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        <lei>54930095K9Z8PBKMWU68</lei>
        <title>Equity Income Account</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="742969579"/>
          <other otherDesc="Internal Identifier" value="742969579"/>
        </identifiers>
        <balance>2116778.97300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>59671999.25000000</valUSD>
        <pctVal>18.91732562381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Principal Active Global Dividend Income ETF</name>
        <lei>5493002LEGXRVZ0CB834</lei>
        <title>Principal Active Global Dividend Income ETF</title>
        <cusip>74255Y706</cusip>
        <identifiers>
          <isin value="US74255Y7067"/>
        </identifiers>
        <balance>606000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18213087.60000000</valUSD>
        <pctVal>5.773946123387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EDGE MidCap Fund</name>
        <lei>549300U98DHSQPJQOF11</lei>
        <title>EDGE MidCap Fund</title>
        <cusip>74256W527</cusip>
        <identifiers>
          <ticker value="PEDMX"/>
        </identifiers>
        <balance>1364276.83800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21091719.92000000</valUSD>
        <pctVal>6.686535371830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Origin Emerging Markets Fund</name>
        <lei>549300PYEJ7SMX1YOB34</lei>
        <title>Origin Emerging Markets Fund</title>
        <cusip>742537483</cusip>
        <identifiers>
          <ticker value="POEFX"/>
        </identifiers>
        <balance>1467744.53300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16908417.02000000</valUSD>
        <pctVal>5.360337085582</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Principal U.S. Small-Cap Multi-Factor Index ETF</name>
        <lei>5493008MXNTNT2RRXN18</lei>
        <title>Principal U.S. Small-Cap Multi-Factor Index ETF</title>
        <cusip>74255Y607</cusip>
        <identifiers>
          <isin value="US74255Y6077"/>
        </identifiers>
        <balance>389100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12669096.00000000</valUSD>
        <pctVal>4.016379833149</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Principal Government Money Market Fund</name>
        <lei>549300WWK3YB7DNN4U34</lei>
        <title>Principal Government Money Market Fund</title>
        <cusip>742537228</cusip>
        <identifiers>
          <isin value="US7425372288"/>
        </identifiers>
        <balance>696253.86000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>696253.86000000</valUSD>
        <pctVal>0.220727663761</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Principal U.S. Mega-Cap Multi-Factor Index ETF</name>
        <lei>549300XGM3O583ZPRJ37</lei>
        <title>Principal U.S. Mega-Cap Multi-Factor Index ETF</title>
        <cusip>74255Y870</cusip>
        <identifiers>
          <isin value="US74255Y8701"/>
        </identifiers>
        <balance>715000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22379500.00000000</valUSD>
        <pctVal>7.094789752636</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns shown in Item B.5.a have been calculated without deducting any applicable sales loads or redemption fees" noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-02-03</ncom:dateSigned>
      <ncom:nameOfApplicant>Principal Variable Contract Funds, Inc</ncom:nameOfApplicant>
      <ncom:signature>Sara Reece</ncom:signature>
      <ncom:signerName>/s/ Sara Reece</ncom:signerName>
      <ncom:title>Vice President and Controller</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
