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      </invstOrSec>
      <invstOrSec>
        <name>Short-Term Income Fund</name>
        <lei>IJOCWVJG326LDFE5SJ51</lei>
        <title>Short-Term Income Fund</title>
        <cusip>74254U440</cusip>
        <identifiers>
          <ticker value="PSHIX"/>
        </identifiers>
        <balance>1919906.17600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23595646.90000000</valUSD>
        <pctVal>12.51623982018</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>4645277.90800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45384365.16000000</valUSD>
        <pctVal>24.07399978634</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 Income ETF</name>
        <lei>549300IJEBBJ7TDADP97</lei>
        <title>Principal Active Income ETF</title>
        <cusip>74255Y102</cusip>
        <identifiers>
          <isin value="US74255Y1029"/>
        </identifiers>
        <balance>124400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5100400.00000000</valUSD>
        <pctVal>2.705491815902</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>High Yield Fund</name>
        <lei>2U04QLKKFWRJC7CSOX80</lei>
        <title>High Yield Fund</title>
        <cusip>74256W626</cusip>
        <identifiers>
          <ticker value="PHYFX"/>
        </identifiers>
        <balance>1129848.53000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8112312.45000000</valUSD>
        <pctVal>4.303151702124</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. 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>219600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6873480.00000000</valUSD>
        <pctVal>3.646016760796</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>193816.11200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2996397.09000000</valUSD>
        <pctVal>1.589429810247</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>505300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15186589.38000000</valUSD>
        <pctVal>8.055680589572</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>510841.99000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>510841.99000000</valUSD>
        <pctVal>0.270974594769</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>Equity Income Account</name>
        <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>481289.76600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13567558.50000000</valUSD>
        <pctVal>7.196870536335</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>Inflation Protection Fund</name>
        <lei>5493006ECFME6VCZ0U45</lei>
        <title>Inflation Protection Fund</title>
        <cusip>74254T815</cusip>
        <identifiers>
          <ticker value="PIPIX"/>
        </identifiers>
        <balance>1294721.10800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11199337.58000000</valUSD>
        <pctVal>5.940654883188</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>
