# EDGAR Filing Document

**Accession Number:** 0000012601
**File Stem:** 0000012601-23-000013
**Filing Date:** 2023-2
**Character Count:** 66189
**Document Hash:** 3c1e8c8d5c53e1f09de477d2653c0bf7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000012601-23-000013.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0000012601-23-000013

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**EFFECTIVENESS DATE**: 20230224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRINCIPAL VARIABLE CONTRACTS FUNDS INC
- **CENTRAL INDEX KEY:** 0000012601
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01944
- **FILM NUMBER:** 23666288

**BUSINESS ADDRESS:**
- **STREET 1:** 711 HIGH STREET
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392
- **BUSINESS PHONE:** 515-247-5477

**MAIL ADDRESS:**
- **STREET 1:** PRINCIPAL FINANCIAL GROUP
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRINCIPAL VARIABLE CONTRACTS FUND INC
- **DATE OF NAME CHANGE:** 19980617

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRINCIPAL CAPITAL ACCUMULATION FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRINCOR INVESTMENT FUND INC
- **DATE OF NAME CHANGE:** 19880906

## Series and Classes Contracts Data

### Global Emerging Markets Account (formerly, International Emerging Markets Account) (Series ID: S000007656)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000020904 | Global Emerging Markets Account Class 1 |  |

### LargeCap S&P 500 Index Account (Series ID: S000007660)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000020908 | LargeCap S&P 500 Index Account Class 1 |  |
| C000155998 | LargeCap S&P 500 Index Account Class 2 |  |

### MidCap Account (Series ID: S000007662)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000020910 | MidCap Account Class 1 |  |
| C000079602 | MidCap Account Class 2 |  |

### Principal LifeTime 2010 Account (Series ID: S000007667)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000020915 | Principal LifeTime 2010 Account Class 1 |  |

### Principal LifeTime 2020 Account (Series ID: S000007668)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000020916 | Principal LifeTime 2020 Account Class 1 |  |

### Principal LifeTime 2030 Account (Series ID: S000007669)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000020917 | Principal LifeTime 2030 Account Class 1 |  |

### Principal LifeTime 2040 Account (Series ID: S000007670)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000020918 | Principal LifeTime 2040 Account Class 1 |  |

### Principal LifeTime 2050 Account (Series ID: S000007671)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000020919 | Principal LifeTime 2050 Account Class 1 |  |

### Principal LifeTime Strategic Income Account (Series ID: S000007672)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000020920 | Principal LifeTime Strategic Income Account Class 1 |  |

### Real Estate Securities Account (Series ID: S000007673)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000020921 | Real Estate Securities Account Class 1 |  |
| C000038552 | Real Estate Securities Account Class 2 |  |

### SmallCap Account (Series ID: S000007675)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000020923 | SmallCap Account Class 1 |  |
| C000152597 | SmallCap Account Class 2 |  |

### Core Plus Bond Account (Series ID: S000007677)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000020925 | Core Plus Bond Account Class 1 |  |

### Diversified International Account (Series ID: S000007681)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000020929 | Diversified International Account Class 1 |  |

### LargeCap Growth Account I (Series ID: S000007682)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000020930 | LargeCap Growth Account I Class 1 |  |

### Equity Income Account (Series ID: S000014083)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000038528 | Equity Income Account Class 1 |  |
| C000038529 | Equity Income Account Class 2 |  |
| C000223413 | Equity Income Account Class 3 |  |

### Strategic Asset Management Strategic Growth Portfolio (Series ID: S000014084)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000038530 | Strategic Asset Management Strategic Growth Portfolio Class 1 |  |
| C000038531 | Strategic Asset Management Strategic Growth Portfolio Class 2 |  |

### Principal Capital Appreciation Account (Series ID: S000014085)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000038532 | Principal Capital Appreciation Account Class 1 |  |
| C000038533 | Principal Capital Appreciation Account Class 2 |  |

### Government & High Quality Bond Account f/k/a Mortgage Securities Account (Series ID: S000014088)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000038539 | Government & High Quality Bond Account Class 1 |  |

### Short-Term Income Account (Series ID: S000014089)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000038541 | Short-Term Income Account Class 1 |  |

### Strategic Asset Management Balanced Portfolio (Series ID: S000014090)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000038542 | Strategic Asset Management Balanced Portfolio Class 2 |  |
| C000038543 | Strategic Asset Management Balanced Portfolio Class 1 |  |

### Strategic Asset Management Conservative Balanced Portfolio (Series ID: S000014091)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000038544 | Strategic Asset Management Conservative Balanced Portfolio Class 2 |  |
| C000038545 | Strategic Asset Management Conservative Balanced Portfolio Class 1 |  |

### Strategic Asset Management Conservative Growth Portfolio (Series ID: S000014092)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000038546 | Strategic Asset Management Conservative Growth Portfolio Class 1 |  |
| C000038547 | Strategic Asset Management Conservative Growth Portfolio Class 2 |  |

### Strategic Asset Management Flexible Income Portfolio (Series ID: S000014093)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000038548 | Strategic Asset Management Flexible Income Portfolio Class 1 |  |
| C000038549 | Strategic Asset Management Flexible Income Portfolio Class 2 |  |

### Diversified Balanced Account (Series ID: S000027170)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000081996 | Diversified Balanced Account Class 2 |  |
| C000186093 | Diversified Balanced Account Class 1 |  |
| C000223414 | Diversified Balanced Account Class 3 |  |

### Diversified Growth Account (Series ID: S000027171)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000081997 | Diversified Growth Account Class 2 |  |
| C000223415 | Diversified Growth Account Class 3 |  |

### Bond Market Index Account (Series ID: S000036925)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000112990 | Bond Market Index Account Class 1 |  |

### Diversified Income Account (Series ID: S000036926)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000112991 | Diversified Income Account Class 2 |  |
| C000223416 | Diversified Income Account Class 3 |  |

### Principal LifeTime 2060 Account (Series ID: S000040678)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000126088 | Principal LifeTime 2060 Account Class 1 |  |

### LargeCap S&P 500 Managed Volatility Index Account (Series ID: S000042784)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000132327 | LargeCap S&P 500 Managed Volatility Index Account Class 1 |  |

### Diversified Balanced Managed Volatility Account (Series ID: S000042785)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000132328 | Diversified Balanced Managed Volatility Account Class 2 |  |
| C000223417 | Diversified Balanced Managed Volatility Account Class 3 |  |

### Diversified Growth Managed Volatility Account (Series ID: S000042786)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000132329 | Diversified Growth Managed Volatility Account Class 2 |  |
| C000223418 | Diversified Growth Managed Volatility Account Class 3 |  |

### Diversified Balanced Volatility Control Account (Series ID: S000056528)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000178859 | Diversified Balanced Volatility Control Account Class 2 |  |
| C000223419 | Diversified Balanced Volatility Control Account Class 3 |  |

### Diversified Growth Volatility Control Account (Series ID: S000056529)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000178860 | Diversified Growth Volatility Control Account Class 2 |  |
| C000223420 | Diversified Growth Volatility Control Account Class 3 |  |

### Blue Chip Account (Series ID: S000070249)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000223412 | Blue Chip Account Class 3 |  |

### U.S. LargeCap Buffer July Account (Series ID: S000076127)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000235586 | Class 2      |  |

### U.S. LargeCap Buffer October Account (Series ID: S000077914)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000238594 | Class 2      |  |

### U.S. LargeCap Buffer January Account (Series ID: S000077916)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000238596 | Class 2      |  |

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

# **FORM N-CSR**

# **CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

# **MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number 811-01944

Principal Variable Contracts Funds, Inc.
(Exact name of registrant as specified in charter)

801 Grand Avenue, Des Moines, IA 50309
(Address of principal executive
offices)
(Zip code)

Principal Global Investors, LLC, 801 Grand Avenue, Des Moines, IA 50309
(Name and address of agent for service)

REGISTRANT'S TELEPHONE NUMBER, including area code: 515-235-1719

Date of fiscal year end: December 31, 2022

Date of reporting period: December 31, 2022

# **ITEM 1 - REPORT TO STOCKHOLDERS**

Principal

Principal Variable Contracts Funds, Inc.

## Annual Report

December 31, 2022

THE FOC of TECH TRUSTEE
This book will be filed in March. We thank all staff members and
wanted by the Federal Government Agency

Safe, secure and ready when you are,
sign up for eDelivery today.
Two ways to sign up (some restrictions may apply):
Visit Principal.com/edelivery, Log in
and select your delivery preferences.
Telephone: > Call us at 1-800-247-0688 if you have a file

![img-0.jpeg](img-0.jpeg)

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- Cléris, l'athème de mer
secun ruteur - $27,000

- Rossetti 1992 Value IndexTM
$25,000

![img-17.jpeg](img-17.jpeg)

![img-18.jpeg](img-18.jpeg)

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- Class 1 shares in net
asset value - $12,561

- S&P Target Date Retirement
Income Ratio - $14,000

![img-3.jpeg](img-3.jpeg)

![img-4.jpeg](img-4.jpeg)

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![img-18.jpeg](img-18.jpeg)

- Cléris, l'athème et son
année autour - B27, H2

- Roswell 2000 (miles)
B23, H4

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<table><tr><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td></tr></table>

*Ernst & Young LLP*

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<table><thead><tr><th></th><th></th><th></th></tr></thead><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr></table>

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<table><tr><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td></tr></table>

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Principal

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.

## ITEM 2 - CODE OF ETHICS

(a) The Registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.
(b) Not applicable.
(c) The Registrant has not amended, as described in Item 2(c) of Form N-CSR, its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.
(d) The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.
(e) Not applicable.
(f) The Registrant's Code of Ethics is attached as an Exhibit hereto in response to Item 13(a)(1).

## ITEM 3 - AUDIT COMMITTEE FINANCIAL EXPERT

The Registrant's Board has determined that Elizabeth Nickels, a member of the Registrant's Audit Committee, is an "audit committee financial expert" and "independent," as such terms are defined in this Item.

## ITEM 4 - PRINCIPAL ACCOUNTANT FEES AND SERVICES

(a) Audit Fees.
Ernst & Young is the principal accountant for the registrant. As such, Ernst & Young has audited the financial statements of the registrant and reviewed regulatory filings that include those financial statements. During the last two fiscal years, Ernst & Young has billed the following amounts for their professional services.
December 31, 2021 - $539,200
December 31, 2022 - $645,236
(b) Audit-Related Fees.
Ernst & Young provided audit-related services to the registrant that are not included in response to item 4(a). Those services related to the review of Form N-1A and Form N-14. Ernst & Young has billed the following amounts for those services.
December 31, 2021 - $0
December 31, 2022 - $15,550
Ernst & Young billed no fees that registrant's audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.
(c) Tax Fees.
Ernst & Young prepared and reviewed the federal tax rate tax returns and (ref) all other tax returns of the registrant. In connection with this service, Ernst & Young prepares and reviews the calculation of the registrant's dividend distributions and the tax rate. Ernst & Young also provides services to identify passive foreign investment companies. Ernst & Young also provides services to understand and comply with tax laws in certain foreign countries and services to determine the taxability of corporate actions. During the last two fiscal years, Ernst & Young has billed the following amounts for their professional tax services.
December 31, 2021 - $173,379
December 31, 2022 - $134,149
Ernst & Young billed no fees that registrant's audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.
(d) All Other Fees.
Ernst & Young has not billed the registrant for other products or services during the last two fiscal years.
Ernst & Young billed no fees that registrant's audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.
(e) (1) Audit Committee Pre-Approval Policy.
The audit committee of the registrant has adopted the following pre-approval policy:
Policy on Auditor Independence
The purpose of this policy is to ensure the independence of the Principal Funds' primary independent auditor. This policy is established by the Audit Committee (the "Committee") of the Boards of Directors of Principal Funds, Inc. and Principal Variable Contracts Funds, Inc. and the Board of Trustees of Principal Exchange-Traded Funds and Principal Diversified Select Real Asset Fund (the "Funds") (the "Boards of the Funds") effective for all engagements of the primary independent auditor.
1. #INDENT#&nbsp;&nbsp;&nbsp;&nbsp; The primary independent auditor, its subsidiaries and affiliates shall not provide Prohibited Services to the Funds. For the purposes of this policy, Prohibited Services are:
&nbsp;&nbsp;&nbsp;&nbsp;#INDENT##
Services that are subject to audit procedure during a financial statement audit;
&nbsp;&nbsp;&nbsp;&nbsp;#INDENT##
Services where the auditor would act on behalf of management;
&nbsp;&nbsp;&nbsp;&nbsp;#INDENT##
Services where the auditor is an advocate to the client's position in an adversarial proceeding;
&nbsp;&nbsp;&nbsp;&nbsp;#INDENT##
Bookkeeping or other services related to the accounting records or financial statements of the Funds, its subsidiaries and affiliates;
&nbsp;&nbsp;&nbsp;&nbsp;#INDENT##
Financial information systems design and implementation;
&nbsp;&nbsp;&nbsp;&nbsp;#INDENT##
Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;
&nbsp;&nbsp;&nbsp;&nbsp;#INDENT##
Actuarial services;
&nbsp;&nbsp;&nbsp;&nbsp;#INDENT##
Internal audit functions or human resources;
&nbsp;&nbsp;&nbsp;&nbsp;#INDENT##
Broker or dealer, investment advisor, or investment banking services;
&nbsp;&nbsp;&nbsp;&nbsp;#INDENT##
Legal services and expert services unrelated to the audit;
&nbsp;&nbsp;&nbsp;&nbsp;#INDENT##
Tax planning services related to listed, confidential and aggressive transactions;
&nbsp;&nbsp;&nbsp;&nbsp;#INDENT##
Personal tax planning services to individuals in a financial reporting oversight role with regard to the Funds (other than members of the Boards of the Funds who are not also officers of the Funds), including the immediate family members of such individuals;
&nbsp;&nbsp;&nbsp;&nbsp;#INDENT##
Any other service that the Public Company Accounting Oversight Board (PCAOB) determines, by regulation, is impermissible.
2. #INDENT#&nbsp;&nbsp;&nbsp;&nbsp; (A) All services the primary independent auditor, its subsidiaries and affiliates provide to the Funds, and (B) Audit services, including audits of annual financial statements, audits of acquired or divested businesses or review of regulatory filings, any independent auditor provides, shall be approved by the Committee in advance in accordance with the following procedure:
Each quarter, Management will present to the Committee for pre-approval, a detailed description of each particular service, excluding tax services, for which pre-approval is sought and a range of fees for such service. The Committee may delegate pre-approval authority to one or more of its members provided such delegated member(s) shall present a report of any services approved to the full Committee at its next regularly scheduled meeting. The Committee Chairperson shall have pre-approval authority for changes to any range of fees applicable to services the Committee previously approved and for new services and the range of fees for such services that arise between regularly scheduled Committee meetings.
Similarly, the primary independent auditor will present to the Committee for pre-approval a written description of the nature and scope of all tax services not expressly prohibited, including the fee arrangements for such services, and the potential effects of such services on the audit firm's independence.

In considering whether to pre-approve the primary independent auditor's provision of non-audit services, the Committee will consider whether the services are compatible with the maintenance of such auditor's independence. The Committee will also consider whether the primary independent auditor is best positioned to provide the most effective and efficient service, for reasons such as its familiarity with the Funds' business, people, culture, accounting systems, risk profile and other factors, and whether the service might enhance the Funds' ability to manage or control risk or improve audit quality.

3.#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT## The provisions of this policy shall apply to all audit and non-audit services provided directly to the Funds. Additionally, the provisions of this policy shall apply to non-audit services provided to Principal Global Investors, LLC ("PGI") or an affiliate of PGI that provides ongoing services to the Funds if the engagement relates directly to the operations and financial reporting of the Funds.

4.#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT## Not less than annually, the primary independent auditor shall report to the Committee in writing all relationships that may reasonably be thought to bear on independence between the auditor and the Funds or persons in financial reporting oversight roles with respect to any services provided by the auditor, its subsidiaries or affiliates as of the date of the communication, pursuant to Rule 3526 of the PCAOB. The primary independent auditor shall discuss with the Committee the potential effects of such relationships on the independence of the auditor. In addition, the primary independent auditor shall affirm, in writing, that, as of the date of the communication, it is independent within the meaning of the federal securities laws and Rule 3520 of the PCAOB.

5.#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT## The Committee shall ensure that the lead (or coordinating) audit partners, as well as the reviewing audit partner, of the Funds' primary independent auditor are rotated at least every five years and subject upon rotation to a five year "time out" period. All other audit partners of the primary independent auditor, excluding partners who simply consult with others on the audit engagement regarding technical issues, shall rotate after seven years and be subject upon rotation to a two year "time out" period.

6.#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT##
Neither the Funds nor PGI may hire or promote any former partner, principal, shareholder or professional employee (Former Employee) of the primary independent auditor into a financial reporting oversight role unless the Former Employee (1) has severed his/her economic interest in the independent audit firm, and (2) was not a member of the audit engagement team for the Funds during the one year period preceding the date that the audit procedures began for the fiscal period in which the Funds or PGI proposes to hire or promote the Former Employee. Neither the Funds nor PGI shall, without prior written consent of the primary independent auditor, hire or promote any Former Employee into a role not prohibited above if the Former Employee had provided any services to the Funds or PGI during the 12 months preceding the date of filing of the Funds' most recent annual report with the SEC. Upon termination of the primary independent auditor, the Funds or PGI shall not, without prior written consent of the former primary independent auditor, hire or promote any Former Employee for a period of up to 12 months from termination.

7.#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT##
For persons recently promoted or hired into a financial reporting oversight role (other than members of the Boards of the Funds who are not also officers of the Funds), any personal tax planning services pursuant to an engagement that was in progress before the hiring or promotion and provided by the primary independent auditor must be completed on or before 180 days after the hiring or promotion.

8.#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT##
The phrase "financial reporting oversight role" means a role in which a person is in a position to exercise influence over the contents of the financial statements or anyone who prepares them, such as a member of the board of directors or similar management or governing body, chief executive officer, president, chief operating officer, chief financial officer, counsel, controller, chief internal auditor, or any equivalent positions.

(Adopted by the Audit Committee of the Boards of the Funds on March 10, 2020).

(End of policy)
(e) (2) Pre-Approval Waivers.
There were no services provided to the registrant by Ernst & Young that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)
Substantially all work in connection with the audit of the registrant's financial statements was performed by full-time employees of Ernst & Young.

(g)
The aggregate non-audit fees Ernst & Young billed to the registrant, the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant for each of the registrant's last two fiscal years were as follows.

December 31, 2021 - $173,379
December 31, 2022 - $149,699

Ernst & Young billed Principal Shareholder Services and Principal Funds Distributor, Inc., and Principal Global Investors, LLC an aggregate of the following amounts for the last two years:

| &nbsp;&nbsp;&nbsp;&nbsp;#INDENT## | 2022 | 2021 |
| --- | --- | --- |
| Principal Shareholder Services | $4,725 | $4,500 |
| Principal Funds Distributor, Inc. | $4,715 | $4,490 |
| Principal Global Investors, LLC | $175,770 | $106,900 |

(h)
The registrant's audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

## ITEM 5 - AUDIT COMMITTEE OF LISTED REGISTRANTS

(a) Not applicable.
(b) Not applicable.

## ITEM 6 - SCHEDULE OF INVESTMENTS

Schedule of Investments is included as part of the Report to Shareholders 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 required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE.ETH

(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 is 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
&nbsp;&nbsp;&nbsp;&nbsp;#INDENT## Kamal Bhatia, President and CEO
Date 02/13/2023
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
&nbsp;&nbsp;&nbsp;&nbsp;#INDENT## Kamal Bhatia, President and CEO
Date 02/13/2023
By /s/ Michael Scholten
&nbsp;&nbsp;&nbsp;&nbsp;#INDENT## Michael Scholten, Chief Financial Officer
Date 02/13/2023

## Ex-99.Code

**Exhibit 99.CODE ETH**

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

**SENIOR FINANCIAL OFFICERS OF PRINCIPAL**

**FUNDS**

**I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers/Purpose of the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Principal Funds code of ethics (this "Code") for the registered investment companies within the Principal Funds complex[<sup><sup>

\[1\]</sup></sup>](#_ftn1) (collectively "Funds" and each, "Company") applies to each Company's Principal Executive Officer, Principal Financial Officer and Controller (the "Covered Officers" each of whom is set forth in Exhibit A) for the purpose of promoting:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

compliance with applicable laws and governmental rules and regulations;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and Principal Global Investors, LLC's (the "Investment Adviser") compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the Investment Adviser of which the Covered Officers may also be directors/trustees, officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Investment Adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the Investment Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, the Funds' Boards of Directors/Trustees ("Boards") recognize that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Code covers other conflicts of interest, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer must:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Company;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There are some conflicts of interest it is advisable for Covered Officers to discuss in advance with Counsel for the Funds, if material. Examples of these include:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

service as a director on the board of any public or private company;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

any ownership interest in, or any consulting or employment relationship with, any of the Company's service providers, other than its principal underwriter, administrator, the Investment Adviser or any affiliated person thereof;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment such as compensation or equity ownership.

**III.&nbsp;&nbsp;&nbsp;&nbsp; Disclosure and Compliance**

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Company;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's directors/trustees and auditors, and to governmental regulators and self-regulatory organizations;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV.&nbsp;&nbsp;&nbsp;&nbsp; Reporting and Accountability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer must:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

annually thereafter affirm to the Board that he or she has complied with the requirements of the Code; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

notify Counsel to the Funds promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

report at least annually possible conflicts of interest by completing the Principal Funds Director and Officer Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counsel to the Funds is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Covered Officers will be considered by the Audit Committee (the "Committee").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Funds will follow these procedures in investigating and enforcing this Code:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Counsel to the Funds will take all appropriate action to investigate any potential violations reported to Counsel;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

if, after such investigation, Counsel to the Funds believes that no violation has occurred, Counsel is not required to take any further action;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

any matter that Counsel believes is a violation will be reported to the Committee;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

if the Committee concurs that a violation has occurred, it will take appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

the Committee will be responsible for granting waivers, as appropriate; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Policies and Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.&nbsp;&nbsp;&nbsp;&nbsp; Amendments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Committee.

**VII.&nbsp;&nbsp;&nbsp;&nbsp; Confidentiality**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Committee, Board, Counsel to the Funds and officers of the Investment Adviser.

**VIII.&nbsp;&nbsp;&nbsp;&nbsp; Internal Use**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

(Amended by the Board of Trustees on July 29, 2021).

**Exhibit A**

Persons Covered by this Code of Ethics

Principal Executive Officer:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kamal Bhatia, President and Chief Executive Officer

Principal Financial Officer:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Michael Scholten

, Chief Financial Officer

Controller:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Megan Hoffmann, Vice President and Controller

------

[\[1\]](#_ftnref1)

Principal Funds, Inc., Principal Variable Contracts Funds, Inc., Principal Exchange-Traded Funds, and Principal Diversified Select Real Asset Fund (and subsequent closed-end management investment companies operated as interval funds).

## Ex-99.Cert

# Exhibit 99.CERT

# CERTIFICATIONS
I, Kamal Bhatia, certify that:

1. I have reviewed this report on Form N-CSR of Principal Variable Contracts Funds, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u> 02/13/2023 </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Kamal Bhatia

Kamal Bhatia, President and CEO

**Exhibit 99.CERT**

**CERTIFICATIONS**

I, Michael Scholten, certify that:

1. I have reviewed this report on Form N-CSR of Principal Variable Contracts Funds, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u> 02/13/2023 </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Michael Scholten

Michael Scholten, Chief Financial Officer

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Certified Shareholder Report of

Principal Variable Contracts Funds, Inc.

(the "Registrant") on Form N-CSR (the "Report"), each of the undersigned officers of the Registrant does hereby certify that, to the best of their knowledge:

1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By | &nbsp;&nbsp; /s/ Kamal Bhatia |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kamal Bhatia, President and CEO

Date <u> 02/13/2023 </u>

---

| | |
|:---|:---|
| &nbsp;&nbsp; By  | &nbsp;&nbsp; /s/ Michael Scholten |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michael Scholten, Chief Financial Officer

Date <u> 02/13/2023 </u>

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.