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        </identifiers>
        <balance>271353.01200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2564285.96000000</valUSD>
        <pctVal>3.013379899767</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>MidCap Value Fund I</name>
        <lei>549300O90I046TGIJV51</lei>
        <title>MidCap Value Fund I</title>
        <cusip>74257B654</cusip>
        <identifiers>
          <isin value="US74257B6544"/>
        </identifiers>
        <balance>282482.77500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4042328.51000000</valUSD>
        <pctVal>4.750278116522</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>207406.87000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2389327.14000000</valUSD>
        <pctVal>2.807779822514</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>SmallCap Growth Fund I</name>
        <lei>5493004U8OWJ0X12E116</lei>
        <title>SmallCap Growth Fund I</title>
        <cusip>742537574</cusip>
        <identifiers>
          <ticker value="PCSMX"/>
        </identifiers>
        <balance>135374.54600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1830263.86000000</valUSD>
        <pctVal>2.150805492455</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>Bond Market Index Fund</name>
        <lei>VNIC77YUXCT48GBDSU43</lei>
        <title>Bond Market Index Fund</title>
        <cusip>742553316</cusip>
        <identifiers>
          <ticker value="PNIIX"/>
        </identifiers>
        <balance>435725.51200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4910626.52000000</valUSD>
        <pctVal>5.770644725846</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>LargeCap Value Fund III</name>
        <lei>549300P5E4OK1XZWQO33</lei>
        <title>LargeCap Value Fund III</title>
        <cusip>74253J677</cusip>
        <identifiers>
          <ticker value="PLVIX"/>
        </identifiers>
        <balance>461594.14600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7856332.36000000</valUSD>
        <pctVal>9.232244136890</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>International Small Company Fund</name>
        <lei>5493005DM6DKJRUY3N14</lei>
        <title>International Small Company Fund</title>
        <cusip>74256W493</cusip>
        <identifiers>
          <ticker value="PFISX"/>
        </identifiers>
        <balance>232082.25800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2648058.56000000</valUSD>
        <pctVal>3.111823939523</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>Overseas Fund</name>
        <lei>M8LPS0WBNG35BUE1BV52</lei>
        <title>Overseas Fund</title>
        <cusip>742553571</cusip>
        <identifiers>
          <ticker value="PINZX"/>
        </identifiers>
        <balance>812038.50100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8120385.01000000</valUSD>
        <pctVal>9.542541412780</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>Real Estate Securities Fund</name>
        <lei>5493007VCVKAGWPVUY18</lei>
        <title>Real Estate Securities Fund</title>
        <cusip>74256W568</cusip>
        <identifiers>
          <ticker value="PFRSX"/>
        </identifiers>
        <balance>72285.32000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2007363.34000000</valUSD>
        <pctVal>2.358921132293</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>MidCap Growth Fund III</name>
        <lei>549300GHS4DWMKDWYG64</lei>
        <title>MidCap Growth Fund III</title>
        <cusip>74253Q614</cusip>
        <identifiers>
          <ticker value="PPIMX"/>
        </identifiers>
        <balance>375805.69700000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4449539.45000000</valUSD>
        <pctVal>5.228805582141</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>Income Fund</name>
        <lei>2K6IF9KYA1Q08XNZVZ48</lei>
        <title>Income Fund</title>
        <cusip>742537616</cusip>
        <identifiers>
          <ticker value="PICNX"/>
        </identifiers>
        <balance>919330.67300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8981860.68000000</valUSD>
        <pctVal>10.55489085765</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>
