# EDGAR Filing Document

**Accession Number:** 0000012601
**File Stem:** 0000012601-25-000248
**Filing Date:** 2025-8
**Character Count:** 47392
**Document Hash:** c86c6a8bcb681aba4a9ad9630a6b03da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000012601-25-000248.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0000012601-25-000248

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRINCIPAL VARIABLE CONTRACTS FUNDS INC
- **CENTRAL INDEX KEY:** 0000012601

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01944
- **FILM NUMBER:** 251249711

**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 |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Principal Variable Contract Funds, Inc

- **b. Investment Company Act file number:** 811-01944

- **c. CIK number of Registrant:** 0000012601

- **d. LEI of Registrant:** ICS43THKTGQL3EQ10426

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 801 Grand Ave

  - **City:** Des Moines

  - **State:** IA

  - **Foreign country:** US

  - **Zip / Postal Code:** 50309

  - **Telephone number:** 515-235-1719

**Item A.2. Information about the Series.**

- **a. Name of Series:** Global Emerging Markets Account

- **b. EDGAR series identifier (if any):** S000007656

- **c. LEI of Series:** 549300G5QRVIR4R8AE07

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $74591005.60

**Total Liabilities:** $348570.08

**Net Assets:** $74242435.52

**Cash Not Reported:** $11205.29

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000020904 | -0.44%               | 5.69%                | 6.75%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $252317.11               | $-653514.98                                |
| Month 2  | $572331.07               | $3039364.05                                |
| Month 3  | $867387.56               | $3567620.70                                |

### Schedule of Portfolio Investments

| Name                                                   | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Hyundai Motor Co                                       | Hyundai Motor Co                                       | CUSIP: N/A<br>LEI: 9884004RQX8PRBXQ8S60       | Long             | EP               | CORP              | KR        |      2130 | NS      | $250133.82    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta Electronics Inc                                  | Delta Electronics Inc                                  | CUSIP: N/A<br>LEI: 529900UVZWNWGDLJSM52       | Long             | EC               | CORP              | TW        |    108000 | NS      | $1528302.80   | 2.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Xiaomi Corp                                            | Xiaomi Corp                                            | CUSIP: N/A<br>LEI: 2549001ACVFAZRNMKL32       | Long             | EC               | CORP              | CN        |    174600 | NS      | $1344024.82   | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| ASE Technology Holding Co Ltd                          | ASE Technology Holding Co Ltd                          | CUSIP: N/A<br>LEI: 300300GO8QHPMV87NZ73       | Long             | EC               | CORP              | TW        |     49000 | NS      | $245822.21    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Blue Dart Express Ltd                                  | Blue Dart Express Ltd                                  | CUSIP: N/A<br>LEI: 3358003QNMHXM1CHC382       | Long             | EC               | CORP              | IN        |       836 | NS      | $62298.18     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| PRIO SA/Brazil                                         | PRIO SA/Brazil                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     12800 | NS      | $99702.93     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Elm Co                                                 | Elm Co                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |       549 | NS      | $146587.78    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Yadea Group Holdings Ltd                               | Yadea Group Holdings Ltd                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    128000 | NS      | $205384.66    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Ichitan Group PCL                                      | Ichitan Group PCL                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |    530500 | NS      | $164902.11    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Ivanhoe Mines Ltd                                      | Ivanhoe Mines Ltd                                      | CUSIP: N/A<br>LEI: 5299006XZISURYIA4G32       | Long             | EC               | CORP              | CA        |     29100 | NS      | $218610.61    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Humansoft Holding Co KSC                               | Humansoft Holding Co KSC                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KW        |     13552 | NS      | $108731.57    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Jumbo SA                                               | Jumbo SA                                               | CUSIP: N/A<br>LEI: 549300TGIVUUMY40MZ05       | Long             | EC               | CORP              | GR        |      6026 | NS      | $208400.93    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd                                     | Trip.com Group Ltd                                     | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | SG        |      6113 | NS      | $358005.00    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Avalon Technologies Ltd                                | Avalon Technologies Ltd                                | CUSIP: N/A<br>LEI: 335800JCPBRVSQZ3OS06       | Long             | EC               | CORP              | IN        |     19532 | NS      | $192339.53    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Emirates Central Cooling Systems Corp                  | Emirates Central Cooling Systems Corp                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AE        |    172406 | NS      | $77919.57     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Gaztransport Et Technigaz SA                           | Gaztransport Et Technigaz SA                           | CUSIP: N/A<br>LEI: 969500BVOHVZUUFWDT54       | Long             | EC               | CORP              | FR        |      1904 | NS      | $376656.53    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| WEG SA                                                 | WEG SA                                                 | CUSIP: N/A<br>LEI: 254900NKQV127YFRO022       | Long             | EC               | CORP              | BR        |     48600 | NS      | $382316.54    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Bank Central Asia Tbk                               | PT Bank Central Asia Tbk                               | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               | CORP              | ID        |   1074600 | NS      | $574424.93    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                                          | AIA Group Ltd                                          | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |    154400 | NS      | $1398623.70   | 1.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzano SA                                              | Suzano SA                                              | CUSIP: N/A<br>LEI: 391200AW174YQSDMGG41       | Long             | EC               | CORP              | BR        |     91500 | NS      | $863280.63    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercorp Financial Services Inc                       | Intercorp Financial Services Inc                       | CUSIP: P5626F128<br>LEI: 5299004181WFTEWB1398 | Long             | EC               | CORP              | PE        |      9789 | NS      | $373254.57    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc                                           | SK Hynix Inc                                           | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |      6279 | NS      | $1353009.04   | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglogold Ashanti Plc                                  | Anglogold Ashanti Plc                                  | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | GB        |      8329 | NS      | $380481.09    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| E Ink Holdings Inc                                     | E Ink Holdings Inc                                     | CUSIP: N/A<br>LEI: 529900UOR451FJJYL571       | Long             | EC               | CORP              | TW        |     71000 | NS      | $537387.58    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Adani Energy Solutions Ltd                             | Adani Energy Solutions Ltd                             | CUSIP: N/A<br>LEI: 549300PLH866JQ6LXE52       | Long             | EC               | CORP              | IN        |     84074 | NS      | $862365.43    | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Arca Continental SAB de CV                             | Arca Continental SAB de CV                             | CUSIP: N/A<br>LEI: 254900U2BSJCQHJCXN24       | Long             | EC               | CORP              | MX        |     23800 | NS      | $252148.47    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | CUSIP: N/A<br>LEI: 254900UOXRZRS2TNWP19       | Long             | EC               | CORP              | BR        |     11100 | NS      | $244367.12    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc                                 | KB Financial Group Inc                                 | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |      6646 | NS      | $546143.53    | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Caplin Point Laboratories Ltd                          | Caplin Point Laboratories Ltd                          | CUSIP: N/A<br>LEI: 33580043U3LXMROY5J69       | Long             | EC               | CORP              | IN        |     14728 | NS      | $363848.10    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Co                                   | Saudi Arabian Oil Co                                   | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | EC               | CORP              | SA        |     19800 | NS      | $128381.62    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| JD Logistics Inc                                       | JD Logistics Inc                                       | CUSIP: N/A<br>LEI: 655600LWTFVMV3E2A890       | Long             | EC               | CORP              | CN        |    127400 | NS      | $214181.44    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Alchip Technologies Ltd                                | Alchip Technologies Ltd                                | CUSIP: N/A<br>LEI: 529900HKE9RIY07SLX84       | Long             | EC               | CORP              | TW        |      3000 | NS      | $318095.92    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| ASPEED Technology Inc                                  | ASPEED Technology Inc                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      2000 | NS      | $325248.24    | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| L&T Technology Services Ltd                            | L&T Technology Services Ltd                            | CUSIP: N/A<br>LEI: 335800OITXHL9VYVRC58       | Long             | EC               | CORP              | IN        |      4247 | NS      | $218090.88    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Accton Technology Corp                                 | Accton Technology Corp                                 | CUSIP: N/A<br>LEI: 529900M1YRZ0GWMDF920       | Long             | EC               | CORP              | TW        |     26000 | NS      | $649837.79    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Kotak Mahindra Bank Ltd                                | Kotak Mahindra Bank Ltd                                | CUSIP: N/A<br>LEI: 335800E6GTTXKHXE2I75       | Long             | EC               | CORP              | IN        |     56286 | NS      | $1420042.67   | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro SA - Petrobras                     | Petroleo Brasileiro SA - Petrobras                     | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               | CORP              | BR        |     70100 | NS      | $404748.12    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Hung Kai Properties Ltd                            | Sun Hung Kai Properties Ltd                            | CUSIP: N/A<br>LEI: 529900LUMD393RD3S874       | Long             | EC               | CORP              | HK        |     13500 | NS      | $155561.13    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Universal Vision Biotechnology Co Ltd                  | Universal Vision Biotechnology Co Ltd                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     13000 | NS      | $89953.96     | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Principal Government Money Market Fund - Class R-6     | Principal Government Money Market Fund - Class R-6     | CUSIP: 74257B639<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1282224 | NS      | $1282223.67   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte SAB de CV                     | Grupo Financiero Banorte SAB de CV                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |     55700 | NS      | $511123.82    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Grab Holdings Ltd                                      | Grab Holdings Ltd                                      | CUSIP: G4124C109<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | SG        |    114035 | NS      | $573596.05    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Hygeia Healthcare Holdings Co Ltd                      | Hygeia Healthcare Holdings Co Ltd                      | CUSIP: N/A<br>LEI: 2549001Z9KHQTRR29237       | Long             | EC               | CORP              | CN        |     92600 | NS      | $180581.08    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Auto Ltd                                         | Bajaj Auto Ltd                                         | CUSIP: N/A<br>LEI: 335800DLAO5NCNN8G863       | Long             | EC               | CORP              | IN        |      6275 | NS      | $612914.49    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Shandong Gold Mining Co Ltd                            | Shandong Gold Mining Co Ltd                            | CUSIP: N/A<br>LEI: 300300KC2K8BC07OSV77       | Long             | EC               | CORP              | CN        |     56000 | NS      | $196483.74    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Max Financial Services Ltd                             | Max Financial Services Ltd                             | CUSIP: N/A<br>LEI: 335800Y9FX8XGFB64S40       | Long             | EC               | CORP              | IN        |     24673 | NS      | $473693.08    | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Weichai Power Co Ltd                                   | Weichai Power Co Ltd                                   | CUSIP: N/A<br>LEI: 529900OKTPKBG85F9502       | Long             | EC               | CORP              | CN        |     69000 | NS      | $140485.27    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| China Resources Land Ltd                               | China Resources Land Ltd                               | CUSIP: N/A<br>LEI: 5299001HL0TU7X15HK51       | Long             | EC               | CORP              | HK        |     87500 | NS      | $297918.88    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Escorts Kubota Ltd                                     | Escorts Kubota Ltd                                     | CUSIP: N/A<br>LEI: 335800FPEJC7WFBUBF07       | Long             | EC               | CORP              | IN        |      9503 | NS      | $369564.82    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc                                 | Yum China Holdings Inc                                 | CUSIP: N/A<br>LEI: 529900DO9BYZ7VA3K502       | Long             | EC               | CORP              | CN        |      6350 | NS      | $285144.46    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Greece SA                             | National Bank of Greece SA                             | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | EC               | CORP              | GR        |    115779 | NS      | $1476273.29   | 1.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Polyus PJSC                                            | Polyus PJSC                                            | CUSIP: N/A<br>LEI: 549300FUXVT7TF6ZKV71       | Long             | EC               | CORP              | RU        |      1080 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| APL Apollo Tubes Ltd                                   | APL Apollo Tubes Ltd                                   | CUSIP: N/A<br>LEI: 335800ZU4GXSB7Q4IU95       | Long             | EC               | CORP              | IN        |     21340 | NS      | $432786.60    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd                                | Reliance Industries Ltd                                | CUSIP: N/A<br>LEI: 5493003UOETFYRONLG31       | Long             | EC               | CORP              | IN        |     32854 | NS      | $575050.79    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                       | MercadoLibre Inc                                       | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |       507 | NS      | $1325110.41   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Richter Gedeon Nyrt                                    | Richter Gedeon Nyrt                                    | CUSIP: N/A<br>LEI: 549300J6ZJW5IH4WEE46       | Long             | EC               | CORP              | HU        |      3919 | NS      | $115662.27    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Bangkok Dusit Medical Services PCL                     | Bangkok Dusit Medical Services PCL                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |    305000 | NS      | $195312.89    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Cury Construtora e Incorporadora SA                    | Cury Construtora e Incorporadora SA                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     84800 | NS      | $461997.75    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Piraeus Financial Holdings SA                          | Piraeus Financial Holdings SA                          | CUSIP: N/A<br>LEI: M6AD1Y1KW32H8THQ6F76       | Long             | EC               | CORP              | GR        |    151448 | NS      | $1049201.77   | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd              | Taiwan Semiconductor Manufacturing Co Ltd              | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |    253164 | NS      | $9258043.96   | 12.47%            |  |  |  | No            |                  2 | On Loan: No      |
| Pegavision Corp                                        | Pegavision Corp                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      8000 | NS      | $81397.09     | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| HD Hyundai Co Ltd                                      | HD Hyundai Co Ltd                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      3622 | NS      | $347055.56    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Gruma SAB de CV                                        | Gruma SAB de CV                                        | CUSIP: N/A<br>LEI: 5493000XJLJ6C4T0PG82       | Long             | EC               | CORP              | MX        |      5489 | NS      | $94668.39     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco BTG Pactual SA                                   | Banco BTG Pactual SA                                   | CUSIP: N/A<br>LEI: ZXLTQRYIK6IJH3R0IK66       | Long             | EC               | CORP              | BR        |     40812 | NS      | $317370.75    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                                   | Tencent Holdings Ltd                                   | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | CN        |     71100 | NS      | $4581372.15   | 6.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Aluminum Corp of China Ltd                             | Aluminum Corp of China Ltd                             | CUSIP: N/A<br>LEI: 529900TKZUWQLIQN6T48       | Long             | EC               | CORP              | CN        |    144000 | NS      | $97357.59     | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Negara Indonesia Persero Tbk PT                   | Bank Negara Indonesia Persero Tbk PT                   | CUSIP: N/A<br>LEI: 549300HZ8J3MLVXQ8F85       | Long             | EC               | CORP              | ID        |   1687200 | NS      | $428217.26    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                              | Alibaba Group Holding Ltd                              | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | CN        |    184692 | NS      | $2614490.63   | 3.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Vietnam Technological & Commercial Joint Stock Bank    | Vietnam Technological & Commercial Joint Stock Bank    | CUSIP: N/A<br>LEI: 5493001XNKHV3FNIUD50       | Long             | EC               | CORP              | VN        |    426900 | NS      | $559024.21    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Capstone Copper Corp                                   | Capstone Copper Corp                                   | CUSIP: N/A<br>LEI: 549300III6KGKKC42W63       | Long             | EC               | CORP              | CA        |     57500 | NS      | $353001.65    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Mahindra & Mahindra Ltd                                | Mahindra & Mahindra Ltd                                | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |     13467 | NS      | $499857.83    | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Severstal PAO                                          | Severstal PAO                                          | CUSIP: N/A<br>LEI: 213800OKDPTV6K4ONO53       | Long             | EC               | CORP              | RU        |      9865 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Finance Ltd                                      | Bajaj Finance Ltd                                      | CUSIP: N/A<br>LEI: 335800YTEXC3DO4Z6F68       | Long             | EC               | CORP              | IN        |     48320 | NS      | $527719.86    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Zai Lab Ltd                                            | Zai Lab Ltd                                            | CUSIP: N/A<br>LEI: 549300P2UYQ9U5LY1T58       | Long             | EC               | CORP              | CN        |    141450 | NS      | $498615.25    | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| China Pacific Insurance Group Co Ltd                   | China Pacific Insurance Group Co Ltd                   | CUSIP: N/A<br>LEI: 529900BA5ILEL308WX03       | Long             | EC               | CORP              | CN        |    292600 | NS      | $1006651.61   | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi National Bank/The                                | Saudi National Bank/The                                | CUSIP: N/A<br>LEI: 5586006ZEFQ542K7CY16       | Long             | EC               | CORP              | SA        |    100451 | NS      | $967199.30    | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Hansoh Pharmaceutical Group Co Ltd                     | Hansoh Pharmaceutical Group Co Ltd                     | CUSIP: N/A<br>LEI: 254900Q6MR00EBXTPF42       | Long             | EC               | CORP              | CN        |    158000 | NS      | $600448.27    | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| WH Group Ltd                                           | WH Group Ltd                                           | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               | CORP              | HK        |    858500 | NS      | $827415.54    | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Impala Platinum Holdings Ltd                           | Impala Platinum Holdings Ltd                           | CUSIP: N/A<br>LEI: 254900BZFIFB4PD2Z778       | Long             | EC               | CORP              | ZA        |     98689 | NS      | $886745.62    | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Music Entertainment Group                      | Tencent Music Entertainment Group                      | CUSIP: N/A<br>LEI: 213800XTZK2GOHQTYK41       | Long             | EC               | CORP              | CN        |     15502 | NS      | $150740.97    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| IDFC First Bank Ltd                                    | IDFC First Bank Ltd                                    | CUSIP: N/A<br>LEI: 335800SBNAPYVT1D2K13       | Long             | EC               | CORP              | IN        |    475089 | NS      | $403548.87    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| JSW Infrastructure Ltd                                 | JSW Infrastructure Ltd                                 | CUSIP: N/A<br>LEI: 3358003E3YFK92C9WX80       | Long             | EC               | CORP              | IN        |    290739 | NS      | $1061918.64   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhuzhou CRRC Times Electric Co Ltd                     | Zhuzhou CRRC Times Electric Co Ltd                     | CUSIP: N/A<br>LEI: 529900PLNH7NQLN00B53       | Long             | EC               | CORP              | CN        |     33600 | NS      | $135487.35    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| LT Foods Ltd                                           | LT Foods Ltd                                           | CUSIP: N/A<br>LEI: 3358008WEECK49DUO516       | Long             | EC               | CORP              | IN        |     57806 | NS      | $328037.29    | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Mobis Co Ltd                                   | Hyundai Mobis Co Ltd                                   | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |      2868 | NS      | $608441.05    | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Cemex SAB de CV                                        | Cemex SAB de CV                                        | CUSIP: N/A<br>LEI: 549300RIG2CXWN6IV731       | Long             | EC               | CORP              | MX        |    682014 | NS      | $472134.18    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| BeOne Medicines Ltd                                    | BeOne Medicines Ltd                                    | CUSIP: N/A<br>LEI: 549300JFUK6FRD5MH739       | Long             | EC               | CORP              | US        |     21400 | NS      | $404824.79    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc                                            | NetEase Inc                                            | CUSIP: N/A<br>LEI: 5299004AF4DSJDB0PA32       | Long             | EC               | CORP              | CN        |     39300 | NS      | $1059110.18   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                          | HDFC Bank Ltd                                          | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |     56627 | NS      | $1321983.50   | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Voltas Ltd                                             | Voltas Ltd                                             | CUSIP: N/A<br>LEI: 335800VVTQSSZ7NV7F51       | Long             | EC               | CORP              | IN        |     30322 | NS      | $464744.13    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| GPS Participacoes e Empreendimentos SA                 | GPS Participacoes e Empreendimentos SA                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     72630 | NS      | $212017.41    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| LIG Nex1 Co Ltd                                        | LIG Nex1 Co Ltd                                        | CUSIP: N/A<br>LEI: 988400VTP0QVY3OIY652       | Long             | EC               | CORP              | KR        |      1025 | NS      | $409631.42    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Korea Aerospace Industries Ltd                         | Korea Aerospace Industries Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     10549 | NS      | $700539.38    | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| PICC Property & Casualty Co Ltd                        | PICC Property & Casualty Co Ltd                        | CUSIP: N/A<br>LEI: 300300F1000311000017       | Long             | EC               | CORP              | CN        |    140000 | NS      | $272044.49    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Atour Lifestyle Holdings Ltd                           | Atour Lifestyle Holdings Ltd                           | CUSIP: 04965M106<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     24120 | NS      | $784141.20    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                                             | JD.com Inc                                             | CUSIP: N/A<br>LEI: 549300HVTWB0GJZ16V92       | Long             | EC               | CORP              | CN        |     37750 | NS      | $616544.83    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Simcere Pharmaceutical Group Ltd                       | Simcere Pharmaceutical Group Ltd                       | CUSIP: N/A<br>LEI: 254900WU599EZJIML194       | Long             | EC               | CORP              | CN        |     91000 | NS      | $129054.47    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd                                          | Credicorp Ltd                                          | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | PE        |      1689 | NS      | $377525.28    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD Co Ltd                                             | BYD Co Ltd                                             | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               | CORP              | CN        |     55500 | NS      | $864136.85    | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                                           | MediaTek Inc                                           | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |     23000 | NS      | $985519.23    | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                                                | Meituan                                                | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | CN        |     46420 | NS      | $746714.04    | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ternium SA                                             | Ternium SA                                             | CUSIP: 880890108<br>LEI: 529900QG4KU23TEI2E46 | Long             | EC               | CORP              | LU        |      2835 | NS      | $85333.50     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Rakyat Indonesia Persero Tbk PT                   | Bank Rakyat Indonesia Persero Tbk PT                   | CUSIP: N/A<br>LEI: 254900HB6S4B12GBNP64       | Long             | EC               | CORP              | ID        |   2421676 | NS      | $558342.51    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Bid Corp Ltd                                           | Bid Corp Ltd                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | ZA        |     14866 | NS      | $392525.83    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Indofood Sukses Makmur Tbk PT                          | Indofood Sukses Makmur Tbk PT                          | CUSIP: N/A<br>LEI: 529900E61EV2GTYWZ485       | Long             | EC               | CORP              | ID        |    498600 | NS      | $249664.06    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                                         | ICICI Bank Ltd                                         | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | IN        |     88770 | NS      | $1500190.20   | 2.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Anker Innovations Technology Co Ltd                    | Anker Innovations Technology Co Ltd                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     23796 | NS      | $378015.11    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Orbia Advance Corp SAB de CV                           | Orbia Advance Corp SAB de CV                           | CUSIP: N/A<br>LEI: 549300MVHZ20SBIOEQ79       | Long             | EC               | CORP              | MX        |    265000 | NS      | $185286.05    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Powszechna Kasa Oszczednosci Bank Polski SA            | Powszechna Kasa Oszczednosci Bank Polski SA            | CUSIP: N/A<br>LEI: P4GTT6GF1W40CVIMFR43       | Long             | EC               | CORP              | PL        |     50192 | NS      | $1048752.60   | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| El Puerto de Liverpool SAB de CV                       | El Puerto de Liverpool SAB de CV                       | CUSIP: N/A<br>LEI: 4469000001BO4JEXZL32       | Long             | EC               | CORP              | MX        |     22011 | NS      | $119213.30    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SLC Agricola SA                                        | SLC Agricola SA                                        | CUSIP: N/A<br>LEI: 54930017BQDYJPIJXG79       | Long             | EC               | CORP              | BR        |     37556 | NS      | $122972.38    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| WNS Holdings Ltd                                       | WNS Holdings Ltd                                       | CUSIP: G98196101<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               | CORP              | IN        |      4810 | NS      | $304184.40    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| AKR Corporindo Tbk PT                                  | AKR Corporindo Tbk PT                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | ID        |    995100 | NS      | $71081.94     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SM Investments Corp                                    | SM Investments Corp                                    | CUSIP: N/A<br>LEI: 254900YB8UATFP21AF80       | Long             | EC               | CORP              | PH        |      5155 | NS      | $79796.26     | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Varun Beverages Ltd                                    | Varun Beverages Ltd                                    | CUSIP: N/A<br>LEI: 33580058NWEMWBDNMD48       | Long             | EC               | CORP              | IN        |     92352 | NS      | $492795.03    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung E&A Co Ltd                                     | Samsung E&A Co Ltd                                     | CUSIP: N/A<br>LEI: 988400HDAY5KIVHGZ188       | Long             | EC               | CORP              | KR        |     15977 | NS      | $260843.46    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                             | Samsung Electronics Co Ltd                             | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |     50220 | NS      | $2220809.83   | 2.99%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV - NY Reg Shares                        | ASML Holding NV - NY Reg Shares                        | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       247 | NS      | $197943.33    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Voltronic Power Technology Corp                        | Voltronic Power Technology Corp                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      6000 | NS      | $258812.92    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Globant SA                                             | Globant SA                                             | CUSIP: L44385109<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |      3312 | NS      | $300862.08    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC Drilling Co PJSC                                 | ADNOC Drilling Co PJSC                                 | CUSIP: N/A<br>LEI: 254900JPRSQL1PM0JV19       | Long             | EC               | CORP              | AE        |    133824 | NS      | $207687.19    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-25

**Name of Applicant:** Principal Variable Contract Funds, Inc

**Signature:** Megan Hoffmann

**Name of Signer:** /s/ Megan Hoffmann

**Title:** Vice President and Controller