305‌

301‌

Tennessee

Valley

Authority

2.88%,

02/01/2027

250‌

235‌

3.50%,

12/15/2042

400‌

335‌

3.88%,

03/15/2028

230‌

226‌

4.25%,

09/15/2065

200‌

179‌

4.63%,

09/15/2060

300‌

290‌

5.25%,

09/15/2039

251‌

266‌

5.38%,

04/01/2056

154‌

170‌

5.88%,

04/01/2036

300‌

340‌

6.75%,

11/01/2025

102‌

107‌

Uruguay

Government

International

Bond

4.13%,

11/20/2045

100‌

91‌

4.38%,

10/27/2027

390‌

387‌

4.98%,

04/20/2055

210‌

204‌

5.10%,

06/18/2050

565‌

562‌

5.75%,

10/28/2034

150‌

162‌

$

36,757‌

Supranational

Bank

-

1

.30

%

African

Development

Bank

0.88%,

03/23/2026

345‌

312‌

0.88%,

07/22/2026

385‌

344‌

4.38%,

03/14/2028

305‌

306‌

Asian

Development

Bank

0.38%,

09/03/2025

325‌

296‌

0.50%,

02/04/2026

400‌

360‌

1.00%,

04/14/2026

1,280‌

1,159‌

1.25%,

06/09/2028

100‌

87‌

1.50%,

01/20/2027

400‌

361‌

1.50%,

03/04/2031

195‌

162‌

1.75%,

09/19/2029

325‌

282‌

1.88%,

03/15/2029

390‌

343‌

2.13%,

03/19/2025

300‌

285‌

2.75%,

01/19/2028

250‌

234‌

2.88%,

05/06/2025

340‌

327‌

3.13%,

08/20/2027

705‌

673‌

3.13%,

04/27/2032

340‌

318‌

3.75%,

04/25/2028

300‌

293‌

3.88%,

09/28/2032

100‌

99‌

3.88%,

06/14/2033

295‌

292‌

4.00%,

01/12/2033

150‌

150‌

4.13%,

09/27/2024

315‌

310‌

4.25%,

01/09/2026

305‌

302‌

5.82%,

06/16/2028

15‌

16‌

6.38%,

10/01/2028

51‌

56‌

Asian

Infrastructure

Investment

Bank/The

3.38%,

06/29/2025

355‌

343‌

3.75%,

09/14/2027

325‌

316‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

120

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Supranational

Bank

(continued)

Council

Of

Europe

Development

Bank

1.38%,

02/27/2025

$

320‌

$

301‌

3.63%,

01/26/2028

300‌

291‌

3.75%,

05/25/2026

300‌

293‌

European

Bank

for

Reconstruction

&

Development

0.50%,

11/25/2025

385‌

348‌

0.50%,

01/28/2026

380‌

342‌

1.63%,

09/27/2024

650‌

621‌

4.38%,

03/09/2028

245‌

246‌

European

Investment

Bank

0.38%,

07/24/2024

475‌

451‌

0.38%,

12/15/2025

340‌

306‌

0.38%,

03/26/2026

480‌

428‌

0.63%,

10/21/2027

(d)

285‌

244‌

0.75%,

10/26/2026

190‌

168‌

1.25%,

02/14/2031

355‌

292‌

1.38%,

03/15/2027

400‌

358‌

1.63%,

03/14/2025

(d)

315‌

298‌

1.63%,

05/13/2031

395‌

333‌

1.75%,

03/15/2029

200‌

175‌

1.88%,

02/10/2025

600‌

570‌

2.38%,

05/24/2027

300‌

278‌

3.25%,

11/15/2027

325‌

312‌

3.63%,

07/15/2030

300‌

291‌

3.75%,

02/14/2033

305‌

300‌

3.88%,

03/15/2028

305‌

300‌

Inter-American

Development

Bank

0.50%,

09/23/2024

610‌

575‌

0.63%,

09/16/2027

340‌

292‌

0.88%,

04/20/2026

425‌

383‌

1.13%,

07/20/2028

385‌

330‌

1.13%,

01/13/2031

385‌

311‌

1.50%,

01/13/2027

400‌

361‌

1.75%,

03/14/2025

835‌

790‌

2.13%,

01/15/2025

500‌

477‌

2.38%,

07/07/2027

500‌

464‌

3.13%,

09/18/2028

500‌

472‌

3.50%,

09/14/2029

320‌

308‌

3.50%,

04/12/2033

300‌

288‌

4.00%,

01/12/2028

305‌

301‌

4.38%,

01/24/2044

50‌

50‌

4.50%,

05/15/2026

(g)

300‌

299‌

International

Bank

for

Reconstruction

&

Development

0.50%,

10/28/2025

905‌

821‌

0.75%,

11/24/2027

365‌

313‌

0.75%,

08/26/2030

385‌

305‌

0.88%,

07/15/2026

580‌

519‌

1.25%,

02/10/2031

385‌

314‌

1.38%,

04/20/2028

930‌

814‌

1.63%,

01/15/2025

475‌

450‌

1.63%,

11/03/2031

385‌

321‌

1.75%,

10/23/2029

680‌

590‌

2.50%,

11/25/2024

800‌

771‌

2.50%,

07/29/2025

850‌

811‌

2.50%,

03/29/2032

(d)

355‌

317‌

3.13%,

06/15/2027

(d)

645‌

614‌

3.50%,

07/12/2028

450‌

434‌

3.63%,

09/21/2029

315‌

306‌

3.88%,

02/14/2030

(d)

305‌

300‌

International

Finance

Corp

0.38%,

07/16/2025

1,080‌

988‌

3.63%,

09/15/2025

150‌

146‌

Nordic

Investment

Bank

0.38%,

09/11/2025

255‌

232‌

0.50%,

01/21/2026

400‌

360‌

3.38%,

09/08/2027

325‌

313‌

$

31,312‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Telecommunications

-

1

.06

%

America

Movil

SAB

de

CV

4.38%,

04/22/2049

$

250‌

$

217‌

6.13%,

03/30/2040

102‌

109‌

6.38%,

03/01/2035

200‌

217‌

AT&T

Inc

1.65%,

02/01/2028

330‌

284‌

1.70%,

03/25/2026

135‌

123‌

2.25%,

02/01/2032

240‌

191‌

2.30%,

06/01/2027

465‌

418‌

2.75%,

06/01/2031

310‌

262‌

2.95%,

07/15/2026

(d)

20‌

19‌

3.10%,

02/01/2043

(d)

240‌

172‌

3.50%,

06/01/2041

310‌

238‌

3.50%,

09/15/2053

904‌

640‌

3.55%,

09/15/2055

1,198‌

839‌

3.65%,

06/01/2051

755‌

554‌

3.65%,

09/15/2059

1,057‌

736‌

3.80%,

02/15/2027

40‌

38‌

4.10%,

02/15/2028

81‌

77‌

4.25%,

03/01/2027

230‌

224‌

4.30%,

12/15/2042

221‌

188‌

4.35%,

03/01/2029

500‌

480‌

4.35%,

06/15/2045

260‌

218‌

4.50%,

03/09/2048

490‌

415‌

5.40%,

02/15/2034

295‌

296‌

Bell

Telephone

Co

of

Canada

or

Bell

Canada/The

3.65%,

03/17/2051

190‌

144‌

British

Telecommunications

PLC

9.62%,

12/15/2030

577‌

710‌

Cisco

Systems

Inc

2.50%,

09/20/2026

580‌

543‌

5.50%,

01/15/2040

600‌

638‌

Corning

Inc

4.38%,

11/15/2057

300‌

243‌

4.75%,

03/15/2042

102‌

93‌

Deutsche

Telekom

International

Finance

BV

8.75%,

06/15/2030

641‌

768‌

Juniper

Networks

Inc

2.00%,

12/10/2030

185‌

144‌

Motorola

Solutions

Inc

4.00%,

09/01/2024

49‌

48‌

Orange

SA

5.38%,

01/13/2042

102‌

101‌

Rogers

Communications

Inc

2.95%,

03/15/2025

(i)

195‌

185‌

3.20%,

03/15/2027

(i)

395‌

367‌

3.70%,

11/15/2049

225‌

159‌

3.80%,

03/15/2032

(i)

195‌

170‌

5.00%,

03/15/2044

500‌

440‌

Sprint

Capital

Corp

6.88%,

11/15/2028

295‌

313‌

Telefonica

Emisiones

SA

5.21%,

03/08/2047

530‌

461‌

7.05%,

06/20/2036

545‌

594‌

TELUS

Corp

4.60%,

11/16/2048

300‌

258‌

T-Mobile

USA

Inc

1.50%,

02/15/2026

320‌

289‌

2.05%,

02/15/2028

320‌

277‌

2.25%,

11/15/2031

350‌

280‌

2.40%,

03/15/2029

310‌

266‌

2.55%,

02/15/2031

245‌

204‌

3.00%,

02/15/2041

170‌

124‌

3.30%,

02/15/2051

310‌

217‌

3.40%,

10/15/2052

260‌

186‌

3.50%,

04/15/2025

150‌

144‌

3.75%,

04/15/2027

295‌

279‌

3.88%,

04/15/2030

295‌

272‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

121

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Telecommunications

(continued)

T-Mobile

USA

Inc  

(continued)

4.38%,

04/15/2040

$

150‌

$

132‌

4.50%,

04/15/2050

295‌

253‌

4.80%,

07/15/2028

150‌

147‌

4.95%,

03/15/2028

90‌

89‌

5.05%,

07/15/2033

150‌

147‌

5.20%,

01/15/2033

555‌

551‌

5.65%,

01/15/2053

520‌

528‌

5.75%,

01/15/2054

150‌

155‌

Verizon

Communications

Inc

1.45%,

03/20/2026

385‌

349‌

1.50%,

09/18/2030

450‌

356‌

1.68%,

10/30/2030

748‌

591‌

1.75%,

01/20/2031

360‌

284‌

2.10%,

03/22/2028

580‌

510‌

2.36%,

03/15/2032

180‌

145‌

2.55%,

03/21/2031

385‌

321‌

2.63%,

08/15/2026

25‌

23‌

2.65%,

11/20/2040

135‌

94‌

2.88%,

11/20/2050

360‌

235‌

2.99%,

10/30/2056

562‌

357‌

3.00%,

11/20/2060

80‌

50‌

3.38%,

02/15/2025

40‌

39‌

3.40%,

03/22/2041

385‌

297‌

3.55%,

03/22/2051

385‌

287‌

3.70%,

03/22/2061

190‌

138‌

3.85%,

11/01/2042

275‌

222‌

3.88%,

02/08/2029

400‌

375‌

4.13%,

03/16/2027

300‌

291‌

4.33%,

09/21/2028

500‌

482‌

4.40%,

11/01/2034

750‌

692‌

4.50%,

08/10/2033

360‌

340‌

4.81%,

03/15/2039

600‌

561‌

Vodafone

Group

PLC

4.25%,

09/17/2050

165‌

133‌

5.63%,

02/10/2053

150‌

147‌

6.15%,

02/27/2037

201‌

210‌

$

25,403‌

Toys,

Games

&

Hobbies

-

0

.00

%

Hasbro

Inc

6.35%,

03/15/2040

25‌

25‌

Transportation

-

0

.54

%

Burlington

Northern

Santa

Fe

LLC

3.05%,

02/15/2051

400‌

283‌

3.30%,

09/15/2051

200‌

149‌

3.40%,

09/01/2024

230‌

224‌

3.55%,

02/15/2050

115‌

91‌

4.38%,

09/01/2042

545‌

493‌

4.45%,

03/15/2043

20‌

18‌

4.45%,

01/15/2053

100‌

92‌

4.55%,

09/01/2044

15‌

14‌

5.15%,

09/01/2043

350‌

346‌

5.20%,

04/15/2054

150‌

153‌

Canadian

National

Railway

Co

2.45%,

05/01/2050

65‌

41‌

3.20%,

08/02/2046

400‌

296‌

3.65%,

02/03/2048

75‌

60‌

3.85%,

08/05/2032

175‌

163‌

Canadian

Pacific

Railway

Co

1.75%,

12/02/2026

390‌

351‌

2.45%,

12/02/2031

190‌

166‌

3.00%,

12/02/2041

190‌

155‌

3.10%,

12/02/2051

190‌

135‌

4.70%,

05/01/2048

300‌

272‌

4.80%,

09/15/2035

500‌

488‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Transportation

(continued)

CSX

Corp

2.40%,

02/15/2030

$

65‌

$

56‌

2.60%,

11/01/2026

300‌

277‌

3.25%,

06/01/2027

40‌

38‌

3.35%,

11/01/2025

250‌

239‌

3.35%,

09/15/2049

70‌

52‌

3.80%,

03/01/2028

100‌

95‌

3.80%,

11/01/2046

30‌

24‌

4.25%,

11/01/2066

400‌

329‌

4.30%,

03/01/2048

105‌

91‌

4.50%,

11/15/2052

155‌

140‌

4.75%,

05/30/2042

277‌

255‌

FedEx

Corp

3.10%,

08/05/2029

550‌

495‌

3.88%,

08/01/2042

100‌

81‌

4.40%,

01/15/2047

405‌

342‌

4.55%,

04/01/2046

400‌

345‌

4.75%,

11/15/2045

525‌

467‌

Norfolk

Southern

Corp

2.30%,

05/15/2031

195‌

162‌

2.55%,

11/01/2029

155‌

134‌

2.90%,

08/25/2051

190‌

126‌

3.94%,

11/01/2047

398‌

322‌

4.15%,

02/28/2048

200‌

168‌

4.45%,

03/01/2033

150‌

144‌

4.55%,

06/01/2053

70‌

63‌

4.84%,

10/01/2041

100‌

92‌

Ryder

System

Inc

2.50%,

09/01/2024

80‌

77‌

2.90%,

12/01/2026

150‌

137‌

4.30%,

06/15/2027

55‌

53‌

Union

Pacific

Corp

2.15%,

02/05/2027

230‌

210‌

2.38%,

05/20/2031

195‌

165‌

2.80%,

02/14/2032

185‌

160‌

2.89%,

04/06/2036

210‌

167‌

3.20%,

05/20/2041

195‌

153‌

3.38%,

02/14/2042

190‌

152‌

3.80%,

10/01/2051

577‌

473‌

3.80%,

04/06/2071

175‌

133‌

3.84%,

03/20/2060

575‌

457‌

4.50%,

01/20/2033

160‌

157‌

4.95%,

09/09/2052

160‌

159‌

United

Parcel

Service

Inc

2.50%,

09/01/2029

125‌

111‌

3.40%,

09/01/2049

770‌

613‌

3.90%,

04/01/2025

665‌

651‌

4.88%,

03/03/2033

110‌

111‌

4.88%,

11/15/2040

25‌

25‌

5.05%,

03/03/2053

110‌

112‌

5.20%,

04/01/2040

125‌

128‌

6.20%,

01/15/2038

23‌

26‌

$

12,957‌

Trucking

&

Leasing

-

0

.01

%

GATX

Corp

1.90%,

06/01/2031

380‌

291‌

Water

-

0

.04

%

American

Water

Capital

Corp

2.30%,

06/01/2031

195‌

162‌

3.25%,

06/01/2051

195‌

142‌

3.75%,

09/01/2047

180‌

142‌

4.45%,

06/01/2032

110‌

107‌

6.59%,

10/15/2037

5‌

6‌

Essential

Utilities

Inc

2.40%,

05/01/2031

190‌

154‌

5.30%,

05/01/2052

185‌

174‌

$

887‌

TOTAL

BONDS

$

702,861‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

122

MUNICIPAL

BONDS

-

0

.55

%

Principal

Amount

(000's)

Value

(000's)

California

-

0

.18

%

Bay

Area

Toll

Authority

6.26%,

04/01/2049

$

300‌

$

355‌

6.92%,

04/01/2040

120‌

141‌

California

State

University

2.98%,

11/01/2051

160‌

115‌

East

Bay

Municipal

Utility

District

Water

System

Revenue

5.87%,

06/01/2040

60‌

66‌

Los

Angeles

Department

of

Water

&

Power

6.57%,

07/01/2045

150‌

181‌

Los

Angeles

Unified

School

District/CA

5.75%,

07/01/2034

80‌

85‌

5.76%,

07/01/2029

50‌

51‌

6.76%,

07/01/2034

530‌

599‌

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

6.55%,

05/15/2048

250‌

292‌

San

Diego

County

Water

Authority

6.14%,

05/01/2049

260‌

294‌

Santa

Clara

Valley

Transportation

Authority

5.88%,

04/01/2032

20‌

21‌

State

of

California

3.50%,

04/01/2028

165‌

157‌

7.30%,

10/01/2039

375‌

453‌

7.35%,

11/01/2039

500‌

608‌

7.60%,

11/01/2040

180‌

230‌

7.63%,

03/01/2040

280‌

352‌

University

of

California

5.77%,

05/15/2043

200‌

216‌

$

4,216‌

District

of

Columbia

-

0

.02

%

District

of

Columbia

Water

&

Sewer

Authority

4.81%,

10/01/2114

450‌

417‌

Georgia

-

0

.02

%

Municipal

Electric

Authority

of

Georgia

6.64%,

04/01/2057

145‌

166‌

7.06%,

04/01/2057

191‌

202‌

$

368‌

Illinois

-

0

.06

%

Chicago

Transit

Authority

Sales

&

Transfer

Tax

Receipts

Revenue

6.90%,

12/01/2040

195‌

221‌

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

6.20%,

12/01/2040

70‌

77‌

County

of

Cook

IL

6.23%,

11/15/2034

102‌

110‌

State

of

Illinois

5.10%,

06/01/2033

1,000‌

983‌

7.35%,

07/01/2035

65‌

70‌

$

1,461‌

Kansas

-

0

.00

%

State

of

Kansas

Department

of

Transportation

4.60%,

09/01/2035

115‌

113‌

Nevada

-

0

.00

%

County

of

Clark

Department

of

Aviation

6.82%,

07/01/2045

25‌

30‌

New

Jersey

-

0

.06

%

New

Jersey

Economic

Development

Authority

(credit

support

from

National

Public

Finance

Guarantee

Corp

)

7.43%,

02/15/2029

(j)

700‌

752‌

New

Jersey

Transportation

Trust

Fund

Authority

5.75%,

12/15/2028

190‌

192‌

6.56%,

12/15/2040

210‌

241‌

New

Jersey

Turnpike

Authority

7.10%,

01/01/2041

147‌

179‌

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

New

Jersey

(continued)

Rutgers

The

State

University

of

New

Jersey

5.67%,

05/01/2040

$

130‌

$

137‌

$

1,501‌

New

York

-

0

.08

%

City

of

New

York

NY

5.52%,

10/01/2037

25‌

26‌

Metropolitan

Transportation

Authority

6.81%,

11/15/2040

135‌

146‌

New

York

City

Municipal

Water

Finance

Authority

5.72%,

06/15/2042

270‌

277‌

5.95%,

06/15/2042

125‌

142‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

5.51%,

08/01/2037

250‌

260‌

New

York

State

Dormitory

Authority

5.60%,

03/15/2040

435‌

461‌

Port

Authority

of

New

York

&

New

Jersey

4.46%,

10/01/2062

400‌

366‌

4.96%,

08/01/2046

300‌

293‌

6.04%,

12/01/2029

50‌

54‌

$

2,025‌

Ohio

-

0

.01

%

American

Municipal

Power

Inc

6.27%,

02/15/2050

64‌

70‌

Ohio

State

University/The

4.91%,

06/01/2040

125‌

125‌

$

195‌

Pennsylvania

-

0

.02

%

State

Public

School

Building

Authority

5.00%,

09/15/2027

500‌

496‌

Texas

-

0

.08

%

City

of

San

Antonio

TX

Electric

&

Gas

Systems

Revenue

5.81%,

02/01/2041

135‌

147‌

Dallas

Area

Rapid

Transit

5.02%,

12/01/2048

50‌

51‌

Dallas

Convention

Center

Hotel

Development

Corp

7.09%,

01/01/2042

70‌

79‌

Dallas

County

Hospital

District

5.62%,

08/15/2044

83‌

89‌

Dallas

Independent

School

District

(credit

support

from

Permanent

School

Fund

Guarantee

Program

)

6.45%,

02/15/2035

(j)

50‌

51‌

Grand

Parkway

Transportation

Corp

5.18%,

10/01/2042

300‌

307‌

State

of

Texas

4.68%,

04/01/2040

100‌

101‌

5.52%,

04/01/2039

405‌

434‌

Texas

Transportation

Commission

State

Highway

Fund

5.18%,

04/01/2030

625‌

633‌

$

1,892‌

Utah

-

0

.01

%

State

of

Utah

3.54%,

07/01/2025

220‌

216‌

Wisconsin

-

0

.01

%

State

of

Wisconsin

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.70%,

05/01/2026

(j)

245‌

247‌

TOTAL

MUNICIPAL

BONDS

$

13,177‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

68

.86

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

1

.31

%

2.00%,

08/01/2029

$

158‌

$

145‌

2.00%,

10/01/2031

40‌

36‌

2.00%,

03/01/2032

80‌

73‌

2.50%,

10/01/2027

38‌

36‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

123

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

2.50%,

03/01/2028

$

100‌

$

95‌

2.50%,

06/01/2028

61‌

58‌

2.50%,

06/01/2028

143‌

135‌

2.50%,

07/01/2028

101‌

95‌

2.50%,

10/01/2028

74‌

70‌

2.50%,

10/01/2028

48‌

46‌

2.50%,

10/01/2029

130‌

122‌

2.50%,

12/01/2029

154‌

145‌

2.50%,

09/01/2030

277‌

258‌

2.50%,

01/01/2031

300‌

279‌

2.50%,

01/01/2031

28‌

26‌

2.50%,

02/01/2031

33‌

30‌

2.50%,

03/01/2031

90‌

84‌

2.50%,

12/01/2031

102‌

95‌

2.50%,

12/01/2031

114‌

106‌

2.50%,

02/01/2032

133‌

123‌

2.50%,

03/01/2032

175‌

162‌

2.50%,

11/01/2032

339‌

314‌

2.50%,

02/01/2033

97‌

90‌

2.50%,

03/01/2033

69‌

63‌

2.50%,

03/01/2033

228‌

211‌

2.50%,

04/01/2033

106‌

98‌

2.50%,

05/01/2033

43‌

40‌

2.50%,

06/01/2033

72‌

66‌

2.50%,

11/01/2036

65‌

59‌

2.50%,

02/01/2043

85‌

74‌

2.50%,

03/01/2043

68‌

59‌

3.00%,

01/01/2027

34‌

33‌

3.00%,

03/01/2027

26‌

25‌

3.00%,

05/01/2027

30‌

29‌

3.00%,

10/01/2028

104‌

99‌

3.00%,

07/01/2029

134‌

128‌

3.00%,

08/01/2029

58‌

56‌

3.00%,

10/01/2029

35‌

33‌

3.00%,

11/01/2029

61‌

58‌

3.00%,

07/01/2030

137‌

130‌

3.00%,

09/01/2030

184‌

175‌

3.00%,

11/01/2030

33‌

31‌

3.00%,

11/01/2030

54‌

51‌

3.00%,

01/01/2031

64‌

61‌

3.00%,

04/01/2031

137‌

130‌

3.00%,

02/01/2032

30‌

28‌

3.00%,

05/01/2032

49‌

46‌

3.00%,

12/01/2032

219‌

207‌

3.00%,

12/01/2032

213‌

201‌

3.00%,

01/01/2033

296‌

279‌

3.00%,

02/01/2033

172‌

163‌

3.00%,

03/01/2033

104‌

98‌

3.00%,

04/01/2033

96‌

90‌

3.00%,

04/01/2033

77‌

72‌

3.00%,

06/01/2033

60‌

56‌

3.00%,

09/01/2033

82‌

77‌

3.00%,

09/01/2033

89‌

83‌

3.00%,

12/01/2034

22‌

20‌

3.00%,

01/01/2035

15‌

14‌

3.00%,

02/01/2035

22‌

20‌

3.00%,

05/01/2035

179‌

167‌

3.00%,

02/01/2036

41‌

38‌

3.00%,

09/01/2036

45‌

42‌

3.00%,

02/01/2037

55‌

51‌

3.00%,

05/01/2037

59‌

54‌

3.00%,

06/01/2037

61‌

57‌

3.00%,

07/01/2037

94‌

86‌

3.00%,

09/01/2037

20‌

19‌

3.00%,

01/01/2043

134‌

121‌

3.00%,

01/01/2043

138‌

124‌

3.00%,

02/01/2043

603‌

545‌

3.00%,

03/01/2043

348‌

314‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

3.00%,

04/01/2043

$

121‌

$

110‌

3.00%,

05/01/2043

119‌

107‌

3.00%,

06/01/2043

221‌

200‌

3.00%,

07/01/2043

222‌

201‌

3.00%,

07/01/2043

203‌

183‌

3.00%,

07/01/2043

382‌

345‌

3.00%,

07/01/2043

344‌

311‌

3.00%,

08/01/2043

46‌

42‌

3.00%,

08/01/2043

64‌

58‌

3.00%,

08/01/2043

120‌

108‌

3.00%,

08/01/2043

646‌

583‌

3.00%,

09/01/2043

243‌

219‌

3.00%,

09/01/2043

273‌

247‌

3.00%,

09/01/2043

116‌

105‌

3.00%,

10/01/2043

97‌

87‌

3.00%,

10/01/2043

234‌

212‌

3.00%,

03/01/2045

201‌

182‌

3.00%,

04/01/2045

72‌

65‌

3.00%,

06/01/2045

263‌

238‌

3.00%,

07/01/2045

155‌

140‌

3.00%,

07/01/2045

211‌

191‌

3.00%,

08/01/2045

302‌

273‌

3.00%,

08/01/2045

86‌

77‌

3.00%,

08/01/2045

89‌

80‌

3.00%,

12/01/2045

414‌

374‌

3.00%,

03/01/2046

181‌

163‌

3.00%,

03/01/2046

18‌

16‌

3.00%,

04/01/2046

247‌

222‌

3.00%,

04/01/2046

23‌

21‌

3.00%,

05/01/2046

65‌

58‌

3.00%,

09/01/2046

296‌

265‌

3.00%,

10/01/2046

308‌

277‌

3.00%,

11/01/2046

515‌

461‌

3.00%,

11/01/2046

51‌

46‌

3.00%,

11/01/2046

305‌

273‌

3.00%,

11/01/2046

334‌

299‌

3.00%,

12/01/2046

380‌

341‌

3.00%,

12/01/2046

421‌

377‌

3.00%,

01/01/2047

577‌

517‌

3.00%,

03/01/2047

573‌

513‌

3.00%,

03/01/2048

209‌

187‌

3.50%,

10/01/2025

23‌

23‌

3.50%,

11/01/2025

26‌

25‌

3.50%,

12/01/2026

25‌

25‌

3.50%,

01/01/2029

52‌

50‌

3.50%,

01/01/2032

41‌

40‌

3.50%,

02/01/2032

25‌

24‌

3.50%,

03/01/2032

30‌

29‌

3.50%,

04/01/2032

31‌

30‌

3.50%,

08/01/2032

24‌

23‌

3.50%,

09/01/2033

83‌

80‌

3.50%,

01/01/2034

27‌

26‌

3.50%,

01/01/2035

58‌

55‌

3.50%,

02/01/2035

48‌

45‌

3.50%,

07/01/2035

84‌

80‌

3.50%,

09/01/2035

112‌

106‌

3.50%,

04/01/2037

32‌

30‌

3.50%,

06/01/2037

62‌

59‌

3.50%,

05/01/2041

31‌

30‌

3.50%,

02/01/2042

116‌

108‌

3.50%,

04/01/2042

38‌

36‌

3.50%,

06/01/2042

92‌

86‌

3.50%,

07/01/2042

103‌

97‌

3.50%,

07/01/2042

139‌

130‌

3.50%,

08/01/2042

62‌

57‌

3.50%,

08/01/2042

140‌

131‌

3.50%,

02/01/2044

172‌

160‌

3.50%,

06/01/2044

180‌

168‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

124

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

3.50%,

09/01/2044

$

101‌

$

94‌

3.50%,

02/01/2045

114‌

107‌

3.50%,

03/01/2045

164‌

153‌

3.50%,

06/01/2045

189‌

176‌

3.50%,

07/01/2045

309‌

288‌

3.50%,

09/01/2045

160‌

149‌

3.50%,

10/01/2045

182‌

169‌

3.50%,

11/01/2045

300‌

279‌

3.50%,

12/01/2045

205‌

191‌

3.50%,

12/01/2045

245‌

228‌

3.50%,

12/01/2045

30‌

28‌

3.50%,

01/01/2046

18‌

17‌

3.50%,

01/01/2046

84‌

79‌

3.50%,

03/01/2046

150‌

139‌

3.50%,

03/01/2046

767‌

712‌

3.50%,

04/01/2046

185‌

172‌

3.50%,

05/01/2046

198‌

186‌

3.50%,

06/01/2046

235‌

219‌

3.50%,

08/01/2046

163‌

152‌

3.50%,

04/01/2047

243‌

225‌

3.50%,

11/01/2047

274‌

253‌

3.50%,

11/01/2047

176‌

163‌

3.50%,

05/01/2048

31‌

29‌

3.50%,

06/01/2048

112‌

103‌

3.50%,

06/01/2048

331‌

306‌

3.50%,

09/01/2048

110‌

102‌

4.00%,

06/01/2025

13‌

13‌

4.00%,

07/01/2025

17‌

17‌

4.00%,

12/01/2030

13‌

13‌

4.00%,

08/01/2031

12‌

12‌

4.00%,

10/01/2031

20‌

20‌

4.00%,

11/01/2031

6‌

6‌

4.00%,

12/01/2031

10‌

10‌

4.00%,

11/01/2033

28‌

28‌

4.00%,

01/01/2034

50‌

49‌

4.00%,

07/01/2035

19‌

18‌

4.00%,

03/01/2037

80‌

77‌

4.00%,

05/01/2038

28‌

27‌

4.00%,

02/01/2041

68‌

66‌

4.00%,

06/01/2042

41‌

40‌

4.00%,

06/01/2042

52‌

50‌

4.00%,

08/01/2043

332‌

319‌

4.00%,

01/01/2044

60‌

58‌

4.00%,

02/01/2044

131‌

126‌

4.00%,

03/01/2044

50‌

48‌

4.00%,

04/01/2044

134‌

129‌

4.00%,

05/01/2044

35‌

34‌

4.00%,

07/01/2044

78‌

75‌

4.00%,

07/01/2044

71‌

68‌

4.00%,

10/01/2044

93‌

89‌

4.00%,

11/01/2044

208‌

199‌

4.00%,

12/01/2044

208‌

199‌

4.00%,

01/01/2045

57‌

55‌

4.00%,

02/01/2045

61‌

58‌

4.00%,

04/01/2045

66‌

63‌

4.00%,

05/01/2045

44‌

42‌

4.00%,

06/01/2045

82‌

79‌

4.00%,

07/01/2045

59‌

56‌

4.00%,

08/01/2045

288‌

276‌

4.00%,

08/01/2045

29‌

28‌

4.00%,

08/01/2045

33‌

32‌

4.00%,

09/01/2045

84‌

80‌

4.00%,

09/01/2045

313‌

299‌

4.00%,

10/01/2045

317‌

304‌

4.00%,

11/01/2045

203‌

194‌

4.00%,

12/01/2045

94‌

89‌

4.00%,

03/01/2047

238‌

229‌

4.00%,

08/01/2047

245‌

234‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

4.00%,

10/01/2047

$

182‌

$

173‌

4.00%,

12/01/2047

297‌

283‌

4.00%,

07/01/2048

163‌

156‌

4.00%,

08/01/2048

97‌

92‌

4.00%,

09/01/2048

256‌

244‌

4.50%,

08/01/2023

1‌

1‌

4.50%,

05/01/2024

4‌

4‌

4.50%,

02/01/2030

4‌

4‌

4.50%,

08/01/2030

3‌

3‌

4.50%,

05/01/2031

4‌

4‌

4.50%,

06/01/2031

30‌

29‌

4.50%,

06/01/2039

51‌

51‌

4.50%,

10/01/2039

38‌

37‌

4.50%,

10/01/2040

44‌

44‌

4.50%,

03/01/2041

107‌

106‌

4.50%,

03/01/2041

117‌

115‌

4.50%,

11/01/2041

117‌

116‌

4.50%,

09/01/2043

55‌

54‌

4.50%,

11/01/2043

29‌

28‌

4.50%,

11/01/2043

62‌

61‌

4.50%,

01/01/2044

53‌

52‌

4.50%,

01/01/2044

59‌

58‌

4.50%,

03/01/2044

58‌

57‌

4.50%,

05/01/2044

75‌

73‌

4.50%,

07/01/2044

36‌

35‌

4.50%,

09/01/2044

36‌

35‌

4.50%,

10/01/2045

88‌

86‌

4.50%,

02/01/2046

113‌

110‌

4.50%,

03/01/2047

32‌

31‌

4.50%,

03/01/2047

138‌

136‌

4.50%,

04/01/2047

32‌

31‌

4.50%,

06/01/2047

71‌

70‌

4.50%,

09/01/2047

76‌

74‌

4.50%,

11/01/2047

21‌

21‌

4.50%,

05/01/2048

59‌

58‌

4.50%,

07/01/2048

116‌

114‌

4.50%,

11/01/2048

65‌

64‌

4.50%,

01/01/2049

241‌

237‌

4.50%,

05/01/2049

640‌

628‌

5.00%,

09/01/2023

1‌

1‌

5.00%,

04/01/2024

2‌

2‌

5.00%,

01/01/2025

11‌

11‌

5.00%,

12/01/2027

11‌

11‌

5.00%,

02/01/2030

2‌

2‌

5.00%,

03/01/2030

1‌

1‌

5.00%,

04/01/2034

43‌

43‌

5.00%,

06/01/2035

52‌

52‌

5.00%,

01/01/2038

82‌

83‌

5.00%,

11/01/2038

69‌

70‌

5.00%,

12/01/2038

79‌

80‌

5.00%,

09/01/2039

126‌

127‌

5.00%,

01/01/2040

74‌

75‌

5.00%,

05/01/2040

30‌

30‌

5.00%,

04/01/2041

48‌

49‌

5.00%,

06/01/2041

47‌

47‌

5.00%,

11/01/2041

60‌

60‌

5.00%,

11/01/2041

43‌

43‌

5.50%,

01/01/2028

20‌

20‌

5.50%,

04/01/2036

44‌

45‌

5.50%,

12/01/2036

49‌

50‌

5.50%,

12/01/2036

47‌

49‌

5.50%,

03/01/2039

73‌

76‌

5.50%,

04/01/2039

46‌

47‌

5.50%,

02/01/2040

67‌

68‌

5.50%,

06/01/2041

99‌

102‌

6.00%,

02/01/2027

2‌

2‌

$

31,379‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

125

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

-

20

.05

%

1.50%,

12/01/2035

$

2,266‌

$

1,955‌

1.50%,

03/01/2036

4,490‌

3,875‌

1.50%,

05/01/2036

7,199‌

6,213‌

1.50%,

11/01/2036

3,403‌

2,953‌

1.50%,

11/01/2050

2,179‌

1,693‌

1.50%,

01/01/2051

10,009‌

7,732‌

1.50%,

06/01/2051

7,273‌

5,638‌

2.00%,

09/01/2028

46‌

43‌

2.00%,

05/01/2030

98‌

89‌

2.00%,

04/01/2032

67‌

61‌

2.00%,

02/01/2036

6,201‌

5,498‌

2.00%,

02/01/2036

3,791‌

3,381‌

2.00%,

03/01/2036

2,792‌

2,476‌

2.00%,

04/01/2036

6,807‌

6,090‌

2.00%,

05/01/2036

3,512‌

3,115‌

2.00%,

06/01/2036

1,031‌

916‌

2.00%,

06/01/2036

3,202‌

2,839‌

2.00%,

11/01/2041

6,435‌

5,469‌

2.00%,

05/01/2042

3,412‌

2,890‌

2.00%,

04/01/2051

13,491‌

11,092‌

2.00%,

04/01/2051

8,199‌

6,785‌

2.00%,

04/01/2051

29,723‌

24,483‌

2.00%,

04/01/2051

5,079‌

4,183‌

2.00%,

04/01/2051

8,398‌

6,904‌

2.00%,

05/01/2051

17,240‌

14,175‌

2.00%,

06/01/2051

6,894‌

5,651‌

2.00%,

07/01/2051

7,773‌

6,365‌

2.00%,

09/01/2051

9,713‌

7,954‌

2.00%,

10/01/2051

6,772‌

5,533‌

2.00%,

10/01/2051

2,699‌

2,222‌

2.00%,

11/01/2051

7,190‌

5,902‌

2.00%,

12/01/2051

11,731‌

9,615‌

2.00%,

12/01/2051

9,123‌

7,480‌

2.00%,

01/01/2052

8,469‌

6,946‌

2.50%,

01/01/2028

46‌

43‌

2.50%,

07/01/2028

60‌

57‌

2.50%,

08/01/2028

60‌

56‌

2.50%,

08/01/2028

34‌

32‌

2.50%,

09/01/2028

70‌

66‌

2.50%,

07/01/2029

44‌

41‌

2.50%,

07/01/2029

18‌

17‌

2.50%,

07/01/2029

104‌

97‌

2.50%,

09/01/2029

79‌

74‌

2.50%,

12/01/2029

58‌

54‌

2.50%,

01/01/2030

65‌

61‌

2.50%,

04/01/2030

88‌

82‌

2.50%,

05/01/2030

179‌

166‌

2.50%,

06/01/2030

94‌

87‌

2.50%,

08/01/2030

48‌

45‌

2.50%,

08/01/2030

224‌

209‌

2.50%,

01/01/2031

75‌

70‌

2.50%,

01/01/2031

94‌

87‌

2.50%,

02/01/2031

86‌

79‌

2.50%,

02/01/2031

132‌

123‌

2.50%,

05/01/2031

49‌

45‌

2.50%,

06/01/2031

91‌

85‌

2.50%,

11/01/2031

944‌

875‌

2.50%,

12/01/2031

152‌

141‌

2.50%,

01/01/2032

326‌

302‌

2.50%,

01/01/2032

184‌

170‌

2.50%,

02/01/2032

236‌

218‌

2.50%,

03/01/2032

97‌

90‌

2.50%,

03/01/2032

52‌

48‌

2.50%,

11/01/2032

17‌

15‌

2.50%,

12/01/2032

48‌

45‌

2.50%,

01/01/2033

59‌

54‌

2.50%,

02/01/2033

224‌

207‌

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%,

04/01/2033

$

444‌

$

410‌

2.50%,

07/01/2033

40‌

37‌

2.50%,

10/01/2034

482‌

442‌

2.50%,

02/01/2035

1,351‌

1,240‌

2.50%,

06/01/2035

1,823‌

1,664‌

2.50%,

10/01/2036

17‌

15‌

2.50%,

10/01/2036

37‌

33‌

2.50%,

12/01/2036

80‌

72‌

2.50%,

07/01/2037

2,247‌

2,055‌

2.50%,

07/01/2040

1,591‌

1,401‌

2.50%,

04/01/2042

2,287‌

2,019‌

2.50%,

01/01/2043

252‌

218‌

2.50%,

08/01/2043

88‌

76‌

2.50%,

10/01/2043

155‌

134‌

2.50%,

12/01/2046

60‌

51‌

2.50%,

07/01/2050

4,287‌

3,666‌

2.50%,

08/01/2050

2,213‌

1,896‌

2.50%,

09/01/2050

4,995‌

4,271‌

2.50%,

10/01/2050

3,367‌

2,875‌

2.50%,

02/01/2051

7,346‌

6,291‌

2.50%,

07/01/2051

3,231‌

2,748‌

2.50%,

07/01/2051

2,053‌

1,742‌

2.50%,

08/01/2051

3,567‌

3,031‌

2.50%,

09/01/2051

3,111‌

2,642‌

2.50%,

09/01/2051

3,457‌

2,958‌

2.50%,

09/01/2051

8,447‌

7,205‌

2.50%,

10/01/2051

6,193‌

5,260‌

2.50%,

11/01/2051

5,977‌

5,124‌

2.50%,

11/01/2051

6,993‌

6,004‌

2.50%,

02/01/2052

4,845‌

4,114‌

2.50%,

02/01/2052

6,412‌

5,482‌

2.50%,

02/01/2052

3,876‌

3,312‌

2.50%,

03/01/2052

5,986‌

5,109‌

2.50%,

03/01/2052

3,450‌

2,944‌

2.50%,

03/01/2052

6,727‌

5,763‌

2.50%,

04/01/2052

909‌

775‌

2.50%,

04/01/2052

6,469‌

5,528‌

2.50%,

04/01/2052

3,580‌

3,067‌

2.50%,

05/01/2052

2,814‌

2,404‌

3.00%,

11/01/2026

31‌

30‌

3.00%,

02/01/2027

54‌

52‌

3.00%,

04/01/2027

273‌

263‌

3.00%,

08/01/2027

41‌

39‌

3.00%,

10/01/2028

164‌

156‌

3.00%,

11/01/2028

54‌

52‌

3.00%,

02/01/2029

42‌

40‌

3.00%,

03/01/2029

72‌

69‌

3.00%,

03/01/2029

55‌

52‌

3.00%,

04/01/2029

63‌

60‌

3.00%,

05/01/2029

67‌

64‌

3.00%,

06/01/2029

47‌

45‌

3.00%,

08/01/2029

26‌

25‌

3.00%,

10/01/2029

31‌

30‌

3.00%,

10/01/2029

33‌

31‌

3.00%,

10/01/2029

48‌

45‌

3.00%,

11/01/2029

48‌

46‌

3.00%,

01/01/2030

185‌

176‌

3.00%,

01/01/2030

169‌

161‌

3.00%,

01/01/2030

67‌

64‌

3.00%,

03/01/2030

112‌

107‌

3.00%,

06/01/2030

95‌

90‌

3.00%,

06/01/2030

80‌

77‌

3.00%,

09/01/2030

38‌

36‌

3.00%,

09/01/2030

126‌

120‌

3.00%,

10/01/2030

106‌

101‌

3.00%,

02/01/2031

43‌

41‌

3.00%,

04/01/2032

487‌

458‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

126

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%,

05/01/2032

$

66‌

$

62‌

3.00%,

08/01/2032

99‌

93‌

3.00%,

01/01/2033

16‌

15‌

3.00%,

02/01/2033

251‌

236‌

3.00%,

02/01/2033

924‌

870‌

3.00%,

08/01/2033

303‌

283‌

3.00%,

05/01/2034

69‌

65‌

3.00%,

05/01/2034

48‌

45‌

3.00%,

08/01/2034

206‌

193‌

3.00%,

10/01/2034

22‌

21‌

3.00%,

11/01/2034

62‌

58‌

3.00%,

12/01/2034

774‌

725‌

3.00%,

02/01/2035

66‌

61‌

3.00%,

02/01/2035

63‌

59‌

3.00%,

03/01/2035

29‌

27‌

3.00%,

04/01/2035

29‌

27‌

3.00%,

06/01/2035

78‌

73‌

3.00%,

07/01/2035

28‌

26‌

3.00%,

11/01/2035

40‌

38‌

3.00%,

07/01/2036

60‌

55‌

3.00%,

12/01/2036

137‌

126‌

3.00%,

12/01/2036

202‌

187‌

3.00%,

12/01/2036

95‌

88‌

3.00%,

02/01/2037

13‌

12‌

3.00%,

02/01/2037

84‌

78‌

3.00%,

04/01/2037

66‌

61‌

3.00%,

04/01/2037

41‌

37‌

3.00%,

07/01/2037

24‌

22‌

3.00%,

08/01/2037

38‌

35‌

3.00%,

09/01/2037

106‌

98‌

3.00%,

06/01/2040

1,268‌

1,152‌

3.00%,

04/01/2042

73‌

66‌

3.00%,

09/01/2042

36‌

32‌

3.00%,

12/01/2042

84‌

76‌

3.00%,

02/01/2043

252‌

228‌

3.00%,

02/01/2043

384‌

347‌

3.00%,

02/01/2043

193‌

174‌

3.00%,

04/01/2043

240‌

217‌

3.00%,

04/01/2043

398‌

359‌

3.00%,

04/01/2043

149‌

134‌

3.00%,

04/01/2043

101‌

91‌

3.00%,

04/01/2043

211‌

191‌

3.00%,

04/01/2043

195‌

176‌

3.00%,

04/01/2043

150‌

136‌

3.00%,

04/01/2043

141‌

127‌

3.00%,

04/01/2043

109‌

99‌

3.00%,

05/01/2043

152‌

138‌

3.00%,

05/01/2043

177‌

159‌

3.00%,

05/01/2043

96‌

87‌

3.00%,

05/01/2043

18‌

17‌

3.00%,

06/01/2043

325‌

294‌

3.00%,

06/01/2043

195‌

176‌

3.00%,

06/01/2043

355‌

320‌

3.00%,

06/01/2043

134‌

121‌

3.00%,

06/01/2043

141‌

127‌

3.00%,

07/01/2043

53‌

48‌

3.00%,

07/01/2043

108‌

97‌

3.00%,

07/01/2043

248‌

223‌

3.00%,

08/01/2043

45‌

41‌

3.00%,

08/01/2043

231‌

209‌

3.00%,

08/01/2043

128‌

116‌

3.00%,

08/01/2043

338‌

305‌

3.00%,

08/01/2043

69‌

62‌

3.00%,

08/01/2043

23‌

21‌

3.00%,

09/01/2043

150‌

136‌

3.00%,

09/01/2043

292‌

263‌

3.00%,

10/01/2043

351‌

317‌

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%,

10/01/2043

$

32‌

$

29‌

3.00%,

11/01/2043

66‌

59‌

3.00%,

11/01/2043

119‌

108‌

3.00%,

11/01/2043

41‌

37‌

3.00%,

01/01/2044

61‌

55‌

3.00%,

01/01/2045

171‌

154‌

3.00%,

05/01/2045

238‌

215‌

3.00%,

09/01/2045

32‌

29‌

3.00%,

10/01/2045

148‌

134‌

3.00%,

11/01/2045

35‌

32‌

3.00%,

11/01/2045

77‌

69‌

3.00%,

12/01/2045

214‌

192‌

3.00%,

01/01/2046

138‌

124‌

3.00%,

02/01/2046

200‌

180‌

3.00%,

02/01/2046

236‌

213‌

3.00%,

04/01/2046

45‌

40‌

3.00%,

05/01/2046

135‌

121‌

3.00%,

05/01/2046

93‌

83‌

3.00%,

05/01/2046

39‌

35‌

3.00%,

06/01/2046

81‌

73‌

3.00%,

08/01/2046

153‌

137‌

3.00%,

08/01/2046

137‌

122‌

3.00%,

09/01/2046

71‌

64‌

3.00%,

09/01/2046

103‌

92‌

3.00%,

10/01/2046

517‌

463‌

3.00%,

10/01/2046

66‌

59‌

3.00%,

11/01/2046

370‌

332‌

3.00%,

11/01/2046

256‌

229‌

3.00%,

11/01/2046

38‌

34‌

3.00%,

11/01/2046

225‌

202‌

3.00%,

11/01/2046

326‌

292‌

3.00%,

11/01/2046

50‌

45‌

3.00%,

12/01/2046

399‌

357‌

3.00%,

12/01/2046

710‌

638‌

3.00%,

01/01/2047

266‌

238‌

3.00%,

01/01/2047

395‌

354‌

3.00%,

02/01/2047

295‌

263‌

3.00%,

02/01/2047

77‌

69‌

3.00%,

05/01/2047

167‌

150‌

3.00%,

10/01/2048

20‌

18‌

3.00%,

09/01/2049

2,166‌

1,924‌

3.00%,

10/01/2049

5,070‌

4,506‌

3.00%,

11/01/2049

320‌

284‌

3.00%,

11/01/2049

1,602‌

1,428‌

3.00%,

11/01/2049

606‌

538‌

3.00%,

11/01/2049

1,067‌

947‌

3.00%,

12/01/2049

3,861‌

3,440‌

3.00%,

03/01/2050

3,203‌

2,844‌

3.00%,

03/01/2050

3,462‌

3,070‌

3.00%,

06/01/2050

2,875‌

2,548‌

3.00%,

07/01/2050

1,262‌

1,117‌

3.00%,

07/01/2050

6,272‌

5,585‌

3.00%,

10/01/2050

2,128‌

1,888‌

3.00%,

03/01/2052

6,281‌

5,553‌

3.50%,

10/01/2025

35‌

34‌

3.50%,

11/01/2025

21‌

21‌

3.50%,

11/01/2025

52‌

50‌

3.50%,

01/01/2026

31‌

30‌

3.50%,

03/01/2026

46‌

44‌

3.50%,

12/01/2026

47‌

46‌

3.50%,

02/01/2027

30‌

29‌

3.50%,

11/01/2028

58‌

56‌

3.50%,

12/01/2028

36‌

35‌

3.50%,

03/01/2029

57‌

54‌

3.50%,

01/01/2031

3‌

3‌

3.50%,

04/01/2031

6‌

6‌

3.50%,

02/01/2032

24‌

23‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

127

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%,

04/01/2032

$

26‌

$

25‌

3.50%,

05/01/2032

56‌

53‌

3.50%,

06/01/2032

115‌

111‌

3.50%,

07/01/2032

37‌

36‌

3.50%,

09/01/2032

54‌

52‌

3.50%,

12/01/2032

1,193‌

1,143‌

3.50%,

09/01/2033

30‌

29‌

3.50%,

09/01/2033

39‌

38‌

3.50%,

10/01/2033

147‌

141‌

3.50%,

10/01/2033

63‌

59‌

3.50%,

11/01/2033

67‌

63‌

3.50%,

01/01/2034

41‌

39‌

3.50%,

06/01/2034

71‌

67‌

3.50%,

08/01/2034

18‌

17‌

3.50%,

11/01/2034

44‌

41‌

3.50%,

02/01/2035

703‌

670‌

3.50%,

12/01/2035

88‌

83‌

3.50%,

07/01/2036

97‌

91‌

3.50%,

02/01/2037

68‌

64‌

3.50%,

03/01/2037

79‌

74‌

3.50%,

05/01/2037

14‌

13‌

3.50%,

07/01/2037

30‌

28‌

3.50%,

10/01/2037

35‌

33‌

3.50%,

01/01/2038

95‌

90‌

3.50%,

01/01/2041

342‌

320‌

3.50%,

03/01/2041

473‌

442‌

3.50%,

10/01/2041

40‌

38‌

3.50%,

12/01/2041

149‌

139‌

3.50%,

12/01/2041

137‌

128‌

3.50%,

01/01/2042

51‌

48‌

3.50%,

03/01/2042

131‌

123‌

3.50%,

03/01/2042

32‌

30‌

3.50%,

03/01/2042

46‌

43‌

3.50%,

05/01/2042

247‌

231‌

3.50%,

05/01/2042

42‌

39‌

3.50%,

07/01/2042

35‌

32‌

3.50%,

07/01/2042

60‌

56‌

3.50%,

10/01/2042

279‌

260‌

3.50%,

04/01/2043

96‌

90‌

3.50%,

05/01/2043

235‌

220‌

3.50%,

05/01/2043

282‌

264‌

3.50%,

05/01/2043

85‌

79‌

3.50%,

06/01/2043

235‌

220‌

3.50%,

07/01/2043

101‌

94‌

3.50%,

07/01/2043

267‌

249‌

3.50%,

08/01/2043

60‌

56‌

3.50%,

08/01/2043

187‌

174‌

3.50%,

09/01/2043

66‌

62‌

3.50%,

12/01/2043

56‌

52‌

3.50%,

01/01/2044

784‌

733‌

3.50%,

02/01/2044

59‌

55‌

3.50%,

07/01/2044

375‌

351‌

3.50%,

10/01/2044

54‌

50‌

3.50%,

10/01/2044

149‌

139‌

3.50%,

11/01/2044

156‌

145‌

3.50%,

12/01/2044

117‌

109‌

3.50%,

12/01/2044

165‌

154‌

3.50%,

12/01/2044

30‌

27‌

3.50%,

01/01/2045

174‌

162‌

3.50%,

04/01/2045

158‌

147‌

3.50%,

05/01/2045

62‌

58‌

3.50%,

07/01/2045

30‌

28‌

3.50%,

07/01/2045

177‌

164‌

3.50%,

08/01/2045

174‌

162‌

3.50%,

08/01/2045

153‌

143‌

3.50%,

09/01/2045

77‌

72‌

3.50%,

09/01/2045

237‌

221‌

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%,

09/01/2045

$

190‌

$

177‌

3.50%,

11/01/2045

135‌

125‌

3.50%,

11/01/2045

74‌

69‌

3.50%,

12/01/2045

178‌

166‌

3.50%,

12/01/2045

255‌

237‌

3.50%,

12/01/2045

146‌

136‌

3.50%,

01/01/2046

222‌

206‌

3.50%,

01/01/2046

275‌

255‌

3.50%,

02/01/2046

43‌

40‌

3.50%,

02/01/2046

114‌

106‌

3.50%,

03/01/2046

184‌

172‌

3.50%,

03/01/2046

153‌

142‌

3.50%,

05/01/2046

186‌

173‌

3.50%,

06/01/2046

51‌

47‌

3.50%,

07/01/2046

161‌

149‌

3.50%,

09/01/2046

152‌

142‌

3.50%,

11/01/2046

335‌

312‌

3.50%,

12/01/2046

183‌

170‌

3.50%,

01/01/2047

403‌

374‌

3.50%,

02/01/2047

298‌

275‌

3.50%,

03/01/2047

32‌

30‌

3.50%,

09/01/2047

88‌

81‌

3.50%,

11/01/2047

352‌

325‌

3.50%,

01/01/2048

343‌

316‌

3.50%,

02/01/2048

31‌

28‌

3.50%,

02/01/2048

277‌

256‌

3.50%,

03/01/2048

217‌

200‌

3.50%,

04/01/2048

139‌

128‌

3.50%,

10/01/2048

46‌

42‌

3.50%,

10/01/2048

27‌

25‌

3.50%,

04/01/2049

203‌

188‌

3.50%,

06/01/2049

505‌

466‌

3.50%,

06/01/2049

476‌

440‌

3.50%,

06/01/2049

425‌

392‌

3.50%,

07/01/2049

1,391‌

1,286‌

3.50%,

07/01/2049

653‌

602‌

3.50%,

07/01/2049

1,022‌

942‌

3.50%,

08/01/2049

621‌

573‌

3.50%,

09/01/2049

653‌

603‌

3.50%,

11/01/2049

1,079‌

996‌

3.50%,

11/01/2049

1,168‌

1,078‌

3.50%,

11/01/2049

3,292‌

3,065‌

3.50%,

05/01/2050

1,029‌

948‌

3.50%,

09/01/2050

1,651‌

1,548‌

3.50%,

04/01/2052

2,907‌

2,671‌

3.50%,

05/01/2052

4,593‌

4,226‌

3.50%,

06/01/2052

1,881‌

1,714‌

3.50%,

08/01/2052

3,843‌

3,531‌

4.00%,

07/01/2025

25‌

24‌

4.00%,

04/01/2029

1‌

1‌

4.00%,

10/01/2030

4‌

4‌

4.00%,

12/01/2030

39‌

38‌

4.00%,

02/01/2031

13‌

13‌

4.00%,

03/01/2031

185‌

181‌

4.00%,

07/01/2031

9‌

9‌

4.00%,

10/01/2031

36‌

35‌

4.00%,

11/01/2031

8‌

8‌

4.00%,

12/01/2031

7‌

7‌

4.00%,

01/01/2032

10‌

10‌

4.00%,

09/01/2033

78‌

77‌

4.00%,

01/01/2036

72‌

70‌

4.00%,

02/01/2036

54‌

52‌

4.00%,

06/01/2036

45‌

43‌

4.00%,

01/01/2037

60‌

58‌

4.00%,

02/01/2037

132‌

127‌

4.00%,

07/01/2038

88‌

85‌

4.00%,

02/01/2039

25‌

24‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

128

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%,

10/01/2039

$

42‌

$

40‌

4.00%,

01/01/2041

146‌

141‌

4.00%,

02/01/2041

36‌

34‌

4.00%,

02/01/2041

95‌

92‌

4.00%,

09/01/2041

51‌

49‌

4.00%,

02/01/2043

50‌

48‌

4.00%,

12/01/2043

49‌

47‌

4.00%,

01/01/2044

158‌

152‌

4.00%,

06/01/2044

61‌

58‌

4.00%,

06/01/2044

121‌

116‌

4.00%,

07/01/2044

84‌

80‌

4.00%,

07/01/2044

91‌

87‌

4.00%,

09/01/2044

50‌

48‌

4.00%,

10/01/2044

146‌

139‌

4.00%,

10/01/2044

83‌

80‌

4.00%,

11/01/2044

103‌

99‌

4.00%,

12/01/2044

113‌

108‌

4.00%,

12/01/2044

27‌

26‌

4.00%,

01/01/2045

28‌

27‌

4.00%,

02/01/2045

84‌

80‌

4.00%,

02/01/2045

55‌

53‌

4.00%,

02/01/2045

118‌

113‌

4.00%,

07/01/2045

68‌

65‌

4.00%,

07/01/2045

94‌

90‌

4.00%,

09/01/2045

113‌

108‌

4.00%,

10/01/2045

102‌

97‌

4.00%,

10/01/2045

23‌

22‌

4.00%,

11/01/2045

46‌

43‌

4.00%,

11/01/2045

171‌

164‌

4.00%,

12/01/2045

47‌

45‌

4.00%,

12/01/2045

59‌

56‌

4.00%,

01/01/2046

196‌

187‌

4.00%,

02/01/2046

176‌

167‌

4.00%,

02/01/2046

35‌

33‌

4.00%,

03/01/2046

56‌

54‌

4.00%,

03/01/2046

34‌

33‌

4.00%,

04/01/2046

80‌

76‌

4.00%,

07/01/2046

161‌

153‌

4.00%,

04/01/2047

239‌

228‌

4.00%,

06/01/2047

171‌

163‌

4.00%,

08/01/2047

259‌

247‌

4.00%,

08/01/2047

36‌

35‌

4.00%,

08/01/2047

203‌

194‌

4.00%,

08/01/2047

126‌

120‌

4.00%,

09/01/2047

233‌

223‌

4.00%,

11/01/2047

451‌

431‌

4.00%,

01/01/2048

364‌

347‌

4.00%,

02/01/2048

167‌

159‌

4.00%,

03/01/2048

3,317‌

3,175‌

4.00%,

03/01/2048

79‌

75‌

4.00%,

05/01/2048

466‌

447‌

4.00%,

06/01/2048

341‌

326‌

4.00%,

06/01/2048

132‌

126‌

4.00%,

07/01/2048

100‌

95‌

4.00%,

08/01/2048

48‌

46‌

4.00%,

08/01/2048

46‌

44‌

4.00%,

09/01/2048

193‌

184‌

4.00%,

09/01/2048

118‌

113‌

4.00%,

01/01/2049

1,903‌

1,817‌

4.00%,

01/01/2049

1,087‌

1,036‌

4.00%,

03/01/2049

146‌

139‌

4.00%,

04/01/2049

259‌

247‌

4.00%,

04/01/2049

189‌

181‌

4.00%,

07/01/2049

882‌

839‌

4.00%,

08/01/2049

571‌

544‌

4.00%,

10/01/2049

320‌

304‌

4.00%,

10/01/2049

437‌

418‌

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%,

11/01/2049

$

404‌

$

385‌

4.00%,

04/01/2050

1,779‌

1,693‌

4.00%,

08/01/2052

6,948‌

6,551‌

4.00%,

09/01/2052

5,045‌

4,761‌

4.50%,

07/01/2029

1‌

1‌

4.50%,

02/01/2030

4‌

4‌

4.50%,

04/01/2030

1‌

1‌

4.50%,

08/01/2030

26‌

25‌

4.50%,

09/01/2030

21‌

21‌

4.50%,

01/01/2031

5‌

4‌

4.50%,

04/01/2031

2‌

2‌

4.50%,

05/01/2031

4‌

4‌

4.50%,

07/01/2031

18‌

18‌

4.50%,

08/01/2031

10‌

10‌

4.50%,

02/01/2035

44‌

44‌

4.50%,

08/01/2040

33‌

32‌

4.50%,

08/01/2040

109‌

108‌

4.50%,

06/01/2041

53‌

52‌

4.50%,

09/01/2041

87‌

86‌

4.50%,

09/01/2043

39‌

38‌

4.50%,

10/01/2043

82‌

81‌

4.50%,

01/01/2044

151‌

148‌

4.50%,

01/01/2044

184‌

180‌

4.50%,

02/01/2044

104‌

102‌

4.50%,

03/01/2044

57‌

56‌

4.50%,

03/01/2044

52‌

50‌

4.50%,

05/01/2044

53‌

52‌

4.50%,

05/01/2044

41‌

40‌

4.50%,

05/01/2044

179‌

175‌

4.50%,

06/01/2044

96‌

94‌

4.50%,

08/01/2044

70‌

68‌

4.50%,

08/01/2044

72‌

70‌

4.50%,

12/01/2044

222‌

218‌

4.50%,

04/01/2046

63‌

61‌

4.50%,

08/01/2046

54‌

53‌

4.50%,

01/01/2047

53‌

52‌

4.50%,

02/01/2047

28‌

28‌

4.50%,

02/01/2047

89‌

87‌

4.50%,

03/01/2047

65‌

64‌

4.50%,

10/01/2047

58‌

57‌

4.50%,

11/01/2047

123‌

121‌

4.50%,

02/01/2048

91‌

89‌

4.50%,

04/01/2048

261‌

256‌

4.50%,

05/01/2048

159‌

156‌

4.50%,

07/01/2048

1,813‌

1,771‌

4.50%,

08/01/2048

44‌

43‌

4.50%,

08/01/2048

44‌

42‌

4.50%,

10/01/2048

320‌

313‌

4.50%,

10/01/2048

204‌

199‌

4.50%,

12/01/2048

934‌

922‌

4.50%,

03/01/2049

2,044‌

2,001‌

4.50%,

04/01/2049

173‌

169‌

4.50%,

05/01/2049

1,404‌

1,371‌

4.50%,

07/01/2049

297‌

291‌

4.50%,

07/01/2049

529‌

516‌

4.50%,

09/01/2049

2,043‌

1,996‌

4.50%,

09/01/2049

309‌

301‌

4.50%,

09/01/2052

2,359‌

2,295‌

4.50%,

10/01/2052

2,389‌

2,314‌

4.50%,

05/01/2053

2,603‌

2,513‌

5.00%,

04/01/2029

3‌

3‌

5.00%,

09/01/2029

40‌

40‌

5.00%,

03/01/2030

5‌

5‌

5.00%,

08/01/2030

6‌

6‌

5.00%,

07/01/2035

65‌

65‌

5.00%,

04/01/2037

92‌

92‌

5.00%,

01/01/2039

125‌

125‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

129

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%,

07/01/2039

$

58‌

$

58‌

5.00%,

07/01/2039

52‌

52‌

5.00%,

02/01/2041

55‌

55‌

5.00%,

02/01/2041

98‌

99‌

5.00%,

05/01/2042

138‌

139‌

5.00%,

03/01/2044

46‌

46‌

5.00%,

03/01/2044

77‌

77‌

5.00%,

05/01/2044

46‌

46‌

5.00%,

11/01/2044

91‌

91‌

5.00%,

04/01/2048

66‌

65‌

5.00%,

09/01/2048

507‌

502‌

5.00%,

05/01/2049

41‌

41‌

5.00%,

06/01/2049

361‌

359‌

5.00%,

07/01/2049

209‌

208‌

5.00%,

08/01/2049

218‌

216‌

5.00%,

08/01/2052

2,256‌

2,229‌

5.00%,

11/01/2052

4,372‌

4,288‌

5.00%,

05/01/2053

5,546‌

5,480‌

5.00%,

06/01/2053

2,998‌

2,956‌

5.00%,

07/01/2053

(k)

500‌

490‌

5.50%,

10/01/2023

1‌

1‌

5.50%,

11/01/2023

1‌

1‌

5.50%,

02/01/2026

11‌

11‌

5.50%,

03/01/2027

13‌

13‌

5.50%,

06/01/2028

2‌

2‌

5.50%,

09/01/2028

1‌

1‌

5.50%,

01/01/2029

5‌

5‌

5.50%,

01/01/2029

1‌

1‌

5.50%,

12/01/2029

5‌

5‌

5.50%,

11/01/2035

108‌

111‌

5.50%,

12/01/2036

46‌

47‌

5.50%,

03/01/2037

70‌

72‌

5.50%,

08/01/2037

46‌

47‌

5.50%,

08/01/2037

48‌

50‌

5.50%,

08/01/2037

60‌

62‌

5.50%,

05/01/2038

82‌

84‌

5.50%,

06/01/2038

37‌

38‌

5.50%,

03/01/2053

3,619‌

3,636‌

5.50%,

07/01/2053

(k)

9,000‌

8,956‌

6.00%,

05/01/2041

81‌

85‌

6.00%,

01/01/2053

4,763‌

4,917‌

6.00%,

07/01/2053

(k)

2,000‌

2,018‌

6.50%,

01/01/2038

37‌

39‌

6.50%,

07/01/2053

(k)

2,500‌

2,553‌

$

481,330‌

Government

National

Mortgage

Association

(GNMA)

-

6

.07

%

2.00%,

08/20/2050

6,400‌

5,407‌

2.00%,

01/20/2051

7,321‌

6,171‌

2.00%,

02/20/2051

18,601‌

15,680‌

2.00%,

05/20/2051

5,035‌

4,244‌

2.50%,

03/20/2028

29‌

27‌

2.50%,

07/20/2028

32‌

30‌

2.50%,

03/20/2031

41‌

37‌

2.50%,

05/20/2032

51‌

47‌

2.50%,

07/20/2043

85‌

75‌

2.50%,

06/20/2045

49‌

43‌

2.50%,

12/20/2046

99‌

87‌

2.50%,

01/20/2047

149‌

131‌

2.50%,

06/20/2050

12,610‌

10,999‌

2.50%,

05/20/2051

8,467‌

7,356‌

2.50%,

07/20/2051

3,078‌

2,665‌

2.50%,

09/20/2051

11,355‌

9,842‌

3.00%,

07/20/2030

65‌

61‌

3.00%,

01/20/2031

42‌

40‌

3.00%,

07/20/2032

48‌

45‌

3.00%,

01/20/2033

23‌

22‌

3.00%,

09/20/2042

527‌

481‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Government

National

Mortgage

Association

(GNMA)

(continued)

3.00%,

10/15/2042

$

77‌

$

70‌

3.00%,

12/20/2042

148‌

136‌

3.00%,

01/20/2043

207‌

189‌

3.00%,

03/20/2043

275‌

251‌

3.00%,

03/20/2043

106‌

98‌

3.00%,

04/20/2043

355‌

325‌

3.00%,

06/15/2043

129‌

117‌

3.00%,

06/20/2043

77‌

70‌

3.00%,

07/15/2043

34‌

31‌

3.00%,

08/15/2043

64‌

59‌

3.00%,

08/15/2043

64‌

58‌

3.00%,

08/20/2043

37‌

33‌

3.00%,

09/20/2043

141‌

129‌

3.00%,

10/20/2043

75‌

69‌

3.00%,

11/20/2043

56‌

51‌

3.00%,

03/20/2044

116‌

106‌

3.00%,

08/20/2044

415‌

380‌

3.00%,

11/15/2044

197‌

177‌

3.00%,

11/20/2044

136‌

125‌

3.00%,

12/20/2044

135‌

123‌

3.00%,

02/15/2045

134‌

121‌

3.00%,

05/20/2045

118‌

107‌

3.00%,

07/15/2045

58‌

52‌

3.00%,

07/20/2045

928‌

849‌

3.00%,

08/15/2045

143‌

129‌

3.00%,

08/20/2045

295‌

269‌

3.00%,

10/20/2045

257‌

235‌

3.00%,

11/20/2045

151‌

138‌

3.00%,

12/20/2045

211‌

192‌

3.00%,

01/20/2046

52‌

47‌

3.00%,

02/20/2046

70‌

64‌

3.00%,

03/20/2046

329‌

300‌

3.00%,

04/20/2046

214‌

195‌

3.00%,

05/20/2046

196‌

178‌

3.00%,

06/20/2046

296‌

269‌

3.00%,

07/20/2046

884‌

804‌

3.00%,

08/20/2046

607‌

551‌

3.00%,

09/20/2046

354‌

322‌

3.00%,

10/20/2046

234‌

212‌

3.00%,

11/20/2046

171‌

154‌

3.00%,

11/20/2046

359‌

326‌

3.00%,

12/20/2046

440‌

400‌

3.00%,

01/20/2047

291‌

264‌

3.00%,

07/20/2047

13‌

12‌

3.00%,

10/20/2047

300‌

271‌

3.00%,

11/20/2047

142‌

128‌

3.00%,

12/20/2047

469‌

424‌

3.00%,

01/20/2048

201‌

182‌

3.00%,

02/20/2048

213‌

192‌

3.00%,

03/20/2048

197‌

178‌

3.00%,

11/20/2049

7,401‌

6,678‌

3.00%,

09/20/2051

8,444‌

7,574‌

3.50%,

09/20/2028

39‌

38‌

3.50%,

04/20/2042

342‌

322‌

3.50%,

05/20/2042

361‌

340‌

3.50%,

06/20/2042

101‌

95‌

3.50%,

07/20/2042

403‌

379‌

3.50%,

10/20/2042

244‌

230‌

3.50%,

01/15/2043

103‌

97‌

3.50%,

01/20/2043

132‌

124‌

3.50%,

02/20/2043

398‌

375‌

3.50%,

03/20/2043

375‌

354‌

3.50%,

03/20/2043

177‌

165‌

3.50%,

04/15/2043

48‌

45‌

3.50%,

04/20/2043

256‌

238‌

3.50%,

04/20/2043

363‌

342‌

3.50%,

07/20/2043

435‌

410‌

3.50%,

08/15/2043

34‌

32‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

130

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Government

National

Mortgage

Association

(GNMA)

(continued)

3.50%,

08/20/2043

$

331‌

$

312‌

3.50%,

09/20/2043

221‌

208‌

3.50%,

07/20/2044

235‌

221‌

3.50%,

08/20/2044

249‌

234‌

3.50%,

09/20/2044

93‌

87‌

3.50%,

10/20/2044

100‌

94‌

3.50%,

11/20/2044

105‌

99‌

3.50%,

12/20/2044

117‌

110‌

3.50%,

02/20/2045

115‌

108‌

3.50%,

05/20/2045

150‌

141‌

3.50%,

06/20/2045

32‌

30‌

3.50%,

07/20/2045

225‌

210‌

3.50%,

08/20/2045

105‌

99‌

3.50%,

09/20/2045

56‌

52‌

3.50%,

10/20/2045

416‌

389‌

3.50%,

11/20/2045

342‌

320‌

3.50%,

12/20/2045

216‌

202‌

3.50%,

01/20/2046

538‌

505‌

3.50%,

02/20/2046

29‌

27‌

3.50%,

03/20/2046

2,744‌

2,570‌

3.50%,

04/20/2046

212‌

199‌

3.50%,

05/20/2046

288‌

270‌

3.50%,

06/20/2046

1,247‌

1,170‌

3.50%,

07/15/2046

31‌

29‌

3.50%,

07/20/2046

149‌

139‌

3.50%,

08/20/2046

667‌

625‌

3.50%,

09/20/2046

276‌

258‌

3.50%,

10/20/2046

330‌

309‌

3.50%,

11/20/2046

250‌

235‌

3.50%,

12/20/2046

281‌

263‌

3.50%,

01/20/2047

279‌

262‌

3.50%,

02/20/2047

165‌

154‌

3.50%,

03/20/2047

218‌

205‌

3.50%,

04/20/2047

525‌

492‌

3.50%,

05/20/2047

158‌

148‌

3.50%,

06/20/2047

240‌

225‌

3.50%,

07/20/2047

3,420‌

3,203‌

3.50%,

08/20/2047

695‌

649‌

3.50%,

09/20/2047

50‌

47‌

3.50%,

10/20/2047

170‌

159‌

3.50%,

11/20/2047

222‌

208‌

3.50%,

12/20/2047

253‌

237‌

3.50%,

01/20/2048

354‌

331‌

3.50%,

02/20/2048

56‌

52‌

3.50%,

07/20/2048

110‌

103‌

4.00%,

08/15/2040

30‌

29‌

4.00%,

12/20/2040

16‌

16‌

4.00%,

08/15/2041

27‌

26‌

4.00%,

11/15/2041

45‌

44‌

4.00%,

03/15/2042

27‌

26‌

4.00%,

03/20/2042

70‌

68‌

4.00%,

04/20/2042

62‌

60‌

4.00%,

05/15/2042

89‌

86‌

4.00%,

10/20/2043

33‌

32‌

4.00%,

11/20/2043

78‌

75‌

4.00%,

02/20/2044

186‌

181‌

4.00%,

03/15/2044

60‌

58‌

4.00%,

05/20/2044

120‌

116‌

4.00%,

06/20/2044

90‌

87‌

4.00%,

07/20/2044

361‌

351‌

4.00%,

08/20/2044

259‌

251‌

4.00%,

09/20/2044

235‌

229‌

4.00%,

10/20/2044

309‌

299‌

4.00%,

11/20/2044

136‌

132‌

4.00%,

12/20/2044

250‌

243‌

4.00%,

01/20/2045

212‌

206‌

4.00%,

04/20/2045

132‌

128‌

4.00%,

05/15/2045

88‌

84‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Government

National

Mortgage

Association

(GNMA)

(continued)

4.00%,

07/20/2045

$

49‌

$

47‌

4.00%,

08/20/2045

126‌

121‌

4.00%,

09/20/2045

178‌

172‌

4.00%,

10/20/2045

96‌

92‌

4.00%,

11/20/2045

35‌

34‌

4.00%,

12/15/2045

37‌

36‌

4.00%,

12/20/2045

89‌

86‌

4.00%,

01/20/2046

55‌

53‌

4.00%,

02/20/2046

81‌

78‌

4.00%,

04/20/2046

132‌

127‌

4.00%,

05/20/2046

65‌

63‌

4.00%,

07/20/2046

136‌

131‌

4.00%,

01/20/2047

262‌

251‌

4.00%,

02/20/2047

205‌

196‌

4.00%,

03/20/2047

187‌

179‌

4.00%,

05/20/2047

250‌

240‌

4.00%,

06/20/2047

252‌

242‌

4.00%,

07/20/2047

604‌

580‌

4.00%,

08/20/2047

30‌

28‌

4.00%,

09/20/2047

1,906‌

1,834‌

4.00%,

10/20/2047

139‌

133‌

4.00%,

04/20/2052

4,968‌

4,701‌

4.50%,

02/15/2039

67‌

66‌

4.50%,

05/15/2039

48‌

47‌

4.50%,

11/15/2039

169‌

167‌

4.50%,

04/15/2040

124‌

122‌

4.50%,

01/20/2041

20‌

19‌

4.50%,

02/20/2041

19‌

19‌

4.50%,

03/20/2041

15‌

15‌

4.50%,

07/15/2041

41‌

41‌

4.50%,

05/20/2043

60‌

60‌

4.50%,

06/20/2043

66‌

65‌

4.50%,

10/20/2043

53‌

52‌

4.50%,

11/20/2043

171‌

170‌

4.50%,

03/20/2044

247‌

245‌

4.50%,

04/20/2044

11‌

11‌

4.50%,

05/20/2044

179‌

177‌

4.50%,

07/20/2044

94‌

93‌

4.50%,

12/20/2044

39‌

38‌

4.50%,

02/20/2045

101‌

100‌

4.50%,

03/20/2045

43‌

43‌

4.50%,

04/20/2045

53‌

53‌

4.50%,

06/20/2046

51‌

51‌

4.50%,

12/20/2046

156‌

154‌

4.50%,

02/20/2047

89‌

88‌

4.50%,

04/20/2047

60‌

59‌

4.50%,

06/15/2047

44‌

43‌

4.50%,

08/20/2047

125‌

122‌

4.50%,

10/20/2047

58‌

57‌

4.50%,

02/20/2048

946‌

927‌

4.50%,

05/20/2048

674‌

660‌

4.50%,

08/20/2048

171‌

167‌

4.50%,

10/20/2048

102‌

100‌

4.50%,

11/20/2048

156‌

153‌

4.50%,

12/20/2048

45‌

44‌

4.50%,

07/20/2053

(k)

6,025‌

5,815‌

5.00%,

07/15/2035

41‌

41‌

5.00%,

04/15/2041

96‌

96‌

5.00%,

08/20/2041

41‌

41‌

5.00%,

04/20/2042

32‌

33‌

5.00%,

12/20/2042

93‌

94‌

5.00%,

07/20/2043

55‌

56‌

5.00%,

02/20/2044

57‌

58‌

5.00%,

03/20/2044

35‌

36‌

5.00%,

12/20/2045

52‌

53‌

5.00%,

03/20/2048

41‌

41‌

5.00%,

06/20/2048

765‌

763‌

5.00%,

10/20/2048

51‌

51‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

131

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Government

National

Mortgage

Association

(GNMA)

(continued)

5.00%,

07/20/2053

(k)

$

6,300‌

$

6,191‌

5.50%,

01/15/2040

45‌

46‌

5.50%,

06/20/2040

25‌

25‌

5.50%,

01/20/2041

103‌

107‌

5.50%,

10/20/2042

40‌

41‌

5.50%,

09/20/2043

46‌

47‌

5.50%,

07/20/2053

(k)

4,500‌

4,479‌

6.00%,

04/15/2035

7‌

7‌

6.00%,

07/20/2053

(k)

2,675‌

2,693‌

6.50%,

07/20/2053

(k)

975‌

992‌

$

145,765‌

U.S.

Treasury

-

41

.43

%

0.25%,

05/31/2025

7,480‌

6,845‌

0.25%,

06/30/2025

7,425‌

6,781‌

0.25%,

07/31/2025

10,330‌

9,400‌

0.25%,

08/31/2025

9,680‌

8,782‌

0.25%,

09/30/2025

895‌

811‌

0.25%,

10/31/2025

4,740‌

4,278‌

0.38%,

08/15/2024

10,380‌

9,820‌

0.38%,

09/15/2024

1,160‌

1,093‌

0.38%,

04/30/2025

8,200‌

7,545‌

0.38%,

11/30/2025

4,675‌

4,220‌

0.38%,

01/31/2026

2,475‌

2,222‌

0.38%,

07/31/2027

8,175‌

6,993‌

0.38%,

09/30/2027

3,705‌

3,153‌

0.50%,

02/28/2026

9,780‌

8,785‌

0.50%,

04/30/2027

2,100‌

1,820‌

0.50%,

05/31/2027

3,290‌

2,844‌

0.50%,

06/30/2027

4,645‌

4,005‌

0.50%,

08/31/2027

5,260‌

4,513‌

0.50%,

10/31/2027

5,060‌

4,319‌

0.63%,

10/15/2024

12,395‌

11,678‌

0.63%,

07/31/2026

4,210‌

3,751‌

0.63%,

03/31/2027

5,975‌

5,216‌

0.63%,

11/30/2027

4,645‌

3,978‌

0.63%,

12/31/2027

8,210‌

7,016‌

0.63%,

05/15/2030

11,285‌

9,040‌

0.63%,

08/15/2030

10,525‌

8,385‌

0.75%,

11/15/2024

7,445‌

7,002‌

0.75%,

03/31/2026

8,220‌

7,429‌

0.75%,

04/30/2026

2,800‌

2,521‌

0.75%,

05/31/2026

10,275‌

9,229‌

0.75%,

08/31/2026

23,085‌

20,589‌

0.75%,

01/31/2028

10,270‌

8,810‌

0.88%,

06/30/2026

4,900‌

4,415‌

0.88%,

09/30/2026

7,660‌

6,853‌

0.88%,

11/15/2030

8,185‌

6,623‌

1.00%,

07/31/2028

5,825‌

4,996‌

1.13%,

02/28/2025

8,950‌

8,389‌

1.13%,

10/31/2026

3,635‌

3,269‌

1.13%,

02/28/2027

2,670‌

2,383‌

1.13%,

02/29/2028

9,595‌

8,362‌

1.13%,

08/31/2028

6,255‌

5,389‌

1.13%,

02/15/2031

10,685‌

8,787‌

1.13%,

05/15/2040

8,450‌

5,478‌

1.13%,

08/15/2040

11,660‌

7,497‌

1.25%,

08/31/2024

7,500‌

7,153‌

1.25%,

11/30/2026

3,875‌

3,491‌

1.25%,

12/31/2026

3,175‌

2,858‌

1.25%,

03/31/2028

7,125‌

6,236‌

1.25%,

04/30/2028

7,750‌

6,770‌

1.25%,

05/31/2028

3,825‌

3,336‌

1.25%,

06/30/2028

4,550‌

3,961‌

1.25%,

09/30/2028

9,675‌

8,375‌

1.25%,

08/15/2031

11,020‌

9,043‌

1.25%,

05/15/2050

4,300‌

2,418‌

1.38%,

08/31/2026

3,400‌

3,094‌

1.38%,

10/31/2028

4,050‌

3,524‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

U.S.

Treasury

(continued)

1.38%,

12/31/2028

$

9,540‌

$

8,275‌

1.38%,

11/15/2031

12,865‌

10,608‌

1.38%,

11/15/2040

4,950‌

3,312‌

1.38%,

08/15/2050

5,155‌

2,995‌

1.50%,

09/30/2024

5,950‌

5,677‌

1.50%,

10/31/2024

5,650‌

5,376‌

1.50%,

08/15/2026

3,015‌

2,756‌

1.50%,

01/31/2027

5,200‌

4,710‌

1.50%,

11/30/2028

6,695‌

5,856‌

1.50%,

02/15/2030

5,660‌

4,848‌

1.63%,

02/15/2026

3,315‌

3,072‌

1.63%,

05/15/2026

6,570‌

6,062‌

1.63%,

09/30/2026

1,265‌

1,159‌

1.63%,

11/30/2026

2,215‌

2,022‌

1.63%,

08/15/2029

3,750‌

3,270‌

1.63%,

05/15/2031

10,330‌

8,778‌

1.63%,

11/15/2050

6,050‌

3,757‌

1.75%,

07/31/2024

1,965‌

1,890‌

1.75%,

12/31/2024

5,620‌

5,343‌

1.75%,

12/31/2026

5,855‌

5,363‌

1.75%,

01/31/2029

4,390‌

3,881‌

1.75%,

11/15/2029

4,160‌

3,648‌

1.75%,

08/15/2041

6,735‌

4,732‌

1.88%,

07/31/2026

4,170‌

3,861‌

1.88%,

02/28/2027

3,220‌

2,952‌

1.88%,

02/28/2029

3,180‌

2,828‌

1.88%,

02/15/2032

11,940‌

10,227‌

1.88%,

02/15/2041

7,345‌

5,334‌

1.88%,

02/15/2051

7,680‌

5,085‌

1.88%,

11/15/2051

8,705‌

5,746‌

2.00%,

02/15/2025

8,570‌

8,158‌

2.00%,

08/15/2025

4,850‌

4,575‌

2.00%,

11/15/2026

9,295‌

8,598‌

2.00%,

11/15/2041

5,650‌

4,136‌

2.00%,

02/15/2050

5,410‌

3,709‌

2.00%,

08/15/2051

9,705‌

6,616‌

2.13%,

07/31/2024

5,580‌

5,389‌

2.13%,

09/30/2024

4,770‌

4,587‌

2.13%,

11/30/2024

3,690‌

3,534‌

2.13%,

05/15/2025

2,880‌

2,735‌

2.13%,

05/31/2026

2,520‌

2,357‌

2.25%,

10/31/2024

3,336‌

3,206‌

2.25%,

11/15/2024

8,963‌

8,607‌

2.25%,

12/31/2024

3,000‌

2,872‌

2.25%,

11/15/2025

4,080‌

3,855‌

2.25%,

03/31/2026

5,000‌

4,705‌

2.25%,

02/15/2027

8,160‌

7,588‌

2.25%,

08/15/2027

5,535‌

5,117‌

2.25%,

11/15/2027

8,485‌

7,815‌

2.25%,

05/15/2041

7,245‌

5,580‌

2.25%,

08/15/2046

3,195‌

2,334‌

2.25%,

08/15/2049

4,425‌

3,215‌

2.25%,

02/15/2052

6,580‌

4,755‌

2.38%,

08/15/2024

4,595‌

4,447‌

2.38%,

04/30/2026

5,000‌

4,715‌

2.38%,

05/15/2027

6,155‌

5,731‌

2.38%,

03/31/2029

12,640‌

11,540‌

2.38%,

05/15/2029

4,795‌

4,372‌

2.38%,

02/15/2042

1,865‌

1,452‌

2.38%,

11/15/2049

3,860‌

2,882‌

2.38%,

05/15/2051

6,250‌

4,647‌

2.50%,

01/31/2025

3,300‌

3,167‌

2.50%,

02/28/2026

5,190‌

4,919‌

2.50%,

03/31/2027

4,305‌

4,034‌

2.50%,

02/15/2045

3,350‌

2,594‌

2.50%,

02/15/2046

2,925‌

2,251‌

2.50%,

05/15/2046

2,520‌

1,938‌

2.63%,

03/31/2025

1,805‌

1,733‌

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

132

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

U.S.

Treasury

(continued)

2.63%,

04/15/2025

$

3,075‌

$

2,950‌

2.63%,

12/31/2025

5,000‌

4,762‌

2.63%,

02/15/2029

8,305‌

7,695‌

2.63%,

07/31/2029

2,325‌

2,148‌

2.75%,

02/28/2025

8,615‌

8,300‌

2.75%,

05/15/2025

2,500‌

2,401‌

2.75%,

06/30/2025

1,280‌

1,228‌

2.75%,

08/31/2025

5,225‌

5,005‌

2.75%,

04/30/2027

3,660‌

3,457‌

2.75%,

02/15/2028

5,775‌

5,427‌

2.75%,

05/31/2029

7,280‌

6,778‌

2.75%,

08/15/2032

10,490‌

9,617‌

2.75%,

08/15/2042

1,591‌

1,311‌

2.75%,

11/15/2042

2,610‌

2,147‌

2.75%,

08/15/2047

3,060‌

2,461‌

2.75%,

11/15/2047

3,405‌

2,739‌

2.88%,

04/30/2025

9,505‌

9,153‌

2.88%,

05/31/2025

4,120‌

3,965‌

2.88%,

06/15/2025

15,005‌

14,434‌

2.88%,

07/31/2025

2,000‌

1,923‌

2.88%,

11/30/2025

3,435‌

3,292‌

2.88%,

05/15/2028

4,400‌

4,152‌

2.88%,

08/15/2028

6,030‌

5,680‌

2.88%,

04/30/2029

7,835‌

7,347‌

2.88%,

05/15/2032

6,240‌

5,786‌

2.88%,

05/15/2043

2,333‌

1,951‌

2.88%,

08/15/2045

2,145‌

1,770‌

2.88%,

11/15/2046

1,465‌

1,207‌

2.88%,

05/15/2049

4,615‌

3,814‌

2.88%,

05/15/2052

5,525‌

4,579‌

3.00%,

07/31/2024

4,350‌

4,240‌

3.00%,

07/15/2025

100‌

96‌

3.00%,

09/30/2025

2,775‌

2,671‌

3.00%,

10/31/2025

4,600‌

4,424‌

3.00%,

05/15/2042

1,200‌

1,031‌

3.00%,

11/15/2044

2,375‌

2,010‌

3.00%,

05/15/2045

1,845‌

1,558‌

3.00%,

11/15/2045

1,320‌

1,113‌

3.00%,

02/15/2047

3,115‌

2,623‌

3.00%,

05/15/2047

2,050‌

1,726‌

3.00%,

02/15/2048

2,990‌

2,521‌

3.00%,

08/15/2048

3,620‌

3,054‌

3.00%,

02/15/2049

4,115‌

3,480‌

3.00%,

08/15/2052

4,430‌

3,767‌

3.13%,

08/15/2025

100‌

97‌

3.13%,

08/31/2027

6,040‌

5,776‌

3.13%,

11/15/2028

8,255‌

7,864‌

3.13%,

08/31/2029

4,085‌

3,880‌

3.13%,

11/15/2041

1,700‌

1,497‌

3.13%,

02/15/2042

805‌

708‌

3.13%,

02/15/2043

2,660‌

2,320‌

3.13%,

08/15/2044

3,045‌

2,635‌

3.13%,

05/15/2048

4,020‌

3,468‌

3.25%,

06/30/2029

2,055‌

1,966‌

3.25%,

05/15/2042

3,650‌

3,257‌

3.38%,

05/15/2033

2,980‌

2,874‌

3.38%,

08/15/2042

3,440‌

3,122‌

3.38%,

05/15/2044

3,425‌

3,088‌

3.38%,

11/15/2048

4,715‌

4,261‌

3.50%,

01/31/2030

3,850‌

3,736‌

3.50%,

02/15/2033

7,826‌

7,623‌

3.50%,

02/15/2039

1,170‌

1,121‌

3.63%,

08/15/2043

1,880‌

1,765‌

3.63%,

02/15/2044

1,755‌

1,644‌

3.63%,

02/15/2053

9,175‌

8,805‌

3.63%,

05/15/2053

935‌

899‌

3.75%,

06/30/2030

3,040‌

3,000‌

3.75%,

08/15/2041

755‌

729‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

U.S.

Treasury

(continued)

3.75%,

11/15/2043

$

1,935‌

$

1,849‌

3.88%,

04/30/2025

11,025‌

10,811‌

3.88%,

09/30/2029

470‌

465‌

3.88%,

11/30/2029

4,885‌

4,841‌

3.88%,

08/15/2040

1,569‌

1,557‌

4.00%,

10/31/2029

7,165‌

7,146‌

4.00%,

11/15/2042

2,365‌

2,350‌

4.00%,

11/15/2052

4,335‌

4,453‌

4.13%,

09/30/2027

360‌

358‌

4.13%,

10/31/2027

4,930‌

4,904‌

4.13%,

11/15/2032

8,820‌

9,013‌

4.25%,

05/15/2039

715‌

748‌

4.25%,

11/15/2040

1,035‌

1,076‌

4.38%,

10/31/2024

12,080‌

11,934‌

4.38%,

02/15/2038

890‌

947‌

4.38%,

11/15/2039

1,455‌

1,540‌

4.38%,

05/15/2040

1,489‌

1,573‌

4.38%,

05/15/2041

1,210‌

1,273‌

4.50%,

02/15/2036

1,340‌

1,446‌

4.50%,

05/15/2038

710‌

764‌

4.50%,

08/15/2039

685‌

736‌

4.63%,

02/15/2040

900‌

981‌

4.75%,

02/15/2037

660‌

730‌

4.75%,

02/15/2041

4,115‌

4,543‌

5.00%,

05/15/2037

1,130‌

1,280‌

5.25%,

02/15/2029

2,000‌

2,110‌

5.38%,

02/15/2031

3,616‌

3,959‌

6.00%,

02/15/2026

2,000‌

2,067‌

6.13%,

11/15/2027

2,225‌

2,391‌

6.13%,

08/15/2029

900‌

999‌

6.25%,

05/15/2030

1,500‌

1,701‌

6.38%,

08/15/2027

1,830‌

1,972‌

6.88%,

08/15/2025

1,000‌

1,042‌

$

994,948‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

1,653,422‌

Total

Investments

$

2,439,218‌

Other

Assets

and

Liabilities

-  (1.58)%

(

37,989‌

)

TOTAL

NET

ASSETS

-

100.00%

$

2,401,229‌

(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

$8,682

or

0.36%

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

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$8,396

or

0.35%

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)

Non-income

producing

security

(g)

Security

purchased

on

a

when-issued

basis.

(h)

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.

(i)

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

$5,400

or

0.22%

of

net

assets.

(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.

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

133

Portfolio

Summary

Sector

Percent

Government

45

.13‌

%

Mortgage

Securities

28

.60‌

%

Financial

8

.17‌

%

Consumer,

Non-cyclical

4

.54‌

%

Money

Market

Funds

2

.38‌

%

Communications

2

.30‌

%

Utilities

2

.05‌

%

Technology

1

.90‌

%

Industrial

1

.81‌

%

Energy

1

.69‌

%

Consumer,

Cyclical

1

.32‌

%

Basic

Materials

0

.62‌

%

Investment

Companies

0

.52‌

%

Revenue

Bonds

0

.31‌

%

General

Obligation

Unlimited

0

.20‌

%

Insured

0

.04‌

%

General

Obligation

Limited

0

.00‌

%

Other

Assets

and

Liabilities

(

1

.58‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

65,730‌

$

402,207‌

$

413,197‌

$

54,740‌

$

65,730‌

$

402,207‌

$

413,197‌

$

54,740‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

1,250‌

$

—‌

$

—‌

$

—‌

$

1,250‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

134

INVESTMENT

COMPANIES

-

4

.11

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

4

.11

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

5.00%

(a),(b)

944,673‌

$

945‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(a),(c)

7,138,868‌

7,139‌

$

8,084‌

TOTAL

INVESTMENT

COMPANIES

$

8,084‌

BONDS

-

48

.83

%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

1

.69

%

Boeing

Co/The

1.95%,

02/01/2024

$

1,370‌

$

1,339‌

2.20%,

02/04/2026

635‌

583‌

3.10%,

05/01/2026

190‌

178‌

3.75%,

02/01/2050

200‌

150‌

4.88%,

05/01/2025

175‌

173‌

Bombardier

Inc

7.13%,

06/15/2026

(d)

25‌

25‌

Raytheon

Technologies

Corp

4.13%,

11/16/2028

600‌

578‌

TransDigm

Inc

4.88%,

05/01/2029

30‌

27‌

6.25%,

03/15/2026

(d)

25‌

25‌

7.50%,

03/15/2027

91‌

91‌

Triumph

Group

Inc

9.00%,

03/15/2028

(d)

155‌

158‌

$

3,327‌

Agriculture

-

0

.16

%

BAT

Capital

Corp

4.54%,

08/15/2047

120‌

89‌

Cargill

Inc

4.88%,

10/10/2025

(d)

75‌

74‌

Reynolds

American

Inc

5.70%,

08/15/2035

165‌

155‌

$

318‌

Airlines

-

0

.30

%

American

Airlines

2021-1

Class

B

Pass

Through

Trust

3.95%,

01/11/2032

5‌

4‌

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd

5.75%,

04/20/2029

(d)

10‌

10‌

Delta

Air

Lines

Inc

/

SkyMiles

IP

Ltd

4.50%,

10/20/2025

(d)

212‌

207‌

Hawaiian

Brand

Intellectual

Property

Ltd

/

HawaiianMiles

Loyalty

Ltd

5.75%,

01/20/2026

(d)

100‌

95‌

Southwest

Airlines

Co

5.25%,

05/04/2025

255‌

252‌

United

Airlines

Inc

4.38%,

04/15/2026

(d)

20‌

19‌

$

587‌

Automobile

Asset

Backed

Securities

-

5

.59

%

Ally

Auto

Receivables

Trust

2022-2

4.62%,

10/15/2025

771‌

767‌

AmeriCredit

Automobile

Receivables

Trust

2022-2

6.22%,

12/18/2025

486‌

487‌

1.00

x

30

Day

Average

Secured

Overnight

Financing

Rate

+

1.15%

Americredit

Automobile

Receivables

Trust

2023-1

5.84%,

10/19/2026

700‌

700‌

Capital

One

Prime

Auto

Receivables

Trust

2021-1

0.32%,

02/18/2025

24‌

24‌

Capital

One

Prime

Auto

Receivables

Trust

2022-1

2.71%,

06/16/2025

293‌

290‌

Carmax

Auto

Owner

Trust

2020-1

1.89%,

12/16/2024

109‌

109‌

CarMax

Auto

Owner

Trust

2022-1

0.91%,

02/18/2025

72‌

72‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Automobile

Asset

Backed

Securities

(continued)

Carmax

Auto

Owner

Trust

2023-2

5.50%,

06/15/2026

$

425‌

$

424‌

Carvana

Auto

Receivables

Trust

2021-P4

0.82%,

04/10/2025

27‌

27‌

Ford

Credit

Auto

Owner

Trust

2022-C

5.59%,

04/15/2025

519‌

519‌

1.00

x

30

Day

Average

Secured

Overnight

Financing

Rate

+

0.52%

Ford

Credit

Auto

Owner

Trust

2023-A

5.14%,

03/15/2026

640‌

637‌

Ford

Credit

Auto

Owner

Trust

2023-B

5.23%,

05/15/2028

1,280‌

1,278‌

GM

Financial

Automobile

Leasing

Trust

2023-1

5.27%,

06/20/2025

335‌

333‌

GM

Financial

Consumer

Automobile

Receivables

Trust

2021-4

0.28%,

11/18/2024

10‌

10‌

GM

Financial

Consumer

Automobile

Receivables

Trust

2023-1

5.19%,

03/16/2026

280‌

279‌

GM

Financial

Consumer

Automobile

Receivables

Trust

2023-2

5.10%,

05/18/2026

380‌

378‌

GMF

Floorplan

Owner

Revolving

Trust

5.34%,

06/15/2028

(d)

600‌

599‌

Hyundai

Auto

Lease

Securitization

Trust

2022-B

5.69%,

10/15/2024

(d)

190‌

190‌

1.00

x

30

Day

Average

Secured

Overnight

Financing

Rate

+

0.62%

Hyundai

Auto

Receivables

Trust

2023-A

5.19%,

12/15/2025

425‌

423‌

Nissan

Auto

Lease

Trust

2023-B

5.69%,

07/15/2026

570‌

571‌

Nissan

Auto

Receivables

2022-B

Owner

Trust

4.50%,

08/15/2025

489‌

486‌

Santander

Drive

Auto

Receivables

Trust

2022-6

4.37%,

05/15/2025

255‌

255‌

Santander

Drive

Auto

Receivables

Trust

2022-7

5.81%,

01/15/2026

327‌

327‌

Santander

Drive

Auto

Receivables

Trust

2023-1

5.36%,

05/15/2026

663‌

662‌

Toyota

Auto

Loan

Extended

Note

Trust

2019-1

2.56%,

11/25/2031

(d)

775‌

752‌

Toyota

Auto

Receivables

2022-B

Owner

Trust

5.56%,

01/15/2025

177‌

177‌

1.00

x

30

Day

Average

Secured

Overnight

Financing

Rate

+

0.49%

World

Omni

Auto

Receivables

Trust

2021-A

0.30%,

01/15/2026

216‌

210‌

$

10,986‌

Automobile

Manufacturers

-

0

.58

%

Ford

Motor

Credit

Co

LLC

3.38%,

11/13/2025

320‌

297‌

General

Motors

Financial

Co

Inc

1.20%,

10/15/2024

170‌

160‌

1.25%,

01/08/2026

375‌

335‌

Mercedes-Benz

Finance

North

America

LLC

4.80%,

03/30/2028

(d)

350‌

345‌

$

1,137‌

Automobile

Parts

&

Equipment

-

0

.03

%

Dana

Inc

5.38%,

11/15/2027

55‌

52‌

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

135

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

-

8

.23

%

Bank

of

America

Corp

1.66%,

03/11/2027

(e)

$

350‌

$

315‌

Secured

Overnight

Financing

Rate

+

0.91%

2.48%,

09/21/2036

(e)

900‌

688‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%

2.68%,

06/19/2041

(e)

680‌

477‌

Secured

Overnight

Financing

Rate

+

1.93%

2.69%,

04/22/2032

(e)

5‌

4‌

Secured

Overnight

Financing

Rate

+

1.32%

3.85%,

03/08/2037

(e)

50‌

43‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%

4.18%,

11/25/2027

350‌

332‌

4.20%,

08/26/2024

220‌

216‌

4.83%,

07/22/2026

(e)

250‌

246‌

Secured

Overnight

Financing

Rate

+

1.75%

Bank

of

New

York

Mellon

Corp/The

4.97%,

04/26/2034

(e)

275‌

269‌

Secured

Overnight

Financing

Rate

+

1.61%

Barclays

PLC

2.28%,

11/24/2027

(e)

200‌

176‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.05%

2.85%,

05/07/2026

(e)

600‌

562‌

Secured

Overnight

Financing

Rate

+

2.71%

7.75%,

09/15/2023

(e),(f),(g)

200‌

196‌

USD

Swap

Semi-Annual

5

Year

+

4.84%

BNP

Paribas

SA

2.22%,

06/09/2026

(d),(e)

400‌

370‌

Secured

Overnight

Financing

Rate

+

2.07%

Citigroup

Inc

3.11%,

04/08/2026

(e)

495‌

473‌

Secured

Overnight

Financing

Rate

+

2.84%

3.79%,

03/17/2033

(e)

415‌

367‌

Secured

Overnight

Financing

Rate

+

1.94%

5.61%,

09/29/2026

(e)

380‌

379‌

Secured

Overnight

Financing

Rate

+

1.55%

6.27%,

11/17/2033

(e)

350‌

371‌

Secured

Overnight

Financing

Rate

+

2.34%

Credit

Suisse

AG/New

York

NY

2.95%,

04/09/2025

665‌

625‌

DBS

Group

Holdings

Ltd

4.52%,

12/11/2028

(d),(e)

315‌

313‌

USD

Swap

Rate

NY

5

Year

+

1.59%

Deutsche

Bank

AG/New

York

NY

2.22%,

09/18/2024

(e)

375‌

370‌

Secured

Overnight

Financing

Rate

+

2.16%

Goldman

Sachs

Group

Inc/The

3.10%,

02/24/2033

(e)

360‌

304‌

Secured

Overnight

Financing

Rate

+

1.41%

3.63%,

02/20/2024

250‌

246‌

3.85%,

01/26/2027

160‌

152‌

5.70%,

11/01/2024

75‌

75‌

HSBC

Holdings

PLC

4.25%,

03/14/2024

435‌

429‌

JPMorgan

Chase

&

Co

2.08%,

04/22/2026

(e)

335‌

314‌

Secured

Overnight

Financing

Rate

+

1.85%

4.60%,

02/01/2025

(e),(f)

125‌

117‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.13%

4.91%,

07/25/2033

(e)

705‌

689‌

Secured

Overnight

Financing

Rate

+

2.08%

5.35%,

06/01/2034

(e)

150‌

151‌

Secured

Overnight

Financing

Rate

+

1.85%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

KeyBank

NA/Cleveland

OH

4.15%,

08/08/2025

$

500‌

$

462‌

Lloyds

Banking

Group

PLC

3.87%,

07/09/2025

(e)

850‌

828‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.50%

Morgan

Stanley

0.99%,

12/10/2026

(e)

1,461‌

1,303‌

Secured

Overnight

Financing

Rate

+

0.72%

2.48%,

09/16/2036

(e)

225‌

171‌

Secured

Overnight

Financing

Rate

+

1.36%

4.35%,

09/08/2026

800‌

773‌

5.00%,

11/24/2025

230‌

226‌

Santander

UK

Group

Holdings

PLC

1.09%,

03/15/2025

(e)

345‌

330‌

Secured

Overnight

Financing

Rate

+

0.79%

Standard

Chartered

PLC

2.82%,

01/30/2026

(d),(e)

535‌

504‌

3

Month

USD

LIBOR

+

1.21%

State

Street

Corp

4.82%,

01/26/2034

(e)

80‌

78‌

Secured

Overnight

Financing

Rate

+

1.57%

Toronto-Dominion

Bank/The

4.69%,

09/15/2027

250‌

245‌

Truist

Financial

Corp

5.90%,

10/28/2026

(e)

180‌

178‌

Secured

Overnight

Financing

Rate

+

1.63%

UBS

Group

AG

2.19%,

06/05/2026

(d),(e)

250‌

229‌

Secured

Overnight

Financing

Rate

+

2.04%

4.75%,

05/12/2028

(d),(e)

235‌

223‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.75%

UniCredit

SpA

1.98%,

06/03/2027

(d),(e)

200‌

176‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.20%

Wells

Fargo

&

Co

3.75%,

01/24/2024

330‌

326‌

4.61%,

04/25/2053

(e)

320‌

281‌

Secured

Overnight

Financing

Rate

+

2.13%

Westpac

Banking

Corp

4.11%,

07/24/2034

(e)

85‌

74‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%

4.42%,

07/24/2039

615‌

506‌

$

16,182‌

Beverages

-

0

.65

%

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

3.65%,

02/01/2026

115‌

111‌

Anheuser-Busch

InBev

Worldwide

Inc

4.38%,

04/15/2038

190‌

176‌

4.60%,

04/15/2048

104‌

96‌

5.45%,

01/23/2039

225‌

233‌

Central

American

Bottling

Corp

/

CBC

Bottling

Holdco

SL

/

Beliv

Holdco

SL

5.25%,

04/27/2029

(d)

70‌

65‌

Constellation

Brands

Inc

4.75%,

05/09/2032

285‌

277‌

PepsiCo

Inc

1.95%,

10/21/2031

100‌

83‌

4.20%,

07/18/2052

45‌

42‌

4.45%,

02/15/2033

(h)

200‌

201‌

$

1,284‌

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

136

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Biotechnology

-

0

.29

%

Amgen

Inc

5.15%,

03/02/2028

$

175‌

$

175‌

5.25%,

03/02/2030

150‌

150‌

5.60%,

03/02/2043

85‌

85‌

CSL

Finance

PLC

4.75%,

04/27/2052

(d)

175‌

163‌

$

573‌

Building

Materials

-

0

.50

%

Builders

FirstSource

Inc

4.25%,

02/01/2032

(d)

145‌

126‌

Cemex

SAB

de

CV

3.88%,

07/11/2031

(d)

325‌

274‌

9.13%,

03/14/2028

(d),(e),(f)

200‌

202‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.91%

GCC

SAB

de

CV

3.61%,

04/20/2032

(d)

200‌

170‌

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/01/2028

(d)

230‌

217‌

$

989‌

Chemicals

-

1

.04

%

Braskem

Netherlands

Finance

BV

7.25%,

02/13/2033

(d)

200‌

196‌

Consolidated

Energy

Finance

SA

5.63%,

10/15/2028

(d)

260‌

221‌

6.50%,

05/15/2026

(d)

150‌

141‌

Element

Solutions

Inc

3.88%,

09/01/2028

(d)

111‌

97‌

Olympus

Water

US

Holding

Corp

4.25%,

10/01/2028

(d)

275‌

217‌

Orbia

Advance

Corp

SAB

de

CV

2.88%,

05/11/2031

(d)

350‌

278‌

SABIC

Capital

II

BV

4.00%,

10/10/2023

(d)

200‌

199‌

Sasol

Financing

USA

LLC

8.75%,

05/03/2029

(d)

325‌

317‌

Sherwin-Williams

Co/The

4.25%,

08/08/2025

150‌

147‌

Westlake

Corp

2.88%,

08/15/2041

358‌

238‌

$

2,051‌

Commercial

Mortgage

Backed

Securities

-

1

.68

%

Benchmark

2019-B15

Mortgage

Trust

3.56%,

12/15/2072

250‌

202‌

Benchmark

2021-B25

Mortgage

Trust

2.58%,

04/15/2054

150‌

119‌

Citigroup

Commercial

Mortgage

Trust

2015-GC27

3.57%,

02/10/2048

900‌

849‌

Citigroup

Commercial

Mortgage

Trust

2016-GC37

3.58%,

04/10/2049

350‌

322‌

GS

Mortgage

Securities

Trust

2011-GC5

0.09%,

08/10/2044

(d),(i),(j)

1,192‌

—‌

GS

Mortgage

Securities

Trust

2013-GC16

1.16%,

11/10/2046

(i),(j)

930‌

1‌

GS

Mortgage

Securities

Trust

2014-GC26

1.06%,

11/10/2047

(i),(j)

3,261‌

30‌

GS

Mortgage

Securities

Trust

2015-GC34

3.51%,

10/10/2048

375‌

351‌

GS

Mortgage

Securities

Trust

2020-GSA2

2.01%,

12/12/2053

350‌

275‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2016-JP3

3.14%,

08/15/2049

500‌

440‌

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C24

4.53%,

11/15/2047

(j)

500‌

351‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2014-C14

1.06%,

02/15/2047

(i),(j)

$

2,713‌

$

4‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2014-C16

1.03%,

06/15/2047

(i),(j)

2,557‌

9‌

SREIT

Trust

2021-MFP

5.92%,

11/15/2038

(d)

350‌

340‌

1.00

x

1

Month

USD

LIBOR

+

0.73%

$

3,293‌

Commercial

Services

-

0

.60

%

DP

World

Ltd/United

Arab

Emirates

6.85%,

07/02/2037

100‌

108‌

Garda

World

Security

Corp

4.63%,

02/15/2027

(d)

40‌

37‌

PayPal

Holdings

Inc

3.25%,

06/01/2050

300‌

218‌

3.90%,

06/01/2027

(h)

300‌

290‌

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

3.38%,

08/31/2027

(d)

34‌

30‌

6.25%,

01/15/2028

(d)

62‌

58‌

United

Rentals

North

America

Inc

3.88%,

02/15/2031

45‌

39‌

4.88%,

01/15/2028

99‌

94‌

WASH

Multifamily

Acquisition

Inc

5.75%,

04/15/2026

(d)

155‌

145‌

Williams

Scotsman

International

Inc

6.13%,

06/15/2025

(d)

72‌

71‌

ZipRecruiter

Inc

5.00%,

01/15/2030

(d)

95‌

81‌

$

1,171‌

Computers

-

0

.52

%

Apple

Inc

4.65%,

02/23/2046

300‌

296‌

Dell

International

LLC

/

EMC

Corp

3.38%,

12/15/2041

(d)

100‌

70‌

6.10%,

07/15/2027

435‌

448‌

NCR

Corp

5.13%,

04/15/2029

(d)

115‌

102‌

Seagate

HDD

Cayman

8.50%,

07/15/2031

(d)

5‌

5‌

9.63%,

12/01/2032

(d)

94‌

104‌

$

1,025‌

Consumer

Products

-

0

.07

%

Kronos

Acquisition

Holdings

Inc

/

KIK

Custom

Products

Inc

5.00%,

12/31/2026

(d)

140‌

128‌

Credit

Card

Asset

Backed

Securities

-

0

.85

%

BA

Credit

Card

Trust

0.34%,

05/15/2026

685‌

669‌

Discover

Card

Execution

Note

Trust

4.93%,

06/15/2028

1,010‌

1,006‌

$

1,675‌

Diversified

Financial

Services

-

2

.10

%

AerCap

Holdings

NV

5.88%,

10/10/2079

(e)

150‌

141‌

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

395‌

353‌

3.00%,

10/29/2028

470‌

406‌

3.15%,

02/15/2024

1,000‌

981‌

4.50%,

09/15/2023

162‌

161‌

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

137

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Diversified

Financial

Services

(continued)

Air

Lease

Corp

1.88%,

08/15/2026

$

465‌

$

413‌

2.88%,

01/15/2026

220‌

204‌

Ally

Financial

Inc

5.80%,

05/01/2025

210‌

206‌

Aviation

Capital

Group

LLC

1.95%,

09/20/2026

(d)

650‌

563‌

Credit

Acceptance

Corp

5.13%,

12/31/2024

(d)

75‌

73‌

6.63%,

03/15/2026

(h)

121‌

116‌

Global

Aircraft

Leasing

Co

Ltd

6.50%,

PIK

7.25%;

09/15/2024

(d),(j),(k)

115‌

106‌

ILFC

E-Capital

Trust

II

7.31%,

12/21/2065

(d),(j)

100‌

69‌

LPL

Holdings

Inc

4.00%,

03/15/2029

(d)

5‌

4‌

Macquarie

Airfinance

Holdings

Ltd

8.38%,

05/01/2028

(d)

70‌

71‌

OneMain

Finance

Corp

3.50%,

01/15/2027

10‌

9‌

4.00%,

09/15/2030

25‌

19‌

6.63%,

01/15/2028

7‌

7‌

6.88%,

03/15/2025

154‌

153‌

SLM

Corp

3.13%,

11/02/2026

90‌

78‌

$

4,133‌

Electric

-

3

.09

%

Ameren

Illinois

Co

3.85%,

09/01/2032

46‌

42‌

Avangrid

Inc

3.20%,

04/15/2025

490‌

466‌

Clearway

Energy

Operating

LLC

3.75%,

02/15/2031

(d)

70‌

58‌

3.75%,

01/15/2032

(d)

70‌

57‌

4.75%,

03/15/2028

(d)

55‌

51‌

CMS

Energy

Corp

3.00%,

05/15/2026

75‌

70‌

4.70%,

03/31/2043

120‌

104‌

Colbun

SA

3.15%,

03/06/2030

(d),(h)

200‌

174‌

Commonwealth

Edison

Co

4.00%,

03/01/2049

225‌

186‌

DTE

Electric

Co

3.95%,

03/01/2049

60‌

49‌

DTE

Energy

Co

4.22%,

11/01/2024

(j)

250‌

244‌

Duke

Energy

Carolinas

LLC

3.55%,

03/15/2052

75‌

57‌

3.75%,

06/01/2045

150‌

118‌

Edison

International

4.70%,

08/15/2025

138‌

135‌

Enel

Chile

SA

4.88%,

06/12/2028

130‌

125‌

Eversource

Energy

5.45%,

03/01/2028

200‌

201‌

FirstEnergy

Corp

2.25%,

09/01/2030

358‌

290‌

Florida

Power

&

Light

Co

4.05%,

10/01/2044

75‌

64‌

ITC

Holdings

Corp

4.95%,

09/22/2027

(d)

150‌

148‌

Korea

Electric

Power

Corp

5.38%,

04/06/2026

(d)

200‌

199‌

Louisville

Gas

and

Electric

Co

5.45%,

04/15/2033

96‌

98‌

Monongahela

Power

Co

3.55%,

05/15/2027

(d)

215‌

202‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

National

Rural

Utilities

Cooperative

Finance

Corp

5.45%,

10/30/2025

$

115‌

$

115‌

NextEra

Energy

Capital

Holdings

Inc

3.50%,

04/01/2029

300‌

273‌

6.05%,

03/01/2025

45‌

45‌

NRG

Energy

Inc

3.88%,

02/15/2032

(d)

110‌

85‌

Oncor

Electric

Delivery

Co

LLC

4.95%,

09/15/2052

50‌

48‌

Oryx

Funding

Ltd

5.80%,

02/03/2031

200‌

193‌

Pacific

Gas

and

Electric

Co

1.70%,

11/15/2023

50‌

49‌

4.20%,

06/01/2041

185‌

138‌

PECO

Energy

Co

4.38%,

08/15/2052

70‌

62‌

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

3.88%,

07/17/2029

(d)

200‌

184‌

PPL

Electric

Utilities

Corp

3.95%,

06/01/2047

85‌

71‌

Public

Service

Co

of

Colorado

4.50%,

06/01/2052

43‌

38‌

Public

Service

Enterprise

Group

Inc

5.85%,

11/15/2027

225‌

230‌

Southern

California

Edison

Co

3.65%,

02/01/2050

280‌

208‌

4.20%,

03/01/2029

125‌

119‌

4.88%,

03/01/2049

150‌

135‌

State

Grid

Overseas

Investment

BVI

Ltd

3.50%,

05/04/2027

200‌

191‌

Tucson

Electric

Power

Co

4.85%,

12/01/2048

25‌

22‌

Vistra

Corp

7.00%,

12/15/2026

(d),(e),(f)

45‌

39‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.74%

Vistra

Operations

Co

LLC

4.38%,

05/01/2029

(d)

115‌

101‌

WEC

Energy

Group

Inc

4.75%,

01/09/2026

100‌

99‌

5.00%,

09/27/2025

100‌

99‌

5.15%,

10/01/2027

134‌

134‌

Xcel

Energy

Inc

4.60%,

06/01/2032

269‌

254‌

$

6,070‌

Electrical

Components

&

Equipment

-

0

.10

%

WESCO

Distribution

Inc

7.13%,

06/15/2025

(d)

75‌

76‌

7.25%,

06/15/2028

(d)

128‌

130‌

$

206‌

Electronics

-

0

.09

%

Imola

Merger

Corp

4.75%,

05/15/2029

(d)

80‌

69‌

Sensata

Technologies

BV

5.00%,

10/01/2025

(d)

60‌

59‌

Sensata

Technologies

Inc

3.75%,

02/15/2031

(d)

51‌

44‌

4.38%,

02/15/2030

(d)

16‌

14‌

$

186‌

Engineering

&

Construction

-

0

.20

%

Global

Infrastructure

Solutions

Inc

5.63%,

06/01/2029

(d)

265‌

216‌

Sitios

Latinoamerica

SAB

de

CV

5.38%,

04/04/2032

(d)

200‌

181‌

$

397‌

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

138

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Entertainment

-

0

.45

%

Boyne

USA

Inc

4.75%,

05/15/2029

(d)

$

105‌

$

95‌

Caesars

Entertainment

Inc

6.25%,

07/01/2025

(d)

105‌

105‌

CCM

Merger

Inc

6.38%,

05/01/2026

(d)

85‌

82‌

CDI

Escrow

Issuer

Inc

5.75%,

04/01/2030

(d)

165‌

154‌

Cinemark

USA

Inc

5.25%,

07/15/2028

(d)

115‌

101‌

8.75%,

05/01/2025

(d)

33‌

33‌

Warnermedia

Holdings

Inc

3.76%,

03/15/2027

130‌

121‌

5.05%,

03/15/2042

160‌

135‌

5.14%,

03/15/2052

60‌

49‌

$

875‌

Environmental

Control

-

0

.29

%

Madison

IAQ

LLC

4.13%,

06/30/2028

(d)

130‌

115‌

Waste

Connections

Inc

2.20%,

01/15/2032

175‌

141‌

4.20%,

01/15/2033

130‌

122‌

Waste

Management

Inc

4.63%,

02/15/2030

200‌

197‌

$

575‌

Food

-

1

.49

%

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

3.50%,

03/15/2029

(d)

90‌

78‌

4.63%,

01/15/2027

(d)

100‌

95‌

B&G

Foods

Inc

5.25%,

04/01/2025

40‌

38‌

Cencosud

SA

4.38%,

07/17/2027

(d)

200‌

190‌

JBS

USA

LUX

SA

/

JBS

USA

Food

Co

/

JBS

USA

Finance

Inc

3.63%,

01/15/2032

(d)

200‌

162‌

4.38%,

02/02/2052

(d)

526‌

369‌

Kraft

Heinz

Foods

Co

3.75%,

04/01/2030

57‌

53‌

4.88%,

10/01/2049

285‌

260‌

Mars

Inc

4.55%,

04/20/2028

(d)

175‌

172‌

4.75%,

04/20/2033

(d)

275‌

273‌

Nestle

Holdings

Inc

4.13%,

10/01/2027

(d)

250‌

244‌

Pilgrim's

Pride

Corp

3.50%,

03/01/2032

60‌

47‌

4.25%,

04/15/2031

805‌

690‌

Post

Holdings

Inc

4.50%,

09/15/2031

(d)

110‌

94‌

Sysco

Corp

3.15%,

12/14/2051

20‌

14‌

3.30%,

07/15/2026

167‌

158‌

$

2,937‌

Gas

-

0

.21

%

NiSource

Inc

0.95%,

08/15/2025

400‌

365‌

5.25%,

03/30/2028

55‌

55‌

$

420‌

Healthcare

-

Products

-

0

.16

%

Abbott

Laboratories

1.40%,

06/30/2030

75‌

62‌

Boston

Scientific

Corp

3.45%,

03/01/2024

127‌

125‌

4.55%,

03/01/2039

128‌

119‌

$

306‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Healthcare

-

Services

-

0

.88

%

Acadia

Healthcare

Co

Inc

5.00%,

04/15/2029

(d)

$

90‌

$

83‌

Centene

Corp

2.63%,

08/01/2031

805‌

641‌

4.25%,

12/15/2027

165‌

154‌

CHS/Community

Health

Systems

Inc

8.00%,

03/15/2026

(d)

50‌

49‌

HCA

Inc

3.13%,

03/15/2027

(d)

350‌

321‌

3.50%,

07/15/2051

195‌

135‌

Tenet

Healthcare

Corp

6.13%,

06/15/2030

95‌

94‌

6.75%,

05/15/2031

(d)

30‌

30‌

UnitedHealth

Group

Inc

4.75%,

05/15/2052

235‌

223‌

$

1,730‌

Home

Builders

-

0

.13

%

Beazer

Homes

USA

Inc

6.75%,

03/15/2025

40‌

39‌

Forestar

Group

Inc

3.85%,

05/15/2026

(d)

35‌

32‌

5.00%,

03/01/2028

(d)

100‌

92‌

Lennar

Corp

4.75%,

05/30/2025

100‌

98‌

$

261‌

Home

Equity

Asset

Backed

Securities

-

0

.03

%

Saxon

Asset

Securities

Trust

2004-1

2.03%,

03/25/2035

93‌

52‌

1.00

x

1

Month

USD

LIBOR

+

1.70%

Insurance

-

0

.95

%

Acrisure

LLC

/

Acrisure

Finance

Inc

4.25%,

02/15/2029

(d)

110‌

95‌

7.00%,

11/15/2025

(d)

80‌

77‌

American

International

Group

Inc

3.90%,

04/01/2026

34‌

33‌

Arch

Capital

Finance

LLC

4.01%,

12/15/2026

125‌

119‌

Arch

Capital

Group

Ltd

3.64%,

06/30/2050

275‌

202‌

Arthur

J

Gallagher

&

Co

3.50%,

05/20/2051

275‌

197‌

5.50%,

03/02/2033

45‌

45‌

Chubb

INA

Holdings

Inc

3.35%,

05/03/2026

164‌

158‌

Corebridge

Financial

Inc

4.40%,

04/05/2052

195‌

153‌

Markel

Group

Inc

3.35%,

09/17/2029

265‌

236‌

4.30%,

11/01/2047

95‌

77‌

MassMutual

Global

Funding

II

4.15%,

08/26/2025

(d)

380‌

369‌

MetLife

Inc

5.00%,

07/15/2052

110‌

103‌

$

1,864‌

Internet

-

0

.44

%

Alibaba

Group

Holding

Ltd

2.13%,

02/09/2031

(h)

200‌

163‌

Amazon.com

Inc

3.10%,

05/12/2051

220‌

164‌

Baidu

Inc

1.72%,

04/09/2026

200‌

179‌

Meta

Platforms

Inc

4.45%,

08/15/2052

125‌

109‌

Netflix

Inc

4.88%,

04/15/2028

45‌

45‌

5.88%,

11/15/2028

35‌

36‌

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

139

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Internet

(continued)

Prosus

NV

4.19%,

01/19/2032

(d)

$

200‌

$

168‌

$

864‌

Investment

Companies

-

0

.18

%

Blackstone

Private

Credit

Fund

4.70%,

03/24/2025

(h)

215‌

207‌

Compass

Group

Diversified

Holdings

LLC

5.25%,

04/15/2029

(d)

110‌

96‌

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.75%,

09/15/2024

55‌

53‌

$

356‌

Iron

&

Steel

-

0

.13

%

Nucor

Corp

3.85%,

04/01/2052

70‌

55‌

Vale

Overseas

Ltd

6.13%,

06/12/2033

200‌

200‌

$

255‌

Leisure

Products

&

Services

-

0

.16

%

Carnival

Holdings

Bermuda

Ltd

10.38%,

05/01/2028

(d)

25‌

27‌

Life

Time

Inc

5.75%,

01/15/2026

(d)

150‌

146‌

NCL

Corp

Ltd

5.88%,

02/15/2027

(d)

40‌

39‌

NCL

Finance

Ltd

6.13%,

03/15/2028

(d)

70‌

63‌

Royal

Caribbean

Cruises

Ltd

5.38%,

07/15/2027

(d)

40‌

38‌

$

313‌

Lodging

-

0

.63

%

Marriott

International

Inc/MD

2.75%,

10/15/2033

425‌

338‌

3.60%,

04/15/2024

300‌

295‌

5.00%,

10/15/2027

250‌

248‌

Sands

China

Ltd

4.30%,

01/08/2026

200‌

188‌

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp

5.25%,

05/15/2027

(d)

175‌

166‌

$

1,235‌

Machinery

-

Diversified

-

0

.13

%

Maxim

Crane

Works

Holdings

Capital

LLC

10.13%,

08/01/2024

(d)

104‌

104‌

Westinghouse

Air

Brake

Technologies

Corp

3.20%,

06/15/2025

150‌

142‌

$

246‌

Media

-

0

.78

%

AMC

Networks

Inc

4.75%,

08/01/2025

139‌

121‌

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.50%,

08/15/2030

(d)

145‌

121‌

4.75%,

03/01/2030

(d)

46‌

39‌

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.50%,

06/01/2041

375‌

254‌

Comcast

Corp

5.50%,

11/15/2032

400‌

416‌

Directv

Financing

LLC

/

Directv

Financing

Co-

Obligor

Inc

5.88%,

08/15/2027

(d)

11‌

10‌

DISH

DBS

Corp

5.25%,

12/01/2026

(d)

16‌

13‌

5.88%,

11/15/2024

71‌

62‌

7.38%,

07/01/2028

56‌

30‌

DISH

Network

Corp

11.75%,

11/15/2027

(d)

40‌

39‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Media

(continued)

Paramount

Global

4.75%,

05/15/2025

$

46‌

$

45‌

Sirius

XM

Radio

Inc

4.00%,

07/15/2028

(d)

129‌

112‌

UPC

Holding

BV

5.50%,

01/15/2028

(d)

300‌

262‌

$

1,524‌

Mining

-

0

.16

%

Hudbay

Minerals

Inc

4.50%,

04/01/2026

(d)

70‌

65‌

6.13%,

04/01/2029

(d)

30‌

28‌

IAMGOLD

Corp

5.75%,

10/15/2028

(d)

57‌

43‌

New

Gold

Inc

7.50%,

07/15/2027

(d)

45‌

42‌

Novelis

Corp

4.75%,

01/30/2030

(d)

104‌

92‌

Taseko

Mines

Ltd

7.00%,

02/15/2026

(d)

40‌

36‌

$

306‌

Miscellaneous

Manufacturers

-

0

.06

%

Parker-Hannifin

Corp

4.25%,

09/15/2027

115‌

112‌

Mortgage

Backed

Securities

-

1

.68

%

Fannie

Mae

REMIC

Trust

2005-W2

5.35%,

05/25/2035

3‌

3‌

1.00

x

1

Month

USD

LIBOR

+

0.20%

Fannie

Mae

REMICS

0.85%,

10/25/2040

(i)

2,766‌

244‌

(1.00)

x

1

Month

USD

LIBOR

+

6.00%

0.95%,

02/25/2043

(i)

125‌

13‌

(1.00)

x

1

Month

USD

LIBOR

+

6.10%

0.95%,

08/25/2043

(i)

448‌

46‌

(1.00)

x

1

Month

USD

LIBOR

+

6.10%

0.95%,

09/25/2046

(i)

133‌

11‌

(1.00)

x

1

Month

USD

LIBOR

+

6.10%

1.00%,

12/25/2042

(i)

1,708‌

190‌

(1.00)

x

1

Month

USD

LIBOR

+

6.15%

1.00%,

01/25/2048

(i)

600‌

73‌

(1.00)

x

1

Month

USD

LIBOR

+

6.15%

3.00%,

04/25/2027

(i)

55‌

2‌

3.00%,

09/25/2050

(i)

917‌

139‌

3.50%,

11/25/2027

(i)

36‌

2‌

3.50%,

07/25/2028

(i)

70‌

3‌

Freddie

Mac

REMICS

0.86%,

10/15/2046

(i)

1,040‌

87‌

(1.00)

x

1

Month

USD

LIBOR

+

6.05%

1.00%,

06/25/2050

(i)

890‌

101‌

(1.00)

x

1

Month

USD

LIBOR

+

6.15%

3.00%,

05/15/2027

(i)

38‌

1‌

3.00%,

10/15/2027

(i)

25‌

1‌

5.64%,

05/15/2049

930‌

901‌

1.00

x

1

Month

USD

LIBOR

+

0.45%

Ginnie

Mae

0.35%,

05/20/2042

(i)

513‌

39‌

(1.00)

x

1

Month

USD

LIBOR

+

5.50%

0.89%,

12/16/2043

(i)

966‌

84‌

(1.00)

x

1

Month

USD

LIBOR

+

6.05%

0.94%,

06/20/2046

(i)

311‌

33‌

(1.00)

x

1

Month

USD

LIBOR

+

6.10%

0.95%,

11/20/2041

(i)

147‌

15‌

(1.00)

x

1

Month

USD

LIBOR

+

6.10%

0.99%,

12/20/2043

(i)

158‌

15‌

(1.00)

x

1

Month

USD

LIBOR

+

6.14%

1.04%,

10/20/2045

(i)

361‌

42‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

140

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mortgage

Backed

Securities

(continued)

Ginnie

Mae  

(continued)

1.04%,

08/20/2047

(i)

$

893‌

$

89‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

1.05%,

11/20/2047

(i)

255‌

27‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

1.10%,

06/20/2045

(i)

470‌

53‌

(1.00)

x

1

Month

USD

LIBOR

+

6.25%

1.14%,

08/20/2050

(i)

950‌

118‌

(1.00)

x

1

Month

USD

LIBOR

+

6.30%

1.14%,

09/20/2050

(i)

998‌

123‌

(1.00)

x

1

Month

USD

LIBOR

+

6.30%

1.14%,

11/20/2050

(i)

633‌

81‌

(1.00)

x

1

Month

USD

LIBOR

+

6.30%

1.14%,

08/20/2051

(i)

624‌

73‌

(1.00)

x

1

Month

USD

LIBOR

+

6.30%

1.43%,

04/20/2041

(i)

560‌

61‌

(1.10)

x

1

Month

USD

LIBOR

+

7.10%

1.50%,

02/20/2042

(i)

93‌

11‌

(1.00)

x

1

Month

USD

LIBOR

+

6.65%

2.50%,

12/20/2050

(i)

1,040‌

139‌

3.00%,

07/20/2050

(i)

261‌

37‌

3.00%,

11/20/2050

(i)

543‌

78‌

3.00%,

11/20/2050

(i)

907‌

131‌

3.00%,

11/20/2050

(i)

1,113‌

179‌

3.50%,

10/20/2049

(i)

397‌

63‌

$

3,308‌

Oil

&

Gas

-

0

.89

%

Aethon

United

BR

LP

/

Aethon

United

Finance

Corp

8.25%,

02/15/2026

(d)

245‌

241‌

Antero

Resources

Corp

7.63%,

02/01/2029

(d)

135‌

137‌

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp

7.00%,

11/01/2026

(d)

90‌

87‌

Comstock

Resources

Inc

5.88%,

01/15/2030

(d)

140‌

121‌

CrownRock

LP

/

CrownRock

Finance

Inc

5.63%,

10/15/2025

(d)

85‌

84‌

Ecopetrol

SA

8.88%,

01/13/2033

245‌

243‌

MEG

Energy

Corp

7.13%,

02/01/2027

(d)

90‌

91‌

Occidental

Petroleum

Corp

5.88%,

09/01/2025

425‌

422‌

Petrobras

Global

Finance

BV

5.50%,

06/10/2051

110‌

87‌

Petroleos

Mexicanos

6.70%,

02/16/2032

217‌

165‌

Southwestern

Energy

Co

4.75%,

02/01/2032

75‌

66‌

$

1,744‌

Oil

&

Gas

Services

-

0

.07

%

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp

6.25%,

04/01/2028

(d)

155‌

146‌

Other

Asset

Backed

Securities

-

0

.37

%

DLLST

2022-1

LLC

2.79%,

01/22/2024

(d)

148‌

148‌

Hpefs

Equipment

Trust

2022-2

3.15%,

09/20/2029

(d)

527‌

522‌

Verizon

Owner

Trust

2020-B

0.47%,

02/20/2025

59‌

59‌

$

729‌

Packaging

&

Containers

-

0

.25

%

Canpack

SA

/

Canpack

US

LLC

3.13%,

11/01/2025

(d)

200‌

183‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Packaging

&

Containers

(continued)

Clydesdale

Acquisition

Holdings

Inc

6.63%,

04/15/2029

(d)

$

70‌

$

67‌

8.75%,

04/15/2030

(d)

50‌

44‌

Crown

Cork

&

Seal

Co

Inc

7.38%,

12/15/2026

77‌

80‌

Graphic

Packaging

International

LLC

4.13%,

08/15/2024

40‌

39‌

LABL

Inc

6.75%,

07/15/2026

(d)

40‌

39‌

Mauser

Packaging

Solutions

Holding

Co

7.88%,

08/15/2026

(d)

40‌

40‌

$

492‌

Pharmaceuticals

-

1

.26

%

AbbVie

Inc

2.60%,

11/21/2024

65‌

62‌

4.05%,

11/21/2039

350‌

305‌

Becton

Dickinson

&

Co

4.69%,

02/13/2028

435‌

429‌

BellRing

Brands

Inc

7.00%,

03/15/2030

(d)

90‌

90‌

Bristol-Myers

Squibb

Co

4.13%,

06/15/2039

120‌

109‌

Cigna

Group/The

4.90%,

12/15/2048

35‌

33‌

CVS

Health

Corp

4.30%,

03/25/2028

31‌

30‌

4.88%,

07/20/2035

190‌

180‌

5.13%,

02/21/2030

200‌

199‌

Eli

Lilly

&

Co

4.70%,

02/27/2033

130‌

132‌

Jazz

Securities

DAC

4.38%,

01/15/2029

(d)

95‌

85‌

Pfizer

Investment

Enterprises

Pte

Ltd

5.11%,

05/19/2043

150‌

150‌

Viatris

Inc

1.65%,

06/22/2025

75‌

69‌

Zoetis

Inc

3.00%,

09/12/2027

310‌

289‌

4.45%,

08/20/2048

345‌

307‌

$

2,469‌

Pipelines

-

1

.97

%

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp

5.38%,

06/15/2029

(d)

105‌

98‌

5.75%,

03/01/2027

(d)

90‌

87‌

CNX

Midstream

Partners

LP

4.75%,

04/15/2030

(d)

130‌

110‌

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp

5.63%,

05/01/2027

(d)

149‌

141‌

Energy

Transfer

LP

3.75%,

05/15/2030

505‌

456‌

4.50%,

04/15/2024

165‌

163‌

5.15%,

03/15/2045

300‌

259‌

5.55%,

02/15/2028

352‌

351‌

Enterprise

Products

Operating

LLC

3.13%,

07/31/2029

150‌

134‌

4.20%,

01/31/2050

180‌

150‌

EQM

Midstream

Partners

LP

6.00%,

07/01/2025

(d)

27‌

27‌

7.50%,

06/01/2027

(d)

50‌

51‌

Hess

Midstream

Operations

LP

4.25%,

02/15/2030

(d)

140‌

122‌

5.63%,

02/15/2026

(d)

110‌

108‌

Kinder

Morgan

Inc

1.75%,

11/15/2026

440‌

389‌

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

141

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pipelines

(continued)

Kinetik

Holdings

LP

5.88%,

06/15/2030

(d)

$

95‌

$

90‌

NuStar

Logistics

LP

5.75%,

10/01/2025

50‌

49‌

Sabine

Pass

Liquefaction

LLC

5.00%,

03/15/2027

175‌

172‌

5.75%,

05/15/2024

375‌

374‌

Williams

Cos

Inc/The

4.55%,

06/24/2024

550‌

543‌

$

3,874‌

REITs

-

0

.94

%

American

Tower

Corp

1.30%,

09/15/2025

185‌

167‌

5.50%,

03/15/2028

115‌

114‌

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

3.38%,

06/15/2026

(d)

120‌

107‌

3.75%,

09/15/2030

(d)

90‌

71‌

Invitation

Homes

Operating

Partnership

LP

2.30%,

11/15/2028

375‌

319‌

Kimco

Realty

OP

LLC

3.20%,

04/01/2032

140‌

116‌

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp

4.75%,

06/15/2029

(d)

113‌

92‌

Mid-America

Apartments

LP

2.88%,

09/15/2051

229‌

147‌

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co-Issuer

7.50%,

06/01/2025

(d)

50‌

50‌

VICI

Properties

LP

/

VICI

Note

Co

Inc

3.50%,

02/15/2025

(d)

50‌

48‌

4.13%,

08/15/2030

(d)

555‌

489‌

XHR

LP

4.88%,

06/01/2029

(d)

80‌

69‌

6.38%,

08/15/2025

(d)

50‌

49‌

$

1,838‌

Retail

-

0

.34

%

Abercrombie

&

Fitch

Management

Co

8.75%,

07/15/2025

(d)

45‌

46‌

Bath

&

Body

Works

Inc

5.25%,

02/01/2028

115‌

109‌

6.63%,

10/01/2030

(d)

64‌

62‌

9.38%,

07/01/2025

(d)

16‌

16‌

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc

4.63%,

01/15/2029

(d)

105‌

92‌

LSF9

Atlantis

Holdings

LLC

/

Victra

Finance

Corp

7.75%,

02/15/2026

(d)

100‌

93‌

Patrick

Industries

Inc

4.75%,

05/01/2029

(d)

60‌

52‌

7.50%,

10/15/2027

(d)

105‌

102‌

Walmart

Inc

4.50%,

04/15/2053

100‌

97‌

$

669‌

Semiconductors

-

0

.42

%

Broadcom

Inc

3.14%,

11/15/2035

(d)

34‌

26‌

3.42%,

04/15/2033

(d)

732‌

612‌

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

2.70%,

05/01/2025

60‌

57‌

3.15%,

05/01/2027

60‌

55‌

Skyworks

Solutions

Inc

1.80%,

06/01/2026

85‌

76‌

$

826‌

Software

-

1

.69

%

Fidelity

National

Information

Services

Inc

4.50%,

07/15/2025

400‌

391‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Software

(continued)

Fiserv

Inc

3.20%,

07/01/2026

$

200‌

$

188‌

4.40%,

07/01/2049

190‌

160‌

Microsoft

Corp

2.53%,

06/01/2050

250‌

173‌

Open

Text

Corp

3.88%,

02/15/2028

(d)

50‌

44‌

3.88%,

12/01/2029

(d)

50‌

42‌

Oracle

Corp

2.50%,

04/01/2025

255‌

242‌

2.80%,

04/01/2027

240‌

221‌

2.95%,

05/15/2025

100‌

95‌

3.95%,

03/25/2051

105‌

79‌

6.15%,

11/09/2029

115‌

120‌

Salesforce

Inc

3.70%,

04/11/2028

230‌

222‌

Take-Two

Interactive

Software

Inc

3.55%,

04/14/2025

340‌

328‌

4.00%,

04/14/2032

145‌

133‌

4.95%,

03/28/2028

50‌

49‌

VMware

Inc

1.40%,

08/15/2026

535‌

472‌

1.80%,

08/15/2028

440‌

369‌

$

3,328‌

Sovereign

-

1

.48

%

Bahrain

Government

International

Bond

7.75%,

04/18/2035

(d)

200‌

202‌

Brazilian

Government

International

Bond

3.88%,

06/12/2030

205‌

182‌

Chile

Government

International

Bond

4.95%,

01/05/2036

(l)

525‌

518‌

Dominican

Republic

International

Bond

4.88%,

09/23/2032

(d)

200‌

170‌

Egypt

Government

International

Bond

7.63%,

05/29/2032

200‌

116‌

Hungary

Government

International

Bond

6.13%,

05/22/2028

(d)

200‌

203‌

Mexico

Government

International

Bond

4.75%,

03/08/2044

160‌

137‌

6.35%,

02/09/2035

200‌

210‌

Morocco

Government

International

Bond

5.95%,

03/08/2028

(d)

300‌

303‌

Republic

of

Poland

Government

International

Bond

5.50%,

04/04/2053

60‌

60‌

Romanian

Government

International

Bond

3.63%,

03/27/2032

90‌

76‌

Saudi

Government

International

Bond

4.50%,

10/26/2046

250‌

219‌

Turkey

Government

International

Bond

9.38%,

01/19/2033

375‌

375‌

UAE

International

Government

Bond

3.25%,

10/19/2061

(d)

200‌

143‌

$

2,914‌

Telecommunications

-

1

.42

%

AT&T

Inc

2.55%,

12/01/2033

199‌

156‌

3.50%,

09/15/2053

499‌

353‌

CT

Trust

5.13%,

02/03/2032

(d)

200‌

161‌

T-Mobile

USA

Inc

2.40%,

03/15/2029

340‌

292‌

2.55%,

02/15/2031

60‌

50‌

3.50%,

04/15/2025

315‌

303‌

3.50%,

04/15/2031

560‌

494‌

4.95%,

03/15/2028

140‌

138‌

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

142

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Telecommunications

(continued)

Verizon

Communications

Inc

2.55%,

03/21/2031

$

410‌

$

342‌

2.88%,

11/20/2050

190‌

124‌

4.27%,

01/15/2036

325‌

293‌

Viavi

Solutions

Inc

3.75%,

10/01/2029

(d)

110‌

94‌

$

2,800‌

Transportation

-

0

.26

%

Burlington

Northern

Santa

Fe

LLC

4.45%,

01/15/2053

60‌

55‌

Eletson

Holdings

Inc

/

Eletson

Finance

US

LLC

/

Agathonissos

Finance

LLC

0.00%,

01/15/2022

(m),(n)

121‌

1‌

Union

Pacific

Corp

3.50%,

02/14/2053

280‌

216‌

United

Parcel

Service

Inc

4.88%,

03/03/2033

175‌

177‌

XPO

Escrow

Sub

LLC

7.50%,

11/15/2027

(d)

60‌

61‌

$

510‌

Trucking

&

Leasing

-

0

.12

%

Penske

Truck

Leasing

Co

Lp

/

PTL

Finance

Corp

5.75%,

05/24/2026

(d)

200‌

198‌

6.20%,

06/15/2030

(d)

45‌

45‌

$

243‌

Water

-

0

.05

%

Essential

Utilities

Inc

2.70%,

04/15/2030

115‌

97‌

TOTAL

BONDS

$

95,988‌

SENIOR

FLOATING

RATE

INTERESTS

-

0

.69

%

Principal

Amount

(000's)

Value

(000's)

Airlines

-

0

.08

%

AAdvantage

Loyalty

IP

Ltd

10.00%,

04/20/2028

(o)

$

105‌

$

107‌

3

Month

USD

LIBOR

+

4.75%

United

Airlines

Inc

9.29%,

04/21/2028

(o)

57‌

57‌

3

Month

USD

LIBOR

+

3.75%

$

164‌

Commercial

Services

-

0

.05

%

Garda

World

Security

Corp

9.43%,

10/30/2026

(o)

90‌

89‌

1

Month

USD

LIBOR

+

4.25%

Computers

-

0

.05

%

Virtusa

Corp

9.34%,

02/11/2028

(o)

94‌

93‌

1

Month

USD

LIBOR

+

3.75%

Diversified

Financial

Services

-

0

.09

%

Russell

Investments

US

Institutional

Holdco

Inc

8.36%,

05/30/2025

(o)

187‌

174‌

1

Month

USD

LIBOR

+

3.50%

Entertainment

-

0

.02

%

Lions

Gate

Capital

Holdings

LLC

7.45%,

03/24/2025

(o)

47‌

47‌

3

Month

USD

LIBOR

+

2.00%

Environmental

Control

-

0

.02

%

Madison

IAQ

LLC

8.32%,

06/21/2028

(o)

29‌

28‌

3

Month

USD

LIBOR

+

3.25%

Healthcare

-

Products

-

0

.10

%

Medline

Borrower

LP

8.40%,

09/30/2028

(o)

205‌

202‌

1

Month

USD

LIBOR

+

3.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Lodging

-

0

.03

%

Fertitta

Entertainment

LLC/NV

9.10%,

01/13/2029

(o)

$

61‌

$

60‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.00%

Media

-

0

.07

%

CSC

Holdings

LLC

7.69%,

04/15/2027

(o)

48‌

42‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.50%

Directv

Financing

LLC

10.22%,

08/02/2027

(o)

105‌

102‌

1

Month

USD

LIBOR

+

5.00%

$

144‌

Packaging

&

Containers

-

0

.02

%

Valcour

Packaging

LLC

9.40%,

09/30/2028

(o)

45‌

38‌

1

Month

USD

LIBOR

+

3.75%

Pharmaceuticals

-

0

.09

%

Bausch

Health

Americas

Inc

10.43%,

01/27/2027

(o)

121‌

91‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

5.25%

Jazz

Financing

Lux

Sarl

8.66%,

05/05/2028

(o)

84‌

84‌

1

Month

USD

LIBOR

+

3.50%

$

175‌

Retail

-

0

.07

%

IRB

Holding

Corp

7.86%,

12/15/2027

(o)

134‌

133‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

1,347‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

54

.26

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

1

.46

%

3.00%,

10/01/2042

$

24‌

$

22‌

3.00%,

11/01/2042

145‌

131‌

3.00%,

11/01/2042

25‌

23‌

3.00%,

03/01/2043

713‌

644‌

3.00%,

12/01/2046

52‌

46‌

3.50%,

10/01/2041

13‌

13‌

3.50%,

04/01/2042

47‌

44‌

3.50%,

04/01/2042

18‌

17‌

3.50%,

10/01/2045

367‌

342‌

3.50%,

03/01/2048

54‌

50‌

4.00%,

02/01/2045

6‌

6‌

4.00%,

02/01/2046

31‌

29‌

4.00%,

02/01/2046

117‌

112‌

4.00%,

06/01/2046

22‌

21‌

4.00%,

04/01/2047

110‌

105‌

4.00%,

11/01/2047

150‌

142‌

4.12%,

02/01/2037

2‌

2‌

1.00

x

12

Month

USD

LIBOR

+

1.63%

4.50%,

07/01/2024

1‌

1‌

4.50%,

10/01/2041

14‌

14‌

4.50%,

12/01/2043

339‌

333‌

4.50%,

03/01/2046

142‌

140‌

5.00%,

06/01/2031

33‌

33‌

5.00%,

10/01/2035

13‌

13‌

5.00%,

06/01/2041

475‌

478‌

6.00%,

06/01/2032

10‌

10‌

6.00%,

10/01/2032

5‌

6‌

6.00%,

01/01/2038

25‌

26‌

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

2‌

6.50%,

05/01/2032

2‌

2‌

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

143

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

6.50%,

04/01/2035

$

4‌

$

4‌

7.00%,

12/01/2029

5‌

5‌

7.00%,

06/01/2030

2‌

2‌

7.00%,

01/01/2031

1‌

1‌

7.00%,

12/01/2031

11‌

11‌

7.50%,

03/01/2031

4‌

4‌

8.00%,

09/01/2030

24‌

24‌

$

2,862‌

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

24

.21

%

2.00%,

12/01/2035

422‌

376‌

2.00%,

03/01/2036

600‌

532‌

2.00%,

07/01/2050

1,327‌

1,092‌

2.00%,

01/01/2051

1,085‌

906‌

2.00%,

02/01/2051

3,668‌

3,038‌

2.00%,

03/01/2051

1,205‌

996‌

2.00%,

03/01/2051

1,355‌

1,127‌

2.00%,

12/01/2051

529‌

437‌

2.00%,

12/01/2051

1,805‌

1,479‌

2.00%,

04/01/2052

2,167‌

1,778‌

2.00%,

05/01/2052

564‌

467‌

2.50%,

06/01/2035

944‌

862‌

2.50%,

08/01/2035

1,058‌

972‌

2.50%,

08/01/2050

1,487‌

1,274‌

2.50%,

11/01/2050

353‌

302‌

2.50%,

07/01/2051

1,089‌

932‌

2.50%,

09/01/2051

431‌

370‌

2.50%,

09/01/2051

723‌

620‌

2.50%,

11/01/2051

639‌

548‌

2.50%,

01/01/2052

684‌

589‌

2.50%,

02/01/2052

1,542‌

1,310‌

2.50%,

02/01/2052

550‌

470‌

2.50%,

04/01/2052

554‌

474‌

2.50%,

04/01/2052

1,523‌

1,299‌

3.00%,

03/01/2034

105‌

98‌

3.00%,

03/01/2042

35‌

31‌

3.00%,

03/01/2042

32‌

29‌

3.00%,

05/01/2042

19‌

17‌

3.00%,

06/01/2042

32‌

29‌

3.00%,

06/01/2042

15‌

14‌

3.00%,

05/01/2043

88‌

80‌

3.00%,

07/01/2050

482‌

430‌

3.00%,

11/01/2050

410‌

366‌

3.00%,

04/01/2052

2,234‌

1,985‌

3.00%,

06/01/2052

408‌

360‌

3.00%,

08/01/2052

2,108‌

1,870‌

3.50%,

04/01/2030

122‌

117‌

3.50%,

05/01/2034

561‌

538‌

3.50%,

08/01/2034

119‌

113‌

3.50%,

05/01/2037

146‌

140‌

3.50%,

12/01/2040

27‌

25‌

3.50%,

01/01/2041

12‌

11‌

3.50%,

12/01/2041

7‌

6‌

3.50%,

03/01/2042

14‌

13‌

3.50%,

04/01/2042

30‌

28‌

3.50%,

11/01/2042

401‌

376‌

3.50%,

07/01/2043

426‌

398‌

3.50%,

01/01/2044

124‌

116‌

3.50%,

11/01/2044

579‌

540‌

3.50%,

06/01/2045

43‌

40‌

3.50%,

05/01/2046

11‌

10‌

3.50%,

10/01/2047

758‌

707‌

3.50%,

11/01/2047

305‌

282‌

3.50%,

03/01/2048

437‌

404‌

3.50%,

08/01/2050

1,364‌

1,272‌

3.50%,

06/01/2051

211‌

194‌

4.00%,

03/01/2034

171‌

167‌

4.00%,

09/01/2040

34‌

32‌

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%,

05/01/2041

$

74‌

$

71‌

4.00%,

10/01/2041

23‌

22‌

4.00%,

10/01/2041

10‌

10‌

4.00%,

11/01/2041

16‌

15‌

4.00%,

04/01/2042

12‌

11‌

4.00%,

11/01/2043

45‌

43‌

4.00%,

02/01/2044

50‌

48‌

4.00%,

06/01/2044

100‌

96‌

4.00%,

09/01/2044

8‌

8‌

4.00%,

09/01/2045

44‌

41‌

4.00%,

12/01/2045

199‌

190‌

4.00%,

01/01/2047

17‌

16‌

4.00%,

11/01/2047

659‌

629‌

4.00%,

05/01/2048

29‌

27‌

4.00%,

10/01/2048

138‌

132‌

4.00%,

01/01/2049

65‌

62‌

4.00%,

05/01/2053

397‌

374‌

4.00%,

07/01/2053

(p)

2,600‌

2,440‌

4.50%,

07/01/2025

5‌

5‌

4.50%,

08/01/2040

18‌

17‌

4.50%,

11/01/2040

332‌

328‌

4.50%,

08/01/2041

12‌

12‌

4.50%,

09/01/2041

129‌

127‌

4.50%,

05/01/2044

14‌

14‌

4.50%,

12/01/2044

20‌

20‌

4.50%,

06/01/2046

11‌

10‌

4.50%,

05/01/2047

9‌

8‌

4.50%,

05/01/2047

18‌

18‌

4.50%,

05/01/2049

77‌

76‌

4.50%,

09/01/2052

283‌

275‌

4.50%,

05/01/2053

604‌

583‌

4.50%,

07/01/2053

(p)

1,010‌

971‌

5.00%,

10/01/2041

67‌

68‌

5.00%,

06/01/2048

148‌

147‌

5.00%,

06/01/2053

873‌

860‌

5.00%,

07/01/2053

(p)

1,300‌

1,274‌

5.50%,

07/01/2033

82‌

83‌

5.50%,

04/01/2035

10‌

10‌

5.50%,

08/01/2036

231‌

236‌

5.50%,

02/01/2037

1‌

2‌

5.50%,

05/01/2040

8‌

8‌

5.50%,

07/01/2053

(p)

2,600‌

2,587‌

6.00%,

05/01/2031

1‌

1‌

6.00%,

07/01/2035

64‌

66‌

6.00%,

02/01/2037

20‌

20‌

6.00%,

02/01/2038

23‌

24‌

6.00%,

01/01/2053

1,458‌

1,505‌

6.00%,

07/01/2053

(p)

800‌

807‌

6.50%,

03/01/2032

1‌

1‌

6.50%,

07/01/2037

4‌

4‌

6.50%,

07/01/2037

16‌

16‌

6.50%,

02/01/2038

20‌

21‌

6.50%,

09/01/2038

58‌

61‌

$

47,588‌

Government

National

Mortgage

Association

(GNMA)

-

10

.42

%

2.00%,

02/20/2051

1,488‌

1,254‌

2.00%,

07/20/2051

2,490‌

2,099‌

2.50%,

06/20/2050

715‌

623‌

2.50%,

04/20/2051

546‌

474‌

2.50%,

05/20/2051

983‌

854‌

2.50%,

09/20/2051

1,463‌

1,269‌

3.00%,

02/15/2043

148‌

135‌

3.00%,

07/20/2044

173‌

159‌

3.00%,

01/20/2046

110‌

100‌

3.00%,

07/20/2046

166‌

151‌

3.00%,

12/20/2046

479‌

435‌

3.00%,

02/20/2050

428‌

386‌

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

144

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Government

National

Mortgage

Association

(GNMA)

(continued)

3.00%,

09/20/2051

$

1,444‌

$

1,295‌

3.50%,

04/20/2046

99‌

93‌

3.50%,

10/20/2046

108‌

101‌

3.50%,

07/20/2047

455‌

426‌

3.50%,

07/20/2053

(p)

2,400‌

2,215‌

4.00%,

02/15/2042

54‌

52‌

4.00%,

06/20/2046

15‌

14‌

4.00%,

01/20/2048

643‌

616‌

4.00%,

04/20/2052

609‌

577‌

4.50%,

09/15/2039

300‌

295‌

4.50%,

11/15/2040

48‌

47‌

4.50%,

06/20/2048

3‌

3‌

4.50%,

07/20/2053

(p)

1,050‌

1,014‌

5.00%,

02/15/2034

93‌

94‌

5.00%,

10/15/2034

33‌

34‌

5.00%,

10/20/2039

16‌

16‌

5.00%,

02/15/2042

40‌

40‌

5.00%,

07/20/2053

(p)

1,750‌

1,720‌

5.50%,

12/20/2033

46‌

47‌

5.50%,

05/20/2035

5‌

5‌

5.50%,

12/20/2048

101‌

102‌

5.50%,

07/20/2053

(p)

1,800‌

1,792‌

6.00%,

01/20/2029

7‌

7‌

6.00%,

07/20/2029

1‌

1‌

6.00%,

12/15/2033

7‌

8‌

6.00%,

12/20/2036

29‌

30‌

6.00%,

07/20/2053

(p)

1,700‌

1,711‌

6.50%,

03/20/2028

1‌

1‌

6.50%,

05/20/2029

1‌

1‌

6.50%,

12/15/2032

176‌

180‌

7.00%,

03/15/2031

1‌

1‌

8.00%,

12/15/2030

3‌

3‌

$

20,480‌

U.S.

Treasury

-

14

.86

%

0.75%,

12/31/2023

155‌

152‌

1.25%,

08/15/2031

3,650‌

2,995‌

1.38%,

11/15/2031

3,500‌

2,886‌

1.63%,

08/15/2029

1,100‌

959‌

1.75%,

08/15/2041

680‌

478‌

1.88%,

11/15/2051

375‌

248‌

2.00%,

08/15/2051

(q)

2,900‌

1,977‌

2.25%,

11/15/2027

6,000‌

5,526‌

2.25%,

02/15/2052

3,000‌

2,168‌

2.63%,

12/31/2023

1,020‌

1,007‌

2.88%,

05/15/2032

1,725‌

1,599‌

3.00%,

05/15/2045

1,140‌

963‌

3.00%,

11/15/2045

(r)

2,750‌

2,319‌

3.13%,

05/15/2048

3,210‌

2,769‌

3.75%,

11/15/2043

1,650‌

1,577‌

4.75%,

02/15/2037

1,435‌

1,587‌

$

29,210‌

U.S.

Treasury

Bill

-

3

.31

%

4.35%,

11/30/2023

(s)

6,655‌

6,510‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

106,650‌

Total

Investments

$

212,069‌

Other

Assets

and

Liabilities

-  (7.89)%

(

15,511‌

)

TOTAL

NET

ASSETS

-

100.00%

$

196,558‌

(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

$945

or

0.48%

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

$23,301

or

11.85%

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)

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.

(g)

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

$196

or

0.10%

of

net

assets.

(h)

Security

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$914

or

0.47%

of

net

assets.

(i)

Security

is

an

Interest

Only

Strip.

(j)

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.

(k)

Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(l)

Security

purchased

on

a

when-issued

basis.

(m)

Non-income

producing

security

(n)

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.

(o)

Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

(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

$1,745

or

0.89%

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

$469

or

0.24%

of

net

assets.

(s)

Rate

shown

is

the

discount

rate

of

the

original

purchase.

Portfolio

Summary

Sector

Percent

Mortgage

Securities

39

.45‌

%

Government

19

.65‌

%

Financial

12

.49‌

%

Asset

Backed

Securities

6

.84‌

%

Consumer,

Non-cyclical

5

.80‌

%

Money

Market

Funds

4

.11‌

%

Industrial

3

.73‌

%

Utilities

3

.35‌

%

Energy

2

.93‌

%

Consumer,

Cyclical

2

.82‌

%

Communications

2

.71‌

%

Technology

2

.68‌

%

Basic

Materials

1

.33‌

%

Other

Assets

and

Liabilities

(

7

.89‌

)

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

145

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

2,395‌

$

74,607‌

$

69,863‌

$

7,139‌

$

2,395‌

$

74,607‌

$

69,863‌

$

7,139‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

119‌

$

—‌

$

—‌

$

—‌

$

119‌

$

—‌

$

—‌

$

—‌

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

2023

Short

8‌

$

898‌

$

16‌

US

2

Year

Note;

September

2023

Long

21‌

4,270‌

(

59‌

)

US

5

Year

Note;

September

2023

Long

92‌

9,853‌

(

192‌

)

US

Long

Bond;

September

2023

Long

59‌

7,487‌

2‌

Total

$

(

233‌

)

Amounts

in

thousands

except

contracts.

Exchange

Cleared

Credit

Default

Swaps

Buy

Protection

Reference

Entity

Implied

Credit

Spread

as

of

June

30,

2023

(a)

(Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

CDX.EM.39

N/A

(1.00)%

Quarterly

06/20/2028

$

6,500‌

$

367‌

$

(

57‌

)

$

310‌

CDX.NA.HY.40

N/A

(5.00)%

Quarterly

06/20/2028

3,340‌

7‌

(

103‌

)

(

96‌

)

Total

$

374‌

$

(

160‌

)

$

214‌

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,

2023

(unaudited)

See

accompanying

notes.

146

INVESTMENT

COMPANIES

-

100

.02

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

15

.30

%

International

Equity

Index

Fund

(a)

4,905,358‌

$

53,665‌

MidCap

S&P

400

Index

Fund

(a)

1,467,409‌

31,388‌

SmallCap

S&P

600

Index

Fund

(a)

1,269,664‌

31,373‌

$

116,426‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

84

.72

%

Bond

Market

Index

Account

(a)

40,162,303‌

375,116‌

LargeCap

S&P

500

Index

Account

(a)

12,644,755‌

269,333‌

$

644,449‌

TOTAL

INVESTMENT

COMPANIES

$

760,875‌

Total

Investments

$

760,875‌

Other

Assets

and

Liabilities

-  (0.02)%

(

184‌

)

TOTAL

NET

ASSETS

-

100.00%

$

760,691‌

(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

Fund

Type

Percent

Fixed

Income

Funds

49

.31‌

%

Domestic

Equity

Funds

43

.66‌

%

International

Equity

Funds

7

.05‌

%

Other

Assets

and

Liabilities

(

0

.02‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Bond

Market

Index

Account

$

369,391‌

$

32,401‌

$

35,094‌

$

375,116‌

International

Equity

Index

Fund

52,548‌

3,337‌

8,407‌

53,665‌

LargeCap

S&P

500

Index

Account

262,622‌

3,664‌

38,439‌

269,333‌

MidCap

S&P

400

Index

Fund

31,886‌

2,960‌

6,327‌

31,388‌

SmallCap

S&P

600

Index

Fund

32,665‌

2,963‌

6,358‌

31,373‌

$

749,112‌

$

45,325‌

$

94,625‌

$

760,875‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Account

$

—‌

$

(

760‌

)

$

—‌

$

9,178‌

International

Equity

Index

Fund

—‌

310‌

—‌

5,877‌

LargeCap

S&P

500

Index

Account

—‌

3,379‌

—‌

38,107‌

MidCap

S&P

400

Index

Fund

—‌

299‌

—‌

2,570‌

SmallCap

S&P

600

Index

Fund

—‌

296‌

—‌

1,807‌

$

—‌

$

3,524‌

$

—‌

$

57,539‌

Amounts

in

thousands.

Schedule

of

Investments

Diversified

Balanced

Managed

Volatility

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

147

INVESTMENT

COMPANIES

-

100

.03

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

15

.32

%

International

Equity

Index

Fund

(a)

921,748‌

$

10,084‌

MidCap

S&P

400

Index

Fund

(a)

275,724‌

5,898‌

SmallCap

S&P

600

Index

Fund

(a)

238,569‌

5,895‌

$

21,877‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

84

.71

%

Bond

Market

Index

Account

(a)

7,547,110‌

70,490‌

LargeCap

S&P

500

Managed

Volatility

Index

Account

(a)

3,175,795‌

50,463‌

$

120,953‌

TOTAL

INVESTMENT

COMPANIES

$

142,830‌

Total

Investments

$

142,830‌

Other

Assets

and

Liabilities

-  (0.03)%

(

39‌

)

TOTAL

NET

ASSETS

-

100.00%

$

142,791‌

(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

Fund

Type

Percent

Fixed

Income

Funds

49

.37‌

%

Domestic

Equity

Funds

43

.60‌

%

International

Equity

Funds

7

.06‌

%

Other

Assets

and

Liabilities

(

0

.03‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Bond

Market

Index

Account

$

69,757‌

$

6,629‌

$

7,494‌

$

70,490‌

International

Equity

Index

Fund

9,923‌

752‌

1,756‌

10,084‌

LargeCap

S&P

500

Managed

Volatility

Index

Account

49,566‌

1,384‌

7,232‌

50,463‌

MidCap

S&P

400

Index

Fund

6,021‌

635‌

1,299‌

5,898‌

SmallCap

S&P

600

Index

Fund

6,168‌

627‌

1,298‌

5,895‌

$

141,435‌

$

10,027‌

$

19,079‌

$

142,830‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Account

$

—‌

$

(

232‌

)

$

—‌

$

1,830‌

International

Equity

Index

Fund

—‌

27‌

—‌

1,138‌

LargeCap

S&P

500

Managed

Volatility

Index

Account

—‌

442‌

—‌

6,303‌

MidCap

S&P

400

Index

Fund

—‌

58‌

—‌

483‌

SmallCap

S&P

600

Index

Fund

—‌

53‌

—‌

345‌

$

—‌

$

348‌

$

—‌

$

10,099‌

Amounts

in

thousands.

Schedule

of

Investments

Diversified

Balanced

Volatility

Control

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

148

INVESTMENT

COMPANIES

-

100

.24

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

20

.37

%

iShares

Core

S&P

500

ETF

104,388‌

$

46,526‌

Money

Market

Funds

-

0

.07

%

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(a),(b)

164,316‌

164‌

Principal

Funds,

Inc.

Class

R-6

-

15

.31

%

International

Equity

Index

Fund

(a)

1,472,757‌

16,112‌

MidCap

S&P

400

Index

Fund

(a)

440,554‌

9,424‌

SmallCap

S&P

600

Index

Fund

(a)

381,189‌

9,419‌

$

34,955‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

64

.49

%

Bond

Market

Index

Account

(a)

12,057,514‌

112,617‌

LargeCap

S&P

500

Index

Account

(a)

1,627,104‌

34,657‌

$

147,274‌

TOTAL

INVESTMENT

COMPANIES

$

228,919‌

Total

Investments

$

228,919‌

Other

Assets

and

Liabilities

-  (0.24)%

(

541‌

)

TOTAL

NET

ASSETS

-

100.00%

$

228,378‌

(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

Fund

Type

Percent

Fixed

Income

Funds

49

.31‌

%

Domestic

Equity

Funds

23

.43‌

%

Investment

Companies

20

.37‌

%

International

Equity

Funds

7

.06‌

%

Money

Market

Funds

0

.07‌

%

Other

Assets

and

Liabilities

(

0

.24‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Bond

Market

Index

Account

$

102,255‌

$

15,205‌

$

7,139‌

$

112,617‌

International

Equity

Index

Fund

14,545‌

1,879‌

2,062‌

16,112‌

LargeCap

S&P

500

Index

Account

31,155‌

2,416‌

4,042‌

34,657‌

MidCap

S&P

400

Index

Fund

8,823‌

1,363‌

1,595‌

9,424‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

21,849‌

46,450‌

68,135‌

164‌

SmallCap

S&P

600

Index

Fund

9,037‌

1,359‌

1,590‌

9,419‌

$

187,664‌

$

68,672‌

$

84,563‌

$

182,393‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Account

$

—‌

$

(

3‌

)

$

—‌

$

2,299‌

International

Equity

Index

Fund

—‌

7‌

—‌

1,743‌

LargeCap

S&P

500

Index

Account

—‌

23‌

—‌

5,105‌

MidCap

S&P

400

Index

Fund

—‌

—‌

—‌

833‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

121‌

—‌

—‌

—‌

SmallCap

S&P

600

Index

Fund

—‌

(

3‌

)

—‌

616‌

$

121‌

$

24‌

$

—‌

$

10,596‌

Amounts

in

thousands.

Schedule

of

Investments

Diversified

Growth

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

149

INVESTMENT

COMPANIES

-

100

.03

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

20

.31

%

International

Equity

Index

Fund

(a)

28,880,262‌

$

315,950‌

MidCap

S&P

400

Index

Fund

(a)

7,559,365‌

161,695‌

SmallCap

S&P

600

Index

Fund

(a)

6,540,762‌

161,622‌

$

639,267‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

79

.72

%

Bond

Market

Index

Account

(a)

115,860,092‌

1,082,133‌

LargeCap

S&P

500

Index

Account

(a)

67,003,028‌

1,427,165‌

$

2,509,298‌

TOTAL

INVESTMENT

COMPANIES

$

3,148,565‌

Total

Investments

$

3,148,565‌

Other

Assets

and

Liabilities

-  (0.03)%

(

793‌

)

TOTAL

NET

ASSETS

-

100.00%

$

3,147,772‌

(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

Fund

Type

Percent

Domestic

Equity

Funds

55

.61‌

%

Fixed

Income

Funds

34

.38‌

%

International

Equity

Funds

10

.04‌

%

Other

Assets

and

Liabilities

(

0

.03‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Bond

Market

Index

Account

$

1,047,547‌

$

118,340‌

$

107,450‌

$

1,082,133‌

International

Equity

Index

Fund

304,134‌

19,112‌

43,110‌

315,950‌

LargeCap

S&P

500

Index

Account

1,368,029‌

11,461‌

169,996‌

1,427,165‌

MidCap

S&P

400

Index

Fund

161,537‌

14,008‌

28,435‌

161,695‌

SmallCap

S&P

600

Index

Fund

165,508‌

15,920‌

30,496‌

161,622‌

$

3,046,755‌

$

178,841‌

$

379,487‌

$

3,148,565‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Account

$

—‌

$

(

1,111‌

)

$

—‌

$

24,807‌

International

Equity

Index

Fund

—‌

229‌

—‌

35,585‌

LargeCap

S&P

500

Index

Account

—‌

9,864‌

—‌

207,807‌

MidCap

S&P

400

Index

Fund

—‌

1,359‌

—‌

13,226‌

SmallCap

S&P

600

Index

Fund

—‌

1,413‌

—‌

9,277‌

$

—‌

$

11,754‌

$

—‌

$

290,702‌

Amounts

in

thousands.

Schedule

of

Investments

Diversified

Growth

Managed

Volatility

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

150

INVESTMENT

COMPANIES

-

100

.03

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

20

.34

%

International

Equity

Index

Fund

(a)

2,759,102‌

$

30,184‌

MidCap

S&P

400

Index

Fund

(a)

722,189‌

15,448‌

SmallCap

S&P

600

Index

Fund

(a)

624,873‌

15,441‌

$

61,073‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

79

.69

%

Bond

Market

Index

Account

(a)

11,068,873‌

103,383‌

LargeCap

S&P

500

Managed

Volatility

Index

Account

(a)

8,555,694‌

135,950‌

$

239,333‌

TOTAL

INVESTMENT

COMPANIES

$

300,406‌

Total

Investments

$

300,406‌

Other

Assets

and

Liabilities

-  (0.03)%

(

79‌

)

TOTAL

NET

ASSETS

-

100.00%

$

300,327‌

(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

Fund

Type

Percent

Domestic

Equity

Funds

55

.56‌

%

Fixed

Income

Funds

34

.42‌

%

International

Equity

Funds

10

.05‌

%

Other

Assets

and

Liabilities

(

0

.03‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Bond

Market

Index

Account

$

100,780‌

$

11,288‌

$

10,974‌

$

103,383‌

International

Equity

Index

Fund

29,261‌

1,983‌

4,509‌

30,184‌

LargeCap

S&P

500

Managed

Volatility

Index

Account

131,541‌

2,505‌

16,266‌

135,950‌

MidCap

S&P

400

Index

Fund

15,544‌

1,458‌

2,958‌

15,448‌

SmallCap

S&P

600

Index

Fund

15,926‌

1,570‌

3,084‌

15,441‌

$

293,052‌

$

18,804‌

$

37,791‌

$

300,406‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Account

$

—‌

$

(

228‌

)

$

—‌

$

2,517‌

International

Equity

Index

Fund

—‌

46‌

—‌

3,403‌

LargeCap

S&P

500

Managed

Volatility

Index

Account

—‌

957‌

—‌

17,213‌

MidCap

S&P

400

Index

Fund

—‌

140‌

—‌

1,264‌

SmallCap

S&P

600

Index

Fund

—‌

117‌

—‌

912‌

$

—‌

$

1,032‌

$

—‌

$

25,309‌

Amounts

in

thousands.

Schedule

of

Investments

Diversified

Growth

Volatility

Control

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

151

INVESTMENT

COMPANIES

-

100

.14

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

20

.23

%

iShares

Core

S&P

500

ETF

608,697‌

$

271,302‌

Money

Market

Funds

-

0

.03

%

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(a),(b)

464,741‌

465‌

Principal

Funds,

Inc.

Class

R-6

-

20

.31

%

International

Equity

Index

Fund

(a)

12,305,503‌

134,622‌

MidCap

S&P

400

Index

Fund

(a)

3,220,704‌

68,891‌

SmallCap

S&P

600

Index

Fund

(a)

2,786,721‌

68,860‌

$

272,373‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

59

.57

%

Bond

Market

Index

Account

(a)

49,367,975‌

461,096‌

LargeCap

S&P

500

Index

Account

(a)

15,860,833‌

337,836‌

$

798,932‌

TOTAL

INVESTMENT

COMPANIES

$

1,343,072‌

Total

Investments

$

1,343,072‌

Other

Assets

and

Liabilities

-  (0.14)%

(

1,827‌

)

TOTAL

NET

ASSETS

-

100.00%

$

1,341,245‌

(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

Fund

Type

Percent

Domestic

Equity

Funds

35

.46‌

%

Fixed

Income

Funds

34

.38‌

%

Investment

Companies

20

.23‌

%

International

Equity

Funds

10

.04‌

%

Money

Market

Funds

0

.03‌

%

Other

Assets

and

Liabilities

(

0

.14‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Bond

Market

Index

Account

$

411,838‌

$

63,091‌

$

23,119‌

$

461,096‌

International

Equity

Index

Fund

119,559‌

12,986‌

12,356‌

134,622‌

LargeCap

S&P

500

Index

Account

298,782‌

14,844‌

25,456‌

337,836‌

MidCap

S&P

400

Index

Fund

63,475‌

8,320‌

8,886‌

68,891‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

164,296‌

295,011‌

458,842‌

465‌

SmallCap

S&P

600

Index

Fund

65,024‌

9,011‌

9,537‌

68,860‌

$

1,122,974‌

$

403,263‌

$

538,196‌

$

1,071,770‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Account

$

—‌

$

(

90‌

)

$

—‌

$

9,376‌

International

Equity

Index

Fund

—‌

19‌

—‌

14,414‌

LargeCap

S&P

500

Index

Account

—‌

101‌

—‌

49,565‌

MidCap

S&P

400

Index

Fund

—‌

(

7‌

)

—‌

5,989‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

946‌

—‌

—‌

—‌

SmallCap

S&P

600

Index

Fund

—‌

(

25‌

)

—‌

4,387‌

$

946‌

$

(

2‌

)

$

—‌

$

83,731‌

Amounts

in

thousands.

Schedule

of

Investments

Diversified

Income

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

152

INVESTMENT

COMPANIES

-

100

.03

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

10

.26

%

International

Equity

Index

Fund

(a)

946,447‌

$

10,354‌

MidCap

S&P

400

Index

Fund

(a)

371,616‌

7,949‌

SmallCap

S&P

600

Index

Fund

(a)

321,535‌

7,945‌

$

26,248‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

89

.77

%

Bond

Market

Index

Account

(a)

17,629,410‌

164,659‌

LargeCap

S&P

500

Index

Account

(a)

3,049,533‌

64,955‌

$

229,614‌

TOTAL

INVESTMENT

COMPANIES

$

255,862‌

Total

Investments

$

255,862‌

Other

Assets

and

Liabilities

-  (0.03)%

(

69‌

)

TOTAL

NET

ASSETS

-

100.00%

$

255,793‌

(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

Fund

Type

Percent

Fixed

Income

Funds

64

.37‌

%

Domestic

Equity

Funds

31

.61‌

%

International

Equity

Funds

4

.05‌

%

Other

Assets

and

Liabilities

(

0

.03‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Bond

Market

Index

Account

$

163,738‌

$

12,566‌

$

15,359‌

$

164,659‌

International

Equity

Index

Fund

10,237‌

810‌

1,898‌

10,354‌

LargeCap

S&P

500

Index

Account

63,955‌

2,294‌

11,340‌

64,955‌

MidCap

S&P

400

Index

Fund

8,149‌

906‌

1,844‌

7,949‌

SmallCap

S&P

600

Index

Fund

8,346‌

870‌

1,816‌

7,945‌

$

254,425‌

$

17,446‌

$

32,257‌

$

255,862‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Account

$

—‌

$

(

154‌

)

$

—‌

$

3,868‌

International

Equity

Index

Fund

—‌

50‌

—‌

1,155‌

LargeCap

S&P

500

Index

Account

—‌

697‌

—‌

9,349‌

MidCap

S&P

400

Index

Fund

—‌

87‌

—‌

651‌

SmallCap

S&P

600

Index

Fund

—‌

85‌

—‌

460‌

$

—‌

$

765‌

$

—‌

$

15,483‌

Amounts

in

thousands.

Schedule

of

Investments

Diversified

International

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

153

INVESTMENT

COMPANIES

-

1

.66

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1

.66

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

5.00%

(a),(b)

1,221,711‌

$

1,222‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(a),(c)

2,969,967‌

2,970‌

$

4,192‌

TOTAL

INVESTMENT

COMPANIES

$

4,192‌

COMMON

STOCKS

-

98

.88

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

0

.60

%

BAE

Systems

PLC

127,964‌

$

1,509‌

Apparel

-

3

.46

%

Burberry

Group

PLC

26,434‌

713‌

Gildan

Activewear

Inc

43,900‌

1,415‌

Hermes

International

771‌

1,676‌

LVMH

Moet

Hennessy

Louis

Vuitton

SE

5,247‌

4,948‌

$

8,752‌

Automobile

Manufacturers

-

1

.90

%

Bayerische

Motoren

Werke

AG

16,422‌

2,020‌

Ferrari

NV

5,166‌

1,689‌

Kia

Corp

16,075‌

1,083‌

$

4,792‌

Automobile

Parts

&

Equipment

-

0

.91

%

Bridgestone

Corp

(d)

31,200‌

1,282‌

Toyota

Industries

Corp

14,100‌

1,010‌

$

2,292‌

Banks

-

12

.02

%

AIB

Group

PLC

219,117‌

922‌

Banco

do

Brasil

SA

120,700‌

1,248‌

Bank

Leumi

Le-Israel

BM

126,533‌

948‌

Bank

Negara

Indonesia

Persero

Tbk

PT

2,179,300‌

1,337‌

Bank

of

Ireland

Group

PLC

136,067‌

1,299‌

Bank

Rakyat

Indonesia

Persero

Tbk

PT

8,019,808‌

2,928‌

Credicorp

Ltd

5,746‌

848‌

DBS

Group

Holdings

Ltd

98,000‌

2,289‌

FinecoBank

Banca

Fineco

SpA

50,395‌

678‌

Grupo

Financiero

Banorte

SAB

de

CV

174,759‌

1,438‌

HDFC

Bank

Ltd

ADR

20,296‌

1,415‌

HSBC

Holdings

PLC

270,927‌

2,145‌

ICICI

Bank

Ltd

ADR

148,865‌

3,436‌

Kasikornbank

PCL

170,400‌

626‌

Kotak

Mahindra

Bank

Ltd

69,799‌

1,574‌

Lloyds

Banking

Group

PLC

3,079,987‌

1,707‌

National

Bank

of

Greece

SA

(e)

85,934‌

559‌

Nordea

Bank

Abp

180,195‌

1,963‌

PT

Bank

Central

Asia

Tbk

1,710,900‌

1,049‌

Swedbank

AB

51,158‌

863‌

UniCredit

SpA

41,960‌

976‌

United

Overseas

Bank

Ltd

6,400‌

133‌

$

30,381‌

Beverages

-

2

.09

%

Diageo

PLC

37,313‌

1,604‌

Kweichow

Moutai

Co

Ltd

4,799‌

1,118‌

Remy

Cointreau

SA

6,349‌

1,019‌

Varun

Beverages

Ltd

156,737‌

1,537‌

$

5,278‌

Biotechnology

-

0

.35

%

Genmab

A/S

(e)

2,371‌

899‌

Building

Materials

-

2

.16

%

Beijing

Oriental

Yuhong

Waterproof

Technology

Co

Ltd

244,900‌

920‌

Cemex

SAB

de

CV

ADR

(e)

274,948‌

1,946‌

CRH

PLC

46,835‌

2,584‌

$

5,450‌

Chemicals

-

1

.27

%

Air

Liquide

SA

8,453‌

1,516‌

Shin-Etsu

Chemical

Co

Ltd

50,500‌

1,688‌

$

3,204‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Commercial

Services

-

1

.43

%

Localiza

Rent

a

Car

SA

132,755‌

$

1,899‌

Secom

Co

Ltd

9,600‌

650‌

TOPPAN

INC

50,000‌

1,080‌

$

3,629‌

Cosmetics

&

Personal

Care

-

2

.87

%

L'Oreal

SA

7,598‌

3,544‌

Unilever

PLC

71,178‌

3,707‌

$

7,251‌

Distribution

&

Wholesale

-

1

.29

%

ITOCHU

Corp

55,100‌

2,189‌

Rexel

SA

42,966‌

1,062‌

$

3,251‌

Diversified

Financial

Services

-

2

.23

%

Bajaj

Finance

Ltd

11,117‌

974‌

Banco

BTG

Pactual

SA

170,600‌

1,124‌

Brookfield

Asset

Management

Ltd

20,267‌

661‌

Deutsche

Boerse

AG

7,043‌

1,300‌

London

Stock

Exchange

Group

PLC

14,850‌

1,581‌

$

5,640‌

Electric

-

1

.61

%

Iberdrola

SA

209,618‌

2,737‌

SSE

PLC

56,479‌

1,325‌

$

4,062‌

Electrical

Components

&

Equipment

-

0

.88

%

Schneider

Electric

SE

12,269‌

2,229‌

Electronics

-

1

.35

%

Halma

PLC

25,690‌

744‌

Hoya

Corp

14,796‌

1,771‌

Shimadzu

Corp

29,000‌

896‌

$

3,411‌

Engineering

&

Construction

-

1

.02

%

Kajima

Corp

36,800‌

555‌

Vinci

SA

17,521‌

2,036‌

$

2,591‌

Food

-

3

.52

%

Ajinomoto

Co

Inc

23,800‌

948‌

Danone

SA

22,708‌

1,392‌

Dino

Polska

SA

(e),(f)

5,530‌

646‌

Nestle

SA

34,275‌

4,123‌

Seven

&

i

Holdings

Co

Ltd

41,200‌

1,780‌

$

8,889‌

Food

Service

-

0

.63

%

Compass

Group

PLC

57,224‌

1,602‌

Healthcare

-

Products

-

0

.99

%

Alcon

Inc

13,535‌

1,123‌

Sartorius

Stedim

Biotech

1,759‌

439‌

Smith

&

Nephew

PLC

58,126‌

938‌

$

2,500‌

Healthcare

-

Services

-

1

.06

%

ICON

PLC

(e)

5,810‌

1,454‌

Lonza

Group

AG

2,063‌

1,233‌

$

2,687‌

Home

Builders

-

0

.71

%

Sumitomo

Forestry

Co

Ltd

11,900‌

289‌

Taylor

Wimpey

PLC

1,153,483‌

1,507‌

$

1,796‌

Home

Furnishings

-

0

.48

%

Haier

Smart

Home

Co

Ltd

375,800‌

1,185‌

Howden

Joinery

Group

PLC

4,387‌

36‌

$

1,221‌

Insurance

-

6

.33

%

AIA

Group

Ltd

298,400‌

3,031‌

ASR

Nederland

NV

14,556‌

656‌

AXA

SA

62,056‌

1,834‌

Fairfax

Financial

Holdings

Ltd

2,900‌

2,172‌

Hannover

Rueck

SE

4,123‌

875‌

MS&AD

Insurance

Group

Holdings

Inc

50,000‌

1,771‌

Schedule

of

Investments

Diversified

International

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

154

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

(continued)

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

6,925‌

$

2,600‌

Prudential

PLC

91,342‌

1,290‌

Sompo

Holdings

Inc

22,200‌

996‌

Tryg

A/S

36,155‌

783‌

$

16,008‌

Internet

-

0

.76

%

MercadoLibre

Inc

(e)

777‌

921‌

PDD

Holdings

Inc

ADR

(e)

14,523‌

1,004‌

$

1,925‌

Investment

Companies

-

0

.26

%

EXOR

NV

7,460‌

666‌

Iron

&

Steel

-

0

.51

%

Nippon

Steel

Corp

61,300‌

1,283‌

Leisure

Products

&

Services

-

0

.40

%

Shimano

Inc

6,000‌

1,004‌

Machinery

-

Construction

&

Mining

-

2

.31

%

Mitsubishi

Electric

Corp

163,200‌

2,307‌

Mitsubishi

Heavy

Industries

Ltd

48,700‌

2,274‌

Weir

Group

PLC/The

55,890‌

1,248‌

$

5,829‌

Machinery

-

Diversified

-

2

.84

%

Atlas

Copco

AB

-

A

Shares

206,207‌

2,977‌

Keyence

Corp

5,100‌

2,423‌

NARI

Technology

Co

Ltd

242,493‌

772‌

THK

Co

Ltd

48,600‌

1,000‌

$

7,172‌

Metal

Fabrication

&

Hardware

-

0

.44

%

APL

Apollo

Tubes

Ltd

69,331‌

1,105‌

Mining

-

2

.18

%

BHP

Group

Ltd

88,475‌

2,660‌

Franco-Nevada

Corp

16,677‌

2,378‌

Sandfire

Resources

Ltd

(e)

122,199‌

485‌

$

5,523‌

Miscellaneous

Manufacturers

-

1

.06

%

Siemens

AG

16,043‌

2,674‌

Oil

&

Gas

-

4

.03

%

BP

PLC

435,889‌

2,538‌

Noble

Corp

PLC

17,880‌

739‌

Shell

PLC

130,917‌

3,905‌

Suncor

Energy

Inc

47,100‌

1,382‌

Tourmaline

Oil

Corp

34,300‌

1,616‌

$

10,180‌

Oil

&

Gas

Services

-

0

.89

%

Schlumberger

NV

45,724‌

2,246‌

Pharmaceuticals

-

7

.05

%

AstraZeneca

PLC

33,846‌

4,852‌

Merck

KGaA

5,349‌

885‌

Novo

Nordisk

A/S

33,883‌

5,473‌

Roche

Holding

AG

10,363‌

3,166‌

Sanofi

31,986‌

3,444‌

$

17,820‌

Private

Equity

-

2

.95

%

3i

Group

PLC

193,707‌

4,802‌

Brookfield

Corp

78,869‌

2,655‌

$

7,457‌

REITs

-

0

.02

%

CapitaLand

Integrated

Commercial

Trust

36,800‌

52‌

Retail

-

5

.66

%

ABC-Mart

Inc

9,400‌

511‌

Alimentation

Couche-Tard

Inc

65,246‌

3,346‌

Arezzo

Industria

e

Comercio

SA

29,200‌

483‌

Dollarama

Inc

17,900‌

1,212‌

JD

Sports

Fashion

PLC

856,209‌

1,590‌

Li

Ning

Co

Ltd

116,000‌

626‌

MatsukiyoCocokara

&

Co

21,800‌

1,225‌

Swatch

Group

AG/The

-

BR

2,602‌

761‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Retail

(continued)

Wal-Mart

de

Mexico

SAB

de

CV

671,522‌

$

2,663‌

Yum

China

Holdings

Inc

33,702‌

1,904‌

$

14,321‌

Semiconductors

-

10

.86

%

Advantest

Corp

7,000‌

943‌

ASM

International

NV

2,036‌

865‌

ASML

Holding

NV

7,444‌

5,399‌

Infineon

Technologies

AG

32,238‌

1,328‌

Renesas

Electronics

Corp

(e)

128,800‌

2,431‌

Samsung

Electronics

Co

Ltd

109,140‌

6,010‌

Sanken

Electric

Co

Ltd

6,100‌

575‌

SK

Hynix

Inc

20,271‌

1,781‌

Socionext

Inc

(d)

9,400‌

1,379‌

Taiwan

Semiconductor

Manufacturing

Co

Ltd

365,140‌

6,745‌

$

27,456‌

Software

-

1

.05

%

Dassault

Systemes

SE

28,851‌

1,278‌

Nemetschek

SE

8,729‌

652‌

Nexon

Co

Ltd

37,800‌

725‌

$

2,655‌

Telecommunications

-

0

.95

%

Nippon

Telegraph

&

Telephone

Corp

2,025,000‌

2,396‌

Toys,

Games

&

Hobbies

-

1

.28

%

Nintendo

Co

Ltd

71,200‌

3,246‌

Transportation

-

2

.22

%

Canadian

National

Railway

Co

20,728‌

2,510‌

Canadian

Pacific

Kansas

City

Ltd

32,800‌

2,649‌

Keisei

Electric

Railway

Co

Ltd

10,800‌

448‌

$

5,607‌

TOTAL

COMMON

STOCKS

$

249,941‌

Total

Investments

$

254,133‌

Other

Assets

and

Liabilities

-  (0.54)%

(

1,358‌

)

TOTAL

NET

ASSETS

-

100.00%

$

252,775‌

(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

$1,222

or

0.48%

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

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,180

or

0.47%

of

net

assets.

(e)

Non-income

producing

security

(f)

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

$646

or

0.26%

of

net

assets.

Schedule

of

Investments

Diversified

International

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

155

Portfolio

Summary

Location

Percent

Japan

16

.27‌

%

United

Kingdom

15

.08‌

%

France

10

.42‌

%

Canada

8

.70‌

%

Germany

4

.88‌

%

Switzerland

4

.12‌

%

India

3

.98‌

%

Korea,

Republic

Of

3

.51‌

%

Netherlands

3

.00‌

%

Ireland

2

.86‌

%

United

States

2

.84‌

%

Denmark

2

.83‌

%

Taiwan

2

.67‌

%

China

2

.58‌

%

Mexico

2

.39‌

%

Indonesia

2

.10‌

%

Brazil

1

.87‌

%

Hong

Kong

1

.71‌

%

Sweden

1

.52‌

%

Italy

1

.33‌

%

Australia

1

.24‌

%

Spain

1

.08‌

%

Singapore

0

.98‌

%

Finland

0

.78‌

%

Israel

0

.37‌

%

Uruguay

0

.36‌

%

Peru

0

.34‌

%

Poland

0

.26‌

%

Thailand

0

.25‌

%

Greece

0

.22‌

%

Other

Assets

and

Liabilities

(

0

.54‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

637‌

$

43,826‌

$

41,493‌

$

2,970‌

$

637‌

$

43,826‌

$

41,493‌

$

2,970‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

33‌

$

—‌

$

—‌

$

—‌

$

33‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Equity

Income

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

156

INVESTMENT

COMPANIES

-

2

.95

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

2

.95

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

5.00%

(a),(b)

1,674,561‌

$

1,675‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(a),(b),(c)

17,253,318‌

17,254‌

$

18,929‌

TOTAL

INVESTMENT

COMPANIES

$

18,929‌

COMMON

STOCKS

-

97

.84

%

Shares

Held

Value

(000's)

Advertising

-

1

.50

%

Omnicom

Group

Inc

101,192‌

$

9,628‌

Apparel

-

0

.61

%

NIKE

Inc

35,489‌

3,917‌

Automobile

Manufacturers

-

3

.62

%

Cummins

Inc

33,531‌

8,221‌

PACCAR

Inc

179,167‌

14,987‌

$

23,208‌

Automobile

Parts

&

Equipment

-

2

.16

%

Magna

International

Inc

245,953‌

13,882‌

Banks

-

9

.59

%

Bank

of

America

Corp

382,418‌

10,971‌

JPMorgan

Chase

&

Co

136,672‌

19,877‌

Morgan

Stanley

213,030‌

18,193‌

PNC

Financial

Services

Group

Inc/The

98,941‌

12,462‌

$

61,503‌

Beverages

-

1

.85

%

Coca-Cola

Co/The

197,135‌

11,871‌

Biotechnology

-

1

.84

%

Corteva

Inc

206,110‌

11,810‌

Building

Materials

-

2

.50

%

Carrier

Global

Corp

110,573‌

5,497‌

Trane

Technologies

PLC

55,167‌

10,551‌

$

16,048‌

Chemicals

-

2

.53

%

Air

Products

and

Chemicals

Inc

40,760‌

12,209‌

PPG

Industries

Inc

27,065‌

4,014‌

$

16,223‌

Computers

-

2

.00

%

Apple

Inc

66,017‌

12,805‌

Cosmetics

&

Personal

Care

-

0

.80

%

Procter

&

Gamble

Co/The

34,038‌

5,165‌

Diversified

Financial

Services

-

4

.32

%

BlackRock

Inc

22,675‌

15,672‌

Discover

Financial

Services

102,760‌

12,007‌

$

27,679‌

Electric

-

5

.15

%

NextEra

Energy

Inc

166,812‌

12,378‌

Sempra

Energy

36,549‌

5,321‌

WEC

Energy

Group

Inc

91,256‌

8,052‌

Xcel

Energy

Inc

116,614‌

7,250‌

$

33,001‌

Electronics

-

0

.71

%

TE

Connectivity

Ltd

32,325‌

4,531‌

Food

-

1

.84

%

Hormel

Foods

Corp

292,676‌

11,771‌

Healthcare

-

Products

-

4

.97

%

Abbott

Laboratories

107,458‌

11,715‌

Medtronic

PLC

114,173‌

10,059‌

STERIS

PLC

44,938‌

10,110‌

$

31,884‌

Healthcare

-

Services

-

0

.96

%

UnitedHealth

Group

Inc

12,832‌

6,168‌

Home

Builders

-

1

.49

%

DR

Horton

Inc

78,289‌

9,527‌

Insurance

-

3

.39

%

Chubb

Ltd

63,638‌

12,254‌

Fidelity

National

Financial

Inc

262,830‌

9,462‌

$

21,716‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Machinery

-

Diversified

-

2

.38

%

Deere

&

Co

37,673‌

$

15,265‌

Media

-

2

.83

%

Cable

One

Inc

1,457‌

957‌

Comcast

Corp

-

Class

A

413,816‌

17,194‌

$

18,151‌

Miscellaneous

Manufacturers

-

2

.46

%

Parker-Hannifin

Corp

40,373‌

15,747‌

Oil

&

Gas

-

5

.67

%

Chevron

Corp

61,926‌

9,744‌

EOG

Resources

Inc

105,557‌

12,080‌

Marathon

Petroleum

Corp

124,752‌

14,546‌

$

36,370‌

Pharmaceuticals

-

10

.20

%

Becton

Dickinson

&

Co

55,301‌

14,600‌

Eli

Lilly

&

Co

1,967‌

922‌

Merck

&

Co

Inc

135,139‌

15,594‌

Novartis

AG

ADR

140,111‌

14,139‌

Pfizer

Inc

204,215‌

7,491‌

Roche

Holding

AG

ADR

331,369‌

12,658‌

$

65,404‌

Pipelines

-

1

.93

%

Enterprise

Products

Partners

LP

470,560‌

12,399‌

Private

Equity

-

2

.34

%

KKR

&

Co

Inc

267,854‌

15,000‌

REITs

-

3

.76

%

Alexandria

Real

Estate

Equities

Inc

94,445‌

10,718‌

Digital

Realty

Trust

Inc

7,024‌

800‌

Prologis

Inc

52,064‌

6,385‌

Realty

Income

Corp

104,246‌

6,233‌

$

24,136‌

Retail

-

4

.01

%

Costco

Wholesale

Corp

26,199‌

14,105‌

Starbucks

Corp

82,747‌

8,197‌

Target

Corp

26,029‌

3,433‌

$

25,735‌

Semiconductors

-

3

.82

%

Microchip

Technology

Inc

151,559‌

13,578‌

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

108,090‌

10,909‌

$

24,487‌

Software

-

2

.78

%

Fidelity

National

Information

Services

Inc

65,809‌

3,600‌

Microsoft

Corp

28,761‌

9,794‌

SAP

SE

ADR

(d)

32,508‌

4,447‌

$

17,841‌

Telecommunications

-

2

.52

%

BCE

Inc

(d)

326,720‌

14,895‌

Verizon

Communications

Inc

34,365‌

1,278‌

$

16,173‌

Transportation

-

1

.31

%

Expeditors

International

of

Washington

Inc

63,744‌

7,721‌

Union

Pacific

Corp

3,273‌

670‌

$

8,391‌

TOTAL

COMMON

STOCKS

$

627,436‌

Total

Investments

$

646,365‌

Other

Assets

and

Liabilities

-  (0.79)%

(

5,054‌

)

TOTAL

NET

ASSETS

-

100.00%

$

641,311‌

(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

$5,645

or

0.88%

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,

2023

(unaudited)

See

accompanying

notes.

157

(d)

Security

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$5,613

or

0.88%

of

net

assets.

Portfolio

Summary

Sector

Percent

Financial

23

.40‌

%

Consumer,

Non-cyclical

22

.46‌

%

Consumer,

Cyclical

11

.89‌

%

Industrial

9

.36‌

%

Technology

8

.60‌

%

Energy

7

.60‌

%

Communications

6

.85‌

%

Utilities

5

.15‌

%

Money

Market

Funds

2

.95‌

%

Basic

Materials

2

.53‌

%

Other

Assets

and

Liabilities

(

0

.79‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

18,363‌

$

109,175‌

$

110,284‌

$

17,254‌

$

18,363‌

$

109,175‌

$

110,284‌

$

17,254‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

282‌

$

—‌

$

—‌

$

—‌

$

282‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Global

Emerging

Markets

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

158

INVESTMENT

COMPANIES

-

1

.54

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1

.54

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

5.00%

(a),(b)

10,000‌

$

10‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(a),(c)

1,045,738‌

1,046‌

$

1,056‌

TOTAL

INVESTMENT

COMPANIES

$

1,056‌

COMMON

STOCKS

-

97

.96

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

0

.65

%

LIG

Nex1

Co

Ltd

7,176‌

$

442‌

Agriculture

-

0

.30

%

Muyuan

Foods

Co

Ltd

35,000‌

203‌

Airlines

-

0

.47

%

Air

Arabia

PJSC

484,117‌

320‌

Apparel

-

1

.32

%

Fila

Holdings

Corp

9,192‌

280‌

Youngone

Corp

12,673‌

622‌

$

902‌

Automobile

Manufacturers

-

2

.51

%

BYD

Co

Ltd

19,500‌

625‌

Kia

Corp

8,915‌

601‌

Maruti

Suzuki

India

Ltd

4,113‌

492‌

$

1,718‌

Automobile

Parts

&

Equipment

-

0

.70

%

Fuyao

Glass

Industry

Group

Co

Ltd

(d)

54,400‌

226‌

Weichai

Power

Co

Ltd

171,000‌

251‌

$

477‌

Banks

-

8

.88

%

Bank

of

Jiangsu

Co

Ltd

203,190‌

206‌

Bank

Rakyat

Indonesia

Persero

Tbk

PT

2,123,776‌

775‌

Grupo

Financiero

Banorte

SAB

de

CV

73,700‌

606‌

HDFC

Bank

Ltd

30,088‌

624‌

Hong

Leong

Bank

Bhd

47,200‌

192‌

ICICI

Bank

Ltd

100,632‌

1,152‌

Kasikornbank

PCL

90,900‌

334‌

Kotak

Mahindra

Bank

Ltd

14,474‌

327‌

PT

Bank

Central

Asia

Tbk

1,116,500‌

685‌

Saudi

National

Bank/The

98,008‌

967‌

Vietnam

Technological

&

Commercial

Joint

Stock

Bank

(e)

142,800‌

211‌

$

6,079‌

Beverages

-

2

.86

%

Arca

Continental

SAB

de

CV

60,400‌

620‌

China

Resources

Beer

Holdings

Co

Ltd

56,000‌

370‌

Kweichow

Moutai

Co

Ltd

1,600‌

373‌

Tsingtao

Brewery

Co

Ltd

34,000‌

310‌

Varun

Beverages

Ltd

29,122‌

286‌

$

1,959‌

Building

Materials

-

1

.96

%

Beijing

Oriental

Yuhong

Waterproof

Technology

Co

Ltd

42,171‌

158‌

Cemex

SAB

de

CV

(e)

982,714‌

695‌

China

National

Building

Material

Co

Ltd

258,000‌

160‌

Voltas

Ltd

35,033‌

325‌

$

1,338‌

Chemicals

-

0

.61

%

Petronas

Chemicals

Group

Bhd

119,900‌

154‌

Supreme

Industries

Ltd

6,715‌

262‌

$

416‌

Coal

-

0

.37

%

Exxaro

Resources

Ltd

29,161‌

254‌

Commercial

Services

-

3

.24

%

Bidvest

Group

Ltd/The

19,463‌

271‌

Humansoft

Holding

Co

KSC

24,659‌

298‌

Jiangsu

Expressway

Co

Ltd

258,000‌

238‌

Localiza

Rent

a

Car

SA

37,948‌

543‌

MegaStudyEdu

Co

Ltd

5,829‌

230‌

Network

International

Holdings

PLC

(d),(e)

57,646‌

281‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Commercial

Services

(continued)

Santos

Brasil

Participacoes

SA

168,410‌

$

354‌

$

2,215‌

Computers

-

0

.80

%

CI&T

Inc

(e)

11,295‌

71‌

Globant

SA

(e)

1,321‌

237‌

WNS

Holdings

Ltd

ADR

(e)

3,299‌

243‌

$

551‌

Distribution

&

Wholesale

-

0

.81

%

AKR

Corporindo

Tbk

PT

2,927,000‌

278‌

Vamos

Locacao

de

Caminhoes

Maquinas

e

Equipamentos

SA

108,660‌

275‌

$

553‌

Diversified

Financial

Services

-

4

.74

%

Bajaj

Finance

Ltd

4,845‌

424‌

Banco

BTG

Pactual

SA

77,512‌

511‌

BOC

Aviation

Ltd

(d)

25,900‌

210‌

CreditAccess

Grameen

Ltd

(e)

25,580‌

390‌

Fubon

Financial

Holding

Co

Ltd

328,361‌

643‌

Hong

Kong

Exchanges

&

Clearing

Ltd

5,700‌

216‌

Intercorp

Financial

Services

Inc

7,236‌

180‌

KB

Financial

Group

Inc

18,450‌

669‌

$

3,243‌

Electric

-

0

.33

%

China

Longyuan

Power

Group

Corp

Ltd

222,000‌

229‌

Electrical

Components

&

Equipment

-

0

.81

%

Delta

Electronics

Inc

50,000‌

554‌

Electronics

-

1

.63

%

Avalon

Technologies

Ltd

(d),(e)

21,175‌

142‌

HEG

Ltd

16,973‌

338‌

Lotes

Co

Ltd

9,233‌

256‌

Voltronic

Power

Technology

Corp

6,000‌

379‌

$

1,115‌

Energy

-

Alternate

Sources

-

0

.54

%

Sao

Martinho

S/A

51,782‌

369‌

Engineering

&

Construction

-

0

.48

%

L&T

Technology

Services

Ltd

(d)

2,940‌

142‌

Samsung

Engineering

Co

Ltd

(e)

8,633‌

186‌

$

328‌

Food

-

3

.51

%

Bid

Corp

Ltd

17,925‌

394‌

Dino

Polska

SA

(d),(e)

5,047‌

590‌

Indofood

Sukses

Makmur

Tbk

PT

495,300‌

243‌

LT

Foods

Ltd

186,661‌

300‌

Nestle

India

Ltd

1,079‌

301‌

SM

Investments

Corp

18,125‌

305‌

Want

Want

China

Holdings

Ltd

407,000‌

271‌

$

2,404‌

Gas

-

0

.40

%

ENN

Natural

Gas

Co

Ltd

103,593‌

271‌

Healthcare

-

Products

-

0

.48

%

Shenzhen

Mindray

Bio-Medical

Electronics

Co

Ltd

7,900‌

327‌

Healthcare

-

Services

-

0

.77

%

Bangkok

Dusit

Medical

Services

PCL

452,300‌

352‌

WuXi

AppTec

Co

Ltd

(d)

21,500‌

172‌

$

524‌

Home

Furnishings

-

0

.56

%

Gree

Electric

Appliances

Inc

of

Zhuhai

75,800‌

381‌

Insurance

-

4

.00

%

AIA

Group

Ltd

59,600‌

605‌

China

Pacific

Insurance

Group

Co

Ltd

154,200‌

400‌

ICICI

Lombard

General

Insurance

Co

Ltd

(d)

16,850‌

277‌

ICICI

Prudential

Life

Insurance

Co

Ltd

(d)

35,601‌

249‌

PICC

Property

&

Casualty

Co

Ltd

576,000‌

642‌

Qualitas

Controladora

SAB

de

CV

76,400‌

565‌

$

2,738‌

Schedule

of

Investments

Global

Emerging

Markets

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

159

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Internet

-

12

.33

%

Alibaba

Group

Holding

Ltd

(e)

168,292‌

$

1,752‌

Baidu

Inc

(e)

41,650‌

710‌

IndiaMart

InterMesh

Ltd

(d)

7,992‌

275‌

Meituan

(d),(e)

23,520‌

369‌

My

EG

Services

Bhd

947,900‌

153‌

Naspers

Ltd

3,921‌

708‌

PDD

Holdings

Inc

ADR

(e)

8,468‌

585‌

Tencent

Holdings

Ltd

75,800‌

3,214‌

Tongcheng

Travel

Holdings

Ltd

(e)

128,400‌

270‌

Trip.com

Group

Ltd

ADR

(e)

11,377‌

398‌

$

8,434‌

Investment

Companies

-

0

.19

%

VEF

AB

(e),(f)

687,023‌

130‌

Iron

&

Steel

-

1

.88

%

Gerdau

SA

ADR

71,866‌

375‌

Hunan

Valin

Steel

Co

Ltd

268,996‌

177‌

Severstal

PAO

(e)

9,865‌

—‌

Vale

SA

54,900‌

738‌

$

1,290‌

Leisure

Products

&

Services

-

1

.15

%

Eicher

Motors

Ltd

8,951‌

391‌

Yadea

Group

Holdings

Ltd

(d)

174,000‌

397‌

$

788‌

Lodging

-

0

.42

%

Galaxy

Entertainment

Group

Ltd

(e)

45,000‌

287‌

Machinery

-

Diversified

-

1

.11

%

NARI

Technology

Co

Ltd

113,030‌

360‌

WEG

SA

50,700‌

400‌

$

760‌

Metal

Fabrication

&

Hardware

-

0

.48

%

APL

Apollo

Tubes

Ltd

20,651‌

329‌

Mining

-

1

.11

%

Anglo

American

PLC

15,357‌

437‌

Polyus

PJSC

108‌

—‌

Shandong

Gold

Mining

Co

Ltd

(d)

176,250‌

324‌

$

761‌

Miscellaneous

Manufacturers

-

1

.02

%

Airtac

International

Group

9,000‌

297‌

Elite

Material

Co

Ltd

22,000‌

173‌

Zhuzhou

CRRC

Times

Electric

Co

Ltd

60,700‌

227‌

$

697‌

Oil

&

Gas

-

5

.58

%

Indian

Oil

Corp

Ltd

335,975‌

374‌

PRIO

SA/Brazil

(e)

49,200‌

382‌

Reliance

Industries

Ltd

52,581‌

1,639‌

Saudi

Arabian

Oil

Co

(d)

113,447‌

983‌

S-Oil

Corp

5,063‌

257‌

Thai

Oil

PCL

146,900‌

184‌

$

3,819‌

Pharmaceuticals

-

1

.62

%

Caplin

Point

Laboratories

Ltd

18,857‌

186‌

Grand

Pharmaceutical

Group

Ltd

326,000‌

184‌

Hansoh

Pharmaceutical

Group

Co

Ltd

(d)

142,000‌

229‌

Richter

Gedeon

Nyrt

9,417‌

232‌

Simcere

Pharmaceutical

Group

Ltd

(d)

276,000‌

275‌

$

1,106‌

Real

Estate

-

1

.29

%

China

Overseas

Land

&

Investment

Ltd

119,000‌

260‌

China

Resources

Land

Ltd

70,000‌

298‌

Multiplan

Empreendimentos

Imobiliarios

SA

55,500‌

322‌

$

880‌

Retail

-

3

.51

%

El

Puerto

de

Liverpool

SAB

de

CV

36,411‌

222‌

Jumbo

SA

20,648‌

568‌

Mitra

Adiperkasa

Tbk

PT

(e)

3,033,500‌

342‌

Wal-Mart

de

Mexico

SAB

de

CV

186,900‌

741‌

Yum

China

Holdings

Inc

9,350‌

530‌

$

2,403‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Semiconductors

-

18

.23

%

Alchip

Technologies

Ltd

6,000‌

$

347‌

ASML

Holding

NV

-

NY

Reg

Shares

717‌

520‌

ASPEED

Technology

Inc

2,000‌

184‌

Hana

Materials

Inc

4,593‌

185‌

MediaTek

Inc

24,000‌

531‌

Novatek

Microelectronics

Corp

16,400‌

225‌

Parade

Technologies

Ltd

6,000‌

208‌

Samsung

Electronics

Co

Ltd

73,947‌

4,072‌

SK

Hynix

Inc

8,936‌

785‌

Taiwan

Semiconductor

Manufacturing

Co

Ltd

293,164‌

5,416‌

$

12,473‌

Shipbuilding

-

0

.60

%

Yangzijiang

Shipbuilding

Holdings

Ltd

372,000‌

414‌

Software

-

1

.07

%

AGMO

HOLDINGS

BHD

(e)

8,903‌

1‌

NetEase

Inc

37,900‌

734‌

$

735‌

Telecommunications

-

1

.83

%

Accton

Technology

Corp

32,000‌

359‌

America

Movil

SAB

de

CV

ADR

12,816‌

277‌

Millicom

International

Cellular

SA

(e)

11,414‌

175‌

ZTE

Corp

109,400‌

440‌

$

1,251‌

Textiles

-

0

.28

%

SLC

Agricola

SA

24,178‌

193‌

Transportation

-

0

.53

%

Container

Corp

Of

India

Ltd

17,839‌

144‌

MISC

Bhd

141,000‌

217‌

$

361‌

TOTAL

COMMON

STOCKS

$

67,021‌

PREFERRED

STOCKS

-

0

.45

%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

0

.43

%

Hyundai

Motor

Co

7,100.00%

3,509‌

$

293‌

Diversified

Financial

Services

-

0

.02

%

Fubon

Financial

Holding

Co

Ltd

0.33%

6,701‌

13‌

TOTAL

PREFERRED

STOCKS

$

306‌

Total

Investments

$

68,383‌

Other

Assets

and

Liabilities

-  0.05%

37‌

TOTAL

NET

ASSETS

-

100.00%

$

68,420‌

(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

or

0.01%

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

$5,141

or

7.51%

of

net

assets.

(e)

Non-income

producing

security

(f)

Security

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4

or

0.01%

of

net

assets.

Schedule

of

Investments

Global

Emerging

Markets

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

160

Portfolio

Summary

Location

Percent

China

23

.36‌

%

India

14

.04‌

%

Taiwan

13

.71‌

%

Korea,

Republic

Of

12

.61‌

%

Brazil

6

.61‌

%

Mexico

5

.46‌

%

Hong

Kong

3

.64‌

%

Indonesia

3

.39‌

%

Saudi

Arabia

2

.85‌

%

South

Africa

2

.39‌

%

United

States

1

.84‌

%

Thailand

1

.28‌

%

Malaysia

1

.05‌

%

United

Arab

Emirates

0

.88‌

%

Ireland

0

.86‌

%

Poland

0

.86‌

%

Greece

0

.83‌

%

Netherlands

0

.76‌

%

United

Kingdom

0

.64‌

%

Philippines

0

.44‌

%

Kuwait

0

.43‌

%

Uruguay

0

.35‌

%

Hungary

0

.34‌

%

Vietnam

0

.31‌

%

Singapore

0

.31‌

%

Luxembourg

0

.26‌

%

Peru

0

.26‌

%

Sweden

0

.19‌

%

Russian

Federation

0

.00‌

%

Other

Assets

and

Liabilities

0

.05‌

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

2,443‌

$

9,760‌

$

11,157‌

$

1,046‌

$

2,443‌

$

9,760‌

$

11,157‌

$

1,046‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

31‌

$

—‌

$

—‌

$

—‌

$

31‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Government

&

High

Quality

Bond

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

161

INVESTMENT

COMPANIES

-

2.03%

Shares

Held

Value

(000's)

Money

Market

Funds

-

2.03%

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(a),(b)

2,557,696‌

$

2,558‌

TOTAL

INVESTMENT

COMPANIES

$

2,558‌

BONDS

-

9.92%

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

-

2.69%

AmeriCredit

Automobile

Receivables

Trust

2022-2

6.22%,

12/18/2025

$

529‌

$

530‌

1.00

x

30

Day

Average

Secured

Overnight

Financing

Rate

+

1.15%

Americredit

Automobile

Receivables

Trust

2023-1

5.84%,

10/19/2026

600‌

600‌

Capital

One

Prime

Auto

Receivables

Trust

2021-1

0.32%,

02/18/2025

43‌

43‌

CarMax

Auto

Owner

Trust

2022-1

0.91%,

02/18/2025

212‌

211‌

Carvana

Auto

Receivables

Trust

2021-P4

0.82%,

04/10/2025

92‌

91‌

GM

Financial

Consumer

Automobile

Receivables

Trust

2021-4

0.28%,

11/18/2024

31‌

31‌

Santander

Drive

Auto

Receivables

Trust

2022-7

5.81%,

01/15/2026

669‌

669‌

Toyota

Auto

Loan

Extended

Note

Trust

2019-1

2.56%,

11/25/2031

(c)

1,250‌

1,214‌

$

3,389‌

Commercial

Mortgage

Backed

Securities

-

0.12%

Ginnie

Mae

0.06%,

02/16/2055

(d),(e)

9,439‌

8‌

0.42%,

04/16/2047

(d),(e)

4,869‌

40‌

0.44%,

11/16/2052

(d),(e)

3,332‌

30‌

0.58%,

03/16/2060

(d),(e)

1,802‌

72‌

$

150‌

Mortgage

Backed

Securities

-

5.98%

EverBank

Mortgage

Loan

Trust

18-1

3.50%,

02/25/2048

(c),(e)

102‌

89‌

Fannie

Mae

Grantor

Trust

2005-T1

5.41%,

05/25/2035

108‌

103‌

1.00

x

1

Month

USD

LIBOR

+

0.35%

Fannie

Mae

Interest

Strip

3.50%,

12/25/2043

(d),(e)

585‌

82‌

Fannie

Mae

REMICS

0.00%,

06/25/2045

(d),(f)

1,210‌

44‌

1.00

x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.00%

0.90%,

09/25/2049

(d)

998‌

108‌

(1.00)

x

1

Month

USD

LIBOR

+

6.05%

3.00%,

10/25/2040

(d)

297‌

10‌

3.00%,

04/25/2042

115‌

110‌

3.00%,

05/25/2048

82‌

72‌

3.00%,

01/25/2051

(d)

1,904‌

311‌

4.50%,

04/25/2045

(d)

1,133‌

239‌

7.00%,

04/25/2032

51‌

52‌

Freddie

Mac

REMICS

0.00%,

05/15/2038

(d),(f)

1,137‌

43‌

1.00

x

12

Month

Treasury

Average

Index

+

0.00%

0.90%,

11/25/2049

(d)

1,126‌

126‌

(1.00)

x

1

Month

USD

LIBOR

+

6.05%

1.50%,

04/15/2028

279‌

260‌

3.00%,

11/15/2035

159‌

158‌

3.00%,

04/15/2046

102‌

93‌

Ginnie

Mae

0.94%,

06/20/2046

(d)

311‌

33‌

(1.00)

x

1

Month

USD

LIBOR

+

6.10%

0.99%,

12/20/2043

(d)

711‌

66‌

(1.00)

x

1

Month

USD

LIBOR

+

6.14%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mortgage

Backed

Securities

(continued)

Ginnie

Mae  

(continued)

1.04%,

10/20/2045

(d)

$

841‌

$

97‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

1.05%,

11/20/2047

(d)

602‌

65‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

1.14%,

08/20/2050

(d)

2,218‌

274‌

(1.00)

x

1

Month

USD

LIBOR

+

6.30%

1.14%,

11/20/2050

(d)

1,305‌

168‌

(1.00)

x

1

Month

USD

LIBOR

+

6.30%

1.14%,

07/20/2051

(d)

1,490‌

180‌

(1.00)

x

1

Month

USD

LIBOR

+

6.30%

1.14%,

08/20/2051

(d)

1,723‌

202‌

(1.00)

x

1

Month

USD

LIBOR

+

6.30%

3.00%,

07/20/2050

(d)

1,169‌

163‌

3.00%,

09/20/2050

(d)

2,118‌

309‌

3.00%,

10/20/2050

(d)

1,581‌

234‌

3.00%,

11/20/2050

(d)

1,923‌

278‌

3.00%,

11/20/2050

(d)

3,218‌

465‌

3.00%,

12/20/2050

(d)

1,236‌

186‌

3.50%,

10/20/2049

(d)

1,841‌

294‌

4.00%,

02/20/2044

(d)

740‌

47‌

4.00%,

04/20/2044

(d)

490‌

36‌

4.00%,

01/20/2046

(d)

311‌

19‌

JP

Morgan

Mortgage

Trust

2016-4

3.50%,

10/25/2046

(c),(e)

122‌

109‌

JP

Morgan

Mortgage

Trust

2017-3

3.74%,

08/25/2047

(c),(e)

485‌

427‌

New

Residential

Mortgage

Loan

Trust

2014-1

5.00%,

01/25/2054

(c),(e)

876‌

837‌

New

Residential

Mortgage

Loan

Trust

2015-2

5.37%,

08/25/2055

(c),(e)

736‌

691‌

Sequoia

Mortgage

Trust

2013-2

3.63%,

02/25/2043

(e)

126‌

117‌

Sequoia

Mortgage

Trust

2017-3

3.75%,

04/25/2047

(c),(e)

396‌

349‌

$

7,546‌

Other

Asset

Backed

Securities

-

1.13%

Chase

Funding

Trust

Series

2004-1

5.61%,

12/25/2033

69‌

66‌

1.00

x

1

Month

USD

LIBOR

+

0.46%

DLLST

2022-1

LLC

2.79%,

01/22/2024

(c)

255‌

254‌

HPEFS

Equipment

Trust

1.02%,

05/21/2029

(c)

242‌

241‌

HPEFS

Equipment

Trust

2022-2

3.15%,

09/20/2029

(c)

874‌

866‌

$

1,427‌

TOTAL

BONDS

$

12,512‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

99.76%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

6.15%

2.00%,

10/01/2031

$

261‌

$

237‌

3.00%,

02/01/2027

56‌

54‌

3.00%,

01/01/2031

197‌

188‌

3.00%,

01/01/2033

385‌

363‌

3.00%,

03/01/2037

148‌

137‌

3.00%,

08/01/2042

255‌

231‌

3.00%,

10/01/2042

240‌

217‌

3.00%,

10/01/2042

469‌

424‌

3.00%,

05/01/2043

353‌

319‌

3.00%,

10/01/2046

407‌

367‌

3.50%,

02/01/2032

394‌

379‌

3.50%,

04/01/2042

598‌

561‌

3.50%,

05/01/2042

287‌

269‌

3.50%,

07/01/2042

919‌

861‌

3.50%,

02/01/2044

325‌

303‌

4.00%,

07/01/2042

412‌

401‌

Schedule

of

Investments

Government

&

High

Quality

Bond

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

162

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

4.00%,

01/01/2043

$

397‌

$

382‌

4.00%,

06/01/2043

386‌

370‌

4.00%,

10/01/2045

533‌

511‌

4.23%,

09/01/2032

6‌

6‌

1.00

x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.23%

4.50%,

11/01/2043

416‌

410‌

5.00%,

10/01/2025

22‌

21‌

5.00%,

02/01/2033

51‌

52‌

5.00%,

06/01/2033

91‌

91‌

5.00%,

01/01/2034

184‌

186‌

5.00%,

07/01/2035

41‌

41‌

5.00%,

07/01/2035

3‌

3‌

5.00%,

07/01/2035

9‌

9‌

5.00%,

10/01/2035

16‌

16‌

5.50%,

03/01/2033

43‌

44‌

5.50%,

04/01/2038

3‌

2‌

5.50%,

05/01/2038

10‌

10‌

6.00%,

05/01/2031

5‌

5‌

6.00%,

12/01/2031

5‌

5‌

6.00%,

11/01/2033

18‌

18‌

6.00%,

09/01/2034

20‌

21‌

6.00%,

02/01/2035

11‌

11‌

6.00%,

10/01/2036

18‌

19‌

6.00%,

03/01/2037

20‌

20‌

6.00%,

01/01/2038

36‌

37‌

6.00%,

04/01/2038

16‌

16‌

6.50%,

04/01/2026

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

5‌

5‌

6.50%,

11/01/2028

1‌

1‌

6.50%,

12/01/2028

3‌

3‌

6.50%,

03/01/2029

1‌

1‌

6.50%,

07/01/2031

14‌

14‌

6.50%,

08/01/2031

3‌

3‌

6.50%,

10/01/2031

6‌

6‌

6.50%,

10/01/2031

3‌

3‌

6.50%,

12/01/2031

6‌

6‌

6.50%,

02/01/2032

6‌

6‌

6.50%,

05/01/2032

13‌

14‌

6.50%,

04/01/2035

3‌

3‌

7.00%,

09/01/2027

1‌

1‌

7.00%,

01/01/2028

9‌

9‌

7.00%,

04/01/2028

5‌

5‌

7.00%,

05/01/2028

1‌

1‌

7.00%,

10/01/2031

3‌

3‌

7.00%,

10/01/2031

6‌

6‌

7.00%,

04/01/2032

20‌

21‌

7.50%,

10/01/2030

4‌

4‌

7.50%,

02/01/2031

3‌

3‌

7.50%,

02/01/2031

1‌

1‌

8.00%,

10/01/2030

5‌

5‌

8.50%,

07/01/2029

11‌

11‌

$

7,755‌

Federal

National

Mortgage

Association

(FNMA)

-

0.44%

3.00%,

04/01/2043

434‌

391‌

3.93%,

12/01/2033

23‌

22‌

1.00

x

12

Month

USD

LIBOR

+

1.68%

4.02%,

12/01/2032

8‌

8‌

1.00

x

12

Month

USD

LIBOR

+

1.64%

5.50%,

05/01/2033

9‌

9‌

6.00%,

05/01/2037

104‌

104‌

6.50%,

08/01/2025

6‌

6‌

6.50%,

11/01/2032

10‌

10‌

7.00%,

08/01/2028

5‌

5‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)

(continued)

7.00%,

12/01/2028

$

6‌

$

6‌

$

561‌

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

61.88%

2.00%,

02/01/2032

174‌

158‌

2.00%,

11/01/2035

1,196‌

1,067‌

2.00%,

10/01/2050

805‌

662‌

2.00%,

03/01/2051

1,899‌

1,572‌

2.00%,

05/01/2051

4,476‌

3,687‌

2.00%,

11/01/2051

2,807‌

2,290‌

2.00%,

11/01/2051

1,798‌

1,476‌

2.00%,

11/01/2051

1,512‌

1,240‌

2.00%,

12/01/2051

2,692‌

2,210‌

2.00%,

12/01/2051

2,753‌

2,265‌

2.00%,

01/01/2052

1,849‌

1,515‌

2.00%,

02/01/2052

2,118‌

1,738‌

2.50%,

06/01/2027

269‌

257‌

2.50%,

08/01/2028

218‌

206‌

2.50%,

12/01/2031

352‌

326‌

2.50%,

09/01/2032

239‌

221‌

2.50%,

08/01/2035

1,058‌

972‌

2.50%,

08/01/2050

2,766‌

2,370‌

2.50%,

07/01/2051

3,517‌

3,011‌

2.50%,

12/01/2051

973‌

835‌

2.50%,

12/01/2051

2,282‌

1,978‌

2.50%,

12/01/2051

2,510‌

2,163‌

2.50%,

01/01/2052

1,983‌

1,709‌

2.50%,

02/01/2052

1,832‌

1,566‌

2.50%,

04/01/2052

5,019‌

4,338‌

2.50%,

04/01/2052

1,325‌

1,136‌

3.00%,

05/01/2029

263‌

251‌

3.00%,

08/01/2031

575‌

542‌

3.00%,

12/01/2034

409‌

383‌

3.00%,

10/01/2036

301‌

278‌

3.00%,

10/01/2042

785‌

708‌

3.00%,

10/01/2046

527‌

472‌

3.00%,

11/01/2046

956‌

856‌

3.00%,

08/01/2049

242‌

215‌

3.00%,

10/01/2049

593‌

527‌

3.00%,

12/01/2049

544‌

483‌

3.00%,

01/01/2050

944‌

838‌

3.00%,

02/01/2050

877‌

779‌

3.00%,

07/01/2050

907‌

803‌

3.00%,

08/01/2050

695‌

616‌

3.00%,

09/01/2050

1,158‌

1,027‌

3.00%,

06/01/2052

1,970‌

1,736‌

3.50%,

08/01/2031

306‌

293‌

3.50%,

06/01/2039

209‌

197‌

3.50%,

11/01/2042

600‌

562‌

3.50%,

12/01/2042

618‌

578‌

3.50%,

02/01/2043

268‌

251‌

3.50%,

03/01/2045

274‌

255‌

3.50%,

03/01/2045

521‌

485‌

3.50%,

09/01/2045

390‌

363‌

3.50%,

03/01/2047

486‌

455‌

3.50%,

11/01/2048

1,120‌

1,050‌

3.50%,

03/01/2050

1,304‌

1,223‌

3.50%,

08/01/2050

972‌

906‌

3.50%,

06/01/2052

993‌

906‌

4.00%,

01/01/2034

196‌

191‌

4.00%,

10/01/2037

288‌

278‌

4.00%,

02/01/2041

597‌

574‌

4.00%,

02/01/2042

372‌

358‌

4.00%,

10/01/2043

121‌

116‌

4.00%,

08/01/2044

267‌

258‌

4.00%,

10/01/2044

732‌

708‌

4.00%,

11/01/2044

252‌

244‌

4.00%,

08/01/2045

383‌

370‌

Schedule

of

Investments

Government

&

High

Quality

Bond

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

163

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%,

08/01/2046

$

638‌

$

609‌

4.00%,

07/01/2047

520‌

503‌

4.00%,

10/01/2047

425‌

408‌

4.50%,

08/01/2039

720‌

711‌

4.50%,

09/01/2043

746‌

736‌

4.50%,

10/01/2043

443‌

432‌

4.50%,

11/01/2043

425‌

416‌

4.50%,

09/01/2045

302‌

296‌

4.50%,

10/01/2045

441‌

435‌

4.50%,

11/01/2045

665‌

653‌

5.00%,

05/01/2033

489‌

491‌

5.00%,

04/01/2035

41‌

41‌

5.00%,

04/01/2035

48‌

48‌

5.00%,

07/01/2035

2‌

2‌

5.00%,

02/01/2038

194‌

196‌

5.00%,

02/01/2040

579‌

588‌

5.00%,

07/01/2041

441‌

444‌

5.00%,

07/01/2053

(g)

2,000‌

1,960‌

5.50%,

06/01/2033

27‌

28‌

5.50%,

02/01/2037

1‌

1‌

5.50%,

03/01/2038

43‌

44‌

5.50%,

07/01/2053

(g)

4,200‌

4,180‌

6.00%,

11/01/2028

8‌

8‌

6.00%,

12/01/2031

2‌

2‌

6.00%,

01/01/2033

22‌

22‌

6.00%,

07/01/2037

47‌

48‌

6.00%,

11/01/2037

3‌

3‌

6.00%,

12/01/2037

5‌

5‌

6.00%,

03/01/2038

32‌

32‌

6.00%,

07/01/2053

(g)

2,500‌

2,522‌

6.50%,

07/01/2025

4‌

4‌

6.50%,

02/01/2026

1‌

—‌

6.50%,

05/01/2026

1‌

1‌

6.50%,

06/01/2026

1‌

1‌

6.50%,

07/01/2028

5‌

6‌

6.50%,

03/01/2029

3‌

3‌

6.50%,

06/01/2031

8‌

8‌

6.50%,

01/01/2032

3‌

3‌

6.50%,

08/01/2032

5‌

5‌

6.50%,

02/01/2033

6‌

6‌

6.50%,

12/01/2036

9‌

10‌

6.50%,

07/01/2037

12‌

12‌

6.50%,

07/01/2037

3‌

3‌

6.50%,

02/01/2038

15‌

16‌

7.00%,

10/01/2029

4‌

4‌

7.00%,

05/01/2031

3‌

3‌

7.00%,

11/01/2031

8‌

8‌

8.00%,

06/01/2030

1‌

1‌

$

78,061‌

Government

National

Mortgage

Association

(GNMA)

-

22.04%

2.00%,

08/20/2050

1,280‌

1,081‌

2.00%,

01/20/2051

1,537‌

1,296‌

2.00%,

02/20/2051

3,348‌

2,822‌

2.50%,

06/20/2050

2,648‌

2,310‌

2.50%,

05/20/2051

2,570‌

2,233‌

3.00%,

11/15/2042

314‌

286‌

3.00%,

12/15/2042

696‌

634‌

3.00%,

02/15/2043

760‌

692‌

3.00%,

05/15/2043

873‌

795‌

3.00%,

07/20/2045

457‌

418‌

3.00%,

07/20/2046

239‌

218‌

3.00%,

08/20/2046

525‌

477‌

3.00%,

09/20/2046

639‌

581‌

3.00%,

12/20/2046

328‌

298‌

3.00%,

02/20/2047

417‌

378‌

3.00%,

08/20/2047

249‌

226‌

3.50%,

01/15/2043

563‌

531‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Government

National

Mortgage

Association

(GNMA)

(continued)

3.50%,

05/15/2043

$

581‌

$

548‌

3.50%,

06/20/2043

373‌

349‌

3.50%,

04/20/2045

264‌

247‌

3.50%,

06/20/2046

43‌

41‌

3.50%,

02/20/2047

450‌

421‌

3.50%,

05/20/2047

470‌

451‌

3.50%,

11/20/2047

312‌

300‌

3.50%,

07/20/2053

(g)

2,000‌

1,846‌

4.00%,

08/15/2041

337‌

326‌

4.00%,

07/20/2047

325‌

320‌

4.00%,

01/20/2048

1,087‌

1,042‌

4.00%,

04/20/2052

891‌

843‌

4.50%,

07/15/2040

178‌

176‌

4.50%,

07/20/2053

(g)

1,000‌

965‌

5.00%,

09/15/2033

2‌

2‌

5.00%,

02/15/2034

121‌

122‌

5.00%,

09/15/2039

15‌

15‌

5.50%,

11/15/2033

18‌

18‌

5.50%,

05/20/2035

50‌

52‌

5.50%,

07/20/2053

(g)

2,750‌

2,737‌

6.00%,

04/20/2026

1‌

1‌

6.00%,

05/20/2026

1‌

1‌

6.00%,

03/20/2028

1‌

1‌

6.00%,

06/20/2028

6‌

6‌

6.00%,

07/20/2028

2‌

2‌

6.00%,

02/20/2029

2‌

2‌

6.00%,

03/20/2029

5‌

5‌

6.00%,

07/20/2029

5‌

5‌

6.00%,

07/20/2033

49‌

51‌

6.00%,

07/20/2053

(g)

1,500‌

1,510‌

6.50%,

12/20/2025

2‌

2‌

6.50%,

02/20/2026

1‌

1‌

6.50%,

03/20/2031

4‌

4‌

6.50%,

04/20/2031

4‌

5‌

7.00%,

01/15/2028

1‌

1‌

7.00%,

01/15/2028

1‌

1‌

7.00%,

01/15/2028

2‌

2‌

7.00%,

03/15/2028

35‌

34‌

7.00%,

01/15/2029

7‌

7‌

7.00%,

03/15/2029

2‌

2‌

7.00%,

05/15/2031

3‌

3‌

7.00%,

09/15/2031

18‌

19‌

7.00%,

06/15/2032

31‌

31‌

8.00%,

07/15/2026

1‌

1‌

8.00%,

08/15/2026

1‌

1‌

$

27,795‌

U.S.

Treasury

-

4.62%

0.75%,

12/31/2023

4,475‌

4,376‌

1.38%,

11/15/2031

250‌

206‌

1.88%,

11/15/2051

250‌

165‌

4.50%,

02/15/2036

1,000‌

1,079‌

$

5,826‌

U.S.

Treasury

Bill

-

4.63%

4.32%,

12/28/2023

(h)

4,500‌

4,384‌

4.35%,

11/30/2023

(h)

1,492‌

1,460‌

$

5,844‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

125,842‌

Total

Investments

$

140,912‌

Other

Assets

and

Liabilities

-  (11.71)%

(14,773‌)

TOTAL

NET

ASSETS

-

100.00%

$

126,139‌

Schedule

of

Investments

Government

&

High

Quality

Bond

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

164

(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

$5,077

or

4.02%

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)

Non-income

producing

security

(g)

Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

(h)

Rate

shown

is

the

discount

rate

of

the

original

purchase.

Portfolio

Summary

Sector

Percent

Mortgage

Securities

96.61‌%

Government

9.25‌%

Asset

Backed

Securities

3.82‌%

Money

Market

Funds

2.03‌%

Other

Assets

and

Liabilities

(11.71‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

5,397‌

$

50,143‌

$

52,982‌

$

2,558‌

$

5,397‌

$

50,143‌

$

52,982‌

$

2,558‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

95‌

$

—‌

$

—‌

$

—‌

$

95‌

$

—‌

$

—‌

$

—‌

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

2023

Long

16‌

$

1,796‌

$

(32‌)

US

5

Year

Note;

September

2023

Short

51‌

5,462‌

104‌

US

Long

Bond;

September

2023

Long

66‌

8,376‌

(4‌)

Total

$

68‌

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

LargeCap

Growth

Account

I

June

30,

2023

(unaudited)

See

accompanying

notes.

165

INVESTMENT

COMPANIES

-

2.94%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.18%

iShares

Russell

1000

Growth

ETF

3,500‌

$

963‌

Money

Market

Funds

-

2.76%

BlackRock

Liquidity

FedFund

-

Institutional

Class

5.00%

(a),(b)

1,135,856‌

1,136‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(a),(c)

13,808,035‌

13,808‌

$

14,944‌

TOTAL

INVESTMENT

COMPANIES

$

15,907‌

CONVERTIBLE

PREFERRED

STOCKS

-

0.09%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

0.02%

Waymo

LLC

Series

A-2

0.00%

(d),(e),(f)

2,489‌

$

95‌

Chemicals

-

0.02%

Sila

Nano

Series

F

0.00%

(d),(e),(f)

4,929‌

100‌

Software

-

0.05%

Nuro

-

Series

C

0.00%

(d),(e),(f)

17,442‌

108‌

Rappi

Inc

-

Series

E

0.00%

(d),(e),(f)

5,133‌

185‌

$

293‌

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

488‌

COMMON

STOCKS

-

97.17%

Shares

Held

Value

(000's)

Advertising

-

0.19%

Trade

Desk

Inc

/The

(d)

12,970‌

$

1,002‌

Aerospace

&

Defense

-

0.09%

Boeing

Co/The

(d)

247‌

52‌

HEICO

Corp

131‌

23‌

HEICO

Corp

-

Class

A

232‌

33‌

Lockheed

Martin

Corp

735‌

339‌

Northrop

Grumman

Corp

27‌

12‌

Spirit

AeroSystems

Holdings

Inc

35‌

1‌

TransDigm

Group

Inc

29‌

26‌

$

486‌

Airlines

-

0.00%

American

Airlines

Group

Inc

(d)

783‌

14‌

Delta

Air

Lines

Inc

107‌

5‌

$

19‌

Apparel

-

0.06%

Crocs

Inc

(d)

197‌

22‌

Deckers

Outdoor

Corp

(d)

85‌

45‌

NIKE

Inc

2,063‌

228‌

Skechers

USA

Inc

(d)

32‌

2‌

Tapestry

Inc

50‌

2‌

$

299‌

Automobile

Manufacturers

-

0.59%

Rivian

Automotive

Inc

(d),(g)

51,159‌

852‌

Tesla

Inc

(d)

8,978‌

2,350‌

$

3,202‌

Automobile

Parts

&

Equipment

-

0.00%

Allison

Transmission

Holdings

Inc

29‌

2‌

Banks

-

0.01%

First

Citizens

BancShares

Inc

/NC

4‌

5‌

NU

Holdings

Ltd/Cayman

Islands

(d)

5,138‌

41‌

$

46‌

Beverages

-

0.72%

Boston

Beer

Co

Inc

/The

(d)

30‌

9‌

Brown-Forman

Corp

-

A

Shares

126‌

8‌

Brown-Forman

Corp

-

B

Shares

474‌

32‌

Celsius

Holdings

Inc

(d)

176‌

26‌

Coca-Cola

Co/The

6,287‌

379‌

Constellation

Brands

Inc

49‌

12‌

Monster

Beverage

Corp

(d)

49,336‌

2,834‌

PepsiCo

Inc

3,098‌

574‌

$

3,874‌

Biotechnology

-

0.74%

Alnylam

Pharmaceuticals

Inc

(d)

324‌

61‌

Amgen

Inc

1,183‌

263‌

Apellis

Pharmaceuticals

Inc

(d)

324‌

29‌

BioMarin

Pharmaceutical

Inc

(d)

71‌

6‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Biotechnology

(continued)

Certara

Inc

(d)

141‌

$

3‌

Exelixis

Inc

(d)

770‌

15‌

Horizon

Therapeutics

Plc

(d)

644‌

66‌

Illumina

Inc

(d)

153‌

29‌

Incyte

Corp

(d)

443‌

28‌

Ionis

Pharmaceuticals

Inc

(d)

399‌

16‌

Karuna

Therapeutics

Inc

(d)

103‌

22‌

Legend

Biotech

Corp

ADR

(d)

14,221‌

982‌

Maravai

LifeSciences

Holdings

Inc

(d)

207‌

3‌

Regeneron

Pharmaceuticals

Inc

(d)

23‌

16‌

Roivant

Sciences

Ltd

(d)

750‌

8‌

Sarepta

Therapeutics

Inc

(d)

290‌

33‌

Seagen

Inc

(d)

455‌

88‌

Ultragenyx

Pharmaceutical

Inc

(d)

219‌

10‌

Vertex

Pharmaceuticals

Inc

(d)

6,567‌

2,311‌

$

3,989‌

Building

Materials

-

0.02%

Armstrong

World

Industries

Inc

43‌

3‌

Eagle

Materials

Inc

77‌

14‌

Trane

Technologies

PLC

219‌

42‌

Trex

Co

Inc

(d)

357‌

23‌

Vulcan

Materials

Co

95‌

22‌

$

104‌

Chemicals

-

0.07%

Axalta

Coating

Systems

Ltd

(d)

77‌

3‌

Ecolab

Inc

629‌

117‌

FMC

Corp

61‌

6‌

Linde

PLC

151‌

58‌

PPG

Industries

Inc

192‌

28‌

RPM

International

Inc

78‌

7‌

Sherwin-Williams

Co/The

645‌

171‌

Valvoline

Inc

147‌

6‌

$

396‌

Commercial

Services

-

4.76%

Affirm

Holdings

Inc

(d),(g)

17,393‌

267‌

Automatic

Data

Processing

Inc

1,155‌

254‌

Avis

Budget

Group

Inc

(d)

22‌

5‌

Block

Inc

(d)

655‌

44‌

Booz

Allen

Hamilton

Holding

Corp

422‌

47‌

Bright

Horizons

Family

Solutions

Inc

(d)

24‌

2‌

Cintas

Corp

13,403‌

6,663‌

CoStar

Group

Inc

(d)

75,996‌

6,763‌

Equifax

Inc

274‌

64‌

Euronet

Worldwide

Inc

(d)

77‌

9‌

FleetCor

Technologies

Inc

(d)

218‌

55‌

FTI

Consulting

Inc

(d)

21‌

4‌

Gartner

Inc

(d)

249‌

87‌

Global

Payments

Inc

20,634‌

2,033‌

Grand

Canyon

Education

Inc

(d)

27‌

3‌

H&R

Block

Inc

320‌

10‌

MarketAxess

Holdings

Inc

120‌

31‌

Moody's

Corp

471‌

164‌

Morningstar

Inc

83‌

16‌

Paylocity

Holding

Corp

(d)

6,142‌

1,133‌

PayPal

Holdings

Inc

(d)

3,309‌

221‌

Quanta

Services

Inc

123‌

24‌

RB

Global

Inc

451‌

27‌

Rollins

Inc

718‌

31‌

S&P

Global

Inc

18,871‌

7,565‌

Service

Corp

International/US

176‌

11‌

Shift4

Payments

Inc

(d)

176‌

12‌

Toast

Inc

(d)

1,151‌

26‌

U-Haul

Holding

Co

100‌

5‌

U-Haul

Holding

Co

11‌

1‌

United

Rentals

Inc

46‌

21‌

Verisk

Analytics

Inc

465‌

105‌

WEX

Inc

(d)

64‌

12‌

WillScot

Mobile

Mini

Holdings

Corp

(d)

162‌

8‌

$

25,723‌

Schedule

of

Investments

LargeCap

Growth

Account

I

June

30,

2023

(unaudited)

See

accompanying

notes.

166

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Computers

-

5.99%

Accenture

PLC

-

Class

A

2,057‌

$

635‌

Apple

Inc

161,349‌

31,297‌

Crowdstrike

Holdings

Inc

(d)

689‌

101‌

EPAM

Systems

Inc

(d)

180‌

40‌

Fortinet

Inc

(d)

2,136‌

161‌

Genpact

Ltd

146‌

6‌

Globant

SA

(d)

134‌

24‌

HP

Inc

574‌

18‌

KBR

Inc

161‌

11‌

NetApp

Inc

277‌

21‌

Pure

Storage

Inc

(d)

715‌

26‌

Zscaler

Inc

(d)

283‌

41‌

$

32,381‌

Consumer

Products

-

0.05%

Avery

Dennison

Corp

87‌

15‌

Church

&

Dwight

Co

Inc

711‌

71‌

Clorox

Co/The

402‌

64‌

Kimberly-Clark

Corp

1,031‌

143‌

$

293‌

Cosmetics

&

Personal

Care

-

1.39%

Estee

Lauder

Cos

Inc

/The

37,122‌

7,290‌

Procter

&

Gamble

Co/The

1,441‌

219‌

$

7,509‌

Distribution

&

Wholesale

-

0.07%

Copart

Inc

(d)

1,395‌

127‌

Fastenal

Co

1,391‌

82‌

Ferguson

PLC

36‌

6‌

Pool

Corp

123‌

46‌

SiteOne

Landscape

Supply

Inc

(d)

47‌

8‌

Watsco

Inc

27‌

10‌

WW

Grainger

Inc

146‌

115‌

$

394‌

Diversified

Financial

Services

-

4.71%

American

Express

Co

631‌

110‌

Ameriprise

Financial

Inc

341‌

113‌

Apollo

Global

Management

Inc

1,696‌

130‌

Blue

Owl

Capital

Inc

217‌

3‌

Houlihan

Lokey

Inc

11‌

1‌

LPL

Financial

Holdings

Inc

251‌

55‌

Mastercard

Inc

42,388‌

16,671‌

Rocket

Cos

Inc

(d),(g)

146‌

1‌

SLM

Corp

308‌

5‌

TPG

Inc

60‌

2‌

Tradeweb

Markets

Inc

21,560‌

1,477‌

UWM

Holdings

Corp

108‌

1‌

Visa

Inc

29,019‌

6,891‌

Western

Union

Co/The

179‌

2‌

XP

Inc

(d)

89‌

2‌

$

25,464‌

Electric

-

0.01%

AES

Corp/The

1,326‌

28‌

Vistra

Corp

356‌

9‌

$

37‌

Electrical

Components

&

Equipment

-

1.13%

ChargePoint

Holdings

Inc

(d),(g)

908‌

8‌

Generac

Holdings

Inc

(d)

40,925‌

6,103‌

Universal

Display

Corp

69‌

10‌

$

6,121‌

Electronics

-

0.71%

Agilent

Technologies

Inc

781‌

94‌

Allegion

plc

263‌

32‌

Amphenol

Corp

40,666‌

3,454‌

Honeywell

International

Inc

280‌

58‌

Hubbell

Inc

79‌

26‌

Jabil

Inc

265‌

29‌

Keysight

Technologies

Inc

(d)

148‌

25‌

Mettler

-Toledo

International

Inc

(d)

71‌

93‌

National

Instruments

Corp

333‌

19‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electronics

(continued)

Vontier

Corp

171‌

$

5‌

$

3,835‌

Energy

-

Alternate

Sources

-

0.01%

Enphase

Energy

Inc

(d)

432‌

72‌

Engineering

&

Construction

-

0.00%

EMCOR

Group

Inc

52‌

9‌

TopBuild

Corp

(d)

7‌

2‌

$

11‌

Entertainment

-

0.10%

Caesars

Entertainment

Inc

(d)

274‌

14‌

Churchill

Downs

Inc

231‌

32‌

DraftKings

Inc

(d)

1,359‌

36‌

Live

Nation

Entertainment

Inc

(d)

4,696‌

428‌

Vail

Resorts

Inc

13‌

3‌

$

513‌

Environmental

Control

-

0.04%

Tetra

Tech

Inc

32‌

5‌

Waste

Management

Inc

1,190‌

207‌

$

212‌

Food

-

0.05%

Albertsons

Cos

Inc

116‌

3‌

Hershey

Co/The

356‌

89‌

Lamb

Weston

Holdings

Inc

447‌

51‌

Performance

Food

Group

Co

(d)

234‌

14‌

Sysco

Corp

1,650‌

122‌

$

279‌

Hand

&

Machine

Tools

-

0.01%

Lincoln

Electric

Holdings

Inc

170‌

34‌

MSA

Safety

Inc

21‌

3‌

$

37‌

Healthcare

-

Products

-

8.46%

10X

Genomics

Inc

(d)

298‌

17‌

Abbott

Laboratories

355‌

39‌

Align

Technology

Inc

(d)

16,146‌

5,710‌

Bio-

Techne

Corp

478‌

39‌

Bruker

Corp

340‌

25‌

Edwards

Lifesciences

Corp

(d)

80,338‌

7,579‌

Exact

Sciences

Corp

(d)

201‌

19‌

GE

HealthCare

Technologies

Inc

96‌

8‌

IDEXX

Laboratories

Inc

(d)

267‌

134‌

Inspire

Medical

Systems

Inc

(d)

93‌

30‌

Insulet

Corp

(d)

1,700‌

490‌

Intuitive

Surgical

Inc

(d)

48,500‌

16,584‌

Masimo

Corp

(d)

154‌

25‌

Natera

Inc

(d)

336‌

16‌

Novocure

Ltd

(d)

332‌

14‌

Penumbra

Inc

(d)

3,332‌

1,146‌

Repligen

Corp

(d)

80‌

11‌

ResMed

Inc

472‌

103‌

Shockwave

Medical

Inc

(d)

117‌

33‌

Stryker

Corp

17,165‌

5,237‌

Tandem

Diabetes

Care

Inc

(d)

29‌

1‌

Thermo

Fisher

Scientific

Inc

15,965‌

8,329‌

Waters

Corp

(d)

190‌

51‌

West

Pharmaceutical

Services

Inc

240‌

92‌

$

45,732‌

Healthcare

-

Services

-

2.48

%

agilon

health

Inc

(d)

779‌

13‌

Chemed

Corp

34‌

18‌

DaVita

Inc

(d)

175‌

18‌

Elevance

Health

Inc

103‌

46‌

Encompass

Health

Corp

21‌

1‌

Ginkgo

Bioworks

Holdings

Inc

(d),(g)

587‌

1‌

HCA

Healthcare

Inc

2,907‌

883‌

Humana

Inc

4,877‌

2,181‌

ICON

PLC

(d)

39‌

10‌

IQVIA

Holdings

Inc

(d)

556‌

125‌

Medpace

Holdings

Inc

(d)

75‌

18‌

Schedule

of

Investments

LargeCap

Growth

Account

I

June

30,

2023

(unaudited)

See

accompanying

notes.

167

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Healthcare

-

Services

(continued)

Molina

Healthcare

Inc

(d)

103‌

$

31‌

Sotera

Health

Co

(d)

226‌

4‌

UnitedHealth

Group

Inc

20,941‌

10,065‌

$

13,414‌

Home

Builders

-

0.00%

NVR

Inc

(d)

1‌

6‌

Home

Furnishings

-

0.00%

Tempur

Sealy

International

Inc

110‌

4‌

Housewares

-

0.00%

Scotts

Miracle-

Gro

Co/The

134‌

8‌

Insurance

-

1.27%

Arch

Capital

Group

Ltd

(d)

164‌

12‌

Arthur

J

Gallagher

&

Co

39‌

9‌

Brighthouse

Financial

Inc

(d)

22‌

1‌

Brown

&

Brown

Inc

300‌

21‌

Equitable

Holdings

Inc

1,162‌

32‌

Everest

Re

Group

Ltd

19‌

6‌

Kinsale

Capital

Group

Inc

70‌

26‌

Lincoln

National

Corp

52‌

1‌

Marsh

&

McLennan

Cos

Inc

1,291‌

243‌

Primerica

Inc

76‌

15‌

Progressive

Corp/The

48,652‌

6,440‌

RenaissanceRe

Holdings

Ltd

43‌

8‌

RLI

Corp

28‌

4‌

Ryan

Specialty

Holdings

Inc

(d)

301‌

14‌

Willis

Towers

Watson

PLC

43‌

10‌

$

6,842‌

Internet

-

16.83%

Airbnb

Inc

(d)

1,318‌

169‌

Alphabet

Inc

-

A

Shares

(d)

146,076‌

17,486‌

Alphabet

Inc

-

C

Shares

(d)

87,284‌

10,559‌

Amazon.com

Inc

(d)

223,528‌

29,139‌

Booking

Holdings

Inc

(d)

1,247‌

3,368‌

CDW

Corp/DE

415‌

76‌

Chewy

Inc

(d)

123,048‌

4,857‌

Coupang

Inc

(d)

76,779‌

1,336‌

DoorDash

Inc

-

Class

A

(d)

768‌

59‌

eBay

Inc

108‌

5‌

Etsy

Inc

(d)

224‌

19‌

Expedia

Group

Inc

(d)

342‌

37‌

Gen

Digital

Inc

281‌

5‌

GoDaddy

Inc

(d)

303‌

23‌

IAC

Inc

(d)

10,595‌

665‌

Lyft

Inc

(d)

957‌

9‌

Match

Group

Inc

(d)

105,357‌

4,409‌

Meta

Platforms

Inc

(d)

34,900‌

10,015‌

Netflix

Inc

(d)

8,268‌

3,642‌

Okta

Inc

(d)

32‌

2‌

Palo

Alto

Networks

Inc

(d)

970‌

248‌

Pinterest

Inc

(d)

1,929‌

53‌

Roku

Inc

(d)

50‌

3‌

Shopify

Inc

(d)

48,118‌

3,108‌

Spotify

Technology

SA

(d)

8,774‌

1,409‌

Uber

Technologies

Inc

(d)

6,310‌

272‌

VeriSign

Inc

(d)

16‌

4‌

Wayfair

Inc

(d),(g)

94‌

6‌

$

90,983‌

Leisure

Products

&

Services

-

0.13%

Brunswick

Corp/DE

19‌

1‌

Norwegian

Cruise

Line

Holdings

Ltd

(d)

331‌

7‌

Peloton

Interactive

Inc

(d)

80,940‌

623‌

Planet

Fitness

Inc

(d)

133‌

9‌

Polaris

Inc

16‌

2‌

Royal

Caribbean

Cruises

Ltd

(d)

229‌

24‌

YETI

Holdings

Inc

(d)

291‌

11‌

$

677‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Lodging

-

0.05%

Choice

Hotels

International

Inc

(g)

105‌

$

12‌

Hilton

Worldwide

Holdings

Inc

383‌

56‌

Las

Vegas

Sands

Corp

(d)

1,002‌

58‌

Marriott

International

Inc

/MD

821‌

151‌

Travel

+

Leisure

Co

110‌

5‌

Wyndham

Hotels

&

Resorts

Inc

20‌

1‌

Wynn

Resorts

Ltd

21‌

2‌

$

285‌

Machinery

-

Construction

&

Mining

-

0.06%

BWX

Technologies

Inc

51‌

4‌

Caterpillar

Inc

1,261‌

310‌

Vertiv

Holdings

Co

77‌

2‌

$

316‌

Machinery

-

Diversified

-

1.80%

Deere

&

Co

830‌

336‌

Graco

Inc

223‌

19‌

IDEX

Corp

29,094‌

6,263‌

Ingersoll

Rand

Inc

45,091‌

2,947‌

Otis

Worldwide

Corp

80‌

7‌

Rockwell

Automation

Inc

373‌

123‌

Toro

Co/The

338‌

34‌

Xylem

Inc

/NY

92‌

11‌

$

9,740‌

Media

-

0.04%

Cable

One

Inc

2‌

1‌

Charter

Communications

Inc

(d)

334‌

123‌

FactSet

Research

Systems

Inc

124‌

50‌

Liberty

Broadband

Corp

-

A

Shares

(d)

12‌

1‌

Liberty

Broadband

Corp

-

C

Shares

(d)

79‌

6‌

Nexstar

Media

Group

Inc

38‌

6‌

World

Wrestling

Entertainment

Inc

136‌

15‌

$

202‌

Metal

Fabrication

&

Hardware

-

0.00%

Advanced

Drainage

Systems

Inc

200‌

23‌

Valmont

Industries

Inc

5‌

1‌

$

24‌

Mining

-

0.00%

Southern

Copper

Corp

277‌

20‌

Miscellaneous

Manufacturers

-

0.05%

A

O

Smith

Corp

43‌

3‌

Axon

Enterprise

Inc

(d)

226‌

44‌

Donaldson

Co

Inc

163‌

10‌

Illinois

Tool

Works

Inc

805‌

202‌

$

259‌

Office

&

Business

Equipment

-

0.00%

Zebra

Technologies

Corp

(d)

30‌

9‌

Oil

&

Gas

-

0.03%

APA

Corp

893‌

30‌

Hess

Corp

505‌

69‌

Ovintiv

Inc

350‌

13‌

Texas

Pacific

Land

Corp

18‌

24‌

$

136‌

Oil

&

Gas

Services

-

0.00%

Halliburton

Co

588‌

19‌

Packaging

&

Containers

-

0.01%

Ardagh

Metal

Packaging

SA

433‌

2‌

Graphic

Packaging

Holding

Co

530‌

13‌

Sealed

Air

Corp

259‌

10‌

$

25‌

Pharmaceuticals

-

5.10%

AbbVie

Inc

5,742‌

774‌

AmerisourceBergen

Corp

525‌

101‌

Becton

Dickinson

&

Co

11,325‌

2,990‌

Cardinal

Health

Inc

429‌

41‌

Cigna

Group/The

22,300‌

6,257‌

Dexcom

Inc

(d)

40,308‌

5,180‌

Eli

Lilly

&

Co

11,323‌

5,310‌

Jazz

Pharmaceuticals

PLC

(d)

102‌

13‌

Schedule

of

Investments

LargeCap

Growth

Account

I

June

30,

2023

(unaudited)

See

accompanying

notes.

168

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Pharmaceuticals

(continued)

McKesson

Corp

169‌

$

72‌

Merck

&

Co

Inc

1,521‌

175‌

Neurocrine

Biosciences

Inc

(d)

314‌

30‌

Zoetis

Inc

38,523‌

6,634‌

$

27,577‌

Pipelines

-

0.04%

Antero

Midstream

Corp

368‌

4‌

Cheniere

Energy

Inc

788‌

120‌

New

Fortress

Energy

Inc

196‌

5‌

ONEOK

Inc

80‌

5‌

Targa

Resources

Corp

727‌

56‌

$

190‌

Private

Equity

-

0.05%

Ares

Management

Corp

521‌

50‌

Blackstone

Inc

2,295‌

213‌

KKR

&

Co

Inc

516‌

29‌

$

292‌

REITs

-

1.42%

American

Tower

Corp

1,514‌

294‌

Crown

Castle

Inc

150‌

17‌

Equinix

Inc

153‌

120‌

Equity

LifeStyle

Properties

Inc

189‌

13‌

Extra

Space

Storage

Inc

26‌

4‌

Iron

Mountain

Inc

467‌

26‌

Lamar

Advertising

Co

218‌

22‌

Public

Storage

297‌

87‌

SBA

Communications

Corp

30,377‌

7,040‌

Simon

Property

Group

Inc

231‌

27‌

Sun

Communities

Inc

87‌

11‌

UDR

Inc

59‌

2‌

$

7,663‌

Retail

-

4.75%

AutoZone

Inc

(d)

50‌

125‌

Best

Buy

Co

Inc

87‌

7‌

BJ's

Wholesale

Club

Holdings

Inc

(d)

150‌

9‌

Burlington

Stores

Inc

(d)

210‌

33‌

CarMax

Inc

(d)

29‌

2‌

Casey's

General

Stores

Inc

17‌

4‌

Chipotle

Mexican

Grill

Inc

(d)

1,102‌

2,357‌

Costco

Wholesale

Corp

16,860‌

9,077‌

Darden

Restaurants

Inc

184‌

31‌

Dick's

Sporting

Goods

Inc

14‌

2‌

Dollar

General

Corp

713‌

121‌

Domino's

Pizza

Inc

115‌

39‌

Five

Below

Inc

(d)

178‌

35‌

Floor

&

Decor

Holdings

Inc

(d)

338‌

35‌

Freshpet

Inc

(d)

41‌

3‌

Home

Depot

Inc

/The

3,295‌

1,024‌

Lowe's

Cos

Inc

1,424‌

321‌

Lululemon

Athletica

Inc

(d)

17,065‌

6,459‌

McDonald's

Corp

980‌

292‌

Murphy

USA

Inc

60‌

19‌

Ollie's

Bargain

Outlet

Holdings

Inc

(d)

64‌

4‌

O'Reilly

Automotive

Inc

(d)

168‌

161‌

RH

(d)

9‌

3‌

Ross

Stores

Inc

38,414‌

4,307‌

Starbucks

Corp

3,671‌

364‌

Target

Corp

1,496‌

197‌

Texas

Roadhouse

Inc

217‌

24‌

TJX

Cos

Inc

/The

3,747‌

318‌

Tractor

Supply

Co

356‌

79‌

Ulta

Beauty

Inc

(d)

163‌

77‌

Victoria's

Secret

&

Co

(d)

114‌

2‌

Wendy's

Co/The

562‌

12‌

Williams-Sonoma

Inc

28‌

4‌

Wingstop

Inc

97‌

19‌

Yum!

Brands

Inc

800‌

111‌

$

25,677‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Semiconductors

-

7.95%

Advanced

Micro

Devices

Inc

(d)

17,716‌

$

2,018‌

Allegro

MicroSystems

Inc

(d)

223‌

10‌

Applied

Materials

Inc

2,322‌

336‌

ASML

Holding

NV

-

NY

Reg

Shares

5,041‌

3,653‌

Broadcom

Inc

1,328‌

1,152‌

Entegris

Inc

26‌

3‌

KLA

Corp

447‌

217‌

Lam

Research

Corp

414‌

266‌

Lattice

Semiconductor

Corp

(d)

442‌

42‌

Marvell

Technology

Inc

24,100‌

1,441‌

Microchip

Technology

Inc

1,248‌

112‌

Monolithic

Power

Systems

Inc

147‌

79‌

NVIDIA

Corp

63,685‌

26,940‌

NXP

Semiconductors

NV

29,639‌

6,067‌

QUALCOMM

Inc

3,166‌

377‌

Teradyne

Inc

423‌

47‌

Texas

Instruments

Inc

1,206‌

217‌

$

42,977‌

Software

-

24.30%

Adobe

Inc

(d)

21,977‌

10,747‌

Alteryx

Inc

(d)

208‌

9‌

ANSYS

Inc

(d)

232‌

77‌

AppLovin

Corp

(d)

191‌

5‌

Atlassian

Corp

(d)

45,493‌

7,634‌

Autodesk

Inc

(d)

32,005‌

6,549‌

Bentley

Systems

Inc

579‌

31‌

Broadridge

Financial

Solutions

Inc

319‌

53‌

Cadence

Design

Systems

Inc

(d)

13,407‌

3,144‌

Ceridian

HCM

Holding

Inc

(d)

42‌

3‌

Cloudflare

Inc

(d)

935‌

61‌

Confluent

Inc

(d)

601‌

21‌

Datadog

Inc

(d)

888‌

87‌

DocuSign

Inc

(d)

657‌

34‌

DoubleVerify

Holdings

Inc

(d)

365‌

14‌

Doximity

Inc

(d)

155‌

5‌

Dropbox

Inc

-

A

Shares

(d)

779‌

21‌

Dynatrace

Inc

(d)

32,104‌

1,653‌

Elastic

NV

(d)

252‌

16‌

Fair

Isaac

Corp

(d)

78‌

63‌

Fiserv

Inc

(d)

59,804‌

7,544‌

Five9

Inc

(d)

231‌

19‌

Gitlab

Inc

(d)

158‌

8‌

HashiCorp

Inc

(d)

206‌

5‌

HubSpot

Inc

(d)

148‌

79‌

Informatica

Inc

(d)

28‌

1‌

Intuit

Inc

37,280‌

17,081‌

Jack

Henry

&

Associates

Inc

75‌

13‌

Magic

Leap

Inc

(d),(e),(f)

371‌

7‌

Manhattan

Associates

Inc

(d)

200‌

40‌

Microsoft

Corp

150,972‌

51,412‌

MongoDB

Inc

(d)

1,897‌

780‌

MSCI

Inc

127‌

60‌

nCino

Inc

(d)

40‌

1‌

New

Relic

Inc

(d)

176‌

12‌

Nutanix

Inc

(d)

182‌

5‌

Oracle

Corp

2,034‌

242‌

Palantir

Technologies

Inc

(d)

6,091‌

93‌

Paychex

Inc

1,048‌

117‌

Paycom

Software

Inc

167‌

54‌

Paycor

HCM

Inc

(d)

82‌

2‌

Pegasystems

Inc

137‌

7‌

Playtika

Holding

Corp

(d)

65‌

1‌

Procore

Technologies

Inc

(d)

255‌

17‌

PTC

Inc

(d)

185‌

26‌

RingCentral

Inc

(d)

278‌

9‌

ROBLOX

Corp

(d)

1,492‌

60‌

Salesforce

Inc

(d)

8,366‌

1,768‌

SentinelOne

Inc

(d)

82‌

1‌

ServiceNow

Inc

(d)

25,721‌

14,454‌

Schedule

of

Investments

LargeCap

Growth

Account

I

June

30,

2023

(unaudited)

See

accompanying

notes.

169

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Software

(continued)

Smartsheet

Inc

(d)

406‌

$

16‌

Snowflake

Inc

-

Class

A

(d)

1,008‌

177‌

Splunk

Inc

(d)

523‌

55‌

Stripe

Inc

-

Class

B

(d),(e),(f)

5,754‌

116‌

Synopsys

Inc

(d)

494‌

215‌

Teradata

Corp

(d)

330‌

18‌

Twilio

Inc

(d)

91‌

6‌

Tyler

Technologies

Inc

(d)

103‌

43‌

UiPath

Inc

(d)

936‌

15‌

Unity

Software

Inc

(d)

369‌

16‌

Veeva

Systems

Inc

(d)

31,711‌

6,270‌

VMware

Inc

(d)

699‌

100‌

Workday

Inc

(d)

643‌

145‌

ZoomInfo

Technologies

Inc

(d)

525‌

13‌

$

131,350‌

Telecommunications

-

0.57%

Arista

Networks

Inc

(d)

4,059‌

658‌

Iridium

Communications

Inc

379‌

23‌

Motorola

Solutions

Inc

494‌

145‌

T-Mobile

US

Inc

(d)

16,150‌

2,243‌

Ubiquiti

Inc

11‌

2‌

$

3,071‌

Transportation

-

0.26%

CH

Robinson

Worldwide

Inc

291‌

27‌

CSX

Corp

734‌

25‌

Expeditors

International

of

Washington

Inc

68‌

8‌

JB

Hunt

Transport

Services

Inc

53‌

10‌

Landstar

System

Inc

93‌

18‌

Old

Dominion

Freight

Line

Inc

2,785‌

1,030‌

Saia

Inc

(d)

9‌

3‌

Union

Pacific

Corp

849‌

174‌

United

Parcel

Service

Inc

653‌

117‌

$

1,412‌

TOTAL

COMMON

STOCKS

$

525,210‌

Total

Investments

$

541,605‌

Other

Assets

and

Liabilities

-  (0.20)%

(1,075‌)

TOTAL

NET

ASSETS

-

100.00%

$

540,530‌

(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

$1,136

or

0.21%

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

$1,136

or

0.21%

of

net

assets.

Portfolio

Summary

Sector

Percent

Technology

38.29‌%

Consumer,

Non-cyclical

23.75‌%

Communications

17.63‌%

Financial

7.46‌%

Consumer,

Cyclical

5.77‌%

Industrial

4.18‌%

Money

Market

Funds

2.76‌%

Investment

Companies

0.18‌%

Basic

Materials

0.09‌%

Energy

0.08‌%

Utilities

0.01‌%

Other

Assets

and

Liabilities

(0.20‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

11,974‌

$

78,723‌

$

76,889‌

$

13,808‌

$

11,974‌

$

78,723‌

$

76,889‌

$

13,808‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

275‌

$

—‌

$

—‌

$

—‌

$

275‌

$

—‌

$

—‌

$

—‌

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

108‌

0.02%

Rappi

Inc

-

Series

E  

0.00%

09/08/2020

306‌

185‌

0.03%

Sila

Nano

Series

F  

0.00%

01/07/2021

204‌

100‌

0.02%

Stripe

Inc

-

Class

B

12/17/2019

90‌

116‌

0.02%

Waymo

LLC

Series

A-2  

0.00%

05/08/2020

214‌

95‌

0.02%

Total

$

611‌

0.11%

Amounts

in

thousands.

Schedule

of

Investments

LargeCap

Growth

Account

I

June

30,

2023

(unaudited)

See

accompanying

notes.

170

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini

;

September

2023

Long

22‌

$

4,937‌

$

125‌

Total

$

125‌

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

LargeCap

S&P

500

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

171

INVESTMENT

COMPANIES

-

2

.22

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0

.24

%

iShares

Core

S&P

500

ETF

15,016‌

$

6,692‌

Money

Market

Funds

-

1

.98

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

5.00%

(a),(b)

602,672‌

603‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(a),(c)

54,173,574‌

54,173‌

$

54,776‌

TOTAL

INVESTMENT

COMPANIES

$

61,468‌

COMMON

STOCKS

-

97

.98

%

Shares

Held

Value

(000's)

Advertising

-

0

.09

%

Interpublic

Group

of

Cos

Inc/The

28,092‌

$

1,084‌

Omnicom

Group

Inc

14,519‌

1,381‌

$

2,465‌

Aerospace

&

Defense

-

1

.53

%

Boeing

Co/The

(d)

41,152‌

8,690‌

General

Dynamics

Corp

16,369‌

3,522‌

Howmet

Aerospace

Inc

26,766‌

1,326‌

L3Harris

Technologies

Inc

13,786‌

2,699‌

Lockheed

Martin

Corp

16,405‌

7,552‌

Northrop

Grumman

Corp

10,390‌

4,736‌

Raytheon

Technologies

Corp

106,331‌

10,416‌

TransDigm

Group

Inc

3,798‌

3,396‌

$

42,337‌

Agriculture

-

0

.76

%

Altria

Group

Inc

129,901‌

5,884‌

Archer-Daniels-Midland

Co

39,634‌

2,995‌

Bunge

Ltd

10,957‌

1,034‌

Philip

Morris

International

Inc

112,957‌

11,027‌

$

20,940‌

Airlines

-

0

.23

%

Alaska

Air

Group

Inc

(d)

9,307‌

495‌

American

Airlines

Group

Inc

(d)

47,508‌

852‌

Delta

Air

Lines

Inc

46,771‌

2,223‌

Southwest

Airlines

Co

43,303‌

1,568‌

United

Airlines

Holdings

Inc

(d)

23,867‌

1,310‌

$

6,448‌

Apparel

-

0

.42

%

NIKE

Inc

89,662‌

9,896‌

Ralph

Lauren

Corp

2,990‌

369‌

Tapestry

Inc

16,868‌

722‌

VF

Corp

24,040‌

459‌

$

11,446‌

Automobile

Manufacturers

-

2

.36

%

Cummins

Inc

10,300‌

2,525‌

Ford

Motor

Co

285,989‌

4,327‌

General

Motors

Co

101,163‌

3,901‌

PACCAR

Inc

38,028‌

3,181‌

Tesla

Inc

(d)

196,054‌

51,321‌

$

65,255‌

Automobile

Parts

&

Equipment

-

0

.10

%

Aptiv

PLC

(d)

19,685‌

2,010‌

BorgWarner

Inc

17,055‌

834‌

$

2,844‌

Banks

-

3

.70

%

Bank

of

America

Corp

504,546‌

14,475‌

Bank

of

New

York

Mellon

Corp/The

52,258‌

2,326‌

Citigroup

Inc

141,669‌

6,522‌

Citizens

Financial

Group

Inc

35,221‌

919‌

Comerica

Inc

9,580‌

406‌

Fifth

Third

Bancorp

49,537‌

1,298‌

Goldman

Sachs

Group

Inc/The

24,194‌

7,804‌

Huntington

Bancshares

Inc/OH

105,053‌

1,132‌

JPMorgan

Chase

&

Co

212,663‌

30,930‌

KeyCorp

68,059‌

629‌

M&T

Bank

Corp

12,070‌

1,494‌

Morgan

Stanley

94,800‌

8,096‌

Northern

Trust

Corp

15,159‌

1,124‌

PNC

Financial

Services

Group

Inc/The

29,043‌

3,658‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

(continued)

Regions

Financial

Corp

68,282‌

$

1,217‌

State

Street

Corp

24,325‌

1,780‌

Truist

Financial

Corp

96,925‌

2,942‌

US

Bancorp

101,514‌

3,354‌

Wells

Fargo

&

Co

273,059‌

11,654‌

Zions

Bancorp

NA

10,777‌

289‌

$

102,049‌

Beverages

-

1

.65

%

Brown-Forman

Corp

-

B

Shares

13,309‌

889‌

Coca-Cola

Co/The

283,238‌

17,056‌

Constellation

Brands

Inc

11,733‌

2,888‌

Keurig

Dr

Pepper

Inc

61,293‌

1,917‌

Molson

Coors

Beverage

Co

13,661‌

899‌

Monster

Beverage

Corp

(d)

55,604‌

3,194‌

PepsiCo

Inc

100,257‌

18,570‌

$

45,413‌

Biotechnology

-

1

.46

%

Amgen

Inc

38,883‌

8,633‌

Biogen

Inc

(d)

10,533‌

3,000‌

Bio-Rad

Laboratories

Inc

(d)

1,555‌

589‌

Corteva

Inc

51,732‌

2,964‌

Gilead

Sciences

Inc

90,773‌

6,996‌

Illumina

Inc

(d)

11,504‌

2,157‌

Incyte

Corp

(d)

13,473‌

839‌

Moderna

Inc

(d)

23,858‌

2,899‌

Regeneron

Pharmaceuticals

Inc

(d)

7,853‌

5,643‌

Vertex

Pharmaceuticals

Inc

(d)

18,744‌

6,596‌

$

40,316‌

Building

Materials

-

0

.55

%

Carrier

Global

Corp

60,752‌

3,020‌

Johnson

Controls

International

plc

49,928‌

3,402‌

Martin

Marietta

Materials

Inc

4,511‌

2,083‌

Masco

Corp

16,378‌

940‌

Mohawk

Industries

Inc

(d)

3,846‌

397‌

Trane

Technologies

PLC

16,595‌

3,174‌

Vulcan

Materials

Co

9,681‌

2,182‌

$

15,198‌

Chemicals

-

1

.57

%

Air

Products

and

Chemicals

Inc

16,166‌

4,842‌

Albemarle

Corp

8,537‌

1,905‌

Celanese

Corp

7,282‌

843‌

CF

Industries

Holdings

Inc

14,185‌

985‌

Dow

Inc

51,471‌

2,741‌

DuPont

de

Nemours

Inc

33,402‌

2,386‌

Eastman

Chemical

Co

8,669‌

726‌

Ecolab

Inc

18,025‌

3,365‌

FMC

Corp

9,099‌

950‌

International

Flavors

&

Fragrances

Inc

18,562‌

1,477‌

Linde

PLC

35,631‌

13,578‌

LyondellBasell

Industries

NV

18,461‌

1,695‌

Mosaic

Co/The

24,169‌

846‌

PPG

Industries

Inc

17,130‌

2,540‌

Sherwin-Williams

Co/The

17,078‌

4,535‌

$

43,414‌

Commercial

Services

-

1

.72

%

Automatic

Data

Processing

Inc

30,063‌

6,608‌

Cintas

Corp

6,291‌

3,127‌

CoStar

Group

Inc

(d)

29,729‌

2,646‌

Equifax

Inc

8,923‌

2,100‌

FleetCor

Technologies

Inc

(d)

5,372‌

1,349‌

Gartner

Inc

(d)

5,753‌

2,015‌

Global

Payments

Inc

19,062‌

1,878‌

MarketAxess

Holdings

Inc

2,739‌

716‌

Moody's

Corp

11,484‌

3,993‌

PayPal

Holdings

Inc

(d)

81,194‌

5,418‌

Quanta

Services

Inc

10,563‌

2,075‌

Robert

Half

International

Inc

7,841‌

590‌

Rollins

Inc

16,853‌

722‌

S&P

Global

Inc

23,871‌

9,570‌

Schedule

of

Investments

LargeCap

S&P

500

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

172

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Commercial

Services

(continued)

United

Rentals

Inc

5,003‌

$

2,228‌

Verisk

Analytics

Inc

10,536‌

2,381‌

$

47,416‌

Computers

-

8

.93

%

Accenture

PLC

-

Class

A

45,959‌

14,182‌

Apple

Inc

1,075,944‌

208,701‌

Cognizant

Technology

Solutions

Corp

36,930‌

2,411‌

DXC

Technology

Co

(d)

16,568‌

443‌

EPAM

Systems

Inc

(d)

4,212‌

947‌

Fortinet

Inc

(d)

47,426‌

3,585‌

Hewlett

Packard

Enterprise

Co

94,303‌

1,584‌

HP

Inc

63,085‌

1,937‌

International

Business

Machines

Corp

66,079‌

8,842‌

Leidos

Holdings

Inc

9,980‌

883‌

NetApp

Inc

15,566‌

1,189‌

Seagate

Technology

Holdings

PLC

14,013‌

867‌

Western

Digital

Corp

(d)

23,281‌

883‌

$

246,454‌

Consumer

Products

-

0

.28

%

Avery

Dennison

Corp

5,875‌

1,009‌

Church

&

Dwight

Co

Inc

17,775‌

1,782‌

Clorox

Co/The

8,995‌

1,431‌

Kimberly-Clark

Corp

24,550‌

3,389‌

$

7,611‌

Cosmetics

&

Personal

Care

-

1

.23

%

Colgate-Palmolive

Co

60,369‌

4,651‌

Estee

Lauder

Cos

Inc/The

16,873‌

3,313‌

Procter

&

Gamble

Co/The

(e)

171,522‌

26,027‌

$

33,991‌

Distribution

&

Wholesale

-

0

.36

%

Copart

Inc

(d)

31,213‌

2,847‌

Fastenal

Co

41,554‌

2,451‌

LKQ

Corp

18,477‌

1,077‌

Pool

Corp

2,841‌

1,064‌

WW

Grainger

Inc

3,250‌

2,563‌

$

10,002‌

Diversified

Financial

Services

-

3

.55

%

American

Express

Co

43,269‌

7,538‌

Ameriprise

Financial

Inc

7,583‌

2,519‌

BlackRock

Inc

10,898‌

7,532‌

Capital

One

Financial

Corp

27,783‌

3,039‌

Cboe

Global

Markets

Inc

7,683‌

1,060‌

Charles

Schwab

Corp/The

108,146‌

6,130‌

CME

Group

Inc

26,176‌

4,850‌

Discover

Financial

Services

18,480‌

2,159‌

Franklin

Resources

Inc

20,775‌

555‌

Intercontinental

Exchange

Inc

40,742‌

4,607‌

Invesco

Ltd

33,340‌

560‌

Mastercard

Inc

60,895‌

23,950‌

Nasdaq

Inc

24,642‌

1,228‌

Raymond

James

Financial

Inc

13,879‌

1,440‌

Synchrony

Financial

31,188‌

1,058‌

T

Rowe

Price

Group

Inc

16,341‌

1,831‌

Visa

Inc

117,762‌

27,966‌

$

98,022‌

Electric

-

2

.38

%

AES

Corp/The

48,707‌

1,010‌

Alliant

Energy

Corp

18,293‌

960‌

Ameren

Corp

19,108‌

1,561‌

American

Electric

Power

Co

Inc

37,461‌

3,154‌

CenterPoint

Energy

Inc

45,920‌

1,339‌

CMS

Energy

Corp

21,223‌

1,247‌

Consolidated

Edison

Inc

25,218‌

2,280‌

Constellation

Energy

Corp

23,608‌

2,161‌

Dominion

Energy

Inc

60,832‌

3,150‌

DTE

Energy

Co

14,997‌

1,650‌

Duke

Energy

Corp

56,081‌

5,033‌

Edison

International

27,870‌

1,936‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electric

(continued)

Entergy

Corp

15,386‌

$

1,498‌

Evergy

Inc

16,713‌

976‌

Eversource

Energy

25,385‌

1,800‌

Exelon

Corp

72,376‌

2,949‌

FirstEnergy

Corp

39,601‌

1,540‌

NextEra

Energy

Inc

147,247‌

10,926‌

NRG

Energy

Inc

16,753‌

626‌

PG&E

Corp

(d)

117,641‌

2,033‌

Pinnacle

West

Capital

Corp

8,240‌

671‌

PPL

Corp

53,636‌

1,419‌

Public

Service

Enterprise

Group

Inc

36,310‌

2,273‌

Sempra

Energy

22,897‌

3,334‌

Southern

Co/The

79,351‌

5,574‌

WEC

Energy

Group

Inc

22,954‌

2,025‌

Xcel

Energy

Inc

40,049‌

2,490‌

$

65,615‌

Electrical

Components

&

Equipment

-

0

.26

%

AMETEK

Inc

16,772‌

2,715‌

Emerson

Electric

Co

41,588‌

3,759‌

Generac

Holdings

Inc

(d)

4,525‌

675‌

$

7,149‌

Electronics

-

1

.04

%

Agilent

Technologies

Inc

21,518‌

2,588‌

Allegion

plc

6,398‌

768‌

Amphenol

Corp

43,322‌

3,680‌

Fortive

Corp

25,728‌

1,924‌

Garmin

Ltd

11,136‌

1,161‌

Honeywell

International

Inc

48,425‌

10,048‌

Keysight

Technologies

Inc

(d)

12,963‌

2,171‌

Mettler-Toledo

International

Inc

(d)

1,604‌

2,104‌

TE

Connectivity

Ltd

22,931‌

3,214‌

Trimble

Inc

(d)

18,028‌

954‌

$

28,612‌

Energy

-

Alternate

Sources

-

0

.15

%

Enphase

Energy

Inc

(d)

9,972‌

1,670‌

First

Solar

Inc

(d)

7,228‌

1,374‌

SolarEdge

Technologies

Inc

(d)

4,099‌

1,103‌

$

4,147‌

Engineering

&

Construction

-

0

.04

%

Jacobs

Solutions

Inc

9,229‌

1,097‌

Entertainment

-

0

.06

%

Caesars

Entertainment

Inc

(d)

15,660‌

798‌

Live

Nation

Entertainment

Inc

(d)

10,472‌

954‌

$

1,752‌

Environmental

Control

-

0

.28

%

Pentair

PLC

12,003‌

776‌

Republic

Services

Inc

14,959‌

2,291‌

Waste

Management

Inc

26,940‌

4,672‌

$

7,739‌

Food

-

1

.06

%

Campbell

Soup

Co

14,600‌

667‌

Conagra

Brands

Inc

34,704‌

1,170‌

General

Mills

Inc

42,743‌

3,278‌

Hershey

Co/The

10,717‌

2,676‌

Hormel

Foods

Corp

21,079‌

848‌

J

M

Smucker

Co/The

7,758‌

1,146‌

Kellogg

Co

18,705‌

1,261‌

Kraft

Heinz

Co/The

58,050‌

2,061‌

Kroger

Co/The

47,524‌

2,234‌

Lamb

Weston

Holdings

Inc

10,601‌

1,218‌

McCormick

&

Co

Inc/MD

18,252‌

1,592‌

Mondelez

International

Inc

99,104‌

7,229‌

Sysco

Corp

36,872‌

2,736‌

Tyson

Foods

Inc

20,782‌

1,061‌

$

29,177‌

Forest

Products

&

Paper

-

0

.03

%

International

Paper

Co

25,255‌

803‌

Schedule

of

Investments

LargeCap

S&P

500

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

173

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Gas

-

0

.07

%

Atmos

Energy

Corp

10,514‌

$

1,223‌

NiSource

Inc

30,057‌

822‌

$

2,045‌

Hand

&

Machine

Tools

-

0

.08

%

Snap-on

Inc

3,852‌

1,110‌

Stanley

Black

&

Decker

Inc

11,142‌

1,044‌

$

2,154‌

Healthcare

-

Products

-

3

.65

%

Abbott

Laboratories

126,548‌

13,796‌

Align

Technology

Inc

(d)

5,179‌

1,832‌

Baxter

International

Inc

36,810‌

1,677‌

Bio-Techne

Corp

11,455‌

935‌

Boston

Scientific

Corp

(d)

104,623‌

5,659‌

Cooper

Cos

Inc/The

3,599‌

1,380‌

Danaher

Corp

48,328‌

11,599‌

DENTSPLY

SIRONA

Inc

15,461‌

619‌

Edwards

Lifesciences

Corp

(d)

44,116‌

4,161‌

GE

HealthCare

Technologies

Inc

28,453‌

2,312‌

Hologic

Inc

(d)

17,910‌

1,450‌

IDEXX

Laboratories

Inc

(d)

6,041‌

3,034‌

Insulet

Corp

(d)

5,072‌

1,462‌

Intuitive

Surgical

Inc

(d)

25,499‌

8,719‌

Medtronic

PLC

96,817‌

8,530‌

ResMed

Inc

10,692‌

2,336‌

Revvity

Inc

9,128‌

1,084‌

STERIS

PLC

7,223‌

1,625‌

Stryker

Corp

24,586‌

7,501‌

Teleflex

Inc

3,417‌

827‌

Thermo

Fisher

Scientific

Inc

28,072‌

14,647‌

Waters

Corp

(d)

4,296‌

1,145‌

West

Pharmaceutical

Services

Inc

5,404‌

2,067‌

Zimmer

Biomet

Holdings

Inc

15,178‌

2,210‌

$

100,607‌

Healthcare

-

Services

-

2

.21

%

Catalent

Inc

(d)

13,105‌

568‌

Centene

Corp

(d)

39,935‌

2,694‌

Charles

River

Laboratories

International

Inc

(d)

3,724‌

783‌

DaVita

Inc

(d)

4,025‌

404‌

Elevance

Health

Inc

17,253‌

7,665‌

HCA

Healthcare

Inc

15,016‌

4,557‌

Humana

Inc

9,093‌

4,066‌

IQVIA

Holdings

Inc

(d)

13,501‌

3,035‌

Laboratory

Corp

of

America

Holdings

6,446‌

1,556‌

Molina

Healthcare

Inc

(d)

4,244‌

1,278‌

Quest

Diagnostics

Inc

8,150‌

1,146‌

UnitedHealth

Group

Inc

67,756‌

32,566‌

Universal

Health

Services

Inc

4,579‌

722‌

$

61,040‌

Home

Builders

-

0

.28

%

DR

Horton

Inc

22,587‌

2,749‌

Lennar

Corp

-

A

Shares

18,466‌

2,314‌

NVR

Inc

(d)

223‌

1,416‌

PulteGroup

Inc

16,244‌

1,262‌

$

7,741‌

Home

Furnishings

-

0

.02

%

Whirlpool

Corp

3,983‌

593‌

Housewares

-

0

.01

%

Newell

Brands

Inc

27,419‌

239‌

Insurance

-

3

.63

%

Aflac

Inc

40,013‌

2,793‌

Allstate

Corp/The

19,127‌

2,086‌

American

International

Group

Inc

52,668‌

3,031‌

Aon

PLC

14,865‌

5,131‌

Arch

Capital

Group

Ltd

(d)

27,101‌

2,028‌

Arthur

J

Gallagher

&

Co

15,586‌

3,422‌

Assurant

Inc

3,866‌

486‌

Berkshire

Hathaway

Inc

-

Class

B

(d)

129,776‌

44,254‌

Brown

&

Brown

Inc

17,131‌

1,179‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

(continued)

Chubb

Ltd

30,140‌

$

5,804‌

Cincinnati

Financial

Corp

11,439‌

1,113‌

Everest

Re

Group

Ltd

3,120‌

1,067‌

Globe

Life

Inc

6,467‌

709‌

Hartford

Financial

Services

Group

Inc/The

22,576‌

1,626‌

Lincoln

National

Corp

11,228‌

289‌

Loews

Corp

13,765‌

817‌

Marsh

&

McLennan

Cos

Inc

36,001‌

6,771‌

MetLife

Inc

46,814‌

2,646‌

Principal

Financial

Group

Inc

16,430‌

1,246‌

Progressive

Corp/The

42,597‌

5,639‌

Prudential

Financial

Inc

26,561‌

2,343‌

Travelers

Cos

Inc/The

16,808‌

2,919‌

W

R

Berkley

Corp

14,611‌

870‌

Willis

Towers

Watson

PLC

7,744‌

1,824‌

$

100,093‌

Internet

-

9

.56

%

Alphabet

Inc

-

A

Shares

(d)

432,342‌

51,751‌

Alphabet

Inc

-

C

Shares

(d)

371,896‌

44,988‌

Amazon.com

Inc

(d)

649,606‌

84,683‌

Booking

Holdings

Inc

(d)

2,689‌

7,261‌

CDW

Corp/DE

9,808‌

1,800‌

eBay

Inc

38,914‌

1,739‌

Etsy

Inc

(d)

8,976‌

760‌

Expedia

Group

Inc

(d)

10,377‌

1,135‌

F5

Inc

(d)

4,399‌

643‌

Gen

Digital

Inc

41,394‌

768‌

Match

Group

Inc

(d)

20,264‌

848‌

Meta

Platforms

Inc

(d)

160,985‌

46,200‌

Netflix

Inc

(d)

32,351‌

14,250‌

Palo

Alto

Networks

Inc

(d)

22,019‌

5,626‌

VeriSign

Inc

(d)

6,590‌

1,489‌

$

263,941‌

Iron

&

Steel

-

0

.16

%

Nucor

Corp

18,281‌

2,998‌

Steel

Dynamics

Inc

11,685‌

1,273‌

$

4,271‌

Leisure

Products

&

Services

-

0

.13

%

Carnival

Corp

(d)

73,091‌

1,376‌

Norwegian

Cruise

Line

Holdings

Ltd

(d)

30,866‌

672‌

Royal

Caribbean

Cruises

Ltd

(d)

16,004‌

1,660‌

$

3,708‌

Lodging

-

0

.34

%

Hilton

Worldwide

Holdings

Inc

19,257‌

2,803‌

Las

Vegas

Sands

Corp

(d)

23,915‌

1,387‌

Marriott

International

Inc/MD

18,763‌

3,446‌

MGM

Resorts

International

21,974‌

965‌

Wynn

Resorts

Ltd

7,535‌

796‌

$

9,397‌

Machinery

-

Construction

&

Mining

-

0

.33

%

Caterpillar

Inc

37,504‌

9,228‌

Machinery

-

Diversified

-

0

.81

%

Deere

&

Co

19,624‌

7,951‌

Dover

Corp

10,176‌

1,503‌

IDEX

Corp

5,498‌

1,184‌

Ingersoll

Rand

Inc

29,437‌

1,924‌

Nordson

Corp

3,915‌

972‌

Otis

Worldwide

Corp

30,075‌

2,677‌

Rockwell

Automation

Inc

8,360‌

2,754‌

Westinghouse

Air

Brake

Technologies

Corp

13,089‌

1,435‌

Xylem

Inc/NY

17,411‌

1,961‌

$

22,361‌

Media

-

1

.18

%

Charter

Communications

Inc

(d)

7,562‌

2,778‌

Comcast

Corp

-

Class

A

302,689‌

12,577‌

FactSet

Research

Systems

Inc

2,788‌

1,117‌

Fox

Corp

-

A

Shares

19,580‌

666‌

Fox

Corp

-

B

Shares

9,943‌

317‌

Schedule

of

Investments

LargeCap

S&P

500

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

174

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Media

(continued)

News

Corp

-

A

Shares

27,722‌

$

541‌

News

Corp

-

B

Shares

8,545‌

168‌

Paramount

Global

-

Class

B

(f)

36,895‌

587‌

Walt

Disney

Co/The

(d)

132,977‌

11,872‌

Warner

Bros

Discovery

Inc

(d)

161,325‌

2,023‌

$

32,646‌

Mining

-

0

.24

%

Freeport-McMoRan

Inc

104,303‌

4,172‌

Newmont

Corp

57,832‌

2,467‌

$

6,639‌

Miscellaneous

Manufacturers

-

1

.13

%

3M

Co

40,145‌

4,018‌

A

O

Smith

Corp

9,063‌

660‌

Axon

Enterprise

Inc

(d)

5,106‌

996‌

Eaton

Corp

PLC

29,006‌

5,833‌

General

Electric

Co

79,245‌

8,705‌

Illinois

Tool

Works

Inc

20,125‌

5,035‌

Parker-Hannifin

Corp

9,336‌

3,641‌

Teledyne

Technologies

Inc

(d)

3,425‌

1,408‌

Textron

Inc

14,676‌

993‌

$

31,289‌

Office

&

Business

Equipment

-

0

.04

%

Zebra

Technologies

Corp

(d)

3,743‌

1,107‌

Oil

&

Gas

-

3

.37

%

APA

Corp

22,457‌

767‌

Chevron

Corp

126,819‌

19,955‌

ConocoPhillips

88,059‌

9,124‌

Coterra

Energy

Inc

55,122‌

1,395‌

Devon

Energy

Corp

46,698‌

2,257‌

Diamondback

Energy

Inc

13,177‌

1,731‌

EOG

Resources

Inc

42,562‌

4,871‌

EQT

Corp

26,317‌

1,082‌

Exxon

Mobil

Corp

294,219‌

31,555‌

Hess

Corp

20,110‌

2,734‌

Marathon

Oil

Corp

44,945‌

1,035‌

Marathon

Petroleum

Corp

30,875‌

3,600‌

Occidental

Petroleum

Corp

52,286‌

3,074‌

Phillips

66

33,392‌

3,185‌

Pioneer

Natural

Resources

Co

17,010‌

3,524‌

Valero

Energy

Corp

26,308‌

3,086‌

$

92,975‌

Oil

&

Gas

Services

-

0

.35

%

Baker

Hughes

Co

73,671‌

2,329‌

Halliburton

Co

65,654‌

2,166‌

Schlumberger

NV

103,724‌

5,095‌

$

9,590‌

Packaging

&

Containers

-

0

.15

%

Amcor

PLC

107,079‌

1,069‌

Ball

Corp

22,889‌

1,332‌

Packaging

Corp

of

America

6,544‌

865‌

Sealed

Air

Corp

10,507‌

420‌

Westrock

Co

18,638‌

542‌

$

4,228‌

Pharmaceuticals

-

5

.77

%

AbbVie

Inc

128,391‌

17,298‌

AmerisourceBergen

Corp

11,785‌

2,268‌

Becton

Dickinson

&

Co

20,668‌

5,457‌

Bristol-Myers

Squibb

Co

152,884‌

9,777‌

Cardinal

Health

Inc

18,527‌

1,752‌

Cigna

Group/The

21,531‌

6,042‌

CVS

Health

Corp

93,297‌

6,450‌

Dexcom

Inc

(d)

28,208‌

3,625‌

Eli

Lilly

&

Co

57,338‌

26,890‌

Henry

Schein

Inc

(d)

9,533‌

773‌

Johnson

&

Johnson

189,116‌

31,302‌

McKesson

Corp

9,869‌

4,217‌

Merck

&

Co

Inc

184,654‌

21,307‌

Organon

&

Co

18,560‌

386‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Pharmaceuticals

(continued)

Pfizer

Inc

410,823‌

$

15,069‌

Viatris

Inc

87,255‌

871‌

Zoetis

Inc

33,629‌

5,791‌

$

159,275‌

Pipelines

-

0

.31

%

Kinder

Morgan

Inc

143,527‌

2,471‌

ONEOK

Inc

32,560‌

2,009‌

Targa

Resources

Corp

16,447‌

1,252‌

Williams

Cos

Inc/The

88,649‌

2,893‌

$

8,625‌

Real

Estate

-

0

.07

%

CBRE

Group

Inc

(d)

22,619‌

1,826‌

REITs

-

2

.28

%

Alexandria

Real

Estate

Equities

Inc

11,456‌

1,300‌

American

Tower

Corp

33,913‌

6,577‌

AvalonBay

Communities

Inc

10,332‌

1,955‌

Boston

Properties

Inc

10,385‌

598‌

Camden

Property

Trust

7,768‌

846‌

Crown

Castle

Inc

31,559‌

3,596‌

Digital

Realty

Trust

Inc

21,201‌

2,414‌

Equinix

Inc

6,806‌

5,335‌

Equity

Residential

24,815‌

1,637‌

Essex

Property

Trust

Inc

4,670‌

1,094‌

Extra

Space

Storage

Inc

9,827‌

1,463‌

Federal

Realty

Investment

Trust

5,338‌

517‌

Healthpeak

Properties

Inc

39,804‌

800‌

Host

Hotels

&

Resorts

Inc

51,759‌

871‌

Invitation

Homes

Inc

42,303‌

1,455‌

Iron

Mountain

Inc

21,221‌

1,206‌

Kimco

Realty

Corp

45,109‌

889‌

Mid-America

Apartment

Communities

Inc

8,488‌

1,289‌

Prologis

Inc

67,202‌

8,241‌

Public

Storage

11,515‌

3,361‌

Realty

Income

Corp

48,990‌

2,929‌

Regency

Centers

Corp

11,197‌

692‌

SBA

Communications

Corp

7,882‌

1,827‌

Simon

Property

Group

Inc

23,795‌

2,748‌

UDR

Inc

22,516‌

967‌

Ventas

Inc

29,111‌

1,376‌

VICI

Properties

Inc

73,080‌

2,297‌

Welltower

Inc

36,168‌

2,926‌

Weyerhaeuser

Co

53,290‌

1,786‌

$

62,992‌

Retail

-

4

.94

%

Advance

Auto

Parts

Inc

4,324‌

304‌

AutoZone

Inc

(d)

1,340‌

3,341‌

Bath

&

Body

Works

Inc

16,660‌

625‌

Best

Buy

Co

Inc

14,162‌

1,161‌

CarMax

Inc

(d)

11,511‌

964‌

Chipotle

Mexican

Grill

Inc

(d)

2,009‌

4,297‌

Costco

Wholesale

Corp

32,275‌

17,376‌

Darden

Restaurants

Inc

8,800‌

1,470‌

Dollar

General

Corp

15,944‌

2,707‌

Dollar

Tree

Inc

(d)

15,130‌

2,171‌

Domino's

Pizza

Inc

2,573‌

867‌

Genuine

Parts

Co

10,225‌

1,730‌

Home

Depot

Inc/The

73,696‌

22,893‌

Lowe's

Cos

Inc

43,398‌

9,795‌

McDonald's

Corp

53,132‌

15,855‌

O'Reilly

Automotive

Inc

(d)

4,432‌

4,234‌

Ross

Stores

Inc

24,891‌

2,791‌

Starbucks

Corp

83,426‌

8,264‌

Target

Corp

33,587‌

4,430‌

TJX

Cos

Inc/The

83,797‌

7,105‌

Tractor

Supply

Co

7,973‌

1,763‌

Ulta

Beauty

Inc

(d)

3,647‌

1,716‌

Walgreens

Boots

Alliance

Inc

52,113‌

1,485‌

Walmart

Inc

102,072‌

16,044‌

Schedule

of

Investments

LargeCap

S&P

500

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

175

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Retail

(continued)

Yum!

Brands

Inc

20,380‌

$

2,824‌

$

136,212‌

Semiconductors

-

7

.07

%

Advanced

Micro

Devices

Inc

(d)

117,188‌

13,349‌

Analog

Devices

Inc

36,811‌

7,171‌

Applied

Materials

Inc

61,500‌

8,889‌

Broadcom

Inc

30,342‌

26,320‌

Intel

Corp

303,534‌

10,150‌

KLA

Corp

9,985‌

4,843‌

Lam

Research

Corp

9,778‌

6,286‌

Microchip

Technology

Inc

39,863‌

3,571‌

Micron

Technology

Inc

79,641‌

5,026‌

Monolithic

Power

Systems

Inc

3,279‌

1,771‌

NVIDIA

Corp

179,977‌

76,134‌

NXP

Semiconductors

NV

18,901‌

3,869‌

ON

Semiconductor

Corp

(d)

31,427‌

2,972‌

Qorvo

Inc

(d)

7,268‌

742‌

QUALCOMM

Inc

81,067‌

9,650‌

Skyworks

Solutions

Inc

11,581‌

1,282‌

Teradyne

Inc

11,282‌

1,256‌

Texas

Instruments

Inc

66,051‌

11,891‌

$

195,172‌

Shipbuilding

-

0

.02

%

Huntington

Ingalls

Industries

Inc

2,901‌

660‌

Software

-

10

.73

%

Activision

Blizzard

Inc

(d)

52,061‌

4,389‌

Adobe

Inc

(d)

33,381‌

16,323‌

Akamai

Technologies

Inc

(d)

11,075‌

995‌

ANSYS

Inc

(d)

6,308‌

2,083‌

Autodesk

Inc

(d)

15,584‌

3,189‌

Broadridge

Financial

Solutions

Inc

8,585‌

1,422‌

Cadence

Design

Systems

Inc

(d)

19,843‌

4,654‌

Ceridian

HCM

Holding

Inc

(d)

11,281‌

755‌

Electronic

Arts

Inc

18,956‌

2,459‌

Fair

Isaac

Corp

(d)

1,820‌

1,473‌

Fidelity

National

Information

Services

Inc

43,113‌

2,358‌

Fiserv

Inc

(d)

44,922‌

5,667‌

Intuit

Inc

20,417‌

9,355‌

Jack

Henry

&

Associates

Inc

5,303‌

887‌

Microsoft

Corp

541,102‌

184,267‌

MSCI

Inc

5,828‌

2,735‌

Oracle

Corp

111,988‌

13,337‌

Paychex

Inc

23,347‌

2,612‌

Paycom

Software

Inc

3,539‌

1,137‌

PTC

Inc

(d)

7,751‌

1,103‌

Roper

Technologies

Inc

7,757‌

3,729‌

Salesforce

Inc

(d)

71,245‌

15,051‌

ServiceNow

Inc

(d)

14,827‌

8,332‌

Synopsys

Inc

(d)

11,084‌

4,826‌

Take-Two

Interactive

Software

Inc

(d)

11,538‌

1,698‌

Tyler

Technologies

Inc

(d)

3,051‌

1,271‌

$

296,107‌

Telecommunications

-

1

.82

%

Arista

Networks

Inc

(d)

18,170‌

2,944‌

AT&T

Inc

520,250‌

8,298‌

Cisco

Systems

Inc

298,064‌

15,422‌

Corning

Inc

55,678‌

1,951‌

Juniper

Networks

Inc

23,403‌

733‌

Motorola

Solutions

Inc

12,205‌

3,579‌

T-Mobile

US

Inc

(d)

41,913‌

5,822‌

Verizon

Communications

Inc

305,934‌

11,378‌

$

50,127‌

Toys,

Games

&

Hobbies

-

0

.02

%

Hasbro

Inc

9,480‌

614‌

Transportation

-

1

.35

%

CH

Robinson

Worldwide

Inc

8,473‌

799‌

CSX

Corp

147,950‌

5,045‌

Expeditors

International

of

Washington

Inc

11,119‌

1,347‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Transportation

(continued)

FedEx

Corp

16,828‌

$

4,172‌

JB

Hunt

Transport

Services

Inc

6,032‌

1,092‌

Norfolk

Southern

Corp

16,565‌

3,756‌

Old

Dominion

Freight

Line

Inc

6,545‌

2,420‌

Union

Pacific

Corp

44,369‌

9,079‌

United

Parcel

Service

Inc

52,744‌

9,454‌

$

37,164‌

Water

-

0

.07

%

American

Water

Works

Co

Inc

14,163‌

2,022‌

TOTAL

COMMON

STOCKS

$

2,704,400‌

Total

Investments

$

2,765,868‌

Other

Assets

and

Liabilities

-  (0.20)%

(

5,631‌

)

TOTAL

NET

ASSETS

-

100.00%

$

2,760,237‌

(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

$603

or

0.02%

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

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$9,385

or

0.34%

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

$581

or

0.02%

of

net

assets.

Portfolio

Summary

Sector

Percent

Technology

26

.77‌

%

Consumer,

Non-cyclical

19

.79‌

%

Financial

13

.23‌

%

Communications

12

.65‌

%

Consumer,

Cyclical

9

.27‌

%

Industrial

7

.57‌

%

Energy

4

.18‌

%

Utilities

2

.52‌

%

Basic

Materials

2

.00‌

%

Money

Market

Funds

1

.98‌

%

Investment

Companies

0

.24‌

%

Other

Assets

and

Liabilities

(

0

.20‌

)

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

LargeCap

S&P

500

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

176

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

88,905‌

$

199,041‌

$

233,773‌

$

54,173‌

$

88,905‌

$

199,041‌

$

233,773‌

$

54,173‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

1,112‌

$

—‌

$

—‌

$

—‌

$

1,112‌

$

—‌

$

—‌

$

—‌

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

2023

Long

241‌

$

54,083‌

$

594‌

Total

$

594‌

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

LargeCap

S&P

500

Managed

Volatility

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

177

INVESTMENT

COMPANIES

-

6

.52

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0

.34

%

iShares

Core

S&P

500

ETF

1,416‌

$

631‌

Money

Market

Funds

-

6

.18

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

5.00%

(a),(b)

38,907‌

39‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(a),(c)

11,478,073‌

11,478‌

$

11,517‌

TOTAL

INVESTMENT

COMPANIES

$

12,148‌

COMMON

STOCKS

-

93

.66

%

Shares

Held

Value

(000's)

Advertising

-

0

.08

%

Interpublic

Group

of

Cos

Inc/The

1,815‌

$

70‌

Omnicom

Group

Inc

937‌

89‌

$

159‌

Aerospace

&

Defense

-

1

.47

%

Boeing

Co/The

(d)

2,657‌

561‌

General

Dynamics

Corp

1,056‌

227‌

Howmet

Aerospace

Inc

1,726‌

86‌

L3Harris

Technologies

Inc

890‌

174‌

Lockheed

Martin

Corp

1,061‌

489‌

Northrop

Grumman

Corp

672‌

306‌

Raytheon

Technologies

Corp

6,867‌

673‌

TransDigm

Group

Inc

245‌

219‌

$

2,735‌

Agriculture

-

0

.72

%

Altria

Group

Inc

8,388‌

380‌

Archer-Daniels-Midland

Co

2,560‌

193‌

Bunge

Ltd

707‌

67‌

Philip

Morris

International

Inc

7,294‌

712‌

$

1,352‌

Airlines

-

0

.22

%

Alaska

Air

Group

Inc

(d)

600‌

32‌

American

Airlines

Group

Inc

(d)

3,067‌

55‌

Delta

Air

Lines

Inc

3,020‌

144‌

Southwest

Airlines

Co

2,796‌

101‌

United

Airlines

Holdings

Inc

(d)

1,541‌

84‌

$

416‌

Apparel

-

0

.40

%

NIKE

Inc

5,790‌

639‌

Ralph

Lauren

Corp

192‌

24‌

Tapestry

Inc

1,089‌

47‌

VF

Corp

1,548‌

29‌

$

739‌

Automobile

Manufacturers

-

2

.26

%

Cummins

Inc

664‌

163‌

Ford

Motor

Co

18,469‌

280‌

General

Motors

Co

6,534‌

252‌

PACCAR

Inc

2,455‌

205‌

Tesla

Inc

(d)

12,661‌

3,314‌

$

4,214‌

Automobile

Parts

&

Equipment

-

0

.10

%

Aptiv

PLC

(d)

1,271‌

130‌

BorgWarner

Inc

1,100‌

54‌

$

184‌

Banks

-

3

.53

%

Bank

of

America

Corp

32,585‌

935‌

Bank

of

New

York

Mellon

Corp/The

3,375‌

150‌

Citigroup

Inc

9,148‌

421‌

Citizens

Financial

Group

Inc

2,275‌

59‌

Comerica

Inc

618‌

26‌

Fifth

Third

Bancorp

3,199‌

84‌

Goldman

Sachs

Group

Inc/The

1,563‌

504‌

Huntington

Bancshares

Inc/OH

6,784‌

73‌

JPMorgan

Chase

&

Co

13,734‌

1,997‌

KeyCorp

4,394‌

41‌

M&T

Bank

Corp

779‌

96‌

Morgan

Stanley

6,123‌

523‌

Northern

Trust

Corp

978‌

73‌

PNC

Financial

Services

Group

Inc/The

1,876‌

236‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

(continued)

Regions

Financial

Corp

4,409‌

$

79‌

State

Street

Corp

1,571‌

115‌

Truist

Financial

Corp

6,259‌

190‌

US

Bancorp

6,555‌

217‌

Wells

Fargo

&

Co

17,635‌

753‌

Zions

Bancorp

NA

696‌

19‌

$

6,591‌

Beverages

-

1

.57

%

Brown-Forman

Corp

-

B

Shares

858‌

57‌

Coca-Cola

Co/The

18,292‌

1,102‌

Constellation

Brands

Inc

758‌

187‌

Keurig

Dr

Pepper

Inc

3,959‌

124‌

Molson

Coors

Beverage

Co

881‌

58‌

Monster

Beverage

Corp

(d)

3,590‌

206‌

PepsiCo

Inc

6,474‌

1,199‌

$

2,933‌

Biotechnology

-

1

.40

%

Amgen

Inc

2,511‌

558‌

Biogen

Inc

(d)

679‌

193‌

Bio-Rad

Laboratories

Inc

(d)

102‌

39‌

Corteva

Inc

3,341‌

192‌

Gilead

Sciences

Inc

5,862‌

452‌

Illumina

Inc

(d)

742‌

139‌

Incyte

Corp

(d)

869‌

54‌

Moderna

Inc

(d)

1,541‌

187‌

Regeneron

Pharmaceuticals

Inc

(d)

507‌

364‌

Vertex

Pharmaceuticals

Inc

(d)

1,211‌

426‌

$

2,604‌

Building

Materials

-

0

.53

%

Carrier

Global

Corp

3,922‌

195‌

Johnson

Controls

International

plc

3,223‌

220‌

Martin

Marietta

Materials

Inc

292‌

135‌

Masco

Corp

1,056‌

60‌

Mohawk

Industries

Inc

(d)

247‌

25‌

Trane

Technologies

PLC

1,072‌

205‌

Vulcan

Materials

Co

624‌

141‌

$

981‌

Chemicals

-

1

.50

%

Air

Products

and

Chemicals

Inc

1,044‌

313‌

Albemarle

Corp

550‌

123‌

Celanese

Corp

469‌

54‌

CF

Industries

Holdings

Inc

916‌

64‌

Dow

Inc

3,323‌

177‌

DuPont

de

Nemours

Inc

2,156‌

154‌

Eastman

Chemical

Co

559‌

47‌

Ecolab

Inc

1,164‌

217‌

FMC

Corp

588‌

61‌

International

Flavors

&

Fragrances

Inc

1,198‌

95‌

Linde

PLC

2,302‌

877‌

LyondellBasell

Industries

NV

1,192‌

109‌

Mosaic

Co/The

1,561‌

55‌

PPG

Industries

Inc

1,106‌

164‌

Sherwin-Williams

Co/The

1,103‌

293‌

$

2,803‌

Commercial

Services

-

1

.64

%

Automatic

Data

Processing

Inc

1,942‌

427‌

Cintas

Corp

407‌

202‌

CoStar

Group

Inc

(d)

1,920‌

171‌

Equifax

Inc

575‌

135‌

FleetCor

Technologies

Inc

(d)

346‌

87‌

Gartner

Inc

(d)

371‌

130‌

Global

Payments

Inc

1,231‌

121‌

MarketAxess

Holdings

Inc

177‌

46‌

Moody's

Corp

742‌

258‌

PayPal

Holdings

Inc

(d)

5,243‌

350‌

Quanta

Services

Inc

681‌

134‌

Robert

Half

International

Inc

504‌

38‌

Rollins

Inc

1,088‌

47‌

S&P

Global

Inc

1,542‌

618‌

Schedule

of

Investments

LargeCap

S&P

500

Managed

Volatility

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

178

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Commercial

Services

(continued)

United

Rentals

Inc

324‌

$

144‌

Verisk

Analytics

Inc

680‌

154‌

$

3,062‌

Computers

-

8

.54

%

Accenture

PLC

-

Class

A

2,968‌

916‌

Apple

Inc

69,487‌

13,478‌

Cognizant

Technology

Solutions

Corp

2,385‌

156‌

DXC

Technology

Co

(d)

1,066‌

29‌

EPAM

Systems

Inc

(d)

271‌

61‌

Fortinet

Inc

(d)

3,062‌

231‌

Hewlett

Packard

Enterprise

Co

6,090‌

102‌

HP

Inc

4,074‌

125‌

International

Business

Machines

Corp

4,267‌

571‌

Leidos

Holdings

Inc

644‌

57‌

NetApp

Inc

1,006‌

77‌

Seagate

Technology

Holdings

PLC

905‌

56‌

Western

Digital

Corp

(d)

1,503‌

57‌

$

15,916‌

Consumer

Products

-

0

.26

%

Avery

Dennison

Corp

379‌

65‌

Church

&

Dwight

Co

Inc

1,147‌

115‌

Clorox

Co/The

580‌

92‌

Kimberly-Clark

Corp

1,584‌

219‌

$

491‌

Cosmetics

&

Personal

Care

-

1

.18

%

Colgate-Palmolive

Co

3,899‌

300‌

Estee

Lauder

Cos

Inc/The

1,089‌

214‌

Procter

&

Gamble

Co/The

11,077‌

1,681‌

$

2,195‌

Distribution

&

Wholesale

-

0

.35

%

Copart

Inc

(d)

2,015‌

184‌

Fastenal

Co

2,683‌

158‌

LKQ

Corp

1,193‌

69‌

Pool

Corp

184‌

69‌

WW

Grainger

Inc

210‌

166‌

$

646‌

Diversified

Financial

Services

-

3

.39

%

American

Express

Co

2,794‌

487‌

Ameriprise

Financial

Inc

491‌

163‌

BlackRock

Inc

704‌

487‌

Capital

One

Financial

Corp

1,793‌

196‌

Cboe

Global

Markets

Inc

495‌

68‌

Charles

Schwab

Corp/The

6,984‌

396‌

CME

Group

Inc

1,689‌

313‌

Discover

Financial

Services

1,193‌

140‌

Franklin

Resources

Inc

1,341‌

36‌

Intercontinental

Exchange

Inc

2,630‌

297‌

Invesco

Ltd

2,153‌

36‌

Mastercard

Inc

3,934‌

1,547‌

Nasdaq

Inc

1,590‌

79‌

Raymond

James

Financial

Inc

896‌

93‌

Synchrony

Financial

2,014‌

68‌

T

Rowe

Price

Group

Inc

1,055‌

118‌

Visa

Inc

7,605‌

1,806‌

$

6,330‌

Electric

-

2

.27

%

AES

Corp/The

3,144‌

65‌

Alliant

Energy

Corp

1,181‌

62‌

Ameren

Corp

1,233‌

101‌

American

Electric

Power

Co

Inc

2,418‌

204‌

CenterPoint

Energy

Inc

2,965‌

86‌

CMS

Energy

Corp

1,370‌

80‌

Consolidated

Edison

Inc

1,629‌

147‌

Constellation

Energy

Corp

1,525‌

140‌

Dominion

Energy

Inc

3,928‌

203‌

DTE

Energy

Co

968‌

107‌

Duke

Energy

Corp

3,621‌

325‌

Edison

International

1,799‌

125‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electric

(continued)

Entergy

Corp

993‌

$

97‌

Evergy

Inc

1,079‌

63‌

Eversource

Energy

1,638‌

116‌

Exelon

Corp

4,673‌

190‌

FirstEnergy

Corp

2,557‌

99‌

NextEra

Energy

Inc

9,509‌

706‌

NRG

Energy

Inc

1,079‌

40‌

PG&E

Corp

(d)

7,597‌

131‌

Pinnacle

West

Capital

Corp

531‌

43‌

PPL

Corp

3,463‌

92‌

Public

Service

Enterprise

Group

Inc

2,344‌

147‌

Sempra

Energy

1,478‌

215‌

Southern

Co/The

5,124‌

360‌

WEC

Energy

Group

Inc

1,481‌

131‌

Xcel

Energy

Inc

2,586‌

161‌

$

4,236‌

Electrical

Components

&

Equipment

-

0

.25

%

AMETEK

Inc

1,082‌

175‌

Emerson

Electric

Co

2,685‌

243‌

Generac

Holdings

Inc

(d)

292‌

43‌

$

461‌

Electronics

-

0

.99

%

Agilent

Technologies

Inc

1,389‌

167‌

Allegion

plc

413‌

49‌

Amphenol

Corp

2,797‌

238‌

Fortive

Corp

1,660‌

124‌

Garmin

Ltd

718‌

75‌

Honeywell

International

Inc

3,127‌

649‌

Keysight

Technologies

Inc

(d)

836‌

140‌

Mettler-Toledo

International

Inc

(d)

104‌

136‌

TE

Connectivity

Ltd

1,481‌

208‌

Trimble

Inc

(d)

1,164‌

62‌

$

1,848‌

Energy

-

Alternate

Sources

-

0

.14

%

Enphase

Energy

Inc

(d)

643‌

108‌

First

Solar

Inc

(d)

466‌

88‌

SolarEdge

Technologies

Inc

(d)

264‌

71‌

$

267‌

Engineering

&

Construction

-

0

.04

%

Jacobs

Solutions

Inc

596‌

71‌

Entertainment

-

0

.06

%

Caesars

Entertainment

Inc

(d)

1,011‌

52‌

Live

Nation

Entertainment

Inc

(d)

675‌

61‌

$

113‌

Environmental

Control

-

0

.27

%

Pentair

PLC

775‌

50‌

Republic

Services

Inc

965‌

148‌

Waste

Management

Inc

1,739‌

301‌

$

499‌

Food

-

1

.01

%

Campbell

Soup

Co

940‌

43‌

Conagra

Brands

Inc

2,240‌

75‌

General

Mills

Inc

2,760‌

212‌

Hershey

Co/The

691‌

172‌

Hormel

Foods

Corp

1,360‌

55‌

J

M

Smucker

Co/The

500‌

74‌

Kellogg

Co

1,207‌

81‌

Kraft

Heinz

Co/The

3,748‌

133‌

Kroger

Co/The

3,068‌

144‌

Lamb

Weston

Holdings

Inc

684‌

79‌

McCormick

&

Co

Inc/MD

1,178‌

103‌

Mondelez

International

Inc

6,400‌

467‌

Sysco

Corp

2,380‌

177‌

Tyson

Foods

Inc

1,341‌

68‌

$

1,883‌

Forest

Products

&

Paper

-

0

.03

%

International

Paper

Co

1,631‌

52‌

Schedule

of

Investments

LargeCap

S&P

500

Managed

Volatility

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

179

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Gas

-

0

.07

%

Atmos

Energy

Corp

678‌

$

79‌

NiSource

Inc

1,941‌

53‌

$

132‌

Hand

&

Machine

Tools

-

0

.07

%

Snap-on

Inc

249‌

72‌

Stanley

Black

&

Decker

Inc

719‌

67‌

$

139‌

Healthcare

-

Products

-

3

.48

%

Abbott

Laboratories

8,173‌

891‌

Align

Technology

Inc

(d)

336‌

119‌

Baxter

International

Inc

2,377‌

108‌

Bio-Techne

Corp

739‌

60‌

Boston

Scientific

Corp

(d)

6,756‌

365‌

Cooper

Cos

Inc/The

234‌

90‌

Danaher

Corp

3,120‌

749‌

DENTSPLY

SIRONA

Inc

999‌

40‌

Edwards

Lifesciences

Corp

(d)

2,849‌

269‌

GE

HealthCare

Technologies

Inc

1,837‌

149‌

Hologic

Inc

(d)

1,156‌

94‌

IDEXX

Laboratories

Inc

(d)

390‌

196‌

Insulet

Corp

(d)

328‌

95‌

Intuitive

Surgical

Inc

(d)

1,647‌

563‌

Medtronic

PLC

6,252‌

551‌

ResMed

Inc

690‌

151‌

Revvity

Inc

590‌

70‌

STERIS

PLC

466‌

105‌

Stryker

Corp

1,587‌

484‌

Teleflex

Inc

220‌

53‌

Thermo

Fisher

Scientific

Inc

1,814‌

946‌

Waters

Corp

(d)

278‌

74‌

West

Pharmaceutical

Services

Inc

350‌

134‌

Zimmer

Biomet

Holdings

Inc

981‌

143‌

$

6,499‌

Healthcare

-

Services

-

2

.11

%

Catalent

Inc

(d)

844‌

36‌

Centene

Corp

(d)

2,579‌

174‌

Charles

River

Laboratories

International

Inc

(d)

239‌

50‌

DaVita

Inc

(d)

259‌

26‌

Elevance

Health

Inc

1,115‌

495‌

HCA

Healthcare

Inc

971‌

295‌

Humana

Inc

588‌

263‌

IQVIA

Holdings

Inc

(d)

871‌

196‌

Laboratory

Corp

of

America

Holdings

415‌

100‌

Molina

Healthcare

Inc

(d)

275‌

83‌

Quest

Diagnostics

Inc

525‌

74‌

UnitedHealth

Group

Inc

4,377‌

2,104‌

Universal

Health

Services

Inc

296‌

47‌

$

3,943‌

Home

Builders

-

0

.27

%

DR

Horton

Inc

1,458‌

177‌

Lennar

Corp

-

A

Shares

1,192‌

149‌

NVR

Inc

(d)

14‌

89‌

PulteGroup

Inc

1,049‌

82‌

$

497‌

Home

Furnishings

-

0

.02

%

Whirlpool

Corp

257‌

38‌

Housewares

-

0

.01

%

Newell

Brands

Inc

1,764‌

15‌

Insurance

-

3

.47

%

Aflac

Inc

2,584‌

180‌

Allstate

Corp/The

1,234‌

135‌

American

International

Group

Inc

3,401‌

196‌

Aon

PLC

961‌

332‌

Arch

Capital

Group

Ltd

(d)

1,749‌

131‌

Arthur

J

Gallagher

&

Co

1,006‌

221‌

Assurant

Inc

249‌

31‌

Berkshire

Hathaway

Inc

-

Class

B

(d)

8,382‌

2,858‌

Brown

&

Brown

Inc

1,106‌

76‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

(continued)

Chubb

Ltd

1,946‌

$

375‌

Cincinnati

Financial

Corp

738‌

72‌

Everest

Re

Group

Ltd

202‌

69‌

Globe

Life

Inc

417‌

46‌

Hartford

Financial

Services

Group

Inc/The

1,458‌

105‌

Lincoln

National

Corp

721‌

19‌

Loews

Corp

889‌

53‌

Marsh

&

McLennan

Cos

Inc

2,324‌

437‌

MetLife

Inc

3,023‌

171‌

Principal

Financial

Group

Inc

1,062‌

80‌

Progressive

Corp/The

2,750‌

364‌

Prudential

Financial

Inc

1,715‌

151‌

Travelers

Cos

Inc/The

1,085‌

188‌

W

R

Berkley

Corp

944‌

56‌

Willis

Towers

Watson

PLC

500‌

118‌

$

6,464‌

Internet

-

9

.14

%

Alphabet

Inc

-

A

Shares

(d)

27,922‌

3,342‌

Alphabet

Inc

-

C

Shares

(d)

24,018‌

2,905‌

Amazon.com

Inc

(d)

41,952‌

5,469‌

Booking

Holdings

Inc

(d)

174‌

470‌

CDW

Corp/DE

633‌

116‌

eBay

Inc

2,514‌

112‌

Etsy

Inc

(d)

580‌

49‌

Expedia

Group

Inc

(d)

671‌

73‌

F5

Inc

(d)

284‌

42‌

Gen

Digital

Inc

2,668‌

50‌

Match

Group

Inc

(d)

1,309‌

55‌

Meta

Platforms

Inc

(d)

10,397‌

2,984‌

Netflix

Inc

(d)

2,090‌

921‌

Palo

Alto

Networks

Inc

(d)

1,422‌

363‌

VeriSign

Inc

(d)

426‌

96‌

$

17,047‌

Iron

&

Steel

-

0

.15

%

Nucor

Corp

1,181‌

194‌

Steel

Dynamics

Inc

754‌

82‌

$

276‌

Leisure

Products

&

Services

-

0

.13

%

Carnival

Corp

(d)

4,720‌

89‌

Norwegian

Cruise

Line

Holdings

Ltd

(d)

1,993‌

43‌

Royal

Caribbean

Cruises

Ltd

(d)

1,033‌

107‌

$

239‌

Lodging

-

0

.33

%

Hilton

Worldwide

Holdings

Inc

1,244‌

181‌

Las

Vegas

Sands

Corp

(d)

1,544‌

90‌

Marriott

International

Inc/MD

1,212‌

223‌

MGM

Resorts

International

1,419‌

62‌

Wynn

Resorts

Ltd

486‌

51‌

$

607‌

Machinery

-

Construction

&

Mining

-

0

.32

%

Caterpillar

Inc

2,422‌

596‌

Machinery

-

Diversified

-

0

.77

%

Deere

&

Co

1,269‌

514‌

Dover

Corp

656‌

97‌

IDEX

Corp

354‌

76‌

Ingersoll

Rand

Inc

1,900‌

124‌

Nordson

Corp

252‌

63‌

Otis

Worldwide

Corp

1,943‌

173‌

Rockwell

Automation

Inc

540‌

178‌

Westinghouse

Air

Brake

Technologies

Corp

845‌

93‌

Xylem

Inc/NY

1,123‌

126‌

$

1,444‌

Media

-

1

.13

%

Charter

Communications

Inc

(d)

490‌

180‌

Comcast

Corp

-

Class

A

19,548‌

812‌

FactSet

Research

Systems

Inc

181‌

72‌

Fox

Corp

-

A

Shares

1,265‌

43‌

Fox

Corp

-

B

Shares

642‌

20‌

Schedule

of

Investments

LargeCap

S&P

500

Managed

Volatility

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

180

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Media

(continued)

News

Corp

-

A

Shares

1,793‌

$

35‌

News

Corp

-

B

Shares

551‌

11‌

Paramount

Global

-

Class

B

(e)

2,382‌

38‌

Walt

Disney

Co/The

(d)

8,587‌

767‌

Warner

Bros

Discovery

Inc

(d)

10,418‌

131‌

$

2,109‌

Mining

-

0

.23

%

Freeport-McMoRan

Inc

6,735‌

270‌

Newmont

Corp

3,734‌

159‌

$

429‌

Miscellaneous

Manufacturers

-

1

.08

%

3M

Co

2,592‌

259‌

A

O

Smith

Corp

585‌

43‌

Axon

Enterprise

Inc

(d)

329‌

64‌

Eaton

Corp

PLC

1,872‌

377‌

General

Electric

Co

5,117‌

562‌

Illinois

Tool

Works

Inc

1,299‌

325‌

Parker-Hannifin

Corp

603‌

235‌

Teledyne

Technologies

Inc

(d)

221‌

91‌

Textron

Inc

948‌

64‌

$

2,020‌

Office

&

Business

Equipment

-

0

.04

%

Zebra

Technologies

Corp

(d)

243‌

72‌

Oil

&

Gas

-

3

.22

%

APA

Corp

1,451‌

50‌

Chevron

Corp

8,190‌

1,289‌

ConocoPhillips

5,687‌

589‌

Coterra

Energy

Inc

3,560‌

90‌

Devon

Energy

Corp

3,016‌

146‌

Diamondback

Energy

Inc

851‌

112‌

EOG

Resources

Inc

2,749‌

315‌

EQT

Corp

1,700‌

70‌

Exxon

Mobil

Corp

(f)

19,001‌

2,038‌

Hess

Corp

1,298‌

176‌

Marathon

Oil

Corp

2,903‌

67‌

Marathon

Petroleum

Corp

1,994‌

232‌

Occidental

Petroleum

Corp

3,376‌

198‌

Phillips

66

2,156‌

206‌

Pioneer

Natural

Resources

Co

1,098‌

227‌

Valero

Energy

Corp

1,699‌

199‌

$

6,004‌

Oil

&

Gas

Services

-

0

.33

%

Baker

Hughes

Co

4,757‌

150‌

Halliburton

Co

4,241‌

140‌

Schlumberger

NV

6,697‌

329‌

$

619‌

Packaging

&

Containers

-

0

.15

%

Amcor

PLC

6,916‌

69‌

Ball

Corp

1,478‌

86‌

Packaging

Corp

of

America

422‌

56‌

Sealed

Air

Corp

677‌

27‌

Westrock

Co

1,203‌

35‌

$

273‌

Pharmaceuticals

-

5

.52

%

AbbVie

Inc

8,292‌

1,117‌

AmerisourceBergen

Corp

760‌

146‌

Becton

Dickinson

&

Co

1,334‌

352‌

Bristol-Myers

Squibb

Co

9,874‌

632‌

Cardinal

Health

Inc

1,196‌

113‌

Cigna

Group/The

1,391‌

390‌

CVS

Health

Corp

6,024‌

416‌

Dexcom

Inc

(d)

1,821‌

234‌

Eli

Lilly

&

Co

3,703‌

1,737‌

Henry

Schein

Inc

(d)

616‌

50‌

Johnson

&

Johnson

12,214‌

2,022‌

McKesson

Corp

638‌

273‌

Merck

&

Co

Inc

11,925‌

1,376‌

Organon

&

Co

1,197‌

25‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Pharmaceuticals

(continued)

Pfizer

Inc

26,531‌

$

973‌

Viatris

Inc

5,635‌

56‌

Zoetis

Inc

2,172‌

374‌

$

10,286‌

Pipelines

-

0

.30

%

Kinder

Morgan

Inc

9,269‌

159‌

ONEOK

Inc

2,101‌

130‌

Targa

Resources

Corp

1,062‌

81‌

Williams

Cos

Inc/The

5,724‌

187‌

$

557‌

Real

Estate

-

0

.06

%

CBRE

Group

Inc

(d)

1,461‌

118‌

REITs

-

2

.18

%

Alexandria

Real

Estate

Equities

Inc

739‌

84‌

American

Tower

Corp

2,189‌

425‌

AvalonBay

Communities

Inc

667‌

126‌

Boston

Properties

Inc

670‌

39‌

Camden

Property

Trust

502‌

55‌

Crown

Castle

Inc

2,037‌

232‌

Digital

Realty

Trust

Inc

1,369‌

156‌

Equinix

Inc

440‌

345‌

Equity

Residential

1,602‌

106‌

Essex

Property

Trust

Inc

302‌

71‌

Extra

Space

Storage

Inc

634‌

94‌

Federal

Realty

Investment

Trust

344‌

33‌

Healthpeak

Properties

Inc

2,569‌

52‌

Host

Hotels

&

Resorts

Inc

3,343‌

56‌

Invitation

Homes

Inc

2,731‌

94‌

Iron

Mountain

Inc

1,370‌

78‌

Kimco

Realty

Corp

2,912‌

57‌

Mid-America

Apartment

Communities

Inc

547‌

83‌

Prologis

Inc

4,339‌

532‌

Public

Storage

744‌

217‌

Realty

Income

Corp

3,163‌

189‌

Regency

Centers

Corp

723‌

45‌

SBA

Communications

Corp

508‌

118‌

Simon

Property

Group

Inc

1,536‌

177‌

UDR

Inc

1,453‌

62‌

Ventas

Inc

1,879‌

89‌

VICI

Properties

Inc

4,719‌

148‌

Welltower

Inc

2,335‌

189‌

Weyerhaeuser

Co

3,441‌

115‌

$

4,067‌

Retail

-

4

.72

%

Advance

Auto

Parts

Inc

279‌

20‌

AutoZone

Inc

(d)

87‌

217‌

Bath

&

Body

Works

Inc

1,075‌

40‌

Best

Buy

Co

Inc

914‌

75‌

CarMax

Inc

(d)

743‌

62‌

Chipotle

Mexican

Grill

Inc

(d)

130‌

278‌

Costco

Wholesale

Corp

2,084‌

1,122‌

Darden

Restaurants

Inc

569‌

95‌

Dollar

General

Corp

1,030‌

175‌

Dollar

Tree

Inc

(d)

976‌

140‌

Domino's

Pizza

Inc

167‌

56‌

Genuine

Parts

Co

659‌

112‌

Home

Depot

Inc/The

4,760‌

1,479‌

Lowe's

Cos

Inc

2,802‌

632‌

McDonald's

Corp

3,431‌

1,024‌

O'Reilly

Automotive

Inc

(d)

287‌

274‌

Ross

Stores

Inc

1,608‌

180‌

Starbucks

Corp

5,388‌

534‌

Target

Corp

2,168‌

286‌

TJX

Cos

Inc/The

5,412‌

459‌

Tractor

Supply

Co

515‌

114‌

Ulta

Beauty

Inc

(d)

236‌

111‌

Walgreens

Boots

Alliance

Inc

3,365‌

96‌

Walmart

Inc

6,591‌

1,036‌

Schedule

of

Investments

LargeCap

S&P

500

Managed

Volatility

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

181

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Retail

(continued)

Yum!

Brands

Inc

1,316‌

$

182‌

$

8,799‌

Semiconductors

-

6

.76

%

Advanced

Micro

Devices

Inc

(d)

7,568‌

862‌

Analog

Devices

Inc

2,377‌

463‌

Applied

Materials

Inc

3,970‌

574‌

Broadcom

Inc

1,960‌

1,700‌

Intel

Corp

19,602‌

655‌

KLA

Corp

646‌

313‌

Lam

Research

Corp

632‌

406‌

Microchip

Technology

Inc

2,573‌

231‌

Micron

Technology

Inc

5,142‌

325‌

Monolithic

Power

Systems

Inc

211‌

114‌

NVIDIA

Corp

11,624‌

4,917‌

NXP

Semiconductors

NV

1,219‌

249‌

ON

Semiconductor

Corp

(d)

2,028‌

192‌

Qorvo

Inc

(d)

468‌

48‌

QUALCOMM

Inc

5,235‌

623‌

Skyworks

Solutions

Inc

747‌

83‌

Teradyne

Inc

728‌

81‌

Texas

Instruments

Inc

4,265‌

768‌

$

12,604‌

Shipbuilding

-

0

.02

%

Huntington

Ingalls

Industries

Inc

186‌

42‌

Software

-

10

.26

%

Activision

Blizzard

Inc

(d)

3,361‌

283‌

Adobe

Inc

(d)

2,155‌

1,054‌

Akamai

Technologies

Inc

(d)

715‌

64‌

ANSYS

Inc

(d)

408‌

135‌

Autodesk

Inc

(d)

1,007‌

206‌

Broadridge

Financial

Solutions

Inc

553‌

92‌

Cadence

Design

Systems

Inc

(d)

1,281‌

300‌

Ceridian

HCM

Holding

Inc

(d)

727‌

49‌

Electronic

Arts

Inc

1,223‌

159‌

Fair

Isaac

Corp

(d)

118‌

95‌

Fidelity

National

Information

Services

Inc

2,783‌

152‌

Fiserv

Inc

(d)

2,902‌

366‌

Intuit

Inc

1,320‌

605‌

Jack

Henry

&

Associates

Inc

341‌

57‌

Microsoft

Corp

(f)

34,946‌

11,901‌

MSCI

Inc

376‌

176‌

Oracle

Corp

7,232‌

861‌

Paychex

Inc

1,507‌

169‌

Paycom

Software

Inc

229‌

74‌

PTC

Inc

(d)

499‌

71‌

Roper

Technologies

Inc

501‌

241‌

Salesforce

Inc

(d)

4,601‌

972‌

ServiceNow

Inc

(d)

958‌

538‌

Synopsys

Inc

(d)

717‌

312‌

Take-Two

Interactive

Software

Inc

(d)

744‌

110‌

Tyler

Technologies

Inc

(d)

197‌

82‌

$

19,124‌

Telecommunications

-

1

.74

%

Arista

Networks

Inc

(d)

1,172‌

190‌

AT&T

Inc

33,598‌

536‌

Cisco

Systems

Inc

19,250‌

996‌

Corning

Inc

3,595‌

126‌

Juniper

Networks

Inc

1,511‌

47‌

Motorola

Solutions

Inc

787‌

231‌

T-Mobile

US

Inc

(d)

2,707‌

376‌

Verizon

Communications

Inc

19,757‌

735‌

$

3,237‌

Toys,

Games

&

Hobbies

-

0

.02

%

Hasbro

Inc

611‌

40‌

Transportation

-

1

.29

%

CH

Robinson

Worldwide

Inc

547‌

52‌

CSX

Corp

9,555‌

326‌

Expeditors

International

of

Washington

Inc

718‌

87‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Transportation

(continued)

FedEx

Corp

1,087‌

$

270‌

JB

Hunt

Transport

Services

Inc

389‌

70‌

Norfolk

Southern

Corp

1,069‌

242‌

Old

Dominion

Freight

Line

Inc

423‌

156‌

Union

Pacific

Corp

2,865‌

586‌

United

Parcel

Service

Inc

3,406‌

611‌

$

2,400‌

Water

-

0

.07

%

American

Water

Works

Co

Inc

914‌

130‌

TOTAL

COMMON

STOCKS

$

174,647‌

TOTAL

PURCHASED

OPTIONS

-

0.14%

$

266‌

Total

Investments

$

187,061‌

Other

Assets

and

Liabilities

-  (0.32)%

(

598‌

)

TOTAL

NET

ASSETS

-

100.00%

$

186,463‌

(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

$39

or

0.02%

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

$38

or

0.02%

of

net

assets.

(f)

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

$3,005

or

1.61%

of

net

assets.

Portfolio

Summary

Sector

Percent

Technology

25

.60‌

%

Consumer,

Non-cyclical

18

.89‌

%

Financial

12

.63‌

%

Communications

12

.09‌

%

Consumer,

Cyclical

8

.89‌

%

Industrial

7

.25‌

%

Money

Market

Funds

6

.18‌

%

Energy

3

.99‌

%

Utilities

2

.41‌

%

Basic

Materials

1

.91‌

%

Investment

Companies

0

.34‌

%

Purchased

Options

0

.14‌

%

Other

Assets

and

Liabilities

(

0

.32‌

)

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

LargeCap

S&P

500

Managed

Volatility

Index

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

182

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

10,782‌

$

30,014‌

$

29,318‌

$

11,478‌

$

10,782‌

$

30,014‌

$

29,318‌

$

11,478‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

242‌

$

—‌

$

—‌

$

—‌

$

242‌

$

—‌

$

—‌

$

—‌

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)

Put

-

S&P

500

Index

N/A

200‌

$

20‌

$

4,350

.00‌

07/24/2023

$

924‌

$

266‌

$

(

658‌

)

Total

$

924‌

$

266‌

$

(

658‌

)

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

S&P

500

Index

N/A

200‌

$

20‌

$

4,250

.00‌

07/24/2023

$

(

453‌

)

$

(

107‌

)

$

346‌

Total

$

(

453‌

)

$

(

107‌

)

$

346‌

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

2023

Long

16‌

$

3,591‌

$

98‌

Total

$

98‌

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

MidCap

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

183

INVESTMENT

COMPANIES

-

0

.23

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

0

.23

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

5.00%

(a),(b)

693,000‌

$

693‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(a),(c)

670,997‌

671‌

$

1,364‌

TOTAL

INVESTMENT

COMPANIES

$

1,364‌

COMMON

STOCKS

-

99

.98

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

9

.99

%

HEICO

Corp

-

Class

A

183,668‌

$

25,823‌

TransDigm

Group

Inc

37,326‌

33,376‌

$

59,199‌

Beverages

-

0

.06

%

Brown-Forman

Corp

-

A

Shares

227‌

16‌

Brown-Forman

Corp

-

B

Shares

5,153‌

344‌

$

360‌

Building

Materials

-

5

.39

%

Martin

Marietta

Materials

Inc

19,224‌

8,875‌

Summit

Materials

Inc

(d)

70,969‌

2,686‌

Vulcan

Materials

Co

90,493‌

20,401‌

$

31,962‌

Chemicals

-

0

.89

%

Air

Products

and

Chemicals

Inc

11,818‌

3,540‌

Perimeter

Solutions

SA

(d)

236,876‌

1,457‌

Perimeter

Solutions

SA

-

Warrants

(d)

97,671‌

10‌

Sherwin-Williams

Co/The

1,105‌

293‌

$

5,300‌

Commercial

Services

-

9

.28

%

CoStar

Group

Inc

(d)

307,509‌

27,368‌

Gartner

Inc

(d)

24,171‌

8,467‌

Moody's

Corp

22,828‌

7,938‌

TransUnion

68,953‌

5,401‌

Verisk

Analytics

Inc

25,802‌

5,832‌

$

55,006‌

Distribution

&

Wholesale

-

7

.00

%

Copart

Inc

(d)

354,917‌

32,372‌

Fastenal

Co

154,740‌

9,128‌

$

41,500‌

Diversified

Financial

Services

-

0

.85

%

Brookfield

Asset

Management

Ltd

(e)

149,128‌

4,866‌

Brookfield

Reinsurance

Ltd

4,484‌

152‌

$

5,018‌

Electric

-

3

.38

%

Brookfield

Infrastructure

Partners

LP

365,288‌

13,333‌

Brookfield

Renewable

Corp

61,942‌

1,953‌

Brookfield

Renewable

Partners

LP

160,909‌

4,745‌

$

20,031‌

Electronics

-

1

.91

%

Agilent

Technologies

Inc

64,881‌

7,802‌

Mettler-Toledo

International

Inc

(d)

2,688‌

3,526‌

$

11,328‌

Entertainment

-

3

.77

%

Live

Nation

Entertainment

Inc

(d)

150,335‌

13,697‌

Vail

Resorts

Inc

34,396‌

8,660‌

$

22,357‌

Healthcare

-

Products

-

1

.25

%

Enovis

Corp

(d)

14,097‌

904‌

IDEXX

Laboratories

Inc

(d)

9,729‌

4,886‌

Waters

Corp

(d)

6,034‌

1,608‌

$

7,398‌

Home

Builders

-

2

.07

%

Lennar

Corp

-

A

Shares

35,899‌

4,499‌

Lennar

Corp

-

B

Shares

1,155‌

130‌

NVR

Inc

(d)

1,200‌

7,621‌

$

12,250‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

-

9

.84

%

Aon

PLC

14,310‌

$

4,940‌

Arch

Capital

Group

Ltd

(d)

125,497‌

9,393‌

Brown

&

Brown

Inc

255,356‌

17,579‌

F&G

Annuities

&

Life

Inc

1,974‌

49‌

Fidelity

National

Financial

Inc

5,550‌

200‌

Markel

Group

Inc

(d)

12,369‌

17,108‌

Progressive

Corp/The

68,197‌

9,027‌

$

58,296‌

Internet

-

2

.18

%

VeriSign

Inc

(d)

49,797‌

11,253‌

Wix.com

Ltd

(d)

21,259‌

1,663‌

$

12,916‌

Lodging

-

4

.65

%

Hilton

Worldwide

Holdings

Inc

150,694‌

21,934‌

Hyatt

Hotels

Corp

48,851‌

5,597‌

$

27,531‌

Machinery

-

Diversified

-

0

.36

%

Cognex

Corp

28,251‌

1,583‌

Esab

Corp

8,196‌

545‌

$

2,128‌

Media

-

1

.57

%

GCI

Liberty

Inc

-

Escrow

(d),(f)

69,706‌

—‌

Liberty

Broadband

Corp

-

A

Shares

(d)

895‌

71‌

Liberty

Broadband

Corp

-

C

Shares

(d)

886‌

71‌

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d)

14,567‌

985‌

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d)

108,875‌

8,196‌

$

9,323‌

Private

Equity

-

8

.17

%

Ares

Management

Corp

34,342‌

3,309‌

Brookfield

Corp

772,984‌

26,011‌

KKR

&

Co

Inc

340,749‌

19,082‌

$

48,402‌

Real

Estate

-

2

.29

%

CBRE

Group

Inc

(d)

122,865‌

9,917‌

Howard

Hughes

Corp/The

(d)

46,151‌

3,642‌

$

13,559‌

REITs

-

2

.16

%

SBA

Communications

Corp

55,143‌

12,780‌

Retail

-

10

.67

%

CarMax

Inc

(d)

185,732‌

15,546‌

Dollar

General

Corp

34,986‌

5,940‌

Domino's

Pizza

Inc

34,696‌

11,692‌

O'Reilly

Automotive

Inc

(d)

29,263‌

27,955‌

Ross

Stores

Inc

18,864‌

2,115‌

$

63,248‌

Semiconductors

-

1

.87

%

Microchip

Technology

Inc

123,529‌

11,067‌

Software

-

10

.38

%

ANSYS

Inc

(d)

10,510‌

3,471‌

Autodesk

Inc

(d)

44,964‌

9,200‌

Black

Knight

Inc

(d)

141,334‌

8,442‌

Constellation

Software

Inc/Canada

4,006‌

8,343‌

Fair

Isaac

Corp

(d)

1,502‌

1,215‌

Lumine

Group

Inc

(d)

10,483‌

144‌

MSCI

Inc

7,926‌

3,720‌

Roper

Technologies

Inc

34,107‌

16,399‌

Tyler

Technologies

Inc

(d)

25,313‌

10,542‌

$

61,476‌

TOTAL

COMMON

STOCKS

$

592,435‌

Total

Investments

$

593,799‌

Other

Assets

and

Liabilities

-  (0.21)%

(

1,228‌

)

TOTAL

NET

ASSETS

-

100.00%

$

592,571‌

Schedule

of

Investments

MidCap

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

184

(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

$693

or

0.12%

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

$685

or

0.12%

of

net

assets.

(f)

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.

Portfolio

Summary

Sector

Percent

Consumer,

Cyclical

28

.16‌

%

Financial

23

.31‌

%

Industrial

17

.65‌

%

Technology

12

.25‌

%

Consumer,

Non-cyclical

10

.59‌

%

Communications

3

.75‌

%

Utilities

3

.38‌

%

Basic

Materials

0

.89‌

%

Money

Market

Funds

0

.23‌

%

Other

Assets

and

Liabilities

(

0

.21‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

1,497‌

$

9,982‌

$

10,808‌

$

671‌

$

1,497‌

$

9,982‌

$

10,808‌

$

671‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

4‌

$

—‌

$

—‌

$

—‌

$

4‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Principal

Capital

Appreciation

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

185

INVESTMENT

COMPANIES

-

2

.45

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

2

.45

%

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(a),(b)

4,229,397‌

$

4,229‌

TOTAL

INVESTMENT

COMPANIES

$

4,229‌

COMMON

STOCKS

-

97

.95

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

0

.84

%

Raytheon

Technologies

Corp

14,823‌

$

1,452‌

Apparel

-

1

.46

%

Deckers

Outdoor

Corp

(c)

4,152‌

2,191‌

NIKE

Inc

3,085‌

340‌

$

2,531‌

Automobile

Manufacturers

-

3

.26

%

Cummins

Inc

6,640‌

1,628‌

PACCAR

Inc

24,294‌

2,032‌

Tesla

Inc

(c)

7,550‌

1,976‌

$

5,636‌

Banks

-

4

.29

%

JPMorgan

Chase

&

Co

25,533‌

3,713‌

Morgan

Stanley

21,306‌

1,820‌

PNC

Financial

Services

Group

Inc/The

14,969‌

1,885‌

$

7,418‌

Beverages

-

1

.55

%

Keurig

Dr

Pepper

Inc

63,739‌

1,993‌

Monster

Beverage

Corp

(c)

11,947‌

686‌

$

2,679‌

Building

Materials

-

1

.02

%

Trane

Technologies

PLC

9,230‌

1,765‌

Chemicals

-

2

.38

%

Air

Products

and

Chemicals

Inc

4,268‌

1,278‌

Albemarle

Corp

6,637‌

1,481‌

FMC

Corp

13,040‌

1,361‌

$

4,120‌

Commercial

Services

-

0

.40

%

PayPal

Holdings

Inc

(c)

10,346‌

690‌

Computers

-

7

.62

%

Amdocs

Ltd

16,600‌

1,641‌

Apple

Inc

59,482‌

11,538‌

$

13,179‌

Consumer

Products

-

0

.89

%

Church

&

Dwight

Co

Inc

15,331‌

1,537‌

Diversified

Financial

Services

-

6

.72

%

Ameriprise

Financial

Inc

5,958‌

1,979‌

BlackRock

Inc

1,476‌

1,020‌

Charles

Schwab

Corp/The

5,773‌

327‌

Discover

Financial

Services

5,496‌

642‌

Nasdaq

Inc

37,186‌

1,854‌

Visa

Inc

24,405‌

5,796‌

$

11,618‌

Electric

-

2

.92

%

Constellation

Energy

Corp

28,877‌

2,644‌

NextEra

Energy

Inc

19,692‌

1,461‌

Xcel

Energy

Inc

15,181‌

944‌

$

5,049‌

Energy

-

Alternate

Sources

-

0

.29

%

Enphase

Energy

Inc

(c)

3,042‌

509‌

Environmental

Control

-

1

.32

%

Republic

Services

Inc

14,899‌

2,282‌

Food

-

0

.99

%

Simply

Good

Foods

Co/The

(c)

46,600‌

1,705‌

Healthcare

-

Products

-

4

.75

%

Abbott

Laboratories

21,839‌

2,380‌

Cooper

Cos

Inc/The

2,141‌

821‌

Edwards

Lifesciences

Corp

(c)

6,611‌

624‌

GE

HealthCare

Technologies

Inc

11,660‌

947‌

Medtronic

PLC

13,678‌

1,205‌

Thermo

Fisher

Scientific

Inc

4,292‌

2,239‌

$

8,216‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Healthcare

-

Services

-

2

.78

%

HCA

Healthcare

Inc

7,908‌

$

2,400‌

UnitedHealth

Group

Inc

5,024‌

2,415‌

$

4,815‌

Home

Furnishings

-

0

.10

%

Sonos

Inc

(c)

10,829‌

177‌

Insurance

-

2

.24

%

Fidelity

National

Financial

Inc

2,968‌

107‌

Marsh

&

McLennan

Cos

Inc

11,734‌

2,207‌

Progressive

Corp/The

11,814‌

1,564‌

$

3,878‌

Internet

-

8

.86

%

Airbnb

Inc

(c)

9,532‌

1,222‌

Alphabet

Inc

-

A

Shares

(c)

47,681‌

5,707‌

Amazon.com

Inc

(c)

33,917‌

4,421‌

Meta

Platforms

Inc

(c)

12,028‌

3,452‌

Shopify

Inc

(c)

8,090‌

523‌

$

15,325‌

Leisure

Products

&

Services

-

0

.22

%

YETI

Holdings

Inc

(c)

9,610‌

373‌

Machinery

-

Construction

&

Mining

-

0

.67

%

Epiroc

AB

-

A

Shares

60,796‌

1,152‌

Machinery

-

Diversified

-

0

.86

%

Deere

&

Co

3,667‌

1,486‌

Media

-

2

.56

%

Charter

Communications

Inc

(c)

1,594‌

586‌

Comcast

Corp

-

Class

A

63,176‌

2,625‌

Nexstar

Media

Group

Inc

4,675‌

779‌

Walt

Disney

Co/The

(c)

4,977‌

444‌

$

4,434‌

Miscellaneous

Manufacturers

-

1

.37

%

Parker-Hannifin

Corp

6,072‌

2,368‌

Oil

&

Gas

-

3

.86

%

Chevron

Corp

16,375‌

2,577‌

Coterra

Energy

Inc

24,585‌

622‌

EOG

Resources

Inc

16,961‌

1,941‌

Marathon

Petroleum

Corp

13,122‌

1,530‌

$

6,670‌

Oil

&

Gas

Services

-

0

.19

%

Schlumberger

NV

6,849‌

336‌

Pharmaceuticals

-

5

.84

%

Bristol-Myers

Squibb

Co

15,901‌

1,017‌

CVS

Health

Corp

24,268‌

1,678‌

Eli

Lilly

&

Co

3,802‌

1,783‌

Merck

&

Co

Inc

12,256‌

1,414‌

Novartis

AG

ADR

15,517‌

1,566‌

Pfizer

Inc

39,663‌

1,455‌

Roche

Holding

AG

ADR

31,317‌

1,196‌

$

10,109‌

REITs

-

1

.95

%

American

Tower

Corp

3,268‌

634‌

Extra

Space

Storage

Inc

3,468‌

516‌

Host

Hotels

&

Resorts

Inc

103,596‌

1,744‌

Prologis

Inc

3,875‌

475‌

$

3,369‌

Retail

-

5

.67

%

Chipotle

Mexican

Grill

Inc

(c)

541‌

1,157‌

Costco

Wholesale

Corp

4,525‌

2,436‌

Home

Depot

Inc/The

4,093‌

1,271‌

Lululemon

Athletica

Inc

(c)

1,941‌

735‌

O'Reilly

Automotive

Inc

(c)

1,797‌

1,717‌

Starbucks

Corp

5,319‌

527‌

Tractor

Supply

Co

8,840‌

1,955‌

$

9,798‌

Semiconductors

-

6

.85

%

Broadcom

Inc

4,749‌

4,119‌

Lam

Research

Corp

2,935‌

1,887‌

Microchip

Technology

Inc

19,072‌

1,709‌

Schedule

of

Investments

Principal

Capital

Appreciation

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

186

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Semiconductors

(continued)

NVIDIA

Corp

9,784‌

$

4,139‌

$

11,854‌

Software

-

10

.52

%

Adobe

Inc

(c)

5,267‌

2,575‌

Fair

Isaac

Corp

(c)

2,752‌

2,227‌

Microsoft

Corp

30,963‌

10,544‌

Roper

Technologies

Inc

2,399‌

1,153‌

Salesforce

Inc

(c)

4,329‌

915‌

ServiceNow

Inc

(c)

1,375‌

773‌

$

18,187‌

Telecommunications

-

1

.12

%

T-Mobile

US

Inc

(c)

13,968‌

1,940‌

Transportation

-

1

.59

%

Expeditors

International

of

Washington

Inc

11,923‌

1,444‌

Union

Pacific

Corp

6,391‌

1,308‌

$

2,752‌

TOTAL

COMMON

STOCKS

$

169,409‌

Total

Investments

$

173,638‌

Other

Assets

and

Liabilities

-  (0.40)%

(

690‌

)

TOTAL

NET

ASSETS

-

100.00%

$

172,948‌

(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

Sector

Percent

Technology

24

.99‌

%

Consumer,

Non-cyclical

17

.20‌

%

Financial

15

.20‌

%

Communications

12

.54‌

%

Consumer,

Cyclical

10

.71‌

%

Industrial

7

.67‌

%

Energy

4

.34‌

%

Utilities

2

.92‌

%

Money

Market

Funds

2

.45‌

%

Basic

Materials

2

.38‌

%

Other

Assets

and

Liabilities

(

0

.40‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

1,401‌

$

23,116‌

$

20,288‌

$

4,229‌

$

1,401‌

$

23,116‌

$

20,288‌

$

4,229‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

75‌

$

—‌

$

—‌

$

—‌

$

75‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Principal

LifeTime

2020

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

187

INVESTMENT

COMPANIES

-

99

.99

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

58

.40

%

Blue

Chip

Fund

(a),(b)

200,161‌

$

6,901‌

Core

Fixed

Income

Fund

(a)

5,675,487‌

48,128‌

Diversified

International

Fund

(a)

828,050‌

10,616‌

Diversified

Real

Asset

Fund

(a)

323,676‌

3,531‌

International

Small

Company

Fund

(a)

170,321‌

1,661‌

LargeCap

Growth

Fund

I

(a),(b)

417,255‌

6,989‌

MidCap

Fund

(a),(b)

30,338‌

1,097‌

MidCap

Value

Fund

I

(a)

254,121‌

4,094‌

Origin

Emerging

Markets

Fund

(a)

280,138‌

2,717‌

SmallCap

Growth

Fund

I

(a),(b)

92,559‌

1,272‌

SmallCap

Value

Fund

II

(a)

110,118‌

1,252‌

$

88,258‌

Principal

Funds,

Inc.

Institutional

Class

-

41

.59

%

Equity

Income

Fund

(a)

173,993‌

6,239‌

High

Income

Fund

(a)

1,072,290‌

8,578‌

Inflation

Protection

Fund

(a)

1,049,902‌

8,221‌

LargeCap

S&P

500

Index

Fund

(a)

299,994‌

6,747‌

LargeCap

Value

Fund

III

(a)

352,397‌

6,160‌

MidCap

Growth

Fund

III

(a),(b)

267,640‌

3,147‌

Overseas

Fund

(a)

537,412‌

5,772‌

Short-Term

Income

Fund

(a)

1,552,378‌

17,977‌

$

62,841‌

TOTAL

INVESTMENT

COMPANIES

$

151,099‌

Total

Investments

$

151,099‌

Other

Assets

and

Liabilities

-  0.01%

22‌

TOTAL

NET

ASSETS

-

100.00%

$

151,121‌

(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)

Non-income

producing

security

Portfolio

Summary

Fund

Type

Percent

Fixed

Income

Funds

54

.87‌

%

Domestic

Equity

Funds

29

.04‌

%

International

Equity

Funds

13

.74‌

%

Specialty

Funds

2

.34‌

%

Other

Assets

and

Liabilities

0

.01‌

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2020

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

188

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

6,417‌

$

291‌

$

1,132‌

$

6,901‌

Core

Fixed

Income

Fund

50,242‌

3,243‌

5,750‌

48,128‌

Diversified

International

Fund

9,272‌

1,410‌

1,227‌

10,616‌

Diversified

Real

Asset

Fund

3,769‌

221‌

435‌

3,531‌

Equity

Income

Fund

6,821‌

365‌

1,117‌

6,239‌

High

Income

Fund

8,573‌

804‌

986‌

8,578‌

Inflation

Protection

Fund

8,517‌

510‌

985‌

8,221‌

International

Small

Company

Fund

1,735‌

87‌

290‌

1,661‌

LargeCap

Growth

Fund

I

6,226‌

291‌

1,134‌

6,989‌

LargeCap

S&P

500

Index

Fund

6,542‌

280‌

1,104‌

6,747‌

LargeCap

Value

Fund

III

6,788‌

291‌

1,112‌

6,160‌

MidCap

Fund

1,116‌

63‌

243‌

1,097‌

MidCap

Growth

Fund

III

3,098‌

143‌

532‌

3,147‌

MidCap

Value

Fund

I

4,481‌

202‌

761‌

4,094‌

Origin

Emerging

Markets

Fund

2,256‌

569‌

315‌

2,717‌

Overseas

Fund

4,846‌

720‌

567‌

5,772‌

Short-Term

Income

Fund

18,211‌

1,741‌

2,070‌

17,977‌

SmallCap

Growth

Fund

I

1,288‌

80‌

255‌

1,272‌

SmallCap

Value

Fund

II

1,358‌

80‌

291‌

1,252‌

$

151,556‌

$

11,391‌

$

20,306‌

$

151,099‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—‌

$

370‌

$

—‌

$

955‌

Core

Fixed

Income

Fund

789‌

(

212‌

)

—‌

605‌

Diversified

International

Fund

—‌

25‌

—‌

1,136‌

Diversified

Real

Asset

Fund

47‌

—‌

—‌

(

24‌

)

Equity

Income

Fund

74‌

197‌

—‌

(

27‌

)

High

Income

Fund

295‌

(

23‌

)

—‌

210‌

Inflation

Protection

Fund

—‌

4‌

—‌

175‌

International

Small

Company

Fund

—‌

8‌

—‌

121‌

LargeCap

Growth

Fund

I

—‌

63‌

—‌

1,543‌

LargeCap

S&P

500

Index

Fund

—‌

(

52‌

)

—‌

1,081‌

LargeCap

Value

Fund

III

—‌

24‌

—‌

169‌

MidCap

Fund

—‌

80‌

—‌

81‌

MidCap

Growth

Fund

III

—‌

31‌

—‌

407‌

MidCap

Value

Fund

I

—‌

—‌

—‌

172‌

Origin

Emerging

Markets

Fund

—‌

3‌

—‌

204‌

Overseas

Fund

—‌

7‌

—‌

766‌

Short-Term

Income

Fund

270‌

2‌

—‌

93‌

SmallCap

Growth

Fund

I

—‌

61‌

—‌

98‌

SmallCap

Value

Fund

II

—‌

16‌

—‌

89‌

$

1,475‌

$

604‌

$

—‌

$

7,854‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2030

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

189

INVESTMENT

COMPANIES

-

99

.99

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

69

.86

%

Blue

Chip

Fund

(a),(b)

467,862‌

$

16,132‌

Core

Fixed

Income

Fund

(a)

10,036,374‌

85,108‌

Diversified

International

Fund

(a)

1,937,799‌

24,843‌

International

Small

Company

Fund

(a)

414,773‌

4,044‌

LargeCap

Growth

Fund

I

(a),(b)

975,334‌

16,337‌

MidCap

Fund

(a),(b)

72,910‌

2,636‌

MidCap

Value

Fund

I

(a)

586,952‌

9,456‌

Origin

Emerging

Markets

Fund

(a)

653,758‌

6,341‌

Real

Estate

Securities

Fund

(a)

222,620‌

5,837‌

SmallCap

Growth

Fund

I

(a),(b)

226,399‌

3,111‌

SmallCap

Value

Fund

II

(a)

281,848‌

3,205‌

$

177,050‌

Principal

Funds,

Inc.

Institutional

Class

-

30

.13

%

Equity

Income

Fund

(a)

407,744‌

14,622‌

High

Income

Fund

(a)

1,442,920‌

11,544‌

LargeCap

S&P

500

Index

Fund

(a)

686,898‌

15,448‌

LargeCap

Value

Fund

III

(a)

826,213‌

14,442‌

MidCap

Growth

Fund

III

(a),(b)

611,902‌

7,196‌

Overseas

Fund

(a)

1,220,238‌

13,105‌

$

76,357‌

TOTAL

INVESTMENT

COMPANIES

$

253,407‌

Total

Investments

$

253,407‌

Other

Assets

and

Liabilities

-  0.01%

25‌

TOTAL

NET

ASSETS

-

100.00%

$

253,432‌

(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)

Non-income

producing

security

Portfolio

Summary

Fund

Type

Percent

Domestic

Equity

Funds

42

.79‌

%

Fixed

Income

Funds

38

.13‌

%

International

Equity

Funds

19

.07‌

%

Other

Assets

and

Liabilities

0

.01‌

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

13,707‌

$

1,135‌

$

1,663‌

$

16,132‌

Core

Fixed

Income

Fund

79,204‌

10,134‌

4,746‌

85,108‌

Diversified

International

Fund

19,883‌

4,029‌

1,634‌

24,843‌

Equity

Income

Fund

14,552‌

1,300‌

1,626‌

14,622‌

High

Income

Fund

10,594‌

1,350‌

633‌

11,544‌

International

Small

Company

Fund

3,716‌

342‌

298‌

4,044‌

LargeCap

Growth

Fund

I

13,303‌

1,135‌

1,663‌

16,337‌

LargeCap

S&P

500

Index

Fund

13,939‌

1,126‌

1,879‌

15,448‌

LargeCap

Value

Fund

III

14,463‌

1,135‌

1,614‌

14,442‌

MidCap

Fund

2,318‌

235‌

279‌

2,636‌

MidCap

Growth

Fund

III

6,507‌

553‌

819‌

7,196‌

MidCap

Value

Fund

I

9,368‌

787‌

1,087‌

9,456‌

Origin

Emerging

Markets

Fund

4,743‌

1,514‌

367‌

6,341‌

Overseas

Fund

10,149‌

1,964‌

663‌

13,105‌

Real

Estate

Securities

Fund

5,401‌

555‌

339‌

5,837‌

SmallCap

Growth

Fund

I

2,836‌

332‌

426‌

3,111‌

SmallCap

Value

Fund

II

2,986‌

322‌

359‌

3,205‌

$

227,669‌

$

27,948‌

$

20,095‌

$

253,407‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—‌

$

(

29‌

)

$

—‌

$

2,982‌

Core

Fixed

Income

Fund

1,303‌

(

1‌

)

—‌

517‌

Diversified

International

Fund

—‌

2‌

—‌

2,563‌

Equity

Income

Fund

165‌

(

3‌

)

—‌

399‌

High

Income

Fund

377‌

—‌

—‌

233‌

International

Small

Company

Fund

—‌

—‌

—‌

284‌

LargeCap

Growth

Fund

I

—‌

12‌

—‌

3,550‌

LargeCap

S&P

500

Index

Fund

—‌

(

11‌

)

—‌

2,273‌

LargeCap

Value

Fund

III

—‌

(

3‌

)

—‌

461‌

MidCap

Fund

—‌

1‌

—‌

361‌

MidCap

Growth

Fund

III

—‌

31‌

—‌

924‌

MidCap

Value

Fund

I

—‌

(

1‌

)

—‌

389‌

Origin

Emerging

Markets

Fund

—‌

2‌

—‌

449‌

Overseas

Fund

—‌

—‌

—‌

1,655‌

Real

Estate

Securities

Fund

67‌

—‌

—‌

220‌

SmallCap

Growth

Fund

I

—‌

11‌

—‌

358‌

SmallCap

Value

Fund

II

—‌

(

1‌

)

—‌

257‌

$

1,912‌

$

10‌

$

—‌

$

17,875‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2040

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

190

INVESTMENT

COMPANIES

-

99

.99

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

62

.93

%

Blue

Chip

Fund

(a),(b)

330,768‌

$

11,405‌

Core

Fixed

Income

Fund

(a)

2,315,017‌

19,631‌

Diversified

International

Fund

(a)

1,371,743‌

17,586‌

International

Small

Company

Fund

(a)

289,126‌

2,819‌

LargeCap

Growth

Fund

I

(a),(b)

689,941‌

11,557‌

MidCap

Fund

(a),(b)

62,045‌

2,244‌

MidCap

Value

Fund

I

(a)

411,751‌

6,633‌

Origin

Emerging

Markets

Fund

(a)

464,991‌

4,510‌

Real

Estate

Securities

Fund

(a)

116,524‌

3,055‌

SmallCap

Growth

Fund

I

(a),(b)

159,380‌

2,190‌

SmallCap

Value

Fund

II

(a)

194,299‌

2,209‌

$

83,839‌

Principal

Funds,

Inc.

Institutional

Class

-

37

.06

%

Equity

Income

Fund

(a)

287,483‌

10,309‌

High

Income

Fund

(a)

479,025‌

3,832‌

LargeCap

S&P

500

Index

Fund

(a)

495,928‌

11,153‌

LargeCap

Value

Fund

III

(a)

583,060‌

10,192‌

MidCap

Growth

Fund

III

(a),(b)

397,411‌

4,674‌

Overseas

Fund

(a)

858,014‌

9,215‌

$

49,375‌

TOTAL

INVESTMENT

COMPANIES

$

133,214‌

Total

Investments

$

133,214‌

Other

Assets

and

Liabilities

-  0.01%

8‌

TOTAL

NET

ASSETS

-

100.00%

$

133,222‌

(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)

Non-income

producing

security

Portfolio

Summary

Fund

Type

Percent

Domestic

Equity

Funds

56

.75‌

%

International

Equity

Funds

25

.63‌

%

Fixed

Income

Funds

17

.61‌

%

Other

Assets

and

Liabilities

0

.01‌

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

9,742‌

$

1,220‌

$

1,651‌

$

11,405‌

Core

Fixed

Income

Fund

17,811‌

3,706‌

2,000‌

19,631‌

Diversified

International

Fund

14,115‌

3,489‌

1,843‌

17,586‌

Equity

Income

Fund

10,321‌

1,338‌

1,625‌

10,309‌

High

Income

Fund

3,467‌

675‌

386‌

3,832‌

International

Small

Company

Fund

2,597‌

357‌

334‌

2,819‌

LargeCap

Growth

Fund

I

9,456‌

1,220‌

1,651‌

11,557‌

LargeCap

S&P

500

Index

Fund

9,896‌

1,201‌

1,565‌

11,153‌

LargeCap

Value

Fund

III

10,269‌

1,220‌

1,616‌

10,192‌

MidCap

Fund

2,024‌

251‌

342‌

2,244‌

MidCap

Growth

Fund

III

4,200‌

577‌

721‌

4,674‌

MidCap

Value

Fund

I

6,628‌

825‌

1,090‌

6,633‌

Origin

Emerging

Markets

Fund

3,386‌

1,237‌

432‌

4,510‌

Overseas

Fund

7,181‌

1,661‌

803‌

9,215‌

Real

Estate

Securities

Fund

2,850‌

415‌

323‌

3,055‌

SmallCap

Growth

Fund

I

2,006‌

331‌

407‌

2,190‌

SmallCap

Value

Fund

II

2,110‌

331‌

406‌

2,209‌

$

118,059‌

$

20,054‌

$

17,195‌

$

133,214‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—‌

$

16‌

$

—‌

$

2,078‌

Core

Fixed

Income

Fund

297‌

1‌

—‌

113‌

Diversified

International

Fund

—‌

(

9‌

)

—‌

1,834‌

Equity

Income

Fund

118‌

(

4‌

)

—‌

279‌

High

Income

Fund

125‌

—‌

—‌

76‌

International

Small

Company

Fund

—‌

—‌

—‌

199‌

LargeCap

Growth

Fund

I

—‌

(

3‌

)

—‌

2,535‌

LargeCap

S&P

500

Index

Fund

—‌

(

12‌

)

—‌

1,633‌

LargeCap

Value

Fund

III

—‌

1‌

—‌

318‌

MidCap

Fund

—‌

11‌

—‌

300‌

MidCap

Growth

Fund

III

—‌

—‌

—‌

618‌

MidCap

Value

Fund

I

—‌

(

1‌

)

—‌

271‌

Origin

Emerging

Markets

Fund

—‌

—‌

—‌

319‌

Overseas

Fund

—‌

—‌

—‌

1,176‌

Real

Estate

Securities

Fund

35‌

1‌

—‌

112‌

SmallCap

Growth

Fund

I

—‌

(

2‌

)

—‌

262‌

SmallCap

Value

Fund

II

—‌

—‌

—‌

174‌

$

575‌

$

(

1‌

)

$

—‌

$

12,297‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2050

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

191

INVESTMENT

COMPANIES

-

99

.99

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

59

.02

%

Blue

Chip

Fund

(a),(b)

186,208‌

$

6,420‌

Core

Fixed

Income

Fund

(a)

226,593‌

1,922‌

Diversified

International

Fund

(a)

772,654‌

9,905‌

International

Small

Company

Fund

(a)

160,867‌

1,568‌

LargeCap

Growth

Fund

I

(a),(b)

388,719‌

6,511‌

MidCap

Fund

(a),(b)

35,063‌

1,268‌

MidCap

Value

Fund

I

(a)

231,974‌

3,737‌

Origin

Emerging

Markets

Fund

(a)

262,554‌

2,547‌

Real

Estate

Securities

Fund

(a)

55,971‌

1,468‌

SmallCap

Growth

Fund

I

(a),(b)

88,332‌

1,214‌

SmallCap

Value

Fund

II

(a)

107,686‌

1,224‌

$

37,784‌

Principal

Funds,

Inc.

Institutional

Class

-

40

.97

%

Equity

Income

Fund

(a)

161,973‌

5,808‌

High

Income

Fund

(a)

80,314‌

643‌

LargeCap

S&P

500

Index

Fund

(a)

277,610‌

6,243‌

LargeCap

Value

Fund

III

(a)

327,576‌

5,726‌

MidCap

Growth

Fund

III

(a),(b)

222,519‌

2,617‌

Overseas

Fund

(a)

483,859‌

5,197‌

$

26,234‌

TOTAL

INVESTMENT

COMPANIES

$

64,018‌

Total

Investments

$

64,018‌

Other

Assets

and

Liabilities

-  0.01%

5‌

TOTAL

NET

ASSETS

-

100.00%

$

64,023‌

(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)

Non-income

producing

security

Portfolio

Summary

Fund

Type

Percent

Domestic

Equity

Funds

65

.97‌

%

International

Equity

Funds

30

.02‌

%

Fixed

Income

Funds

4

.00‌

%

Other

Assets

and

Liabilities

0

.01‌

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

5,494‌

$

692‌

$

956‌

$

6,420‌

Core

Fixed

Income

Fund

1,874‌

280‌

244‌

1,922‌

Diversified

International

Fund

7,961‌

1,992‌

1,081‌

9,905‌

Equity

Income

Fund

5,835‌

759‌

942‌

5,808‌

High

Income

Fund

606‌

103‌

79‌

643‌

International

Small

Company

Fund

1,452‌

202‌

197‌

1,568‌

LargeCap

Growth

Fund

I

5,333‌

692‌

958‌

6,511‌

LargeCap

S&P

500

Index

Fund

5,581‌

692‌

952‌

6,243‌

LargeCap

Value

Fund

III

5,789‌

692‌

935‌

5,726‌

MidCap

Fund

1,144‌

143‌

196‌

1,268‌

MidCap

Growth

Fund

III

2,372‌

331‌

440‌

2,617‌

MidCap

Value

Fund

I

3,741‌

471‌

630‌

3,737‌

Origin

Emerging

Markets

Fund

1,924‌

702‌

262‌

2,547‌

Overseas

Fund

4,047‌

950‌

465‌

5,197‌

Real

Estate

Securities

Fund

1,391‌

201‌

180‌

1,468‌

SmallCap

Growth

Fund

I

1,117‌

195‌

244‌

1,214‌

SmallCap

Value

Fund

II

1,174‌

195‌

245‌

1,224‌

$

56,835‌

$

9,292‌

$

9,006‌

$

64,018‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—‌

$

20‌

$

—‌

$

1,170‌

Core

Fixed

Income

Fund

31‌

(

1‌

)

—‌

13‌

Diversified

International

Fund

—‌

(

11‌

)

—‌

1,044‌

Equity

Income

Fund

67‌

(

2‌

)

—‌

158‌

High

Income

Fund

21‌

—‌

—‌

13‌

International

Small

Company

Fund

—‌

—‌

—‌

111‌

LargeCap

Growth

Fund

I

—‌

2‌

—‌

1,442‌

LargeCap

S&P

500

Index

Fund

—‌

14‌

—‌

908‌

LargeCap

Value

Fund

III

—‌

(

3‌

)

—‌

183‌

MidCap

Fund

—‌

4‌

—‌

173‌

MidCap

Growth

Fund

III

—‌

1‌

—‌

353‌

MidCap

Value

Fund

I

—‌

—‌

—‌

155‌

Origin

Emerging

Markets

Fund

—‌

1‌

—‌

182‌

Overseas

Fund

—‌

—‌

—‌

665‌

Real

Estate

Securities

Fund

17‌

—‌

—‌

56‌

SmallCap

Growth

Fund

I

—‌

5‌

—‌

141‌

SmallCap

Value

Fund

II

—‌

1‌

—‌

99‌

$

136‌

$

31‌

$

—‌

$

6,866‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2060

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

192

INVESTMENT

COMPANIES

-

100

.00

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

59

.03

%

Blue

Chip

Fund

(a),(b)

50,575‌

$

1,744‌

Core

Fixed

Income

Fund

(a)

62,474‌

530‌

Diversified

International

Fund

(a)

210,158‌

2,694‌

International

Small

Company

Fund

(a)

44,095‌

430‌

LargeCap

Growth

Fund

I

(a),(b)

105,522‌

1,768‌

MidCap

Fund

(a),(b)

9,542‌

345‌

MidCap

Value

Fund

I

(a)

63,453‌

1,022‌

Origin

Emerging

Markets

Fund

(a)

71,349‌

692‌

Real

Estate

Securities

Fund

(a)

15,206‌

399‌

SmallCap

Growth

Fund

I

(a),(b)

24,478‌

336‌

SmallCap

Value

Fund

II

(a)

29,840‌

339‌

$

10,299‌

Principal

Funds,

Inc.

Institutional

Class

-

40

.97

%

Equity

Income

Fund

(a)

44,281‌

1,588‌

High

Income

Fund

(a)

22,115‌

177‌

LargeCap

S&P

500

Index

Fund

(a)

75,497‌

1,698‌

LargeCap

Value

Fund

III

(a)

89,385‌

1,562‌

MidCap

Growth

Fund

III

(a),(b)

60,832‌

715‌

Overseas

Fund

(a)

131,158‌

1,409‌

$

7,149‌

TOTAL

INVESTMENT

COMPANIES

$

17,448‌

Total

Investments

$

17,448‌

Other

Assets

and

Liabilities

-  0.00%

—‌

TOTAL

NET

ASSETS

-

100.00%

$

17,448‌

(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)

Non-income

producing

security

Portfolio

Summary

Fund

Type

Percent

Domestic

Equity

Funds

66

.00‌

%

International

Equity

Funds

29

.95‌

%

Fixed

Income

Funds

4

.05‌

%

Other

Assets

and

Liabilities

0

.00‌

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

1,461‌

$

232‌

$

261‌

$

1,744‌

Core

Fixed

Income

Fund

503‌

92‌

68‌

530‌

Diversified

International

Fund

2,118‌

605‌

302‌

2,694‌

Equity

Income

Fund

1,556‌

250‌

259‌

1,588‌

High

Income

Fund

163‌

33‌

22‌

177‌

International

Small

Company

Fund

388‌

68‌

56‌

430‌

LargeCap

Growth

Fund

I

1,419‌

232‌

261‌

1,768‌

LargeCap

S&P

500

Index

Fund

1,484‌

232‌

261‌

1,698‌

LargeCap

Value

Fund

III

1,539‌

232‌

258‌

1,562‌

MidCap

Fund

304‌

48‌

53‌

345‌

MidCap

Growth

Fund

III

632‌

111‌

121‌

715‌

MidCap

Value

Fund

I

996‌

158‌

174‌

1,022‌

Origin

Emerging

Markets

Fund

513‌

203‌

73‌

692‌

Overseas

Fund

1,077‌

285‌

129‌

1,409‌

Real

Estate

Securities

Fund

368‌

66‌

50‌

399‌

SmallCap

Growth

Fund

I

299‌

65‌

67‌

336‌

SmallCap

Value

Fund

II

314‌

65‌

67‌

339‌

$

15,134‌

$

2,977‌

$

2,482‌

$

17,448‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—‌

$

2‌

$

—‌

$

310‌

Core

Fixed

Income

Fund

8‌

—‌

—‌

3‌

Diversified

International

Fund

—‌

1‌

—‌

272‌

Equity

Income

Fund

18‌

—‌

—‌

41‌

High

Income

Fund

6‌

—‌

—‌

3‌

International

Small

Company

Fund

—‌

—‌

—‌

30‌

LargeCap

Growth

Fund

I

—‌

—‌

—‌

378‌

LargeCap

S&P

500

Index

Fund

—‌

—‌

—‌

243‌

LargeCap

Value

Fund

III

—‌

—‌

—‌

49‌

MidCap

Fund

—‌

—‌

—‌

46‌

MidCap

Growth

Fund

III

—‌

—‌

—‌

93‌

MidCap

Value

Fund

I

—‌

—‌

—‌

42‌

Origin

Emerging

Markets

Fund

—‌

—‌

—‌

49‌

Overseas

Fund

—‌

—‌

—‌

176‌

Real

Estate

Securities

Fund

4‌

—‌

—‌

15‌

SmallCap

Growth

Fund

I

—‌

—‌

—‌

39‌

SmallCap

Value

Fund

II

—‌

—‌

—‌

27‌

$

36‌

$

3‌

$

—‌

$

1,816‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Strategic

Income

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

193

INVESTMENT

COMPANIES

-

99.99%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

55.71%

Blue

Chip

Fund

(a),(b)

57,421‌

$

1,980‌

Core

Fixed

Income

Fund

(a)

2,253,924‌

19,113‌

Diversified

International

Fund

(a)

237,235‌

3,041‌

Diversified

Real

Asset

Fund

(a)

122,565‌

1,337‌

International

Small

Company

Fund

(a)

51,226‌

500‌

LargeCap

Growth

Fund

I

(a),(b)

119,665‌

2,004‌

MidCap

Fund

(a),(b)

8,970‌

324‌

MidCap

Value

Fund

I

(a)

73,545‌

1,185‌

Origin

Emerging

Markets

Fund

(a)

82,594‌

801‌

SmallCap

Growth

Fund

I

(a),(b)

27,235‌

374‌

SmallCap

Value

Fund

II

(a)

33,385‌

380‌

$

31,039‌

Principal

Funds,

Inc.

Institutional

Class

-

44.28%

Equity

Income

Fund

(a)

50,043‌

1,795‌

High

Income

Fund

(a)

458,985‌

3,672‌

Inflation

Protection

Fund

(a)

449,256‌

3,518‌

LargeCap

S&P

500

Index

Fund

(a)

85,877‌

1,931‌

LargeCap

Value

Fund

III

(a)

100,947‌

1,765‌

MidCap

Growth

Fund

III

(a),(b)

76,734‌

902‌

Overseas

Fund

(a)

153,016‌

1,643‌

Short-Term

Income

Fund

(a)

815,358‌

9,442‌

$

24,668‌

TOTAL

INVESTMENT

COMPANIES

$

55,707‌

Total

Investments

$

55,707‌

Other

Assets

and

Liabilities

-  0.01%

7‌

TOTAL

NET

ASSETS

-

100.00%

$

55,714‌

(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)

Non-income

producing

security

Portfolio

Summary

Fund

Type

Percent

Fixed

Income

Funds

64.15‌%

Domestic

Equity

Funds

22.69‌%

International

Equity

Funds

10.75‌%

Specialty

Funds

2.40‌%

Other

Assets

and

Liabilities

0.01‌%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

Strategic

Income

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

194

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

777‌

$

760‌

$

248‌

$

1,980‌

Core

Fixed

Income

Fund

8,556‌

14,200‌

1,773‌

19,113‌

Diversified

International

Fund

1,117‌

2,410‌

256‌

3,041‌

Diversified

Real

Asset

Fund

623‌

848‌

125‌

1,337‌

Equity

Income

Fund

831‌

848‌

244‌

1,795‌

High

Income

Fund

1,589‌

2,809‌

330‌

3,672‌

Inflation

Protection

Fund

1,579‌

2,487‌

329‌

3,518‌

International

Small

Company

Fund

216‌

327‌

45‌

500‌

LargeCap

Growth

Fund

I

753‌

1,607‌

248‌

2,004‌

LargeCap

S&P

500

Index

Fund

791‌

940‌

247‌

1,931‌

LargeCap

Value

Fund

III

822‌

1,175‌

242‌

1,765‌

MidCap

Fund

136‌

98‌

48‌

324‌

MidCap

Growth

Fund

III

375‌

511‌

121‌

902‌

MidCap

Value

Fund

I

545‌

702‌

165‌

1,185‌

Origin

Emerging

Markets

Fund

277‌

683‌

63‌

801‌

Overseas

Fund

584‌

851‌

108‌

1,643‌

Short-Term

Income

Fund

4,237‌

6,321‌

863‌

9,442‌

SmallCap

Growth

Fund

I

160‌

166‌

58‌

374‌

SmallCap

Value

Fund

II

169‌

179‌

57‌

380‌

$

24,137‌

$

37,922‌

$

5,570‌

$

55,707‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)*

Blue

Chip

Fund

$

—‌

$

(51‌)

$

—‌

$

742‌

Core

Fixed

Income

Fund

198‌

(64‌)

—‌

(1,806‌)

Diversified

International

Fund

—‌

4‌

—‌

(234‌)

Diversified

Real

Asset

Fund

14‌

—‌

—‌

(9‌)

Equity

Income

Fund

15‌

(1‌)

—‌

361‌

High

Income

Fund

78‌

(25‌)

—‌

(371‌)

Inflation

Protection

Fund

—‌

2‌

—‌

(221‌)

International

Small

Company

Fund

—‌

—‌

—‌

2‌

LargeCap

Growth

Fund

I

—‌

15‌

—‌

(123‌)

LargeCap

S&P

500

Index

Fund

—‌

(13‌)

—‌

460‌

LargeCap

Value

Fund

III

—‌

(3‌)

—‌

13‌

MidCap

Fund

—‌

(12‌)

—‌

150‌

MidCap

Growth

Fund

III

—‌

9‌

—‌

128‌

MidCap

Value

Fund

I

—‌

1‌

—‌

102‌

Origin

Emerging

Markets

Fund

—‌

1‌

—‌

(97‌)

Overseas

Fund

—‌

2‌

—‌

314‌

Short-Term

Income

Fund

91‌

3‌

—‌

(256‌)

SmallCap

Growth

Fund

I

—‌

(5‌)

—‌

111‌

SmallCap

Value

Fund

II

—‌

2‌

—‌

87‌

$

396‌

$

(135‌)

$

—‌

$

(647‌)

Amounts

in

thousands.

*Includes

($1,992)

from

merger

of

Principal

LifeTime

2010

Account.

See

Notes

for

additional

information.

Schedule

of

Investments

Real

Estate

Securities

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

195

INVESTMENT

COMPANIES

-

0

.40

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

0

.40

%

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(a),(b)

537,000‌

$

537‌

TOTAL

INVESTMENT

COMPANIES

$

537‌

COMMON

STOCKS

-

99

.11

%

Shares

Held

Value

(000's)

Entertainment

-

0

.96

%

Marriott

Vacations

Worldwide

Corp

10,555‌

$

1,295‌

REITs

-

98

.15

%

Agree

Realty

Corp

25,452‌

1,664‌

Alexandria

Real

Estate

Equities

Inc

38,229‌

4,339‌

American

Homes

4

Rent

138,639‌

4,915‌

American

Tower

Corp

26,837‌

5,205‌

Apartment

Income

REIT

Corp

69,696‌

2,515‌

Apple

Hospitality

REIT

Inc

80,793‌

1,221‌

AvalonBay

Communities

Inc

36,944‌

6,992‌

Boston

Properties

Inc

15,605‌

899‌

Broadstone

Net

Lease

Inc

115,718‌

1,787‌

Cousins

Properties

Inc

66,539‌

1,517‌

CubeSmart

57,360‌

2,562‌

DiamondRock

Hospitality

Co

109,840‌

880‌

Digital

Realty

Trust

Inc

45,531‌

5,185‌

Equinix

Inc

6,782‌

5,317‌

Equity

LifeStyle

Properties

Inc

62,403‌

4,174‌

Equity

Residential

18,920‌

1,248‌

Essex

Property

Trust

Inc

22,244‌

5,212‌

Extra

Space

Storage

Inc

39,585‌

5,892‌

First

Industrial

Realty

Trust

Inc

65,524‌

3,449‌

Gaming

and

Leisure

Properties

Inc

63,682‌

3,086‌

Healthcare

Realty

Trust

Inc

81,435‌

1,536‌

InvenTrust

Properties

Corp

29,655‌

686‌

Invitation

Homes

Inc

152,720‌

5,254‌

Kilroy

Realty

Corp

44,747‌

1,346‌

National

Health

Investors

Inc

20,938‌

1,098‌

NETSTREIT

Corp

47,180‌

843‌

Prologis

Inc

82,907‌

10,167‌

Public

Storage

10,240‌

2,989‌

Regency

Centers

Corp

61,006‌

3,768‌

Rexford

Industrial

Realty

Inc

86,698‌

4,527‌

Sabra

Health

Care

REIT

Inc

165,384‌

1,947‌

Saul

Centers

Inc

15,647‌

576‌

Simon

Property

Group

Inc

16,201‌

1,871‌

Sun

Communities

Inc

38,611‌

5,037‌

Terreno

Realty

Corp

38,308‌

2,302‌

Ventas

Inc

156,557‌

7,400‌

VICI

Properties

Inc

200,656‌

6,307‌

Welltower

Inc

81,982‌

6,631‌

$

132,344‌

TOTAL

COMMON

STOCKS

$

133,639‌

Total

Investments

$

134,176‌

Other

Assets

and

Liabilities

-  0.49%

660‌

TOTAL

NET

ASSETS

-

100.00%

$

134,836‌

(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

Sector

Percent

Financial

98

.15‌

%

Consumer,

Cyclical

0

.96‌

%

Money

Market

Funds

0

.40‌

%

Other

Assets

and

Liabilities

0

.49‌

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

1,325‌

$

9,190‌

$

9,978‌

$

537‌

$

1,325‌

$

9,190‌

$

9,978‌

$

537‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

18‌

$

—‌

$

—‌

$

—‌

$

18‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

Schedule

of

Investments

SAM

Balanced

Portfolio

June

30,

2023

(unaudited)

See

accompanying

notes.

196

INVESTMENT

COMPANIES

-

100

.01

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1

.94

%

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(a),(b)

11,353,554‌

$

11,354‌

Principal

Exchange-Traded

Funds

-

9

.28

%

Principal

U.S.

Mega-Cap

ETF

(a)

1,099,807‌

48,018‌

Principal

U.S.

Small-Cap

ETF

(a)

146,600‌

6,217‌

$

54,235‌

Principal

Funds,

Inc.

Class

R-6

-

47

.47

%

Blue

Chip

Fund

(a),(c)

1,581,062‌

54,515‌

Core

Fixed

Income

Fund

(a)

9,781,110‌

82,944‌

Diversified

International

Fund

(a)

2,066,338‌

26,490‌

Diversified

Real

Asset

Fund

(a)

1,562,577‌

17,048‌

High

Yield

Fund

(a)

3,244,936‌

20,865‌

International

Equity

Index

Fund

(a)

520,742‌

5,697‌

International

Small

Company

Fund

(a)

609,563‌

5,943‌

LargeCap

Growth

Fund

I

(a),(c)

1,266,238‌

21,210‌

Origin

Emerging

Markets

Fund

(a)

1,505,420‌

14,603‌

Small-MidCap

Dividend

Income

Fund

(a)

708,624‌

11,607‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a)

1,959,884‌

16,698‌

$

277,620‌

Principal

Funds,

Inc.

Institutional

Class

-

30

.92

%

Bond

Market

Index

Fund

(a)

5,802,463‌

49,785‌

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a)

872,962‌

7,691‌

Inflation

Protection

Fund

(a)

1,286,015‌

10,069‌

LargeCap

S&P

500

Index

Fund

(a)

564,362‌

12,692‌

LargeCap

Value

Fund

III

(a)

1,241,627‌

21,704‌

Overseas

Fund

(a)

1,324,279‌

14,223‌

Principal

Capital

Appreciation

Fund

(a)

750,154‌

47,642‌

Short-Term

Income

Fund

(a)

1,469,572‌

17,018‌

$

180,824‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

10

.40

%

Equity

Income

Account

(a)

1,527,084‌

42,178‌

Government

&

High

Quality

Bond

Account

(a)

968,956‌

8,129‌

MidCap

Account

(a)

176,924‌

10,504‌

$

60,811‌

TOTAL

INVESTMENT

COMPANIES

$

584,844‌

Total

Investments

$

584,844‌

Other

Assets

and

Liabilities

-  (0.01)%

(

47‌

)

TOTAL

NET

ASSETS

-

100.00%

$

584,797‌

(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

Fund

Type

Percent

Domestic

Equity

Funds

47

.25‌

%

Fixed

Income

Funds

36

.46‌

%

International

Equity

Funds

11

.45‌

%

Specialty

Funds

2

.91‌

%

Money

Market

Funds

1

.94‌

%

Other

Assets

and

Liabilities

(

0

.01‌

)

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

SAM

Balanced

Portfolio

June

30,

2023

(unaudited)

See

accompanying

notes.

197

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

64,772‌

$

1,410‌

$

23,493‌

$

54,515‌

Bond

Market

Index

Fund

49,940‌

404‌

1,754‌

49,785‌

Core

Fixed

Income

Fund

62,270‌

22,706‌

2,132‌

82,944‌

Diversified

International

Fund

27,877‌

105‌

4,701‌

26,490‌

Diversified

Real

Asset

Fund

25,869‌

288‌

8,819‌

17,048‌

Equity

Income

Account

59,894‌

149‌

19,889‌

42,178‌

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

7,568‌

252‌

394‌

7,691‌

Global

Real

Estate

Securities

Fund

2,661‌

—‌

2,794‌

—‌

Government

&

High

Quality

Bond

Account

14,369‌

36‌

6,670‌

8,129‌

High

Yield

Fund

15,431‌

7,680‌

2,586‌

20,865‌

Inflation

Protection

Fund

11,848‌

46‌

2,069‌

10,069‌

International

Equity

Index

Fund

—‌

5,741‌

86‌

5,697‌

International

Small

Company

Fund

6,116‌

2‌

631‌

5,943‌

LargeCap

Growth

Fund

I

9,405‌

9,838‌

1,834‌

21,210‌

LargeCap

S&P

500

Index

Fund

—‌

11,598‌

—‌

12,692‌

LargeCap

Value

Fund

III

17,483‌

10,467‌

7,090‌

21,704‌

MidCap

Account

24,449‌

71‌

16,313‌

10,504‌

Origin

Emerging

Markets

Fund

20,740‌

1,598‌

9,352‌

14,603‌

Overseas

Fund

9,765‌

3,561‌

798‌

14,223‌

Principal

Capital

Appreciation

Fund

45,157‌

229‌

4,123‌

47,642‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

5,699‌

12,832‌

7,177‌

11,354‌

Principal

U.S.

Mega-Cap

ETF

34,286‌

6,003‌

—‌

48,018‌

Principal

U.S.

Small-Cap

ETF

7,373‌

—‌

1,697‌

6,217‌

Short-Term

Income

Fund

17,438‌

377‌

889‌

17,018‌

Small-MidCap

Dividend

Income

Fund

—‌

11,890‌

529‌

11,607‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

27,757‌

597‌

11,125‌

16,698‌

$

568,167‌

$

107,880‌

$

136,945‌

$

584,844‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—‌

$

2,359‌

$

—‌

$

9,467‌

Bond

Market

Index

Fund

—‌

(

73‌

)

—‌

1,268‌

Core

Fixed

Income

Fund

1,318‌

(

264‌

)

—‌

364‌

Diversified

International

Fund

—‌

(

797‌

)

—‌

4,006‌

Diversified

Real

Asset

Fund

261‌

(

1,557‌

)

—‌

1,267‌

Equity

Income

Account

—‌

1,919‌

—‌

105‌

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

225‌

(

81‌

)

—‌

346‌

Global

Real

Estate

Securities

Fund

—‌

579‌

—‌

(

446‌

)

Government

&

High

Quality

Bond

Account

—‌

(

557‌

)

—‌

951‌

High

Yield

Fund

435‌

(

279‌

)

—‌

619‌

Inflation

Protection

Fund

—‌

(

238‌

)

—‌

482‌

International

Equity

Index

Fund

—‌

—‌

—‌

42‌

International

Small

Company

Fund

—‌

(

71‌

)

—‌

527‌

LargeCap

Growth

Fund

I

—‌

(

709‌

)

—‌

4,510‌

LargeCap

S&P

500

Index

Fund

—‌

—‌

—‌

1,094‌

LargeCap

Value

Fund

III

—‌

(

865‌

)

—‌

1,709‌

MidCap

Account

—‌

(

4,091‌

)

—‌

6,388‌

Origin

Emerging

Markets

Fund

—‌

(

3,126‌

)

—‌

4,743‌

Overseas

Fund

—‌

(

42‌

)

—‌

1,737‌

Principal

Capital

Appreciation

Fund

—‌

(

929‌

)

—‌

7,308‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

181‌

—‌

—‌

—‌

Principal

U.S.

Mega-Cap

ETF

144‌

—‌

—‌

7,729‌

Principal

U.S.

Small-Cap

ETF

4‌

658‌

—‌

(

117‌

)

Short-Term

Income

Fund

259‌

(

41‌

)

—‌

133‌

Small-MidCap

Dividend

Income

Fund

96‌

(

18‌

)

—‌

264‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

583‌

(

1,911‌

)

—‌

1,380‌

$

3,506‌

$

(

10,134‌

)

$

—‌

$

55,876‌

Amounts

in

thousands.

Schedule

of

Investments

SAM

Conservative

Balanced

Portfolio

June

30,

2023

(unaudited)

See

accompanying

notes.

198

INVESTMENT

COMPANIES

-

100

.01

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

0

.65

%

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(a),(b)

1,053,719‌

$

1,054‌

Principal

Exchange-Traded

Funds

-

5

.95

%

Principal

U.S.

Mega-Cap

ETF

(a)

191,230‌

8,349‌

Principal

U.S.

Small-Cap

ETF

(a)

32,200‌

1,365‌

$

9,714‌

Principal

Funds,

Inc.

Class

R-6

-

49

.23

%

Blue

Chip

Fund

(a),(c)

295,267‌

10,181‌

Core

Fixed

Income

Fund

(a)

4,721,693‌

40,040‌

Diversified

International

Fund

(a)

319,451‌

4,095‌

Diversified

Real

Asset

Fund

(a)

361,783‌

3,947‌

High

Yield

Fund

(a)

997,221‌

6,412‌

International

Equity

Index

Fund

(a)

124,855‌

1,366‌

International

Small

Company

Fund

(a)

98,747‌

963‌

LargeCap

Growth

Fund

I

(a),(c)

132,349‌

2,217‌

Origin

Emerging

Markets

Fund

(a)

298,567‌

2,896‌

Small-MidCap

Dividend

Income

Fund

(a)

125,049‌

2,048‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a)

736,459‌

6,275‌

$

80,440‌

Principal

Funds,

Inc.

Institutional

Class

-

34

.36

%

Bond

Market

Index

Fund

(a)

2,800,029‌

24,024‌

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a)

408,867‌

3,602‌

Inflation

Protection

Fund

(a)

654,435‌

5,124‌

LargeCap

S&P

500

Index

Fund

(a)

121,052‌

2,723‌

LargeCap

Value

Fund

III

(a)

116,221‌

2,032‌

Overseas

Fund

(a)

160,695‌

1,726‌

Principal

Capital

Appreciation

Fund

(a)

145,975‌

9,271‌

Short-Term

Income

Fund

(a)

660,143‌

7,644‌

$

56,146‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

9

.82

%

Equity

Income

Account

(a)

373,910‌

10,327‌

Government

&

High

Quality

Bond

Account

(a)

474,085‌

3,978‌

MidCap

Account

(a)

29,265‌

1,737‌

$

16,042‌

TOTAL

INVESTMENT

COMPANIES

$

163,396‌

Total

Investments

$

163,396‌

Other

Assets

and

Liabilities

-  (0.01)%

(

10‌

)

TOTAL

NET

ASSETS

-

100.00%

$

163,386‌

(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

Fund

Type

Percent

Fixed

Income

Funds

59

.43‌

%

Domestic

Equity

Funds

30

.75‌

%

International

Equity

Funds

6

.77‌

%

Specialty

Funds

2

.41‌

%

Money

Market

Funds

0

.65‌

%

Other

Assets

and

Liabilities

(

0

.01‌

)

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

SAM

Conservative

Balanced

Portfolio

June

30,

2023

(unaudited)

See

accompanying

notes.

199

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

13,398‌

$

339‌

$

5,849‌

$

10,181‌

Bond

Market

Index

Fund

24,448‌

805‌

1,811‌

24,024‌

Core

Fixed

Income

Fund

31,863‌

10,734‌

2,635‌

40,040‌

Diversified

International

Fund

4,875‌

117‌

1,418‌

4,095‌

Diversified

Real

Asset

Fund

4,550‌

184‌

748‌

3,947‌

Equity

Income

Account

15,148‌

307‌

5,634‌

10,327‌

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

4,004‌

212‌

745‌

3,602‌

Global

Real

Estate

Securities

Fund

884‌

—‌

927‌

—‌

Government

&

High

Quality

Bond

Account

7,854‌

109‌

4,164‌

3,978‌

High

Yield

Fund

4,795‌

2,547‌

1,036‌

6,412‌

Inflation

Protection

Fund

5,541‌

140‌

672‌

5,124‌

International

Equity

Index

Fund

—‌

1,373‌

17‌

1,366‌

International

Small

Company

Fund

1,027‌

30‌

169‌

963‌

LargeCap

Growth

Fund

I

—‌

1,990‌

39‌

2,217‌

LargeCap

S&P

500

Index

Fund

—‌

2,489‌

—‌

2,723‌

LargeCap

Value

Fund

III

—‌

2,004‌

35‌

2,032‌

MidCap

Account

4,398‌

77‌

3,133‌

1,737‌

Origin

Emerging

Markets

Fund

3,684‌

599‌

1,682‌

2,896‌

Overseas

Fund

1,169‌

487‌

155‌

1,726‌

Principal

Capital

Appreciation

Fund

8,776‌

382‌

1,107‌

9,271‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

1,465‌

2,469‌

2,880‌

1,054‌

Principal

U.S.

Mega-Cap

ETF

6,103‌

886‌

—‌

8,349‌

Principal

U.S.

Small-Cap

ETF

1,376‌

—‌

121‌

1,365‌

Short-Term

Income

Fund

7,608‌

438‌

442‌

7,644‌

Small-MidCap

Dividend

Income

Fund

—‌

2,093‌

96‌

2,048‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

10,339‌

415‌

4,280‌

6,275‌

$

163,305‌

$

31,226‌

$

39,795‌

$

163,396‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—‌

$

20‌

$

—‌

$

2,273‌

Bond

Market

Index

Fund

—‌

(

81‌

)

—‌

663‌

Core

Fixed

Income

Fund

643‌

(

392‌

)

—‌

470‌

Diversified

International

Fund

—‌

(

228‌

)

—‌

749‌

Diversified

Real

Asset

Fund

53‌

(

110‌

)

—‌

71‌

Equity

Income

Account

—‌

(

534‌

)

—‌

1,040‌

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

109‌

(

155‌

)

—‌

286‌

Global

Real

Estate

Securities

Fund

—‌

202‌

—‌

(

159‌

)

Government

&

High

Quality

Bond

Account

—‌

(

407‌

)

—‌

586‌

High

Yield

Fund

131‌

(

73‌

)

—‌

179‌

Inflation

Protection

Fund

—‌

(

77‌

)

—‌

192‌

International

Equity

Index

Fund

—‌

—‌

—‌

10‌

International

Small

Company

Fund

—‌

(

5‌

)

—‌

80‌

LargeCap

Growth

Fund

I

—‌

2‌

—‌

264‌

LargeCap

S&P

500

Index

Fund

—‌

—‌

—‌

234‌

LargeCap

Value

Fund

III

—‌

—‌

—‌

63‌

MidCap

Account

—‌

(

703‌

)

—‌

1,098‌

Origin

Emerging

Markets

Fund

—‌

(

567‌

)

—‌

862‌

Overseas

Fund

—‌

(

6‌

)

—‌

231‌

Principal

Capital

Appreciation

Fund

—‌

(

146‌

)

—‌

1,366‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

30‌

—‌

—‌

—‌

Principal

U.S.

Mega-Cap

ETF

26‌

—‌

—‌

1,360‌

Principal

U.S.

Small-Cap

ETF

1‌

47‌

—‌

63‌

Short-Term

Income

Fund

115‌

(

20‌

)

—‌

60‌

Small-MidCap

Dividend

Income

Fund

17‌

(

8‌

)

—‌

59‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

210‌

(

755‌

)

—‌

556‌

$

1,335‌

$

(

3,996‌

)

$

—‌

$

12,656‌

Amounts

in

thousands.

Schedule

of

Investments

SAM

Conservative

Growth

Portfolio

June

30,

2023

(unaudited)

See

accompanying

notes.

200

INVESTMENT

COMPANIES

-

100

.01

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

2

.58

%

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(a),(b)

9,676,533‌

$

9,677‌

Principal

Exchange-Traded

Funds

-

11

.73

%

Principal

U.S.

Mega-Cap

ETF

(a)

889,311‌

38,827‌

Principal

U.S.

Small-Cap

ETF

(a)

121,400‌

5,149‌

$

43,976‌

Principal

Funds,

Inc.

Class

R-6

-

44

.88

%

Blue

Chip

Fund

(a),(c)

1,391,014‌

47,963‌

Core

Fixed

Income

Fund

(a)

2,652,340‌

22,492‌

Diversified

International

Fund

(a)

1,831,920‌

23,485‌

Diversified

Real

Asset

Fund

(a)

973,287‌

10,619‌

High

Yield

Fund

(a)

842,534‌

5,418‌

International

Equity

Index

Fund

(a)

660,205‌

7,223‌

International

Small

Company

Fund

(a)

537,139‌

5,237‌

LargeCap

Growth

Fund

I

(a),(c)

1,043,714‌

17,482‌

Origin

Emerging

Markets

Fund

(a)

1,324,220‌

12,845‌

Small-MidCap

Dividend

Income

Fund

(a)

652,469‌

10,687‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a)

556,467‌

4,741‌

$

168,192‌

Principal

Funds,

Inc.

Institutional

Class

-

27

.53

%

Bond

Market

Index

Fund

(a)

1,552,870‌

13,324‌

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a)

330,439‌

2,911‌

Inflation

Protection

Fund

(a)

310,260‌

2,429‌

LargeCap

S&P

500

Index

Fund

(a)

442,921‌

9,961‌

LargeCap

Value

Fund

III

(a)

1,080,641‌

18,890‌

Overseas

Fund

(a)

863,722‌

9,276‌

Principal

Capital

Appreciation

Fund

(a)

665,348‌

42,256‌

Short-Term

Income

Fund

(a)

357,235‌

4,137‌

$

103,184‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

13

.29

%

Equity

Income

Account

(a)

1,414,945‌

39,081‌

Government

&

High

Quality

Bond

Account

(a)

281,098‌

2,358‌

MidCap

Account

(a)

140,851‌

8,362‌

$

49,801‌

TOTAL

INVESTMENT

COMPANIES

$

374,830‌

Total

Investments

$

374,830‌

Other

Assets

and

Liabilities

-  (0.01)%

(

50‌

)

TOTAL

NET

ASSETS

-

100.00%

$

374,780‌

(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

Fund

Type

Percent

Domestic

Equity

Funds

63

.67‌

%

International

Equity

Funds

15

.50‌

%

Fixed

Income

Funds

15

.43‌

%

Specialty

Funds

2

.83‌

%

Money

Market

Funds

2

.58‌

%

Other

Assets

and

Liabilities

(

0

.01‌

)

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

SAM

Conservative

Growth

Portfolio

June

30,

2023

(unaudited)

See

accompanying

notes.

201

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

52,252‌

$

658‌

$

14,846‌

$

47,963‌

Bond

Market

Index

Fund

12,833‌

493‌

310‌

13,324‌

Core

Fixed

Income

Fund

17,121‌

5,727‌

399‌

22,492‌

Diversified

International

Fund

23,851‌

305‌

3,452‌

23,485‌

Diversified

Real

Asset

Fund

16,613‌

363‌

6,134‌

10,619‌

Equity

Income

Account

48,403‌

573‌

11,669‌

39,081‌

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

2,849‌

120‌

158‌

2,911‌

Global

Real

Estate

Securities

Fund

1,595‌

—‌

1,675‌

—‌

Government

&

High

Quality

Bond

Account

3,539‌

97‌

1,369‌

2,358‌

High

Yield

Fund

3,942‌

2,064‌

676‌

5,418‌

Inflation

Protection

Fund

2,364‌

85‌

70‌

2,429‌

International

Equity

Index

Fund

—‌

7,230‌

59‌

7,223‌

International

Small

Company

Fund

4,990‌

105‌

238‌

5,237‌

LargeCap

Growth

Fund

I

8,562‌

6,632‌

887‌

17,482‌

LargeCap

S&P

500

Index

Fund

—‌

9,103‌

—‌

9,961‌

LargeCap

Value

Fund

III

14,700‌

7,303‌

3,805‌

18,890‌

MidCap

Account

21,660‌

166‌

15,426‌

8,362‌

Origin

Emerging

Markets

Fund

16,935‌

1,943‌

7,378‌

12,845‌

Overseas

Fund

6,698‌

1,729‌

375‌

9,276‌

Principal

Capital

Appreciation

Fund

38,060‌

640‌

1,960‌

42,256‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

2,766‌

12,240‌

5,329‌

9,677‌

Principal

U.S.

Mega-Cap

ETF

27,994‌

4,552‌

—‌

38,827‌

Principal

U.S.

Small-Cap

ETF

6,974‌

—‌

2,302‌

5,149‌

Short-Term

Income

Fund

3,958‌

307‌

149‌

4,137‌

Small-MidCap

Dividend

Income

Fund

—‌

10,712‌

280‌

10,687‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

7,046‌

219‌

2,376‌

4,741‌

$

345,705‌

$

73,366‌

$

81,322‌

$

374,830‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—‌

$

(

1,088‌

)

$

—‌

$

10,987‌

Bond

Market

Index

Fund

—‌

(

10‌

)

—‌

318‌

Core

Fixed

Income

Fund

350‌

(

62‌

)

—‌

105‌

Diversified

International

Fund

—‌

(

449‌

)

—‌

3,230‌

Diversified

Real

Asset

Fund

167‌

(

1,152‌

)

—‌

929‌

Equity

Income

Account

—‌

(

703‌

)

—‌

2,477‌

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

85‌

(

32‌

)

—‌

132‌

Global

Real

Estate

Securities

Fund

—‌

63‌

—‌

17‌

Government

&

High

Quality

Bond

Account

—‌

(

124‌

)

—‌

215‌

High

Yield

Fund

111‌

(

82‌

)

—‌

170‌

Inflation

Protection

Fund

—‌

(

5‌

)

—‌

55‌

International

Equity

Index

Fund

—‌

(

1‌

)

—‌

53‌

International

Small

Company

Fund

—‌

(

43‌

)

—‌

423‌

LargeCap

Growth

Fund

I

—‌

(

348‌

)

—‌

3,523‌

LargeCap

S&P

500

Index

Fund

—‌

—‌

—‌

858‌

LargeCap

Value

Fund

III

—‌

(

473‌

)

—‌

1,165‌

MidCap

Account

—‌

(

3,737‌

)

—‌

5,699‌

Origin

Emerging

Markets

Fund

—‌

(

2,611‌

)

—‌

3,956‌

Overseas

Fund

—‌

(

31‌

)

—‌

1,255‌

Principal

Capital

Appreciation

Fund

—‌

(

453‌

)

—‌

5,969‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

170‌

—‌

—‌

—‌

Principal

U.S.

Mega-Cap

ETF

118‌

—‌

—‌

6,281‌

Principal

U.S.

Small-Cap

ETF

3‌

883‌

—‌

(

406‌

)

Short-Term

Income

Fund

61‌

(

7‌

)

—‌

28‌

Small-MidCap

Dividend

Income

Fund

88‌

(

13‌

)

—‌

268‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

157‌

(

430‌

)

—‌

282‌

$

1,310‌

$

(

10,908‌

)

$

—‌

$

47,989‌

Amounts

in

thousands.

Schedule

of

Investments

SAM

Flexible

Income

Portfolio

June

30,

2023

(unaudited)

See

accompanying

notes.

202

INVESTMENT

COMPANIES

-

100

.00

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1

.09

%

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(a),(b)

1,537,615‌

$

1,538‌

Principal

Exchange-Traded

Funds

-

5

.44

%

Principal

Active

High

Yield

ETF

(a)

121,116‌

2,223‌

Principal

U.S.

Mega-Cap

ETF

(a)

124,407‌

5,432‌

$

7,655‌

Principal

Funds,

Inc.

Class

R-6

-

45

.48

%

Blue

Chip

Fund

(a),(c)

87,804‌

3,028‌

Core

Fixed

Income

Fund

(a)

4,881,240‌

41,393‌

Diversified

International

Fund

(a)

292,478‌

3,750‌

Global

Real

Estate

Securities

Fund

(a)

78,857‌

692‌

High

Yield

Fund

(a)

702,840‌

4,519‌

LargeCap

Growth

Fund

I

(a),(c)

89,680‌

1,502‌

Origin

Emerging

Markets

Fund

(a)

74,958‌

727‌

Small-MidCap

Dividend

Income

Fund

(a)

172,369‌

2,823‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a)

652,595‌

5,560‌

$

63,994‌

Principal

Funds,

Inc.

Institutional

Class

-

40

.31

%

Bond

Market

Index

Fund

(a)

3,519,314‌

30,196‌

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a)

353,641‌

3,115‌

Inflation

Protection

Fund

(a)

837,447‌

6,557‌

LargeCap

S&P

500

Index

Fund

(a)

70,467‌

1,585‌

LargeCap

Value

Fund

III

(a)

81,046‌

1,417‌

Principal

Capital

Appreciation

Fund

(a)

83,999‌

5,335‌

Short-Term

Income

Fund

(a)

735,721‌

8,519‌

$

56,724‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

7

.68

%

Equity

Income

Account

(a)

167,666‌

4,631‌

Government

&

High

Quality

Bond

Account

(a)

737,032‌

6,184‌

$

10,815‌

TOTAL

INVESTMENT

COMPANIES

$

140,726‌

Total

Investments

$

140,726‌

Other

Assets

and

Liabilities

-  0.00%

(

4‌

)

TOTAL

NET

ASSETS

-

100.00%

$

140,722‌

(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

Fund

Type

Percent

Fixed

Income

Funds

76

.92‌

%

Domestic

Equity

Funds

18

.31‌

%

International

Equity

Funds

3

.68‌

%

Money

Market

Funds

1

.09‌

%

Other

Assets

and

Liabilities

0

.00‌

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

SAM

Flexible

Income

Portfolio

June

30,

2023

(unaudited)

See

accompanying

notes.

203

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

5,608‌

$

40‌

$

3,439‌

$

3,028‌

Bond

Market

Index

Fund

29,785‌

1,739‌

2,031‌

30,196‌

Core

Fixed

Income

Fund

37,696‌

6,215‌

2,717‌

41,393‌

Diversified

International

Fund

3,148‌

618‌

407‌

3,750‌

Equity

Income

Account

9,180‌

40‌

4,865‌

4,631‌

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

2,946‌

227‌

162‌

3,115‌

Global

Real

Estate

Securities

Fund

868‌

—‌

198‌

692‌

Government

&

High

Quality

Bond

Account

9,306‌

105‌

3,426‌

6,184‌

High

Yield

Fund

1,989‌

2,613‌

127‌

4,519‌

Inflation

Protection

Fund

7,092‌

106‌

788‌

6,557‌

LargeCap

Growth

Fund

I

—‌

1,436‌

121‌

1,502‌

LargeCap

S&P

500

Index

Fund

—‌

1,449‌

—‌

1,585‌

LargeCap

Value

Fund

III

—‌

1,449‌

75‌

1,417‌

Origin

Emerging

Markets

Fund

1,054‌

150‌

559‌

727‌

Principal

Active

High

Yield

ETF

3,054‌

—‌

914‌

2,223‌

Principal

Capital

Appreciation

Fund

5,292‌

80‌

760‌

5,335‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

1,277‌

1,400‌

1,139‌

1,538‌

Principal

U.S.

Mega-Cap

ETF

3,729‌

846‌

—‌

5,432‌

Short-Term

Income

Fund

8,599‌

375‌

500‌

8,519‌

Small-MidCap

Dividend

Income

Fund

1,656‌

1,323‌

302‌

2,823‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

10,745‌

270‌

5,306‌

5,560‌

$

143,024‌

$

20,481‌

$

27,836‌

$

140,726‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—‌

$

(

91‌

)

$

—‌

$

910‌

Bond

Market

Index

Fund

—‌

(

87‌

)

—‌

790‌

Core

Fixed

Income

Fund

673‌

(

444‌

)

—‌

643‌

Diversified

International

Fund

—‌

(

18‌

)

—‌

409‌

Equity

Income

Account

—‌

(

501‌

)

—‌

777‌

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

90‌

(

35‌

)

—‌

139‌

Global

Real

Estate

Securities

Fund

—‌

40‌

—‌

(

18‌

)

Government

&

High

Quality

Bond

Account

—‌

(

388‌

)

—‌

587‌

High

Yield

Fund

66‌

(

7‌

)

—‌

51‌

Inflation

Protection

Fund

—‌

(

91‌

)

—‌

238‌

LargeCap

Growth

Fund

I

—‌

8‌

—‌

179‌

LargeCap

S&P

500

Index

Fund

—‌

—‌

—‌

136‌

LargeCap

Value

Fund

III

—‌

—‌

—‌

43‌

Origin

Emerging

Markets

Fund

—‌

(

273‌

)

—‌

355‌

Principal

Active

High

Yield

ETF

58‌

(

20‌

)

—‌

103‌

Principal

Capital

Appreciation

Fund

—‌

(

88‌

)

—‌

811‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

34‌

—‌

—‌

—‌

Principal

U.S.

Mega-Cap

ETF

16‌

—‌

—‌

857‌

Short-Term

Income

Fund

129‌

(

23‌

)

—‌

68‌

Small-MidCap

Dividend

Income

Fund

24‌

(

36‌

)

—‌

182‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

205‌

(

884‌

)

—‌

735‌

$

1,295‌

$

(

2,938‌

)

$

—‌

$

7,995‌

Amounts

in

thousands.

Schedule

of

Investments

SAM

Strategic

Growth

Portfolio

June

30,

2023

(unaudited)

See

accompanying

notes.

204

INVESTMENT

COMPANIES

-

100

.02

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1

.17

%

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(a),(b)

4,434,470‌

$

4,434‌

Principal

Exchange-Traded

Funds

-

13

.00

%

Principal

U.S.

Mega-Cap

ETF

(a)

975,000‌

42,569‌

Principal

U.S.

Small-Cap

ETF

(a)

154,100‌

6,535‌

$

49,104‌

Principal

Funds,

Inc.

Class

R-6

-

42

.68

%

Blue

Chip

Fund

(a),(c)

1,630,319‌

56,213‌

Diversified

International

Fund

(a)

1,895,838‌

24,305‌

Diversified

Real

Asset

Fund

(a)

870,471‌

9,497‌

International

Equity

Index

Fund

(a)

874,503‌

9,567‌

International

Small

Company

Fund

(a)

927,752‌

9,046‌

LargeCap

Growth

Fund

I

(a),(c)

1,230,930‌

20,618‌

Origin

Emerging

Markets

Fund

(a)

1,750,875‌

16,983‌

Small-MidCap

Dividend

Income

Fund

(a)

913,808‌

14,968‌

$

161,197‌

Principal

Funds,

Inc.

Institutional

Class

-

29

.53

%

Bond

Market

Index

Fund

(a)

916,490‌

7,864‌

LargeCap

S&P

500

Index

Fund

(a)

527,083‌

11,854‌

LargeCap

Value

Fund

III

(a)

1,275,965‌

22,304‌

Overseas

Fund

(a)

1,743,012‌

18,720‌

Principal

Capital

Appreciation

Fund

(a)

799,345‌

50,766‌

$

111,508‌

Principal

Variable

Contracts

Funds,

Inc.  Class

1

-

13

.64

%

Equity

Income

Account

(a)

1,589,754‌

43,909‌

MidCap

Account

(a)

128,154‌

7,609‌

$

51,518‌

TOTAL

INVESTMENT

COMPANIES

$

377,761‌

Total

Investments

$

377,761‌

Other

Assets

and

Liabilities

-  (0.02)%

(

84‌

)

TOTAL

NET

ASSETS

-

100.00%

$

377,677‌

(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

Fund

Type

Percent

Domestic

Equity

Funds

73

.43‌

%

International

Equity

Funds

20

.83‌

%

Specialty

Funds

2

.51‌

%

Fixed

Income

Funds

2

.08‌

%

Money

Market

Funds

1

.17‌

%

Other

Assets

and

Liabilities

(

0

.02‌

)

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

SAM

Strategic

Growth

Portfolio

June

30,

2023

(unaudited)

See

accompanying

notes.

205

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

57,590‌

$

2,474‌

$

15,131‌

$

56,213‌

Bond

Market

Index

Fund

9,733‌

259‌

2,392‌

7,864‌

Diversified

International

Fund

25,055‌

400‌

4,028‌

24,305‌

Diversified

Real

Asset

Fund

9,023‌

645‌

106‌

9,497‌

Equity

Income

Account

53,712‌

581‌

12,373‌

43,909‌

International

Equity

Index

Fund

—‌

9,536‌

39‌

9,567‌

International

Small

Company

Fund

8,507‌

199‌

306‌

9,046‌

LargeCap

Growth

Fund

I

10,225‌

7,569‌

941‌

20,618‌

LargeCap

S&P

500

Index

Fund

—‌

10,920‌

90‌

11,854‌

LargeCap

Value

Fund

III

17,244‌

8,320‌

4,071‌

22,304‌

MidCap

Account

23,458‌

225‌

18,069‌

7,609‌

Origin

Emerging

Markets

Fund

22,470‌

2,012‌

9,277‌

16,983‌

Overseas

Fund

14,696‌

2,212‌

719‌

18,720‌

Principal

Capital

Appreciation

Fund

44,659‌

1,037‌

1,476‌

50,766‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

2,373‌

6,641‌

4,580‌

4,434‌

Principal

U.S.

Mega-Cap

ETF

31,084‌

4,554‌

—‌

42,569‌

Principal

U.S.

Small-Cap

ETF

9,035‌

—‌

3,112‌

6,535‌

Small-MidCap

Dividend

Income

Fund

—‌

14,968‌

369‌

14,968‌

$

338,864‌

$

72,552‌

$

77,079‌

$

377,761‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—‌

$

(

1,706‌

)

$

—‌

$

12,986‌

Bond

Market

Index

Fund

—‌

(

65‌

)

—‌

329‌

Diversified

International

Fund

—‌

(

714‌

)

—‌

3,592‌

Diversified

Real

Asset

Fund

120‌

(

13‌

)

—‌

(

52‌

)

Equity

Income

Account

—‌

(

1,252‌

)

—‌

3,241‌

International

Equity

Index

Fund

—‌

—‌

—‌

70‌

International

Small

Company

Fund

—‌

(

87‌

)

—‌

733‌

LargeCap

Growth

Fund

I

—‌

(

52‌

)

—‌

3,817‌

LargeCap

S&P

500

Index

Fund

—‌

3‌

—‌

1,021‌

LargeCap

Value

Fund

III

—‌

99‌

—‌

712‌

MidCap

Account

—‌

(

3,112‌

)

—‌

5,107‌

Origin

Emerging

Markets

Fund

—‌

(

485‌

)

—‌

2,263‌

Overseas

Fund

—‌

(

64‌

)

—‌

2,595‌

Principal

Capital

Appreciation

Fund

—‌

(

347‌

)

—‌

6,893‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

105‌

—‌

—‌

—‌

Principal

U.S.

Mega-Cap

ETF

131‌

—‌

—‌

6,931‌

Principal

U.S.

Small-Cap

ETF

4‌

1,188‌

—‌

(

576‌

)

Small-MidCap

Dividend

Income

Fund

120‌

(

14‌

)

—‌

383‌

$

480‌

$

(

6,621‌

)

$

—‌

$

50,045‌

Amounts

in

thousands.

Schedule

of

Investments

Short-Term

Income

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

206

INVESTMENT

COMPANIES

-

3

.11

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

3

.11

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

5.00%

(a),(b)

433,245‌

$

433‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(a),(c)

3,880,195‌

3,880‌

$

4,313‌

TOTAL

INVESTMENT

COMPANIES

$

4,313‌

BONDS

-

86

.39

%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

0

.18

%

Raytheon

Technologies

Corp

3.20%,

03/15/2024

$

250‌

$

246‌

Agriculture

-

0

.07

%

Bunge

Ltd

Finance

Corp

1.63%,

08/17/2025

100‌

92‌

Airlines

-

0

.41

%

Alaska

Airlines

2020-1

Class

A

Pass

Through

Trust

4.80%,

02/15/2029

(d)

402‌

386‌

Delta

Air

Lines

Inc

/

SkyMiles

IP

Ltd

4.50%,

10/20/2025

(d)

191‌

187‌

$

573‌

Automobile

Asset

Backed

Securities

-

7

.61

%

Americredit

Automobile

Receivables

Trust

2022-1

2.05%,

01/20/2026

385‌

383‌

CPS

Auto

Receivables

Trust

2021-D

0.61%,

10/15/2025

(d)

5‌

6‌

CPS

Auto

Receivables

Trust

2022-A

0.98%,

04/16/2029

(d)

56‌

56‌

CPS

Auto

Receivables

Trust

2022-B

2.88%,

06/15/2026

(d)

755‌

746‌

Ford

Credit

Auto

Owner

Trust

2018-REV2

3.47%,

01/15/2030

(d)

800‌

799‌

Ford

Credit

Auto

Owner

Trust

2019-REV1

3.52%,

07/15/2030

(d)

300‌

296‌

Ford

Credit

Auto

Owner

Trust

2020-REV2

1.06%,

04/15/2033

(d)

475‌

429‌

Ford

Credit

Auto

Owner

Trust

2021-REV1

1.37%,

10/17/2033

(d)

250‌

223‌

GM

Financial

Consumer

Automobile

Receivables

Trust

2023-1

5.19%,

03/16/2026

300‌

299‌

Honda

Auto

Receivables

2023-2

Owner

Trust

5.41%,

04/15/2026

500‌

499‌

Mercedes-Benz

Auto

Receivables

Trust

2023-1

5.09%,

01/15/2026

200‌

199‌

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II

6.32%,

05/25/2027

(d)

800‌

801‌

1.00

x

30

Day

Average

Secured

Overnight

Financing

Rate

+

1.25%

Nissan

Auto

Receivables

2023-A

Owner

Trust

5.34%,

02/17/2026

400‌

399‌

OneMain

Direct

Auto

Receivables

Trust

2019-1

3.63%,

09/14/2027

(d)

750‌

722‌

OneMain

Direct

Auto

Receivables

Trust

2021-1

0.87%,

07/14/2028

(d)

750‌

708‌

OneMain

Direct

Auto

Receivables

Trust

2022-1

4.65%,

03/14/2029

(d)

500‌

487‌

Santander

Drive

Auto

Receivables

Trust

2022-5

3.98%,

01/15/2025

73‌

73‌

Toyota

Auto

Loan

Extended

Note

Trust

2019-1

2.56%,

11/25/2031

(d)

750‌

728‌

Toyota

Auto

Loan

Extended

Note

Trust

2020-1

1.35%,

05/25/2033

(d)

200‌

185‌

Toyota

Auto

Receivables

2023-A

Owner

Trust

5.05%,

01/15/2026

600‌

597‌

Westlake

Automobile

Receivables

Trust

2021-1

0.64%,

03/16/2026

(d)

60‌

60‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Automobile

Asset

Backed

Securities

(continued)

Westlake

Automobile

Receivables

Trust

2021-2

0.32%,

04/15/2025

(d)

$

11‌

$

11‌

Westlake

Automobile

Receivables

Trust

2022-1

1.97%,

12/16/2024

(d)

306‌

304‌

Westlake

Automobile

Receivables

Trust

2022-2

6.20%,

08/15/2025

(d)

256‌

256‌

1.00

x

30

Day

Average

Secured

Overnight

Financing

Rate

+

1.13%

World

Omni

Auto

Receivables

Trust

2022-A

1.15%,

04/15/2025

173‌

172‌

World

Omni

Auto

Receivables

Trust

2023-A

5.50%,

07/15/2026

500‌

500‌

1.00

x

30

Day

Average

Secured

Overnight

Financing

Rate

+

0.43%

World

Omni

Select

Auto

Trust

2023-A

5.92%,

03/15/2027

600‌

599‌

$

10,537‌

Banks

-

15

.12

%

Bank

of

America

Corp

0.98%,

09/25/2025

(e)

1,250‌

1,174‌

Secured

Overnight

Financing

Rate

+

0.91%

1.20%,

10/24/2026

(e)

700‌

630‌

Secured

Overnight

Financing

Rate

+

1.01%

1.32%,

06/19/2026

(e)

600‌

550‌

Secured

Overnight

Financing

Rate

+

1.15%

4.20%,

08/26/2024

750‌

736‌

Bank

of

Montreal

0.95%,

01/22/2027

(e)

600‌

536‌

Secured

Overnight

Financing

Rate

+

0.60%

Bank

of

New

York

Mellon

Corp/The

5.37%,

04/26/2024

500‌

499‌

Secured

Overnight

Financing

Rate

+

0.26%

Bank

of

Nova

Scotia/The

1.30%,

09/15/2026

307‌

270‌

Barclays

PLC

2.28%,

11/24/2027

(e)

500‌

440‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.05%

5.30%,

08/09/2026

(e)

500‌

488‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%

BNP

Paribas

SA

5.13%,

01/13/2029

(d),(e)

400‌

391‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.45%

Citigroup

Inc

0.78%,

10/30/2024

(e)

400‌

393‌

Secured

Overnight

Financing

Rate

+

0.69%

1.12%,

01/28/2027

(e)

900‌

802‌

Secured

Overnight

Financing

Rate

+

0.77%

4.00%,

08/05/2024

(f)

274‌

268‌

Deutsche

Bank

AG/New

York

NY

0.90%,

05/28/2024

175‌

166‌

0.96%,

11/08/2023

400‌

392‌

Fifth

Third

Bancorp

3.65%,

01/25/2024

200‌

197‌

4.30%,

01/16/2024

(f)

400‌

395‌

Goldman

Sachs

Group

Inc/The

1.22%,

12/06/2023

500‌

490‌

2.64%,

02/24/2028

(e)

300‌

272‌

Secured

Overnight

Financing

Rate

+

1.11%

4.48%,

08/23/2028

(e)

500‌

483‌

Secured

Overnight

Financing

Rate

+

1.73%

5.86%,

12/09/2026

600‌

595‌

Secured

Overnight

Financing

Rate

+

0.79%

Schedule

of

Investments

Short-Term

Income

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

207

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

HSBC

Holdings

PLC

2.63%,

11/07/2025

(e)

$

200‌

$

190‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.40%

JPMorgan

Chase

&

Co

1.04%,

02/04/2027

(e)

700‌

623‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

0.70%

1.05%,

11/19/2026

(e)

1,400‌

1,254‌

Secured

Overnight

Financing

Rate

+

0.80%

KeyBank

NA/Cleveland

OH

5.85%,

11/15/2027

600‌

565‌

Morgan

Stanley

1.59%,

05/04/2027

(e)

250‌

224‌

Secured

Overnight

Financing

Rate

+

0.88%

2.48%,

01/21/2028

(e)

300‌

271‌

Secured

Overnight

Financing

Rate

+

1.00%

5.05%,

01/28/2027

(e)

250‌

248‌

Secured

Overnight

Financing

Rate

+

1.30%

5.56%,

01/25/2024

750‌

749‌

Secured

Overnight

Financing

Rate

+

0.46%

5.73%,

01/24/2025

1,000‌

998‌

Secured

Overnight

Financing

Rate

+

0.63%

NatWest

Group

PLC

4.27%,

03/22/2025

(e)

250‌

246‌

3

Month

USD

LIBOR

+

1.76%

NatWest

Markets

PLC

0.80%,

08/12/2024

(d)

200‌

188‌

1.60%,

09/29/2026

(d)

400‌

351‌

Royal

Bank

of

Canada

0.88%,

01/20/2026

600‌

537‌

Societe

Generale

SA

2.63%,

01/22/2025

(d)

300‌

282‌

Toronto-Dominion

Bank/The

0.75%,

01/06/2026

600‌

536‌

Truist

Financial

Corp

1.27%,

03/02/2027

(e)

348‌

307‌

Secured

Overnight

Financing

Rate

+

0.61%

UBS

Group

AG

1.01%,

07/30/2024

(d),(e)

250‌

249‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%

2.59%,

09/11/2025

(d),(e)

650‌

620‌

Secured

Overnight

Financing

Rate

+

1.56%

4.49%,

08/05/2025

(d),(e)

750‌

733‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.60%

Wells

Fargo

&

Co

2.16%,

02/11/2026

(e)

800‌

753‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.01%

2.19%,

04/30/2026

(e)

400‌

375‌

Secured

Overnight

Financing

Rate

+

2.00%

2.41%,

10/30/2025

(e)

500‌

476‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.09%

$

20,942‌

Beverages

-

0

.76

%

JDE

Peet's

NV

0.80%,

09/24/2024

(d)

500‌

469‌

Keurig

Dr

Pepper

Inc

0.75%,

03/15/2024

600‌

579‌

$

1,048‌

Biotechnology

-

1

.09

%

Amgen

Inc

5.15%,

03/02/2028

400‌

400‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Biotechnology

(continued)

Gilead

Sciences

Inc

0.75%,

09/29/2023

$

1,124‌

$

1,111‌

$

1,511‌

Building

Materials

-

0

.22

%

Martin

Marietta

Materials

Inc

4.25%,

07/02/2024

309‌

305‌

Chemicals

-

0

.65

%

Celanese

US

Holdings

LLC

3.50%,

05/08/2024

200‌

196‌

Nutrien

Ltd

5.90%,

11/07/2024

450‌

450‌

Westlake

Corp

3.60%,

08/15/2026

268‌

251‌

$

897‌

Commercial

Mortgage

Backed

Securities

-

10

.42

%

Arbor

Multifamily

Mortgage

Securities

Trust

2022-MF4

3.27%,

02/15/2055

(d),(g)

545‌

506‌

BX

2021-LBA3

Mortgage

Trust

5.88%,

10/15/2036

(d)

250‌

242‌

1.00

x

1

Month

USD

LIBOR

+

0.69%

BX

Commercial

Mortgage

Trust

2021-21M

5.92%,

10/15/2036

(d)

279‌

271‌

1.00

x

1

Month

USD

LIBOR

+

0.73%

BX

Commercial

Mortgage

Trust

2021-ACNT

6.04%,

11/15/2038

(d)

400‌

390‌

1.00

x

1

Month

USD

LIBOR

+

0.85%

BX

Commercial

Mortgage

Trust

2021-SOAR

5.86%,

06/15/2038

(d)

291‌

283‌

1.00

x

1

Month

USD

LIBOR

+

0.67%

BX

Commercial

Mortgage

Trust

2021-VINO

5.85%,

05/15/2038

(d)

200‌

195‌

1.00

x

1

Month

USD

LIBOR

+

0.65%

BX

Commercial

Mortgage

Trust

2021-VOLT

5.89%,

09/15/2036

(d)

1,000‌

968‌

1.00

x

1

Month

USD

LIBOR

+

0.70%

BX

Commercial

Mortgage

Trust

2021-XL2

5.88%,

10/15/2038

(d)

927‌

899‌

1.00

x

1

Month

USD

LIBOR

+

0.69%

BX

Trust

2021-BXMF

5.83%,

10/15/2026

(d)

375‌

363‌

1.00

x

1

Month

USD

LIBOR

+

0.64%

BX

Trust

2021-LGCY

5.70%,

10/15/2036

(d)

750‌

724‌

1.00

x

1

Month

USD

LIBOR

+

0.51%

Cold

Storage

Trust

2020-ICE5

6.09%,

11/15/2037

(d)

590‌

580‌

1.00

x

1

Month

USD

LIBOR

+

0.90%

Credit

Suisse

Mortgage

Capital

Certificates

2019-ICE4

6.17%,

05/15/2036

(d)

698‌

695‌

1.00

x

1

Month

USD

LIBOR

+

0.98%

ELP

Commercial

Mortgage

Trust

2021-ELP

5.90%,

11/15/2038

(d)

750‌

728‌

1.00

x

1

Month

USD

LIBOR

+

0.70%

Ginnie

Mae

0.06%,

02/16/2055

(g),(h)

2,331‌

2‌

0.23%,

10/16/2054

(g),(h)

1,140‌

16‌

0.31%,

01/16/2054

(g),(h)

353‌

2‌

0.31%,

01/16/2055

(g),(h)

2,550‌

14‌

0.33%,

09/16/2055

(g),(h)

887‌

7‌

0.78%,

06/16/2045

(g),(h)

317‌

4‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2021-MHC

6.06%,

04/15/2038

(d)

718‌

706‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

0.91%

Schedule

of

Investments

Short-Term

Income

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

208

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

Life

2021-BMR

Mortgage

Trust

5.96%,

03/15/2038

(d)

$

639‌

$

622‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

0.81%

Life

2022-BMR

Mortgage

Trust

6.44%,

05/15/2039

(d)

800‌

783‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

1.30%

MHC

Commercial

Mortgage

Trust

2021-MHC

6.06%,

04/15/2038

(d)

1,000‌

982‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

0.92%

MHC

Trust

2021-MHC2

6.11%,

05/15/2038

(d)

1,300‌

1,275‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

0.96%

MHP

2021-STOR

5.89%,

07/15/2038

(d)

650‌

633‌

1.00

x

1

Month

USD

LIBOR

+

0.70%

MHP

2022-MHIL

5.96%,

01/15/2027

(d)

486‌

471‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

0.81%

OPG

Trust

2021-PORT

5.68%,

10/15/2036

(d)

666‌

644‌

1.00

x

1

Month

USD

LIBOR

+

0.48%

SREIT

Trust

2021-MFP

5.92%,

11/15/2038

(d)

600‌

583‌

1.00

x

1

Month

USD

LIBOR

+

0.73%

TPGI

Trust

2021-DGWD

5.89%,

06/15/2026

(d)

876‌

851‌

1.00

x

1

Month

USD

LIBOR

+

0.70%

$

14,439‌

Computers

-

1

.18

%

Apple

Inc

1.13%,

05/11/2025

1,000‌

932‌

Dell

International

LLC

/

EMC

Corp

5.25%,

02/01/2028

400‌

399‌

Hewlett

Packard

Enterprise

Co

4.45%,

10/02/2023

300‌

299‌

$

1,630‌

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

470‌

Capital

One

Financial

Corp

3.90%,

01/29/2024

242‌

239‌

$

709‌

Electric

-

7

.27

%

AES

Corp/The

1.38%,

01/15/2026

400‌

357‌

Alliant

Energy

Finance

LLC

1.40%,

03/15/2026

(d)

150‌

133‌

American

Electric

Power

Co

Inc

2.03%,

03/15/2024

350‌

340‌

5.78%,

11/01/2023

600‌

600‌

3

Month

USD

LIBOR

+

0.48%

Black

Hills

Corp

1.04%,

08/23/2024

550‌

520‌

4.25%,

11/30/2023

750‌

745‌

Dominion

Energy

Inc

3.07%,

08/15/2024

(g)

200‌

193‌

6.08%,

09/15/2023

600‌

600‌

3

Month

USD

LIBOR

+

0.53%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

DTE

Energy

Co

1.05%,

06/01/2025

$

100‌

$

92‌

2.53%,

10/01/2024

(g)

300‌

287‌

Duke

Energy

Corp

0.90%,

09/15/2025

250‌

228‌

Emera

US

Finance

LP

0.83%,

06/15/2024

395‌

373‌

Entergy

Louisiana

LLC

0.62%,

11/17/2023

91‌

89‌

0.95%,

10/01/2024

500‌

471‌

Evergy

Inc

2.45%,

09/15/2024

200‌

192‌

Eversource

Energy

5.45%,

03/01/2028

350‌

352‌

Fells

Point

Funding

Trust

3.05%,

01/31/2027

(d)

750‌

689‌

Fortis

Inc/Canada

3.06%,

10/04/2026

656‌

604‌

NextEra

Energy

Capital

Holdings

Inc

4.90%,

02/28/2028

167‌

165‌

5.48%,

11/03/2023

800‌

800‌

Secured

Overnight

Financing

Rate

+

0.40%

6.05%,

03/01/2025

150‌

151‌

Public

Service

Enterprise

Group

Inc

0.80%,

08/15/2025

400‌

362‌

2.88%,

06/15/2024

100‌

97‌

Southwestern

Electric

Power

Co

1.65%,

03/15/2026

400‌

361‌

Tucson

Electric

Power

Co

3.05%,

03/15/2025

100‌

96‌

Vistra

Operations

Co

LLC

3.70%,

01/30/2027

(d)

500‌

458‌

Xcel

Energy

Inc

0.50%,

10/15/2023

500‌

493‌

1.75%,

03/15/2027

250‌

221‌

$

10,069‌

Entertainment

-

0

.20

%

Warnermedia

Holdings

Inc

3.76%,

03/15/2027

300‌

280‌

Food

-

1

.78

%

Mondelez

International

Holdings

Netherlands

BV

0.75%,

09/24/2024

(d)

500‌

470‌

Nestle

Holdings

Inc

0.38%,

01/15/2024

(d)

850‌

827‌

0.61%,

09/14/2024

(d)

500‌

473‌

Pilgrim's

Pride

Corp

5.88%,

09/30/2027

(d)

700‌

692‌

$

2,462‌

Forest

Products

&

Paper

-

0

.26

%

Georgia-Pacific

LLC

1.75%,

09/30/2025

(d)

400‌

367‌

Gas

-

0

.37

%

NiSource

Inc

0.95%,

08/15/2025

400‌

365‌

5.25%,

03/30/2028

150‌

150‌

$

515‌

Healthcare

-

Products

-

0

.36

%

Revvity

Inc

0.55%,

09/15/2023

500‌

495‌

Healthcare

-

Services

-

1

.58

%

Centene

Corp

4.25%,

12/15/2027

750‌

701‌

HCA

Inc

5.25%,

06/15/2026

1,000‌

989‌

Humana

Inc

0.65%,

08/03/2023

500‌

498‌

$

2,188‌

Schedule

of

Investments

Short-Term

Income

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

209

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Home

Builders

-

0

.14

%

DR

Horton

Inc

2.50%,

10/15/2024

$

200‌

$

191‌

Home

Furnishings

-

0

.17

%

Panasonic

Holdings

Corp

2.68%,

07/19/2024

(d)

250‌

241‌

Insurance

-

2

.86

%

Athene

Global

Funding

1.72%,

01/07/2025

(d)

400‌

370‌

Five

Corners

Funding

Trust

4.42%,

11/15/2023

(d)

750‌

742‌

Guardian

Life

Global

Funding

0.88%,

12/10/2025

(d)

500‌

445‌

1.10%,

06/23/2025

(d)

550‌

500‌

Markel

Group

Inc

3.50%,

11/01/2027

209‌

195‌

MassMutual

Global

Funding

II

2.75%,

06/22/2024

(d)

500‌

486‌

Metropolitan

Life

Global

Funding

I

3.60%,

01/11/2024

(d)

600‌

593‌

New

York

Life

Global

Funding

2.00%,

01/22/2025

(d)

200‌

189‌

Northwestern

Mutual

Global

Funding

0.80%,

01/14/2026

(d)

500‌

446‌

$

3,966‌

Internet

-

0

.33

%

eBay

Inc

1.40%,

05/10/2026

500‌

452‌

Media

-

0

.35

%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

4.91%,

07/23/2025

292‌

287‌

Paramount

Global

4.75%,

05/15/2025

200‌

195‌

$

482‌

Mining

-

0

.45

%

Anglo

American

Capital

PLC

5.38%,

04/01/2025

(d)

400‌

393‌

Glencore

Funding

LLC

1.63%,

09/01/2025

(d)

250‌

229‌

$

622‌

Mortgage

Backed

Securities

-

2

.09

%

CHL

Mortgage

Pass-Through

Trust

2003-46

3.91%,

01/19/2034

(g)

9‌

8‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp

5.00%,

09/25/2019

1‌

1‌

GS

Mortgage-Backed

Securities

Corp

Trust

2020-PJ3

3.00%,

10/25/2050

(d),(g)

1‌

1‌

GS

Mortgage-Backed

Securities

Corp

Trust

2021-PJ3

2.50%,

08/25/2051

(d),(g)

113‌

97‌

JP

Morgan

Mortgage

Trust

2004-A3

4.78%,

07/25/2034

(g)

6‌

5‌

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),(g)

306‌

266‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2020-1

2.50%,

12/25/2050

(d),(g)

157‌

136‌

Oceanview

Mortgage

Trust

2021-3

2.50%,

06/25/2051

(d),(g)

403‌

345‌

PHH

Mortgage

Trust

Series

2008-CIM1

7.42%,

06/25/2038

30‌

28‌

1.00

x

1

Month

USD

LIBOR

+

2.25%

PSMC

2021-3

Trust

2.50%,

08/25/2051

(d),(g)

787‌

677‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mortgage

Backed

Securities

(continued)

Sequoia

Mortgage

Trust

2020-4

2.50%,

11/25/2050

(d),(g)

$

145‌

$

129‌

Sequoia

Mortgage

Trust

2021-3

2.50%,

05/25/2051

(d),(g)

390‌

334‌

Sequoia

Mortgage

Trust

2021-4

2.50%,

06/25/2051

(d),(g)

580‌

495‌

Wells

Fargo

Mortgage

Backed

Securities

2020-2

Trust

3.00%,

12/25/2049

(d),(g)

12‌

12‌

Wells

Fargo

Mortgage

Backed

Securities

2020-3

Trust

3.00%,

06/25/2050

(d),(g)

15‌

14‌

Wells

Fargo

Mortgage

Backed

Securities

2020-4

Trust

3.00%,

07/25/2050

(d),(g)

231‌

196‌

Wells

Fargo

Mortgage

Backed

Securities

2020-5

Trust

2.50%,

09/25/2050

(d),(g)

92‌

81‌

Wells

Fargo

Mortgage

Backed

Securities

2021-1

Trust

2.50%,

12/25/2050

(d),(g)

68‌

58‌

$

2,893‌

Office

&

Business

Equipment

-

0

.26

%

CDW

LLC

/

CDW

Finance

Corp

2.67%,

12/01/2026

400‌

359‌

Oil

&

Gas

-

0

.90

%

Chevron

USA

Inc

0.43%,

08/11/2023

300‌

299‌

0.69%,

08/12/2025

400‌

365‌

Exxon

Mobil

Corp

2.99%,

03/19/2025

450‌

433‌

Phillips

66

3.85%,

04/09/2025

150‌

146‌

$

1,243‌

Other

Asset

Backed

Securities

-

13

.88

%

AMMC

CLO

15

Ltd

6.38%,

01/15/2032

(d)

600‌

590‌

1.00

x

3

Month

USD

LIBOR

+

1.12%

Bardot

CLO

Ltd

6.36%,

10/22/2032

(d)

500‌

494‌

1.00

x

3

Month

USD

LIBOR

+

1.09%

CCG

Receivables

Trust

2020-1

0.54%,

12/14/2027

(d)

33‌

33‌

CCG

Receivables

Trust

2021-1

0.30%,

06/14/2027

(d)

129‌

126‌

CF

Hippolyta

Issuer

LLC

1.53%,

03/15/2061

(d)

1,649‌

1,429‌

1.69%,

07/15/2060

(d)

225‌

202‌

Dell

Equipment

Finance

Trust

2023-2

5.84%,

01/22/2029

(d)

300‌

300‌

Dewolf

Park

CLO

Ltd

6.18%,

10/15/2030

(d)

999‌

988‌

1.00

x

3

Month

USD

LIBOR

+

0.92%

Fortress

Credit

Opportunities

XVII

CLO

Ltd

6.36%,

01/15/2030

(d)

698‌

691‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.37%

John

Deere

Owner

Trust

2023-B

5.59%,

06/15/2026

450‌

449‌

JP

Morgan

Mortgage

Trust

2023-HE1

6.82%,

11/25/2053

(d)

150‌

150‌

1.00

x

30

Day

Average

Secured

Overnight

Financing

Rate

+

1.75%

KKR

CLO

18

Ltd

6.20%,

07/18/2030

(d)

822‌

813‌

1.00

x

3

Month

USD

LIBOR

+

0.94%

Schedule

of

Investments

Short-Term

Income

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

210

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Other

Asset

Backed

Securities

(continued)

KKR

Lending

Partners

III

Clo

LLC

6.63%,

10/20/2030

(d)

$

261‌

$

259‌

1.00

x

3

Month

USD

LIBOR

+

1.38%

6.80%,

10/20/2030

(d)

400‌

393‌

1.00

x

3

Month

USD

LIBOR

+

1.55%

Kubota

Credit

Owner

Trust

2023-1

5.40%,

02/17/2026

(d)

400‌

396‌

Lake

Shore

MM

CLO

III

LLC

6.74%,

10/17/2031

(d)

1,000‌

983‌

1.00

x

3

Month

USD

LIBOR

+

1.48%

Madison

Park

Funding

XVIII

Ltd

6.20%,

10/21/2030

(d)

496‌

491‌

1.00

x

3

Month

USD

LIBOR

+

0.94%

Marathon

CLO

X

Ltd

6.32%,

11/15/2029

(d)

162‌

160‌

1.00

x

3

Month

USD

LIBOR

+

1.00%

Marathon

CLO

XIII

Ltd

6.58%,

04/15/2032

(d)

500‌

495‌

1.00

x

3

Month

USD

LIBOR

+

1.32%

MMAF

Equipment

Finance

LLC

2020-A

0.74%,

04/09/2024

(d)

15‌

15‌

MVW

2021-1W

LLC

1.14%,

01/22/2041

(d)

46‌

41‌

MVW

Owner

Trust

2018-1

3.45%,

01/21/2036

(d)

76‌

74‌

Oaktree

CLO

2019-4

Ltd

6.37%,

10/20/2032

(d)

1,000‌

984‌

1.00

x

3

Month

USD

LIBOR

+

1.12%

Palmer

Square

Loan

Funding

2022-1

Ltd

6.04%,

04/15/2030

(d)

427‌

422‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.05%

Parliament

Funding

II

ltd

6.50%,

10/20/2031

(d)

396‌

389‌

1.00

x

3

Month

USD

LIBOR

+

1.25%

PFS

Financing

Corp

0.71%,

04/15/2026

(d)

250‌

239‌

0.97%,

02/15/2026

(d)

350‌

339‌

2.47%,

02/15/2027

(d)

1,000‌

945‌

Shackleton

2017-X

CLO

Ltd

6.14%,

04/20/2029

(d)

334‌

330‌

1.00

x

3

Month

USD

LIBOR

+

0.89%

Stratus

CLO

2021-2

Ltd

6.15%,

12/28/2029

(d)

206‌

204‌

1.00

x

3

Month

USD

LIBOR

+

0.90%

TCI-Flatiron

CLO

2016-1

Ltd

6.09%,

01/17/2032

(d)

679‌

673‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.10%

T-Mobile

US

Trust

2022-1

4.91%,

05/22/2028

(d)

1,500‌

1,482‌

Trafigura

Securitisation

Finance

PLC

2021-1

1.08%,

01/15/2025

(d)

600‌

560‌

Verizon

Master

Trust

4.49%,

01/22/2029

700‌

687‌

4.89%,

04/13/2028

1,000‌

991‌

5.16%,

06/20/2029

600‌

598‌

5.23%,

11/22/2027

550‌

547‌

Voya

2012-4

Ltd

6.25%,

10/15/2030

(d)

233‌

230‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.26%

VSE

2018-A

VOI

Mortgage

LLC

3.56%,

02/20/2036

(d)

47‌

45‌

$

19,237‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Packaging

&

Containers

-

0

.50

%

Graphic

Packaging

International

LLC

0.82%,

04/15/2024

(d)

$

300‌

$

288‌

1.51%,

04/15/2026

(d)

450‌

401‌

$

689‌

Pharmaceuticals

-

1

.89

%

AbbVie

Inc

2.60%,

11/21/2024

200‌

192‌

Bayer

US

Finance

II

LLC

3.88%,

12/15/2023

(d)

200‌

198‌

Bristol-Myers

Squibb

Co

0.54%,

11/13/2023

300‌

295‌

Cigna

Group/The

0.61%,

03/15/2024

150‌

145‌

1.25%,

03/15/2026

800‌

719‌

GlaxoSmithKline

Capital

PLC

0.53%,

10/01/2023

500‌

494‌

Novartis

Capital

Corp

1.75%,

02/14/2025

300‌

284‌

Pfizer

Investment

Enterprises

Pte

Ltd

4.65%,

05/19/2025

300‌

297‌

$

2,624‌

Pipelines

-

0

.96

%

Buckeye

Partners

LP

4.15%,

07/01/2023

400‌

400‌

Energy

Transfer

LP

4.40%,

03/15/2027

250‌

239‌

5.55%,

02/15/2028

400‌

399‌

Williams

Cos

Inc/The

5.40%,

03/02/2026

300‌

299‌

$

1,337‌

REITs

-

2

.35

%

American

Tower

Trust

#1

3.65%,

03/15/2048

(d)

270‌

251‌

5.49%,

03/15/2028

(d)

500‌

500‌

Crown

Castle

Inc

1.35%,

07/15/2025

250‌

229‌

CubeSmart

LP

4.00%,

11/15/2025

65‌

62‌

Omega

Healthcare

Investors

Inc

4.50%,

01/15/2025

269‌

258‌

4.95%,

04/01/2024

250‌

246‌

SBA

Tower

Trust

1.63%,

05/15/2051

(d)

500‌

431‌

1.88%,

07/15/2050

(d)

125‌

112‌

2.33%,

07/15/2052

(d)

653‌

559‌

2.84%,

01/15/2050

(d)

225‌

214‌

Ventas

Realty

LP

3.50%,

04/15/2024

400‌

391‌

$

3,253‌

Semiconductors

-

0

.14

%

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

2.70%,

05/01/2025

200‌

190‌

Software

-

0

.75

%

Oracle

Corp

1.65%,

03/25/2026

300‌

272‌

Roper

Technologies

Inc

1.00%,

09/15/2025

300‌

273‌

VMware

Inc

0.60%,

08/15/2023

500‌

497‌

$

1,042‌

Student

Loan

Asset

Backed

Securities

-

5

.11

%

Commonbond

Student

Loan

Trust

2018-BGS

3.56%,

09/25/2045

(d)

68‌

63‌

Commonbond

Student

Loan

Trust

2018-C-GS

3.87%,

02/25/2046

(d)

76‌

72‌

Commonbond

Student

Loan

Trust

2019-A-GS

2.54%,

01/25/2047

(d)

139‌

125‌

Schedule

of

Investments

Short-Term

Income

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

211

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Student

Loan

Asset

Backed

Securities

(continued)

Commonbond

Student

Loan

Trust

2020-A-GS

1.98%,

08/25/2050

(d)

$

277‌

$

235‌

Commonbond

Student

Loan

Trust

2021-A-GS

1.20%,

03/25/2052

(d)

268‌

219‌

Commonbond

Student

Loan

Trust

2021-B-GS

1.17%,

09/25/2051

(d)

344‌

280‌

EDvestinU

Private

Education

Loan

Issue

No

3

LLC

1.80%,

11/25/2045

(d)

159‌

138‌

Laurel

Road

Prime

Student

Loan

Trust

2019-A

2.34%,

10/25/2048

(d)

8‌

8‌

Navient

Private

Education

Refi

Loan

Trust

2019-A

3.42%,

01/15/2043

(d)

23‌

22‌

Navient

Private

Education

Refi

Loan

Trust

2019-G

2.40%,

10/15/2068

(d)

81‌

75‌

Navient

Private

Education

Refi

Loan

Trust

2020-D

1.69%,

05/15/2069

(d)

131‌

117‌

Navient

Private

Education

Refi

Loan

Trust

2020-F

1.22%,

07/15/2069

(d)

135‌

120‌

Navient

Private

Education

Refi

Loan

Trust

2020-G

1.17%,

09/16/2069

(d)

152‌

134‌

Navient

Private

Education

Refi

Loan

Trust

2020-H

1.31%,

01/15/2069

(d)

96‌

87‌

Navient

Private

Education

Refi

Loan

Trust

2021-A

0.84%,

05/15/2069

(d)

104‌

90‌

Navient

Private

Education

Refi

Loan

Trust

2021-B

0.94%,

07/15/2069

(d)

776‌

670‌

Navient

Private

Education

Refi

Loan

Trust

2021-c

1.06%,

10/15/2069

(d)

133‌

115‌

Navient

Private

Education

Refi

Loan

Trust

2021-E

0.97%,

12/16/2069

(d)

343‌

290‌

Navient

Private

Education

Refi

Loan

Trust

2021-F

1.11%,

02/18/2070

(d)

366‌

305‌

Navient

Private

Education

Refi

Loan

Trust

2022-A

2.23%,

07/15/2070

(d)

207‌

180‌

Navient

Private

Education

Refi

Loan

Trust

2023-A

5.51%,

10/15/2071

(d)

248‌

244‌

Nelnet

Student

Loan

Trust

2021-A

1.36%,

04/20/2062

(d)

578‌

513‌

Nelnet

Student

Loan

Trust

2021-C

1.32%,

04/20/2062

(d)

182‌

161‌

Nelnet

Student

Loan

Trust

2021-D

1.63%,

04/20/2062

(d)

365‌

327‌

SLM

Private

Credit

Student

Loan

Trust

2004-A

5.95%,

06/15/2033

40‌

39‌

1.00

x

3

Month

USD

LIBOR

+

0.40%

SLM

Private

Credit

Student

Loan

Trust

2004-B

5.88%,

03/15/2024

2‌

2‌

1.00

x

3

Month

USD

LIBOR

+

0.33%

SLM

Private

Credit

Student

Loan

Trust

2006-A

5.84%,

06/15/2039

372‌

353‌

1.00

x

3

Month

USD

LIBOR

+

0.29%

SLM

Private

Credit

Student

Loan

Trust

2006-B

5.75%,

12/15/2039

147‌

138‌

1.00

x

3

Month

USD

LIBOR

+

0.20%

SMB

Private

Education

Loan

Trust

2021-A

1.07%,

01/15/2053

(d)

335‌

286‌

SMB

Private

Education

Loan

Trust

2021-B

1.31%,

07/17/2051

(d)

353‌

311‌

SMB

Private

Education

Loan

Trust

2021-D

1.34%,

03/17/2053

(d)

635‌

560‌

SMB

Private

Education

Loan

Trust

2021-E

1.68%,

02/15/2051

(d)

468‌

417‌

SMB

Private

Education

Loan

Trust

2022-C

4.48%,

05/16/2050

(d)

407‌

390‌

$

7,086‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Telecommunications

-

2

.11

%

AT&T

Inc

1.70%,

03/25/2026

$

600‌

$

547‌

Crown

Castle

Towers

LLC

3.66%,

05/15/2045

(d)

100‌

95‌

4.24%,

07/15/2048

(d)

290‌

269‌

Sprint

Spectrum

Co

LLC

/

Sprint

Spectrum

Co

II

LLC

/

Sprint

Spectrum

Co

III

LLC

4.74%,

03/20/2025

(d)

503‌

497‌

5.15%,

03/20/2028

(d)

950‌

940‌

Verizon

Communications

Inc

1.45%,

03/20/2026

300‌

272‌

5.86%,

03/20/2026

300‌

300‌

Secured

Overnight

Financing

Rate

+

0.79%

$

2,920‌

Transportation

-

0

.49

%

Canadian

Pacific

Railway

Co

1.35%,

12/02/2024

350‌

329‌

Ryder

System

Inc

1.75%,

09/01/2026

400‌

357‌

$

686‌

Trucking

&

Leasing

-

0

.30

%

Penske

Truck

Leasing

Co

Lp

/

PTL

Finance

Corp

3.45%,

07/01/2024

(d)

425‌

414‌

TOTAL

BONDS

$

119,680‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

9

.80

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

0

.00

%

4.48%,

09/01/2035

$

5‌

$

5‌

1.00

x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.25%

Federal

National

Mortgage

Association

(FNMA)

-

0

.02

%

3.83%,

07/01/2034

3‌

3‌

1.00

x

12

Month

USD

LIBOR

+

1.58%

4.02%,

12/01/2032

3‌

3‌

1.00

x

12

Month

USD

LIBOR

+

1.64%

4.06%,

08/01/2034

2‌

2‌

1.00

x

12

Month

USD

LIBOR

+

1.63%

4.12%,

01/01/2035

2‌

2‌

1.00

x

12

Month

USD

LIBOR

+

1.75%

4.30%,

02/01/2037

7‌

7‌

1.00

x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.06%

4.31%,

02/01/2035

2‌

2‌

1.00

x

6

Month

USD

LIBOR

+

2.06%

6.02%,

04/01/2033

6‌

6‌

1.00

x

6

Month

USD

LIBOR

+

1.51%

$

25‌

U.S.

Treasury

-

9

.78

%

0.25%,

07/31/2025

310‌

282‌

0.63%,

03/31/2027

3,200‌

2,794‌

0.88%,

06/30/2026

700‌

630‌

1.25%,

11/30/2026

1,100‌

991‌

2.25%,

11/15/2027

4,550‌

4,191‌

2.38%,

05/15/2027

5,000‌

4,656‌

$

13,544‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

13,574‌

Total

Investments

$

137,567‌

Other

Assets

and

Liabilities

-  0.70%

972‌

TOTAL

NET

ASSETS

-

100.00%

$

138,539‌

Schedule

of

Investments

Short-Term

Income

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

212

(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

$433

or

0.31%

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

$64,339

or

46.44%

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)

Security

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$416

or

0.30%

of

net

assets.

(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

is

an

Interest

Only

Strip.

Portfolio

Summary

Sector

Percent

Asset

Backed

Securities

26

.60‌

%

Financial

20

.84‌

%

Mortgage

Securities

12

.53‌

%

Government

9

.78‌

%

Consumer,

Non-cyclical

7

.85‌

%

Utilities

7

.64‌

%

Money

Market

Funds

3

.11‌

%

Communications

2

.79‌

%

Technology

2

.33‌

%

Energy

1

.86‌

%

Industrial

1

.69‌

%

Basic

Materials

1

.36‌

%

Consumer,

Cyclical

0

.92‌

%

Other

Assets

and

Liabilities

0

.70‌

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

755‌

$

22,907‌

$

19,782‌

$

3,880‌

$

755‌

$

22,907‌

$

19,782‌

$

3,880‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

78‌

$

—‌

$

—‌

$

—‌

$

78‌

$

—‌

$

—‌

$

—‌

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

5

Year

Note;

September

2023

Long

88‌

$

9,424‌

$

(

151‌

)

Total

$

(

151‌

)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

SmallCap

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

213

INVESTMENT

COMPANIES

-

3

.05

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

3

.05

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

5.00%

(a),(b)

2,548,500‌

$

2,549‌

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(a),(c)

2,779,725‌

2,780‌

$

5,329‌

TOTAL

INVESTMENT

COMPANIES

$

5,329‌

COMMON

STOCKS

-

98

.12

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

1

.13

%

AAR

Corp

(d)

34,300‌

$

1,981‌

Agriculture

-

1

.48

%

Darling

Ingredients

Inc

(d)

34,000‌

2,169‌

Vital

Farms

Inc

(d)

34,200‌

410‌

$

2,579‌

Airlines

-

0

.42

%

Sun

Country

Airlines

Holdings

Inc

(d)

32,800‌

737‌

Automobile

Parts

&

Equipment

-

0

.86

%

Visteon

Corp

(d)

10,400‌

1,494‌

Banks

-

7

.14

%

Ameris

Bancorp

35,100‌

1,201‌

Bancorp

Inc/The

(d)

45,300‌

1,479‌

CVB

Financial

Corp

33,000‌

438‌

Enterprise

Financial

Services

Corp

22,400‌

876‌

First

Interstate

BancSystem

Inc

35,000‌

834‌

First

Merchants

Corp

27,200‌

768‌

FNB

Corp/PA

138,100‌

1,580‌

Independent

Bank

Corp

4,102‌

182‌

Independent

Bank

Corp/MI

19,700‌

334‌

Lakeland

Bancorp

Inc

23,800‌

319‌

Popular

Inc

16,700‌

1,011‌

Trustmark

Corp

22,900‌

484‌

United

Community

Banks

Inc/GA

53,006‌

1,325‌

Webster

Financial

Corp

43,108‌

1,627‌

$

12,458‌

Biotechnology

-

4

.08

%

Allogene

Therapeutics

Inc

(d),(e)

26,100‌

130‌

Cellectis

SA

ADR

(d)

74,600‌

147‌

Denali

Therapeutics

Inc

(d)

27,900‌

823‌

Design

Therapeutics

Inc

(d),(e)

26,100‌

164‌

Immunocore

Holdings

PLC

ADR

(d)

17,500‌

1,049‌

ImmunoGen

Inc

(d)

33,500‌

632‌

Insmed

Inc

(d)

49,600‌

1,047‌

Intra-Cellular

Therapies

Inc

(d)

16,900‌

1,070‌

Iovance

Biotherapeutics

Inc

(d)

67,400‌

475‌

MacroGenics

Inc

(d)

28,500‌

153‌

Olink

Holding

AB

ADR

(d)

34,200‌

641‌

Seagen

Inc

(d)

4,100‌

789‌

$

7,120‌

Building

Materials

-

3

.21

%

Modine

Manufacturing

Co

(d)

56,700‌

1,872‌

Summit

Materials

Inc

(d)

37,022‌

1,401‌

Trex

Co

Inc

(d)

35,600‌

2,334‌

$

5,607‌

Chemicals

-

1

.40

%

Koppers

Holdings

Inc

26,300‌

897‌

Livent

Corp

(d)

56,400‌

1,547‌

$

2,444‌

Commercial

Services

-

4

.38

%

ABM

Industries

Inc

18,384‌

784‌

AMN

Healthcare

Services

Inc

(d)

12,400‌

1,353‌

Cross

Country

Healthcare

Inc

(d)

49,200‌

1,381‌

Flywire

Corp

(d)

34,900‌

1,083‌

Huron

Consulting

Group

Inc

(d)

10,500‌

892‌

ICF

International

Inc

9,700‌

1,207‌

Progyny

Inc

(d)

24,100‌

948‌

$

7,648‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Computers

-

2

.02

%

ExlService

Holdings

Inc

(d)

14,800‌

$

2,236‌

Parsons

Corp

(d)

26,800‌

1,290‌

$

3,526‌

Consumer

Products

-

0

.43

%

Central

Garden

&

Pet

Co

-

A

Shares

(d)

20,620‌

752‌

Cosmetics

&

Personal

Care

-

0

.39

%

Beauty

Health

Co/The

(d)

82,100‌

687‌

Distribution

&

Wholesale

-

1

.87

%

Titan

Machinery

Inc

(d)

22,100‌

652‌

WESCO

International

Inc

14,600‌

2,614‌

$

3,266‌

Diversified

Financial

Services

-

2

.78

%

Encore

Capital

Group

Inc

(d)

31,600‌

1,536‌

Janus

Henderson

Group

PLC

23,200‌

632‌

Lazard

Ltd

15,700‌

503‌

Moelis

&

Co

9,700‌

440‌

Stifel

Financial

Corp

20,300‌

1,211‌

StoneX

Group

Inc

(d)

6,453‌

536‌

$

4,858‌

Electric

-

2

.09

%

Brookfield

Renewable

Corp

44,700‌

1,409‌

Portland

General

Electric

Co

47,800‌

2,238‌

$

3,647‌

Electrical

Components

&

Equipment

-

1

.46

%

EnerSys

23,500‌

2,550‌

Electronics

-

5

.06

%

Advanced

Energy

Industries

Inc

23,100‌

2,575‌

Atkore

Inc

(d)

17,500‌

2,729‌

Mirion

Technologies

Inc

-

Warrants

(d)

45,150‌

82‌

TD

SYNNEX

Corp

15,000‌

1,410‌

Vishay

Intertechnology

Inc

69,500‌

2,043‌

$

8,839‌

Energy

-

Alternate

Sources

-

0

.52

%

Array

Technologies

Inc

(d)

40,500‌

915‌

Engineering

&

Construction

-

2

.44

%

Dycom

Industries

Inc

(d)

21,730‌

2,470‌

MYR

Group

Inc

(d)

12,900‌

1,784‌

$

4,254‌

Entertainment

-

2

.67

%

Caesars

Entertainment

Inc

(d)

27,700‌

1,412‌

Golden

Entertainment

Inc

(d)

42,100‌

1,760‌

Vail

Resorts

Inc

5,900‌

1,485‌

$

4,657‌

Food

-

1

.24

%

Performance

Food

Group

Co

(d)

35,918‌

2,164‌

Gas

-

1

.07

%

Southwest

Gas

Holdings

Inc

29,300‌

1,865‌

Hand

&

Machine

Tools

-

0

.78

%

Regal

Rexnord

Corp

8,800‌

1,354‌

Healthcare

-

Products

-

3

.39

%

Adaptive

Biotechnologies

Corp

(d)

49,400‌

332‌

Castle

Biosciences

Inc

(d)

47,100‌

646‌

Exact

Sciences

Corp

(d)

19,900‌

1,869‌

Natera

Inc

(d)

36,299‌

1,766‌

Nevro

Corp

(d)

19,400‌

493‌

STAAR

Surgical

Co

(d)

15,518‌

816‌

$

5,922‌

Healthcare

-

Services

-

2

.03

%

Addus

HomeCare

Corp

(d)

17,600‌

1,631‌

Aveanna

Healthcare

Holdings

Inc

(d)

93,400‌

158‌

LifeStance

Health

Group

Inc

(d),(e)

126,600‌

1,156‌

RadNet

Inc

(d)

18,547‌

605‌

$

3,550‌

Holding

Companies

-

Diversified

-

0

.00

%

Cazoo

Group

Ltd

-

Warrants

(d)

21,550‌

—‌

Home

Builders

-

1

.68

%

Taylor

Morrison

Home

Corp

(d)

60,100‌

2,931‌

Schedule

of

Investments

SmallCap

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

214

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

-

2

.76

%

CNO

Financial

Group

Inc

42,471‌

$

1,005‌

Essent

Group

Ltd

12,500‌

585‌

Hanover

Insurance

Group

Inc/The

12,735‌

1,440‌

Lincoln

National

Corp

13,400‌

345‌

Primerica

Inc

7,300‌

1,444‌

$

4,819‌

Internet

-

0

.08

%

Lulu's

Fashion

Lounge

Holdings

Inc

(d),(e)

57,200‌

145‌

Iron

&

Steel

-

1

.21

%

Commercial

Metals

Co

40,200‌

2,117‌

Leisure

Products

&

Services

-

1

.36

%

Life

Time

Group

Holdings

Inc

(d)

95,648‌

1,881‌

Lindblad

Expeditions

Holdings

Inc

(d)

45,300‌

493‌

$

2,374‌

Lodging

-

0

.06

%

Sonder

Holdings

Inc

(d)

207,000‌

110‌

Machinery

-

Diversified

-

2

.55

%

Chart

Industries

Inc

(d)

18,200‌

2,908‌

Zurn

Elkay

Water

Solutions

Corp

57,600‌

1,549‌

$

4,457‌

Media

-

1

.19

%

World

Wrestling

Entertainment

Inc

19,100‌

2,072‌

Mining

-

0

.48

%

Alcoa

Corp

11,620‌

394‌

Piedmont

Lithium

Inc

(d)

7,800‌

450‌

$

844‌

Miscellaneous

Manufacturers

-

0

.83

%

Hillenbrand

Inc

28,300‌

1,451‌

Oil

&

Gas

-

3

.45

%

California

Resources

Corp

49,300‌

2,233‌

Chord

Energy

Corp

6,700‌

1,030‌

Gulfport

Energy

Corp

(d)

14,500‌

1,524‌

Northern

Oil

and

Gas

Inc

22,100‌

758‌

PDC

Energy

Inc

6,620‌

471‌

$

6,016‌

Oil

&

Gas

Services

-

2

.20

%

ChampionX

Corp

68,400‌

2,123‌

NexTier

Oilfield

Solutions

Inc

(d)

192,700‌

1,723‌

$

3,846‌

Packaging

&

Containers

-

1

.05

%

Graphic

Packaging

Holding

Co

76,400‌

1,836‌

Pharmaceuticals

-

1

.82

%

Collegium

Pharmaceutical

Inc

(d)

48,800‌

1,049‌

Dexcom

Inc

(d)

10,800‌

1,388‌

PMV

Pharmaceuticals

Inc

(d)

32,400‌

203‌

Revance

Therapeutics

Inc

(d)

21,300‌

539‌

$

3,179‌

REITs

-

6

.48

%

Agree

Realty

Corp

35,900‌

2,347‌

Cousins

Properties

Inc

60,601‌

1,382‌

First

Industrial

Realty

Trust

Inc

45,400‌

2,390‌

Ladder

Capital

Corp

73,300‌

795‌

Pebblebrook

Hotel

Trust

176,820‌

2,465‌

Rexford

Industrial

Realty

Inc

37,000‌

1,932‌

$

11,311‌

Retail

-

4

.32

%

BJ's

Wholesale

Club

Holdings

Inc

(d)

26,800‌

1,689‌

Bloomin'

Brands

Inc

63,200‌

1,700‌

Caleres

Inc

80,500‌

1,926‌

Petco

Health

&

Wellness

Co

Inc

(d)

51,150‌

455‌

Portillo's

Inc

(d)

42,000‌

946‌

Sally

Beauty

Holdings

Inc

(d)

67,100‌

829‌

$

7,545‌

Savings

&

Loans

-

0

.37

%

Provident

Financial

Services

Inc

38,960‌

637‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Semiconductors

-

2

.59

%

Allegro

MicroSystems

Inc

(d)

50,400‌

$

2,275‌

Entegris

Inc

12,700‌

1,407‌

SiTime

Corp

(d)

7,100‌

838‌

$

4,520‌

Software

-

7

.17

%

Aspen

Technology

Inc

(d)

3,344‌

560‌

Bentley

Systems

Inc

9,400‌

510‌

Concentrix

Corp

16,000‌

1,292‌

DigitalOcean

Holdings

Inc

(d),(e)

27,300‌

1,096‌

DoubleVerify

Holdings

Inc

(d)

33,300‌

1,296‌

Doximity

Inc

(d)

17,700‌

602‌

Jamf

Holding

Corp

(d)

27,500‌

537‌

Manhattan

Associates

Inc

(d)

11,600‌

2,319‌

Privia

Health

Group

Inc

(d)

75,872‌

1,981‌

Progress

Software

Corp

18,900‌

1,098‌

Sophia

Genetics

SA

(d),(e)

24,901‌

111‌

Sprout

Social

Inc

(d)

24,200‌

1,117‌

$

12,519‌

Telecommunications

-

0

.52

%

Credo

Technology

Group

Holding

Ltd

(d)

52,175‌

905‌

Transportation

-

1

.61

%

Hub

Group

Inc

(d)

14,000‌

1,125‌

Teekay

Tankers

Ltd

20,772‌

794‌

World

Kinect

Corp

42,700‌

883‌

$

2,802‌

TOTAL

COMMON

STOCKS

$

171,310‌

Total

Investments

$

176,639‌

Other

Assets

and

Liabilities

-  (1.17)%

(

2,049‌

)

TOTAL

NET

ASSETS

-

100.00%

$

174,590‌

(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

$2,549

or

1.46%

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

$2,495

or

1.43%

of

net

assets.

Portfolio

Summary

Sector

Percent

Industrial

20

.12‌

%

Financial

19

.53‌

%

Consumer,

Non-cyclical

19

.24‌

%

Consumer,

Cyclical

13

.24‌

%

Technology

11

.78‌

%

Energy

6

.17‌

%

Utilities

3

.16‌

%

Basic

Materials

3

.09‌

%

Money

Market

Funds

3

.05‌

%

Communications

1

.79‌

%

Diversified

0

.00‌

%

Other

Assets

and

Liabilities

(

1

.17‌

)

%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

SmallCap

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

215

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

163‌

$

17,517‌

$

14,900‌

$

2,780‌

$

163‌

$

17,517‌

$

14,900‌

$

2,780‌

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

29‌

$

—‌

$

—‌

$

—‌

$

29‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

U.S.

LargeCap

Buffer

April

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

216

INVESTMENT

COMPANIES

-

134.86%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

134.85%

iShares

Core

S&P

500

ETF

(a)

64,408‌

$

28,707‌

SPDR

Portfolio

S&P

500

ETF

143,051‌

7,455‌

SPDR

S&P

500

ETF

Trust

12,918‌

5,726‌

Vanguard

S&P

500

ETF

(a)

21,104‌

8,595‌

$

50,483‌

Money

Market

Funds

-

0.01%

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(b),(c)

2,570‌

3‌

TOTAL

INVESTMENT

COMPANIES

$

50,486‌

TOTAL

PURCHASED

OPTIONS

-

22.24%

$

8,326‌

Total

Investments

$

58,812‌

Other

Assets

and

Liabilities

-  (57.10)%

(21,375‌)

TOTAL

NET

ASSETS

-

100.00%

$

37,437‌

(a)

Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

options

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$19,261

or

51.45%

of

net

assets.

(b)

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.

(c)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary

Sector

Percent

Investment

Companies

134.85‌%

Purchased

Options

22.24‌%

Money

Market

Funds

0.01‌%

Other

Assets

and

Liabilities

(57.10‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31

,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

—‌

$

53,638‌

$

53,635‌

$

3‌

$

—‌

$

53,638‌

$

53,635‌

$

3‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

15‌

$

—‌

$

—‌

$

—‌

$

15‌

$

—‌

$

—‌

$

—‌

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

161‌

$

16‌

$

4.11‌

03/29/2024

$

6,512‌

$

7,038‌

$

526‌

Put

-

S&P

500

Mini

Index

(a)

N/A

1,312‌

131‌

$

410.93‌

03/29/2024

3,199‌

1,288‌

(1,911‌)

Total

$

9,711‌

$

8,326‌

$

(1,385‌)

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

370‌

$

37‌

$

452.02‌

03/29/2024

$

(581‌)

$

(958‌)

$

(377‌)

Put

-

S&P

500

Mini

Index

(a)

N/A

1,312‌

131‌

$

369.84‌

03/29/2024

(1,849‌)

(671‌)

1,178‌

Total

$

(2,430‌)

$

(1,629‌)

$

801‌

Amounts

in

thousands

except

contracts/shares.

(a)

FLEX

Options

which

are

customized

exchange-traded

option

contracts.

Schedule

of

Investments

U.S.

LargeCap

Buffer

January

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

217

INVESTMENT

COMPANIES

-

116

.41

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

116

.39

%

iShares

Core

S&P

500

ETF

(a)

18,371‌

$

8,188‌

SPDR

Portfolio

S&P

500

ETF

(a)

40,842‌

2,128‌

SPDR

S&P

500

ETF

Trust

(a)

3,665‌

1,625‌

Vanguard

S&P

500

ETF

(a)

6,007‌

2,446‌

$

14,387‌

Money

Market

Funds

-

0

.02

%

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(b),(c)

2,771‌

3‌

TOTAL

INVESTMENT

COMPANIES

$

14,390‌

TOTAL

PURCHASED

OPTIONS

-

19.66%

$

2,430‌

Total

Investments

$

16,820‌

Other

Assets

and

Liabilities

-  (36.07)%

(

4,459‌

)

TOTAL

NET

ASSETS

-

100.00%

$

12,361‌

(a)

Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

options

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$5,548

or

44.88%

of

net

assets.

(b)

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.

(c)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary

Sector

Percent

Investment

Companies

116

.39‌

%

Purchased

Options

19

.66‌

%

Money

Market

Funds

0

.02‌

%

Other

Assets

and

Liabilities

(

36

.07‌

)

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

26,061‌

$

9,993‌

$

36,051‌

$

3‌

$

26,061‌

$

9,993‌

$

36,051‌

$

3‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

11‌

$

—‌

$

—‌

$

—‌

$

11‌

$

—‌

$

—‌

$

—‌

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

52‌

$

5‌

$

3

.84‌

01/02/2024

$

1,992‌

$

2,278‌

$

286‌

Put

-

S&P

500

Mini

Index

(a)

N/A

379‌

38‌

$

383

.95‌

01/02/2024

951‌

152‌

(

799‌

)

Total

$

2,943‌

$

2,430‌

$

(

513‌

)

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

107‌

$

11‌

$

422

.35‌

01/02/2024

$

(

242‌

)

$

(

419‌

)

$

(

177‌

)

Put

-

S&P

500

Mini

Index

(a)

N/A

379‌

38‌

$

345

.56‌

01/02/2024

(

551‌

)

(

77‌

)

474‌

Total

$

(

793‌

)

$

(

496‌

)

$

297‌

Amounts

in

thousands

except

contracts/shares.

(a)

FLEX

Options

which

are

customized

exchange-traded

option

contracts.

Schedule

of

Investments

U.S.

LargeCap

Buffer

July

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

218

INVESTMENT

COMPANIES

-

38

.59

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

38

.59

%

iShares

Core

S&P

500

ETF

(a)

28,689‌

$

12,787‌

SPDR

Portfolio

S&P

500

ETF

(a)

63,769‌

3,323‌

SPDR

S&P

500

ETF

Trust

(a)

5,768‌

2,557‌

Vanguard

S&P

500

ETF

(a)

9,414‌

3,834‌

$

22,501‌

TOTAL

INVESTMENT

COMPANIES

$

22,501‌

TOTAL

PURCHASED

OPTIONS

-

7.22%

$

4,211‌

Total

Investments

$

26,712‌

Other

Assets

and

Liabilities

-  54.19%

31,602‌

TOTAL

NET

ASSETS

-

100.00%

$

58,314‌

(a)

Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

options

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$5,593

or

9.59%

of

net

assets.

Portfolio

Summary

Sector

Percent

Investment

Companies

38

.59‌

%

Purchased

Options

7

.22‌

%

Other

Assets

and

Liabilities

54

.19‌

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

$

1‌

$

3,400‌

$

3,401‌

$

—‌

$

1‌

$

3,400‌

$

3,401‌

$

—‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

$

1‌

$

—‌

$

—‌

$

—‌

$

1‌

$

—‌

$

—‌

$

—‌

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

70‌

$

7‌

$

4

.45‌

07/01/2024

$

3,052‌

$

3,049‌

$

(

3‌

)

Put

-

S&P

500

Mini

Index

(a)

N/A

584‌

58‌

$

445

.04‌

07/01/2024

1,161‌

1,162‌

1‌

Total

$

4,213‌

$

4,211‌

$

(

2‌

)

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

122‌

$

12‌

$

489

.54‌

07/01/2024

$

(

159‌

)

$

(

162‌

)

$

(

3‌

)

Put

-

S&P

500

Mini

Index

(a)

N/A

584‌

58‌

$

400

.54‌

07/01/2024

(

638‌

)

(

639‌

)

(

1‌

)

Total

$

(

797‌

)

$

(

801‌

)

$

(

4‌

)

Amounts

in

thousands

except

contracts/shares.

(a)

FLEX

Options

which

are

customized

exchange-traded

option

contracts.

Schedule

of

Investments

U.S.

LargeCap

Buffer

October

Account

June

30,

2023

(unaudited)

See

accompanying

notes.

219

INVESTMENT

COMPANIES

-

82

.64

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

82

.58

%

iShares

Core

S&P

500

ETF

(a)

18,358‌

$

8,182‌

SPDR

Portfolio

S&P

500

ETF

40,801‌

2,126‌

SPDR

S&P

500

ETF

Trust

3,650‌

1,618‌

Vanguard

S&P

500

ETF

5,987‌

2,439‌

$

14,365‌

Money

Market

Funds

-

0

.06

%

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

(b),(c)

11,230‌

11‌

TOTAL

INVESTMENT

COMPANIES

$

14,376‌

TOTAL

PURCHASED

OPTIONS

-

13.57%

$

2,360‌

Total

Investments

$

16,736‌

Other

Assets

and

Liabilities

-  3.79%

659‌

TOTAL

NET

ASSETS

-

100.00%

$

17,395‌

(a)

Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

options

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4,484

or

25.78%

of

net

assets.

(b)

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.

(c)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary

Sector

Percent

Investment

Companies

82

.58‌

%

Purchased

Options

13

.57‌

%

Money

Market

Funds

0

.06‌

%

Other

Assets

and

Liabilities

3

.79‌

%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

December

31,

2022

Purchases

Sales

June

30,

2023

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

—‌

$

1,475‌

$

1,464‌

$

11‌

$

—‌

$

1,475‌

$

1,464‌

$

11‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

R-6

5.01%

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

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

53‌

$

5‌

$

3

.59‌

10/02/2023

$

1,931‌

$

2,330‌

$

399‌

Put

-

S&P

500

Mini

Index

(a)

N/A

378‌

38‌

$

358

.56‌

10/02/2023

1,013‌

30‌

(

983‌

)

Total

$

2,944‌

$

2,360‌

$

(

584‌

)

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

95‌

$

10‌

$

394

.42‌

10/02/2023

$

(

278‌

)

$

(

533‌

)

$

(

255‌

)

Put

-

S&P

500

Mini

Index

(a)

N/A

378‌

38‌

$

322

.70‌

10/02/2023

(

625‌

)

(

14‌

)

611‌

Total

$

(

903‌

)

$

(

547‌

)

$

356‌

Amounts

in

thousands

except

contracts/shares.

(a)

FLEX

Options

which

are

customized

exchange-traded

option

contracts.

Glossary

to

the

Schedule

of

Investments

June

30,

2023

(unaudited)

See

accompanying

notes.

220

Currency

Abbreviations

USD/$

United

States

Dollar

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

221

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

2023(c)

$

8

.80‌

(

$

0

.01‌

)

$

1

.91‌

$

1

.90‌

$

–‌

$

–‌

$

10

.70‌

2022

12

.81‌

(

0

.03‌

)

(

3

.97‌

)

(

4

.00‌

)

(

0

.01‌

)

(

0

.01‌

)

8

.80‌

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

(a)

(b)

(c)

(d)

(e)

(f)

(g)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

222

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

21

.59‌

%

(d)

$

12,088‌

1

.05‌

%

(e)

,(f)

(

0

.29‌

)

%

(e)

8

.0‌

%

(e)

(

31

.20‌

)

8,679‌

1

.05‌

(f)

(

0

.33‌

)

91

.9‌

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)

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Reflects

Manager's

contractual

expense

limit.

Period

from

December

9,

2020,

date

operations

commenced,

through

December

31,

2020.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

223

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

2023(c)

$

9

.13‌

$

0

.14‌

$

0

.07‌

$

0

.21‌

$

–‌

$

–‌

$

–‌

$

9

.34‌

2022

10

.76‌

0

.21‌

(

1

.62‌

)

(

1

.41‌

)

(

0

.21‌

)

(

0

.01‌

)

(

0

.22‌

)

9

.13‌

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

(a)

(b)

(c)

(d)

(e)

(f)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

224

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

2

.30‌

%

(d)

$

2,401,229‌

0

.15‌

%

(e)

2

.92‌

%

(e)

51

.3‌

%

(e)

(

13

.16‌

)

2,290,071‌

0

.14‌

2

.19‌

102

.0‌

(

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

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Reflects

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

225

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

2023(c)

$

9

.42‌

$

0

.16‌

$

0

.01‌

$

0

.17‌

$

–‌

$

–‌

$

–‌

$

9

.59‌

2022

11

.48‌

0

.28‌

(

1

.90‌

)

(

1

.62‌

)

(

0

.32‌

)

(

0

.12‌

)

(

0

.44‌

)

9

.42‌

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

(a)

(b)

(c)

(d)

(e)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

226

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

1

.80‌

%

(d)

$

196,558‌

0

.50‌

%

(e)

3

.45‌

%

(e)

144

.2‌

%

(e)

(

14

.13‌

)

187,023‌

0

.49‌

2

.76‌

146

.8‌

(

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

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

227

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

2023(c)

$

13.57‌

$

–‌

$

1.13‌

$

1.13‌

$

–‌

$

–‌

$

–‌

$

14.70‌

2022

18.11‌

0.28‌

(

2.96‌)

(

2.68‌)

(

0.40‌)

(

1.46‌)

(

1.86‌)

13.57‌

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

Class

2

shares

2023(c)

13.61‌

(

0.02‌)

1.14‌

1.12‌

–‌

–‌

–‌

14.73‌

2022

18.15‌

0.24‌

(

2.97‌)

(

2.73‌)

(

0.35‌)

(

1.46‌)

(

1.81‌)

13.61‌

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

Class

3

shares

2023(c)

13.45‌

(

0.03‌)

1.13‌

1.10‌

–‌

–‌

–‌

14.55‌

2022

18.04‌

0.26‌

(

3.00‌)

(

2.74‌)

(

0.39‌)

(

1.46‌)

(

1.85‌)

13.45‌

2021

17.58‌

0.68‌

1.16‌

1.84‌

(

0

.40‌)

(

0.98‌)

(

1.38‌)

18.04‌

2020(h)

17.32‌

0.05‌

0.21‌

0.26‌

–‌

–‌

–‌

17.58‌

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

228

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

8.33‌

%

(d)

$

33,976‌

0.05‌

%

(e)

–‌

%

(0.05‌)

%

(e)

11.9‌

%

(e)

(14.85‌)

32,564‌

0.05‌

–‌

1.79‌

19.5‌

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

8.23‌

(d)

725,915‌

0.30‌

(e)

–‌

(0.30‌)

(e)

11.9‌

(e)

(15.10‌)

715,788‌

0.30‌

–‌

1.52‌

19.5‌

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

(f)

0.30‌

(g)

1.96‌

16.9‌

(3.40‌)

968,449‌

0.30‌

(f)

0.30‌

(g)

1.69‌

15.7‌

8.18‌

(d)

800‌

0.45‌

(e)

–‌

(0.45‌)

(e)

11.9‌

(e)

(15.24‌)

563‌

0.45‌

–‌

1.72‌

19.5‌

10.65‌

327‌

0.45‌

–‌

3.79‌

14.3‌

1.50‌

(d)

10‌

0.45‌

(e)

–‌

4.31‌

(e)

23.6‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Reflects

Manager's

voluntary

expense

limit.

Excludes

expense

reimbursement

from

Manager.

Period

from

December

9,

2020,

date

operations

commenced,

through

December

31,

2020.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

229

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

2023(c)

$

11

.00‌

(

$

0.02‌)

$

0.84‌

$

0.82‌

$

–‌

$

–‌

$

–‌

$

11.82‌

2022

14.43‌

0.17‌

(

2.27‌)

(

2.10‌)

(

0.35‌)

(

0.98‌)

(

1.33‌)

11.00‌

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

Class

3

shares

2023(c)

10.95‌

(

0.03‌)

0.84‌

0.81‌

–‌

–‌

–‌

11.76‌

2022

14.38‌

0.16‌

(

2.28‌)

(

2.12‌)

(

0.33‌)

(

0.98‌)

(

1.31‌)

10.95‌

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

(a)

(b)

(c)

(d)

(e)

(f)

(g)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

230

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

7.45‌

%

(d)

$

142,781‌

0.31‌

%

(e),(f)

(0.31‌)

%

(e)

14.1‌

%

(e)

(14.63‌)

141,384‌

0.31‌

(f)

1.36‌

21.0‌

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

7.40‌

(d)

10‌

0.46‌

(e)

(0.46‌)

(e)

14.1‌

(e)

(14.79‌)

9‌

0.46‌

1.28‌

21.0‌

9.81‌

11‌

0.46‌

2.17‌

18.7‌

1.41‌

(d)

10‌

0.46‌

(e)

4.31‌

(e)

25.0‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Reflects

Manager's

contractual

expense

limit.

Period

from

December

9,

2020,

date

operations

commenced,

through

December

31,

2020.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

231

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

2023(c)

$

10

.53‌

$

–‌

$

0.79‌

$

0.79‌

$

–‌

$

–‌

$

–‌

$

11.32‌

2022

13.27‌

0.16‌

(

1.99‌)

(

1.83‌)

(

0.20‌)

(

0.71‌)

(

0.91‌)

10.53‌

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

Class

3

shares

2023(c)

10.51‌

(

0.01‌)

0.78‌

0.77‌

–‌

–‌

–‌

11.28‌

2022

13.23‌

0.14‌

(

1.97‌)

(

1.83‌)

(

0.18‌)

(

0.71‌)

(

0.89‌)

10.51‌

2021

12.40‌

0.19‌

1.03‌

1.22‌

(

0.19‌)

(

0.20‌)

(

0.39‌)

13.23‌

2020(h)

12.22‌

0.04‌

0.14‌

0.18‌

–‌

–‌

–‌

12.40‌

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

232

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

7.50‌

%

(d)

$

228,368‌

0.38‌

%

(e)

(0.03‌)

%

(e)

53.3‌

%

(e)

(13.79‌)

207,220‌

0.38‌

1.40‌

104.9‌

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

7.33‌

(d)

10‌

0.53‌

(e)

(0.17‌)

(e)

53.3‌

(e)

(13.84‌)

10‌

0.53‌

1.25‌

104.9‌

9.94‌

11‌

0.53‌

1.48‌

47.6‌

1.47‌

(d)

10‌

0.53‌

(e)

5.62‌

(e)

83.5‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Reflects

Manager's

contractual

expense

limit.

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.

Period

from

December

9,

2020,

date

operations

commenced,

through

December

31,

2020.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

233

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

2023(c)

$

16.20‌

(

$

0.03‌)

$

1.66‌

$

1.63‌

$

–‌

$

–‌

$

–‌

$

17.83‌

2022

21.68‌

0.27‌

(

3.66‌)

(

3.39‌)

(

0.40‌)

(

1.69‌)

(

2.09‌)

16.20‌

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

Class

3

shares

2023(c)

16.07‌

(

0.04‌)

1.65‌

1.61‌

–‌

–‌

–‌

17.68‌

2022

21.60‌

0.23‌

(

3.64‌)

(

3.41‌)

(

0.43‌)

(

1.69‌)

(

2.12‌)

16.07‌

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

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

234

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

10.06‌

%

(d)

$

3,147,505‌

0.30‌

%

(e)

–‌

%

(0.30‌)

%

(e)

11.5‌

%

(e)

(15.70‌)

3,045,729‌

0.30‌

–‌

1.47‌

20.1‌

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

10.02‌

(d)

267‌

0.45‌

(e)

–‌

(0.45‌)

(e)

11

.5‌

(e)

(15.84‌)

208‌

0.45‌

–‌

1.27‌

20.1‌

14.63‌

277‌

0.45‌

–‌

2.00‌

14.7‌

1.77‌

(d)

10‌

0.45‌

(e)

–‌

5.91‌

(e)

23.0‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Reflects

Manager's

voluntary

expense

limit.

Excludes

expense

reimbursement

from

Manager.

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.

Period

from

December

9,

2020,

date

operations

commenced,

through

December

31,

2020.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

235

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

2023(c)

$

11.75‌

(

$

0.02‌)

$

1.09‌

$

1.07‌

$

–‌

$

–‌

$

–‌

$

12.82‌

2022

15.66‌

0.17‌

(

2.54‌)

(

2.37‌)

(

0.40‌)

(

1.14‌)

(

1.54‌)

11.75‌

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

Class

3

shares

2023(c)

11.70‌

(

0.03‌)

1.08‌

1.05‌

–‌

–‌

–‌

12.75‌

2022

15.59‌

0.15‌

(

2.51‌)

(

2.36‌)

(

0.39‌)

(

1.14‌)

(

1.53‌)

11

.70‌

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

(a)

(b)

(c)

(d)

(e)

(f)

(g)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

236

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

9.11‌

%

(d)

$

300,316‌

0.31‌

%

(e)

(0.31‌)

%

(e)

12.6‌

%

(e)

(15.12‌)

292,960‌

0.30‌

1.25‌

19.9‌

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

8.97‌

(d)

11‌

0.46‌

(e)

(0.46‌)

(e)

12.6‌

(e)

(15.17‌)

10‌

0.45‌

1.17‌

19.9‌

13.44‌

12‌

0.45‌

2.31‌

17.4‌

1.70‌

(d)

10‌

0.45‌

(e)

5.91‌

(e)

22.3‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Reflects

Manager's

contractual

expense

limit.

Period

from

December

9,

2020,

date

operations

commenced,

through

December

31,

2020.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

237

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

2023(c)

$

11.07‌

$

–‌

$

0.99‌

$

0.99‌

$

–‌

$

–‌

$

–‌

$

12.06‌

2022

14.07‌

0.17‌

(

2.12‌)

(

1.95‌)

(

0.20‌)

(

0.85‌)

(

1.05‌)

11.07‌

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

Class

3

shares

2023(c)

11.04‌

(

0.01‌)

1.00‌

0.99‌

–‌

–‌

–‌

12.03‌

2022

14.03‌

0.14‌

(

2.10‌)

(

1.96‌)

(

0.18‌)

(

0.85‌)

(

1.03‌)

11

.04‌

2021

12.68‌

0.20‌

1.53‌

1.73‌

(

0.18‌)

(

0.20‌)

(

0.38‌)

14.03‌

2020(g)

12.47‌

0.05‌

0.16‌

0.21‌

–‌

–‌

–‌

12.68‌

(a)

(b)

(c)

(d)

(e)

(f)

(g)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

238

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

8.94‌

%

(d)

$

1,341,234‌

0.37‌

%

(e)

(0.02‌)

%

(e)

60.7‌

%

(e)

(13.82‌)

1,196,821‌

0.37‌

1.36‌

101.8‌

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

8.97‌

(d)

11‌

0.52‌

(e)

(0.14‌)

(e)

60.7‌

(e)

(13.97‌)

10‌

0.52‌

1.18‌

101.8‌

13.74‌

12‌

0.52‌

1.46‌

57.4‌

1.68‌

(d)

10‌

0.52‌

(e)

7.20‌

(e)

85.9‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Reflects

Manager's

contractual

expense

limit.

Period

from

December

9,

2020,

date

operations

commenced,

through

December

31,

2020.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

239

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

2023(c)

$

12.00‌

(

$

0.02‌)

$

0.78‌

$

0.76‌

$

–‌

$

–‌

$

–‌

$

12.76‌

2022

15.21‌

0.21‌

(

2.41‌)

(

2.20‌)

(

0.29‌)

(

0.72‌)

(

1.01‌)

12.00‌

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

Class

3

shares

2023(c)

12.21‌

(

0.03‌)

0.80‌

0.77‌

–‌

–‌

–‌

12.98‌

2022

15.15‌

(

0.01‌)

(

2.21‌)

(

2.22‌)

–‌

(

0.72‌)

(

0.72‌)

12.21‌

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

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

240

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

6.33‌

%

(d)

$

255,710‌

0.31‌

%

(e)

–‌

%

(0.31‌)

%

(e)

13.6‌

%

(e)

(14.54‌)

254,300‌

0.30‌

–‌

1.58‌

23.5‌

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

6.31‌

(d)

83‌

0.46‌

(e)

–‌

(0.46‌)

(e)

13

.6‌

(e)

(14.73‌)

54‌

0.45‌

–‌

(0.04‌)

23.5‌

6.78‌

781‌

0.45‌

–‌

3.83‌

24.8‌

1.16‌

(d)

10‌

0.45‌

(e)

–‌

2.69‌

(e)

31.2‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Reflects

Manager's

voluntary

expense

limit.

Excludes

expense

reimbursement

from

Manager.

Period

from

December

9,

2020,

date

operations

commenced,

through

December

31,

2020.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

241

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

2023(c)

$

13

.36‌

$

0

.17‌

$

1

.46‌

$

1

.63‌

$

–‌

$

–‌

$

–‌

$

14

.99‌

2022

19

.17‌

0

.31‌

(

4

.21‌

)

(

3

.90‌

)

(

0

.42‌

)

(

1

.49‌

)

(

1

.91‌

)

13

.36‌

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

(a)

(b)

(c)

(d)

(e)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

242

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

.20‌

%

(d)

$

252,775‌

0

.94‌

%

(e)

2

.44‌

%

(e)

41

.1‌

%

(e)

(

20

.00‌

)

236,721‌

0

.92‌

2

.02‌

46

.9‌

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

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

243

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

2023(c)

$

26.54‌

$

0.32‌

$

0.76‌

$

1

.08‌

$

–‌

$

–‌

$

–‌

$

27.62‌

2022

34.25‌

0.59‌

(

4.25‌)

(

3.66‌)

(

0.60‌)

(

3.45‌)

(

4.05‌)

26.54‌

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

Class

2

shares

2023(c)

26.19‌

0.28‌

0.76‌

1.04‌

–‌

–‌

–‌

27.23‌

2022

33.87‌

0.51‌

(

4.20‌)

(

3.69‌)

(

0.54‌)

(

3.45‌)

(

3.99‌)

26.19‌

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

Class

3

shares

2023(c)

26.30‌

0.26‌

0.76‌

1.02‌

–‌

–‌

–‌

27.32‌

2022

34.10‌

0.47‌

(

4.23‌)

(

3.76‌)

(

0.59‌)

(

3.45‌)

(

4.04‌)

26.30‌

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

(a)

(b)

(c)

(d)

(e)

(f)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

244

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

4.07‌

%

(d)

$

579,523‌

0.48‌

%

(e)

2.41‌

%

(e)

16.8‌

%

(e)

(10.50‌)

625,764‌

0.48‌

1.99‌

19.6‌

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

3.97‌

(d)

61,282‌

0.73‌

(e)

2.16‌

(e)

16.8‌

(e)

(10.72‌)

56,495‌

0.73‌

1.75‌

19.6‌

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

3.88‌

(d)

506‌

0.88‌

(e)

1.99‌

(e)

16.8‌

(e)

(10.86‌)

308‌

0.88‌

1.61‌

19.6‌

21.97‌

148‌

0.87‌

1.43‌

9.6‌

2.11‌

(d)

10‌

0.88‌

(e)

1.88‌

(e)

21.0‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Period

from

December

9,

2020,

date

operations

commenced,

through

December

31,

2020.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

245

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

Class

1

shares

2023(c)

$

13

.39‌

$

0

.14‌

$

0

.94‌

$

1

.08‌

$

–‌

$

–‌

$

–‌

$

14

.47‌

2022

19

.67‌

0

.31‌

(

4

.78‌

)

(

4

.47‌

)

(

0

.26‌

)

(

1

.55‌

)

(

1

.81‌

)

13

.39‌

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

(a)

(b)

(c)

(d)

(e)

(f)

(g)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

246

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

.07‌

%

(d)

$

68,420‌

1

.13‌

%

(e)

,(f)

2

.03‌

%

(e)

36

.0‌

%

(e)

(

22

.66‌

)

68,015‌

1

.10‌

(f)

1

.98‌

34

.5‌

0

.58‌

90,815‌

1

.18‌

(f)

1

.01‌

35

.7‌

19

.23‌

93,839‌

1

.21‌

(f)

,(g)

0

.71‌

57

.6‌

17

.60‌

89,729‌

1

.20‌

(f)

2

.46‌

112

.5‌

(

21

.02‌

)

83,366‌

1

.35‌

(f)

1

.05‌

121

.8‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Reflects

Manager's

contractual

expense

limit.

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.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

247

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

2023(c)

$

8

.24‌

$

0

.11‌

$

0

.04‌

$

0

.15‌

$

–‌

$

–‌

$

8

.39‌

2022

9

.48‌

0

.12‌

(

1

.24‌

)

(

1

.12‌

)

(

0

.12‌

)

(

0

.12‌

)

8

.24‌

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

(a)

(b)

(c)

(d)

(e)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

248

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

1

.82‌

%

(d)

$

126,139‌

0

.52‌

%

(e)

2

.64‌

%

(e)

167

.4‌

%

(e)

(

11

.81‌

)

138,346‌

0

.50‌

1

.32‌

281

.4‌

(

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

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

249

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

2023(c)

$

30

.22‌

(

$

0

.01‌

)

$

8

.24‌

$

8

.23‌

$

–‌

$

–‌

$

–‌

$

38

.45‌

2022

52

.48‌

(

0

.06‌

)

(

17

.54‌

)

(

17

.60‌

)

–‌

(

4

.66‌

)

(

4

.66‌

)

30

.22‌

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

(a)

(b)

(c)

(d)

(e)

(f)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

250

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

27

.23‌

%

(d)

$

540,530‌

0

.69‌

%

(e)

,(f)

(

0

.03‌

)

%

(e)

38

.5‌

%

(e)

(

34

.16‌

)

439,493‌

0

.69‌

(f)

(

0

.16‌

)

28

.1‌

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

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Reflects

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

251

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

2023(c)

$

18

.24‌

$

0

.15‌

$

2

.91‌

$

3

.06‌

$

–‌

$

–‌

$

–‌

$

21

.30‌

2022

25

.53‌

0

.29‌

(

4

.92‌

)

(

4

.63‌

)

(

0

.28‌

)

(

2

.38‌

)

(

2

.66‌

)

18

.24‌

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

Class

2

shares

2023(c)

17

.91‌

0

.12‌

2

.85‌

2

.97‌

–‌

–‌

–‌

20

.88‌

2022

25

.13‌

0

.23‌

(

4

.83‌

)

(

4

.60‌

)

(

0

.24‌

)

(

2

.38‌

)

(

2

.62‌

)

17

.91‌

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

(a)

(b)

(c)

(d)

(e)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

252

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

.78‌

%

(d)

$

2,711,488‌

0

.20‌

%

(e)

1

.55‌

%

(e)

1

.3‌

%

(e)

(

18

.33‌

)

2,516,267‌

0

.24‌

1

.34‌

9

.0‌

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

16

.58‌

(d)

48,749‌

0

.45‌

(e)

1

.30‌

(e)

1

.3‌

(e)

(

18

.53‌

)

42,034‌

0

.49‌

1

.10‌

9

.0‌

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

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

253

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

2023(c)

$

13

.88‌

$

0

.11‌

$

1

.90‌

$

2

.01‌

$

–‌

$

–‌

$

–‌

$

15

.89‌

2022

18

.86‌

0

.17‌

(

3

.34‌

)

(

3

.17‌

)

(

0

.17‌

)

(

1

.64‌

)

(

1

.81‌

)

13

.88‌

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

(a)

(b)

(c)

(d)

(e)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

254

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

.48‌

%

(d)

$

186,463‌

0

.37‌

%

(e)

1

.50‌

%

(e)

4

.2‌

%

(e)

(

16

.95‌

)

181,155‌

0

.46‌

1

.09‌

8

.3‌

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

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

255

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

2023(c)

$

51

.25‌

$

0

.03‌

$

8

.09‌

$

8

.12‌

$

–‌

$

–‌

$

–‌

$

59

.37‌

2022

74

.76‌

0

.11‌

(

17

.16‌

)

(

17

.05‌

)

(

0

.11‌

)

(

6

.35‌

)

(

6

.46‌

)

51

.25‌

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

Class

2

shares

2023(c)

50

.56‌

(

0

.03‌

)

7

.97‌

7

.94‌

–‌

–‌

–‌

58

.50‌

2022

73

.89‌

(

0

.03‌

)

(

16

.95‌

)

(

16

.98‌

)

–‌

(

6

.35‌

)

(

6

.35‌

)

50

.56‌

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

(a)

(b)

(c)

(d)

(e)

(f)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

256

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

15

.84‌

%

(d)

$

554,456‌

0

.54‌

%

(e)

0

.13‌

%

(e)

6

.5‌

%

(e)

(

22

.98‌

)

554,971‌

0

.54‌

0

.19‌

15

.1‌

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

15

.70‌

(d)

38,115‌

0

.79‌

(e)

(

0

.11‌

)

(e)

6

.5‌

(e)

(

23

.16‌

)

32,800‌

0

.79‌

(

0

.05‌

)

15

.1‌

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

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

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.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

257

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

2023(c)

$

30

.36‌

$

0

.14‌

$

4

.30‌

$

4

.44‌

$

–‌

$

–‌

$

–‌

$

34

.80‌

2022

41

.87‌

0

.30‌

(

7

.16‌

)

(

6

.86‌

)

(

0

.29‌

)

(

4

.36‌

)

(

4

.65‌

)

30

.36‌

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

Class

2

shares

2023(c)

29

.78‌

0

.10‌

4

.21‌

4

.31‌

–‌

–‌

–‌

34

.09‌

2022

41

.19‌

0

.21‌

(

7

.04‌

)

(

6

.83‌

)

(

0

.22‌

)

(

4

.36‌

)

(

4

.58‌

)

29

.78‌

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

(a)

(b)

(c)

(d)

(e)

(f)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

258

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)

$

130,856‌

0

.64‌

%

(e)

0

.91‌

%

(e)

47

.1‌

%

(e)

(

16

.42‌

)

121,010‌

0

.63‌

0

.85‌

53

.1‌

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

14

.47‌

(d)

42,092‌

0

.89‌

(e)

0

.66‌

(e)

47

.1‌

(e)

(

16

.62‌

)

33,069‌

0

.88‌

0

.63‌

53

.1‌

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

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

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.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

259

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

2023(c)

$

11

.62‌

$

0

.12‌

$

0

.66‌

$

0

.78‌

$

–‌

$

–‌

$

–‌

$

12

.40‌

2022

15

.19‌

0

.30‌

(

2

.47‌

)

(

2

.17‌

)

(

0

.45‌

)

(

0

.95‌

)

(

1

.40‌

)

11

.62‌

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

(a)

(b)

(c)

(d)

(e)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

260

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

6

.71‌

%

(d)

$

151,121‌

0

.01‌

%

(e)

1

.94‌

%

(e)

15

.0‌

%

(e)

(

14

.38‌

)

151,551‌

0

.01‌

2

.32‌

25

.4‌

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

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

261

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

2023(c)

$

11

.70‌

$

0

.10‌

$

0

.91‌

$

1

.01‌

$

–‌

$

–‌

$

–‌

$

12

.71‌

2022

15

.60‌

0

.25‌

(

2

.87‌

)

(

2

.62‌

)

(

0

.38‌

)

(

0

.90‌

)

(

1

.28‌

)

11

.70‌

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

(a)

(b)

(c)

(d)

(e)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

262

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

.63‌

%

(d)

$

253,432‌

0

.01‌

%

(e)

1

.60‌

%

(e)

16

.8‌

%

(e)

(

16

.84‌

)

227,664‌

0

.00‌

1

.89‌

25

.6‌

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

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

263

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

2023(c)

$

14

.59‌

$

0

.07‌

$

1

.51‌

$

1

.58‌

$

–‌

$

–‌

$

–‌

$

16

.17‌

2022

19

.94‌

0

.25‌

(

3

.85‌

)

(

3

.60‌

)

(

0

.55‌

)

(

1

.20‌

)

(

1

.75‌

)

14

.59‌

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

(a)

(b)

(c)

(d)

(e)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

264

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

.83‌

%

(d)

$

133,222‌

0

.01‌

%

(e)

0

.91‌

%

(e)

27

.5‌

%

(e)

(

18

.10‌

)

118,055‌

0

.01‌

1

.52‌

25

.2‌

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

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

265

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

2023(c)

$

13

.96‌

$

0

.03‌

$

1

.68‌

$

1

.71‌

$

–‌

$

–‌

$

–‌

$

15

.67‌

2022

19

.60‌

0

.20‌

(

3

.88‌

)

(

3

.68‌

)

(

0

.59‌

)

(

1

.37‌

)

(

1

.96‌

)

13

.96‌

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

(a)

(b)

(c)

(d)

(e)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

266

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

.25‌

%

(d)

$

64,023‌

0

.02‌

%

(e)

0

.43‌

%

(e)

29

.7‌

%

(e)

(

18

.81‌

)

56,830‌

0

.01‌

1

.22‌

33

.0‌

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

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

267

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

2023(c)

$

13

.56‌

$

0

.03‌

$

1

.63‌

$

1

.66‌

$

–‌

$

–‌

$

–‌

$

15

.22‌

2022

18

.81‌

0

.19‌

(

3

.71‌

)

(

3

.52‌

)

(

0

.52‌

)

(

1

.21‌

)

(

1

.73‌

)

13

.56‌

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

(a)

(b)

(c)

(d)

(e)

(f)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

268

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

.24‌

%

(d)

$

17,448‌

0

.07‌

%

(e)

0

.39‌

%

(e)

30

.7‌

%

(e)

(

18

.78‌

)

15,131‌

0

.04‌

(f)

1

.21‌

36

.5‌

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

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Reflects

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

269

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

2023(c)

$

10

.12‌

$

0

.12‌

$

0

.46‌

$

0

.58‌

$

–‌

$

–‌

$

–‌

$

10

.70‌

2022

12

.62‌

0

.28‌

(

1

.93‌

)

(

1

.65‌

)

(

0

.37‌

)

(

0

.48‌

)

(

0

.85‌

)

10

.12‌

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

(a)

(b)

(c)

(d)

(e)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

270

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

5

.73‌

%

(d)

$

55,714‌

0

.03‌

%

(e)

2

.25‌

%

(e)

13

.5‌

%

(e)

(

13

.09‌

)

24,133‌

0

.03‌

2

.50‌

37

.6‌

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

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

271

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

2023(c)

$

16

.97‌

$

0

.23‌

$

0

.63‌

$

0

.86‌

$

–‌

$

–‌

$

–‌

$

17

.83‌

2022

24

.82‌

0

.32‌

(

6

.46‌

)

(

6

.14‌

)

(

0

.26‌

)

(

1

.45‌

)

(

1

.71‌

)

16

.97‌

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

Class

2

shares

2023(c)

17

.00‌

0

.21‌

0

.63‌

0

.84‌

–‌

–‌

–‌

17

.84‌

2022

24

.86‌

0

.28‌

(

6

.47‌

)

(

6

.19‌

)

(

0

.22‌

)

(

1

.45‌

)

(

1

.67‌

)

17

.00‌

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

(a)

(b)

(c)

(d)

(e)

(f)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

272

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

5

.07‌

%

(d)

$

125,043‌

0

.80‌

%

(e)

2

.58‌

%

(e)

9

.5‌

%

(e)

(

25

.41‌

)

124,969‌

0

.79‌

1

.59‌

18

.5‌

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

4

.94‌

(d)

9,793‌

1

.05‌

(e)

2

.36‌

(e)

9

.5‌

(e)

(

25

.58‌

)

9,358‌

1

.04‌

1

.38‌

18

.5‌

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

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Reflects

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

273

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

2023(c)

$

12

.71‌

$

0

.06‌

$

1

.06‌

$

1

.12‌

$

–‌

$

–‌

$

–‌

$

13

.83‌

2022

18

.11‌

0

.33‌

(

3

.23‌

)

(

2

.90‌

)

(

0

.38‌

)

(

2

.12‌

)

(

2

.50‌

)

12

.71‌

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

Class

2

shares

2023(c)

12

.50‌

0

.05‌

1

.03‌

1

.08‌

–‌

–‌

–‌

13

.58‌

2022

17

.84‌

0

.29‌

(

3

.17‌

)

(

2

.88‌

)

(

0

.34‌

)

(

2

.12‌

)

(

2

.46‌

)

12

.50‌

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

(a)

(b)

(c)

(d)

(e)

(f)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

274

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

.81‌

%

(d)

$

447,721‌

0

.24‌

%

(e)

0

.98‌

%

(e)

33

.3‌

%

(e)

(

16

.15‌

)

438,565‌

0

.23‌

2

.17‌

43

.2‌

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

8

.64‌

(d)

137,076‌

0

.49‌

(e)

0

.73‌

(e)

33

.3‌

(e)

(

16

.29‌

)

129,635‌

0

.48‌

1

.98‌

43

.2‌

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

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Reflects

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

275

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

2023(c)

$

10

.23‌

$

0

.07‌

$

0

.56‌

$

0

.63‌

$

–‌

$

–‌

$

–‌

$

10

.86‌

2022

13

.61‌

0

.30‌

(

2

.25‌

)

(

1

.95‌

)

(

0

.30‌

)

(

1

.13‌

)

(

1

.43‌

)

10

.23‌

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

Class

2

shares

2023(c)

10

.05‌

0

.06‌

0

.55‌

0

.61‌

–‌

–‌

–‌

10

.66‌

2022

13

.40‌

0

.27‌

(

2

.22‌

)

(

1

.95‌

)

(

0

.27‌

)

(

1

.13‌

)

(

1

.40‌

)

10

.05‌

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

(a)

(b)

(c)

(d)

(e)

(f)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

276

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

6

.16‌

%

(d)

$

133,093‌

0

.24‌

%

(e)

1

.39‌

%

(e)

35

.3‌

%

(e)

(

14

.45‌

)

134,379‌

0

.24‌

2

.57‌

52

.1‌

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

6

.07‌

(d)

30,293‌

0

.49‌

(e)

1

.15‌

(e)

35

.3‌

(e)

(

14

.69‌

)

28,916‌

0

.49‌

2

.35‌

52

.1‌

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

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Reflects

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

277

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

2023(c)

$

17

.65‌

$

0

.05‌

$

1

.91‌

$

1

.96‌

$

–‌

$

–‌

$

–‌

$

19

.61‌

2022

24

.82‌

0

.36‌

(

4

.75‌

)

(

4

.39‌

)

(

0

.45‌

)

(

2

.33‌

)

(

2

.78‌

)

17

.65‌

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

Class

2

shares

2023(c)

17

.31‌

0

.02‌

1

.88‌

1

.90‌

–‌

–‌

–‌

19

.21‌

2022

24

.39‌

0

.31‌

(

4

.66‌

)

(

4

.35‌

)

(

0

.40‌

)

(

2

.33‌

)

(

2

.73‌

)

17

.31‌

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

(a)

(b)

(c)

(d)

(e)

(f)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

278

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

.10‌

%

(d)

$

202,993‌

0

.24‌

%

(e)

0

.49‌

%

(e)

34

.6‌

%

(e)

(

17

.79‌

)

190,273‌

0

.23‌

1

.75‌

43

.0‌

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

10

.98‌

(d)

171,787‌

0

.49‌

(e)

0

.25‌

(e)

34

.6‌

(e)

(

17

.97‌

)

155,472‌

0

.48‌

1

.52‌

43

.0‌

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

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Reflects

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

279

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

2023(c)

$

10

.17‌

$

0

.08‌

$

0

.36‌

$

0

.44‌

$

–‌

$

–‌

$

–‌

$

10

.61‌

2022

13

.17‌

0

.32‌

(

2

.03‌

)

(

1

.71‌

)

(

0

.35‌

)

(

0

.94‌

)

(

1

.29‌

)

10

.17‌

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

Class

2

shares

2023(c)

10

.02‌

0

.07‌

0

.36‌

0

.43‌

–‌

–‌

–‌

10

.45‌

2022

13

.00‌

0

.29‌

(

2

.01‌

)

(

1

.72‌

)

(

0

.32‌

)

(

0

.94‌

)

(

1

.26‌

)

10

.02‌

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

(a)

(b)

(c)

(d)

(e)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

280

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

4

.33‌

%

(d)

$

105,034‌

0

.24‌

%

(e)

1

.57‌

%

(e)

26

.9‌

%

(e)

(

13

.11‌

)

108,390‌

0

.24‌

2

.82‌

54

.1‌

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

4

.29‌

(d)

35,688‌

0

.49‌

(e)

1

.32‌

(e)

26

.9‌

(e)

(

13

.37‌

)

34,633‌

0

.49‌

2

.58‌

54

.1‌

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

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

281

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

2023(c)

$

19

.76‌

$

–‌

$

2

.55‌

$

2

.55‌

$

–‌

$

–‌

$

–‌

$

22

.31‌

2022

28

.09‌

0

.33‌

(

5

.59‌

)

(

5

.26‌

)

(

0

.52‌

)

(

2

.55‌

)

(

3

.07‌

)

19

.76‌

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

Class

2

shares

2023(c)

19

.39‌

(

0

.02‌

)

2

.50‌

2

.48‌

–‌

–‌

–‌

21

.87‌

2022

27

.62‌

0

.27‌

(

5

.49‌

)

(

5

.22‌

)

(

0

.46‌

)

(

2

.55‌

)

(

3

.01‌

)

19

.39‌

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

(a)

(b)

(c)

(d)

(e)

(f)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

282

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

.90‌

%

(d)

$

193,447‌

0

.24‌

%

(e)

0

.03‌

%

(e)

37

.3‌

%

(e)

(

18

.78‌

)

174,041‌

0

.23‌

1

.45‌

40

.8‌

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

12

.79‌

(d)

184,230‌

0

.49‌

(e)

(

0

.22‌

)

(e)

37

.3‌

(e)

(

18

.98‌

)

164,885‌

0

.48‌

1

.22‌

40

.8‌

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

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Reflects

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

283

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

2023(c)

$

2

.41‌

$

0

.04‌

$

0

.01‌

$

0

.05‌

$

–‌

$

–‌

$

–‌

$

2

.46‌

2022

2

.53‌

0

.04‌

(

0

.13‌

)

(

0

.09‌

)

(

0

.03‌

)

–‌

(

0

.03‌

)

2

.41‌

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

(a)

(b)

(c)

(d)

(e)

(f)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

284

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

2

.07‌

%

(d)

$

138,539‌

0

.42‌

%

(e)

3

.16‌

%

(e)

39

.4‌

%

(e)

(

3

.45‌

)

134,122‌

0

.46‌

1

.74‌

57

.7‌

(

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

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Reflects

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

285

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

2023(c)

$

13

.03‌

$

0

.03‌

$

1

.37‌

$

1

.40‌

$

–‌

$

–‌

$

–‌

$

14

.43‌

2022

20

.05‌

0

.05‌

(

4

.08‌

)

(

4

.03‌

)

(

0

.01‌

)

(

2

.98‌

)

(

2

.99‌

)

13

.03‌

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

Class

2

shares

2023(c)

12

.91‌

0

.01‌

1

.36‌

1

.37‌

–‌

–‌

–‌

14

.28‌

2022

19

.93‌

0

.01‌

(

4

.05‌

)

(

4

.04‌

)

–‌

(

2

.98‌

)

(

2

.98‌

)

12

.91‌

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

(a)

(b)

(c)

(d)

(e)

(f)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

286

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

.66‌

%

(d)

,(e)

$

165,538‌

0

.84‌

%

(f)

0

.41‌

%

(f)

27

.5‌

%

(f)

(

20

.63‌

)

(e)

156,903‌

0

.84‌

0

.32‌

18

.0‌

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

10

.61‌

(d)

9,052‌

1

.09‌

(f)

0

.17‌

(f)

27

.5‌

(f)

(

20

.88‌

)

8,383‌

1

.09‌

0

.07‌

18

.0‌

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

)

(e)

4,874‌

1

.08‌

(

0

.05‌

)

45

.0‌

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

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.

Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

287

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

APRIL

ACCOUNT

Class

2

shares

2023(b)

$

10

.00‌

$

0

.01‌

$

0

.63‌

$

0

.64‌

$

10

.64‌

(a)

(b)

(c)

(d)

(e)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

288

Total

Return

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

6

.40‌

%

(c)

$

37,437‌

0

.95‌

%

(d)

,(e)

0

.56‌

%

(d)

88

.2‌

%

(d)

Calculated

based

on

average

shares

outstanding

during

the

period.

Period

from

March

29,

2023,

date

operations

commenced,

through

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Reflects

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

289

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

JANUARY

ACCOUNT

Class

2

shares

2023(c)

$

9

.99‌

$

0

.02‌

$

1

.22‌

$

1

.24‌

$

11

.23‌

2022(i)

10

.00‌

–‌

(

0

.01‌

)

(

0

.01‌

)

9

.99‌

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

290

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

.30‌

%

(d)

,(e)

$

12,361‌

0

.99‌

%

(f)

,(g)

,(h)

0

.46‌

%

(f)

73

.5‌

%

(f)

0

.00‌

(d)

,(e)

26,581‌

0

.95‌

(f)

,(g)

3

.20‌

(f)

0

.0‌

(f)

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

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.

Computed

on

an

annualized

basis.

Reflects

Manager's

contractual

expense

limit.

Includes

0.04%

of

interest

expense

associated

with

borrowings.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

Period

from

December

28,

2022,

date

operations

commenced,

through

December

31,

2022.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

291

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

U.S.

LARGECAP

BUFFER

JULY

ACCOUNT

Class

2

shares

2023(c)

$

10

.16‌

$

0

.02‌

$

1

.14‌

$

1

.16‌

$

–‌

$

–‌

$

11

.32‌

2022(h)

10

.00‌

0

.04‌

0

.15‌

0

.19‌

(

0

.03‌

)

(

0

.03‌

)

10

.16‌

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

292

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

.42‌

%

(d)

$

58,314‌

0

.97‌

%

(e)

,(f)

,(g)

0

.30‌

%

(e)

108

.1‌

%

(e)

1

.93‌

(d)

26,247‌

0

.95‌

(e)

,(f)

0

.72‌

(e)

20

.0‌

(e)

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Reflects

Manager's

contractual

expense

limit.

Includes

0.02%

of

interest

expense

associated

with

borrowings.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

Period

from

June

29,

2022,

date

operations

commenced,

through

December

31,

2022.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

293

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

U.S.

LARGECAP

BUFFER

OCTOBER

ACCOUNT

Class

2

shares

2023(c)

$

10

.51‌

$

0

.02‌

$

1

.31‌

$

1

.33‌

$

–‌

$

–‌

$

11

.84‌

2022(h)

10

.00‌

0

.02‌

0

.51‌

0

.53‌

(

0

.02‌

)

(

0

.02‌

)

10

.51‌

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

294

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

.65‌

%

(d)

$

17,395‌

0

.97‌

%

(e)

,(f)

,(g)

0

.37‌

%

(e)

5

.9‌

%

(e)

5

.29‌

(d)

17,978‌

0

.99‌

(e)

,(f)

,(i)

0

.68‌

(e)

180

.0‌

(e)

Calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

Six

months

ended

June

30,

2023.

Total

return

amounts

have

not

been

annualized.

Computed

on

an

annualized

basis.

Reflects

Manager's

contractual

expense

limit.

Includes

0.02%

of

interest

expense

associated

with

borrowings.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

Period

from

September

29,

2022,

date

operations

commenced,

through

December

31,

2022.

Includes

0.04%

of

interest

expense

associated

with

borrowings.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

Shareholder

Expense

Example

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

295

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,

2023

to

June

30,

2023

),

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,

2023

Ending

Account

Value

June

30,

2023

Expenses

Paid

During Period

January

1,

2023 to

June

30,

2023

(a)

Beginning

Account

Value

January

1,

2023

Ending

Account

Value

June

30,

2023  

Expenses

Paid

During Period

January

1,

2023 to

June

30,

2023

(a)

Annualized

Expense

Ratio

Blue

Chip

Account

Class

3

$

1,000.00

$

1,215.91

$

5.77

$

1,000.00

$

1,019.59

$

5.26

1.05

%

Bond

Market

Index

Account

Class

1

1,000.00

1,023.00

0.75

1,000.00

1,024.05

0.75

0.15

Core

Plus

Bond

Account

Class

1

1,000.00

1,018.05

2.50

1,000.00

1,022.32

2.51

0.50

Diversified

Balanced

Account

Class

1

1,000.00

1,083.27

0.26

1,000.00

1,024.55

0.25

0.05

Class

2

1,000.00

1,082.29

1.55

1,000.00

1,023.31

1.51

0.30

Class

3

1,000.00

1,081.78

2.32

1,000.00

1,022.56

2.26

0.45

Diversified

Balanced

Managed

Volatility

Account

Class

2

1,000.00

1,074.55

1.59

1,000.00

1,023.26

1.56

0.31

Class

3

1,000.00

1,073.97

2.37

1,000.00

1,022.51

2.31

0.46

Diversified

Balanced

Volatility

Control

Account

Class

2

1,000.00

1,075.02

1.96

1,000.00

1,022.91

1.91

0.38

Class

3

1,000.00

1,073.26

2.72

1,000.00

1,022.17

2.66

0.53

Diversified

Growth

Account

Class

2

1,000.00

1,100.62

1.56

1,000.00

1,023.31

1.51

0.30

Class

3

1,000.00

1,100.19

2.34

1,000.00

1,022.56

2.26

0.45

Shareholder

Expense

Example

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

296

Actual

Hypothetical

Beginning

Account

Value

January

1,

2023

Ending

Account

Value

June

30,

2023

Expenses

Paid

During Period

January

1,

2023 to

June

30,

2023

(a)

Beginning

Account

Value

January

1,

2023

Ending

Account

Value

June

30,

2023  

Expenses

Paid

During Period

January

1,

2023 to

June

30,

2023

(a)

Annualized

Expense

Ratio

Diversified

Growth

Managed

Volatility

Account

Class

2

$

1,000.00

$

1,091.06

$

1.61

$

1,000.00

$

1,023.26

$

1.56

0.31

%

Class

3

1,000.00

1,089.74

2.38

1,000.00

1,022.51

2.31

0.46

Diversified

Growth

Volatility

Control

Account

Class

2

1,000.00

1,089.43

1.92

1,000.00

1,022.96

1.86

0.37

Class

3

1,000.00

1,089.67

2.69

1,000.00

1,022.22

2.61

0.52

Diversified

Income

Account

Class

2

1,000.00

1,063.33

1.59

1,000.00

1,023.26

1.56

0.31

Class

3

1,000.00

1,063.06

2.35

1,000.00

1,022.51

2.31

0.46

Diversified

International

Account

Class

1

1,000.00

1,122.01

4.95

1,000.00

1,020.13

4.71

0.94

Equity

Income

Account

Class

1

1,000.00

1,040.69

2.43

1,000.00

1,022.41

2.41

0.48

Class

2

1,000.00

1,039.71

3.69

1,000.00

1,021.17

3.66

0.73

Class

3

1,000.00

1,038.78

4.45

1,000.00

1,020.43

4.41

0.88

Global

Emerging

Markets

Account

Class

1

1,000.00

1,080.66

5.83

1,000.00

1,019.19

5.66

1.13

Government

&

High

Quality

Bond

Account

Class

1

1,000.00

1,018.20

2.60

1,000.00

1,022.22

2.61

0.52

LargeCap

Growth

Account

I

Class

1

1,000.00

1,272.34

3.89

1,000.00

1,021.37

3.46

0.69

LargeCap

S&P

500

Index

Account

Class

1

1,000.00

1,167.76

1.07

1,000.00

1,023.80

1.00

0.20

Class

2

1,000.00

1,165.83

2.42

1,000.00

1,022.56

2.26

0.45

LargeCap

S&P

500

Managed

Volatility

Index

Account

Class

1

1,000.00

1,144.81

1.97

1,000.00

1,022.96

1.86

0.37

MidCap

Account

Class

1

1,000.00

1,158.44

2.89

1,000.00

1,022.12

2.71

0.54

Class

2

1,000.00

1,157.04

4.23

1,000.00

1,020.88

3.96

0.79

Principal

Capital

Appreciation

Account

Class

1

1,000.00

1,146.25

3.41

1,000.00

1,021.62

3.21

0.64

Class

2

1,000.00

1,144.73

4.73

1,000.00

1,020.38

4.46

0.89

Principal

LifeTime

2020

Account

Class

1

1,000.00

1,067.13

0.05

1,000.00

1,024.74

0.05

0.01

Principal

LifeTime

2030

Account

Class

1

1,000.00

1,086.32

0.05

1,000.00

1,024.74

0.05

0.01

Principal

LifeTime

2040

Account

Class

1

1,000.00

1,108.29

0.05

1,000.00

1,024.74

0.05

0.01

Principal

LifeTime

2050

Account

Class

1

1,000.00

1,122.49

0.11

1,000.00

1,024.70

0.10

0.02

Shareholder

Expense

Example

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2023

(unaudited)

297

Actual

Hypothetical

Beginning

Account

Value

January

1,

2023

Ending

Account

Value

June

30,

2023

Expenses

Paid

During Period

January

1,

2023 to

June

30,

2023

(a)

Beginning

Account

Value

January

1,

2023

Ending

Account

Value

June

30,

2023  

Expenses

Paid

During Period

January

1,

2023 to

June

30,

2023

(a)

Annualized

Expense

Ratio

Principal

LifeTime

2060

Account

Class

1

$

1,000.00

$

1,122.42

$

0.37

$

1,000.00

$

1,024.45

$

0.35

0.07

%

Principal

LifeTime

Strategic

Income

Account

Class

1

1,000.00

1,057.31

0.15

1,000.00

1,024.65

0.15

0.03

Real

Estate

Securities

Account

Class

1

1,000.00

1,050.68

4.07

1,000.00

1,020.83

4.01

0.80

Class

2

1,000.00

1,049.41

5.34

1,000.00

1,019.59

5.26

1.05

SAM

Balanced

Portfolio

Class

1

1,000.00

1,088.12

1.24

1,000.00

1,023.60

1.20

0.24

Class

2

1,000.00

1,086.40

2.53

1,000.00

1,022.36

2.46

0.49

SAM

Conservative

Balanced

Portfolio

Class

1

1,000.00

1,061.58

1.23

1,000.00

1,023.60

1.20

0.24

Class

2

1,000.00

1,060.70

2.50

1,000.00

1,022.36

2.46

0.49

SAM

Conservative

Growth

Portfolio

Class

1

1,000.00

1,111.05

1.26

1,000.00

1,023.60

1.20

0.24

Class

2

1,000.00

1,109.76

2.56

1,000.00

1,022.36

2.46

0.49

SAM

Flexible

Income

Portfolio

Class

1

1,000.00

1,043.26

1.22

1,000.00

1,023.60

1.20

0.24

Class

2

1,000.00

1,042.91

2.48

1,000.00

1,022.36

2.46

0.49

SAM

Strategic

Growth

Portfolio

Class

1

1,000.00

1,129.05

1.27

1,000.00

1,023.60

1.20

0.24

Class

2

1,000.00

1,127.90

2.59

1,000.00

1,022.36

2.46

0.49

Short-Term

Income

Account

Class

1

1,000.00

1,020.75

2.10

1,000.00

1,022.71

2.11

0.42

SmallCap

Account

Class

1

1,000.00

1,106.60

4.39

1,000.00

1,020.63

4.21

0.84

Class

2

1,000.00

1,106.12

5.69

1,000.00

1,019.39

5.46

1.09

U.S.

LargeCap

Buffer

April

Account

Class

2

1,000.00

1,064.00

2.50

(b)

1,000.00

1,020.08

4.76

0.95

U.S.

LargeCap

Buffer

January

Account

Class

2

1,000.00

1,123.00

5.21

1,000.00

1,019.89

4.96

0.99

U.S.

LargeCap

Buffer

July

Account

Class

2

1,000.00

1,114.17

5.08

1,000.00

1,019.98

4.86

0.97

U.S.

LargeCap

Buffer

October

Account

Class

2

1,000.00

1,126.55

5.11

1,000.00

1,019.98

4.86

0.97

(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

(March

29,

2023

to

June

30,

2023),

multiplied

by

93/365

(to

reflect

the

period

since

inception).

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

298

Notification

of

Source

of

Distributions

Pursuant

to

Rule

19a-1

of

the

Investment

Company

Act

of

1940

As

noted

in

the

table

provided

below,

certain

of

the

Funds

made

distributions

for

the

month

of

April

2023

for

which

a

portion

is

estimated

to

be

in

excess

of

the

Fund’s

current

and

accumulated

net

income.

As

of

this

month

end,

the

estimated

sources

of

these

distributions

were

as

follows:

The

ultimate

composition

of

these

distributions

may

vary

from

the

estimates

provided

above

due

to

a

variety

of

factors

including

future

income

and

expenses,

and

realized

gains

and

losses

from

the

purchase

and

sale

of

securities.

Please

note

that

this

information

is

being

provided

to

satisfy

certain

notice

requirements

under

the

Investment

Company

Act

of

1940.

Tax

reporting

information

for

shareholders

of

the

Funds

will

not

be

available

until

the

end

of

the

Funds’

fiscal

year.

As

a

result,

shareholders

should

not

use

the

information

provided

in

this

notice

for

tax

reporting

purposes.

April

2023

Fund

Net

Income

Realized

Gain

Capital

Sources

Principal

LifeTime

2010

Account

99.76%

0.00%

0.24%

299

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

Boards

of

the

following

investment

companies:

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

referred

to

as

“Interested

Board

Members”.

Board

Members

who

are

not

Interested

Board

Members

are

referred

to

as

“Independent

Board

Members”.

Each

Board

Member

generally

serves

until

the

next

annual

meeting

of

shareholders

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.

The

Board

elects

officers

to

supervise

the

day-to-day

operations

of

the

Fund

Complex.

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

130

McClatchy

Newspapers,

Inc.

(2000-

2020);

Frontier

Communications,

Inc.

(2005-2019)

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

(consulting

services)

130

None

Katharin

S.

Dyer

Board

Member

since

2023

Member,

Operations

Committee

1957

Founder

and

Chief

Executive

Officer,

PivotWise

(consulting

services)

Global

Partner,

IBM

(technology

company)

from

2016-2018

130

Liquidity

Services,

Inc.

(2020-present)

Frances

P.

Grieb

Board

Member

since

2023

Member,

Audit

Committee

1960

Retired

130

First

Interstate

BancSystems,

Inc.

(2022-present);

Great

Western

Bancorp,

Inc.

and

Great

Western

Bank

(2014-2022)

Fritz

S.

Hirsch

Board

Member

since

2005

Member,

Nominating

and

Governance

Committee

Member,

15(c)

Committee

1951

Interim

CEO,

MAM

USA

(manufacturer

of

infant

and

juvenile

products)

from

February

2020

to

October

2020

130

MAM

USA

(2011-present)

Victor

Hymes

Board

Member

since

2020

Chair,

Audit

Committee

Member,

Nominating

and

Governance

Committee

1957

Founder,

CEO,

CIO,

Legato

Capital

Management,

LLC

(investment

management

company)

130

None

Padelford

L.

Lattimer

Board

Member

since

2020

Chair,

Operations

Committee

Member,

15(c)

Committee

1961

Managing

Partner,

TBA

Management

Consulting

LLC

(management

consulting

and

staffing

company)

130

None

Karen

McMillan

Board

Member

since

2014

Member,

Operations

Committee

Chair,

15(c)

Committee

1961

Founder/Owner,

Tyche

Consulting

LLC

(consulting

services)

Managing

Director,

Patomak

Global

Partners,

LLC

(financial

services

consulting)

from

2014-2021

130

None

300

INTERESTED

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

Elizabeth

A.

Nickels

Board

Member

since

2015

Member,

Audit

Committee

Chair,

Nominating

and

Governance

Committee

1962

Retired

130

SpartanNash

(2000-2022)

Mary

M.

VanDeWeghe

Board

Member

since

2018

Member,

Audit

Committee

Member,

15(c)

Committee

1959

CEO

and

President,

Forte

Consulting,

Inc.

(financial

and

management

consulting)

130

Helmerich

&

Payne

(2019-present);

Denbury

Resources

Inc.

(2019-2020)

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

Kamal

Bhatia

Principal

Global

Investors,

LLC

(“PGI”)

130

None

Chair

and

Board

Member

since

2023

Chief

Executive

Officer

and

President

since

2019

Chair,

Executive

Committee

1972

Director

since

2019

President-Principal

Funds

since

2019

Principal

Funds

Distributor,

Inc.

(“PFD”)

Director

since

2019

Principal

Financial

Group,

Inc.

(“PFGI”),

Principal

Financial

Services,

Inc.

(“PFSI”),

and

Principal

Life

Insurance

Company

(“PLIC”)

Senior

Executive

Managing

Director

–

Global

Head

of

Investments

–

Principal

Asset

Management

(“PAM”)

since

2023

Senior

Executive

Director

and

Chief

Operating

Officer

-

PAM

since

2023

Senior

Executive

Director

and

Chief

Operating

Officer

-

PGI

(2020-2022)

President-Principal

Funds

(2019-2020)

Post

Advisory

Group,

LLC

(“Post”)

Director

since

2020

Principal

Real

Estate

Investors,

LLC

(“PREI”)

Senior

Executive

Director

and

Chief

Operating

Officer

-

PGI

since

2022

Director

since

2020

Principal

Shareholder

Services,

Inc.

(“PSS”)

Executive

Vice

President

since

2019

Director

and

Chair

(2019-2022)

Spectrum

Asset

Management

(“Spectrum”)

Director

since

2021

Origin

Asset

Management

(“Origin”)

Additional

Director

since

2022

OppenheimerFunds

Senior

Vice

President

(2011-2019)

301

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

Patrick

G.

Halter

PGI

130

None

Board

Member

since

2017

Member,

Executive

Committee

1959

Chair

since

2018

Chief

Executive

Officer

and

President

since

2018

Director

since

2003

PFGI,

PFSI,

and

PLIC

President

and

Chief

Executive

Officer

–

PAM)

since

2022

President

–

Principal

Global

Asset

Management

(“PGAM”)

(2020-2022)

Post

Director

since

2017

Chair

(2017-2020)

PREI

President

-

PGAM

since

2022

Director

and

Chair

since

2004

Chief

Executive

Officer

and

President

(2018-2021)

Origin

Director

(2018-2019)

Kenneth

A.

McCullum

PGI

130

Board

Member

since

2023

1964

Director

since

2020

PFGI,

PFSI,

and

PLIC

Executive

Vice

President

and

Chief

Risk

Officer

since

2023

Senior

Vice

President

and

Chief

Risk

Officer

(2020-

2023)

Vice

President

and

Chief

Actuary

(2015-2020)

Principal

Securities,

Inc.

(“PSI”)

Director

since

2020

PSS

Director

since

2020

302

FUND

COMPLEX

OFFICERS

Name,

Position

Held

with

the

Fund

Complex,

Address,

and

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

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

George

Djurasovic

General

Counsel

Des

Moines,

IA

50392

1971

Vice

President/General

Counsel

PAM,

PGI

since

2022

Vice

President/General

Counsel

PAM,

PFGI

since

2022

Vice

President/General

Counsel

PAM,

PFSI

since

2022

Vice

President/General

Counsel

PAM,

PLIC

since

2022

Global

Chief

Compliance

Officer,

Artisan

Partners

Limited

Partnership

(2013-2022)

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,

Business

Owner

Ecosystem,

Inc.

(“BOE

-

formerly,

RobustWealth,

Inc.”)

since

2018

Vice

President

and

Treasurer,

PFD

since

2016

Vice

President

and

Treasurer,

PFGI

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,

PSI

since

2016

Vice

President

and

Treasurer,

PSS

since

2016

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

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1986

Assistant

Counsel

and

Assistant

Secretary

–

Fund

Complex

(2018-2023)

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

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1987

Assistant

Counsel

and

Assistant

Secretary

–

Fund

Complex

(2022-2023)

Counsel,

PLIC

since

2022

Vice

President,

The

Northern

Trust

Company

(2019-

2022)

Second

Vice

President,

The

Northern

Trust

Company

(2014-2019)

303

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

is

responsible

for

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

shareholders

any

action

that

requires

shareholder

approval;

3)

amend

the

bylaws;

or

4)

approve

any

merger

or

share

exchange

that

does

not

require

shareholder

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

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

–

Fund

Complex

(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

–

Fund

Complex

(2018)

Vice

President,

PSS

since

2015

Michael

Scholten

Chief

Financial

Officer

Des

Moines,

IA

50392

1979

Chief

Operations

Officer,

PFD

since

2022

Chief

Financial

Officer

–

PFD

(2016-2022)

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

General

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1972

Assistant

Counsel

–

Fund

Complex

(2006-2023)

Assistant

General

Counsel,

PGI

since

2018

Counsel,

PLIC

since

2006

John

L.

Sullivan

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1970

Assistant

Counsel

and

Assistant

Secretary

–

Fund

Complex

(2019-2023)

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

Jared

A.

Yepsen

Assistant

Tax

Counsel

Des

Moines,

IA

50392

1981

Counsel,

PGI

(2017-2019)

Counsel,

PLIC

since

2015

304

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

be

found

at

https://secure02.principal.com/publicvsupply/GetFile?fm=MM13013&ty=VOP&EXT=.VOP.

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

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

review

and

oversee

the

provision

of

administrative

and

distribution

services

to

the

Fund

Complex,

communications

with

the

Fund

Complex’s

shareholders,

and

the

Fund

Complex’s

operations.

Additional

information

about

the

Fund

is

available

in

the

Prospectuses

and

the

Statement

of

Additional

Information

dated

May

1,

2023

(and

as

supplemented).

These

documents

may

be

obtained

free

of

charge

by

writing

Principal

Variable

Contracts

Funds,

Inc.,

P.O.

Box

219971,

Kansas

City,

MO

64121-9971

or

telephoning

1-800-222-5852.

The

prospectus

may

be

viewed

at

www.PrincipalAM.com/PVCprospectuses.

305

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,

2023

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,

2021

through

December

31,

2022

(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.

306

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

an

Amended

Sub-

Advisory

Agreement

for

LargeCap

Growth

Account

I

between

Principal

Global

Investors,

LLC

and

T.

Rowe

Price

Associates,

Inc.

Amended

Sub-Advisory

Agreement

for

LargeCap

Growth

Account

I

On

April 27,

2023,

the

Board

met

to

consider

for

the

LargeCap

Growth

Account

I

(the

“Account”)

the

approval

of

an

amended

sub-advisory

agreement

(a

“Sub-Advisory

Agreement”)

between

Principal

Global

Investors,

LLC

(the

“Manager”)

and

T.

Rowe

Price

Associates,

Inc.

(the

“Sub-Advisor”)

in

connection

with

a

proposal

to

amend

the

sub-advisory

fee

schedule

to

reduce

the

sub-advisory

fee

rate

payable

at

certain

asset

levels.

The

Board

reviewed

materials

received

from

the

Manager

regarding

the

proposed

amendment

of

the

Sub-Advisory

Agreement

and

noted

that

because

the

sub-advisory

fee

was

paid

by

the

Manager,

the

amendment

would

not

change

the

management

fee

rate

paid

by

the

Account.

The

Board

considered

the

Manager’s

representation

that

the

amendment

would

not

reduce

the

quality

or

quantity

of

the

services

the

Sub-Advisor

provides

to

the

Account

and

that

the

Sub-Advisor’s

obligations

under

the

Sub-Advisory

Agreement

would

remain

the

same

in

all

material

respects.

The

Board

also

considered

that

the

Manager

was

not

proposing

any

material

changes

to

the

terms

of

the

Sub-Advisory

Agreement

other

than

to

the

sub-advisory

fee

schedule.

The

Board

considered

that

they

had

last

approved

the

Sub-Advisory

Agreement

for

the

Account

during

the

annual

contract

renewal

process

that

concluded

at

the

Board

of

Directors’

September 2022

meeting.

They

noted

that

during

the

annual

contract

renewal

process,

they

had

considered

the

nature,

quality

and

extent

of

the

services

provided

by

the

Sub-Advisor

under

the

Sub-Advisory

Agreement

and

had

concluded,

based

upon

the

information

provided,

that

the

terms

of

the

Sub-Advisory

Agreement

were

reasonable

and

that

approval

of

the

Sub-Advisory

Agreement

was

in

the

best

interests

of

the

Account.

Based

upon

all

of

the

information

considered

and

the

conclusions

reached,

the

Board

determined

that

the

terms

of

the

amended

Sub-Advisory

Agreement

are

fair

and

reasonable

and

that

approval

of

the

amended

Sub-Advisory

Agreement

is

in

the

best

interests

of

the

Account.

307

Joint

Annual

Meeting

of

Shareholders

Principal

Variable

Contracts

Funds,

Inc.

Held

April

26,

2023

1.

Election

of

thirteen

Directors

as

members

of

the

Board

of

Directors

2.

Approval

of

the

ability

of

Principal

Global

Investors,

LLC

to

enter

into

and/or

materially

amend

sub-advisory

agreements

with

all

sub-

advisors,

regardless

of

the

degree

of

affiliation,

as

described

in

the

proposal,

on

behalf

of

the

Fund

without

obtaining

shareholder

approval

For

Withheld

Leroy

T.

Barnes

1,055,206,713

103,848,470

Craig

Damos

1,057,344,681

101,710,502

Katharin

S.

Dyer

1,060,101,164

98,954,019

Frances

P.

Grieb

1,059,668,547

99,386,636

Fritz

S.

Hirsch

935,067,627

223,987,556

Victor

L.

Hymes

1,059,970,348

99,084,835

Padelford

L.

Lattimer

935,224,580

223,830,603

Karen

McMillan

1,059,931,810

99,123,373

Elizabeth

A.

Nickels

1,059,352,415

99,702,769

Mary

M.

VanDeWeghe

1,059,744,891

99,310,292

Kamal

Bhatia

1,053,101,296

105,953,887

Patrick

G.

Halter

1,060,586,417

98,468,766

Kenneth

A.

McCullum

1,059,585,357

99,469,826

For

Against

Abstain

Bond

Market

Index

Account

198,356,353

-

59,095,856

Core

Plus

Bond

Account

17,809,165

1,072,686

846,254

Diversified

Balanced

Account

45,121,062

4,287,137

4,483,109

Diversified

Balanced

Managed

Volatility

Account

11,359,740

591,062

529,580

Diversified

Balanced

Volatility

Control

Account

18,037,129

1,010,754

591,205

Diversified

Growth

Account

159,113,179

15,165,951

10,340,998

Diversified

Growth

Managed

Volatility

Account

20,286,908

3,225,017

960,581

Diversified

Growth

Volatility

Control

Account

92,290,779

6,566,825

10,301,264

Diversified

Income

Account

16,961,553

873,754

2,938,484

Diversified

International

Account

15,789,958

891,056

589,747

Equity

Income

Account

21,598,996

1,915,662

1,166,709

Global

Emerging

Markets

Account

4,117,774

350,405

124,269

Government

&

High

Quality

Bond

Account

12,912,881

316,340

898,789

LargeCap

Growth

Account

I

13,134,295

628,101

468,350

LargeCap

S&P

500

Index

Account

120,337,362

6,163,068

10,972,475

LargeCap

S&P

500

Managed

Volatility

Index

Account

-

-

-

MidCap

Account

9,082,847

765,684

518,532

Principal

Capital

Appreciation

Account

4,316,919

325,454

254,831

Principal

LifeTime

2010

Account

2,337,061

25,950

-

Principal

LifeTime

2020

Account

8,574,110

635,511

1,445,327

Principal

LifeTime

2030

Account

14,611,263

639,733

927,604

Principal

LifeTime

2040

Account

6,430,628

75,328

126,382

Principal

LifeTime

2050

Account

2,818,544

134,400

547,487

Principal

LifeTime

2060

Account

925,966

-

-

Principal

LifeTime

Strategic

Income

Account

1,709,698

25,178

91,316

Real

Estate

Securities

Account

7,428,805

182,778

184,448

Short-Term

Income

Account

35,205,267

1,638,138

14,265,701

SmallCap

Account

11,210,621

688,839

568,309

SAM

Balanced

Portfolio

37,257,057

2,137,700

3,905,944

SAM

Conservative

Balanced

Portfolio

13,585,159

952,245

709,049

SAM

Conservative

Growth

Portfolio

16,572,915

1,278,833

1,402,318

SAM

Flexible

Income

Portfolio

11,426,234

1,006,041

918,099

SAM

Strategic

Growth

Portfolio

13,390,550

2,659,449

446,610

Principal.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.

©

2023

Principal

Financial

Services,

Inc.

|

MM1291-28

|

08/2023

|

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 8/8/2023

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 8/8/2023

By /s/ Michael Scholten

            Michael Scholten, Chief Financial Officer

Date 8/8/2023