# EDGAR Filing Document

**Accession Number:** 0000012601
**File Stem:** 0000012601-25-000163
**Filing Date:** 2025-8
**Character Count:** 1039825
**Document Hash:** 77ac74fd752efa66e3798e594cc6a611
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000012601-25-000163.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0000012601-25-000163

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 63

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**EFFECTIVENESS DATE**: 20250825

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01944
- **FILM NUMBER:** 251248014

**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 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 |  |

### 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 |  |

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

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

### 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 |  |

### 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 Strategic Allocation Account (formerly, Diversified Balanced Managed Volatility Account) (Series ID: S000042785)

| Class ID   | Class Name                                                                                                            | Ticker Symbol   |
|:---|:---|:---|
| C000132328 | Diversified Balanced Strategic Allocation Account (formerly, Diversified Balanced Managed Volatility Account) Class 2 |  |

### Diversified Growth Strategic Allocation Account (formerly, Diversified Growth Managed Volatility Account) (Series ID: S000042786)

| Class ID   | Class Name                                                                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000132329 | Diversified Growth Strategic Allocation Account (formerly, Diversified Growth Managed Volatility Account) Class 2 |  |

### Diversified Balanced Adaptive Allocation Account (formerly, Diversified Balanced Volatility Control Account) (Series ID: S000056528)

| Class ID   | Class Name                                                                                                           | Ticker Symbol   |
|:---|:---|:---|
| C000178859 | Diversified Balanced Adaptive Allocation Account (formerly, Diversified Balanced Volatility Control Account) Class 2 |  |

### Diversified Growth Adaptive Allocation Account (formerly, Diversified Growth Volatility Control Account) (Series ID: S000056529)

| Class ID   | Class Name                                                                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000178860 | Diversified Growth Adaptive Allocation Account (formerly, Diversified Growth Volatility Control Account) Class 2 |  |

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

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000260396 | Blue Chip Account Class 2 |  |

### U.S. LargeCap S&P 500 Index Buffer July Account (formerly, U.S. LargeCap Buffer July Account) (Series ID: S000076127)

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

### U.S. LargeCap S&P 500 Index Buffer October Account (formerly, U.S. LargeCap Buffer October Account) (Series ID: S000077914)

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

### U.S. LargeCap S&P 500 Index Buffer April Account (formerly, U.S. LargeCap Buffer April Account) (Series ID: S000077915)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000238595 | Class 2      |  |

### U.S. LargeCap S&P 500 Index Buffer January Account (formerly, U.S. LargeCap Buffer January Account) (Series ID: S000077916)

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

?xml version='1.0' encoding='ASCII'?

 

 

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 <u> 811-01944 </u>

&nbsp;&nbsp; Principal Variable Contracts Funds, Inc.<br>

(Exact name of registrant as specified in charter)

&nbsp;&nbsp; 711 High Street, Des Moines, IA 50309<br>

(Address of principal executive offices)&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; (Zip code)

&nbsp;&nbsp; <br>Principal Global Investors, LLC, 801 Grand Avenue, Des Moines, IA 50309<br>

(Name and address of agent for service)

Registrant's telephone number, including area code: <u> 515-235-1719 </u>

Date of fiscal year end: <u> December 31, 2025 </u>

Date of reporting period: <u> June 30, 2025 </u>

**ITEM 1 – REPORT TO STOCKHOLDERS**

(a) The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

(b) Not applicable.

# Class 2

# Blue Chip Account
![Image](i1f6e3d81846c4697c94a248b.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Blue Chip Account (the "Fund") for the period of April 30, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $16<sup>Footnote Reference\*</sup> | 0.90%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Expenses are for the period from April 30, 2025, date operations commenced, through June 30, 2025. Expenses for the full reporting period would be higher. |
| Footnote<sup>†</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$26,925

* Total Number of Portfolio Holdings42

* Portfolio Turnover Rate (annualized)31.9%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.33% |
| Investment Companies | 0.67% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 27.00% |
| Financial | 24.04% |
| Communications | 21.67% |
| Industrial | 8.76% |
| Consumer, Cyclical | 8.04% |
| Consumer, Non-cyclical | 7.46% |
| Basic Materials | 2.36% |
| Money Market Funds | 0.67% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC897SAR2-0

# Class 1

# Bond Market Index Account
![Image](i8053681aab34ffa3f6b3a72c.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Bond Market Index Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $8 | 0.15%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,885,911

* Total Number of Portfolio Holdings4,159

* Portfolio Turnover Rate (annualized)44.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 69.99% |
| Bonds | 28.71% |
| Investment Companies | 2.05% |
| Municipal Bonds | 0.57% |
| Other Assets and Liabilities | (1.32)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Government | 48.26% |
| Mortgage Securities | 26.01% |
| Financial | 8.20% |
| Consumer, Non-cyclical | 4.15% |
| Utilities | 2.40% |
| Communications | 2.12% |
| Money Market Funds | 2.05% |
| Industrial | 1.93% |
| Technology | 1.78% |
| Energy | 1.76% |
| Consumer, Cyclical | 1.49% |
| Basic Materials | 0.60% |
| Revenue Bonds | 0.33% |
| General Obligation Unlimited | 0.18% |
| Insured | 0.04% |
| Prerefunded | 0.01% |
| General Obligation Limited | 0.01% |
| Other Assets and Liabilities | (1.32)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC5SAR1-0

# Class 1

# Core Plus Bond Account
![Image](i886883666204c779dd859563.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Core Plus Bond Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $25 | 0.49%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$209,421

* Total Number of Portfolio Holdings793

* Portfolio Turnover Rate (annualized)204.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 62.32% |
| U.S. Government & Government Agency Obligations | 34.74% |
| Investment Companies | 7.60% |
| Senior Floating Rate Interests | 2.60% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (7.26)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 33.69% |
| Financial | 17.48% |
| Government | 9.56% |
| Asset Backed Securities | 9.42% |
| Consumer, Non-cyclical | 5.61% |
| Exchange-Traded Funds | 5.36% |
| Utilities | 4.70% |
| Industrial | 3.98% |
| Energy | 3.53% |
| Consumer, Cyclical | 3.47% |
| Communications | 3.36% |
| Technology | 3.24% |
| Money Market Funds | 2.24% |
| Basic Materials | 1.62% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (7.26)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC4SAR1-0

# Class 1

# Diversified Balanced Account
![Image](i98cc45847679ff2e9367fb66.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Diversified Balanced Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $3 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$556,399

* Total Number of Portfolio Holdings5

* Portfolio Turnover Rate (annualized)13.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 49.50% |
| Domestic Equity Funds | 43.44% |
| International Equity Funds | 7.08% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC6SAR1-0

# Class 2

# Diversified Balanced Account
![Image](i26039bf5e3f1454870ce6137.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Diversified Balanced Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$556,399

* Total Number of Portfolio Holdings5

* Portfolio Turnover Rate (annualized)13.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 49.50% |
| Domestic Equity Funds | 43.44% |
| International Equity Funds | 7.08% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC6SAR2-0

# Class 2

# Diversified Balanced Adaptive Allocation Account
![Image](i20b50962b2daca725e23136f.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Diversified Balanced Adaptive Allocation Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $19 | 0.38%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$219,914

* Total Number of Portfolio Holdings7

* Portfolio Turnover Rate (annualized)64.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.09% |
| Other Assets and Liabilities | (0.09)% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 49.50% |
| Domestic Equity Funds | 23.21% |
| Exchange-Traded Funds | 20.29% |
| International Equity Funds | 7.09% |
| Money Market Funds | 0.00% |
| Other Assets and Liabilities | (0.09)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC52SAR2-0

# Class 2

# Diversified Balanced Strategic Allocation Account
![Image](i974eed5002cb40d62ccb5014.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Diversified Balanced Strategic Allocation Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $16 | 0.31%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$96,936

* Total Number of Portfolio Holdings5

* Portfolio Turnover Rate (annualized)13.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.03% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 49.54% |
| Domestic Equity Funds | 43.40% |
| International Equity Funds | 7.09% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC43SAR2-0

# Class 2

# Diversified Growth Account
![Image](iea2c49a1c2a27abe3114aea5.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Diversified Growth Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,056,227

* Total Number of Portfolio Holdings5

* Portfolio Turnover Rate (annualized)12.9%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.03% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 55.40% |
| Fixed Income Funds | 34.54% |
| International Equity Funds | 10.09% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC7SAR2-0

# Class 2

# Diversified Growth Adaptive Allocation Account
![Image](i3abedb97b3f2551efdde3015.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Diversified Growth Adaptive Allocation Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $18 | 0.37%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,450,539

* Total Number of Portfolio Holdings7

* Portfolio Turnover Rate (annualized)69.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.11% |
| Other Assets and Liabilities | (0.11)% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 35.23% |
| Fixed Income Funds | 34.50% |
| Exchange-Traded Funds | 20.28% |
| International Equity Funds | 10.10% |
| Money Market Funds | 0.00% |
| Other Assets and Liabilities | (0.11)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC53SAR2-0

# Class 2

# Diversified Growth Strategic Allocation Account
![Image](i0043ad55c3fc92b426022582.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Diversified Growth Strategic Allocation Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $16 | 0.31%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$217,430

* Total Number of Portfolio Holdings5

* Portfolio Turnover Rate (annualized)12.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.03% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 55.35% |
| Fixed Income Funds | 34.58% |
| International Equity Funds | 10.10% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC44SAR2-0

# Class 2

# Diversified Income Account
![Image](iae4c0fcef7b63f47ddcc1f2c.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Diversified Income Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $16 | 0.31%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$191,708

* Total Number of Portfolio Holdings5

* Portfolio Turnover Rate (annualized)16.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.03% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 64.55% |
| Domestic Equity Funds | 31.42% |
| International Equity Funds | 4.06% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC8SAR2-0

# Class 1

# Diversified International Account
![Image](i80a109a0888f9de5d02a9ed3.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Diversified International Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $46 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$281,882

* Total Number of Portfolio Holdings108

* Portfolio Turnover Rate (annualized)24.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.11% |
| Investment Companies | 1.45% |
| Other Assets and Liabilities | 0.44% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 16.65% |
| Japan | 12.50% |
| France | 10.70% |
| Germany | 7.29% |
| Canada | 6.92% |
| China | 6.34% |
| Netherlands | 4.32% |
| Taiwan | 3.91% |
| United States | 3.67% |
| Hong Kong | 2.83% |
| India | 2.09% |
| Korea, Republic Of | 1.99% |
| Italy | 1.97% |
| Greece | 1.79% |
| Ireland | 1.76% |
| Spain | 1.65% |
| Switzerland | 1.51% |
| Denmark | 1.30% |
| Sweden | 1.30% |
| Austria | 1.23% |
| Other Locations<sup>Footnote Reference\*</sup> | 7.84% |
| Other Assets and Liabilities | 0.44% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC9SAR1-0

# Class 1

# Equity Income Account
![Image](icccfce1accd1ea270806b589.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Equity Income Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $24 | 0.48%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$707,562

* Total Number of Portfolio Holdings64

* Portfolio Turnover Rate (annualized)12.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.09% |
| Investment Companies | 2.13% |
| Other Assets and Liabilities | (0.22)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 27.06% |
| Consumer, Non-cyclical | 19.72% |
| Consumer, Cyclical | 13.17% |
| Technology | 10.17% |
| Industrial | 10.00% |
| Energy | 6.77% |
| Utilities | 4.55% |
| Communications | 4.31% |
| Basic Materials | 2.34% |
| Money Market Funds | 2.13% |
| Other Assets and Liabilities | (0.22)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC10SAR1-0

# Class 2

# Equity Income Account
![Image](i21b4dfa294aa8b09e0885074.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Equity Income Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $37 | 0.73%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$707,562

* Total Number of Portfolio Holdings64

* Portfolio Turnover Rate (annualized)12.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.09% |
| Investment Companies | 2.13% |
| Other Assets and Liabilities | (0.22)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 27.06% |
| Consumer, Non-cyclical | 19.72% |
| Consumer, Cyclical | 13.17% |
| Technology | 10.17% |
| Industrial | 10.00% |
| Energy | 6.77% |
| Utilities | 4.55% |
| Communications | 4.31% |
| Basic Materials | 2.34% |
| Money Market Funds | 2.13% |
| Other Assets and Liabilities | (0.22)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC10SAR2-0

# Class 1

# Global Emerging Markets Account
![Image](i620c6017394678191d6681b4.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Global Emerging Markets Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $63 | 1.16%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$74,119

* Total Number of Portfolio Holdings121

* Portfolio Turnover Rate (annualized)36.9%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.62% |
| Investment Companies | 1.73% |
| Preferred Stocks | 0.88% |
| Other Assets and Liabilities | (0.23)% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| China | 23.08% |
| Taiwan | 19.26% |
| India | 16.84% |
| Korea, Republic Of | 9.04% |
| Brazil | 4.19% |
| Greece | 3.69% |
| Hong Kong | 3.60% |
| Indonesia | 2.55% |
| Mexico | 2.20% |
| Uruguay | 1.79% |
| South Africa | 1.73% |
| Saudi Arabia | 1.67% |
| Poland | 1.42% |
| Singapore | 1.26% |
| Peru | 1.01% |
| Canada | 0.77% |
| Vietnam | 0.75% |
| United States | 0.55% |
| Luxembourg | 0.52% |
| United Kingdom | 0.51% |
| Other Locations<sup>Footnote Reference\*</sup> | 3.80% |
| Other Assets and Liabilities | (0.23)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC12SAR1-0

# Class 1

# Government & High Quality Bond Account
![Image](i84c0891c6144ee30128d81a2.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Government & High Quality Bond Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $25 | 0.50%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$108,545

* Total Number of Portfolio Holdings279

* Portfolio Turnover Rate (annualized)300.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 89.85% |
| Bonds | 26.26% |
| Investment Companies | 1.75% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (17.86)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 98.46% |
| Asset Backed Securities | 14.50% |
| Government | 3.15% |
| Money Market Funds | 1.75% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (17.86)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC11SAR1-0

# Class 1

# LargeCap Growth Account I
![Image](i04e944e392b666304933e0d1.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about LargeCap Growth Account I (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $35 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$617,971

* Total Number of Portfolio Holdings409

* Portfolio Turnover Rate (annualized)51.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.75% |
| Investment Companies | 2.38% |
| Convertible Preferred Stocks | 0.11% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.24)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 43.17% |
| Communications | 21.53% |
| Consumer, Non-cyclical | 12.69% |
| Financial | 7.74% |
| Industrial | 6.48% |
| Consumer, Cyclical | 5.68% |
| Money Market Funds | 2.20% |
| Energy | 0.46% |
| Exchange-Traded Funds | 0.18% |
| Basic Materials | 0.06% |
| Utilities | 0.05% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.24)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC15SAR1-0

# Class 1

# LargeCap S&P 500 Index Account
![Image](i02cd1de581e333ce9a0fbac9.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about LargeCap S&P 500 Index Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $10 | 0.20%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,530,371

* Total Number of Portfolio Holdings508

* Portfolio Turnover Rate (annualized)1.9%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.21% |
| Investment Companies | 2.93% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.14)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 30.99% |
| Communications | 15.64% |
| Financial | 14.56% |
| Consumer, Non-cyclical | 14.12% |
| Consumer, Cyclical | 7.88% |
| Industrial | 7.33% |
| Energy | 2.93% |
| Money Market Funds | 2.60% |
| Utilities | 2.32% |
| Basic Materials | 1.44% |
| Exchange-Traded Funds | 0.33% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.14)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC16SAR1-0

# Class 2

# LargeCap S&P 500 Index Account
![Image](i92beb66f06bccabaf18d6baf.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about LargeCap S&P 500 Index Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $23 | 0.45%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,530,371

* Total Number of Portfolio Holdings508

* Portfolio Turnover Rate (annualized)1.9%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.21% |
| Investment Companies | 2.93% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.14)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 30.99% |
| Communications | 15.64% |
| Financial | 14.56% |
| Consumer, Non-cyclical | 14.12% |
| Consumer, Cyclical | 7.88% |
| Industrial | 7.33% |
| Energy | 2.93% |
| Money Market Funds | 2.60% |
| Utilities | 2.32% |
| Basic Materials | 1.44% |
| Exchange-Traded Funds | 0.33% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.14)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC16SAR2-0

# Class 1

# LargeCap S&P 500 Managed Volatility Index Account
![Image](i1b2f459bf2a431c951779e53.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about LargeCap S&P 500 Managed Volatility Index Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $19 | 0.37%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$132,962

* Total Number of Portfolio Holdings510

* Portfolio Turnover Rate (annualized)17.9%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 93.22% |
| Investment Companies | 6.02% |
| Purchased Options | 0.03% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.73% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 29.71% |
| Communications | 14.99% |
| Financial | 13.95% |
| Consumer, Non-cyclical | 13.53% |
| Consumer, Cyclical | 7.57% |
| Industrial | 7.04% |
| Money Market Funds | 4.52% |
| Energy | 2.82% |
| Utilities | 2.23% |
| Exchange-Traded Funds | 1.50% |
| Basic Materials | 1.38% |
| Purchased Options | 0.03% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.73% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC42SAR1-0

# Class 1

# MidCap Account
![Image](ib1f4ae9aa146eb30a14ce0d6.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about MidCap Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $27 | 0.53%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$655,752

* Total Number of Portfolio Holdings75

* Portfolio Turnover Rate (annualized)14.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.86% |
| Investment Companies | 0.41% |
| Other Assets and Liabilities | (0.27)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 29.33% |
| Consumer, Cyclical | 23.58% |
| Industrial | 20.43% |
| Technology | 15.80% |
| Utilities | 3.60% |
| Consumer, Non-cyclical | 3.30% |
| Communications | 2.32% |
| Basic Materials | 1.50% |
| Money Market Funds | 0.41% |
| Other Assets and Liabilities | (0.27)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC19SAR1-0

# Class 2

# MidCap Account
![Image](i01d9bd7cb461cae492a73430.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about MidCap Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $40 | 0.78%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$655,752

* Total Number of Portfolio Holdings75

* Portfolio Turnover Rate (annualized)14.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.86% |
| Investment Companies | 0.41% |
| Other Assets and Liabilities | (0.27)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 29.33% |
| Consumer, Cyclical | 23.58% |
| Industrial | 20.43% |
| Technology | 15.80% |
| Utilities | 3.60% |
| Consumer, Non-cyclical | 3.30% |
| Communications | 2.32% |
| Basic Materials | 1.50% |
| Money Market Funds | 0.41% |
| Other Assets and Liabilities | (0.27)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC19SAR2-0

# Class 1

# Principal Capital Appreciation Account
![Image](i1ac6319de2259ea397ce08f1.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Principal Capital Appreciation Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $32 | 0.63%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$233,261

* Total Number of Portfolio Holdings99

* Portfolio Turnover Rate (annualized)59.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.63% |
| Investment Companies | 0.60% |
| Other Assets and Liabilities | (0.23)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 29.11% |
| Financial | 16.50% |
| Communications | 15.46% |
| Consumer, Non-cyclical | 12.83% |
| Consumer, Cyclical | 9.71% |
| Industrial | 7.98% |
| Energy | 3.86% |
| Utilities | 2.52% |
| Basic Materials | 1.66% |
| Money Market Funds | 0.60% |
| Other Assets and Liabilities | (0.23)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC21SAR1-0

# Class 2

# Principal Capital Appreciation Account
![Image](if988ec9d9e4e33af95132696.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Principal Capital Appreciation Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $44 | 0.88%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$233,261

* Total Number of Portfolio Holdings99

* Portfolio Turnover Rate (annualized)59.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.63% |
| Investment Companies | 0.60% |
| Other Assets and Liabilities | (0.23)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 29.11% |
| Financial | 16.50% |
| Communications | 15.46% |
| Consumer, Non-cyclical | 12.83% |
| Consumer, Cyclical | 9.71% |
| Industrial | 7.98% |
| Energy | 3.86% |
| Utilities | 2.52% |
| Basic Materials | 1.66% |
| Money Market Funds | 0.60% |
| Other Assets and Liabilities | (0.23)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC21SAR2-0

# Class 1

# Principal LifeTime 2020 Account
![Image](i8a4a6db79f2e93ea8f6b8bd1.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2020 Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $1 | 0.01%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$143,798

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)42.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.00% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 57.26% |
| Domestic Equity Funds | 29.37% |
| International Equity Funds | 12.97% |
| Specialty Funds | 0.40% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC23SAR1-0

# Class 1

# Principal LifeTime 2030 Account
![Image](i9ff2e65705d8f87c69fc19a2.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2030 Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $1 | 0.01%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$320,417

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)48.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.00% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 41.55% |
| Domestic Equity Funds | 40.06% |
| International Equity Funds | 17.91% |
| Specialty Funds | 0.48% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC24SAR1-0

# Class 1

# Principal LifeTime 2040 Account
![Image](i3cf283c34dc531b6286089a8.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2040 Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $1 | 0.01%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$206,799

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)51.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.00% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 54.34% |
| International Equity Funds | 24.38% |
| Fixed Income Funds | 21.28% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC25SAR1-0

# Class 1

# Principal LifeTime 2050 Account
![Image](i1387cdab4f255d875182c7a8.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2050 Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $1 | 0.02%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$93,218

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)65.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.00% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 65.43% |
| International Equity Funds | 29.61% |
| Fixed Income Funds | 4.96% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC26SAR1-0

# Class 1

# Principal LifeTime 2060 Account
![Image](i059df69847c5d8c792275eb4.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2060 Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $2 | 0.04%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$34,452

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)71.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 66.40% |
| International Equity Funds | 30.09% |
| Fixed Income Funds | 3.52% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC41SAR1-0

# Class 1

# Principal LifeTime Strategic Income Account
![Image](i4806ab188711ffe4f2bfa08e.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Strategic Income Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $2 | 0.03%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$54,244

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)41.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.00% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 63.81% |
| Domestic Equity Funds | 24.91% |
| International Equity Funds | 10.86% |
| Specialty Funds | 0.42% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC27SAR1-0

# Class 1

# Real Estate Securities Account
![Image](id9824eee7901ae3043355155.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Real Estate Securities Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $39 | 0.78%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$249,394

* Total Number of Portfolio Holdings37

* Portfolio Turnover Rate (annualized)16.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.05% |
| Investment Companies | 0.59% |
| Other Assets and Liabilities | 0.36% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 98.50% |
| Money Market Funds | 0.59% |
| Consumer, Cyclical | 0.55% |
| Other Assets and Liabilities | 0.36% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC28SAR1-0

# Class 2

# Real Estate Securities Account
![Image](i3b075c914e1ce55922bc854b.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Real Estate Securities Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $52 | 1.03%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$249,394

* Total Number of Portfolio Holdings37

* Portfolio Turnover Rate (annualized)16.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.05% |
| Investment Companies | 0.59% |
| Other Assets and Liabilities | 0.36% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 98.50% |
| Money Market Funds | 0.59% |
| Consumer, Cyclical | 0.55% |
| Other Assets and Liabilities | 0.36% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC28SAR2-0

# Class 1

# SAM Balanced Portfolio
![Image](id35825f99e2de101c4f002ed.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about SAM Balanced Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $12 | 0.23%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$570,035

* Total Number of Portfolio Holdings28

* Portfolio Turnover Rate (annualized)48.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 55.53% |
| Fixed Income Funds | 32.50% |
| International Equity Funds | 8.79% |
| Specialty Funds | 2.41% |
| Money Market Funds | 0.79% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC29SAR1-0

# Class 2

# SAM Balanced Portfolio
![Image](i0dcc97cf4b8e22d3a60c4418.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about SAM Balanced Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $25 | 0.48%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$570,035

* Total Number of Portfolio Holdings28

* Portfolio Turnover Rate (annualized)48.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 55.53% |
| Fixed Income Funds | 32.50% |
| International Equity Funds | 8.79% |
| Specialty Funds | 2.41% |
| Money Market Funds | 0.79% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC29SAR2-0

# Class 1

# SAM Conservative Balanced Portfolio
![Image](ia21ac57e0269c46a21bc4828.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about SAM Conservative Balanced Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $12 | 0.24%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$158,737

* Total Number of Portfolio Holdings28

* Portfolio Turnover Rate (annualized)40.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 55.51% |
| Domestic Equity Funds | 34.55% |
| International Equity Funds | 7.16% |
| Specialty Funds | 1.87% |
| Money Market Funds | 0.93% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC30SAR1-0

# Class 2

# SAM Conservative Balanced Portfolio
![Image](id788f35b17eef96653255f4a.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about SAM Conservative Balanced Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $25 | 0.49%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$158,737

* Total Number of Portfolio Holdings28

* Portfolio Turnover Rate (annualized)40.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 55.51% |
| Domestic Equity Funds | 34.55% |
| International Equity Funds | 7.16% |
| Specialty Funds | 1.87% |
| Money Market Funds | 0.93% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC30SAR2-0

# Class 1

# SAM Conservative Growth Portfolio
![Image](i4a06e7bfb32b79d826941914.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about SAM Conservative Growth Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $12 | 0.24%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$413,104

* Total Number of Portfolio Holdings27

* Portfolio Turnover Rate (annualized)42.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.03% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 67.65% |
| International Equity Funds | 14.93% |
| Fixed Income Funds | 14.72% |
| Specialty Funds | 2.25% |
| Money Market Funds | 0.48% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC31SAR1-0

# Class 2

# SAM Conservative Growth Portfolio
![Image](ib5fbfb271b522961d1713997.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about SAM Conservative Growth Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $25 | 0.49%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$413,104

* Total Number of Portfolio Holdings27

* Portfolio Turnover Rate (annualized)42.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.03% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 67.65% |
| International Equity Funds | 14.93% |
| Fixed Income Funds | 14.72% |
| Specialty Funds | 2.25% |
| Money Market Funds | 0.48% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC31SAR2-0

# Class 1

# SAM Flexible Income Portfolio
![Image](i5c999d8cf14529e7ccd9de8e.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about SAM Flexible Income Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $12 | 0.24%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$118,793

* Total Number of Portfolio Holdings25

* Portfolio Turnover Rate (annualized)30.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 72.12% |
| Domestic Equity Funds | 22.23% |
| International Equity Funds | 3.81% |
| Money Market Funds | 0.97% |
| Specialty Funds | 0.89% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC32SAR1-0

# Class 2

# SAM Flexible Income Portfolio
![Image](ia1910a5f0ad8b26ca5c9fa4f.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about SAM Flexible Income Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $25 | 0.49%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$118,793

* Total Number of Portfolio Holdings25

* Portfolio Turnover Rate (annualized)30.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.02% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 72.12% |
| Domestic Equity Funds | 22.23% |
| International Equity Funds | 3.81% |
| Money Market Funds | 0.97% |
| Specialty Funds | 0.89% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC32SAR2-0

# Class 1

# SAM Strategic Growth Portfolio
![Image](ic87306ec36aa896837af468d.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about SAM Strategic Growth Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $12 | 0.23%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$463,692

* Total Number of Portfolio Holdings21

* Portfolio Turnover Rate (annualized)44.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.03% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 76.92% |
| International Equity Funds | 19.89% |
| Specialty Funds | 2.40% |
| Fixed Income Funds | 0.44% |
| Money Market Funds | 0.38% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC33SAR1-0

# Class 2

# SAM Strategic Growth Portfolio
![Image](i9ac94bd4fa80d095e4372cb3.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about SAM Strategic Growth Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $25 | 0.48%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$463,692

* Total Number of Portfolio Holdings21

* Portfolio Turnover Rate (annualized)44.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.03% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 76.92% |
| International Equity Funds | 19.89% |
| Specialty Funds | 2.40% |
| Fixed Income Funds | 0.44% |
| Money Market Funds | 0.38% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC33SAR2-0

# Class 1

# Short-Term Income Account
![Image](ie7509d57cefcf4addf089fea.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about Short-Term Income Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $21 | 0.42%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$130,951

* Total Number of Portfolio Holdings381

* Portfolio Turnover Rate (annualized)48.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 88.41% |
| U.S. Government & Government Agency Obligations | 7.42% |
| Investment Companies | 4.24% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.07)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.13% |
| Asset Backed Securities | 21.92% |
| Mortgage Securities | 13.70% |
| Utilities | 8.10% |
| Government | 7.41% |
| Consumer, Non-cyclical | 5.33% |
| Energy | 4.81% |
| Technology | 4.45% |
| Money Market Funds | 4.24% |
| Industrial | 3.13% |
| Communications | 2.37% |
| Basic Materials | 0.77% |
| Consumer, Cyclical | 0.71% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.07)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC34SAR1-0

# Class 1

# SmallCap Account
![Image](if56fc1ef3ec3cbfaa6d51705.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about SmallCap Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $42 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$163,299

* Total Number of Portfolio Holdings124

* Portfolio Turnover Rate (annualized)15.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.67% |
| Investment Companies | 1.29% |
| Other Assets and Liabilities | (0.96)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 24.93% |
| Consumer, Non-cyclical | 23.77% |
| Industrial | 21.46% |
| Technology | 11.62% |
| Consumer, Cyclical | 10.04% |
| Energy | 2.82% |
| Utilities | 2.56% |
| Communications | 1.33% |
| Money Market Funds | 1.29% |
| Basic Materials | 1.14% |
| Other Assets and Liabilities | (0.96)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC35SAR1-0

# Class 2

# SmallCap Account
![Image](i3e2323365077b1b093d195ee.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about SmallCap Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $55 | 1.10%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$163,299

* Total Number of Portfolio Holdings124

* Portfolio Turnover Rate (annualized)15.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.67% |
| Investment Companies | 1.29% |
| Other Assets and Liabilities | (0.96)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 24.93% |
| Consumer, Non-cyclical | 23.77% |
| Industrial | 21.46% |
| Technology | 11.62% |
| Consumer, Cyclical | 10.04% |
| Energy | 2.82% |
| Utilities | 2.56% |
| Communications | 1.33% |
| Money Market Funds | 1.29% |
| Basic Materials | 1.14% |
| Other Assets and Liabilities | (0.96)% |
| Total Net Assets | 100.00% |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC35SAR2-0

# Class 2

# U.S. LargeCap S&P 500 Index Buffer April Account
![Image](i56611b10d51b28504abfd881.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about U.S. LargeCap S&P 500 Index Buffer April Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $48 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$42,573

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)34.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 91.58% |
| Purchased Options | 15.55% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (7.13)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Exchange-Traded Funds | 91.51% |
| Purchased Options | 15.55% |
| Money Market Funds | 0.07% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (7.13)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC902SAR2-0

# Class 2

# U.S. LargeCap S&P 500 Index Buffer January Account
![Image](ifa197a071b67c053e6c118b8.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about U.S. LargeCap S&P 500 Index Buffer January Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $49 | 0.96%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$40,601

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)54.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 140.19% |
| Purchased Options | 22.53% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (62.72)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Exchange-Traded Funds | 140.16% |
| Purchased Options | 22.53% |
| Money Market Funds | 0.03% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (62.72)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC900SAR2-0

# Class 2

# U.S. LargeCap S&P 500 Index Buffer July Account
![Image](i01310738af6838bffde17d00.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about U.S. LargeCap S&P 500 Index Buffer July Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $49 | 0.96%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$87,303

* Total Number of Portfolio Holdings8

* Portfolio Turnover Rate (annualized)54.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 51.28% |
| Purchased Options | 10.04% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 38.68% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Exchange-Traded Funds | 51.28% |
| Purchased Options | 10.04% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 38.68% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC898SAR2-0

# Class 2

# U.S. LargeCap S&P 500 Index Buffer October Account
![Image](i069c6d3669fee814e8d2ccd7.jpg)

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about U.S. LargeCap S&P 500 Index Buffer October Account (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/pvcprospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $49 | 0.96%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$44,031

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)8.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 109.39% |
| Purchased Options | 15.60% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (24.99)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Exchange-Traded Funds | 109.39% |
| Purchased Options | 15.60% |
| Money Market Funds | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (24.99)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **Changes in and Disagreements with Accountants** 
During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

## **Availability of Additional Information** 
The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/pvcprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

# PVC899SAR2-0

#### ITEM 2 – CODE OF ETHICS
Not applicable to semi-annual reports.

#### ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable to semi-annual reports.

#### ITEM 4 – PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable to semi-annual reports.

#### ITEM 5 – AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.

#### ITEM 6 – INVESTMENTS
Schedule of Investments is included as part of the Financial Statements filed under Item 7 of this form.

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

(a) Financial Statements

(b) Financial Highlights

Principal

Variable

Contracts

Funds,

Inc.

Semi-Annual

Financial

Statements

and

Additional

Information

June

30,

2025

Table

of

Contents

#### Not

#### FDIC

#### or

#### NCUA

#### insured

#### May

#### lose

#### value
• #### Not

#### a

#### deposit
• #### No

#### bank

#### or

#### credit

#### union

#### guarantee

#### Not

#### insured

#### by

#### any

#### Federal

#### government

#### agency
Financial

Statements

Notes

to

Financial

Statements

Schedules

of

Investments

Financial

Highlights

(Includes

performance

information)

Changes

in

and

Disagreements

with

Accountants

(N-CSR

Item

8)

Proxy

Disclosures

(N-CSR

Item

9)

Remuneration

Paid

to

Directors,

Officers

and

Others

(N-CSR

Item

10)

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

(N-CSR

Item

11)

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Blue

Chip

Account

Bond

Market

Index

Account

Core

Plus

Bond

Account

Investment

in

securities--at

cost

................................................................

$

19,685

$

2,003,514

$

224,760

Investment

in

affiliated

Funds--at

cost

..........................................................

$

$

38,160

$

3,378

Assets

Investment

in

securities--at

value

................................................................

$

26,743

$

1,872,632

(a) $

221,257

(a) Investment

in

affiliated

Funds--at

value

...........................................................

38,160

3,378

Cash

...............................................................................................

–

886

Deposits

with

counterparty

........................................................................

–

–

Receivables:

Dividends

and

interest

.......................................................................

13,341

1,625

Fund

shares

sold

.............................................................................

705

671

Investment

securities

sold

...................................................................

–

34,536

7,896

Variation

margin

on

futures

.................................................................

–

–

Prepaid

expenses

..................................................................................

–

–

Total

Assets

26,952

1,960,260

235,049

Liabilities

Accrued

management

and

investment

advisory

fees

..............................................

Accrued

distribution

fees

..........................................................................

–

–

Accrued

directors'

expenses

.......................................................................

Accrued

professional

fees

.........................................................................

Accrued

other

expenses

...........................................................................

–

–

Payables:

Fund

shares

redeemed

.......................................................................

8,962

Investment

securities

purchased

............................................................

–

61,081

24,076

Variation

margin

on

futures

.................................................................

–

–

Collateral

obligation

on

securities

loaned,

at

value

...............................................

–

4,061

1,314

Total

Liabilities

74,349

25,628

Net

Assets

Applicable

to

Outstanding

Shares

..................................................

$

26,925

$

1,885,911

$

209,421

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

19,303

$

2,088,501

$

231,184

Total

distributable

earnings

(accumulated

loss)

...................................................

7,622

(202,590)

(21,763)

Total

Net

Assets

$

26,925

$

1,885,911

$

209,421

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

400,000

300,000

400,000

Net

Asset

Value

Per

Share:

Class

:

Net

Assets

................................................................................

N/A

$

1,885,911

$

209,421

Shares

Issued

and

Outstanding

..............................................................

196,825

21,363

Net

Asset

Value

per

share

...................................................................

$

.58

$

.80

Class

:

Net

Assets

................................................................................

$

26,925

N/A

N/A

Shares

Issued

and

Outstanding

..............................................................

1,675

Net

Asset

Value

per

share

...................................................................

$

.07

(a) Includes

fair

market

value

of

securities

loaned;

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Diversified

Balanced

Account

Diversified

Balanced

Adaptive

Allocation

Account

Diversified

Balanced

Strategic

Allocation

Account

Investment

in

securities--at

cost

................................................................

$

–

$

43,146

$

–

Investment

in

affiliated

Funds--at

cost

..........................................................

$

407,944

$

168,987

$

82,868

Assets

Investment

in

securities--at

value

................................................................

$

–

$

44,608

$

–

Investment

in

affiliated

Funds--at

value

...........................................................

556,535

175,496

96,963

Receivables:

Dividends

and

interest

.......................................................................

–

–

Expense

reimbursement

from

Manager

.....................................................

–

–

Fund

shares

sold

.............................................................................

–

–

Investment

securities

sold

...................................................................

2,074

637

Prepaid

expenses

..................................................................................

Total

Assets

558,617

220,766

97,135

Liabilities

Accrued

management

and

investment

advisory

fees

..............................................

Accrued

distribution

fees

..........................................................................

Accrued

directors'

expenses

.......................................................................

Accrued

professional

fees

.........................................................................

Payables:

Fund

shares

redeemed

.......................................................................

2,079

709

Interfund

borrowing

.........................................................................

–

–

Total

Liabilities

2,218

852

Net

Assets

Applicable

to

Outstanding

Shares

..................................................

$

556,399

$

219,914

$

96,936

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

313,871

$

197,773

$

70,832

Total

distributable

earnings

(accumulated

loss)

...................................................

242,528

22,141

26,104

Total

Net

Assets

$

556,399

$

219,914

$

96,936

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

650,000

400,000

400,000

Net

Asset

Value

Per

Share:

Class

:

Net

Assets

................................................................................

$

34,180

N/A

N/A

Shares

Issued

and

Outstanding

..............................................................

2,189

Net

Asset

Value

per

share

...................................................................

$

.62

Class

:

Net

Assets

................................................................................

$

522,219

$

219,914

$

96,936

Shares

Issued

and

Outstanding

..............................................................

33,339

17,789

7,567

Net

Asset

Value

per

share

...................................................................

$

.66

$

.36

$

.81

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Diversified

Growth

Account

Diversified

Growth

Adaptive

Allocation

Account

Diversified

Growth

Strategic

Allocation

Account

Investment

in

securities--at

cost

................................................................

$

–

$

285,583

$

–

Investment

in

affiliated

Funds--at

cost

..........................................................

$

1,343,631

$

1,030,588

$

171,444

Assets

Investment

in

securities--at

value

................................................................

$

–

$

294,229

$

–

Investment

in

affiliated

Funds--at

value

...........................................................

2,056,748

1,157,958

217,488

Receivables:

Dividends

and

interest

.......................................................................

–

–

Investment

securities

sold

...................................................................

10,339

5,850

1,499

Prepaid

expenses

..................................................................................

Total

Assets

2,067,090

1,458,224

218,990

Liabilities

Accrued

management

and

investment

advisory

fees

..............................................

Accrued

distribution

fees

..........................................................................

Accrued

directors'

expenses

.......................................................................

Accrued

professional

fees

.........................................................................

Payables:

Fund

shares

redeemed

.......................................................................

10,339

6,924

1,499

Interfund

borrowing

.........................................................................

–

–

Total

Liabilities

10,863

7,685

1,560

Net

Assets

Applicable

to

Outstanding

Shares

..................................................

$

2,056,227

$

1,450,539

$

217,430

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

858,417

$

1,242,951

$

140,302

Total

distributable

earnings

(accumulated

loss)

...................................................

1,197,810

207,588

77,128

Total

Net

Assets

$

2,056,227

$

1,450,539

$

217,430

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

500,000

400,000

400,000

Net

Asset

Value

Per

Share:

Class

:

Net

Assets

................................................................................

$

2,056,227

$

1,450,539

$

217,430

Shares

Issued

and

Outstanding

..............................................................

104,978

108,954

15,446

Net

Asset

Value

per

share

...................................................................

$

.59

$

.31

$

.08

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Diversified

Income

Account

Diversified

International

Account

Equity

Income

Account

Investment

in

securities--at

cost

................................................................

$

–

$

202,917

$

355,049

Investment

in

affiliated

Funds--at

cost

..........................................................

$

169,592

$

3,926

$

14,508

Foreign

currency--at

cost

........................................................................

$

–

$

$

–

Assets

Investment

in

securities--at

value

................................................................

$

–

$

276,718

(a) $

694,617

(a) Investment

in

affiliated

Funds--at

value

...........................................................

191,760

3,926

14,508

Foreign

currency--at

value

........................................................................

–

–

Cash

...............................................................................................

–

–

Receivables:

Dividends

and

interest

.......................................................................

–

556

1,012

Fund

shares

sold

.............................................................................

–

1,565

1,739

Investment

securities

sold

...................................................................

1,274

–

4,410

Prepaid

expenses

..................................................................................

–

–

Total

Assets

193,038

282,801

716,286

Liabilities

Accrued

management

and

investment

advisory

fees

..............................................

Accrued

distribution

fees

..........................................................................

–

Accrued

directors'

expenses

.......................................................................

Accrued

foreign

tax

...............................................................................

–

–

Accrued

professional

fees

.........................................................................

Accrued

other

expenses

...........................................................................

–

Payables:

Fund

shares

redeemed

.......................................................................

1,276

974

Investment

securities

purchased

............................................................

–

3,496

Collateral

obligation

on

securities

loaned,

at

value

...............................................

–

3,959

Total

Liabilities

1,330

919

8,724

Net

Assets

Applicable

to

Outstanding

Shares

..................................................

$

191,708

$

281,882

$

707,562

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

152,948

$

177,652

$

253,559

Total

distributable

earnings

(accumulated

loss)

...................................................

38,760

104,230

454,003

Total

Net

Assets

$

191,708

$

281,882

$

707,562

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

250,000

300,000

400,000

Net

Asset

Value

Per

Share:

Class

:

Net

Assets

................................................................................

N/A

$

281,882

$

623,137

Shares

Issued

and

Outstanding

..............................................................

15,026

19,129

Net

Asset

Value

per

share

...................................................................

$

.76

$

.58

Class

:

Net

Assets

................................................................................

$

191,708

N/A

$

84,425

Shares

Issued

and

Outstanding

..............................................................

14,162

2,635

Net

Asset

Value

per

share

...................................................................

$

.54

$

.04

(a) Includes

fair

market

value

of

securities

loaned;

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Global

Emerging

Markets

Account

Government

&

High

Quality

Bond

Account

LargeCap

Growth

Account

I

Investment

in

securities--at

cost

................................................................

$

57,915

$

131,019

$

398,627

Investment

in

affiliated

Funds--at

cost

..........................................................

$

1,282

$

1,898

$

13,554

Foreign

currency--at

cost

........................................................................

$

$

–

$

–

Assets

Investment

in

securities--at

value

................................................................

$

73,007

$

126,030

$

605,914

(a) Investment

in

affiliated

Funds--at

value

...........................................................

1,282

1,898

13,554

Foreign

currency--at

value

........................................................................

–

–

Deposits

with

counterparty

........................................................................

–

Receivables:

Dividends

and

interest

.......................................................................

Expense

reimbursement

from

Manager

.....................................................

–

–

Foreign

tax

refund

...........................................................................

–

–

Fund

shares

sold

.............................................................................

Investment

securities

sold

...................................................................

10,199

Variation

margin

on

futures

.................................................................

–

Prepaid

expenses

..................................................................................

–

–

Total

Assets

74,592

138,881

620,068

Liabilities

Accrued

management

and

investment

advisory

fees

..............................................

Accrued

directors'

expenses

.......................................................................

Accrued

foreign

tax

...............................................................................

–

–

Accrued

professional

fees

.........................................................................

–

Accrued

other

expenses

...........................................................................

–

Cash

overdraft

.....................................................................................

–

Payables:

Fund

shares

redeemed

.......................................................................

1,299

Investment

securities

purchased

............................................................

30,257

Variation

margin

on

futures

.................................................................

–

–

Collateral

obligation

on

securities

loaned,

at

value

...............................................

–

–

Total

Liabilities

30,336

2,097

Net

Assets

Applicable

to

Outstanding

Shares

..................................................

$

74,119

$

108,545

$

617,971

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

55,119

$

136,941

$

259,038

Total

distributable

earnings

(accumulated

loss)

...................................................

19,000

(28,396)

358,933

Total

Net

Assets

$

74,119

$

108,545

$

617,971

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

200,000

200,000

200,000

Net

Asset

Value

Per

Share:

Class

:

Net

Assets

................................................................................

$

74,119

$

108,545

$

617,971

Shares

Issued

and

Outstanding

..............................................................

4,111

12,669

11,958

Net

Asset

Value

per

share

...................................................................

$

.03

$

.57

$

.68

(a) Includes

fair

market

value

of

securities

loaned;

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

LargeCap

S&P

500

Index

Account

LargeCap

S&P

500

Managed

Volatility

Index

Account

MidCap

Account

Investment

in

securities--at

cost

................................................................

$

1,123,866

$

61,943

$

418,416

Investment

in

affiliated

Funds--at

cost

..........................................................

$

65,613

$

5,984

$

2,415

Assets

Investment

in

securities--at

value

................................................................

$

2,468,378

(a) $

126,005

(a) $

655,135

(a) Investment

in

affiliated

Funds--at

value

...........................................................

65,613

5,984

2,415

Deposits

with

counterparty

........................................................................

–

1,588

–

Receivables:

Dividends

and

interest

.......................................................................

1,414

Fund

shares

sold

.............................................................................

4,670

–

Investment

securities

sold

...................................................................

1,689

Variation

margin

on

futures

.................................................................

–

Prepaid

expenses

..................................................................................

–

–

Total

Assets

2,540,581

133,790

659,422

Liabilities

Accrued

management

and

investment

advisory

fees

..............................................

Accrued

distribution

fees

..........................................................................

–

Accrued

directors'

expenses

.......................................................................

Accrued

professional

fees

.........................................................................

Accrued

other

expenses

...........................................................................

–

Cash

overdraft

.....................................................................................

–

–

Payables:

Fund

shares

redeemed

.......................................................................

9,425

733

536

Investment

securities

purchased

............................................................

–

–

737

Options

and

swaptions

contracts

written

(premiums

received

$

,

$

678

and

$

0)

...........

–

–

Collateral

obligation

on

securities

loaned,

at

value

...............................................

2,088

Total

Liabilities

10,210

828

3,670

Net

Assets

Applicable

to

Outstanding

Shares

..................................................

$

2,530,371

$

132,962

$

655,752

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

576,128

$

30,428

$

272,929

Total

distributable

earnings

(accumulated

loss)

...................................................

1,954,243

102,534

382,823

Total

Net

Assets

$

2,530,371

$

132,962

$

655,752

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

300,000

100,000

105,000

Net

Asset

Value

Per

Share:

Class

:

Net

Assets

................................................................................

$

2,458,249

$

132,962

$

604,474

Shares

Issued

and

Outstanding

..............................................................

92,388

7,226

8,249

Net

Asset

Value

per

share

...................................................................

$

.61

$

.40

$

.27

Class

:

Net

Assets

................................................................................

$

72,122

N/A

$

51,278

Shares

Issued

and

Outstanding

..............................................................

2,775

714

Net

Asset

Value

per

share

...................................................................

$

.99

$

.83

(a) Includes

fair

market

value

of

securities

loaned;

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

Capital

Appreciation

Account

Principal

LifeTime

2020

Account

Principal

LifeTime

2030

Account

Investment

in

securities--at

cost

................................................................

$

116,940

$

–

$

–

Investment

in

affiliated

Funds--at

cost

..........................................................

$

1,405

$

134,224

$

292,011

Assets

Investment

in

securities--at

value

................................................................

$

232,399

$

–

$

–

Investment

in

affiliated

Funds--at

value

...........................................................

1,405

143,802

320,422

Receivables:

Dividends

and

interest

.......................................................................

Fund

shares

sold

.............................................................................

1,746

Investment

securities

sold

...................................................................

–

3,372

–

Prepaid

expenses

..................................................................................

Total

Assets

233,950

147,671

322,557

Liabilities

Accrued

management

and

investment

advisory

fees

..............................................

–

–

Accrued

distribution

fees

..........................................................................

–

–

Accrued

directors'

expenses

.......................................................................

Accrued

professional

fees

.........................................................................

Payables:

Fund

shares

redeemed

.......................................................................

547

3,618

Investment

securities

purchased

............................................................

–

1,964

Total

Liabilities

689

3,873

2,140

Net

Assets

Applicable

to

Outstanding

Shares

..................................................

$

233,261

$

143,798

$

320,417

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

90,361

$

123,566

$

264,728

Total

distributable

earnings

(accumulated

loss)

...................................................

142,900

20,232

55,689

Total

Net

Assets

$

233,261

$

143,798

$

320,417

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

200,000

200,000

200,000

Net

Asset

Value

Per

Share:

Class

:

Net

Assets

................................................................................

$

144,781

$

143,798

$

320,417

Shares

Issued

and

Outstanding

..............................................................

3,266

10,539

21,940

Net

Asset

Value

per

share

...................................................................

$

.34

$

.64

$

.60

Class

:

Net

Assets

................................................................................

$

88,480

N/A

N/A

Shares

Issued

and

Outstanding

..............................................................

2,045

Net

Asset

Value

per

share

...................................................................

$

.26

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

2040

Account

Principal

LifeTime

2050

Account

Principal

LifeTime

2060

Account

Investment

in

affiliated

Funds--at

cost

..........................................................

$

181,431

$

78,829

$

30,456

Assets

Investment

in

affiliated

Funds--at

value

...........................................................

$

206,802

$

93,222

$

34,455

Receivables:

Dividends

and

interest

.......................................................................

Fund

shares

sold

.............................................................................

1,305

Investment

securities

sold

...................................................................

–

–

Prepaid

expenses

..................................................................................

Total

Assets

208,253

93,742

34,688

Liabilities

Accrued

directors'

expenses

.......................................................................

Accrued

professional

fees

.........................................................................

Payables:

Fund

shares

redeemed

.......................................................................

501

Investment

securities

purchased

............................................................

1,412

Total

Liabilities

1,454

524

Net

Assets

Applicable

to

Outstanding

Shares

..................................................

$

206,799

$

93,218

$

34,452

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

165,183

$

71,104

$

27,884

Total

distributable

earnings

(accumulated

loss)

...................................................

41,616

22,114

6,568

Total

Net

Assets

$

206,799

$

93,218

$

34,452

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

200,000

200,000

100,000

Net

Asset

Value

Per

Share:

Class

:

Net

Assets

................................................................................

$

206,799

$

93,218

$

34,452

Shares

Issued

and

Outstanding

..............................................................

10,683

4,842

1,835

Net

Asset

Value

per

share

...................................................................

$

.36

$

.25

$

.78

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

Strategic

Income

Account

Real

Estate

Securities

Account

SAM

Balanced

Portfolio

Investment

in

securities--at

cost

................................................................

$

–

$

234,346

$

–

Investment

in

affiliated

Funds--at

cost

..........................................................

$

53,710

$

1,468

$

451,274

Assets

Investment

in

securities--at

value

................................................................

$

–

$

247,035

$

–

Investment

in

affiliated

Funds--at

value

...........................................................

54,245

1,468

570,163

Receivables:

Dividends

and

interest

.......................................................................

1,155

Fund

shares

sold

.............................................................................

Investment

securities

sold

...................................................................

–

–

854

Prepaid

expenses

..................................................................................

Total

Assets

54,464

250,062

571,440

Liabilities

Accrued

management

and

investment

advisory

fees

..............................................

–

Accrued

distribution

fees

..........................................................................

–

Accrued

directors'

expenses

.......................................................................

Accrued

professional

fees

.........................................................................

Payables:

Fund

shares

redeemed

.......................................................................

870

Investment

securities

purchased

............................................................

Total

Liabilities

668

1,405

Net

Assets

Applicable

to

Outstanding

Shares

..................................................

$

54,244

$

249,394

$

570,035

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

50,331

$

220,831

$

383,227

Total

distributable

earnings

(accumulated

loss)

...................................................

3,913

28,563

186,808

Total

Net

Assets

$

54,244

$

249,394

$

570,035

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

200,000

300,000

300,000

Net

Asset

Value

Per

Share:

Class

:

Net

Assets

................................................................................

$

54,244

$

154,410

$

421,230

Shares

Issued

and

Outstanding

..............................................................

4,495

8,271

26,062

Net

Asset

Value

per

share

...................................................................

$

.07

$

.67

$

.16

Class

:

Net

Assets

................................................................................

N/A

$

94,984

$

148,805

Shares

Issued

and

Outstanding

..............................................................

5,085

9,393

Net

Asset

Value

per

share

...................................................................

$

.68

$

.84

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

SAM

Conservative

Balanced

Portfolio

SAM

Conservative

Growth

Portfolio

SAM

Flexible

Income

Portfolio

Investment

in

affiliated

Funds--at

cost

..........................................................

$

136,310

$

303,199

$

108,663

Assets

Investment

in

affiliated

Funds--at

value

...........................................................

$

158,772

$

413,217

$

118,819

Receivables:

Dividends

and

interest

.......................................................................

Fund

shares

sold

.............................................................................

Investment

securities

sold

...................................................................

Prepaid

expenses

..................................................................................

Total

Assets

159,041

413,457

119,136

Liabilities

Accrued

management

and

investment

advisory

fees

..............................................

Accrued

distribution

fees

..........................................................................

Accrued

directors'

expenses

.......................................................................

Accrued

professional

fees

.........................................................................

Payables:

Fund

shares

redeemed

.......................................................................

Investment

securities

purchased

............................................................

Total

Liabilities

Net

Assets

Applicable

to

Outstanding

Shares

..................................................

$

158,737

$

413,104

$

118,793

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

126,595

$

259,165

$

110,846

Total

distributable

earnings

(accumulated

loss)

...................................................

32,142

153,939

7,947

Total

Net

Assets

$

158,737

$

413,104

$

118,793

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

200,000

200,000

200,000

Net

Asset

Value

Per

Share:

Class

:

Net

Assets

................................................................................

$

125,315

$

212,642

$

87,306

Shares

Issued

and

Outstanding

..............................................................

10,113

8,934

7,481

Net

Asset

Value

per

share

...................................................................

$

.39

$

.80

$

.67

Class

:

Net

Assets

................................................................................

$

33,422

$

200,462

$

31,487

Shares

Issued

and

Outstanding

..............................................................

2,752

8,618

2,742

Net

Asset

Value

per

share

...................................................................

$

.15

$

.26

$

.48

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

SAM

Strategic

Growth

Portfolio

Short-Term

Income

Account

SmallCap

Account

Investment

in

securities--at

cost

................................................................

$

–

$

126,399

$

130,835

Investment

in

affiliated

Funds--at

cost

..........................................................

$

340,032

$

4,445

$

1,182

Assets

Investment

in

securities--at

value

................................................................

$

–

$

126,596

(a) $

163,685

(a) Investment

in

affiliated

Funds--at

value

...........................................................

463,819

4,445

1,182

Cash

...............................................................................................

–

–

Deposits

with

counterparty

........................................................................

–

–

Receivables:

Dividends

and

interest

.......................................................................

1,066

Fund

shares

sold

.............................................................................

1,193

Investment

securities

sold

...................................................................

–

–

Variation

margin

on

futures

.................................................................

–

–

Prepaid

expenses

..................................................................................

Total

Assets

464,018

133,386

165,064

Liabilities

Accrued

management

and

investment

advisory

fees

..............................................

Accrued

distribution

fees

..........................................................................

–

Accrued

directors'

expenses

.......................................................................

Accrued

professional

fees

.........................................................................

Payables:

Fund

shares

redeemed

.......................................................................

728

Investment

securities

purchased

............................................................

–

550

Collateral

obligation

on

securities

loaned,

at

value

...............................................

–

1,107

926

Total

Liabilities

2,435

1,765

Net

Assets

Applicable

to

Outstanding

Shares

..................................................

$

463,692

$

130,951

$

163,299

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

289,398

$

124,872

$

118,781

Total

distributable

earnings

(accumulated

loss)

...................................................

174,294

6,079

44,518

Total

Net

Assets

$

463,692

$

130,951

$

163,299

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

200,000

400,000

200,000

Net

Asset

Value

Per

Share:

Class

:

Net

Assets

................................................................................

$

227,977

$

130,951

$

154,035

Shares

Issued

and

Outstanding

..............................................................

8,003

49,910

9,768

Net

Asset

Value

per

share

...................................................................

$

.49

$

.62

$

.77

Class

:

Net

Assets

................................................................................

$

235,715

N/A

$

9,264

Shares

Issued

and

Outstanding

..............................................................

8,459

594

Net

Asset

Value

per

share

...................................................................

$

.87

$

.60

(a) Includes

fair

market

value

of

securities

loaned;

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

U.S.

LargeCap

S&P

500

Index

Buffer

April

Account

(a) U.S.

LargeCap

S&P

500

Index

Buffer

January

Account

(b) U.S.

LargeCap

S&P

500

Index

Buffer

July

Account

(c) Investment

in

securities--at

cost

................................................................

$

40,383

$

63,990

$

49,720

Investment

in

affiliated

Funds--at

cost

..........................................................

$

$

$

–

Assets

Investment

in

securities--at

value

................................................................

$

45,578

$

66,054

$

53,538

Investment

in

affiliated

Funds--at

value

...........................................................

–

Cash

...............................................................................................

14,038

Receivables:

Dividends

and

interest

.......................................................................

Expense

reimbursement

from

Manager

.....................................................

Fund

shares

sold

.............................................................................

–

–

35,740

Investment

securities

sold

...................................................................

1,038

9,177

Prepaid

expenses

..................................................................................

Total

Assets

45,662

67,176

112,525

Liabilities

Accrued

management

and

investment

advisory

fees

..............................................

Accrued

distribution

fees

..........................................................................

Accrued

directors'

expenses

.......................................................................

Accrued

professional

fees

.........................................................................

Payables:

Fund

shares

redeemed

.......................................................................

1,373

24,025

–

Interfund

borrowing

.........................................................................

–

750

–

Investment

securities

purchased

............................................................

23,189

Options

and

swaptions

contracts

written

(premiums

received

$

1,706

,

$

2,241

and

$

1,939)

1,658

1,462

1,998

Total

Liabilities

3,089

26,575

25,222

Net

Assets

Applicable

to

Outstanding

Shares

..................................................

$

42,573

$

40,601

$

87,303

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

36,350

$

28,546

$

76,867

Total

distributable

earnings

(accumulated

loss)

...................................................

6,223

12,055

10,436

Total

Net

Assets

$

42,573

$

40,601

$

87,303

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

200,000

200,000

200,000

Net

Asset

Value

Per

Share:

Class

:

Net

Assets

................................................................................

$

42,573

$

40,601

$

87,303

Shares

Issued

and

Outstanding

..............................................................

3,931

3,268

6,109

Net

Asset

Value

per

share

...................................................................

$

.83

$

.43

$

.30

(a) Effective

May

1,

2025,

U.S.

LargeCap

Buffer

April

Account

changed

its

name

to

U.S.

LargeCap

S&P

500

Index

Buffer

April

Account.

(b) Effective

May

1,

2025,

U.S.

LargeCap

Buffer

January

Account

changed

its

name

to

U.S.

LargeCap

S&P

500

Index

Buffer

January

Account.

(c) Effective

May

1,

2025,

U.S.

LargeCap

Buffer

July

Account

changed

its

name

to

U.S.

LargeCap

S&P

500

Index

Buffer

July

Account.

Statements

of

Assets

and

Liabilities

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

U.S.

LargeCap

S&P

500

Index

Buffer

October

Account

(a) Investment

in

securities--at

cost

............................................................................................................................

$

52,975

Assets

Investment

in

securities--at

value

............................................................................................................................

$

55,034

Receivables:

Dividends

and

interest

...................................................................................................................................

Investment

securities

sold

...............................................................................................................................

Prepaid

expenses

..............................................................................................................................................

Total

Assets

55,339

Liabilities

Accrued

management

and

investment

advisory

fees

..........................................................................................................

Accrued

distribution

fees

......................................................................................................................................

Accrued

directors'

expenses

...................................................................................................................................

Accrued

professional

fees

.....................................................................................................................................

Cash

overdraft

.................................................................................................................................................

Payables:

Fund

shares

redeemed

...................................................................................................................................

10,358

Investment

securities

purchased

........................................................................................................................

Options

and

swaptions

contracts

written

(premiums

received

$

1,953)

.................................................................................

680

Total

Liabilities

11,308

Net

Assets

Applicable

to

Outstanding

Shares

..............................................................................................................

$

44,031

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.................................................................................................................

$

33,657

Total

distributable

earnings

(accumulated

loss)

...............................................................................................................

10,374

Total

Net

Assets

$

44,031

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..............................................................................................................................................

200,000

Net

Asset

Value

Per

Share:

Class

:

Net

Assets

............................................................................................................................................

$

44,031

Shares

Issued

and

Outstanding

..........................................................................................................................

3,027

Net

Asset

Value

per

share

...............................................................................................................................

$

.55

(a) Effective

May

1,

2025,

U.S.

LargeCap

Buffer

October

Account

changed

its

name

to

U.S.

LargeCap

S&P

500

Index

Buffer

October

Account.

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Blue

Chip

Account

(a),(b)

Bond

Market

Index

Account

Core

Plus

Bond

Account

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

$

681

$

Dividends

...............................................................................................

Withholding

tax

........................................................................................

(1)

–

–

Interest

..................................................................................................

–

36,879

5,110

Securities

lending

-

net

.................................................................................

–

Total

Income

37,720

5,340

Expenses:

Management

and

investment

advisory

fees

............................................................

1,391

Distribution

f

ees

-

Class

..............................................................................

N/A

N/A

Distribution

f

ees

-

Class

..............................................................................

N/A

N/A

Administrative

service

fees

-

Class

..................................................................

N/A

N/A

Chief

compliance

officer

expenses

.....................................................................

–

–

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

–

Total

Gross

Expenses

1,446

504

Less:

Reimbursement

from

Manager

-

Class

........................................................

N/A

N/A

Less:

Reimbursement

from

Manager

-

Class

........................................................

N/A

N/A

Total

Net

Expenses

1,446

504

Net

Investment

Income

(Loss)

(49)

36,274

4,836

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

futures

and

swap

agreements

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

1,141

(39,120)

(1,528)

Futures

contracts

.......................................................................................

–

–

(775)

Swap

agreements

.......................................................................................

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

1,003

82,094

4,367

Futures

contracts

.......................................................................................

–

–

1,247

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

futures

and

swap

agreements

2,144

42,974

3,362

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

2,095

$

79,248

$

8,198

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

May

1,

2025. (b) Class

shares

commenced

operations

on

April

30,

2025. Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Diversified

Balanced

Account

(a) Diversified

Balanced

Adaptive

Allocation

Account

(a) Diversified

Balanced

Strategic

Allocation

Account

(a) Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

–

$

$

–

Dividends

...............................................................................................

–

–

Interest

..................................................................................................

–

–

Total

Income

–

521

–

Expenses:

Management

and

investment

advisory

fees

............................................................

Distribution

f

ees

-

Class

..............................................................................

675

Distribution

f

ees

-

Class

..............................................................................

–

–

Administrative

service

fees

-

Class

..................................................................

–

–

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

–

Total

Gross

Expenses

835

Less:

Reimbursement

from

Manager

-

Class

........................................................

–

–

Total

Net

Expenses

835

Net

Investment

Income

(Loss)

(835)

(160)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

–

(3,734)

–

Investment

transactions

in

affiliated

Funds

............................................................

18,646

1,027

1,966

Futures

contracts

.......................................................................................

–

(3,653)

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

–

(646)

–

Investments

in

affiliated

Funds

.........................................................................

11,120

8,007

3,461

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

29,766

1,001

5,427

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

28,931

$

1,098

$

5,267

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

May

1,

2025. Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Diversified

Growth

Account

(a) Diversified

Growth

Adaptive

Allocation

Account

(a) Diversified

Growth

Strategic

Allocation

Account

(a) Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

–

$

2,352

$

–

Dividends

...............................................................................................

–

1,023

–

Interest

..................................................................................................

–

–

Total

Income

–

3,466

–

Expenses:

Management

and

investment

advisory

fees

............................................................

538

885

Distribution

f

ees

-

Class

..............................................................................

2,691

1,844

Distribution

f

ees

-

Class

..............................................................................

–

–

Administrative

service

fees

-

Class

..................................................................

–

–

Chief

compliance

officer

expenses

.....................................................................

–

Custodian

fees

..........................................................................................

–

–

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

–

Total

Expenses

3,266

2,758

Net

Investment

Income

(Loss)

(3,266)

708

(348)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

–

(21,890)

–

Investment

transactions

in

affiliated

Funds

............................................................

115,109

7,427

5,780

Futures

contracts

.......................................................................................

–

(45,063)

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

–

(5,263)

–

Investments

in

affiliated

Funds

.........................................................................

5,323

59,227

7,595

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

120,432

(5,562)

13,375

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

117,166

$

(4,854)

$

13,027

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

May

1,

2025. Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Diversified

Income

Account

(a) Diversified

International

Account

Equity

Income

Account

(a) Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

–

$

$

Dividends

...............................................................................................

–

5,273

7,660

Withholding

tax

........................................................................................

–

(371)

(137)

Securities

lending

-

net

.................................................................................

–

Total

Income

–

4,949

7,749

Expenses:

Management

and

investment

advisory

fees

............................................................

1,054

1,594

Distribution

f

ees

-

Class

..............................................................................

N/A

Distribution

f

ees

-

Class

..............................................................................

–

N/A

Administrative

service

fees

-

Class

..................................................................

–

N/A

Custodian

fees

..........................................................................................

–

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

–

Total

Expenses

1,104

1,716

Net

Investment

Income

(Loss)

(310)

3,845

6,033

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

foreign

currencies

Net

realized

gain

(loss)

from:

Investment

transactions

(net

of

foreign

taxes

of

$

,

$

(5)

and

$

,

respectively)

......................

–

9,667

24,117

Investment

transactions

in

affiliated

Funds

............................................................

2,081

–

–

Foreign

currency

transactions

..........................................................................

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

(net

of

foreign

taxes

of

$

,

$

(90)

and

$

,

respectively)

..................................

–

32,779

8,656

Investments

in

affiliated

Funds

.........................................................................

7,290

–

–

Translation

of

assets

and

liabilities

in

foreign

currencies

..............................................

–

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

foreign

currencies

9,371

42,495

32,773

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

9,061

$

46,340

$

38,806

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

May

1,

2025. Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Global

Emerging

Markets

Account

Government

&

High

Quality

Bond

Account

LargeCap

Growth

Account

I

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

$

$

Dividends

...............................................................................................

1,108

–

1,449

Withholding

tax

........................................................................................

(101)

–

(11)

Interest

..................................................................................................

–

2,386

Securities

lending

-

net

.................................................................................

–

Total

Income

1,033

2,426

1,712

Expenses:

Management

and

investment

advisory

fees

............................................................

2,015

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

–

–

Total

Gross

Expenses

2,037

Less: Reimbursement

from

Manager

..................................................................

–

–

Total

Net

Expenses

1,990

Net

Investment

Income

(Loss)

643

2,152

(278)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

(net

of

foreign

taxes

of

$

(51)

,

$

and

$

,

respectively)

.....................

2,926

(1,647)

61,861

Foreign

currency

transactions

..........................................................................

(17)

–

–

Futures

contracts

.......................................................................................

–

(221)

(142)

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

(net

of

foreign

taxes

of

$

(39)

,

$

and

$

,

respectively)

..................................

7,660

4,067

(19,811)

Futures

contracts

.......................................................................................

–

Translation

of

assets

and

liabilities

in

foreign

currencies

..............................................

–

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

10,572

2,344

42,076

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

11,215

$

4,496

$

41,798

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

LargeCap

S&P

500

Index

Account

LargeCap

S&P

500

Managed

Volatility

Index

Account

MidCap

Account

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

1,084

$

$

Dividends

...............................................................................................

16,451

863

2,530

Withholding

tax

........................................................................................

(4)

–

(84)

Interest

..................................................................................................

–

Securities

lending

-

net

.................................................................................

–

Total

Income

17,540

1,030

2,488

Expenses:

Management

and

investment

advisory

fees

............................................................

2,366

1,762

Distribution

f

ees

-

Class

..............................................................................

N/A

Chief

compliance

officer

expenses

.....................................................................

–

–

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Expenses

2,516

1,842

Net

Investment

Income

(Loss)

15,024

773

646

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

futures

and

options

and

swaptions

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

153,682

14,126

65,261

Futures

contracts

.......................................................................................

(990)

–

Options

and

swaptions

.................................................................................

–

(781)

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

(22,530)

(6,184)

(28,275)

Futures

contracts

.......................................................................................

1,378

–

Options

and

swaptions

.................................................................................

–

527

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

futures

and

options

and

swaptions

131,540

7,827

36,986

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

146,564

$

8,600

$

37,632

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

Capital

Appreciation

Account

Principal

LifeTime

2020

Account

Principal

LifeTime

2030

Account

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

$

1,645

$

2,616

Dividends

...............................................................................................

1,178

–

–

Withholding

tax

........................................................................................

(16)

–

–

Interest

..................................................................................................

–

–

Total

Income

1,224

1,645

2,616

Expenses:

Management

and

investment

advisory

fees

............................................................

682

N/A

N/A

Distribution

f

ees

-

Class

..............................................................................

N/A

N/A

Custodian

fees

..........................................................................................

–

–

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Total

Expenses

792

Net

Investment

Income

(Loss)

1,637

2,606

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

8,043

–

–

Investment

transactions

in

affiliated

Funds

............................................................

–

(832)

2,339

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

–

582

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

–

–

Investments

in

affiliated

Funds

.........................................................................

–

7,191

14,636

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

8,149

6,561

17,557

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

8,581

$

8,198

$

20,163

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2040

Account

Principal

LifeTime

2050

Account

Principal

LifeTime

2060

Account

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

1,034

$

$

Total

Income

1,034

Expenses:

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Total

Expenses

Net

Investment

Income

(Loss)

1,026

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

779

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

12,136

6,619

2,419

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

13,393

7,123

2,638

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

14,419

$

7,325

$

2,701

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Strategic

Income

Account

Real

Estate

Securities

Account

SAM

Balanced

Portfolio

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

668

$

$

3,631

Dividends

...............................................................................................

–

4,071

–

Interest

..................................................................................................

–

–

Total

Income

668

4,134

3,631

Expenses:

Management

and

investment

advisory

fees

............................................................

N/A

966

645

Distribution

f

ees

-

Class

..............................................................................

N/A

Custodian

fees

..........................................................................................

–

–

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

–

–

Total

Expenses

1,098

838

Net

Investment

Income

(Loss)

661

3,036

2,793

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

–

(34)

Investment

transactions

in

affiliated

Funds

............................................................

(268)

–

16,669

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

–

3,295

–

Investments

in

affiliated

Funds

.........................................................................

2,386

–

14,481

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

2,179

3,554

31,411

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

2,840

$

6,590

$

34,204

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

SAM

Conservative

Balanced

Portfolio

SAM

Conservative

Growth

Portfolio

SAM

Flexible

Income

Portfolio

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

1,525

$

1,400

$

1,367

Total

Income

1,525

1,400

1,367

Expenses:

Management

and

investment

advisory

fees

............................................................

Distribution

f

ees

-

Class

..............................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

–

–

Total

Expenses

708

Net

Investment

Income

(Loss)

1,298

692

1,184

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

(7)

(28)

(5)

Investment

transactions

in

affiliated

Funds

............................................................

3,423

11,029

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

3,673

14,310

4,242

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

7,144

25,550

4,451

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

8,442

$

26,242

$

5,635

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

SAM

Strategic

Growth

Portfolio

Short-Term

Income

Account

SmallCap

Account

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

$

$

Dividends

...............................................................................................

–

–

994

Withholding

tax

........................................................................................

–

–

(3)

Interest

..................................................................................................

–

2,818

–

Securities

lending

-

net

.................................................................................

–

Total

Income

2,897

1,026

Expenses:

Management

and

investment

advisory

fees

............................................................

508

665

Distribution

f

ees

-

Class

..............................................................................

N/A

Custodian

fees

..........................................................................................

–

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Total

Expenses

798

688

Net

Investment

Income

(Loss)

(306)

2,629

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

(43)

(42)

2,308

Investment

transactions

in

affiliated

Funds

............................................................

13,863

–

–

Futures

contracts

.......................................................................................

–

(7)

–

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

–

1,367

(1,957)

Investments

in

affiliated

Funds

.........................................................................

18,324

–

–

Futures

contracts

.......................................................................................

–

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

32,517

1,444

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

32,211

$

4,073

$

689

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

U.S.

LargeCap

S&P

500

Index

Buffer

April

Account

(a) U.S.

LargeCap

S&P

500

Index

Buffer

January

Account

(b) U.S.

LargeCap

S&P

500

Index

Buffer

July

Account

(c) Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

$

$

Dividends

...............................................................................................

Interest

..................................................................................................

–

–

Total

Income

Expenses:

Management

and

investment

advisory

fees

............................................................

Distribution

f

ees

-

Class

..............................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

Less:

Reimbursement

from

Manager

-

Class

........................................................

Total

Net

Expenses

Net

Investment

Income

(Loss)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

options

and

swaptions

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

(731)

2,411

(332)

Options

and

swaptions

.................................................................................

1,055

703

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

1,902

(261)

1,773

Options

and

swaptions

.................................................................................

(469)

794

(390)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

options

and

swaptions

1,757

3,090

1,754

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

1,792

$

3,158

$

1,781

(a) Effective

May

1,

2025,

U.S.

LargeCap

Buffer

April

Account

changed

its

name

to

U.S.

LargeCap

S&P

500

Index

Buffer

April

Account.

(b) Effective

May

1,

2025,

U.S.

LargeCap

Buffer

January

Account

changed

its

name

to

U.S.

LargeCap

S&P

500

Index

Buffer

January

Account.

(c) Effective

May

1,

2025,

U.S.

LargeCap

Buffer

July

Account

changed

its

name

to

U.S.

LargeCap

S&P

500

Index

Buffer

July

Account.

Statements

of

Operations

Principal

Variable

Contracts

Funds,

Inc.

Six

Months

Ended

June

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

U.S.

LargeCap

S&P

500

Index

Buffer

October

Account

(a) Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

............................................................................................................................

$

Dividends

...................................................................................................................................................

Total

Income

Expenses:

Management

and

investment

advisory

fees

................................................................................................................

Distribution

f

ees

-

Class

..................................................................................................................................

Custodian

fees

..............................................................................................................................................

Directors'

expenses

.........................................................................................................................................

Professional fees

...........................................................................................................................................

Technology

fees

............................................................................................................................................

Other

expenses

.............................................................................................................................................

Total

Gross

Expenses

Less:

Reimbursement

from

Manager

-

Class

............................................................................................................

Total

Net

Expenses

Net

Investment

Income

(Loss)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

options

and

swaptions

Net

realized

gain

(loss)

from:

Investment

transactions

....................................................................................................................................

2,625

Options

and

swaptions

.....................................................................................................................................

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.................................................................................................................................................

(987)

Options

and

swaptions

.....................................................................................................................................

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

options

and

swaptions

2,446

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

2,486

(a) Effective

May

1,

2025,

U.S.

LargeCap

Buffer

October

Account

changed

its

name

to

U.S.

LargeCap

S&P

500

Index

Buffer

October

Account.

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Blue

Chip

Account

Period

Ended

June

30,

2025

(a),

(b) Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

(49)

$

(85)

Net

realized

gain

(loss)

on

investments

......................................................................................................

1,141

566

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

1,003

3,330

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

2,095

3,811

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

–

Total

Dividends

and

Distributions

–

–

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

1,197

3,626

Total

Increase

(Decrease)

in

Net

Assets

3,292

7,437

Net

Assets

Beginning

of

period

..........................................................................................................................

23,633

16,196

End

of

period

................................................................................................................................

$

26,925

$

23,633

Class

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

(a),

(b) Dollars:

Sold

...................................................................................................

$

25,344

$

2,072

Redeemed

...............................................................................................

(697)

(25,522)

Net

Increase

(Decrease)

$

24,647

$

(23,450)

Shares:

Sold

...................................................................................................

1,720

Redeemed

...............................................................................................

(45)

(1,735)

Net

Increase

(Decrease)

1,675

(1,596)

Year

Ended

December

31,

2024

Dollars:

Sold

...................................................................................................

N/A

$

6,681

Redeemed

...............................................................................................

N/A

(3,055)

Net

Increase

(Decrease)

N/A

$

3,626

Shares:

Sold

...................................................................................................

N/A

Redeemed

...............................................................................................

N/A

(219)

Net

Increase

(Decrease)

N/A

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–

$

–

Total

Dividends

and

Distributions

$

–

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

N/A

$

–

Total

Dividends

and

Distributions

N/A

$

–

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

May

1,

2025. (b) Period

from

April

30,

2025,

date

operations

commenced,

through

June

30,

2025

for

Class

shares.

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Bond

Market

Index

Account

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

36,274

$

80,215

Net

realized

gain

(loss)

on

investments

......................................................................................................

(39,120)

(50,594)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

82,094

(132)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

79,248

29,489

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(71,809)

Total

Dividends

and

Distributions

–

(71,809)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(353,621)

(237,675)

Total

Increase

(Decrease)

in

Net

Assets

(274,373)

(279,995)

Net

Assets

Beginning

of

period

..........................................................................................................................

2,160,284

2,440,279

End

of

period

................................................................................................................................

$

1,885,911

$

2,160,284

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

..............................................................................................................

$

108,527

Redeemed

..........................................................................................................

(462,148)

Net

Increase

(Decrease)

$

(353,621)

Shares:

Sold

..............................................................................................................

11,591

Redeemed

..........................................................................................................

(49,199)

Net

Increase

(Decrease)

(37,608)

Year

Ended

December

31,

2024

Dollars:

Sold

..............................................................................................................

$

339,696

Reinvested

.........................................................................................................

71,809

Redeemed

..........................................................................................................

(649,180)

Net

Increase

(Decrease)

$

(237,675)

Shares:

Sold

..............................................................................................................

36,541

Reinvested

.........................................................................................................

7,527

Redeemed

..........................................................................................................

(69,268)

Net

Increase

(Decrease)

(25,200)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–

Total

Dividends

and

Distributions

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(71,809)

Total

Dividends

and

Distributions

$

(71,809)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Core

Plus

Bond

Account

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

4,836

$

8,727

Net

realized

gain

(loss)

on

investments

,

futures

and

swap

agreements

......................................................................

(2,252)

(6,583)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...........................................................

5,614

(91)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

8,198

2,053

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(6,636)

Total

Dividends

and

Distributions

–

(6,636)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(3,400)

9,935

Total

Increase

(Decrease)

in

Net

Assets

4,798

5,352

Net

Assets

Beginning

of

period

..........................................................................................................................

204,623

199,271

End

of

period

................................................................................................................................

$

209,421

$

204,623

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

..............................................................................................................

$

19,064

Redeemed

..........................................................................................................

(22,464)

Net

Increase

(Decrease)

$

(3,400)

Shares:

Sold

..............................................................................................................

1,987

Redeemed

..........................................................................................................

(2,351)

Net

Increase

(Decrease)

(364)

Year

Ended

December

31,

2024

Dollars:

Sold

..............................................................................................................

$

35,483

Reinvested

.........................................................................................................

6,636

Redeemed

..........................................................................................................

(32,184)

Net

Increase

(Decrease)

$

9,935

Shares:

Sold

..............................................................................................................

3,717

Reinvested

.........................................................................................................

678

Redeemed

..........................................................................................................

(3,359)

Net

Increase

(Decrease)

1,036

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–

Total

Dividends

and

Distributions

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(6,636)

Total

Dividends

and

Distributions

$

(6,636)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Diversified

Balanced

Account

Period

Ended

June

30,

2025

(a) Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

(835)

$

15,047

Net

realized

gain

(loss)

on

investments

......................................................................................................

18,646

73,665

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

11,120

(23,113)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

28,931

65,599

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(33,327)

Total

Dividends

and

Distributions

–

(33,327)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(94,763)

(147,231)

Total

Increase

(Decrease)

in

Net

Assets

(65,832)

(114,959)

Net

Assets

Beginning

of

period

..........................................................................................................................

622,231

737,190

End

of

period

................................................................................................................................

$

556,399

$

622,231

Class

Class

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

(a) Dollars:

Sold

.........................................................................................

$

$

3,343

$

Redeemed

.....................................................................................

(2,365)

(93,786)

(2,518)

Net

Increase

(Decrease)

$

(1,902)

$

(90,443)

$

(2,418)

Shares:

Sold

.........................................................................................

Redeemed

.....................................................................................

(158)

(6,245)

(173)

Net

Increase

(Decrease)

(127)

(6,019)

(166)

Year

Ended

December

31,

2024

Dollars:

Sold

.........................................................................................

$

1,470

$

5,208

$

Reinvested

....................................................................................

1,798

31,410

Redeemed

.....................................................................................

(4,277)

(183,131)

(244)

Net

Increase

(Decrease)

$

(1,009)

$

(146,513)

$

Shares:

Sold

.........................................................................................

Reinvested

....................................................................................

2,112

Redeemed

.....................................................................................

(289)

(12,284)

(17)

Net

Increase

(Decrease)

(68)

(9,820)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

(a) From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

–

$

–

$

–

Total

Dividends

and

Distributions

$

–

$

–

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(1,798)

$

(31,410)

$

(119)

Total

Dividends

and

Distributions

$

(1,798)

$

(31,410)

$

(119)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

May

1,

2025. Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Diversified

Balanced

Adaptive

Allocation

Account

Period

Ended

June

30,

2025

(a) Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

$

5,289

Net

realized

gain

(loss)

on

investments

and

futures

.........................................................................................

(6,360)

17,103

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

7,361

(2,297)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,098

20,095

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(6,924)

Total

Dividends

and

Distributions

–

(6,924)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(16,100)

(19,577)

Total

Increase

(Decrease)

in

Net

Assets

(15,002)

(6,406)

Net

Assets

Beginning

of

period

..........................................................................................................................

234,916

241,322

End

of

period

................................................................................................................................

$

219,914

$

234,916

Class

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

(a) Dollars:

Sold

...................................................................................................

$

877

–

Redeemed

...............................................................................................

(16,965)

(12)

Net

Increase

(Decrease)

$

(16,088)

$

(12)

Shares:

Sold

...................................................................................................

–

Redeemed

...............................................................................................

(1,387)

(1)

Net

Increase

(Decrease)

(1,316)

(1)

Year

Ended

December

31,

2024

Dollars:

Sold

...................................................................................................

$

6,292

–

Reinvested

..............................................................................................

6,924

–

Redeemed

...............................................................................................

(32,793)

–

Net

Increase

(Decrease)

$

(19,577)

–

Shares:

Sold

...................................................................................................

517

–

Reinvested

..............................................................................................

563

–

Redeemed

...............................................................................................

(2,677)

–

Net

Increase

(Decrease)

(1,597)

–

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

(a) From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–

$

–

Total

Dividends

and

Distributions

$

–

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(6,924)

$

–

Total

Dividends

and

Distributions

$

(6,924)

$

–

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

May

1,

2025. Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Diversified

Balanced

Strategic

Allocation

Account

Period

Ended

June

30,

2025

(a) Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

(160)

$

2,730

Net

realized

gain

(loss)

on

investments

......................................................................................................

1,966

9,293

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

3,461

(1,075)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

5,267

10,948

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(5,495)

Total

Dividends

and

Distributions

–

(5,495)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(20,863)

(27,049)

Total

Increase

(Decrease)

in

Net

Assets

(15,596)

(21,596)

Net

Assets

Beginning

of

period

..........................................................................................................................

112,532

134,128

End

of

period

................................................................................................................................

$

96,936

$

112,532

Class

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

(a) Dollars:

Sold

...................................................................................................

$

989

–

Redeemed

...............................................................................................

(21,841)

(11)

Net

Increase

(Decrease)

$

(20,852)

$

(11)

Shares:

Sold

...................................................................................................

–

Redeemed

...............................................................................................

(1,780)

(1)

Net

Increase

(Decrease)

(1,699)

(1)

Year

Ended

December

31,

2024

Dollars:

Sold

...................................................................................................

$

3,196

–

Reinvested

..............................................................................................

5,494

Redeemed

...............................................................................................

(35,740)

–

Net

Increase

(Decrease)

$

(27,050)

$

Shares:

Sold

...................................................................................................

–

Reinvested

..............................................................................................

–

Redeemed

...............................................................................................

(2,936)

–

Net

Increase

(Decrease)

(2,223)

–

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

(a) From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–

$

–

Total

Dividends

and

Distributions

$

–

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(5,494)

$

(1)

Total

Dividends

and

Distributions

$

(5,494)

$

(1)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

May

1,

2025. Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Diversified

Growth

Account

Period

Ended

June

30,

2025

(a) Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

(3,266)

$

54,059

Net

realized

gain

(loss)

on

investments

......................................................................................................

115,109

410,514

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

5,323

(123,795)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

117,166

340,778

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(134,538)

Total

Dividends

and

Distributions

–

(134,538)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(444,933)

(899,482)

Total

Increase

(Decrease)

in

Net

Assets

(327,767)

(693,242)

Net

Assets

Beginning

of

period

..........................................................................................................................

2,383,994

3,077,236

End

of

period

................................................................................................................................

$

2,056,227

$

2,383,994

Class

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

(a) Dollars:

Sold

...................................................................................................

$

5,217

$

Redeemed

...............................................................................................

(449,055)

(1,112)

Net

Increase

(Decrease)

$

(443,838)

$

(1,095)

Shares:

Sold

...................................................................................................

Redeemed

...............................................................................................

(24,054)

(62)

Net

Increase

(Decrease)

(23,776)

(61)

Year

Ended

December

31,

2024

Dollars:

Sold

...................................................................................................

$

79,775

$

793

Reinvested

..............................................................................................

134,479

Redeemed

...............................................................................................

(1,114,544)

(44)

Net

Increase

(Decrease)

$

(900,290)

$

808

Shares:

Sold

...................................................................................................

4,326

Reinvested

..............................................................................................

7,341

Redeemed

...............................................................................................

(60,309)

(2)

Net

Increase

(Decrease)

(48,642)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

(a) From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–

$

–

Total

Dividends

and

Distributions

$

–

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(134,479)

$

(59)

Total

Dividends

and

Distributions

$

(134,479)

$

(59)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

May

1,

2025. Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Diversified

Growth

Adaptive

Allocation

Account

Period

Ended

June

30,

2025

(a) Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

708

$

31,935

Net

realized

gain

(loss)

on

investments

and

futures

.........................................................................................

(59,526)

106,349

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

53,964

18,221

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(4,854)

156,505

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(48,169)

Total

Dividends

and

Distributions

–

(48,169)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(93,404)

Total

Increase

(Decrease)

in

Net

Assets

(98,258)

108,447

Net

Assets

Beginning

of

period

..........................................................................................................................

1,548,797

1,440,350

End

of

period

................................................................................................................................

$

1,450,539

$

1,548,797

Class

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

(a) Dollars:

Sold

...................................................................................................

$

3,821

–

Redeemed

...............................................................................................

(97,213)

(12)

Net

Increase

(Decrease)

$

(93,392)

$

(12)

Shares:

Sold

...................................................................................................

–

Redeemed

...............................................................................................

(7,383)

(1)

Net

Increase

(Decrease)

(7,091)

(1)

Year

Ended

December

31,

2024

Dollars:

Sold

...................................................................................................

$

61,654

–

Reinvested

..............................................................................................

48,169

–

Redeemed

...............................................................................................

(109,712)

–

Net

Increase

(Decrease)

$

–

Shares:

Sold

...................................................................................................

4,727

–

Reinvested

..............................................................................................

3,644

–

Redeemed

...............................................................................................

(8,285)

–

Net

Increase

(Decrease)

–

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

(a) From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–

$

–

Total

Dividends

and

Distributions

$

–

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(48,169)

$

–

Total

Dividends

and

Distributions

$

(48,169)

$

–

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

May

1,

2025. Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Diversified

Growth

Strategic

Allocation

Account

Period

Ended

June

30,

2025

(a) Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

(348)

$

5,399

Net

realized

gain

(loss)

on

investments

......................................................................................................

5,780

26,535

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

7,595

(2,170)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

13,027

29,764

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(13,836)

Total

Dividends

and

Distributions

–

(13,836)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(38,946)

(66,029)

Total

Increase

(Decrease)

in

Net

Assets

(25,919)

(50,101)

Net

Assets

Beginning

of

period

..........................................................................................................................

243,349

293,450

End

of

period

................................................................................................................................

$

217,430

$

243,349

Class

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

(a) Dollars:

Sold

...................................................................................................

$

2,820

–

Redeemed

...............................................................................................

(41,754)

(12)

Net

Increase

(Decrease)

$

(38,934)

$

(12)

Shares:

Sold

...................................................................................................

–

Redeemed

...............................................................................................

(3,111)

(1)

Net

Increase

(Decrease)

(2,897)

(1)

Year

Ended

December

31,

2024

Dollars:

Sold

...................................................................................................

$

26,949

–

Reinvested

..............................................................................................

13,835

Redeemed

...............................................................................................

(106,814)

–

Net

Increase

(Decrease)

$

(66,030)

$

Shares:

Sold

...................................................................................................

2,013

–

Reinvested

..............................................................................................

1,051

–

Redeemed

...............................................................................................

(8,032)

–

Net

Increase

(Decrease)

(4,968)

–

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

(a) From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–

$

–

Total

Dividends

and

Distributions

$

–

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(13,835)

$

(1)

Total

Dividends

and

Distributions

$

(13,835)

$

(1)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

May

1,

2025. Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Diversified

Income

Account

Period

Ended

June

30,

2025

(a) Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

(310)

$

5,561

Net

realized

gain

(loss)

on

investments

......................................................................................................

2,081

12,556

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

7,290

(1,769)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

9,061

16,348

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(9,381)

Total

Dividends

and

Distributions

–

(9,381)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(31,745)

(39,628)

Total

Increase

(Decrease)

in

Net

Assets

(22,684)

(32,661)

Net

Assets

Beginning

of

period

..........................................................................................................................

214,392

247,053

End

of

period

................................................................................................................................

$

191,708

$

214,392

Class

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

(a) Dollars:

Sold

...................................................................................................

$

8,048

–

Redeemed

...............................................................................................

(39,628)

(165)

Net

Increase

(Decrease)

$

(31,580)

$

(165)

Shares:

Sold

...................................................................................................

621

–

Redeemed

...............................................................................................

(3,034)

(12)

Net

Increase

(Decrease)

(2,413)

(12)

Year

Ended

December

31,

2024

Dollars:

Sold

...................................................................................................

$

27,116

$

Reinvested

..............................................................................................

9,377

Redeemed

...............................................................................................

(76,195)

(4)

Net

Increase

(Decrease)

$

(39,702)

$

Shares:

Sold

...................................................................................................

2,098

Reinvested

..............................................................................................

719

–

Redeemed

...............................................................................................

(5,886)

–

Net

Increase

(Decrease)

(3,069)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

(a) From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–

$

–

Total

Dividends

and

Distributions

$

–

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(9,377)

$

(4)

Total

Dividends

and

Distributions

$

(9,377)

$

(4)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

May

1,

2025. Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Diversified

International

Account

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

3,845

$

4,092

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.............................................................................

9,682

21,407

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

...............................................

32,813

(12,916)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

46,340

12,583

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(8,034)

Total

Dividends

and

Distributions

–

(8,034)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(9,806)

(15,276)

Total

Increase

(Decrease)

in

Net

Assets

36,534

(10,727)

Net

Assets

Beginning

of

period

..........................................................................................................................

245,348

256,075

End

of

period

................................................................................................................................

$

281,882

$

245,348

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

..............................................................................................................

$

12,974

Redeemed

..........................................................................................................

(22,780)

Net

Increase

(Decrease)

$

(9,806)

Shares:

Sold

..............................................................................................................

746

Redeemed

..........................................................................................................

(1,317)

Net

Increase

(Decrease)

(571)

Year

Ended

December

31,

2024

Dollars:

Sold

..............................................................................................................

$

16,604

Reinvested

.........................................................................................................

8,034

Redeemed

..........................................................................................................

(39,914)

Net

Increase

(Decrease)

$

(15,276)

Shares:

Sold

..............................................................................................................

1,014

Reinvested

.........................................................................................................

Redeemed

..........................................................................................................

(2,433)

Net

Increase

(Decrease)

(933)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–

Total

Dividends

and

Distributions

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(8,034)

Total

Dividends

and

Distributions

$

(8,034)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Equity

Income

Account

Period

Ended

June

30,

2025

(a) Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

6,033

$

12,921

Net

realized

gain

(loss)

on

investments

......................................................................................................

24,117

72,860

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

8,656

14,740

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

38,806

100,521

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(21,125)

Total

Dividends

and

Distributions

–

(21,125)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(22,316)

(53,326)

Total

Increase

(Decrease)

in

Net

Assets

16,490

26,070

Net

Assets

Beginning

of

period

..........................................................................................................................

691,072

665,002

End

of

period

................................................................................................................................

$

707,562

$

691,072

Class

Class

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

(a) Dollars:

Sold

.........................................................................................

$

37,635

$

9,652

$

790

Redeemed

.....................................................................................

(64,006)

(3,604)

(2,783)

Net

Increase

(Decrease)

$

(26,371)

$

6,048

$

(1,993)

Shares:

Sold

.........................................................................................

1,215

Redeemed

.....................................................................................

(2,035)

(117)

(94)

Net

Increase

(Decrease)

(820)

(68)

Year

Ended

December

31,

2024

Dollars:

Sold

.........................................................................................

$

30,615

$

5,315

$

1,360

Reinvested

....................................................................................

19,040

2,029

Redeemed

.....................................................................................

(104,378)

(6,739)

(624)

Net

Increase

(Decrease)

$

(54,723)

$

605

$

792

Shares:

Sold

.........................................................................................

1,031

Reinvested

....................................................................................

625

Redeemed

.....................................................................................

(3,458)

(229)

(20)

Net

Increase

(Decrease)

(1,802)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

(a) From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

–

$

–

$

–

Total

Dividends

and

Distributions

$

–

$

–

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(19,040)

$

(2,029)

$

(56)

Total

Dividends

and

Distributions

$

(19,040)

$

(2,029)

$

(56)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

May

1,

2025. Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Global

Emerging

Markets

Account

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

643

$

839

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.............................................................................

2,909

3,926

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

...............................................

7,663

(313)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

11,215

4,452

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(1,362)

Total

Dividends

and

Distributions

–

(1,362)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(2,571)

(5,022)

Total

Increase

(Decrease)

in

Net

Assets

8,644

(1,932)

Net

Assets

Beginning

of

period

..........................................................................................................................

65,475

67,407

End

of

period

................................................................................................................................

$

74,119

$

65,475

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

..............................................................................................................

$

3,386

Redeemed

..........................................................................................................

(5,957)

Net

Increase

(Decrease)

$

(2,571)

Shares:

Sold

..............................................................................................................

Redeemed

..........................................................................................................

(366)

Net

Increase

(Decrease)

(159)

Year

Ended

December

31,

2024

Dollars:

Sold

..............................................................................................................

$

4,726

Reinvested

.........................................................................................................

1,362

Redeemed

..........................................................................................................

(11,110)

Net

Increase

(Decrease)

$

(5,022)

Shares:

Sold

..............................................................................................................

Reinvested

.........................................................................................................

Redeemed

..........................................................................................................

(717)

Net

Increase

(Decrease)

(320)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–

Total

Dividends

and

Distributions

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(1,362)

Total

Dividends

and

Distributions

$

(1,362)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Government

&

High

Quality

Bond

Account

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

2,152

$

3,903

Net

realized

gain

(loss)

on

investments

and

futures

.........................................................................................

(1,868)

(3,382)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...........................................................

4,212

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

4,496

825

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(3,581)

Total

Dividends

and

Distributions

–

(3,581)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(7,325)

(7,578)

Total

Increase

(Decrease)

in

Net

Assets

(2,829)

(10,334)

Net

Assets

Beginning

of

period

..........................................................................................................................

111,374

121,708

End

of

period

................................................................................................................................

$

108,545

$

111,374

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

..............................................................................................................

$

8,900

Redeemed

..........................................................................................................

(16,225)

Net

Increase

(Decrease)

$

(7,325)

Shares:

Sold

..............................................................................................................

1,060

Redeemed

..........................................................................................................

(1,934)

Net

Increase

(Decrease)

(874)

Year

Ended

December

31,

2024

Dollars:

Sold

..............................................................................................................

$

11,650

Reinvested

.........................................................................................................

3,581

Redeemed

..........................................................................................................

(22,809)

Net

Increase

(Decrease)

$

(7,578)

Shares:

Sold

..............................................................................................................

1,396

Reinvested

.........................................................................................................

Redeemed

..........................................................................................................

(2,733)

Net

Increase

(Decrease)

(919)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–

Total

Dividends

and

Distributions

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(3,581)

Total

Dividends

and

Distributions

$

(3,581)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

LargeCap

Growth

Account

I

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

(278)

$

(621)

Net

realized

gain

(loss)

on

investments

and

futures

.........................................................................................

61,719

104,008

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...........................................................

(19,643)

36,695

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

41,798

140,082

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(30,731)

Total

Dividends

and

Distributions

–

(30,731)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(69,037)

(44,213)

Total

Increase

(Decrease)

in

Net

Assets

(27,239)

65,138

Net

Assets

Beginning

of

period

..........................................................................................................................

645,210

580,072

End

of

period

................................................................................................................................

$

617,971

$

645,210

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

..............................................................................................................

$

26,018

Redeemed

..........................................................................................................

(95,055)

Net

Increase

(Decrease)

$

(69,037)

Shares:

Sold

..............................................................................................................

546

Redeemed

..........................................................................................................

(1,985)

Net

Increase

(Decrease)

(1,439)

Year

Ended

December

31,

2024

Dollars:

Sold

..............................................................................................................

$

44,420

Reinvested

.........................................................................................................

30,731

Redeemed

..........................................................................................................

(119,364)

Net

Increase

(Decrease)

$

(44,213)

Shares:

Sold

..............................................................................................................

976

Reinvested

.........................................................................................................

675

Redeemed

..........................................................................................................

(2,606)

Net

Increase

(Decrease)

(955)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–

Total

Dividends

and

Distributions

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(30,731)

Total

Dividends

and

Distributions

$

(30,731)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

LargeCap

S&P

500

Index

Account

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

15,024

$

33,695

Net

realized

gain

(loss)

on

investments

and

futures

.........................................................................................

152,692

528,056

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...........................................................

(21,152)

60,470

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

146,564

622,221

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(204,909)

Total

Dividends

and

Distributions

–

(204,909)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(250,099)

(570,897)

Total

Increase

(Decrease)

in

Net

Assets

(103,535)

(153,585)

Net

Assets

Beginning

of

period

..........................................................................................................................

2,633,906

2,787,491

End

of

period

................................................................................................................................

$

2,530,371

$

2,633,906

Class

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

...................................................................................................

$

170,865

$

3,140

Redeemed

...............................................................................................

(419,729)

(4,375)

Net

Increase

(Decrease)

$

(248,864)

$

(1,235)

Shares:

Sold

...................................................................................................

6,959

Redeemed

...............................................................................................

(16,803)

(179)

Net

Increase

(Decrease)

(9,844)

(50)

Year

Ended

December

31,

2024

Dollars:

Sold

...................................................................................................

$

181,051

$

12,721

Reinvested

..............................................................................................

200,078

4,831

Redeemed

...............................................................................................

(960,688)

(8,890)

Net

Increase

(Decrease)

$

(579,559)

$

8,662

Shares:

Sold

...................................................................................................

7,451

534

Reinvested

..............................................................................................

8,410

Redeemed

...............................................................................................

(39,491)

(372)

Net

Increase

(Decrease)

(23,630)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–

$

–

Total

Dividends

and

Distributions

$

–

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(200,078)

$

(4,831)

Total

Dividends

and

Distributions

$

(200,078)

$

(4,831)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

LargeCap

S&P

500

Managed

Volatility

Index

Account

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

773

$

2,029

Net

realized

gain

(loss)

on

investments

,

futures

and

options

and

swaptions

................................................................

13,458

38,483

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

futures

and

options

and

swaptions

.................................

(5,631)

(6,086)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

8,600

34,426

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(18,687)

Total

Dividends

and

Distributions

–

(18,687)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(23,573)

(46,279)

Total

Increase

(Decrease)

in

Net

Assets

(14,973)

(30,540)

Net

Assets

Beginning

of

period

..........................................................................................................................

147,935

178,475

End

of

period

................................................................................................................................

$

132,962

$

147,935

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

..............................................................................................................

$

8,384

Redeemed

..........................................................................................................

(31,957)

Net

Increase

(Decrease)

$

(23,573)

Shares:

Sold

..............................................................................................................

Redeemed

..........................................................................................................

(1,852)

Net

Increase

(Decrease)

(1,354)

Year

Ended

December

31,

2024

Dollars:

Sold

..............................................................................................................

$

10,119

Reinvested

.........................................................................................................

18,687

Redeemed

..........................................................................................................

(75,085)

Net

Increase

(Decrease)

$

(46,279)

Shares:

Sold

..............................................................................................................

576

Reinvested

.........................................................................................................

1,136

Redeemed

..........................................................................................................

(4,321)

Net

Increase

(Decrease)

(2,609)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–

Total

Dividends

and

Distributions

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(18,687)

Total

Dividends

and

Distributions

$

(18,687)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

MidCap

Account

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

646

$

1,901

Net

realized

gain

(loss)

on

investments

......................................................................................................

65,261

87,732

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(28,275)

28,524

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

37,632

118,157

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(56,394)

Total

Dividends

and

Distributions

–

(56,394)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(76,272)

17,899

Total

Increase

(Decrease)

in

Net

Assets

(38,640)

79,662

Net

Assets

Beginning

of

period

..........................................................................................................................

694,392

614,730

End

of

period

................................................................................................................................

$

655,752

$

694,392

Class

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

...................................................................................................

$

11,342

$

2,071

Redeemed

...............................................................................................

(87,431)

(2,254)

Net

Increase

(Decrease)

$

(76,089)

$

(183)

Shares:

Sold

...................................................................................................

Redeemed

...............................................................................................

(1,240)

(34)

Net

Increase

(Decrease)

(1,079)

(3)

Year

Ended

December

31,

2024

Dollars:

Sold

...................................................................................................

$

73,092

$

4,143

Reinvested

..............................................................................................

52,321

4,073

Redeemed

...............................................................................................

(110,791)

(4,939)

Net

Increase

(Decrease)

$

14,622

$

3,277

Shares:

Sold

...................................................................................................

1,051

Reinvested

..............................................................................................

788

Redeemed

...............................................................................................

(1,609)

(73)

Net

Increase

(Decrease)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–

$

–

Total

Dividends

and

Distributions

$

–

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(52,321)

$

(4,073)

Total

Dividends

and

Distributions

$

(52,321)

$

(4,073)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

Capital

Appreciation

Account

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

$

1,028

Net

realized

gain

(loss)

on

investments

......................................................................................................

8,043

20,999

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

23,672

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

8,581

45,699

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(7,828)

Total

Dividends

and

Distributions

–

(7,828)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

3,080

Total

Increase

(Decrease)

in

Net

Assets

11,661

38,275

Net

Assets

Beginning

of

period

..........................................................................................................................

221,600

183,325

End

of

period

................................................................................................................................

$

233,261

$

221,600

Class

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

...................................................................................................

$

9,323

$

11,051

Redeemed

...............................................................................................

(14,535)

(2,759)

Net

Increase

(Decrease)

$

(5,212)

$

8,292

Shares:

Sold

...................................................................................................

Redeemed

...............................................................................................

(345)

(67)

Net

Increase

(Decrease)

(120)

Year

Ended

December

31,

2024

Dollars:

Sold

...................................................................................................

$

6,747

$

19,832

Reinvested

..............................................................................................

5,479

2,349

Redeemed

...............................................................................................

(28,844)

(5,159)

Net

Increase

(Decrease)

$

(16,618)

$

17,022

Shares:

Sold

...................................................................................................

Reinvested

..............................................................................................

Redeemed

...............................................................................................

(717)

(130)

Net

Increase

(Decrease)

(414)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–

$

–

Total

Dividends

and

Distributions

$

–

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(5,479)

$

(2,349)

Total

Dividends

and

Distributions

$

(5,479)

$

(2,349)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2020

Account

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

1,637

$

4,186

Net

realized

gain

(loss)

on

investments

......................................................................................................

(630)

7,107

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

7,191

(711)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

8,198

10,582

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(6,018)

Total

Dividends

and

Distributions

–

(6,018)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(9,832)

(11,205)

Total

Increase

(Decrease)

in

Net

Assets

(1,634)

(6,641)

Net

Assets

Beginning

of

period

..........................................................................................................................

145,432

152,073

End

of

period

................................................................................................................................

$

143,798

$

145,432

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

..............................................................................................................

$

12,991

Redeemed

..........................................................................................................

(22,823)

Net

Increase

(Decrease)

$

(9,832)

Shares:

Sold

..............................................................................................................

995

Redeemed

..........................................................................................................

(1,737)

Net

Increase

(Decrease)

(742)

Year

Ended

December

31,

2024

Dollars:

Sold

..............................................................................................................

$

20,028

Reinvested

.........................................................................................................

6,018

Redeemed

..........................................................................................................

(37,251)

Net

Increase

(Decrease)

$

(11,205)

Shares:

Sold

..............................................................................................................

1,539

Reinvested

.........................................................................................................

Redeemed

..........................................................................................................

(2,892)

Net

Increase

(Decrease)

(889)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–

Total

Dividends

and

Distributions

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(6,018)

Total

Dividends

and

Distributions

$

(6,018)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2030

Account

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

2,606

$

7,326

Net

realized

gain

(loss)

on

investments

......................................................................................................

2,921

16,864

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

14,636

822

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

20,163

25,012

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(9,364)

Total

Dividends

and

Distributions

–

(9,364)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

3,539

5,007

Total

Increase

(Decrease)

in

Net

Assets

23,702

20,655

Net

Assets

Beginning

of

period

..........................................................................................................................

296,715

276,060

End

of

period

................................................................................................................................

$

320,417

$

296,715

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

..............................................................................................................

$

29,562

Redeemed

..........................................................................................................

(26,023)

Net

Increase

(Decrease)

$

3,539

Shares:

Sold

..............................................................................................................

2,127

Redeemed

..........................................................................................................

(1,869)

Net

Increase

(Decrease)

Year

Ended

December

31,

2024

Dollars:

Sold

..............................................................................................................

$

59,389

Reinvested

.........................................................................................................

9,364

Redeemed

..........................................................................................................

(63,746)

Net

Increase

(Decrease)

$

5,007

Shares:

Sold

..............................................................................................................

4,394

Reinvested

.........................................................................................................

683

Redeemed

..........................................................................................................

(4,705)

Net

Increase

(Decrease)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–

Total

Dividends

and

Distributions

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(9,364)

Total

Dividends

and

Distributions

$

(9,364)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2040

Account

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

1,026

$

3,310

Net

realized

gain

(loss)

on

investments

......................................................................................................

1,257

11,690

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

12,136

2,339

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

14,419

17,339

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(5,065)

Total

Dividends

and

Distributions

–

(5,065)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

16,872

12,344

Total

Increase

(Decrease)

in

Net

Assets

31,291

24,618

Net

Assets

Beginning

of

period

..........................................................................................................................

175,508

150,890

End

of

period

................................................................................................................................

$

206,799

$

175,508

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

..............................................................................................................

$

26,677

Redeemed

..........................................................................................................

(9,805)

Net

Increase

(Decrease)

$

16,872

Shares:

Sold

..............................................................................................................

1,455

Redeemed

..........................................................................................................

(540)

Net

Increase

(Decrease)

915

Year

Ended

December

31,

2024

Dollars:

Sold

..............................................................................................................

$

37,395

Reinvested

.........................................................................................................

5,065

Redeemed

..........................................................................................................

(30,116)

Net

Increase

(Decrease)

$

12,344

Shares:

Sold

..............................................................................................................

2,110

Reinvested

.........................................................................................................

Redeemed

..........................................................................................................

(1,714)

Net

Increase

(Decrease)

679

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–

Total

Dividends

and

Distributions

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(5,065)

Total

Dividends

and

Distributions

$

(5,065)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2050

Account

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

$

1,255

Net

realized

gain

(loss)

on

investments

......................................................................................................

504

6,315

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

6,619

2,020

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

7,325

9,590

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(2,370)

Total

Dividends

and

Distributions

–

(2,370)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

3,534

4,435

Total

Increase

(Decrease)

in

Net

Assets

10,859

11,655

Net

Assets

Beginning

of

period

..........................................................................................................................

82,359

70,704

End

of

period

................................................................................................................................

$

93,218

$

82,359

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

..............................................................................................................

$

10,731

Redeemed

..........................................................................................................

(7,197)

Net

Increase

(Decrease)

$

3,534

Shares:

Sold

..............................................................................................................

594

Redeemed

..........................................................................................................

(398)

Net

Increase

(Decrease)

Year

Ended

December

31,

2024

Dollars:

Sold

..............................................................................................................

$

18,056

Reinvested

.........................................................................................................

2,370

Redeemed

..........................................................................................................

(15,991)

Net

Increase

(Decrease)

$

4,435

Shares:

Sold

..............................................................................................................

1,039

Reinvested

.........................................................................................................

Redeemed

..........................................................................................................

(917)

Net

Increase

(Decrease)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–

Total

Dividends

and

Distributions

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(2,370)

Total

Dividends

and

Distributions

$

(2,370)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2060

Account

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

$

Net

realized

gain

(loss)

on

investments

......................................................................................................

2,037

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

2,419

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

2,701

2,932

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(697)

Total

Dividends

and

Distributions

–

(697)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

2,207

5,877

Total

Increase

(Decrease)

in

Net

Assets

4,908

8,112

Net

Assets

Beginning

of

period

..........................................................................................................................

29,544

21,432

End

of

period

................................................................................................................................

$

34,452

$

29,544

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

..............................................................................................................

$

5,899

Redeemed

..........................................................................................................

(3,692)

Net

Increase

(Decrease)

$

2,207

Shares:

Sold

..............................................................................................................

Redeemed

..........................................................................................................

(211)

Net

Increase

(Decrease)

Year

Ended

December

31,

2024

Dollars:

Sold

..............................................................................................................

$

10,266

Reinvested

.........................................................................................................

697

Redeemed

..........................................................................................................

(5,086)

Net

Increase

(Decrease)

$

5,877

Shares:

Sold

..............................................................................................................

603

Reinvested

.........................................................................................................

Redeemed

..........................................................................................................

(301)

Net

Increase

(Decrease)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–

Total

Dividends

and

Distributions

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(697)

Total

Dividends

and

Distributions

$

(697)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Strategic

Income

Account

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

661

$

1,627

Net

realized

gain

(loss)

on

investments

......................................................................................................

(207)

1,436

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

2,386

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

2,840

3,398

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(1,531)

Total

Dividends

and

Distributions

–

(1,531)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(2,117)

(4,204)

Total

Increase

(Decrease)

in

Net

Assets

723

(2,337)

Net

Assets

Beginning

of

period

..........................................................................................................................

53,521

55,858

End

of

period

................................................................................................................................

$

54,244

$

53,521

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

..............................................................................................................

$

5,542

Redeemed

..........................................................................................................

(7,659)

Net

Increase

(Decrease)

$

(2,117)

Shares:

Sold

..............................................................................................................

Redeemed

..........................................................................................................

(661)

Net

Increase

(Decrease)

(184)

Year

Ended

December

31,

2024

Dollars:

Sold

..............................................................................................................

$

11,705

Reinvested

.........................................................................................................

1,531

Redeemed

..........................................................................................................

(17,440)

Net

Increase

(Decrease)

$

(4,204)

Shares:

Sold

..............................................................................................................

1,020

Reinvested

.........................................................................................................

Redeemed

..........................................................................................................

(1,536)

Net

Increase

(Decrease)

(383)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–

Total

Dividends

and

Distributions

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(1,531)

Total

Dividends

and

Distributions

$

(1,531)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Real

Estate

Securities

Account

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

3,036

$

3,832

Net

realized

gain

(loss)

on

investments

......................................................................................................

9,012

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

3,295

(9,966)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

6,590

2,878

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(8,016)

Total

Dividends

and

Distributions

–

(8,016)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(12,545)

106,128

Total

Increase

(Decrease)

in

Net

Assets

(5,955)

100,990

Net

Assets

Beginning

of

period

..........................................................................................................................

255,349

154,359

End

of

period

................................................................................................................................

$

249,394

$

255,349

Class

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

...................................................................................................

$

7,488

$

7,197

Redeemed

...............................................................................................

(12,708)

(14,522)

Net

Increase

(Decrease)

$

(5,220)

$

(7,325)

Shares:

Sold

...................................................................................................

Redeemed

...............................................................................................

(687)

(785)

Net

Increase

(Decrease)

(280)

(396)

Year

Ended

December

31,

2024

Dollars:

Sold

...................................................................................................

$

36,261

$

96,526

Reinvested

..............................................................................................

7,467

549

Redeemed

...............................................................................................

(31,272)

(3,403)

Net

Increase

(Decrease)

$

12,456

$

93,672

Shares:

Sold

...................................................................................................

1,940

5,054

Reinvested

..............................................................................................

Redeemed

...............................................................................................

(1,702)

(187)

Net

Increase

(Decrease)

618

4,895

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–

$

–

Total

Dividends

and

Distributions

$

–

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(7,467)

$

(549)

Total

Dividends

and

Distributions

$

(7,467)

$

(549)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

SAM

Balanced

Portfolio

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

2,793

$

12,968

Net

realized

gain

(loss)

on

investments

......................................................................................................

16,930

45,515

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

14,481

12,560

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

34,204

71,043

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(11,726)

Total

Dividends

and

Distributions

–

(11,726)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(49,176)

(64,894)

Total

Increase

(Decrease)

in

Net

Assets

(14,972)

(5,577)

Net

Assets

Beginning

of

period

..........................................................................................................................

585,007

590,584

End

of

period

................................................................................................................................

$

570,035

$

585,007

Class

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

...................................................................................................

$

10,220

$

2,134

Redeemed

...............................................................................................

(49,776)

(11,754)

Net

Increase

(Decrease)

$

(39,556)

$

(9,620)

Shares:

Sold

...................................................................................................

663

Redeemed

...............................................................................................

(3,230)

(781)

Net

Increase

(Decrease)

(2,567)

(640)

Year

Ended

December

31,

2024

Dollars:

Sold

...................................................................................................

$

25,724

$

6,641

Reinvested

..............................................................................................

9,035

2,691

Redeemed

...............................................................................................

(94,113)

(14,872)

Net

Increase

(Decrease)

$

(59,354)

$

(5,540)

Shares:

Sold

...................................................................................................

1,730

Reinvested

..............................................................................................

601

Redeemed

...............................................................................................

(6,349)

(1,030)

Net

Increase

(Decrease)

(4,018)

(390)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–

$

–

Total

Dividends

and

Distributions

$

–

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(9,035)

$

(2,691)

Total

Dividends

and

Distributions

$

(9,035)

$

(2,691)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

SAM

Conservative

Balanced

Portfolio

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

1,298

$

4,417

Net

realized

gain

(loss)

on

investments

......................................................................................................

3,471

6,002

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

3,673

3,733

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

8,442

14,152

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(4,161)

Total

Dividends

and

Distributions

–

(4,161)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(13,072)

(11,997)

Total

Increase

(Decrease)

in

Net

Assets

(4,630)

(2,006)

Net

Assets

Beginning

of

period

..........................................................................................................................

163,367

165,373

End

of

period

................................................................................................................................

$

158,737

$

163,367

Class

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

...................................................................................................

$

4,066

$

1,838

Redeemed

...............................................................................................

(16,751)

(2,225)

Net

Increase

(Decrease)

$

(12,685)

$

(387)

Shares:

Sold

...................................................................................................

Redeemed

...............................................................................................

(1,408)

(190)

Net

Increase

(Decrease)

(1,067)

(31)

Year

Ended

December

31,

2024

Dollars:

Sold

...................................................................................................

$

16,146

$

2,500

Reinvested

..............................................................................................

3,393

768

Redeemed

...............................................................................................

(29,788)

(5,016)

Net

Increase

(Decrease)

$

(10,249)

$

(1,748)

Shares:

Sold

...................................................................................................

1,381

Reinvested

..............................................................................................

Redeemed

...............................................................................................

(2,565)

(442)

Net

Increase

(Decrease)

(895)

(156)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–

$

–

Total

Dividends

and

Distributions

$

–

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(3,393)

$

(768)

Total

Dividends

and

Distributions

$

(3,393)

$

(768)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

SAM

Conservative

Growth

Portfolio

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

692

$

6,631

Net

realized

gain

(loss)

on

investments

......................................................................................................

11,240

36,247

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

14,310

14,369

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

26,242

57,247

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(5,689)

Total

Dividends

and

Distributions

–

(5,689)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(21,545)

(29,611)

Total

Increase

(Decrease)

in

Net

Assets

4,697

21,947

Net

Assets

Beginning

of

period

..........................................................................................................................

408,407

386,460

End

of

period

................................................................................................................................

$

413,104

$

408,407

Class

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

...................................................................................................

$

6,438

$

1,952

Redeemed

...............................................................................................

(20,848)

(9,087)

Net

Increase

(Decrease)

$

(14,410)

$

(7,135)

Shares:

Sold

...................................................................................................

Redeemed

...............................................................................................

(931)

(411)

Net

Increase

(Decrease)

(646)

(322)

Year

Ended

December

31,

2024

Dollars:

Sold

...................................................................................................

$

17,304

$

5,556

Reinvested

..............................................................................................

3,215

2,474

Redeemed

...............................................................................................

(40,062)

(18,098)

Net

Increase

(Decrease)

$

(19,543)

$

(10,068)

Shares:

Sold

...................................................................................................

805

Reinvested

..............................................................................................

Redeemed

...............................................................................................

(1,845)

(866)

Net

Increase

(Decrease)

(893)

(485)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–

$

–

Total

Dividends

and

Distributions

$

–

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(3,215)

$

(2,474)

Total

Dividends

and

Distributions

$

(3,215)

$

(2,474)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

SAM

Flexible

Income

Portfolio

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

1,184

$

4,089

Net

realized

gain

(loss)

on

investments

......................................................................................................

2,941

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

4,242

1,632

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

5,635

8,662

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(3,952)

Total

Dividends

and

Distributions

–

(3,952)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(14,080)

(13,503)

Total

Increase

(Decrease)

in

Net

Assets

(8,445)

(8,793)

Net

Assets

Beginning

of

period

..........................................................................................................................

127,238

136,031

End

of

period

................................................................................................................................

$

118,793

$

127,238

Class

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

...................................................................................................

$

2,481

$

1,669

Redeemed

...............................................................................................

(13,101)

(5,129)

Net

Increase

(Decrease)

$

(10,620)

$

(3,460)

Shares:

Sold

...................................................................................................

Redeemed

...............................................................................................

(1,160)

(463)

Net

Increase

(Decrease)

(940)

(313)

Year

Ended

December

31,

2024

Dollars:

Sold

...................................................................................................

$

8,631

$

2,446

Reinvested

..............................................................................................

2,947

1,005

Redeemed

...............................................................................................

(20,263)

(8,269)

Net

Increase

(Decrease)

$

(8,685)

$

(4,818)

Shares:

Sold

...................................................................................................

778

Reinvested

..............................................................................................

Redeemed

...............................................................................................

(1,829)

(754)

Net

Increase

(Decrease)

(789)

(440)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–

$

–

Total

Dividends

and

Distributions

$

–

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(2,947)

$

(1,005)

Total

Dividends

and

Distributions

$

(2,947)

$

(1,005)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

SAM

Strategic

Growth

Portfolio

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

(306)

$

5,887

Net

realized

gain

(loss)

on

investments

......................................................................................................

14,193

37,745

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

18,324

23,552

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

32,211

67,184

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(4,374)

Total

Dividends

and

Distributions

–

(4,374)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(19,177)

(12,219)

Total

Increase

(Decrease)

in

Net

Assets

13,034

50,591

Net

Assets

Beginning

of

period

..........................................................................................................................

450,658

400,067

End

of

period

................................................................................................................................

$

463,692

$

450,658

Class

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

...................................................................................................

$

10,029

$

3,259

Redeemed

...............................................................................................

(23,284)

(9,181)

Net

Increase

(Decrease)

$

(13,255)

$

(5,922)

Shares:

Sold

...................................................................................................

Redeemed

...............................................................................................

(883)

(350)

Net

Increase

(Decrease)

(504)

(227)

Year

Ended

December

31,

2024

Dollars:

Sold

...................................................................................................

$

20,237

$

8,759

Reinvested

..............................................................................................

2,421

1,953

Redeemed

...............................................................................................

(32,815)

(12,774)

Net

Increase

(Decrease)

$

(10,157)

$

(2,062)

Shares:

Sold

...................................................................................................

810

Reinvested

..............................................................................................

Redeemed

...............................................................................................

(1,286)

(519)

Net

Increase

(Decrease)

(382)

(85)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–

$

–

Total

Dividends

and

Distributions

$

–

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(2,421)

$

(1,953)

Total

Dividends

and

Distributions

$

(2,421)

$

(1,953)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Short-Term

Income

Account

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

2,629

$

5,541

Net

realized

gain

(loss)

on

investments

and

futures

.........................................................................................

(49)

(170)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...........................................................

1,493

1,420

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

4,073

6,791

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(4,673)

Total

Dividends

and

Distributions

–

(4,673)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(6,993)

(4,171)

Total

Increase

(Decrease)

in

Net

Assets

(2,920)

(2,053)

Net

Assets

Beginning

of

period

..........................................................................................................................

133,871

135,924

End

of

period

................................................................................................................................

$

130,951

$

133,871

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

..............................................................................................................

$

16,653

Redeemed

..........................................................................................................

(23,646)

Net

Increase

(Decrease)

$

(6,993)

Shares:

Sold

..............................................................................................................

6,443

Redeemed

..........................................................................................................

(9,175)

Net

Increase

(Decrease)

(2,732)

Year

Ended

December

31,

2024

Dollars:

Sold

..............................................................................................................

$

36,883

Reinvested

.........................................................................................................

4,673

Redeemed

..........................................................................................................

(45,727)

Net

Increase

(Decrease)

$

(4,171)

Shares:

Sold

..............................................................................................................

14,508

Reinvested

.........................................................................................................

1,840

Redeemed

..........................................................................................................

(17,987)

Net

Increase

(Decrease)

(1,639)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–

Total

Dividends

and

Distributions

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(4,673)

Total

Dividends

and

Distributions

$

(4,673)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

SmallCap

Account

Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

$

726

Net

realized

gain

(loss)

on

investments

......................................................................................................

2,308

9,322

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(1,957)

1,889

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

689

11,937

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(4,037)

Total

Dividends

and

Distributions

–

(4,037)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(8,749)

(12,366)

Total

Increase

(Decrease)

in

Net

Assets

(8,060)

(4,466)

Net

Assets

Beginning

of

period

..........................................................................................................................

171,359

175,825

End

of

period

................................................................................................................................

$

163,299

$

171,359

Class

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

...................................................................................................

$

5,952

$

516

Redeemed

...............................................................................................

(14,673)

(544)

Net

Increase

(Decrease)

$

(8,721)

$

(28)

Shares:

Sold

...................................................................................................

Redeemed

...............................................................................................

(962)

(37)

Net

Increase

(Decrease)

(567)

(1)

Year

Ended

December

31,

2024

Dollars:

Sold

...................................................................................................

$

10,037

$

733

Reinvested

..............................................................................................

3,840

Redeemed

...............................................................................................

(25,857)

(1,316)

Net

Increase

(Decrease)

$

(11,980)

$

(386)

Shares:

Sold

...................................................................................................

646

Reinvested

..............................................................................................

Redeemed

...............................................................................................

(1,655)

(84)

Net

Increase

(Decrease)

(755)

(25)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

–

$

–

Total

Dividends

and

Distributions

$

–

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(3,840)

$

(197)

Total

Dividends

and

Distributions

$

(3,840)

$

(197)

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

U.S.

LargeCap

S&P

500

Index

Buffer

April

Account

(a) Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

$

Net

realized

gain

(loss)

on

investments

and

options

and

swaptions

.........................................................................

7,164

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

options

and

swaptions

..........................................

1,433

1,443

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,792

8,776

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(4,354)

Total

Dividends

and

Distributions

–

(4,354)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

2,837

10,792

Total

Increase

(Decrease)

in

Net

Assets

4,629

15,214

Net

Assets

Beginning

of

period

..........................................................................................................................

37,944

22,730

End

of

period

................................................................................................................................

$

42,573

$

37,944

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

..............................................................................................................

$

8,786

Redeemed

..........................................................................................................

(5,949)

Net

Increase

(Decrease)

$

2,837

Shares:

Sold

..............................................................................................................

864

Redeemed

..........................................................................................................

(564)

Net

Increase

(Decrease)

Year

Ended

December

31,

2024

Dollars:

Sold

..............................................................................................................

$

91,365

Reinvested

.........................................................................................................

4,354

Redeemed

..........................................................................................................

(84,927)

Net

Increase

(Decrease)

$

10,792

Shares:

Sold

..............................................................................................................

8,593

Reinvested

.........................................................................................................

Redeemed

..........................................................................................................

(7,669)

Net

Increase

(Decrease)

1,336

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–

Total

Dividends

and

Distributions

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(4,354)

Total

Dividends

and

Distributions

$

(4,354)

(a) Effective

May

1,

2025,

U.S.

LargeCap

Buffer

April

Account

changed

its

name

to

U.S.

LargeCap

S&P

500

Index

Buffer

April

Account.

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

U.S.

LargeCap

S&P

500

Index

Buffer

January

Account

(a) Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

$

Net

realized

gain

(loss)

on

investments

and

options

and

swaptions

.........................................................................

2,557

6,565

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

options

and

swaptions

..........................................

533

711

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

3,158

7,391

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(35)

Total

Dividends

and

Distributions

–

(35)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(30,826)

2,580

Total

Increase

(Decrease)

in

Net

Assets

(27,668)

9,936

Net

Assets

Beginning

of

period

..........................................................................................................................

68,269

58,333

End

of

period

................................................................................................................................

$

40,601

$

68,269

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

..............................................................................................................

$

9,697

Redeemed

..........................................................................................................

(40,523)

Net

Increase

(Decrease)

$

(30,826)

Shares:

Sold

..............................................................................................................

812

Redeemed

..........................................................................................................

(3,289)

Net

Increase

(Decrease)

(2,477)

Year

Ended

December

31,

2024

Dollars:

Sold

..............................................................................................................

$

77,931

Reinvested

.........................................................................................................

Redeemed

..........................................................................................................

(75,386)

Net

Increase

(Decrease)

$

2,580

Shares:

Sold

..............................................................................................................

6,921

Reinvested

.........................................................................................................

Redeemed

..........................................................................................................

(6,972)

Net

Increase

(Decrease)

(48)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–

Total

Dividends

and

Distributions

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(35)

Total

Dividends

and

Distributions

$

(35)

(a) Effective

May

1,

2025,

U.S.

LargeCap

Buffer

January

Account

changed

its

name

to

U.S.

LargeCap

S&P

500

Index

Buffer

January

Account.

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

U.S.

LargeCap

S&P

500

Index

Buffer

July

Account

(a) Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

$

Net

realized

gain

(loss)

on

investments

and

options

and

swaptions

.........................................................................

10,189

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

options

and

swaptions

..........................................

1,383

(1,874)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,781

8,467

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(864)

Total

Dividends

and

Distributions

–

(864)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

46,629

(22,939)

Total

Increase

(Decrease)

in

Net

Assets

48,410

(15,336)

Net

Assets

Beginning

of

period

..........................................................................................................................

38,893

54,229

End

of

period

................................................................................................................................

$

87,303

$

38,893

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

..............................................................................................................

$

50,602

Redeemed

..........................................................................................................

(3,973)

Net

Increase

(Decrease)

$

46,629

Shares:

Sold

..............................................................................................................

3,551

Redeemed

..........................................................................................................

(294)

Net

Increase

(Decrease)

3,257

Year

Ended

December

31,

2024

Dollars:

Sold

..............................................................................................................

$

76,571

Reinvested

.........................................................................................................

864

Redeemed

..........................................................................................................

(100,374)

Net

Increase

(Decrease)

$

(22,939)

Shares:

Sold

..............................................................................................................

5,878

Reinvested

.........................................................................................................

Redeemed

..........................................................................................................

(7,739)

Net

Increase

(Decrease)

(1,795)

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–

Total

Dividends

and

Distributions

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(864)

Total

Dividends

and

Distributions

$

(864)

(a) Effective

May

1,

2025,

U.S.

LargeCap

Buffer

July

Account

changed

its

name

to

U.S.

LargeCap

S&P

500

Index

Buffer

July

Account.

Statement

of

Changes

in

Net

Assets

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

U.S.

LargeCap

S&P

500

Index

Buffer

October

Account

(a) Period

Ended

June

30,

2025

Year

Ended

December

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

$

Net

realized

gain

(loss)

on

investments

and

options

and

swaptions

.........................................................................

3,075

3,899

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

options

and

swaptions

..........................................

(629)

1,075

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

2,486

5,098

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

(76)

Total

Dividends

and

Distributions

–

(76)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(18,296)

36,019

Total

Increase

(Decrease)

in

Net

Assets

(15,810)

41,041

Net

Assets

Beginning

of

period

..........................................................................................................................

59,841

18,800

End

of

period

................................................................................................................................

$

44,031

$

59,841

Class

Capital

Share

Transactions:

Period

Ended

June

30,

2025

Dollars:

Sold

..............................................................................................................

$

1,911

Redeemed

..........................................................................................................

(20,207)

Net

Increase

(Decrease)

$

(18,296)

Shares:

Sold

..............................................................................................................

Redeemed

..........................................................................................................

(1,419)

Net

Increase

(Decrease)

(1,281)

Year

Ended

December

31,

2024

Dollars:

Sold

..............................................................................................................

$

81,299

Reinvested

.........................................................................................................

Redeemed

..........................................................................................................

(45,356)

Net

Increase

(Decrease)

$

36,019

Shares:

Sold

..............................................................................................................

5,978

Reinvested

.........................................................................................................

Redeemed

..........................................................................................................

(3,284)

Net

Increase

(Decrease)

2,700

Dividends

and

Distributions

to

Shareholders:

Period Ended

June

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

–

Total

Dividends

and

Distributions

$

–

Year

Ended

December

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(76)

Total

Dividends

and

Distributions

$

(76)

(a) Effective

May

1,

2025,

U.S.

LargeCap

Buffer

October

Account

changed

its

name

to

U.S.

LargeCap

S&P

500

Index

Buffer

October

Account.

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

1. Organization

Principal

Variable

Contracts

Funds,

Inc.

(the

"Fund")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act")

as

an

open-end

management

investment

company

and

operates

as

a

series

fund

in

the

mutual

fund

industry.

The

financial

statements

for

Blue

Chip

Account,

Bond

Market

Index

Account,

Core

Plus

Bond

Account,

Diversified

Balanced

Account,

Diversified

Balanced

Adaptive

Allocation

Account,

Diversified

Balanced

Strategic

Allocation

Account,

Diversified

Growth

Account,

Diversified

Growth

Adaptive

Allocation

Account,

Diversified

Growth

Strategic

Allocation

Account,

Diversified

Income

Account,

Diversified

International

Account,

Equity

Income

Account,

Global

Emerging

Markets

Account,

Government

&

High

Quality

Bond

Account,

LargeCap

Growth

Account

I,

LargeCap

S&P

500

Index

Account,

LargeCap

S&P

500

Managed

Volatility

Index

Account,

MidCap

Account,

Principal

Capital

Appreciation

Account,

Principal

LifeTime

2020

Account,

Principal

LifeTime

2030

Account,

Principal

LifeTime

2040

Account,

Principal

LifeTime

2050

Account,

Principal

LifeTime

2060

Account,

Principal

LifeTime

Strategic

Income

Account,

Real

Estate

Securities

Account,

SAM

Balanced

Portfolio,

SAM

Conservative

Balanced

Portfolio,

SAM

Conservative

Growth

Portfolio,

SAM

Flexible

Income

Portfolio,

SAM

Strategic

Growth

Portfolio,

Short-Term

Income

Account,

SmallCap

Account,

U.S.

LargeCap

S&P

500

Index

Buffer

April

Account,

U.S.

LargeCap

S&P

500

Index

Buffer

January

Account,

U.S.

LargeCap

S&P

500

Index

Buffer

July

Account,

and

U.S.

LargeCap

S&P

500

Index

Buffer

October

Account,

each

a

series

of

the

Fund,

(known

as

the

"Funds"),

are

presented

herein.

Principal

LifeTime

2020

Account,

Principal

LifeTime

2030

Account,

Principal

LifeTime

2040

Account,

Principal

LifeTime

2050

Account,

Principal

LifeTime

2060

Account,

and

Principal

LifeTime

Strategic

Income

Account

are

referred

to

collectively

as

the

"Principal

LifeTime

Funds".

SAM

Balanced

Portfolio,

SAM

Conservative

Balanced

Portfolio,

SAM

Conservative

Growth

Portfolio,

SAM

Flexible

Income

Portfolio,

and

SAM

Strategic

Growth

Portfolio

are

referred

to

collectively

as

the

"SAM

Portfolios".

The

Funds

may

offer

up

to

two

classes

of

shares:

Class

and

Class

2. Each

of

the

Funds

is

an

investment

company

and

applies

specialized

accounting

and

reporting

under

Accounting

Standards

Codification

("ASC")

Topic

946,

Financial

Services

-

Investment

Companies

.

The

Funds

have

not

provided

financial

support

and

are

not

contractually

required

to

provide

financial

support

to

any

investee.

Effective

May

1,

2024,

the

following

funds

changed

their

names:

Effective

April

30,

2025,

Principal

Global

Investors,

LLC

(the

"Manager")

made

a

$10,000

purchase

of

Class

shares

of

the

Blue

Chip

Account.

Effective

May

1,

2025,

all

Class

shares

converted

into

Class

shares,

as

applicable.

Additionally,

the

following

Funds

changed

their

names:

All

classes

of

shares

for

each

of

the

Funds

represent

interests

in

the

same

portfolio

of

investments

and

will

vote

together

as

a

single

class,

except

where

otherwise

required

by

law

or

as

determined

by

the

Fund's

Board

of

Directors.

In

addition,

the

Fund's

Board

of

Directors

declares

separate

dividends

on

each

class

of

shares.

2. Significant

Accounting

Policies

The

preparation

of

financial

statements

in

conformity

with

U.S.

generally

accepted

accounting

principles

("U.S.

GAAP")

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

summarizes

the

significant

accounting

policies

of

the

Funds:

Security

Valuation.

The

Funds

may

invest

in

other

series

of

the

Fund,

Principal

Funds,

Inc.,

and

other

investment

funds,

which

may

include

exchange-traded

funds,

money

market

funds

and

other

registered

open-end

investment

companies.

Investments

in

registered

open-end

investment

companies,

other

than

exchange-traded

funds,

are

valued

at

the

respective

fund's

closing

net

asset

value

per

share

on

the

day

of

valuation.

The

Funds

value

securities,

including

exchange-traded

funds,

for

which

market

quotations

are

readily

available

at

fair

value,

which

is

determined

using

the

last

reported

sale

price.

If

no

sales

are

reported,

as

is

regularly

the

case

for

some

securities

traded

over-the-counter,

securities

are

valued

using

the

last

reported

bid

price

or

an

evaluated

bid

price

provided

by

a

pricing

service.

Pricing

services

use

modeling

techniques

that

incorporate

Old

Name

New

Name

Diversified

Balanced

Managed

Volatility

Account

Diversified

Balanced

Strategic

Allocation

Account

Diversified

Balanced

Volatility

Control

Account

Diversifi

ed

Balanced

Adaptive

Allocation

Account

Diversified

Growth

Managed

Volatility

Account

Diversified

Growth

Strategic

Allocation

Account

Diversified

Growth

Volatility

Control

Account

Diversified

Growth

Adaptive

Allocation

Account

Old

Name

New

Name

U.S.

LargeCap

Buffer

April

Account

U.S.

LargeCap

S&P

500

Index

April

Account

U.S.

LargeCap

Buffer

January

Account

U.S.

LargeCap

S&P

500

Index

January

Account

U.S.

LargeCap

Buffer

July

Account

U.S.

LargeCap

S&P

500

Index

July

Account

U.S.

LargeCap

Buffer

October

Account

U.S.

LargeCap

S&P

500

Index

October

Account

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

security

characteristics

such

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

other

yield

and

risk

factors,

and

other

market

conditions

to

determine

an

evaluated

bid

price.

When

reliable

market

quotations

are

not

considered

to

be

readily

available,

which

may

be

the

case,

for

example,

with

respect

to

restricted

securities,

certain

debt

securities,

preferred

stocks,

and

foreign

securities,

the

investments

are

valued

at

their

fair

value

as

determined

in

good

faith

by

the

Manager

under

procedures

established

and

periodically

reviewed

by

the

Fund's

Board

of

Directors.

The

value

of

foreign

securities

used

in

computing

the

net

asset

value

per

share

is

generally

determined

as

of

the

close

of

the

foreign

exchange

where

the

security

is

principally

traded.

Events

that

occur

after

the

close

of

the

applicable

foreign

market

or

exchange

but

prior

to

the

calculation

of

the

Funds'

net

asset

values

are

reflected

in

the

Funds'

net

asset

values

and

these

securities

are

valued

at

fair

value.

Many

factors,

provided

by

independent

pricing

services,

are

reviewed

in

the

course

of

making

a

good

faith

determination

of

a

security's

fair

value,

including,

but

not

limited

to,

price

movements

in

American

depository

receipts

("ADRs"),

futures

contracts,

industry

indices,

general

indices,

and

foreign

currencies.

To

the

extent

the

Funds

invest

in

foreign

securities

listed

on

foreign

exchanges

which

trade

on

days

on

which

the

Funds

do

not

determine

net

asset

values,

for

example,

weekends

and

other

customary

national

U.S.

holidays,

the

Funds'

net

asset

values

could

be

significantly

affected

on

days

when

shareholders

cannot

purchase

or

redeem

shares.

Certain

securities

issued

by

companies

in

emerging

market

countries

may

have

more

than

one

quoted

valuation

at

any

given

point

in

time,

sometimes

referred

to

as

a

"local"

price

and

a

"premium"

price.

The

premium

price

is

often

a

negotiated

price,

which

may

not

consistently

represent

a

price

at

which

a

specific

transaction

can

be

effected.

It

is

the

policy

of

the

Fund

to

value

such

securities

at

prices

at

which

it

is

expected

those

shares

may

be

sold,

and

the

Manager

or

any

sub-advisor,

is

authorized

to

make

such

determinations

subject

to

such

oversight

by

the

Fund's

Board

of

Directors,

as

may

occasionally

be

necessary.

Currency

Translation.

Foreign

holdings

are

translated

to

U.S.

dollars

using

the

exchange

rate

at

the

daily

close

of

the

New

York

Stock

Exchange.

The

identified

cost

of

the

Funds'

holdings

is

translated

at

approximate

rates

prevailing

when

acquired.

Income

and

expense

amounts

are

translated

at

approximate

rates

prevailing

when

received

or

paid,

with

daily

accruals

of

such

amounts

reported

at

approximate

rates

prevailing

at

the

date

of

valuation.

Since

the

carrying

amount

of

the

foreign

securities

is

determined

based

on

the

exchange

rate

and

market

values

at

the

close

of

the

period,

it

is

not

practicable

to

isolate

that

portion

of

the

results

of

operations

arising

as

a

result

of

changes

in

the

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

the

market

prices

of

securities

during

the

period.

Net

realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

trade

and

settlement

dates

on

security

transactions,

and

the

difference

between

the

amount

of

dividends,

interest

income,

interest

expense,

and

foreign

withholding

taxes

recorded

on

the

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

appreciation

(depreciation)

on

translation

of

assets

and

liabilities

in

foreign

currencies

arise

from

changes

in

the

exchange

rate

relating

to

assets

and

liabilities,

other

than

investments

in

securities,

purchased

and

held

in

non-U.S.

denominated

currencies.

The

following

Funds

held

securities

denominated

in

foreign

currencies

that

exceeded

5%

of

net

assets

of

the

respective

fund

as

of

June

30,

2025:

Income

and

Investment

Transactions.

The Funds

record

investment

transactions

on

a

trade

date

basis.

Trade

date

for

senior

floating

rate

interests

purchased

in

the

primary

market

is

considered

the

date

on

which

the

loan

allocations

are

determined.

Trade

date

for

senior

floating

rate

interests

purchased

in

the

secondary

market

is

the

date

on

which

the

transaction

is

entered

into.

The

identified

cost

basis

has

been

used

in

determining

the

net

realized

gain

or

loss

from

investment

transactions

and

unrealized

appreciation

or

depreciation

of

investments.

The

Funds

record

dividend

income

on

the

ex-dividend

date,

except

dividend

income

from

foreign

securities

whereby

the

ex-dividend

date

has

passed;

such

dividends

are

recorded

as

soon

as

the Funds

are

informed

of

the

ex-dividend

date.

Interest

income

is

recognized

on

an

accrual

basis.

Payment

in

kind

("PIK")

income

is

computed

on

the

value

of the

securities

received

at

the

contractual

rate

specified

in

each

loan

agreement. Discounts

and

premiums

on

securities

are

accreted/amortized,

respectively,

on

the

level

yield

method

over

the

expected

lives

of

the

respective

securities.

Callable

debt

securities

purchased

at

a

premium

are

amortized

to

the

earliest

call

date

and

to

the

callable

amount,

if

other

than

par.

The Funds

Diversified

International

Account

Euro

30.1%

British

Pound

Sterling

18.3 Japanese

Yen

12.5 Hong

Kong

Dollar

8.5 Canadian

Dollar

7.3 Global

Emerging

Markets

Account

Hong

Kong

Dollar

26.1%

New

Taiwan

Dollar

19.3 Indian

Rupee

16.4 South

Korean

Won

9.0 2. Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

allocate

all

income

and

realized

and

unrealized

gains

or

losses

on

a

daily

basis

to

each

class

of

shares

based

upon

the

relative

proportion

of

the

value

of

shares

outstanding.

Distributions

received

from

other

series

of

the

Fund

and

other

investment

companies

(collectively,

"Underlying

Funds")

are

recorded

in

accordance

with

the

character

of

the distributions

as

designated

by

the

Underlying

Funds.

Distributions

received

from

Real

Estate

Investment

Trusts

("REITs")

may

be

characterized

as

ordinary

income,

capital

gain,

or

a

return

of

capital

to

the

Funds.

The

proper

characterization

of

distributions

from REITs

is

generally

not

known

until

after

the

end

of

each

calendar

year.

As

such,

estimates

are

used

in

reporting

the

character

of

income

and

distributions

for

financial

statement

purposes.

Real

Estate

Securities

Account

receives

substantial

distributions

from

holdings

in

REITs.

Expenses.

Expenses

directly

attributed

to

a

particular fund

are

charged

to

that

fund.

Other

expenses

not

directly

attributed

to

a

particular fund

are

apportioned

among

the

registered

investment

companies

managed

by

the

Manager.

Management

fees

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

the

value

of

shares

outstanding

of

each

class.

Expenses

specifically

attributable

to

a

particular

class

are

charged

directly

to

such

class

and

are

included

separately

in

the

statements

of

operations.

In

addition

to

the

expenses

the Funds

bear

directly,

each

of

the Funds

may

indirectly

bear

a

pro

rata

share

of

the

fees

and

expenses

of

the Underlying

Funds in

which

they

invest.

Because

the

Underlying

Funds

have

varied

expense

levels

and

each

of

the Funds

may

own

different

proportions

of

the Underlying

Funds

at

different

times,

the

amount

of

expense

incurred

indirectly

by

each

of

the Funds

will

vary.

Expenses

included

in

the

statements

of

operations

and

financial

highlights

of

the Funds do

not

include

any

expenses

associated

with

the

Underlying

Funds.

Dividends

and

Distributions

to

Shareholders.

Dividends

and

distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

from

net

investment

income

and

net

realized

gain

from

investments

and

foreign

currency

transactions

are

determined

in

accordance

with

federal

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

differences

are

primarily

due

to

differing

treatments

for

amortization

of

premiums

and

discounts,

net

operating

losses,

foreign

currency

transactions,

options

and

futures

contracts,

certain

defaulted

securities,

sales

of

passive

foreign

investment

companies,

losses

deferred

due

to

wash

sales,

tax

straddles,

mortgage-backed

securities,

certain

preferred

securities,

swap

agreements,

partnership

investments,

REITs,

utilization

of

earnings

and

profits

distributed

to

shareholders

on

redemption

of

shares,

and

limitations

imposed

by

Sections

–

of

the

Internal

Revenue

Code.

Permanent

book

and

tax

basis

differences

are

reclassified

within

the

capital

accounts

based

on

federal

tax-basis

treatment;

temporary

differences

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes,

they

are

reported

as

return

of

capital

distributions.

Federal

Income

Taxes.

No

provision

for

federal

income

taxes

is

considered

necessary

because

each

of

the

Funds

intends

to

qualify

as

a

"regulated

investment

company"

under

the

Internal

Revenue

Code

and

intends

to

distribute

each

year

substantially

all

of

its

net

investment

income

and

realized

capital

gains

to

shareholders.

Management

evaluates

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

the

Funds'

tax

returns

to

determine

whether

it

is

"more

likely

than

not"

that

each

tax

position

would

be

sustained

upon

examination

by

a

taxing

authority

based

on

the

technical

merits

of

the

position.

Tax

positions

not

deemed

to

meet

the

"more

likely

than

not"

threshold

would

be

recorded

as

a

tax

benefit

or

expense

in

the

current

year.

The

Funds

recognize

interest

and

penalties,

if

any,

related

to

unrecognized

tax

positions

as

tax

expense

on

the

statements

of

operations. During

the period

ended

June

30,

2025,

the

Funds

did

not

record

any

such

tax

benefit

or

expense

in

the

accompanying

financial

statements.

The

statute

of

limitations

remains

open

for

the

last

three

years,

once

a

return

is

filed.

No

examinations

are

in

progress

at

this

time.

Foreign

Taxes.

The

Funds

may

be

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

they

invest.

Foreign

income

taxes

are

accrued

by

the

Funds

as

a

reduction

of

income.

These

amounts

are

shown

as

withholding

tax

on

the

statements

of

operations.

In

consideration

of

recent

decisions

rendered

by

European

courts,

certain

of

the

Funds

have

filed

for

additional

tax

reclaims

for

taxes

withheld

in

prior

years.

Due

to

the

uncertainty

regarding

collectability

and

timing

of

these

reclaims,

among

other

factors,

a

corresponding

receivable

will

only

be

recognized

when

the

tax

position

meets

the

"more

likely

than

not"

threshold.

Any

accrued

foreign tax

reclaims

receivables

are

included

in

dividends

and

interest

receivables

on

the

statements

of

assets

and

liabilities.

Any

foreign

tax

reclaims income is

included

in

dividend

income

on

the

statements

of

operations.

Gains

realized

upon

the

disposition

of

certain

foreign

securities

held

by

certain

Funds

may

be

subject

to

capital

gains

tax,

payable

prior

to

the

repatriation

of

sale

proceeds.

The

tax

is

computed

on

certain

net

realized

gains

and,

if

any,

is

shown

on

the

statements

of

operations.

Realized

losses

in

excess

of

gains

may

be

carried

forward

to

offset

future

gains.

In

addition,

the

Funds

accrue

an

estimated

tax

liability

for

future

gains

on

certain

foreign

securities.

Any

foreign

tax

refund

receivables and

any

accrued

foreign

tax

liabilities

are

shown

on

the

statements

of

assets

and

liabilities.

2. Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

Recent

Accounting

Pronouncements.

In

March

2020,

the

Financial

Accounting

Standards

Board

("FASB")

issued

Accounting

Standards

Update

("ASU")

No.

2020-04

Reference

Rate

Reform

(Topic

848);

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting,

which

provides

optional

guidance

for

a

limited

period

of

time

to

ease

the

potential

burden

in

accounting

for

(or

recognizing

the

effects

of)

reference

rate

reform.

The

guidance

is

applicable

to

contracts

referencing

London

Interbank

Offered

Rate

("LIBOR")

or

another

reference

rate

that

is

expected

to

be

discontinued

due

to

reference

rate

reform. The

ASU

is

effective

as

of

March

12,

2020

and

generally

can

be

applied

through

December

31,

2022. In

December

2022,

the

FASB

issued

ASU

No.

2022-06

Reference

Rate

Reform

(Topic

848):

Deferral

of

the

Sunset

Date

of

Topic

848

which

updates

and

clarifies

ASU

No.

2020-04.

The amendments

in

this ASU

defer

the

sunset

date

of

Topic

848

from

December

31,

2022,

to

December

31,

2024. The

impact

of

these

ASUs did

not

have

a

material

impact

on

the

Funds'

financial

statements.

In

November

2023,

the

FASB

issued

ASU

No.

2023-07

Segment

Reporting

(Topic

280);

Improvements

to

Reportable

Segment

Disclosures,

which

improves

reportable

segment

disclosure

requirements,

primarily

through

enhanced

disclosures.

The

ASU

is

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

fiscal

years

beginning

after

December

15,

2024. As

of

January

1,

2024,

the

Funds

have

adopted

the

ASU

and

added

required

disclosures,

as

applicable.

In

December

2023,

the

FASB

issued

ASU

No.

2023-09

Income

Taxes

(Topic

740);

Improvements

to

Income

Tax

Disclosures,

which

enhances

the

transparency

and

decision

usefulness

of

income

tax

disclosures,

including

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction

.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024. Management

is

currently

evaluating

the

impact

of

applying

the

ASU

to

the

Funds'

financial

statements.

3. Operating

Policies

Borrowings.

Pursuant

to

an

exemptive

order

issued

by

the

Securities

and

Exchange

Commission

(the

"SEC"),

the

Funds

and

other

registered

investment

companies

managed

by

the

Manager

may

participate

in

an

interfund

lending

facility

("Facility").

The

Facility

allows

the Funds

to

borrow

money

from

or

loan

money

to

the

other

participants.

Loans

under

the

Facility

are

made

to

handle

unusual

and/or

unanticipated

short-

term

cash

requirements.

Interest

paid

and

received

on

borrowings

is

the

average

of

the

current

repurchase

agreement

rate

and

the

bank

loan

rate

plus

the

applicable

margin

of

1.00%.

The

bank

loan

rate

equals

the

higher

of

(i) the

Federal

Funds

Rate

or

(ii) the

Secured

Overnight

Financing

Rate

("SOFR") plus

.10%

("Adjusted

SOFR").

If

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

is

less

than

zero,

it

shall

be

deemed

to

be

zero

for

purposes

of

calculating

such

rate.

The

interest

income

received

is

included

in

interest

income

on

the

statements

of

operations. The

interest

expense

associated

with

these

borrowings

is

included

in

other

expenses

on

the

statements

of

operations. There

was

no

outstanding

lending

as

of

June

30,

2025. Any

outstanding

borrowing as

of June

30,

2025 is

included

in

interfund

borrowing

on

the

statements

of

assets

and

liabilities.

During

the period

ended

June

30,

2025,

Funds

lending

to

the

Facility

were

as

follows

(amounts

in

thousands):

During

the period

ended

June

30,

2025,

Funds

borrowing

from

the

Facility

were

as

follows

(amounts

in

thousands):

Average

Daily

Amount

Loaned

Weighted

Average

Annual

Interest

Rate

Interest

Income

Blue

Chip

Account

$

4.98 %

$

—

Bond

Market

Index

Account

4.95 5

Core

Plus

Bond

Account

4.95 1

Diversified

Balanced

Adaptive

Allocation

Account

4.92 —

Diversified

Growth

Adaptive

Allocation

Account

4.94 2

Diversified

International

Account

4.97 —

Equity

Income

Account

4.96 —

Global

Emerging

Markets

Account

4.96 —

Government

&

High

Quality

Bond

Account

4.95 —

LargeCap

Growth

Account

I

4.96 5

LargeCap

S&P

500

Index

Account

4.97 10

LargeCap

S&P

500

Managed

Volatility

Index

Account

4.96 2

MidCap

Account

4.92 —

Principal

Capital

Appreciation

Account

4.98 1

Real

Estate

Securities

Account

4.97 1

Short-Term

Income

Account

4.95 1

SmallCap

Account

4.99 —

Average

Daily

Amount

Borrowed

Weighted

Average

Annual

Interest

Rate

Interest

Expense

Blue

Chip

Account

$

4.90 %

$

—

2. Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

In

addition,

the

Funds

participate

with

other

registered

investment

companies

managed

by

the

Manager

in

an

unsecured

joint

line

of

credit

with

a

group

of

financial

institutions

which

allows

the

participants

to

borrow

up

to

$300

million,

collectively.

Borrowings

are

made

solely

to

facilitate

the

handling

of

unusual

and/or

unanticipated

short-term

cash

requirements. The

line

of

credit

is

available

under

a

group

of

revolving

financial

institutions

and

lending

is

carried

out

with

unaffiliated

financial

institutions.

Interest

is

charged

to

each

participant,

based

on

its

borrowings,

at

a

rate

equal

to

the

higher

of

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

plus

the

applicable

margin

of

1.00%.

If

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

is

less

than

zero,

it

shall

be

deemed

to

be

zero

for

purposes

of

calculating

such

rate.

Additionally,

a

commitment

fee

is

charged

at

an

annual

rate

of

.15%

on

the

amount

of

the

line

of

credit

which

is

allocated

to

each

participant

based

on

average

net

assets.

The

interest

expense

associated

with

these

borrowings

is

included

in

other

expenses

on

the

statements of

operations.

There

was

no

outstanding

borrowing

as

of

June

30,

2025. During

the period ended

June

30,

2025,

Funds

borrowing

against

the

line

of

credit

were

as

follows

(amounts

in

thousands):

Contingent

Convertible

Securities.

As

footnoted

in

the

schedule

s of

investments,

certain

of

the

Funds

invest

in

contingent

convertible securities

("CoCos").

CoCos are

hybrid

debt

securities

that

may

convert

into

equity

or

have

their

principal

written

down

upon

the

occurrence

of

certain

"triggers."

Although

a

contingent

convertible

security's

equity

conversion

and

principal

write-down

features

are

tailored

to

the

particular

issuing

banking

institution

and

its

regulatory

requirements,

triggers

are

generally

linked

to

regulatory

capital

thresholds

or

regulatory

actions

calling

into

question

such

institution's

continued

viability

as

a

going-concern.

CoCos

may

have

no

stated

maturity

and

fully

discretionary

coupons,

which

means

coupon

payments

can

be

canceled

at

the

issuing

banking

institution's

discretion

or

at

the

request

of

the

relevant

regulatory

authority

without

causing

a

default.

To

provide

the

appropriate

regulatory

capital

treatment,

CoCos

are

usually

issued

in

the

form

of

subordinated

debt

instruments

that

rank

junior

to

the

claims

of

holders

of

more

senior

obligations

in

the

event

of

the

issuer's

liquidation.

If

CoCos

are

converted

into

equity

securities

due

to

a

trigger

event,

holders

will

be

further

subordinated.

The

future

value

of

CoCos

is

unpredictable

and

is

influenced

by

many

factors

including,

without

limitation:

the

creditworthiness

of

the

issuer

and/or

fluctuations

in

such

issuer's

applicable

capital

ratios;

supply

and

demand

for

CoCos;

general

market

conditions

and

available

liquidity;

and

economic,

financial

and

political

events

that

affect

the

issuer,

its

particular

market

or

the

financial

markets

in

general.

Due

to

these

features,

CoCos

may

have

substantially

greater

risk

than

other

securities

in

times

of

financial

stress.

Because

of

the

uncertainty

regarding

whether

a

conversion

event

will

occur,

it

may

be

difficult

to

predict

when,

if

at

all,

a

contingent

convertible

security

will

be

converted

to

equity,

and

a

fund

may

suffer

losses

as

a

result.

If

the

trigger

level

is

breached,

the

issuer's

decision

to

write

down,

write

off

or

convert

a

contingent

convertible

security

may

result

in

the

fund's

complete

loss

on

an

investment

in

CoCos

with

no

chance

of

recovery

even

if

the

issuer

remains

in

existence.

Counterparties.

The

Funds

may

be

exposed

to

counterparty

risk,

or

the

risk

that

another

party

with

which

the

Funds

have

unsettled

or

open

transactions

will

fail

to

perform

on

their

commitment.

To

the

extent

that

unpaid

amounts

owed

to

the

Funds

exceed

a

predetermined

threshold

agreed

to

with

the

counterparty,

as

stated

in

the

counterparties'

master

netting

agreements

("Master

Netting

Agreements"),

such

counterparty

shall

advance

collateral

to

the

Funds

in

the

form

of

cash

or

cash

equivalents

equal

in

value

to

the

unpaid

amount

owed

to

the

Funds.

If

the

unpaid

amount

owed

to

the

Funds

subsequently

decreases,

the

Funds

would

be

required

to

return

all

or

a

portion

of

the

collateral.

Average

Daily

Amount

Borrowed

Weighted

Average

Annual

Interest

Rate

Interest

Expense

Diversified

Balanced

Adaptive

Allocation

Account

$

4.80 %

—

Diversified

Growth

Adaptive

Allocation

Account

4.83 2

MidCap

Account

4.96 —

U.S.

LargeCap

S&P

500

Index

Buffer

April

Account

4.83 1

U.S.

LargeCap

S&P

500

Index

Buffer

January

Account

4.94 2

U.S.

LargeCap

S&P

500

Index

Buffer

July

Account

4.91 1

U.S.

LargeCap

S&P

500

Index

Buffer

October

Account

4.95 3

Average

Daily

Amount

Borrowed

Weighted

Average

Annual

Interest

Rate

Bond

Market

Index

Account

$

5.48 %

Core

Plus

Bond

Account

5.48 Diversified

Growth

Adaptive

Allocation

Account

5.48 LargeCap

Growth

Account

I

5.48 LargeCap

S&P

500

Index

Account

5.48 U.S.

LargeCap

S&P

500

Index

Buffer

January

Account

5.48 U.S.

LargeCap

S&P

500

Index

Buffer

July

Account

5.48 3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

Master

Netting

Agreements

may

also

help

limit

counterparty

risk

by

specifying

collateral

posting

arrangements

at

pre-arranged

exposure

levels.

Under

the

Master

Netting

Agreements,

collateral

is

routinely

transferred

if

the

total

net

exposure

to

certain

transactions

governed

under

the

relevant

master

netting

agreement

with

a

counterparty

exceeds

a

specified

threshold.

The

financial

instruments

that

are

subject

to

Master

Netting

Agreements

or

similar

agreements

may

include

right

of

setoff

provisions.

Derivative

instruments

include

provisions

to

setoff

positions

covered

under

the

agreements

with

the

same

counterparties

and

provisions

to

setoff

positions

outside

of

the

agreements

with

the

same

counterparties

in

the

event

of

default

by

one

of

the

parties.

Derivative

instruments

are

shown

gross

on

the

statements

of

assets

and

liabilities.

Derivative

instruments

also

include

collateral

provisions.

Collateral

received

and

pledged

are

generally

settled

daily

with

each

counterparty.

As

of

June

30,

2025

,

none

of

the

Funds

had

financial

assets

and

liabilities

subject

to

Master

Netting

Agreements

or

similar

agreements.

Cross

Trades.

The

Funds

may

engage

in

cross

trades.

A

cross

trade

is

a

purchase

or

sale

transaction

between

affiliated

portfolios

executed

directly

or

through

an

intermediary.

Mutual

funds

and

other

managed

portfolios

may

be

considered

affiliated

if

they

have

a

common

investment

advisor,

so

a

fund

may

be

considered

affiliated

with

any

portfolio

for

which

the

fund's

sub-advisor

acts

as

an

investment

advisor.

Such

transactions

are

permissible

provided

that

the

conditions

of

Rule

17a-7

under

the

1940

Act

are

satisfied.

For

the

period ended

June

30,

2025,

none

of

the

Funds

had

cross

trades

.

Deposits

with

Counterparty.

Cash

pledged

as

collateral

is

reflected

as

an

asset

on

the

statements

of

assets

and

liabilities

as

deposits

with

counterparty.

There

are

a

variety

of

security

types

which

require

varying

levels

of

pledged

collateral.

Customer

account

agreements

govern

cleared

derivatives

transactions

such

as

futures

contracts

and

certain

swap

agreements.

Such

transactions

require

posting

of

initial

margin

as

determined

by

each

relevant

clearing

agency

which

is

segregated

in

an

account

at

a

futures

commission

merchant

("FCM")

registered

with

the

Commodity

Futures

Trading

Commission.

International

Swaps

and

Derivatives

Association

("ISDA")

accounts

are

maintained

in

a

segregated

account

at

the

custodian

for

over-the-counter

("OTC")

derivatives.

Master

Securities

Forward

Transaction

Agreements

("MSFTA")

accounts

are

also

maintained

in

a

segregated

account

at

the

custodian

for

collateral

related

to

forward

currency

contracts

and

"to-be-announced"

("TBA")

securities.

Certain

of

the Funds may

pledge

cash

to

a

broker

for

securities

sold

short.

As

of

June

30,

2025,

deposits

with

counterparty

were

as

follows

(amounts

in

thousands):

Foreign

Currency

Contracts.

Certain

of

the

Funds

may

be

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

such

Funds'

investment

objectives.

The

Funds

may

use

foreign

currency

contracts

to

gain

exposure

to,

or

hedge

against

changes

in

the

value

of

foreign

currencies.

Certain

of

the

Funds

enter

into

forward

contracts

to

purchase

and

sell

foreign

currencies

at

a

specified

future

date

at

a

fixed

exchange

rate.

Forward

foreign

currency

contracts

are

valued

at

the

forward

rate,

and

are

marked-to-market

daily.

The

change

in

fair

value

is

recorded

by

the

Funds

as

an

unrealized

gain

or

loss.

When

the

contract

is

closed,

the

Funds

record

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

The

use

of

forward

foreign

currency

contracts

does

not

eliminate

the

fluctuations

in

underlying

prices

of

the

Funds'

portfolio

securities,

but

it

does

establish

a

rate

of

exchange

that

can

be

achieved

in

the

future.

Although

forward

foreign

currency

contracts

limit

the

risk

of

loss

due

to

a

decline

in

the

value

of

the

hedged

currency,

they

also

limit

any

potential

gain

that

might

result

should

the

value

of

the

currency

increase.

In

addition,

the

Funds

could

be

exposed

to

risks

if

the

counterparties

to

the

contracts

are

unable

to

meet

the

terms

of

their

contracts

or

if

the

value

of

the

currency

changes

unfavorably

to

the

U.S.

dollar

or

other

respective

currency.

Futures

Contracts.

The Funds

are

subject

to

equity

price

risk,

interest

rate

risk,

and

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

their

investment

objectives.

The Funds

(with

the

exception

of

Diversified

Balanced

Account,

Diversified

Balanced

Strategic

Allocation

Account, Diversified

Growth

Account,

Diversified

Growth

Strategic

Allocation

Account,

Diversified

Income

Account,

Principal

LifeTime

Funds,

and

SAM

Portfolios)

may

enter

into

futures

contracts

to

hedge

against

changes

in

or

to

gain

exposure

to,

change

in

the

value

of

equities,

interest

rates

and

foreign

currencies.

Initial

margin

deposits

are

made

by

cash

deposits

or

segregation

of

specific

securities

as

may

be

required

by

the

exchange

on

which

the

transaction

was

conducted.

Pursuant

to

the

contracts,

typically a

fund agrees

to

receive

from

or

pay

to

the

broker,

an

FCM

(Futures

and

Cleared

Swaps)

MSFTA

(Forward

Currency

Contracts

and

TBA

Securities)

Options

Total

Deposits

with

Counterparty

Core

Plus

Bond

Account

$

—

$

$

—

$

Government

&

High

Quality

Bond

Account

—

—

LargeCap

Growth

Account

I

—

—

LargeCap

S&P

500

Managed

Volatility

Index

Account

—

—

1,588

1,588

Short-Term

Income

Account

—

—

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

amount

of

cash

equal

to

the

daily

fluctuation

in

the

value

of

the

contract.

Such

receipts

or

payments

are

known

as

"variation

margin"

and

are

recorded

by

the fund

as

a

variation

margin

receivable

or

payable

on

financial

derivative

instruments.

For

those

contracts

where

daily

variation

margin

payments

are

not

received

from

or

paid

to

the

broker,

the

cumulative

unrealized

gains

or

losses

are

included

in

variation

margin

receivable

or

payable

on

financial

derivative

instruments.

Futures

contracts

are

marked

to

market

daily

at

the

closing

settlement

price

or

in

the

absence

of

such

a

price,

the

most

recent

quoted

bid

price.

If

there

are

no

quotations

available,

the

security

is

valued

at

the

last

available

closing

settlement

price.

During

the

period

the

futures

contracts

are

open,

daily

changes

in

the

fair

value

of

the

contracts

are

recognized

as

unrealized

gains

or

losses.

These

unrealized

gains

or

losses

are

included

as

a

component

of

total

distributable

earnings

(accumulated

loss)

on

the

statements

of

assets

and

liabilities.

When

the

contracts

are

closed,

the fund

recognizes

a

realized

gain

or

loss

equal

to

the

difference

between

the

proceeds

from,

or

cost

of,

the

closing

transaction

and

the

fund's

cost

basis

in

the

contract.

There

is

minimal

counterparty

credit

risk

to

the Funds

because

futures

are

exchange

traded

and

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange

traded

futures,

guarantees

the

futures

against

default.

Long

equity

futures

contracts

are

used

to

obtain

market

exposure

for

the

cash

balances

that

are

maintained

by

certain

of

the

Funds

and

the

notional

values

of

the

futures

contracts

will

vary

in

accordance

with

changing

cash

balances.

Long

and

short

U.S.

Treasury

futures

contracts

are

used

to

obtain

interest

rate

exposure

in

order

to

manage

duration

of

Core

Plus

Bond Account,

Government

&

High

Quality

Bond

Account,

and

Short-

Term

Income

Account.

The

notional

values

of

the

futures

contracts

will

vary

in

accordance

with

changing

duration

of

these

funds.

Illiquid

Securities.

Illiquid

securities

generally

cannot

be

sold

or

disposed

of

in

the

ordinary

course

of

business

(within

seven

calendar

days)

at

approximately

the

value

at

which

each

of

the

Funds

has

valued

the

investments.

This

may

have

an

adverse

effect

on

each

of

the

Funds'

ability

to

dispose

of

particular

illiquid

securities

at

fair

value

and

may

limit

each

of

the

Funds'

ability

to

obtain

accurate

market

quotations

for

purposes

of

valuing

the

securities.

Indemnification.

Under

the

Fund's

by-laws,

present

and

past

officers,

directors,

and

employees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

a

variety

of

contracts

that

may

contain

representations

and

warranties

which

provide

general

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

Operating

Segments.

An

operating

segment

is

defined

in

ASC

Topic

280,

Segment

Reporting,

as

a

component

of

a

public

entity

that

engages

in

business

activities

from

which

it

may

recognize

revenues

and

incur

expenses,

has

operating

results

that

are

regularly

reviewed

by

the

public

entity's

chief

operating

decision

maker

("CODM")

to

make

decisions

about

resources

to

be

allocated

to

the

segment

and

assess

its

performance,

and

has

discrete

financial

information

available. Committees

and

working

groups

within

Management

under

the

direction

of

the

President

act

as

the

Funds'

CODM.

Each

of

the

Funds

represents

a

single

operating

segment.

The

CODM

monitors

the

operating

results

of

the

Funds

as

a

whole

and

the

Funds'

strategic

asset

allocation

to

ensure

compliance

with

the defined

investment

strategy

executed

by

the

Funds'

portfolio

managers

as

a

team.

The

types

of

investments

from

which

the

Funds

generate

their

returns

are

reflected

on

the

schedules

of

investments.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

in

the

statements

of

operations

and

financial

highlights.

The

measures

shown

within

these

statements

including

net

investment

income

(loss),

total

return,

and

ratio

of

expenses

to

average

net

assets

are

used

by

the

CODM

to

assess

the

segments'

performance

versus

the

Funds'

comparative

benchmarks

and

investment

objectives,

and

to

make

resource

allocation

decisions

for

the

Funds'

single

segment.

Segment

assets

are

reported

on

the

statements

of

assets

and

liabilities

as

total

assets.

Options

Contracts.

The

Funds

may

write

and

purchase

call

and

put

options

on

securities

and

on

securities

indices

to

hedge

against

a

decline

in

the

value

of

securities

owned

or

an

increase

in

the

price

of

securities

that

the

Funds

plan

to

purchase,

or

to

generate

additional

revenue.

Exchange-

traded

options

may

be

closed

out

only

on

an

exchange

that

generally

provides

a

liquid

secondary

market

for

an

option

of

the

same

series.

Over

the

Counter

("OTC")

options

differ

from

exchange-traded

options

in

that

they

are

two-party

contracts,

with

price

and

other

terms

negotiated

between

buyer

and

seller,

and

generally

do

not

have

as

much

market

liquidity

as

exchange-traded

options.

An

OTC

option

(an

option

not

traded

on

an

established

exchange)

may

be

closed

out

only

by

agreement

with

the

other

party

to

the

original

option

transaction.

FLexible

EXchange

("FLEX")

options

are

customized

options

contracts

available

through

national

securities

exchanges

that

are

guaranteed

for

settlement

by

the

Options

Clearing

Corporation

("OCC"),

a

market

clearinghouse.

FLEX

options

provide

investors

with

the

ability

to

customize

terms

of

an

option,

including

exercise

prices,

exercise

styles,

and

expiration

dates

while

achieving

price

discovery

in

price

competitive,

transparent

auction

markets

and

avoiding

the

counterparty

exposure

of

the

OTC

options

positions.

All

FLEX

options

in

the

Funds

are

European-style

options

that

can

only

be

exercised

at

the

expiration

date

of

the

option.

Writing

put

options

tends

to

increase

a

fund's

exposure

to

the

underlying

instrument.

Writing

call

options

tends

to

decrease

a

fund's

exposure

to

the

underlying

instrument.

When

a

fund

writes

a

call

or

put

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked

to

market

to

reflect

the

current

value

of

the

option

written.

These

liabilities

are

reflected

as

options

contracts

written

on

the

statements

of

assets

and

liabilities.

Premiums

received

from

writing

options

which

expire

are

treated

as

realized

gains.

Premiums

received

from

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

or

offset

against

amounts

paid

on

the

underlying index

to

determine

the

realized

gain

or

loss.

A

fund,

as

a

writer

of

an

option,

has

no

control

over

whether

the

underlying

index

may

be

sold

(call)

or

purchased

(put)

and

as

a

result

bears

the

market

risk

of

an

unfavorable

change

in

the

price

of

the

index

underlying

the

written

option.

There

is

the

risk a

fund may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

a

fund as

a

writer

of

put

options

could

be

required

to

make

is

equal

to

the

notional

amount

multiplied

by

the

exercise

price

as

shown

in

the

schedules

of

investments. A

fund may

also

purchase

put

and

call

options.

Purchasing

call

options

tends

to

increase a

fund's exposure

to

the

underlying

instrument.

Purchasing

put

options

tends

to

decrease a

fund's

exposure

to

the

underlying

instrument.

A

fund pays

a

premium

which

is

included

on

the fund's

statements

of

assets

and

liabilities

as

an

investment

and

subsequently

marked

to

market

to

reflect

the

current

value

of

the

option.

Premiums

paid

for

purchasing

options

which

expire

are

treated

as

realized

losses.

The

risk

associated

with

purchasing

put

and

call

options

is

limited

to

the

premium

paid.

Premiums

paid

for

purchasing

options

which

are

exercised

or

closed

are

added

to

the

amounts

paid

or

offset

against

the

proceeds

on

the

underlying

index

transaction

to

determine

the

realized

gain

or

loss.

Details

of

options

contracts

open

at period

end

are

included

in

the

Funds'

schedules

of

investments.

Private

Investments

in

Public

Equity.

The

Funds

may

invest

in

private

investments

in

public

equity

("PIPEs")

which

are

issued

by

a

company

in

the

secondary

market

as

a

means

of

raising

capital.

In

connection

with

PIPEs,

the

Funds

may

enter

into

unfunded

commitments.

Commitments

may

be

subject

to

various

contingencies

and

are

recognized

when

the

commitment

is

legally

binding.

These

contingencies

are

considered

in

the

valuation

of

the

commitments.

The

Funds

are

obligated

to

fund

these

commitments

when

the

contingencies

are

met

and

therefore,

the

Funds

must

have

funds

sufficient

to

cover

their

obligation.

Commitments

are

marked

to

market

daily

and

the

unrealized

gain

or

loss

is

shown

as

a

separate

line

item

called

unrealized

gain

or

loss

on

unfunded

commitments

on

the

statements

of

assets

and

liabilities

and

included

in

the

net

change

in

unrealized

appreciation/(depreciation)

of

investments

on

the

statements

of

operations,

as

applicable.

As

of

period

end,

the

commitments,

if

any, are

typically

categorized

as

Level

within

the

disclosure

hierarchy.

As of

June

30,

2025,

the

Funds

had

no

unfunded

commitments

in

connection

with

PIPEs.

Rebates.

Subject

to

best

execution,

the

Funds

may

direct

certain

portfolio

transactions

to

brokerage

firms

that,

in

turn,

have

agreed

to

rebate

a

portion

of

the

related

brokerage

commission

to

the

Funds

in

cash.

Commission

rebates

are

included

as

a

component

of

realized

gain

from

investment

transactions

in

the

statements

of

operations.

Restricted

Securities.

Certain

of

the

Funds

may

invest

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

These

securities

generally

may

be

resold

in

transactions

exempt

from

registration

or

to

the

public

if

the

securities

are

registered.

Disposal

of

these

securities

may

involve

time-consuming

negotiations

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

Securities

Lending.

As

footnoted

in

the

schedules

of

investments,

certain

of

the

Funds

may

lend

portfolio

securities

to

approved

brokerage

firms

to

earn

additional

income.

The

Funds

receive

collateral,

in

the

form

of

cash,

against

the

loaned

securities.

During

the

period

of

the

loan,

the

borrower

must

maintain

collateral

in

an

amount

not

less

than

102%

of

the

market

value

of

the

domestic

and

foreign

fixed

income

loaned

securities

and

105%

of

the

market

value

of

the

foreign

equity

loaned

securities.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Funds

and

any

additional

required

collateral

is

delivered

to

the

Funds

on

the

next

business

day.

The

transactions

are

accounted

for

as

secured

borrowings

and

the

remaining

contractual

maturity

is

overnight

and

continuous

for

all

securities. The

cash

collateral

received

is

usually

invested

in

an

SEC-registered

money

market

mutual

fund

and

the

Funds

could

realize

a

loss

on

such

investments.

Further,

the

Funds

could

experience

a

delay

in

recovering their

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

Securities

lending

income,

net

of

related

fees,

is

shown

on

the

statements

of

operations.

Senior

Floating

Rate

Interests.

The

Funds

may

invest

in

senior

floating

rate

interests

(bank

loans).

Senior

floating

rate

interests

typically

hold

the

most

senior

position

in

the

capital

structure

of

a

business

entity

(the

"Borrower"),

and

are

secured

by

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

Borrower

that

is

senior

to

that

held

by

subordinated

debtholders

and

stockholders

of

the

Borrower.

Senior

floating

rate

interests

are

typically

structured

and

administered

by

a

financial

institution

that

acts

as

the

agent

of

the

lenders

participating

in

the

senior

floating

rate

interest.

Borrowers

of

senior

floating

rate

interests

are

typically

rated

below-investment-grade,

which

means

they

are

more

likely

to

default

than

investment-grade

loans.

A

default

could

lead

to

non-payment

of

income

which

would

result

in

a

reduction

of

income

to

the

fund

and

there

can

be

no

assurance

that

the

liquidation

of

any

collateral

would

satisfy

the

Borrower's

obligation

in

the

event

of

non-payment

of

scheduled

interest

or

principal

payments,

or

that

such

collateral

could

be

readily

liquidated.

Senior

floating

rate

interests

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank,

LIBOR,

SOFR,

or

a

similar

reference

rate.

Senior

floating

rate

interests

generally

are

subject

to

mandatory

and/or

optional

prepayment.

Because

of

these

mandatory

prepayment

conditions

and

because

there

may

be

significant

economic

incentives

for

the

Borrower

to

repay,

prepayments

of

senior

floating

rate

interests

may

occur.

As

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

a

result,

the

actual

remaining

maturity

of

senior

floating

rate

interests

may

be

substantially

less

than

stated

maturities

shown

in

the

schedules

of

investments.

In

connection

with

the

senior

floating

rate

interests,

the

Funds

may

also

enter

into

unfunded

loan

commitments.

All

or

a

portion

of

the

loan

commitments

may

be

unfunded.

The

Funds

are

obligated

to

fund

these

loan

commitments

at

the

Borrower's

discretion.

Therefore,

the

Funds

must

have

funds

sufficient

to

cover

their

contractual

obligation.

Unfunded

loan

commitments

are

marked

to

market

daily

and

the

unrealized

gain

or

loss

is

shown

as

a

separate

line

item

called

unrealized

gain

or

loss

on

unfunded

commitments

on

the

statements

of

assets

and

liabilities

and

included

in

the

net

change

in

unrealized

appreciation/(depreciation)

of

investments

on

the

statements

of

operations,

as

applicable.

As

of

period

end,

the

unfunded

loan

commitments

are

categorized

as

Level

within

the

disclosure

hierarchy.

As

of

June

30,

2025

,

the

Funds

had

unfunded

loan

commitments

as

follows

(amounts

in

thousands):

Swap

Agreements.

Certain

of

the

Funds

may

enter

into swap

agreements

during

the

period.

Swap

agreements

are

negotiated

agreements

between

a

fund and

a

counterparty

to

exchange

a

series

of

cash

flows

at

specified

intervals

based

upon,

or

calculated

by

reference

to,

changes

in

specified

prices

or

rates

for

a

specified

amount

of

an

underlying

asset.

A

fund may

enter

into

credit

default,

interest

rate,

or

total

return

swap

agreements

to

manage

its

exposure

to

credit,

interest

rate,

or

market

risk.

In

connection

with

these

agreements,

securities

may

be

identified

as

collateral

in

accordance

with

the

terms

of

the

respective

swap

agreements

to

provide

assets

of

value

and

recourse

in

the

event

of

default

or

bankruptcy/

insolvency.

Swap

agreements

are

valued

through

a

pricing

service

or

using

procedures

established

and

periodically

reviewed

by

the

Fund's

Board

of

Directors.

Centrally

cleared

swaps

are

valued

using

the

last

traded

price

from

the

primary

trading

exchange.

OTC

swaps

are

modeled

taking

into

account

the

counterparties'

creditworthiness

and

using

a

series

of

techniques,

including

simulation

models.

Changes

in

value

are

recorded

as

unrealized

gain

or

loss

which

is

included

as

a

component

of

total

distributable

earnings

(accumulated

loss)

on the

statements

of

assets

and

liabilities.

Upon

termination

of

swap

agreements,

the Funds

recognize

a

realized

gain

or

loss.

Net

periodic

payments

to

be

received

or

paid

are

accrued

daily

and

are

recorded

in

the

statements

of

operations

as

realized

gains

or

losses.

Payments

received

or

made

at

the

beginning

of

the

measurement

period

are

reflected

as

such

on

the

statements

of

assets

and

liabilities

and

represent

payments

made

or

received

upon

entering

into

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

prevailing

market

conditions

(credit

spreads,

interest

rates,

and

other

relevant

factors).

These

upfront

payments

are

amortized

daily

over

the

term

of

the

swap

agreement

as

realized

gains

or

losses

on

the

statements

of

operations.

Notional

principal

amounts

are

used

to

express

the

extent

of

involvement

in

these

agreements.

Risks

may

exceed

amounts

shown

on

the

statements

of

assets

and

liabilities.

These

risks

include

changes

in

the

returns

of

the

underlying

instruments,

unfavorable

interest

rate

fluctuation,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

contractual

terms

in

the

agreements,

and

the

possible

lack

of

liquidity

with

respect

to

the

swap

agreements.

The Funds

and

any

counterparty

are

required

to

maintain

an

agreement

that

requires

the Funds

and

that

counterparty

to

monitor

the

net

fair

value

of

all

derivative

transactions

entered

into

pursuant

to

the

contract

between

the Funds

and

such

counterparty.

If

the

net

fair

value

of

such

derivatives

transactions

between

the Funds

and

that

counterparty

exceeds

a

certain

threshold

(as

defined

in

the

agreement),

the Funds

or

the

counterparty

are

required

to

post

cash

and/or

securities

as

collateral.

Fair

values

of

derivatives

transactions

presented

in

the

financial

statements

are

not

netted

with

the

fair

values

of

other

derivatives

transactions

or

with

any

collateral

amounts

posted

by

the Funds

or

any

counterparty.

Credit

default

swaps

involve

commitments

to

pay

a

fixed

rate

at

a

predetermined

frequency

in

exchange

for

a

lump

sum

payment

if

a

"credit

event",

as

defined

in

the

agreement,

affecting

a

third

party

occurs.

Credit

events

may

include

a

failure

to

pay

interest,

bankruptcy,

restructuring,

or

other

event

as

defined

in

the

agreement.

A

"buyer"

of

credit

protection

agrees

to

pay

a

counterparty

to

assume

the

credit

risk

of

an

issuer

upon

the

occurrence

of

a

credit

event.

The

"seller"

of

the

protection

receives

periodic

payments

and

agrees

to

assume

the

credit

risk

of

an

issuer

upon

the

occurrence

of

a

credit

event.

As

the

seller

of

credit

protection, a

fund would

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

a

fund would

be

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

If a

fund is

a

seller

of

protection

and

a

credit

event

occurs,

as

defined

under

the

terms

of

that

particular

swap

agreement,

the fund

will

either

(i) pay

to

the

buyer

of

protection

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index

or

(ii) pay

a

net

settlement

amount

in

the

form

of

cash

or

securities

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

If a fund

is

a

buyer

of

protection

and

a

credit

event

occurs,

as

defined

under

the

terms

of

that

particular

swap

agreement,

a

fund will

either

(i) Unfunded

Loan

Commitment

Net

Unrealized

Gain/(Loss)

Core

Plus

Bond

Account

$

$

—

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

receive

from

the

seller

of

protection

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index

or

(ii) receive

a

net

settlement

amount

in

the

form

of

cash

or

securities

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

may

include,

but

are

not

limited

to,

investment

grade

securities,

high

yield

securities,

asset

backed

securities,

emerging

markets,

and/or

various

credit

ratings

within

each

sector.

Credit

indices

are

traded

using

credit

default

swaps

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

that

name's

weight

in

the

index.

The

composition

of

the

indices

changes

periodically,

usually

every

six

months,

and

for

most

indices,

each

name

has

an

equal

weight

in

the

index.

A

fund may

use

credit

default

swaps

on

credit

indices

to

hedge

a

portfolio

of

credit

default

swaps

or

bonds,

which

is

less

expensive

than

it

would

be

to

buy

many

credit

default

swaps

to

achieve

a

similar

effect.

Credit

default

swaps

on

indices

are

benchmarks

for

protecting

investors

owning

bonds

against

default,

and

traders

use

them

to

speculate

on

changes

in

credit

quality.

For

credit

default

swap

agreements

on

asset-backed

securities

and

credit

indices,

the

quoted

market

prices

and

resulting

values

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

and

increasing

values,

in

absolute

terms

when

compared

to

the

notional

amount

of

the

swap,

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

a

fund as

a

seller

of

protection

could

be

required

to

make

under

a

credit

default

swap

agreement

would

be

an

amount

equal

to

the

notional

amount

of

the

agreement.

Notional

amounts

of

all

credit

default

swap

agreements

outstanding

as

of June

30,

2025

for

which a

fund

is

the

seller

of

protection

are

disclosed

in

the

footnotes

to

the

schedules

of

investments.

These

potential

amounts

would

be

partially

offset

by

any

recovery

values

of

the

respective

referenced

obligations,

upfront

payments

received

upon

entering

into

the

agreement,

or

net

amounts

received

from

the

settlement

of

buy

protection

credit

default

swap

agreements

entered

into

by a

fund for

the

same

referenced

entity

or

entities.

Interest

rate

swaps

involve

the

commitment

to

exchange

fixed

or

floating

rate

cash

flows

based

on

changes

in

the

value

of

a

specific

reference

rate.

Certain

collateral

amounts

relate

to

exchange

cleared

swaps

which

are

not

subject

to

Master

Netting

Agreements

with

counterparties.

To

Be

Announced

Securities.

The

Funds

may

trade

portfolio

securities

on

a

TBA

or

when-issued

basis.

In

a

TBA

or

when-issued

transaction,

the

Funds

commit

to

purchase

or

sell

securities

for

which

all

specific

information

is

not

known

at

the

time

of

the

trade.

Securities

purchased

on

a

TBA

or

when-issued

basis

are

not

settled

until

they

are

delivered

to

the

Funds,

normally

to

days

later.

These

transactions

are

subject

to

market

fluctuations

and

their

current

value

is

determined

in

the

same

manner

as

for

other

portfolio

securities.

Underlying

Funds.

The

performance

and

risks

of

each

Principal

LifeTime

Fund,

each

SAM

Portfolio,

Diversified

Balanced

Account,

Diversified

Balanced

Adaptive

Allocation

Account,

Diversified

Balanced

Strategic

Allocation

Account,

Diversified

Growth

Account,

Diversified

Growth

Strategic

Allocation

Account,

Diversified

Growth

Adaptive

Allocation

Account,

and

Diversified

Income

Account

(singly,

"a

fund

of

funds"

and

collectively,

"the

funds

of

funds")

directly

corresponds

to

the

performance

and

risks

of

the

Underlying

Funds

in

which

the

fund

of

funds

invests.

By

investing

in

many

Underlying

Funds,

the

funds

of

funds

have

partial

exposure

to

the

risks

of

many

different

areas

of

the

market.

The

more

a

fund

of

funds

allocates

to

stock

funds,

the

greater

the

expected

risk.

An

underlying

fund

to

a

fund

of

funds

may

experience

relatively

large

redemptions

or

purchases

as

the

fund

of

funds

periodically

reallocates

or

rebalances

its

assets.

These

transactions

may

accelerate

the

realization

of

taxable

income

if

sales

of

portfolio

securities

result

in

gains

and

could

increase

transaction

costs.

In

addition,

when

a

fund

of

funds

reallocates

or

redeems

significant

assets

away

from

an

underlying

fund,

the

loss

of

assets

to

the

underlying

fund

could

result

in

increased

expense

ratios

for

that

fund.

The

Manager

is

the

advisor

to

the

Fund,

Principal

Funds,

Inc.,

Principal

Exchange-Traded

Funds,

and

other

asset

allocation

programs.

The

Manager

is

committed

to

minimizing

the

potential

impact

of

underlying

fund

risk

to

the

extent

consistent

with

pursuing

the

investment

objectives

of

the

funds

of

funds

which

it

manages.

Each

may

face

conflicts

of

interest

in

fulfilling

its

responsibilities

to

all

such

funds.

Shareholder

reports

for

Principal

Funds,

Inc.

and

Principal

Exchange-Traded

Funds

can

be

found

at

www.PrincipalAM.com.

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

As

of

June

30,

2025,

series

of

the

Fund

owned

the

following

percentages,

in

the

aggregate,

of

the

outstanding

shares

of

the

Funds

listed

below:

U.S.

Government

Agencies

or

Government-Sponsored

Enterprises.

Certain

of

the

Funds

may

invest

in

U.S.

Government

agencies

or

government-sponsored

enterprises.

U.S.

Government

securities

are

obligations

of,

and

in

certain

cases,

guaranteed

by,

the

U.S.

Government

or

its

agencies.

The

U.S.

Government

does

not

guarantee

the

net

asset

value

of

the

Funds'

shares.

Some

U.S.

Government

securities

such

as

treasury

bills,

notes

and

bonds,

and

securities

guaranteed

by

the

Government

National

Mortgage

Association

("GNMA")

are

supported

by

the

full

faith

and

credit

of

the

U.S.

Government.

Other

securities,

such

as

those

of

the

Federal

Home

Loan

Bank,

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Department

of

the

Treasury.

Still

other

securities,

such

as

those

of

the

Federal

National

Mortgage

Association

("FNMA"),

are

supported

by

the

discretionary

authority

of

the

U.S.

Government

to

purchase

the

agency's

obligations.

Government

related

guarantors

(those

not

backed

by

the

full

faith

and

credit

of

the U.S.

Government)

include

the FNMA

and

the

Federal

Home

Loan

Mortgage

Corporation

("FHLMC").

The

FNMA

is

a

government

sponsored

corporation,

the

common

stock

of

which

is

owned

entirely

by

private

stockholders.

The

FNMA

purchases

conventional

residential

mortgages

from

a

list

of

approved

seller/servicers

which

include

state

and

federally

chartered

savings

and

loan

associations,

mutual

savings

banks,

commercial

banks,

credit

unions,

and

mortgage

bankers.

Pass-through

securities

issued

by

the

FNMA

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

the

FNMA,

but

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Government.

The

FHLMC

issues

participation

certificates,

which

are

pass-through

securities,

each

representing

an

undivided

interest

in

a

pool

of

residential

mortgages.

The

FHLMC

guarantees

the

timely

payment

of

interest

and

ultimate

collection

of

principal,

but

participation

certificates

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Government.

Derivatives.

The

following

tables

provide

information

about

where

in

the

statements

of

assets

and

liabilities

and

statements

of

operations

information

about

derivatives

can

be

found

(amounts

in

thousands):

Total

Percentage

of

Outstanding

Shares

Owned

Bond

Market

Index

Account

97.68 %

Equity

Income

Account

22.68 Government

&

High

Quality

Bond

Account

15.77 LargeCap

S&P

500

Index

Account

62.37 LargeCap

S&P

500

Managed

Volatility

Index

Account

100.00 MidCap

Account

4.90 Real

Estate

Securities

Account

5.64 Asset

Derivatives

June

30,

2025

Liability

Derivatives

June

30,

2025

Derivatives

not

accounted

for

as

hedging

instruments

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Core

Plus

Bond

Account

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

709

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Government

&

High

Quality

Bond

Account

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

\*

LargeCap

Growth

Account

I

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

$

—

LargeCap

S&P

500

Index

Account

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

1,295

\*

$

—

LargeCap

S&P

500

Managed

Volatility

Index

Account

Equity

Contracts

Investment

in

securities

-

at

value\*\*,

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Payables

$

Short-Term

Income

Account

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

$

—

U.S.

LargeCap

S&P

500

Index

Buffer

April

Account

Equity

Contracts

Investment

in

securities

-

at

value\*\*

$

6,621

Payables

$

1,658

U.S.

LargeCap

S&P

500

Index

Buffer

January

Account

Equity

Contracts

Investment

in

securities

-

at

value\*\*

$

9,146

Payables

$

1,462

U.S.

LargeCap

S&P

500

Index

Buffer

July

Account

Equity

Contracts

Investment

in

securities

-

at

value\*\*

$

8,763

Payables

$

1,998

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

Asset

Derivatives

June

30,

2025

Liability

Derivatives

June

30,

2025

Derivatives

not

accounted

for

as

hedging

instruments

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Statement

of

Assets

and

Liabilities

Location

Fair

Value

U.S.

LargeCap

S&P

500

Index

Buffer

October

Account

Equity

Contracts

Investment

in

securities

-

at

value\*\*

$

6,868

Payables

$

680

\*Includes

cumulative

unrealized

appreciation/(depreciation)

of

exchange

traded

swaps

and/or

futures

contracts

as

shown

in

the

schedules

of

investments.

Only

the

portion

of

the

unrealized

appreciation/(depreciation)

not

yet

cash

settled

is

shown

in

the

statements

of

assets

and

liabilities

as

variation

margin.

\*\*Investment

in

securities

-

at

value

includes

purchased

options

and/or

purchased

swaptions.

Derivatives

not

accounted

for

as

hedging

instruments

Location

of

Gain

or

(Loss)

on

Derivatives

Recognized

in

Statement

of

Operations

Net

Realized

Gain

or

(Loss)

on

Derivatives

Recognized

in

Statement

of

Operations

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

of

Derivatives

Recognized

in

Statement

of

Operations

Core

Plus

Bond

Account

Credit

Contracts

Swap

agreements

$

$

—

Interest

Rate

Contracts

Futures

contracts

$

(775) $

1,247

Total

$

(724) $

1,247

Diversified

Balanced

Adaptive

Allocation

Account

Equity

Contracts

Futures

contracts

$

(3,653)

$

—

Diversified

Growth

Adaptive

Allocation

Account

Equity

Contracts

Futures

contracts

$

(45,063)

$

—

Government

&

High

Quality

Bond

Account

Interest

Rate

Contracts

Futures

contracts

$

(221) $

LargeCap

Growth

Account

I

Equity

Contracts

Futures

contracts

$

(142) $

LargeCap

S&P

500

Index

Account

Equity

Contracts

Futures

contracts

$

(990) $

1,378

LargeCap

S&P

500

Managed

Volatility

Index

Account

Equity

Contracts

Investment

transactions/Investments\*

$

2,251

$

(834) Futures

contracts

$

$

Options

and

swaptions

$

(781) $

527

Total

$

1,583

$

(281) Short-Term

Income

Account

Interest

Rate

Contracts

Futures

contracts

$

(7) $

U.S.

LargeCap

S&P

500

Index

Buffer

April

Account

Equity

Contracts

Investment

transactions/Investments\*

$

(1,384)

$

Options

and

swaptions

$

1,055

$

(469) Total

$

(329) $

(280) U.S.

LargeCap

S&P

500

Index

Buffer

January

Account

Equity

Contracts

Investment

transactions/Investments\*

$

(444) $

(859) Options

and

swaptions

$

$

794

Total

$

(298) $

(65) U.S.

LargeCap

S&P

500

Index

Buffer

July

Account

Equity

Contracts

Investment

transactions/Investments\*

$

(1,044)

$

646

Options

and

swaptions

$

703

$

(390) Total

$

(341) $

U.S.

LargeCap

S&P

500

Index

Buffer

October

Account

Equity

Contracts

Investment

transactions/Investments\*

$

(600) $

(420) Options

and

swaptions

$

$

Total

$

(150) $

(62) \*Investment

transactions

includes

purchased

options

and/or

purchased

swaptions.

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

The

following

table

includes

a

summary

of

the

average

quarterly

outstanding

notional

by

derivative

instrument

type

for

the period

ended

June

30,

2025 (amounts

in

thousands):

4. Fair

Valuation

Fair

value

is

defined

as

the

price

that

the Funds

would

receive

upon

selling

a

security

or

transferring

a

liability in

a

timely

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

of

the

security

at

the

measurement

date.

In

determining

fair

value,

the Funds

may

use

one

or

more

of

the

following

approaches:

market,

income

and/or

cost.

A

hierarchy

for

inputs

is

used

in

measuring

fair

value

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

requiring

that

the

most

observable

inputs

be

used

when

available.

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

Funds.

Unobservable

inputs

are

inputs

that

reflect

the

fund's

own

estimates

about

the

estimates

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances.

The

three-tier

hierarchy

of

inputs

is

summarized

in

the

three

broad

levels

listed

below.

● Level

–

Quoted

prices

are

available

in

active

markets

for

identical

securities

as

of

the

reporting

date.

Investments

which

are

generally

included

in

this

category

include listed

equities

and

exchange-traded

derivatives.

● Level

–

Other

significant

observable

inputs

(including

quoted

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Investments

which

are

generally

included

in

this

category

include

certain

foreign

equities,

corporate

bonds, municipal

bonds,

OTC

derivatives,

exchange

cleared derivatives, senior

floating

rate

interests,

and

U.S.

Government

and

Government

Agency

Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract

Type

Derivative

Type

Average

Notional

Core

Plus

Bond

Account

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps

-

Buy

Protection

$

4,850

Interest

Rate

Contracts

Futures

-

Long

69,963

Futures

-

Short

5,599

Government

&

High

Quality

Bond

Account

Interest

Rate

Contracts

Futures

-

Long

5,662

Futures

-

Short

7,604

LargeCap

Growth

Account

I

Equity

Contracts

Futures

-

Long

3,851

LargeCap

S&P

500

Index

Account

Equity

Contracts

Futures

-

Long

73,783

LargeCap

S&P

500

Managed

Volatility

Index

Account

Equity

Contracts

Futures

-

Long

2,779

Purchased

Options

Written

Options

Short-Term

Income

Account

Interest

Rate

Contracts

Futures

-

Long

8,068

U.S.

LargeCap

S&P

500

Index

Buffer

April

Account

Equity

Contracts

Purchased

Options

Written

Options

U.S.

LargeCap

S&P

500

Index

Buffer

January

Account

Equity

Contracts

Purchased

Options

Written

Options

U.S.

LargeCap

S&P

500

Index

Buffer

July

Account

Equity

Contracts

Purchased

Options

Written

Options

U.S.

LargeCap

S&P

500

Index

Buffer

October

Account

Equity

Contracts

Purchased

Options

Written

Options

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

● Level

–

Significant

unobservable

inputs

(including

the

Funds'

assumptions

in

determining

the

fair

value

of

investments).

Investments

which are

generally included

in

this

category

include

certain

common

stocks,

convertible

preferred

stocks,

corporate

bonds,

preferred

stocks,

or

senior

floating

rate

interests.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

market

place,

and

other

characteristics

particular

to

the

transaction.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

by

the Funds

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3. In

certain

cases,

the

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Fair

value

is

a

market

based

measure

considered

from

the

perspective

of

a

market

participant

who

holds

the

asset

rather

than

an

entity

specific

measure.

Therefore,

even

when

market

assumptions

are

not

readily

available,

the

Funds'

own

assumptions

are

set

to

reflect

those

that

market

participants

would

use

in

pricing

the

asset

or

liability

at

the

measurement

date.

The

Funds

use

prices

and

inputs

that

are

current

as

of

the

measurement

date,

when

available.

Investments

which

are

included

in

the

Level

category

may

be

valued

using

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

these

investments.

These

investments

are

classified

as

Level

investments

due

to

the

lack

of

market

transparency

and

market

corroboration

to

support

these

quoted

prices.

Valuation

models

may

be

used

as

the

pricing

source

for

other

investments

classified

as

Level

3. Valuation

models

rely

on

one

or

more

significant

unobservable

inputs

such

as:

yield

to

maturity,

EBITDA

multiples,

discount

rates,

available

cash,

or

direct

offering

price.

Significant

increases

in

yield

to

maturity,

EBITDA

multiples,

available

cash,

or

direct

offering

price would

have

resulted

in

significantly

higher

fair

value

measurements.

A

significant

increase

in

discount

rates

would

have

resulted

in

a

significantly

lower

fair

value

measurement.

Benchmark

pricing

procedures

set

the

base

price

of

a

security

based

on

current

market

data.

The

base

price

may

be

a

broker-dealer

quote,

transaction

price,

or

internal

value

based

on

relevant

market

data.

The

fair

values

of

these

securities

are

dependent

on

economic,

political,

and

other

considerations.

The

values

of

such

securities

may

be

affected

by

significant

changes

in

the

economic

conditions,

changes

in

government

policies,

and

other

factors

(e.g.,

natural

disasters,

pandemics, accidents,

conflicts,

etc.).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

instruments.

The

following

is

a

summary

of

the

inputs

used

as

of June

30,

2025

in

valuing

the

Funds'

securities

carried

at

fair

value

(amounts

in

thousands):

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Blue

Chip

Account

Common

Stocks\*

$

26,743

$

—

$

—

$

26,743

Investment

Companies\*

—

—

Total

investments

in

securities

$

26,924

$

—

$

—

$

26,924

Bond

Market

Index

Account

Bonds\*

—

541,516

—

541,516

Investment

Companies\*

38,731

—

—

38,731

Municipal

Bonds\*

—

10,639

—

10,639

U.S.

Government

&

Government

Agency

Obligations\*

—

1,319,906

—

1,319,906

Total

investments

in

securities

$

38,731

$

1,872,061

$

—

$

1,910,792

Core

Plus

Bond

Account

Bonds\*

—

130,508

130,509

Investment

Companies\*

15,923

—

—

15,923

Senior

Floating

Rate

Interests\*

—

5,456

—

5,456

U.S.

Government

&

Government

Agency

Obligations\*

—

72,747

—

72,747

Total

investments

in

securities

$

15,923

$

208,711

$

$

224,635

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Core

Plus

Bond

Account

(continued)

Derivative

Assets

Interest

Rate

Contracts

Futures\*\*

$

709

$

—

$

—

$

709

Derivative

Liabilities

Interest

Rate

Contracts

Futures\*\*

(87) —

—

(87) Diversified

Balanced

Account

Investment

Companies\*

556,535

—

—

556,535

Total

investments

in

securities

$

556,535

$

—

$

—

$

556,535

Diversified

Balanced

Adaptive

Allocation

Account

Investment

Companies\*

220,104

—

—

220,104

Total

investments

in

securities

$

220,104

$

—

$

—

$

220,104

Diversified

Balanced

Strategic

Allocation

Account

Investment

Companies\*

96,963

—

—

96,963

Total

investments

in

securities

$

96,963

$

—

$

—

$

96,963

Diversified

Growth

Account

Investment

Companies\*

2,056,748

—

—

2,056,748

Total

investments

in

securities

$

2,056,748

$

—

$

—

$

2,056,748

Diversified

Growth

Adaptive

Allocation

Account

Investment

Companies\*

1,452,187

—

—

1,452,187

Total

investments

in

securities

$

1,452,187

$

—

$

—

$

1,452,187

Diversified

Growth

Strategic

Allocation

Account

Investment

Companies\*

217,488

—

—

217,488

Total

investments

in

securities

$

217,488

$

—

$

—

$

217,488

Diversified

Income

Account

Investment

Companies\*

191,760

—

—

191,760

Total

investments

in

securities

$

191,760

$

—

$

—

$

191,760

Diversified

International

Account

Common

Stocks

Basic

Materials

3,401

2,947

—

6,348

Communications

4,697

21,114

—

25,811

Consumer,

Cyclical

5,872

33,887

—

39,759

Consumer,

Non-cyclical

4,025

42,643

—

46,668

Energy

7,600

3,045

—

10,645

Financial

11,154

60,200

—

71,354

Industrial

1,724

37,598

—

39,322

Technology

—

33,348

—

33,348

Utilities

—

3,305

—

3,305

Investment

Companies\*

4,084

—

—

4,084

Total

investments

in

securities

$

42,557

$

238,087

$

—

$

280,644

Equity

Income

Account

Common

Stocks\*

694,058

—

—

694,058

Investment

Companies\*

15,067

—

—

15,067

Total

investments

in

securities

$

709,125

$

—

$

—

$

709,125

Global

Emerging

Markets

Account

Common

Stocks

Basic

Materials

1,705

1,561

—

3,266

Communications

1,899

11,062

—

12,961

Consumer,

Cyclical

1,026

3,874

—

4,900

Consumer,

Non-cyclical

559

6,365

—

6,924

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Global

Emerging

Markets

Account

(continued)

Common

Stocks

(continued)

Energy

$

$

1,635

$

—

$

1,735

Financial

1,580

15,985

—

17,565

Industrial

1,316

5,785

—

7,101

Technology

803

15,913

—

16,716

Utilities

940

—

1,184

Investment

Companies\*

1,282

—

—

1,282

Preferred

Stocks

Consumer,

Cyclical

—

—

Energy

—

—

Total

investments

in

securities

$

10,919

$

63,370

$

—

$

74,289

Government

&

High

Quality

Bond

Account

Bonds\*

—

28,508

—

28,508

Investment

Companies\*

1,898

—

—

1,898

U.S.

Government

&

Government

Agency

Obligations\*

—

97,522

—

97,522

Total

investments

in

securities

$

1,898

$

126,030

$

—

$

127,928

Derivative

Assets

Interest

Rate

Contracts

Futures\*\*

—

—

Derivative

Liabilities

Interest

Rate

Contracts

Futures\*\*

(25) —

—

(25) LargeCap

Growth

Account

I

Common

Stocks

Basic

Materials

—

—

Communications

132,957

—

—

132,957

Consumer,

Cyclical

34,883

—

—

34,883

Consumer,

Non-cyclical

78,360

—

—

78,360

Energy

2,878

—

—

2,878

Financial

47,897

—

—

47,897

Industrial

40,049

—

—

40,049

Technology

266,311

—

266,515

Utilities

—

—

Convertible

Preferred

Stocks

Basic

Materials

—

—

Consumer,

Cyclical

—

—

Technology

—

—

Investment

Companies\*

14,709

—

—

14,709

Total

investments

in

securities

$

618,606

$

—

$

862

$

619,468

Derivative

Assets

Equity

Contracts

Futures\*\*

—

—

LargeCap

S&P

500

Index

Account

Common

Stocks\*

2,459,773

—

—

2,459,773

Investment

Companies\*

74,218

—

—

74,218

Total

investments

in

securities

$

2,533,991

$

—

$

—

$

2,533,991

Derivative

Assets

Equity

Contracts

Futures\*\*

1,295

—

—

1,295

LargeCap

S&P

500

Managed

Volatility

Index

Account

Common

Stocks\*

123,947

—

—

123,947

Investment

Companies\*

7,999

—

—

7,999

Purchased

Options

—

—

Total

investments

in

securities

$

131,946

$

$

—

$

131,989

Derivative

Assets

Equity

Contracts

Futures\*\*

—

—

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

LargeCap

S&P

500

Managed

Volatility

Index

Account

(continued)

Equity

Contracts

(continued)

Derivative

Liabilities

Equity

Contracts

Written

Options

$

—

$

(31) $

—

$

(31) MidCap

Account

Common

Stocks

Basic

Materials

9,834

—

—

9,834

Communications

15,241

—

—

15,241

Consumer,

Cyclical

154,621

—

—

154,621

Consumer,

Non-cyclical

21,648

—

—

21,648

Financial

192,372

—

—

192,372

Industrial

133,904

—

—

133,904

Technology

103,621

—

—

103,621

Utilities

23,606

—

—

23,606

Investment

Companies\*

2,703

—

—

2,703

Total

investments

in

securities

$

657,550

$

—

$

—

$

657,550

Principal

Capital

Appreciation

Account

Common

Stocks\*

232,399

—

—

232,399

Investment

Companies\*

1,405

—

—

1,405

Total

investments

in

securities

$

233,804

$

—

$

—

$

233,804

Principal

LifeTime

2020

Account

Investment

Companies\*

143,802

—

—

143,802

Total

investments

in

securities

$

143,802

$

—

$

—

$

143,802

Principal

LifeTime

2030

Account

Investment

Companies\*

320,422

—

—

320,422

Total

investments

in

securities

$

320,422

$

—

$

—

$

320,422

Principal

LifeTime

2040

Account

Investment

Companies\*

206,802

—

—

206,802

Total

investments

in

securities

$

206,802

$

—

$

—

$

206,802

Principal

LifeTime

2050

Account

Investment

Companies\*

93,222

—

—

93,222

Total

investments

in

securities

$

93,222

$

—

$

—

$

93,222

Principal

LifeTime

2060

Account

Investment

Companies\*

34,455

—

—

34,455

Total

investments

in

securities

$

34,455

$

—

$

—

$

34,455

Principal

LifeTime

Strategic

Income

Account

Investment

Companies\*

54,245

—

—

54,245

Total

investments

in

securities

$

54,245

$

—

$

—

$

54,245

Real

Estate

Securities

Account

Common

Stocks\*

247,035

—

—

247,035

Investment

Companies\*

1,468

—

—

1,468

Total

investments

in

securities

$

248,503

$

—

$

—

$

248,503

SAM

Balanced

Portfolio

Investment

Companies\*

570,163

—

—

570,163

Total

investments

in

securities

$

570,163

$

—

$

—

$

570,163

SAM

Conservative

Balanced

Portfolio

Investment

Companies\*

158,772

—

—

158,772

Total

investments

in

securities

$

158,772

$

—

$

—

$

158,772

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

\*For

additional

detail

regarding

sector

and/or

sub-industry

classifications,

please

see

the

schedules

of

investments.

\*\*Exchange

cleared

swaps

and

futures

are

presented

at

the

unrealized

appreciation/(depreciation)

of

the

instrument.

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

SAM

Conservative

Growth

Portfolio

Investment

Companies\*

$

413,217

$

—

$

—

$

413,217

Total

investments

in

securities

$

413,217

$

—

$

—

$

413,217

SAM

Flexible

Income

Portfolio

Investment

Companies\*

118,819

—

—

118,819

Total

investments

in

securities

$

118,819

$

—

$

—

$

118,819

SAM

Strategic

Growth

Portfolio

Investment

Companies\*

463,819

—

—

463,819

Total

investments

in

securities

$

463,819

$

—

$

—

$

463,819

Short-Term

Income

Account

Bonds\*

—

115,772

—

115,772

Investment

Companies\*

5,552

—

—

5,552

U.S.

Government

&

Government

Agency

Obligations\*

—

9,717

—

9,717

Total

investments

in

securities

$

5,552

$

125,489

$

—

$

131,041

Derivative

Assets

Interest

Rate

Contracts

Futures\*\*

—

—

SmallCap

Account

Common

Stocks\*

162,759

—

—

162,759

Investment

Companies\*

2,108

—

—

2,108

Total

investments

in

securities

$

164,867

$

—

$

—

$

164,867

U.S.

LargeCap

S&P

500

Index

Buffer

April

Account

Investment

Companies\*

38,986

—

—

38,986

Purchased

Options

—

6,621

—

6,621

Total

investments

in

securities

$

38,986

$

6,621

$

—

$

45,607

Derivative

Liabilities

Equity

Contracts

Written

Options

—

(1,658)

—

(1,658)

U.S.

LargeCap

S&P

500

Index

Buffer

January

Account

Investment

Companies\*

56,921

—

—

56,921

Purchased

Options

—

9,146

—

9,146

Total

investments

in

securities

$

56,921

$

9,146

$

—

$

66,067

Derivative

Liabilities

Equity

Contracts

Written

Options

—

(1,462)

—

(1,462)

U.S.

LargeCap

S&P

500

Index

Buffer

July

Account

Investment

Companies\*

44,775

—

—

44,775

Purchased

Options

—

8,763

—

8,763

Total

investments

in

securities

$

44,775

$

8,763

$

—

$

53,538

Derivative

Liabilities

Equity

Contracts

Written

Options

—

(1,998)

—

(1,998)

U.S.

LargeCap

S&P

500

Index

Buffer

October

Account

Investment

Companies\*

48,166

—

—

48,166

Purchased

Options

—

6,868

—

6,868

Total

investments

in

securities

$

48,166

$

6,868

$

—

$

55,034

Derivative

Liabilities

Equity

Contracts

Written

Options

—

(680) —

(680) 4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

At

the

end

of

the

period,

there

were

no

other Funds

which

had

a

significant

Level

balance.

During

the

period,

there

were

no

significant

purchases,

sales,

or

transfers

into

or

out

of

Level

3. 5. Management

Agreement

and

Transactions

with

Affiliates

Management

Services.

The

Funds

have

agreed

to

pay

management

and

investment

advisory

fees

to

the

Manager

computed

at

an

annual

percentage

rate

of

each

of

the

Fund's

average

daily

net

assets.

A

portion

of

the

management

fee

is

paid

by

the

Manager

to

the

sub-advisor

of

each

of

the

Funds,

some

of

which

are

affiliates

of

the

Manager.

The

annual

rate

paid

by

the

SAM

Portfolios

is

based

upon

the

aggregate

average

daily

net

assets

("aggregate

net

assets")

of

the

SAM

Portfolios.

The

management

and

investment

advisory

fees

schedule

for

the

SAM

Portfolios

is

.25%

of

aggregate

net

assets

up

to

the

first

$1

billion

and

.20%

of

aggregate

net

assets

over

$1

billion.

The

Principal

LifeTime

Funds

do

not

pay

management

and

investment

advisory

fees.

The

annual

rates

used

in

this

calculation

for

each

of

the

other

Funds

are

as

follows:

Net

Assets

of

Fund

(in

millions)

First

$100

Next

$100

Next

$100

Next

$100

Thereafter

Core

Plus

Bond

Account

.50%

.45%

.40%

.35%

.30%

Government

&

High

Quality

Bond

Account

.48

.47

.46

.45

.44

LargeCap

Growth

Account

I

.80

.75

.70

.65

.60

Real

Estate

Securities

Account

.79

.77

.73

.70

.68

SmallCap

Account

.85

.80

.75

.70

.65

Net

Assets

of

Fund

(in

millions)

First

$100

Next

$100

Next

$100

Next

$100

Next

$300

Next

$300

Thereafter

Equity

Income

Account

.60%

.55%

.50%

.45%

.40%

.39%

.38%

MidCap

Account

.65

.60

.55

.50

.45

.44

.43

Net

Assets

of

Fund

(in

millions)

First

$250

Next

$250

Next

$250

Next

$250

Thereafter

Diversified

International

Account

.81%

.78%

.75%

.70%

.65%

Global

Emerging

Markets

Account

1.00 .98

.96

.95

.90

Net

Assets

of

Fund

(in

millions)

First

$500

Over

$500

Blue

Chip

Account

.60%

.55%

Principal

Capital

Appreciation

Account

.625

.500

Short-Term

Income

Account

.40

.39

Net

Assets

of

Fund

(in

billions)

First

$3

Over

$3

Diversified

Growth

Account

.05%

.04%

LargeCap

S&P

500

Index

Account

.19

.15

Net

Assets

of

Fund

(in

billions)

First

$3

Next

$3

Over

$6

Bond

Market

Index

Account

.14%

.12%

.10%

All

Net

Assets

Diversified

Balanced

Account

.05%

Diversified

Balanced

Adaptive

Allocation

Account

.12

Diversified

Balanced

Strategic

Allocation

Account

.05

Diversified

Growth

Adaptive

Allocation

Account

.12

Diversified

Growth

Strategic

Allocation

Account

.05

Diversified

Income

Account

.05

LargeCap

S&P

500

Managed

Volatility

Index

Account

.35

U.S.

LargeCap

Buffer

January

Account

.69

U.S.

LargeCap

Buffer

April

Account

.69

U.S.

LargeCap

Buffer

July

Account

.69

U.S.

LargeCap

Buffer

October

Account

.69

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

The

Manager

has

contractually

agreed

to

waive

certain

of

the

Funds'

management

and

investment

advisory

fees.

The

expense

waiver

will

reduce

the fund's

management

and

investment

advisory

fees.

The

waivers

are

expressed

as

a

percentage

of

average

daily

net

assets

on

an

annualized

basis

during

the

reporting

period.

The

waivers

are

as

follows:

The

Manager

has

contractually

agreed

to

limit

the

expenses

(excluding

interest

expense,

expenses

related

to fund

investments,

acquired

fund

fees

and

expenses,

and

tax

reclaim

recovery

expenses

and

other

extraordinary

expenses)

for

certain

classes

of

shares

of

certain

of

the

Funds.

The

reductions

and

reimbursements

are

in

amounts

that

maintain

total

operating

expenses

at

or

below

certain

limits.

The

limits

are

expressed

as

a

percentage

of

average

daily

net

assets

attributable

to

each

class

of

shares

on

an

annualized

basis

during

the

reporting

period.

The

expenses

borne

by

the

Manager

are

subject

to

reimbursement

by

the

Funds

through

the

fiscal

year

end,

provided

no

reimbursement

will

be

made

if

it

would

result

in

the

Funds

exceeding

the

total

operating

expense

limits.

Any

amounts

outstanding

at

the

end

of

the

period

are

shown

as

an

expense

reimbursement

from

Manager

or

expense

reimbursement

to

Manager

on

the

statements

of

assets

and

liabilities.

The

operating

expense

limits are

as

follows:

\*

Prior

to

May

1,

2025,

there

was

no

contractual

limit.

#

Class

shares

discontinued

operations

and

converted

to

Class

shares

on

May

1,

2025. Distribution

Fees.

Class

and

Class

shares

of

the

Funds

bear

distribution

fees.

The

fee

is

computed

at

an

annual

rate

of

the

average

daily

net

assets

attributable

to

Class

and

Class

shares

of

each

of

the

Funds.

Distribution

fees

are

paid

to

Principal

Funds

Distributor,

Inc.

(an

affiliate

of

the

Manager),

the

principal

distributor

of

the

Funds.

A

portion

of

the

distribution

fees

may

be

paid

to

other

selling

dealers

for

providing

certain

services.

The

annual

distribution

fee

rate

is

.25%.

Administrative

Service

Fees.

Class

shares

of

the

Funds

bear

administrative

service

fees.

The

fee

is

computed

at

an

annual

rate

of

the

average

daily

net

assets

attributable

to

Class

shares

of

each

of

the

Funds.

Administration

service

fees

are

paid

to

Principal

Shareholder

Services,

Inc.

(an

affiliate

of

the

Manager),

the

principal

administrator

of

the

Funds.

The

annual

administrative

service

fee

rate

is

.15%.

Chief

Compliance

Officer

Expenses.

The

Funds

pay

certain

expenses

associated

with

the

Chief

Compliance

Officer

("CCO").

This

expense

is

allocated

among

the

registered

investment

companies

managed

by

the

Manager

based

on

the

relative

net

assets

of

each

fund

and

is

shown

on

the

statements

of

operations.

Affiliated

Ownership.

At

June

30,

2025,

the

Manager,

Principal National

Life

Insurance

Company

(an

affiliate

of

the

Manager), Principal

Life

Insurance

Company

(an

affiliate

of

the

Manager),

Principal

Financial

Services,

Inc.

(an

affiliate

of

the

Manager) and/or

one

or

more

separate

accounts

sponsored

by

Principal

Life

Insurance

Company

owned

shares

of

the

Funds as

follows

(amounts

in

thousands):

Period

from

January

1,

2025

through

June

30,

2025

Expiration

LargeCap

Growth

Account

I

.016%

April

30,

2026

Period

from

January

1,

2025

through

June

30,

2025

Class

Class

Class

Expiration

Blue

Chip

Account

N/A

.90%\*

1.05%#

April

30,

2026

Diversified

Balanced

Account

N/A

N/A

.48#

April

30,

2025

Diversified

Balanced

Adaptive

Allocation

Account

N/A

N/A

.55#

April

30,

2025

Diversified

Balanced

Strategic

Allocation

Account

N/A

.31

.48#

April

30,

2026

Diversified

Growth

Account

N/A

N/A

.48#

April

30,

2025

Diversified

Growth

Adaptive

Allocation

Account

N/A

N/A

.55#

April

30,

2025

Diversified

Growth

Strategic

Allocation

Account

N/A

N/A

.48#

April

30,

2025

Diversified

Income

Account

N/A

N/A

.48#

April

30,

2025

Equity

Income

Account

N/A

N/A

.91#

April

30,

2025

LargeCap

Growth

Account

I

.69

N/A

N/A

April

30,

2025

U.S.

LargeCap

Buffer

January

Account

N/A

.95

N/A

April

30,

2026

U.S.

LargeCap

Buffer

April

Account

N/A

.95

N/A

April

30,

2026

U.S.

LargeCap

Buffer

July

Account

N/A

.95

N/A

April

30,

2026

U.S.

LargeCap

Buffer

October

Account

N/A

.95

N/A

April

30,

2026

Class

Class

Blue

Chip

Account

N/A

1,386

Bond

Market

Index

Account

4,571

N/A

Core

Plus

Bond

Account

20,892

N/A

Diversified

Balanced

Account

2,189

33,187

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

6. Capital

Share

Transactions

The

conversion

of

Class

shares

into

Class

shares

during

the

period

ended

June

30,

2025

resulted

in

the

following

capital

shares

transactions

(amounts

in

thousands):

7. Investment

Transactions

For

the period ended

June

30,

2025,

the

cost

of

investment

securities

purchased

and

proceeds

from

investment

securities

sold

(not

including

short-term

investments,

return

of

capital,

and

U.S.

government

securities)

by

the

Funds

were

as

follows

(amounts

in

thousands):

Class

Class

Diversified

Balanced

Adaptive

Allocation

Account

N/A

17,789

Diversified

Balanced

Strategic

Allocation

Account

N/A

7,567

Diversified

Growth

Account

N/A

104,928

Diversified

Growth

Adaptive

Allocation

Account

N/A

108,953

Diversified

Growth

Strategic

Allocation

Account

N/A

15,446

Diversified

Income

Account

N/A

14,151

Diversified

International

Account

14,847

N/A

Equity

Income

Account

10,198

595

Global

Emerging

Markets

Account

4,111

N/A

Government

&

High

Quality

Bond

Account

10,433

N/A

LargeCap

Growth

Account

I

11,717

N/A

LargeCap

S&P

500

Index

Account

33,031

2,775

MidCap

Account

7,634

Principal

Capital

Appreciation

Account

2,748

Principal

LifeTime

2020

Account

10,539

N/A

Principal

LifeTime

2030

Account

21,940

N/A

Principal

LifeTime

2040

Account

10,683

N/A

Principal

LifeTime

2050

Account

4,842

N/A

Principal

LifeTime

2060

Account

1,835

N/A

Principal

LifeTime

Strategic

Income

Account

4,495

N/A

Real

Estate

Securities

Account

6,230

SAM

Balanced

Portfolio

24,258

2,549

SAM

Conservative

Balanced

Portfolio

9,926

1,353

SAM

Conservative

Growth

Portfolio

7,954

1,179

SAM

Flexible

Income

Portfolio

7,286

2,026

SAM

Strategic

Growth

Portfolio

7,754

937

Short-Term

Income

Account

49,292

N/A

SmallCap

Account

9,568

U.S.

LargeCap

S&P

500

Index

Buffer

April

Account

N/A

3,931

U.S.

LargeCap

S&P

500

Index

Buffer

January

Account

N/A

3,268

U.S.

LargeCap

S&P

500

Index

Buffer

July

Account

N/A

6,109

U.S.

LargeCap

S&P

500

Index

Buffer

October

Account

N/A

3,027

Class

Shares

Redeemed

Class

Dollars

Redeemed

Class

Shares

Sold

Class

Dollars

Sold

Blue

Chip

Account

1,666

$24,517

1,666

$24,517

Diversified

Balanced

Adaptive

Allocation

Account

Diversified

Balanced

Strategic

Allocation

Account

Diversified

Growth

Adaptive

Allocation

Account

Diversified

Growth

Strategic

Allocation

Account

Equity

Income

Account

2,171

2,171

Purchases

Sales

Blue

Chip

Account

$

5,071

$

3,951

Bond

Market

Index

Account

186,400

348,829

Core

Plus

Bond

Account

149,520

148,530

Diversified

Balanced

Account

39,950

135,574

Diversified

Balanced

Adaptive

Allocation

Account

68,836

88,490

Diversified

Balanced

Strategic

Allocation

Account

7,130

28,161

Diversified

Growth

Account

141,332

589,657

Diversified

Growth

Adaptive

Allocation

Account

482,225

620,170

Diversified

Growth

Strategic

Allocation

Account

14,639

53,945

Diversified

Income

Account

16,542

48,605

Diversified

International

Account

31,249

40,135

Equity

Income

Account

41,489

58,968

Global

Emerging

Markets

Account

12,344

14,740

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

For

the period

ended

June

30,

2025,

the

cost

of

U.S.

government

securities

purchased

and

proceeds

from

U.S.

government

securities

sold

(not

including

short-term

investments)

by

the

Funds

were

as

follows

(amounts

in

thousands):

During

the

period

ended

June

30,

2025,

SAM

Balanced

Portfolio,

SAM

Conservative

Balanced

Portfolio,

SAM

Conservative

Growth

Portfolio,

SAM

Flexible

Income

Portfolio,

and

SAM

Strategic

Growth

Portfolio

had

in-kind

purchases

from

a

fund

affiliated

with

the

Manager

as

follows

(amounts

in

thousands):

8. Federal

Tax

Information

Distributions

to

Shareholders.

The

federal

income

tax

character

of

distributions

paid

for

the periods

ended June

30,

2025 and

December

31,

2024 were

as

follows

(amounts

in

thousands):

Purchases

Sales

Government

&

High

Quality

Bond

Account

$

99,952

$

105,100

LargeCap

Growth

Account

I

152,042

216,324

LargeCap

S&P

500

Index

Account

23,598

240,580

LargeCap

S&P

500

Managed

Volatility

Index

Account

11,644

29,198

MidCap

Account

50,580

127,204

Principal

Capital

Appreciation

Account

71,496

65,185

Principal

LifeTime

2020

Account

31,029

39,023

Principal

LifeTime

2030

Account

80,226

73,500

Principal

LifeTime

2040

Account

67,010

48,636

Principal

LifeTime

2050

Account

32,082

28,082

Principal

LifeTime

2060

Account

13,467

11,104

Principal

LifeTime

Strategic

Income

Account

11,070

12,466

Real

Estate

Securities

Account

20,180

25,217

SAM

Balanced

Portfolio

136,401

182,463

SAM

Conservative

Balanced

Portfolio

31,680

43,347

SAM

Conservative

Growth

Portfolio

84,814

102,850

SAM

Flexible

Income

Portfolio

18,038

30,833

SAM

Strategic

Growth

Portfolio

100,223

117,914

Short-Term

Income

Account

20,380

29,619

SmallCap

Account

12,508

21,141

U.S.

LargeCap

S&P

500

Index

Buffer

April

Account

8,073

5,976

U.S.

LargeCap

S&P

500

Index

Buffer

January

Account

44,600

15,970

U.S.

LargeCap

S&P

500

Index

Buffer

July

Account

13,692

9,489

U.S.

LargeCap

S&P

500

Index

Buffer

October

Account

2,178

37,065

Purchases

Sales

Bond

Market

Index

Account

$

260,363

$

418,056

Core

Plus

Bond

Account

72,997

67,468

Government

&

High

Quality

Bond

Account

90,009

91,562

Short-Term

Income

Account

8,994

2,194

SAM

Balanced

Portfolio

$

20,428

SAM

Conservative

Balanced

Portfolio

3,724

SAM

Conservative

Growth

Portfolio

16,416

SAM

Flexible

Income

Portfolio

2,914

SAM

Strategic

Growth

Portfolio

25,748

Ordinary

Income

Long-Term

Capital

Gain\*

2025

2024

2025

2024

Bond

Market

Index

Account

$

—

$

71,809

$

—

$

—

Core

Plus

Bond

Account

—

6,636

—

—

Diversified

Balanced

Account

—

15,468

—

17,859

Diversified

Balanced

Adaptive

Allocation

Account

—

4,594

—

2,330

Diversified

Balanced

Strategic

Allocation

Account

—

2,564

—

2,931

Diversified

Growth

Account

—

66,307

—

68,231

Diversified

Growth

Adaptive

Allocation

Account

—

28,994

—

19,175

Diversified

Growth

Strategic

Allocation

Account

—

5,335

—

8,501

Diversified

Income

Account

—

5,674

—

3,707

Diversified

International

Account

—

8,034

—

—

Equity

Income

Account

—

14,405

—

6,720

7. Investment

Transactions

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

\*The

Funds

designate

these

distributions

as

long-term

capital

gain

dividends

per

Internal

Revenue

Code

Sec.

852

(b)(3)(C)

in

the

20-percent

group

(which

may

be

taxed

at

a

20-percent

rate,

a

15-percent

rate

or

a

0-percent

rate,

depending

on

the

shareholder's

taxable

income).

Certain

Funds

may

also

utilize

earnings

and

profits

distributed

to

shareholders

on

redemptions

of

shares

as

part

of

the

dividends

paid

deduction.

For

U.S.

federal

income

tax

purposes,

short-term

capital

gain

distributions

are

considered

ordinary

income

distributions.

Distributable

Earnings.

As

of December

31,

2024,

the

components

of

total

distributable

earnings

(accumulated

loss)

on

a

federal

tax

basis

were

as

follows

(amounts

in

thousands):

Ordinary

Income

Long-Term

Capital

Gain\*

2025

2024

2025

2024

Global

Emerging

Markets

Account

$

—

$

1,362

$

—

$

—

Government

&

High

Quality

Bond

Account

—

3,581

—

—

LargeCap

Growth

Account

I

—

1,574

—

29,157

LargeCap

S&P

500

Index

Account

—

43,127

—

161,782

LargeCap

S&P

500

Managed

Volatility

Index

Account

—

2,622

—

16,065

MidCap

Account

—

1,464

—

54,930

Principal

Capital

Appreciation

Account

—

1,951

—

5,877

Principal

LifeTime

2020

Account

—

4,259

—

1,759

Principal

LifeTime

2030

Account

—

6,402

—

2,962

Principal

LifeTime

2040

Account

—

2,914

—

2,151

Principal

LifeTime

2050

Account

—

1,211

—

1,159

Principal

LifeTime

2060

Account

—

—

Principal

LifeTime

Strategic

Income

Account

—

1,423

—

Real

Estate

Securities

Account

—

3,490

—

4,526

SAM

Balanced

Portfolio

—

11,726

—

—

SAM

Conservative

Balanced

Portfolio

—

4,161

—

—

SAM

Conservative

Growth

Portfolio

—

5,689

—

—

SAM

Flexible

Income

Portfolio

—

3,952

—

—

SAM

Strategic

Growth

Portfolio

—

4,374

—

—

Short-Term

Income

Account

—

4,673

—

—

SmallCap

Account

—

745

—

3,292

U.S.

LargeCap

S&P

500

Index

Buffer

April

Account

—

4,354

—

—

U.S.

LargeCap

S&P

500

Index

Buffer

January

Account

—

—

—

U.S.

LargeCap

S&P

500

Index

Buffer

July

Account

—

864

—

—

U.S.

LargeCap

S&P

500

Index

Buffer

October

Account

—

—

—

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Losses

Net

Unrealized

Appreciation

(Depreciation)

Other

Temporary

Differences

\*

Total

Accumulated

Earnings

(Deficit)

Blue

Chip

Account

$

—

$

—

$

(127) $

5,654

$

—

$

5,527

Bond

Market

Index

Account

79,090

—

(142,491)

(218,437)

—

(281,838)

Core

Plus

Bond

Account

8,747

—

(30,141)

(8,547)

(20) (29,961)

Diversified

Balanced

Account

15,784

60,796

—

137,017

—

213,597

Diversified

Balanced

Adaptive

Allocation

Account

7,882

12,874

—

(20) 21,043

Diversified

Balanced

Strategic

Allocation

Account

2,990

7,309

—

10,538

—

20,837

Diversified

Growth

Account

57,230

317,146

—

706,268

—

1,080,644

Diversified

Growth

Adaptive

Allocation

Account

44,451

88,474

—

79,811

(294) 212,442

Diversified

Growth

Strategic

Allocation

Account

6,286

19,630

—

38,185

—

64,101

Diversified

Income

Account

5,721

9,387

—

14,591

—

29,699

Diversified

International

Account

6,135

15,690

—

36,065

—

57,890

Equity

Income

Account

14,262

65,459

—

335,476

—

415,197

Global

Emerging

Markets

Account

858

—

6,451

—

7,785

Government

&

High

Quality

Bond

Account

3,875

—

(27,707)

(9,060)

—

(32,892)

LargeCap

Growth

Account

I

93,211

—

223,596

—

317,135

LargeCap

S&P

500

Index

Account

38,317

413,113

—

1,356,273

(24) 1,807,679

LargeCap

S&P

500

Managed

Volatility

Index

Account

2,041

27,911

—

69,391

(5,409)

93,934

MidCap

Account

1,154

76,633

—

267,404

—

345,191

Principal

Capital

Appreciation

Account

3,517

16,025

—

114,777

—

134,319

Principal

LifeTime

2020

Account

4,349

5,545

—

2,140

—

12,034

Principal

LifeTime

2030

Account

7,875

14,316

—

13,335

—

35,526

Principal

LifeTime

2040

Account

3,597

10,548

—

13,052

—

27,197

Principal

LifeTime

2050

Account

1,455

5,708

—

7,626

—

14,789

Principal

LifeTime

2060

Account

546

1,793

—

1,528

—

3,867

Principal

LifeTime

Strategic

Income

Account

1,674

1,333

—

(1,934)

—

1,073

8. Federal

Tax

Information

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

\*Represents

book-to-tax

accounting

differences.

Capital

Loss

Carryforwards.

For

federal

income

tax

purposes,

capital

loss

carryforwards

are

losses

that

can

be

used

to

offset

future

capital

gains

of

the

Funds.

As

of

December

31,

2024,

the

Funds

had

approximate

net

capital

loss

carryforwards

as

follows

(amounts

in

thousands):

All

of

these

capital

losses

were

generated

in

taxable

years

beginning

after

the

enactment

date

of

the

Regulated

Investment

Company

Modernization

Act

of

2010

on

December

22,

2010,

and

will

be

carried

forward

with

no

expiration

and

with

the

character

of

the

loss

retained.

For

the

year

ended

December

31,

2024,

the

Funds

utilized

capital

loss

carryforwards

as

follows

(amounts

in

thousands):

Late-Year

Losses.

A

regulated

investment

company

may

elect

to

treat

any

portion

of

its

qualified

late-year

loss

as

arising

on

the

first

day

of

the

next

taxable

year.

Qualified

late-year

losses

are

certain

capital

and

ordinary

losses

which

occur

during

the

portion

of

the fund's

taxable

year

subsequent

to

October 31.

For

the

taxable

year

ended

December

31,

2024

,

the Funds

do

not

plan

to

defer

any

late-year

losses.

Reclassification

of

Capital

Accounts.

The

Funds

may

record

reclassifications

in

their

capital

accounts.

These

reclassifications

have

no

impact

on

the

total

net

assets

of

the

Funds.

The

reclassifications

are

a

result

of

permanent

differences

between

U.S.

GAAP

and

tax

accounting.

Adjustments

are

made

to

reflect

the

impact

these

items

have

on

current

and

future

distributions

to

shareholders.

Therefore,

the

source

of

the

Funds'

distributions

may

be

shown

in

the

accompanying

statements

of

changes

in

net

assets

as

from

net

investment

income

and net

realized

gain

on

investments

or

from

tax

return

of

capital

depending

on

the

type

of

book

and

tax

differences

that

exist.

For

the

year

ended December

31,

2024,

the

Funds

recorded

reclassifications

as

follows

(amounts

in

thousands):

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Losses

Net

Unrealized

Appreciation

(Depreciation)

Other

Temporary

Differences

\*

Total

Accumulated

Earnings

(Deficit)

Real

Estate

Securities

Account

$

4,220

$

8,679

$

—

$

9,074

$

—

$

21,973

SAM

Balanced

Portfolio

14,395

39,889

—

98,320

—

152,604

SAM

Conservative

Balanced

Portfolio

4,416

3,604

—

15,680

—

23,700

SAM

Conservative

Growth

Portfolio

6,629

28,848

—

92,220

—

127,697

SAM

Flexible

Income

Portfolio

4,088

—

(4,075)

2,299

—

2,312

SAM

Strategic

Growth

Portfolio

5,885

34,541

—

101,657

—

142,083

Short-Term

Income

Account

5,548

—

(2,274)

(1,268)

—

2,006

SmallCap

Account

3,137

6,107

—

34,585

—

43,829

U.S.

LargeCap

S&P

500

Index

Buffer

April

Account

—

—

4,208

(26) 4,431

U.S.

LargeCap

S&P

500

Index

Buffer

January

Account

6,592

—

—

2,342

(37) 8,897

U.S.

LargeCap

S&P

500

Index

Buffer

July

Account

5,885

—

2,592

(5) 8,655

U.S.

LargeCap

S&P

500

Index

Buffer

October

Account

986

2,710

—

4,192

—

7,888

Short-Term

Long-Term

Total

Blue

Chip

Account

$

$

—

$

Bond

Market

Index

Account

33,207

109,284

142,491

Core

Plus

Bond

Account

8,680

21,461

30,141

Government

&

High

Quality

Bond

Account

8,640

19,067

27,707

SAM

Flexible

Income

Portfolio

1,739

2,336

4,075

Short-Term

Income

Account

1,234

1,040

2,274

Short-Term

Utilized

Long-Term

Utilized

Blue

Chip

Account

$

$

—

Bond

Market

Index

Account

1,432

—

Diversified

International

Account

1,883

—

Global

Emerging

Markets

Account

2,110

1,157

Government

&

High

Quality

Bond

Account

—

SAM

Balanced

Portfolio

1,569

—

SAM

Conservative

Balanced

Portfolio

1,068

1,934

SAM

Conservative

Growth

Portfolio

2,203

3,934

SAM

Flexible

Income

Portfolio

548

3,060

SAM

Strategic

Growth

Portfolio

1,788

Total

Distributable

Earnings

(Accumulated

Loss)

Capital

Shares

and

Additional

Paid-in-Capital

Blue

Chip

Account

$

$

(85) Diversified

Balanced

Account

(11,683)

11,683

Diversified

Balanced

Adaptive

Allocation

Account

(1,350)

1,350

Diversified

Balanced

Strategic

Allocation

Account

(2,890)

2,890

8. Federal

Tax

Information

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

Federal

Income

Tax

Basis.

As

of June

30,

2025,

the

net

federal

income

tax

unrealized

appreciation

(depreciation)

and

federal

tax

cost

of

investments

held

by

the

Funds

were

as

follows

(amounts

in

thousands):

Total

Distributable

Earnings

(Accumulated

Loss)

Capital

Shares

and

Additional

Paid-in-Capital

Diversified

Growth

Account

$

(88,879)

$

88,879

Diversified

Growth

Adaptive

Allocation

Account

(4,393)

4,393

Diversified

Growth

Strategic

Allocation

Account

(8,382)

8,382

Diversified

Income

Account

(2,896)

2,896

Diversified

International

Account

(1,619)

1,619

Equity

Income

Account

(6,053)

6,053

LargeCap

Growth

Account

I

(8,460)

8,460

LargeCap

S&P

500

Index

Account

(108,401)

108,401

LargeCap

S&P

500

Managed

Volatility

Index

Account

(6,850)

6,850

MidCap

Account

(10,563)

10,563

Principal

Capital

Appreciation

Account

(2,124)

2,124

Principal

LifeTime

2020

Account

(1,399)

1,399

Principal

LifeTime

2030

Account

(1,856)

1,856

Principal

LifeTime

2040

Account

(817) 817

Principal

LifeTime

2050

Account

(388) 388

Principal

LifeTime

2060

Account

(98) 98

SAM

Balanced

Portfolio

(3,420)

3,420

SAM

Conservative

Growth

Portfolio

(1,016)

1,016

SAM

Strategic

Growth

Portfolio

(772) 772

SmallCap

Account

(801) 801

U.S.

LargeCap

S&P

500

Index

Buffer

April

Account

(2,339)

2,339

U.S.

LargeCap

S&P

500

Index

Buffer

July

Account

(4,071)

4,071

U.S.

LargeCap

S&P

500

Index

Buffer

October

Account

(271) 271

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Unrealized

Appreciation/

(Depreciation)

Cost

for

Federal

Income

Tax

Purposes

Blue

Chip

Account

$

7,472

$

(815) $

6,657

$

20,267

Bond

Market

Index

Account

11,575

(147,901)

(136,326)

2,047,118

Core

Plus

Bond

Account

3,457

(6,290)

(2,833)

228,090

Diversified

Balanced

Account

169,565

(21,428)

148,137

408,398

Diversified

Balanced

Adaptive

Allocation

Account

19,837

(12,169)

7,668

212,436

Diversified

Balanced

Strategic

Allocation

Account

19,128

(5,129)

13,999

82,964

Diversified

Growth

Account

784,053

(72,462)

711,591

1,345,157

Diversified

Growth

Adaptive

Allocation

Account

184,745

(50,970)

133,775

1,318,412

Diversified

Growth

Strategic

Allocation

Account

54,255

(8,475)

45,780

171,708

Diversified

Income

Account

35,747

(13,866)

21,881

169,879

Diversified

International

Account

75,955

(6,979)

68,976

211,668

Equity

Income

Account

364,977

(20,845)

344,132

364,993

Global

Emerging

Markets

Account

19,036

(4,705)

14,331

59,958

Government

&

High

Quality

Bond

Account

1,841

(6,689)

(4,848)

132,869

LargeCap

Growth

Account

I

219,802

(15,849)

203,953

415,636

LargeCap

S&P

500

Index

Account

1,410,649

(75,528)

1,335,121

1,200,165

LargeCap

S&P

500

Managed

Volatility

Index

Account

68,868

(5,108)

63,760

68,225

MidCap

Account

252,280

(13,150)

239,130

418,420

Principal

Capital

Appreciation

Account

117,784

(2,902)

114,882

118,922

Principal

LifeTime

2020

Account

19,135

(9,805)

9,330

134,472

Principal

LifeTime

2030

Account

41,587

(13,616)

27,971

292,451

Principal

LifeTime

2040

Account

29,145

(3,957)

25,188

181,614

Principal

LifeTime

2050

Account

15,416

(1,171)

14,245

78,977

Principal

LifeTime

2060

Account

4,387

(439) 3,948

30,507

Principal

LifeTime

Strategic

Income

Account

4,557

(4,105)

53,793

Real

Estate

Securities

Account

27,405

(15,128)

12,277

236,226

SAM

Balanced

Portfolio

122,634

(9,833)

112,801

457,362

SAM

Conservative

Balanced

Portfolio

24,310

(4,957)

19,353

139,419

SAM

Conservative

Growth

Portfolio

111,599

(5,070)

106,529

306,688

SAM

Flexible

Income

Portfolio

11,598

(5,058)

6,540

112,279

SAM

Strategic

Growth

Portfolio

124,148

(4,167)

119,981

343,838

Short-Term

Income

Account

1,352

(1,125)

130,872

SmallCap

Account

48,747

(16,119)

32,628

132,239

U.S.

LargeCap

S&P

500

Index

Buffer

April

Account

5,676

(35) 5,641

38,308

U.S.

LargeCap

S&P

500

Index

Buffer

January

Account

4,159

(1,284)

2,875

61,730

8. Federal

Tax

Information

(continued)

Notes

to

Financial

Statements

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2024

(unaudited)

9. Subsequent

Events

Management

has

evaluated

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were issued

that

would

merit

recognition

or

disclosure

in

the

financial

statements. Effective

July

22,

2025,

Blue

Chip

Account

changed

its

diversification

classification

from

"diversified"

to

"non-diversified"

with

a

change

to

the

related

fundamental

policy.

There

were

no

other

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Unrealized

Appreciation/

(Depreciation)

Cost

for

Federal

Income

Tax

Purposes

U.S.

LargeCap

S&P

500

Index

Buffer

July

Account

$

3,974

$

—

$

3,974

$

47,566

U.S.

LargeCap

S&P

500

Index

Buffer

October

Account

3,988

(425) 3,563

50,791

8. Federal

Tax

Information

(continued)

Schedule

of

Investments

Blue

Chip

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.67

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.67

%

Principal

Government

Money

Market

Fund

-

Class

4.21%

(a),(b)

181,061

$

TOTAL

INVESTMENT

COMPANIES

$

COMMON

STOCKS

-

.33

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.92

%

HEICO

Corp

-

Class

A

2,065

$

534

TransDigm

Group

Inc

874

1,329

$

1,863

Building

Materials

-

.07

%

Vulcan

Materials

Co

1,104

Chemicals

-

.36

%

Air

Products

and

Chemicals

Inc

Linde

PLC

819

Sherwin-Williams

Co/The

$

635

Commercial

Services

-

.48

%

Moody's

Corp

Distribution

&

Wholesale

-

.71

%

Copart

Inc

(c) 9,362

Diversified

Financial

Services

-

.40

%

Brookfield

Asset

Management

Ltd

1,588

Charles

Schwab

Corp/The

6,949

634

Mastercard

Inc

2,106

1,183

Visa

Inc

3,278

1,164

$

3,069

Electronics

-

.77

%

Amphenol

Corp

2,092

Healthcare

-

Products

-

.32

%

Danaher

Corp

3,530

697

IDEXX

Laboratories

Inc

(c) 412

Intuitive

Surgical

Inc

(c) 186

Thermo

Fisher

Scientific

Inc

1,015

$

1,431

Insurance

-

.41

%

Arthur

J

Gallagher

&

Co

Progressive

Corp/The

2,890

771

$

918

Internet

-

.67

%

Airbnb

Inc

(c) 4,265

565

Alphabet

Inc

-

A

Shares

1,675

Alphabet

Inc

-

C

Shares

1,602

Amazon.com

Inc

(c) 13,592

2,982

Meta

Platforms

Inc

860

635

Netflix

Inc

(c) 802

1,074

$

5,835

Lodging

-

.03

%

Hilton

Worldwide

Holdings

Inc

3,069

817

Pharmaceuticals

-

.66

%

Zoetis

Inc

2,872

Private

Equity

-

.41

%

Brookfield

Corp

22,123

1,369

KKR

&

Co

Inc

4,714

627

$

1,996

Real

Estate

-

.82

%

CoStar

Group

Inc

(c) 6,094

Retail

-

.30

%

Costco

Wholesale

Corp

O'Reilly

Automotive

Inc

(c) 6,836

616

$

888

Semiconductors

-

.06

%

Broadcom

Inc

2,967

818

NVIDIA

Corp

3,449

545

$

1,363

Software

-

.94

%

Cadence

Design

Systems

Inc

(c) 2,834

873

Constellation

Software

Inc/Canada

Microsoft

Corp

7,588

3,775

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

MSCI

Inc

$

Roper

Technologies

Inc

1,012

574

Veeva

Systems

Inc

(c) 514

Workday

Inc

(c) 812

$

5,908

TOTAL

COMMON

STOCKS

$

26,743

Total

Investments

$

26,924

Other

Assets

and

Liabilities

- 0.00%

TOTAL

NET

ASSETS

-

100.00%

$

26,925

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Non-income

producing

security

Schedule

of

Investments

Blue

Chip

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

$

2,701

$

2,913

$

$

$

2,701

$

2,913

$

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.05

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.05

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

571,002

$

571

Principal

Government

Money

Market

Fund

-

Class

4.21%

(a),(b),(c)

38,160,121

38,160

$

38,731

TOTAL

INVESTMENT

COMPANIES

$

38,731

BONDS

-

.71

%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

.02

%

Omnicom

Group

Inc

2.45%,

04/30/2030

$

$

2.60%,

08/01/2031

$

Aerospace

&

Defense

-

.52

%

Boeing

Co/The

2.95%,

02/01/2030

3.25%,

02/01/2028

3.25%,

02/01/2035

3.63%,

02/01/2031

3.75%,

02/01/2050

3.95%,

08/01/2059

5.04%,

05/01/2027

5.15%,

05/01/2030

5.71%,

05/01/2040

5.81%,

05/01/2050

5.88%,

02/15/2040

6.26%,

05/01/2027

6.30%,

05/01/2029

6.53%,

05/01/2034

6.86%,

05/01/2054

General

Dynamics

Corp

3.50%,

04/01/2027

3.75%,

05/15/2028

4.25%,

04/01/2040

4.95%,

08/15/2035

L3Harris

Technologies

Inc

1.80%,

01/15/2031

2.90%,

12/15/2029

5.05%,

06/01/2029

5.40%,

01/15/2027

5.40%,

07/31/2033

5.50%,

08/15/2054

5.60%,

07/31/2053

Lockheed

Martin

Corp

1.85%,

06/15/2030

3.80%,

03/01/2045

3.90%,

06/15/2032

4.07%,

12/15/2042

4.09%,

09/15/2052

4.15%,

06/15/2053

4.50%,

02/15/2029

4.70%,

12/15/2031

4.70%,

05/15/2046

4.75%,

02/15/2034

5.10%,

11/15/2027

5.20%,

02/15/2055

5.20%,

02/15/2064

5.25%,

01/15/2033

5.70%,

11/15/2054

Northrop

Grumman

Corp

3.20%,

02/01/2027

3.85%,

04/15/2045

4.03%,

10/15/2047

4.65%,

07/15/2030

4.70%,

03/15/2033

4.90%,

06/01/2034

4.95%,

03/15/2053

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

(continued)

RTX

Corp

1.90%,

09/01/2031

$

$

2.25%,

07/01/2030

2.38%,

03/15/2032

2.82%,

09/01/2051

3.03%,

03/15/2052

3.50%,

03/15/2027

3.75%,

11/01/2046

4.05%,

05/04/2047

4.13%,

11/16/2028

4.15%,

05/15/2045

4.35%,

04/15/2047

4.50%,

06/01/2042

4.63%,

11/16/2048

5.15%,

02/27/2033

5.38%,

02/27/2053

5.75%,

11/08/2026

5.75%,

01/15/2029

6.10%,

03/15/2034

6.40%,

03/15/2054

$

9,741

Agriculture

-

.36

%

Altria

Group

Inc

2.45%,

02/04/2032

3.40%,

05/06/2030

3.70%,

02/04/2051

3.88%,

09/16/2046

4.00%,

02/04/2061

(d) 190

4.80%,

02/14/2029

4.88%,

02/04/2028

5.80%,

02/14/2039

Archer-Daniels-Midland

Co

2.70%,

09/15/2051

2.90%,

03/01/2032

4.50%,

08/15/2033

BAT

Capital

Corp

2.26%,

03/25/2028

2.73%,

03/25/2031

3.46%,

09/06/2029

3.56%,

08/15/2027

3.98%,

09/25/2050

4.54%,

08/15/2047

5.63%,

08/15/2035

5.83%,

02/20/2031

6.42%,

08/02/2033

7.08%,

08/02/2043

7.08%,

08/02/2053

BAT

International

Finance

PLC

5.93%,

02/02/2029

Bunge

Ltd

Finance

Corp

2.75%,

05/14/2031

Philip

Morris

International

Inc

1.75%,

11/01/2030

4.13%,

04/28/2028

4.13%,

03/04/2043

4.25%,

11/10/2044

4.38%,

11/15/2041

4.50%,

03/20/2042

4.63%,

11/01/2029

4.88%,

02/15/2028

4.88%,

02/13/2029

4.88%,

11/15/2043

4.90%,

11/01/2034

5.13%,

11/17/2027

5.25%,

02/13/2034

5.38%,

02/15/2033

5.50%,

09/07/2030

5.63%,

11/17/2029

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Agriculture

(continued)

Philip

Morris

International

Inc

(continued)

5.75%,

11/17/2032

$

$

Reynolds

American

Inc

5.70%,

08/15/2035

5.85%,

08/15/2045

$

6,779

Airlines

-

.03

%

American

Airlines

2019-1

Class

AA

Pass

Through

Trust

3.15%,

08/15/2033

Delta

Air

Lines

2020-1

Class

AA

Pass

Through

Trust

2.00%,

06/10/2028

Delta

Air

Lines

Inc

4.95%,

07/10/2028

United

Airlines

2014-2

Class

A

Pass

Through

Trust

3.75%,

03/03/2028

United

Airlines

2019-2

Class

AA

Pass

Through

Trust

2.70%,

11/01/2033

$

577

Apparel

-

.04

%

NIKE

Inc

2.75%,

03/27/2027

3.25%,

03/27/2040

3.38%,

11/01/2046

3.63%,

05/01/2043

$

695

Automobile

Manufacturers

-

.68

%

American

Honda

Finance

Corp

1.30%,

09/09/2026

2.25%,

01/12/2029

4.55%,

03/03/2028

4.60%,

04/17/2030

4.70%,

01/12/2028

4.90%,

01/10/2034

(d) 155

5.05%,

07/10/2031

5.65%,

11/15/2028

5.85%,

10/04/2030

Ford

Motor

Co

6.10%,

08/19/2032

Ford

Motor

Credit

Co

LLC

2.70%,

08/10/2026

5.13%,

11/05/2026

5.30%,

09/06/2029

5.80%,

03/08/2029

5.85%,

05/17/2027

5.88%,

11/07/2029

5.92%,

03/20/2028

6.05%,

03/05/2031

6.05%,

11/05/2031

6.50%,

02/07/2035

6.80%,

11/07/2028

7.12%,

11/07/2033

7.35%,

11/04/2027

General

Motors

Co

5.00%,

10/01/2028

5.00%,

04/01/2035

5.35%,

04/15/2028

5.40%,

04/01/2048

6.25%,

04/15/2035

6.75%,

04/01/2046

General

Motors

Financial

Co

Inc

2.35%,

02/26/2027

2.35%,

01/08/2031

2.40%,

04/10/2028

2.40%,

10/15/2028

2.70%,

06/10/2031

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Manufacturers

(continued)

General

Motors

Financial

Co

Inc

(continued)

4.35%,

01/17/2027

$

$

4.90%,

10/06/2029

5.35%,

07/15/2027

5.35%,

01/07/2030

5.40%,

05/08/2027

5.45%,

07/15/2030

5.45%,

09/06/2034

5.55%,

07/15/2029

5.60%,

06/18/2031

5.80%,

01/07/2029

5.90%,

01/07/2035

6.00%,

01/09/2028

6.15%,

07/15/2035

6.40%,

01/09/2033

Honda

Motor

Co

Ltd

2.53%,

03/10/2027

4.44%,

07/08/2028

(e) 105

5.34%,

07/08/2035

(e) 105

Mercedes-Benz

Finance

North

America

LLC

8.50%,

01/18/2031

PACCAR

Financial

Corp

4.25%,

06/23/2027

4.45%,

08/06/2027

4.60%,

01/31/2029

5.00%,

05/13/2027

Toyota

Motor

Corp

4.19%,

06/30/2027

5.05%,

06/30/2035

5.12%,

07/13/2028

Toyota

Motor

Credit

Corp

1.15%,

08/13/2027

1.65%,

01/10/2031

1.90%,

01/13/2027

4.35%,

10/08/2027

4.45%,

06/29/2029

4.50%,

05/14/2027

4.55%,

09/20/2027

4.55%,

05/17/2030

4.60%,

10/10/2031

4.63%,

01/12/2028

4.80%,

05/15/2030

4.80%,

01/05/2034

4.95%,

01/09/2030

5.00%,

03/19/2027

5.10%,

03/21/2031

5.40%,

11/20/2026

$

12,820

Automobile

Parts

&

Equipment

-

.01

%

Aptiv

Swiss

Holdings

Ltd

3.25%,

03/01/2032

Banks

-

.79

%

Banco

Santander

SA

2.75%,

12/03/2030

3.22%,

11/22/2032

(f) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.60%

3.49%,

05/28/2030

5.29%,

08/18/2027

5.44%,

07/15/2031

5.57%,

01/17/2030

5.59%,

08/08/2028

6.94%,

11/07/2033

Bank

of

America

Corp

1.73%,

07/22/2027

(f) 380

Secured

Overnight

Financing

Rate

+

0.96%

1.90%,

07/23/2031

(f) 370

Secured

Overnight

Financing

Rate

+

1.53%

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

America

Corp

(continued)

1.92%,

10/24/2031

(f) $

$

Secured

Overnight

Financing

Rate

+

1.37%

2.09%,

06/14/2029

(f) 190

Secured

Overnight

Financing

Rate

+

1.06%

2.30%,

07/21/2032

(f) 380

Secured

Overnight

Financing

Rate

+

1.22%

2.48%,

09/21/2036

(f) 385

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.20%

2.50%,

02/13/2031

(f) 320

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.25%

2.55%,

02/04/2028

(f) 390

Secured

Overnight

Financing

Rate

+

1.05%

2.57%,

10/20/2032

(f) 130

Secured

Overnight

Financing

Rate

+

1.21%

2.65%,

03/11/2032

(f) 205

Secured

Overnight

Financing

Rate

+

1.22%

2.68%,

06/19/2041

(f) 335

Secured

Overnight

Financing

Rate

+

1.93%

2.83%,

10/24/2051

(f) 450

Secured

Overnight

Financing

Rate

+

1.88%

2.97%,

02/04/2033

(f) 240

Secured

Overnight

Financing

Rate

+

1.33%

2.97%,

07/21/2052

(f) 190

Secured

Overnight

Financing

Rate

+

1.56%

3.19%,

07/23/2030

(f) 335

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.44%

3.25%,

10/21/2027

3.31%,

04/22/2042

(f) 380

Secured

Overnight

Financing

Rate

+

1.58%

3.42%,

12/20/2028

(f) 536

524

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

3.48%,

03/13/2052

(f) 190

Secured

Overnight

Financing

Rate

+

1.65%

3.59%,

07/21/2028

(f) 250

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.63%

3.82%,

01/20/2028

(f) 200

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.84%

3.97%,

02/07/2030

(f) 250

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.47%

4.18%,

11/25/2027

4.27%,

07/23/2029

(f) 180

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.57%

4.33%,

03/15/2050

(f) 310

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.78%

4.38%,

04/27/2028

(f) 235

Secured

Overnight

Financing

Rate

+

1.58%

4.57%,

04/27/2033

(f) 290

Secured

Overnight

Financing

Rate

+

1.83%

4.62%,

05/09/2029

(f) 105

Secured

Overnight

Financing

Rate

+

1.11%

4.98%,

01/24/2029

(f) 180

Secured

Overnight

Financing

Rate

+

0.83%

5.00%,

01/21/2044

5.02%,

07/22/2033

(f) 340

Secured

Overnight

Financing

Rate

+

2.16%

5.16%,

01/24/2031

(f) 180

Secured

Overnight

Financing

Rate

+

1.00%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

America

Corp

(continued)

5.20%,

04/25/2029

(f) $

$

Secured

Overnight

Financing

Rate

+

1.63%

5.29%,

04/25/2034

(f) 295

Secured

Overnight

Financing

Rate

+

1.91%

5.43%,

08/15/2035

(f) 210

Secured

Overnight

Financing

Rate

+

1.91%

5.46%,

05/09/2036

(f) 215

Secured

Overnight

Financing

Rate

+

1.64%

5.47%,

01/23/2035

(f) 185

Secured

Overnight

Financing

Rate

+

1.65%

5.51%,

01/24/2036

(f) 255

Secured

Overnight

Financing

Rate

+

1.31%

5.52%,

10/25/2035

(f) 215

Secured

Overnight

Financing

Rate

+

1.74%

5.82%,

09/15/2029

(f) 305

Secured

Overnight

Financing

Rate

+

1.57%

5.87%,

09/15/2034

(f) 305

Secured

Overnight

Financing

Rate

+

1.84%

5.88%,

02/07/2042

5.93%,

09/15/2027

(f) 155

Secured

Overnight

Financing

Rate

+

1.34%

6.11%,

01/29/2037

7.75%,

05/14/2038

Bank

of

America

NA

6.00%,

10/15/2036

Bank

of

Montreal

3.09%,

01/10/2037

(f) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.40%

4.64%,

09/10/2030

(d),(f)

Secured

Overnight

Financing

Rate

+

1.25%

4.70%,

09/14/2027

5.37%,

06/04/2027

(d) 220

5.72%,

09/25/2028

Bank

of

New

York

Mellon

Corp/The

3.99%,

06/13/2028

(f) 175

Secured

Overnight

Financing

Rate

+

1.15%

4.44%,

06/09/2028

(f) 270

Secured

Overnight

Financing

Rate

+

0.68%

4.54%,

02/01/2029

(f) 110

Secured

Overnight

Financing

Rate

+

1.17%

4.89%,

07/21/2028

(f) 145

Secured

Overnight

Financing

Rate

+

0.84%

4.94%,

02/11/2031

(f) 125

Secured

Overnight

Financing

Rate

+

0.89%

4.97%,

04/26/2034

(f) 110

Secured

Overnight

Financing

Rate

+

1.61%

5.06%,

07/22/2032

(f) 145

Secured

Overnight

Financing

Rate

+

1.23%

5.19%,

03/14/2035

(f) 195

Secured

Overnight

Financing

Rate

+

1.42%

5.32%,

06/06/2036

(f) 50

Secured

Overnight

Financing

Rate

+

1.35%

5.83%,

10/25/2033

(f) 150

Secured

Overnight

Financing

Rate

+

2.07%

6.32%,

10/25/2029

(f) 145

Secured

Overnight

Financing

Rate

+

1.60%

Bank

of

Nova

Scotia/The

1.30%,

09/15/2026

2.70%,

08/03/2026

4.74%,

11/10/2032

(f) 135

Secured

Overnight

Financing

Rate

+

1.44%

4.85%,

02/01/2030

5.35%,

12/07/2026

5.40%,

06/04/2027

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Barclays

PLC

2.28%,

11/24/2027

(f) $

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.05%

2.65%,

06/24/2031

(f) 320

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.90%

3.56%,

09/23/2035

(f) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.90%

3.81%,

03/10/2042

(f) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.70%

4.84%,

09/10/2028

(f) 200

Secured

Overnight

Financing

Rate

+

1.34%

4.97%,

05/16/2029

(f) 210

Month

USD

LIBOR

+

1.90%

5.09%,

02/25/2029

(f) 200

Secured

Overnight

Financing

Rate

+

0.96%

5.67%,

03/12/2028

(f) 300

Secured

Overnight

Financing

Rate

+

1.49%

5.69%,

03/12/2030

(f) 300

Secured

Overnight

Financing

Rate

+

1.74%

5.79%,

02/25/2036

(f) 200

Secured

Overnight

Financing

Rate

+

1.59%

6.22%,

05/09/2034

(f) 295

Secured

Overnight

Financing

Rate

+

2.98%

6.50%,

09/13/2027

(f) 230

Secured

Overnight

Financing

Rate

+

1.88%

6.69%,

09/13/2034

(f) 305

Secured

Overnight

Financing

Rate

+

2.62%

7.44%,

11/02/2033

(f) 305

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.50%

Canadian

Imperial

Bank

of

Commerce

4.63%,

09/11/2030

(f) 135

Secured

Overnight

Financing

Rate

+

1.34%

4.86%,

01/13/2028

(f) 190

Secured

Overnight

Financing

Rate

+

0.72%

5.00%,

04/28/2028

5.26%,

04/08/2029

5.93%,

10/02/2026

5.99%,

10/03/2028

Capital

One

NA

2.70%,

02/06/2030

Citibank

NA

5.57%,

04/30/2034

5.80%,

09/29/2028

Citigroup

Inc

2.57%,

06/03/2031

(f) 320

Secured

Overnight

Financing

Rate

+

2.11%

2.67%,

01/29/2031

(f) 315

Secured

Overnight

Financing

Rate

+

1.15%

2.90%,

11/03/2042

(f) 195

Secured

Overnight

Financing

Rate

+

1.38%

2.98%,

11/05/2030

(f) 155

Secured

Overnight

Financing

Rate

+

1.42%

3.06%,

01/25/2033

(f) 185

Secured

Overnight

Financing

Rate

+

1.35%

3.20%,

10/21/2026

525

518

3.67%,

07/24/2028

(f) 325

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.65%

3.79%,

03/17/2033

(f) 195

Secured

Overnight

Financing

Rate

+

1.94%

3.89%,

01/10/2028

(f) 400

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.82%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Citigroup

Inc

(continued)

4.07%,

04/23/2029

(f) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.45%

4.28%,

04/24/2048

(f) 330

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.10%

4.30%,

11/20/2026

525

524

4.45%,

09/29/2027

4.54%,

09/19/2030

(f) 270

Secured

Overnight

Financing

Rate

+

1.34%

4.64%,

05/07/2028

(f) 105

Secured

Overnight

Financing

Rate

+

1.14%

4.65%,

07/30/2045

4.66%,

05/24/2028

(f) 365

Secured

Overnight

Financing

Rate

+

1.89%

4.91%,

05/24/2033

(f) 230

Secured

Overnight

Financing

Rate

+

2.09%

4.95%,

05/07/2031

(f) 215

Secured

Overnight

Financing

Rate

+

1.46%

5.17%,

02/13/2030

(f) 310

Secured

Overnight

Financing

Rate

+

1.36%

5.30%,

05/06/2044

5.33%,

03/27/2036

(f) 290

Secured

Overnight

Financing

Rate

+

1.47%

5.41%,

09/19/2039

(f) 135

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.73%

5.61%,

03/04/2056

(f) 125

Secured

Overnight

Financing

Rate

+

1.75%

5.83%,

02/13/2035

(f) 155

Secured

Overnight

Financing

Rate

+

2.06%

5.88%,

01/30/2042

6.02%,

01/24/2036

(f) 230

Secured

Overnight

Financing

Rate

+

1.83%

6.17%,

05/25/2034

(f) 295

Secured

Overnight

Financing

Rate

+

2.66%

6.27%,

11/17/2033

(f) 155

Secured

Overnight

Financing

Rate

+

2.34%

6.63%,

06/15/2032

6.68%,

09/13/2043

8.13%,

07/15/2039

Cooperatieve

Rabobank

UA

5.25%,

05/24/2041

5.25%,

08/04/2045

Cooperatieve

Rabobank

UA/NY

4.80%,

01/09/2029

Deutsche

Bank

AG/New

York

NY

5.00%,

09/11/2030

(f) 275

Secured

Overnight

Financing

Rate

+

1.70%

5.30%,

05/09/2031

(f) 150

Secured

Overnight

Financing

Rate

+

1.72%

5.37%,

09/09/2027

5.37%,

01/10/2029

(f) 190

Secured

Overnight

Financing

Rate

+

1.21%

6.72%,

01/18/2029

(f) 300

Secured

Overnight

Financing

Rate

+

3.18%

7.08%,

02/10/2034

(f) 305

Secured

Overnight

Financing

Rate

+

3.65%

Fifth

Third

Bancorp

4.06%,

04/25/2028

(f) 150

Secured

Overnight

Financing

Rate

+

1.36%

5.63%,

01/29/2032

(f) 150

Secured

Overnight

Financing

Rate

+

1.84%

6.34%,

07/27/2029

(f) 225

Secured

Overnight

Financing

Rate

+

2.34%

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Goldman

Sachs

Group

Inc/The

1.54%,

09/10/2027

(f) $

$

Secured

Overnight

Financing

Rate

+

0.82%

1.95%,

10/21/2027

(f) 400

Secured

Overnight

Financing

Rate

+

0.91%

1.99%,

01/27/2032

(f) 245

Secured

Overnight

Financing

Rate

+

1.09%

2.38%,

07/21/2032

(f) 285

Secured

Overnight

Financing

Rate

+

1.25%

2.60%,

02/07/2030

2.62%,

04/22/2032

(f) 380

Secured

Overnight

Financing

Rate

+

1.28%

2.64%,

02/24/2028

(f) 300

Secured

Overnight

Financing

Rate

+

1.11%

2.65%,

10/21/2032

(f) 195

Secured

Overnight

Financing

Rate

+

1.26%

2.91%,

07/21/2042

(f) 385

Secured

Overnight

Financing

Rate

+

1.47%

3.10%,

02/24/2033

(f) 395

Secured

Overnight

Financing

Rate

+

1.41%

3.21%,

04/22/2042

(f) 190

Secured

Overnight

Financing

Rate

+

1.51%

3.44%,

02/24/2043

(f) 385

Secured

Overnight

Financing

Rate

+

1.63%

3.81%,

04/23/2029

(f) 315

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.42%

3.85%,

01/26/2027

4.22%,

05/01/2029

(f) 415

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.56%

4.41%,

04/23/2039

(f) 180

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.69%

4.48%,

08/23/2028

(f) 280

Secured

Overnight

Financing

Rate

+

1.73%

4.69%,

10/23/2030

(f) 265

Secured

Overnight

Financing

Rate

+

1.14%

4.80%,

07/08/2044

4.94%,

04/23/2028

(f) 230

Secured

Overnight

Financing

Rate

+

1.32%

5.02%,

10/23/2035

(f) 265

Secured

Overnight

Financing

Rate

+

1.42%

5.05%,

07/23/2030

(f) 315

Secured

Overnight

Financing

Rate

+

1.21%

5.15%,

05/22/2045

5.21%,

01/28/2031

(f) 240

Secured

Overnight

Financing

Rate

+

1.08%

5.33%,

07/23/2035

(f) 250

Secured

Overnight

Financing

Rate

+

1.55%

5.54%,

01/28/2036

(f) 190

Secured

Overnight

Financing

Rate

+

1.38%

5.56%,

11/19/2045

(f) 270

Secured

Overnight

Financing

Rate

+

1.58%

5.73%,

04/25/2030

(f) 265

Secured

Overnight

Financing

Rate

+

1.27%

5.73%,

01/28/2056

(f) 120

Secured

Overnight

Financing

Rate

+

1.70%

5.85%,

04/25/2035

(f) 180

Secured

Overnight

Financing

Rate

+

1.55%

6.48%,

10/24/2029

(f) 295

Secured

Overnight

Financing

Rate

+

1.77%

6.56%,

10/24/2034

(f) 145

Secured

Overnight

Financing

Rate

+

1.95%

6.75%,

10/01/2037

530

582

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

HSBC

Holdings

PLC

2.01%,

09/22/2028

(f) $

$

Secured

Overnight

Financing

Rate

+

1.73%

2.85%,

06/04/2031

(f) 200

Secured

Overnight

Financing

Rate

+

2.39%

2.87%,

11/22/2032

(f) 200

Secured

Overnight

Financing

Rate

+

1.41%

3.97%,

05/22/2030

(f) 200

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.87%

4.04%,

03/13/2028

(f) 250

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.81%

4.58%,

06/19/2029

(f) 365

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.80%

4.76%,

06/09/2028

(f) 200

Secured

Overnight

Financing

Rate

+

2.11%

5.29%,

11/19/2030

(f) 270

Secured

Overnight

Financing

Rate

+

1.29%

5.40%,

08/11/2033

(f) 335

Secured

Overnight

Financing

Rate

+

2.87%

5.55%,

03/04/2030

(f) 310

Secured

Overnight

Financing

Rate

+

1.46%

5.72%,

03/04/2035

(f) 310

Secured

Overnight

Financing

Rate

+

1.78%

5.73%,

05/17/2032

(f) 300

Secured

Overnight

Financing

Rate

+

1.52%

5.79%,

05/13/2036

(f) 215

Secured

Overnight

Financing

Rate

+

1.88%

5.87%,

11/18/2035

(f) 270

Secured

Overnight

Financing

Rate

+

1.90%

5.89%,

08/14/2027

(f) 300

Secured

Overnight

Financing

Rate

+

1.57%

6.10%,

01/14/2042

6.16%,

03/09/2029

(f) 200

Secured

Overnight

Financing

Rate

+

1.97%

6.25%,

03/09/2034

(f) 260

Secured

Overnight

Financing

Rate

+

2.39%

6.33%,

03/09/2044

(f) 215

Secured

Overnight

Financing

Rate

+

2.65%

6.50%,

05/02/2036

6.55%,

06/20/2034

(f) 295

Secured

Overnight

Financing

Rate

+

2.98%

7.39%,

11/03/2028

(f) 305

Secured

Overnight

Financing

Rate

+

3.35%

HSBC

USA

Inc

4.65%,

06/03/2028

Huntington

Bancshares

Inc/OH

2.55%,

02/04/2030

5.27%,

01/15/2031

(f) 135

Secured

Overnight

Financing

Rate

+

1.28%

Huntington

National

Bank/The

5.65%,

01/10/2030

ING

Groep

NV

2.73%,

04/01/2032

(f) 200

Secured

Overnight

Financing

Rate

+

1.32%

4.86%,

03/25/2029

(f) 250

Secured

Overnight

Financing

Rate

+

1.01%

5.34%,

03/19/2030

(f) 300

Secured

Overnight

Financing

Rate

+

1.44%

6.11%,

09/11/2034

(f) 230

Secured

Overnight

Financing

Rate

+

2.09%

JPMorgan

Chase

&

Co

1.47%,

09/22/2027

(f) 155

Secured

Overnight

Financing

Rate

+

0.77%

1.95%,

02/04/2032

(f) 190

Secured

Overnight

Financing

Rate

+

1.07%

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

JPMorgan

Chase

&

Co

(continued)

2.07%,

06/01/2029

(f) $

$

Secured

Overnight

Financing

Rate

+

1.02%

2.18%,

06/01/2028

(f) 265

Secured

Overnight

Financing

Rate

+

1.89%

2.52%,

04/22/2031

(f) 190

Secured

Overnight

Financing

Rate

+

2.04%

2.53%,

11/19/2041

(f) 180

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

2.55%,

11/08/2032

(f) 195

Secured

Overnight

Financing

Rate

+

1.18%

2.58%,

04/22/2032

(f) 190

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.25%

2.74%,

10/15/2030

(f) 260

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

2.95%,

10/01/2026

2.96%,

05/13/2031

(f) 175

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.52%

3.11%,

04/22/2041

(f) 190

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.46%

3.11%,

04/22/2051

(f) 105

Secured

Overnight

Financing

Rate

+

2.44%

3.33%,

04/22/2052

(f) 190

Secured

Overnight

Financing

Rate

+

1.58%

3.51%,

01/23/2029

(f) 200

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.21%

3.63%,

12/01/2027

3.88%,

07/24/2038

(f) 200

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.62%

3.96%,

11/15/2048

(f) 400

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.64%

4.01%,

04/23/2029

(f) 270

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.38%

4.03%,

07/24/2048

(f) 30

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.72%

4.20%,

07/23/2029

(f) 150

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.52%

4.25%,

10/01/2027

4.32%,

04/26/2028

(f) 290

Secured

Overnight

Financing

Rate

+

1.56%

4.51%,

10/22/2028

(f) 200

Secured

Overnight

Financing

Rate

+

0.86%

4.57%,

06/14/2030

(f) 295

Secured

Overnight

Financing

Rate

+

1.75%

4.59%,

04/26/2033

(f) 195

Secured

Overnight

Financing

Rate

+

1.80%

4.60%,

10/22/2030

(f) 265

Secured

Overnight

Financing

Rate

+

1.04%

4.85%,

07/25/2028

(f) 70

Secured

Overnight

Financing

Rate

+

1.99%

4.85%,

02/01/2044

4.91%,

07/25/2033

(f) 340

Secured

Overnight

Financing

Rate

+

2.08%

4.95%,

10/22/2035

(f) 255

Secured

Overnight

Financing

Rate

+

1.34%

4.95%,

06/01/2045

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

JPMorgan

Chase

&

Co

(continued)

4.98%,

07/22/2028

(f) $

$

Secured

Overnight

Financing

Rate

+

0.93%

5.00%,

07/22/2030

(f) 145

Secured

Overnight

Financing

Rate

+

1.13%

5.01%,

01/23/2030

(f) 185

Secured

Overnight

Financing

Rate

+

1.31%

5.04%,

01/23/2028

(f) 350

Secured

Overnight

Financing

Rate

+

1.19%

5.10%,

04/22/2031

(f) 240

Secured

Overnight

Financing

Rate

+

1.44%

5.14%,

01/24/2031

(f) 195

Secured

Overnight

Financing

Rate

+

1.01%

5.29%,

07/22/2035

(f) 215

Secured

Overnight

Financing

Rate

+

1.46%

5.30%,

07/24/2029

(f) 150

Secured

Overnight

Financing

Rate

+

1.45%

5.34%,

01/23/2035

(f) 215

Secured

Overnight

Financing

Rate

+

1.62%

5.35%,

06/01/2034

(f) 370

Secured

Overnight

Financing

Rate

+

1.85%

5.50%,

01/24/2036

(f) 205

Secured

Overnight

Financing

Rate

+

1.32%

5.53%,

11/29/2045

(f) 135

Secured

Overnight

Financing

Rate

+

1.55%

5.57%,

04/22/2028

(f) 300

Secured

Overnight

Financing

Rate

+

0.93%

5.57%,

04/22/2036

(f) 115

Secured

Overnight

Financing

Rate

+

1.68%

5.58%,

04/22/2030

(f) 300

Secured

Overnight

Financing

Rate

+

1.16%

5.60%,

07/15/2041

5.63%,

08/16/2043

5.72%,

09/14/2033

(f) 160

Secured

Overnight

Financing

Rate

+

2.58%

5.77%,

04/22/2035

(f) 195

Secured

Overnight

Financing

Rate

+

1.49%

6.07%,

10/22/2027

(f) 145

Secured

Overnight

Financing

Rate

+

1.33%

6.09%,

10/23/2029

(f) 295

Secured

Overnight

Financing

Rate

+

1.57%

6.25%,

10/23/2034

(f) 295

Secured

Overnight

Financing

Rate

+

1.81%

6.40%,

05/15/2038

KeyBank

NA/Cleveland

OH

5.85%,

11/15/2027

KeyCorp

2.25%,

04/06/2027

2.55%,

10/01/2029

Korea

Development

Bank/The

4.38%,

02/15/2028

4.50%,

02/15/2029

5.63%,

10/23/2033

Kreditanstalt

fuer

Wiederaufbau

0.00%,

04/18/2036

(g) 380

0.00%,

06/29/2037

(g) 200

1.00%,

10/01/2026

2.88%,

04/03/2028

3.00%,

05/20/2027

3.50%,

08/27/2027

3.75%,

02/15/2028

3.75%,

07/15/2030

3.88%,

05/15/2028

3.88%,

06/15/2028

4.00%,

06/28/2027

4.00%,

03/15/2029

(d) 90

4.13%,

07/15/2033

4.38%,

03/01/2027

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Kreditanstalt

fuer

Wiederaufbau

(continued)

4.38%,

02/28/2034

$

$

4.63%,

08/07/2026

4.63%,

03/18/2030

4.75%,

10/29/2030

Landwirtschaftliche

Rentenbank

0.88%,

09/03/2030

3.88%,

09/28/2027

3.88%,

06/14/2028

4.13%,

05/28/2030

4.63%,

04/17/2029

Lloyds

Banking

Group

PLC

3.75%,

01/11/2027

4.82%,

06/13/2029

(f) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.83%

4.98%,

08/11/2033

(f) 335

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.30%

5.09%,

11/26/2028

(f) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.85%

5.30%,

12/01/2045

5.68%,

01/05/2035

(f) 305

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.75%

5.87%,

03/06/2029

(f) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.70%

5.99%,

08/07/2027

(f) 305

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.48%

M&T

Bank

Corp

5.18%,

07/08/2031

(f) 105

Secured

Overnight

Financing

Rate

+

1.40%

Mitsubishi

UFJ

Financial

Group

Inc

1.54%,

07/20/2027

(f) 400

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.75%

1.64%,

10/13/2027

(f) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.67%

2.05%,

07/17/2030

2.56%,

02/25/2030

2.76%,

09/13/2026

3.20%,

07/18/2029

4.08%,

04/19/2028

(f) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.30%

4.32%,

04/19/2033

(f) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.55%

5.13%,

07/20/2033

(f) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.13%

5.16%,

04/24/2031

(f) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.17%

5.35%,

09/13/2028

(f) 325

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.90%

5.41%,

04/19/2034

(d),(f)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.97%

5.43%,

04/17/2035

(f) 225

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.00%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Mitsubishi

UFJ

Financial

Group

Inc

(continued)

5.57%,

01/16/2036

(f) $

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.95%

Mizuho

Financial

Group

Inc

2.20%,

07/10/2031

(f) 200

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.77%

2.26%,

07/09/2032

(f) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.90%

3.15%,

07/16/2030

(f) 400

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.39%

5.41%,

09/13/2028

(f) 325

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.05%

5.59%,

07/10/2035

(f) 295

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.30%

5.74%,

05/27/2031

(f) 305

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.65%

5.75%,

07/06/2034

(f) 300

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.90%

Morgan

Stanley

1.51%,

07/20/2027

(f) 190

Secured

Overnight

Financing

Rate

+

0.86%

1.79%,

02/13/2032

(f) 355

Secured

Overnight

Financing

Rate

+

1.03%

1.93%,

04/28/2032

(f) 105

Secured

Overnight

Financing

Rate

+

1.02%

2.24%,

07/21/2032

(f) 190

Secured

Overnight

Financing

Rate

+

1.18%

2.48%,

01/21/2028

(f) 120

Secured

Overnight

Financing

Rate

+

1.00%

2.48%,

09/16/2036

(f) 265

Secured

Overnight

Financing

Rate

+

1.36%

2.51%,

10/20/2032

(f) 180

Secured

Overnight

Financing

Rate

+

1.20%

2.80%,

01/25/2052

(f) 120

Secured

Overnight

Financing

Rate

+

1.43%

2.94%,

01/21/2033

(f) 140

Secured

Overnight

Financing

Rate

+

1.29%

3.13%,

07/27/2026

3.22%,

04/22/2042

(f) 190

Secured

Overnight

Financing

Rate

+

1.49%

3.59%,

07/22/2028

Month

USD

LIBOR

+

1.34%

3.63%,

01/20/2027

3.77%,

01/24/2029

(f) 180

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.40%

3.95%,

04/23/2027

3.97%,

07/22/2038

Month

USD

LIBOR

+

1.46%

4.21%,

04/20/2028

(f) 390

Secured

Overnight

Financing

Rate

+

1.61%

4.30%,

01/27/2045

4.35%,

09/08/2026

4.38%,

01/22/2047

4.65%,

10/18/2030

(f) 170

Secured

Overnight

Financing

Rate

+

1.10%

4.89%,

07/20/2033

(f) 225

Secured

Overnight

Financing

Rate

+

2.08%

5.04%,

07/19/2030

(f) 140

Secured

Overnight

Financing

Rate

+

1.22%

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Morgan

Stanley

(continued)

5.12%,

02/01/2029

(f) $

$

Secured

Overnight

Financing

Rate

+

1.73%

5.16%,

04/20/2029

(f) 150

Secured

Overnight

Financing

Rate

+

1.59%

5.17%,

01/16/2030

(f) 230

Secured

Overnight

Financing

Rate

+

1.45%

5.19%,

04/17/2031

(f) 230

Secured

Overnight

Financing

Rate

+

1.51%

5.23%,

01/15/2031

(f) 205

Secured

Overnight

Financing

Rate

+

1.11%

5.25%,

04/21/2034

(f) 295

Secured

Overnight

Financing

Rate

+

1.87%

5.32%,

07/19/2035

(f) 290

Secured

Overnight

Financing

Rate

+

1.56%

5.42%,

07/21/2034

(f) 300

Secured

Overnight

Financing

Rate

+

1.88%

5.45%,

07/20/2029

(f) 150

Secured

Overnight

Financing

Rate

+

1.63%

5.47%,

01/18/2035

(f) 155

Secured

Overnight

Financing

Rate

+

1.73%

5.52%,

11/19/2055

(f) 170

Secured

Overnight

Financing

Rate

+

1.71%

5.59%,

01/18/2036

(f) 200

Secured

Overnight

Financing

Rate

+

1.42%

5.60%,

03/24/2051

(f) 200

Secured

Overnight

Financing

Rate

+

4.84%

5.65%,

04/13/2028

(f) 130

Secured

Overnight

Financing

Rate

+

1.01%

5.66%,

04/18/2030

(f) 300

Secured

Overnight

Financing

Rate

+

1.26%

5.66%,

04/17/2036

(f) 185

Secured

Overnight

Financing

Rate

+

1.76%

5.83%,

04/19/2035

(f) 90

Secured

Overnight

Financing

Rate

+

1.58%

5.95%,

01/19/2038

(f) 150

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.43%

6.30%,

10/18/2028

(f) 145

Secured

Overnight

Financing

Rate

+

2.24%

6.34%,

10/18/2033

(f) 150

Secured

Overnight

Financing

Rate

+

2.56%

6.38%,

07/24/2042

6.41%,

11/01/2029

(f) 200

Secured

Overnight

Financing

Rate

+

1.83%

6.63%,

11/01/2034

(f) 185

Secured

Overnight

Financing

Rate

+

2.05%

Morgan

Stanley

Bank

NA

4.45%,

10/15/2027

(f) 265

Secured

Overnight

Financing

Rate

+

0.68%

4.97%,

07/14/2028

(f) 285

Secured

Overnight

Financing

Rate

+

0.93%

5.02%,

01/12/2029

(f) 290

Secured

Overnight

Financing

Rate

+

0.91%

National

Australia

Bank

Ltd/New

York

4.53%,

06/13/2030

5.09%,

06/11/2027

NatWest

Group

PLC

4.89%,

05/18/2029

(f) 200

Month

USD

LIBOR

+

1.75%

5.08%,

01/27/2030

(f) 400

Month

USD

LIBOR

+

1.91%

5.12%,

05/23/2031

(f) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.05%

Northern

Trust

Corp

4.00%,

05/10/2027

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Oesterreichische

Kontrollbank

AG

3.63%,

09/09/2027

$

$

3.75%,

09/05/2029

4.00%,

05/28/2028

4.25%,

03/01/2028

4.50%,

01/24/2030

4.75%,

05/21/2027

PNC

Bank

NA

2.70%,

10/22/2029

PNC

Financial

Services

Group

Inc/The

2.31%,

04/23/2032

(f) 150

Secured

Overnight

Financing

Rate

+

0.98%

2.55%,

01/22/2030

2.60%,

07/23/2026

4.63%,

06/06/2033

(f) 105

Secured

Overnight

Financing

Rate

+

1.85%

4.90%,

05/13/2031

(f) 105

Secured

Overnight

Financing

Rate

+

1.33%

5.22%,

01/29/2031

(f) 155

Secured

Overnight

Financing

Rate

+

1.07%

5.30%,

01/21/2028

(f) 155

Secured

Overnight

Financing

Rate

+

1.34%

5.35%,

12/02/2028

(f) 105

Secured

Overnight

Financing

Rate

+

1.62%

5.40%,

07/23/2035

(f) 315

Secured

Overnight

Financing

Rate

+

1.60%

5.68%,

01/22/2035

(f) 75

Secured

Overnight

Financing

Rate

+

1.90%

5.94%,

08/18/2034

(f) 305

Secured

Overnight

Financing

Rate

+

1.95%

6.62%,

10/20/2027

(f) 220

Secured

Overnight

Financing

Rate

+

1.73%

Royal

Bank

of

Canada

3.63%,

05/04/2027

3.88%,

05/04/2032

4.51%,

10/18/2027

(f) 200

Secured

Overnight

Financing

Rate

+

0.72%

4.65%,

10/18/2030

(f) 200

Secured

Overnight

Financing

Rate

+

1.08%

4.95%,

02/01/2029

4.97%,

01/24/2029

(f) 190

Secured

Overnight

Financing

Rate

+

0.83%

4.97%,

05/02/2031

(f) 235

Secured

Overnight

Financing

Rate

+

1.13%

5.00%,

05/02/2033

5.15%,

02/04/2031

(f) 190

Secured

Overnight

Financing

Rate

+

1.03%

5.20%,

07/20/2026

6.00%,

11/01/2027

Santander

Holdings

USA

Inc

2.49%,

01/06/2028

(f) 270

Secured

Overnight

Financing

Rate

+

1.25%

5.35%,

09/06/2030

(f) 135

Secured

Overnight

Financing

Rate

+

1.94%

5.47%,

03/20/2029

(f) 120

Secured

Overnight

Financing

Rate

+

1.61%

Santander

UK

Group

Holdings

PLC

2.47%,

01/11/2028

(f) 200

Secured

Overnight

Financing

Rate

+

1.22%

State

Street

Corp

2.20%,

02/07/2028

(f) 145

Secured

Overnight

Financing

Rate

+

0.73%

2.20%,

03/03/2031

4.42%,

05/13/2033

(f) 185

Secured

Overnight

Financing

Rate

+

1.61%

4.54%,

02/28/2028

(d) 60

4.68%,

10/22/2032

(f) 70

Secured

Overnight

Financing

Rate

+

1.05%

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

State

Street

Corp

(continued)

4.82%,

01/26/2034

(f) $

$

Secured

Overnight

Financing

Rate

+

1.57%

4.83%,

04/24/2030

5.15%,

02/28/2036

(f) 125

Secured

Overnight

Financing

Rate

+

1.22%

5.27%,

08/03/2026

5.68%,

11/21/2029

(f) 150

Secured

Overnight

Financing

Rate

+

1.48%

Sumitomo

Mitsui

Financial

Group

Inc

1.90%,

09/17/2028

2.13%,

07/08/2030

2.14%,

09/23/2030

3.04%,

07/16/2029

3.36%,

07/12/2027

3.45%,

01/11/2027

4.66%,

07/08/2031

(e),(f)

Secured

Overnight

Financing

Rate

+

1.19%

5.32%,

07/09/2029

5.42%,

07/09/2031

(d) 225

5.63%,

01/15/2035

(d) 200

5.77%,

01/13/2033

5.80%,

07/13/2028

5.80%,

07/08/2046

(e),(f)

Secured

Overnight

Financing

Rate

+

1.78%

5.81%,

09/14/2033

(d) 230

6.18%,

07/13/2043

Toronto-Dominion

Bank/The

1.95%,

01/12/2027

3.20%,

03/10/2032

4.11%,

06/08/2027

4.46%,

06/08/2032

4.57%,

12/17/2026

4.57%,

06/02/2028

4.69%,

09/15/2027

4.78%,

12/17/2029

4.99%,

04/05/2029

5.30%,

01/30/2032

5.52%,

07/17/2028

5.53%,

07/17/2026

Truist

Financial

Corp

1.13%,

08/03/2027

1.89%,

06/07/2029

(f) 175

Secured

Overnight

Financing

Rate

+

0.86%

1.95%,

06/05/2030

4.12%,

06/06/2028

(f) 135

Secured

Overnight

Financing

Rate

+

1.37%

4.87%,

01/26/2029

(f) 150

Secured

Overnight

Financing

Rate

+

1.44%

5.07%,

05/20/2031

(f) 105

Secured

Overnight

Financing

Rate

+

1.31%

5.12%,

01/26/2034

(f) 150

Secured

Overnight

Financing

Rate

+

1.85%

5.15%,

08/05/2032

(f) 140

Secured

Overnight

Financing

Rate

+

1.57%

5.44%,

01/24/2030

(f) 75

Secured

Overnight

Financing

Rate

+

1.62%

5.71%,

01/24/2035

(f) 60

Secured

Overnight

Financing

Rate

+

1.92%

5.87%,

06/08/2034

(f) 150

Secured

Overnight

Financing

Rate

+

2.36%

UBS

AG/Stamford

CT

1.25%,

08/07/2026

5.00%,

07/09/2027

UBS

Group

AG

4.88%,

05/15/2045

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

US

Bancorp

2.22%,

01/27/2028

(f) $

$

Secured

Overnight

Financing

Rate

+

0.73%

2.49%,

11/03/2036

(f) 175

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.95%

3.00%,

07/30/2029

650

615

3.15%,

04/27/2027

4.65%,

02/01/2029

(f) 130

Secured

Overnight

Financing

Rate

+

1.23%

4.84%,

02/01/2034

(f) 130

Secured

Overnight

Financing

Rate

+

1.60%

5.05%,

02/12/2031

(f) 255

Secured

Overnight

Financing

Rate

+

1.06%

5.38%,

01/23/2030

(f) 60

Secured

Overnight

Financing

Rate

+

1.56%

5.68%,

01/23/2035

(f) 45

Secured

Overnight

Financing

Rate

+

1.86%

5.84%,

06/12/2034

(f) 295

Secured

Overnight

Financing

Rate

+

2.26%

5.85%,

10/21/2033

(f) 150

Secured

Overnight

Financing

Rate

+

2.09%

US

Bank

NA/Cincinnati

OH

4.73%,

05/15/2028

(f) 250

Secured

Overnight

Financing

Rate

+

0.91%

Wells

Fargo

&

Co

2.39%,

06/02/2028

(f) 250

Secured

Overnight

Financing

Rate

+

2.10%

3.00%,

10/23/2026

3.07%,

04/30/2041

(f) 280

Secured

Overnight

Financing

Rate

+

2.53%

3.35%,

03/02/2033

(f) 235

Secured

Overnight

Financing

Rate

+

1.50%

3.58%,

05/22/2028

(f) 250

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.57%

4.40%,

06/14/2046

4.48%,

04/04/2031

(f) 245

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.03%

4.61%,

04/25/2053

(f) 390

Secured

Overnight

Financing

Rate

+

2.13%

4.65%,

11/04/2044

4.81%,

07/25/2028

(f) 170

Secured

Overnight

Financing

Rate

+

1.98%

4.90%,

01/24/2028

(f) 190

Secured

Overnight

Financing

Rate

+

0.78%

4.90%,

07/25/2033

(f) 170

Secured

Overnight

Financing

Rate

+

2.10%

4.90%,

11/17/2045

4.97%,

04/23/2029

(f) 110

Secured

Overnight

Financing

Rate

+

1.37%

5.01%,

04/04/2051

(f) 325

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

5.15%,

04/23/2031

(f) 230

Secured

Overnight

Financing

Rate

+

1.50%

5.20%,

01/23/2030

(f) 305

Secured

Overnight

Financing

Rate

+

1.50%

5.21%,

12/03/2035

(f) 265

Secured

Overnight

Financing

Rate

+

1.38%

5.24%,

01/24/2031

(f) 180

Secured

Overnight

Financing

Rate

+

1.11%

5.38%,

11/02/2043

5.39%,

04/24/2034

(f) 210

Secured

Overnight

Financing

Rate

+

2.02%

5.50%,

01/23/2035

(f) 305

Secured

Overnight

Financing

Rate

+

1.78%

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Wells

Fargo

&

Co

(continued)

5.56%,

07/25/2034

(f) $

$

Secured

Overnight

Financing

Rate

+

1.99%

5.57%,

07/25/2029

(f) 225

Secured

Overnight

Financing

Rate

+

1.74%

5.61%,

04/23/2036

(f) 110

Secured

Overnight

Financing

Rate

+

1.74%

5.61%,

01/15/2044

5.71%,

04/22/2028

(f) 300

Secured

Overnight

Financing

Rate

+

1.07%

6.30%,

10/23/2029

(f) 295

Secured

Overnight

Financing

Rate

+

1.79%

6.49%,

10/23/2034

(f) 295

Secured

Overnight

Financing

Rate

+

2.06%

Wells

Fargo

Bank

NA

5.25%,

12/11/2026

5.95%,

08/26/2036

500

523

6.60%,

01/15/2038

Westpac

Banking

Corp

2.96%,

11/16/2040

3.02%,

11/18/2036

(f) 150

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.53%

3.13%,

11/18/2041

4.11%,

07/24/2034

(f) 165

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

4.35%,

07/01/2030

(e) 70

4.42%,

07/24/2039

5.05%,

04/16/2029

5.46%,

11/18/2027

$

109,200

Beverages

-

.45

%

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

4.70%,

02/01/2036

630

615

4.90%,

02/01/2046

824

755

Anheuser-Busch

InBev

Worldwide

Inc

4.75%,

01/23/2029

5.00%,

06/15/2034

(d) 150

5.45%,

01/23/2039

5.80%,

01/23/2059

8.20%,

01/15/2039

Coca-Cola

Co/The

1.00%,

03/15/2028

1.50%,

03/05/2028

1.65%,

06/01/2030

2.50%,

06/01/2040

2.88%,

05/05/2041

5.00%,

05/13/2034

5.30%,

05/13/2054

Constellation

Brands

Inc

2.25%,

08/01/2031

3.15%,

08/01/2029

630

598

4.35%,

05/09/2027

4.90%,

05/01/2033

(d) 75

Diageo

Capital

PLC

2.13%,

04/29/2032

2.38%,

10/24/2029

5.30%,

10/24/2027

5.63%,

10/05/2033

5.88%,

09/30/2036

Keurig

Dr

Pepper

Inc

2.25%,

03/15/2031

3.35%,

03/15/2051

3.95%,

04/15/2029

4.05%,

04/15/2032

4.50%,

04/15/2052

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Beverages

(continued)

Keurig

Dr

Pepper

Inc

(continued)

5.10%,

03/15/2027

$

$

5.15%,

05/15/2035

Molson

Coors

Beverage

Co

3.00%,

07/15/2026

5.00%,

05/01/2042

PepsiCo

Inc

1.63%,

05/01/2030

1.95%,

10/21/2031

2.63%,

07/29/2029

2.63%,

10/21/2041

2.88%,

10/15/2049

3.60%,

02/18/2028

4.20%,

07/18/2052

4.45%,

02/07/2028

4.45%,

05/15/2028

4.80%,

07/17/2034

5.00%,

02/07/2035

Pepsico

Singapore

Financing

I

Pte

Ltd

4.55%,

02/16/2029

$

8,578

Biotechnology

-

.35

%

Amgen

Inc

1.65%,

08/15/2028

2.00%,

01/15/2032

2.20%,

02/21/2027

2.45%,

02/21/2030

2.60%,

08/19/2026

3.00%,

02/22/2029

3.00%,

01/15/2052

3.15%,

02/21/2040

3.38%,

02/21/2050

4.20%,

03/01/2033

4.20%,

02/22/2052

4.40%,

05/01/2045

4.66%,

06/15/2051

4.88%,

03/01/2053

5.15%,

03/02/2028

5.25%,

03/02/2030

5.25%,

03/02/2033

5.60%,

03/02/2043

5.65%,

03/02/2053

5.75%,

03/02/2063

Baxalta

Inc

5.25%,

06/23/2045

Biogen

Inc

2.25%,

05/01/2030

5.20%,

09/15/2045

Gilead

Sciences

Inc

1.65%,

10/01/2030

2.60%,

10/01/2040

2.80%,

10/01/2050

2.95%,

03/01/2027

4.00%,

09/01/2036

4.60%,

09/01/2035

500

5.10%,

06/15/2035

5.25%,

10/15/2033

5.50%,

11/15/2054

5.55%,

10/15/2053

Royalty

Pharma

PLC

1.75%,

09/02/2027

2.20%,

09/02/2030

3.30%,

09/02/2040

$

6,546

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Building

Materials

-

.23

%

Carrier

Global

Corp

2.49%,

02/15/2027

$

$

2.72%,

02/15/2030

3.38%,

04/05/2040

3.58%,

04/05/2050

5.90%,

03/15/2034

6.20%,

03/15/2054

CRH

America

Finance

Inc

5.50%,

01/09/2035

Johnson

Controls

International

plc

4.50%,

02/15/2047

500

Johnson

Controls

International

plc

/

Tyco

Fire

&

Security

Finance

SCA

2.00%,

09/16/2031

Martin

Marietta

Materials

Inc

2.50%,

03/15/2030

3.20%,

07/15/2051

5.15%,

12/01/2034

Masco

Corp

1.50%,

02/15/2028

4.50%,

05/15/2047

(d) 260

Owens

Corning

5.50%,

06/15/2027

5.70%,

06/15/2034

Trane

Technologies

Financing

Ltd

3.80%,

03/21/2029

600

590

5.10%,

06/13/2034

Vulcan

Materials

Co

3.50%,

06/01/2030

5.35%,

12/01/2034

$

4,351

Chemicals

-

.30

%

Air

Products

and

Chemicals

Inc

2.80%,

05/15/2050

4.60%,

02/08/2029

4.80%,

03/03/2033

4.90%,

10/11/2032

Albemarle

Corp

5.45%,

12/01/2044

Dow

Chemical

Co/The

2.10%,

11/15/2030

3.60%,

11/15/2050

4.38%,

11/15/2042

4.80%,

05/15/2049

5.15%,

02/15/2034

(d) 155

9.40%,

05/15/2039

DuPont

de

Nemours

Inc

4.73%,

11/15/2028

5.32%,

11/15/2038

5.42%,

11/15/2048

Eastman

Chemical

Co

4.80%,

09/01/2042

Ecolab

Inc

1.30%,

01/30/2031

1.65%,

02/01/2027

2.75%,

08/18/2055

4.30%,

06/15/2028

4.80%,

03/24/2030

LYB

International

Finance

III

LLC

2.25%,

10/01/2030

3.63%,

04/01/2051

4.20%,

10/15/2049

5.63%,

05/15/2033

Nutrien

Ltd

4.20%,

04/01/2029

4.50%,

03/12/2027

4.90%,

06/01/2043

5.40%,

06/21/2034

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Chemicals

(continued)

Nutrien

Ltd

(continued)

5.80%,

03/27/2053

$

$

Sherwin-Williams

Co/The

2.20%,

03/15/2032

2.30%,

05/15/2030

2.95%,

08/15/2029

3.30%,

05/15/2050

3.80%,

08/15/2049

Westlake

Corp

3.13%,

08/15/2051

3.60%,

08/15/2026

$

5,585

Commercial

Mortgage

Backed

Securities

-

.99

%

BANK

2018-BNK10

3.69%,

02/15/2061

1,850

1,815

CFCRE

Commercial

Mortgage

Trust

2016-C4

3.28%,

05/10/2058

1,300

1,286

Citigroup

Commercial

Mortgage

Trust

2016-GC36

3.62%,

02/10/2049

1,000

987

COMM

2016-CR28

Mortgage

Trust

3.76%,

02/10/2049

1,000

995

CSAIL

2016-C7

Commercial

Mortgage

Trust

3.31%,

11/15/2049

Fannie

Mae-Aces

2.50%,

10/25/2026

(h) 672

656

2.91%,

02/25/2027

(h) 582

570

2.96%,

02/25/2027

(h) 771

757

3.09%,

12/25/2027

(h) 635

620

3.47%,

07/25/2028

(h) 1,965

1,927

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2.67%,

03/25/2026

1,022

1,009

3.41%,

12/25/2026

1,500

1,482

GS

Mortgage

Securities

Trust

2015-GC34

3.51%,

10/10/2048

1,000

995

GS

Mortgage

Securities

Trust

2017-GS5

3.47%,

03/10/2050

669

662

GS

Mortgage

Securities

Trust

2018-GS9

3.99%,

03/10/2051

(h) 1,500

1,476

Morgan

Stanley

Capital

I

Trust

2017-H1

3.26%,

06/15/2050

2,500

2,453

SG

Commercial

Mortgage

Securities

Trust

2016-C5

3.06%,

10/10/2048

1,000

978

$

18,672

Commercial

Services

-

.17

%

American

University/The

3.67%,

04/01/2049

California

Institute

of

Technology

4.32%,

08/01/2045

Global

Payments

Inc

3.20%,

08/15/2029

4.15%,

08/15/2049

Massachusetts

Institute

of

Technology

3.89%,

07/01/2116

4.68%,

07/01/2114

Moody's

Corp

4.25%,

08/08/2032

5.00%,

08/05/2034

5.25%,

07/15/2044

PayPal

Holdings

Inc

2.30%,

06/01/2030

2.85%,

10/01/2029

3.90%,

06/01/2027

4.40%,

06/01/2032

5.50%,

06/01/2054

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

S&P

Global

Inc

1.25%,

08/15/2030

$

$

2.45%,

03/01/2027

2.50%,

12/01/2029

3.25%,

12/01/2049

3.70%,

03/01/2052

5.25%,

09/15/2033

TR

Finance

LLC

5.85%,

04/15/2040

University

of

Southern

California

5.25%,

10/01/2111

(d) 30

William

Marsh

Rice

University

3.57%,

05/15/2045

$

3,170

Computers

-

.49

%

Apple

Inc

1.20%,

02/08/2028

1.40%,

08/05/2028

1.65%,

05/11/2030

1.65%,

02/08/2031

2.20%,

09/11/2029

(d) 165

2.65%,

05/11/2050

2.70%,

08/05/2051

2.80%,

02/08/2061

2.90%,

09/12/2027

2.95%,

09/11/2049

3.20%,

05/11/2027

3.25%,

08/08/2029

3.35%,

02/09/2027

3.45%,

02/09/2045

3.75%,

09/12/2047

3.75%,

11/13/2047

3.85%,

05/04/2043

3.95%,

08/08/2052

4.20%,

05/12/2030

4.30%,

05/10/2033

(d) 150

4.50%,

05/12/2032

4.65%,

02/23/2046

4.75%,

05/12/2035

Dell

International

LLC

/

EMC

Corp

3.38%,

12/15/2041

3.45%,

12/15/2051

(d) 145

4.35%,

02/01/2030

4.75%,

04/01/2028

5.25%,

02/01/2028

5.30%,

04/01/2032

5.40%,

04/15/2034

8.10%,

07/15/2036

8.35%,

07/15/2046

Hewlett

Packard

Enterprise

Co

4.45%,

09/25/2026

4.55%,

10/15/2029

4.85%,

10/15/2031

5.00%,

10/15/2034

6.20%,

10/15/2035

6.35%,

10/15/2045

HP

Inc

3.00%,

06/17/2027

4.75%,

01/15/2028

6.00%,

09/15/2041

6.10%,

04/25/2035

IBM

International

Capital

Pte

Ltd

4.75%,

02/05/2031

4.90%,

02/05/2034

International

Business

Machines

Corp

2.20%,

02/09/2027

3.50%,

05/15/2029

4.00%,

06/20/2042

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Computers

(continued)

International

Business

Machines

Corp

(continued)

4.15%,

05/15/2039

$

$

4.25%,

05/15/2049

4.40%,

07/27/2032

4.50%,

02/06/2028

4.65%,

02/10/2028

4.70%,

02/19/2046

5.10%,

02/06/2053

5.60%,

11/30/2039

5.70%,

02/10/2055

5.88%,

11/29/2032

(d) 100

6.22%,

08/01/2027

NetApp

Inc

2.38%,

06/22/2027

$

9,211

Consumer

Products

-

.01

%

Church

&

Dwight

Co

Inc

3.95%,

08/01/2047

Cosmetics

&

Personal

Care

-

.13

%

Colgate-Palmolive

Co

4.20%,

05/01/2030

Estee

Lauder

Cos

Inc/The

1.95%,

03/15/2031

2.38%,

12/01/2029

Haleon

US

Capital

LLC

3.63%,

03/24/2032

Kenvue

Inc

4.85%,

05/22/2032

4.90%,

03/22/2033

5.05%,

03/22/2028

5.05%,

03/22/2053

5.10%,

03/22/2043

Procter

&

Gamble

Co/The

3.55%,

03/25/2040

4.60%,

05/01/2035

Unilever

Capital

Corp

1.38%,

09/14/2030

4.63%,

08/12/2034

4.88%,

09/08/2028

5.90%,

11/15/2032

$

2,445

Diversified

Financial

Services

-

.78

%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

2.45%,

10/29/2026

3.00%,

10/29/2028

3.30%,

01/30/2032

3.40%,

10/29/2033

3.88%,

01/23/2028

4.88%,

04/01/2028

4.95%,

09/10/2034

5.10%,

01/19/2029

5.38%,

12/15/2031

6.10%,

01/15/2027

Air

Lease

Corp

1.88%,

08/15/2026

2.10%,

09/01/2028

2.88%,

01/15/2032

3.25%,

10/01/2029

5.10%,

03/01/2029

5.20%,

07/15/2031

Ally

Financial

Inc

2.20%,

11/02/2028

4.75%,

06/09/2027

8.00%,

11/01/2031

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

American

Express

Co

1.65%,

11/04/2026

$

$

3.30%,

05/03/2027

4.05%,

12/03/2042

4.73%,

04/25/2029

(f) 230

Secured

Overnight

Financing

Rate

+

1.26%

5.09%,

01/30/2031

(f) 190

Secured

Overnight

Financing

Rate

+

1.02%

5.10%,

02/16/2028

(f) 155

Secured

Overnight

Financing

Rate

+

1.00%

5.28%,

07/27/2029

(f) 150

Secured

Overnight

Financing

Rate

+

1.28%

5.28%,

07/26/2035

(f) 215

Secured

Overnight

Financing

Rate

+

1.42%

5.39%,

07/28/2027

(f) 150

Secured

Overnight

Financing

Rate

+

0.97%

5.53%,

04/25/2030

(f) 150

Secured

Overnight

Financing

Rate

+

1.09%

5.67%,

04/25/2036

(f) 110

Secured

Overnight

Financing

Rate

+

1.79%

6.49%,

10/30/2031

(f) 75

Secured

Overnight

Financing

Rate

+

1.94%

BlackRock

Funding

Inc

5.35%,

01/08/2055

Blackrock

Inc

2.10%,

02/25/2032

2.40%,

04/30/2030

Capital

One

Financial

Corp

1.88%,

11/02/2027

(f) 125

Secured

Overnight

Financing

Rate

+

0.86%

2.36%,

07/29/2032

(f) 190

Secured

Overnight

Financing

Rate

+

1.34%

3.75%,

07/28/2026

4.10%,

02/09/2027

4.93%,

05/10/2028

(f) 255

Secured

Overnight

Financing

Rate

+

2.06%

5.46%,

07/26/2030

(f) 70

Secured

Overnight

Financing

Rate

+

1.56%

5.70%,

02/01/2030

(f) 155

Secured

Overnight

Financing

Rate

+

1.91%

5.82%,

02/01/2034

(f) 150

Secured

Overnight

Financing

Rate

+

2.60%

5.88%,

07/26/2035

(f) 70

Secured

Overnight

Financing

Rate

+

1.99%

6.05%,

02/01/2035

(f) 75

Secured

Overnight

Financing

Rate

+

2.26%

6.18%,

01/30/2036

(f) 65

Secured

Overnight

Financing

Rate

+

2.04%

6.31%,

06/08/2029

(f) 150

Secured

Overnight

Financing

Rate

+

2.64%

7.62%,

10/30/2031

(f) 225

Secured

Overnight

Financing

Rate

+

3.07%

Charles

Schwab

Corp/The

1.65%,

03/11/2031

2.00%,

03/20/2028

5.64%,

05/19/2029

(f) 150

Secured

Overnight

Financing

Rate

+

2.21%

5.88%,

08/24/2026

6.14%,

08/24/2034

(f) 155

Secured

Overnight

Financing

Rate

+

2.01%

6.20%,

11/17/2029

(f) 150

Secured

Overnight

Financing

Rate

+

1.88%

Intercontinental

Exchange

Inc

2.10%,

06/15/2030

2.65%,

09/15/2040

3.00%,

09/15/2060

4.00%,

09/15/2027

4.25%,

09/21/2048

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

Intercontinental

Exchange

Inc

(continued)

4.95%,

06/15/2052

$

$

Jefferies

Financial

Group

Inc

2.63%,

10/15/2031

4.15%,

01/23/2030

6.50%,

01/20/2043

Mastercard

Inc

2.00%,

11/18/2031

2.95%,

11/21/2026

2.95%,

03/15/2051

3.35%,

03/26/2030

3.85%,

03/26/2050

4.55%,

03/15/2028

4.55%,

01/15/2035

Nasdaq

Inc

2.50%,

12/21/2040

5.35%,

06/28/2028

5.95%,

08/15/2053

Nomura

Holdings

Inc

2.33%,

01/22/2027

2.68%,

07/16/2030

5.84%,

01/18/2028

6.09%,

07/12/2033

(d) 300

Visa

Inc

1.90%,

04/15/2027

2.05%,

04/15/2030

2.70%,

04/15/2040

3.65%,

09/15/2047

4.15%,

12/14/2035

4.30%,

12/14/2045

Western

Union

Co/The

6.20%,

11/17/2036

$

14,671

Electric

-

.18

%

AEP

Texas

Inc

2.10%,

07/01/2030

3.45%,

01/15/2050

3.45%,

05/15/2051

4.70%,

05/15/2032

5.25%,

05/15/2052

AEP

Transmission

Co

LLC

2.75%,

08/15/2051

4.00%,

12/01/2046

4.50%,

06/15/2052

5.40%,

03/15/2053

AES

Corp/The

2.45%,

01/15/2031

Alabama

Power

Co

1.45%,

09/15/2030

3.13%,

07/15/2051

Ameren

Corp

1.75%,

03/15/2028

5.00%,

01/15/2029

5.70%,

12/01/2026

Ameren

Illinois

Co

3.25%,

03/15/2050

3.85%,

09/01/2032

American

Electric

Power

Co

Inc

2.30%,

03/01/2030

5.63%,

03/01/2033

Appalachian

Power

Co

3.30%,

06/01/2027

7.00%,

04/01/2038

Arizona

Public

Service

Co

2.60%,

08/15/2029

2.65%,

09/15/2050

4.50%,

04/01/2042

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Baltimore

Gas

and

Electric

Co

2.25%,

06/15/2031

$

$

4.55%,

06/01/2052

5.45%,

06/01/2035

5.65%,

06/01/2054

Berkshire

Hathaway

Energy

Co

1.65%,

05/15/2031

2.85%,

05/15/2051

3.80%,

07/15/2048

4.60%,

05/01/2053

5.15%,

11/15/2043

6.13%,

04/01/2036

CenterPoint

Energy

Houston

Electric

LLC

3.35%,

04/01/2051

4.25%,

02/01/2049

4.85%,

10/01/2052

4.95%,

04/01/2033

5.20%,

10/01/2028

CenterPoint

Energy

Inc

2.95%,

03/01/2030

CMS

Energy

Corp

3.75%,

12/01/2050

(f) 180

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.90%

Commonwealth

Edison

Co

3.00%,

03/01/2050

3.13%,

03/15/2051

5.30%,

06/01/2034

5.30%,

02/01/2053

5.65%,

06/01/2054

5.95%,

06/01/2055

Connecticut

Light

and

Power

Co/The

2.05%,

07/01/2031

3.20%,

03/15/2027

4.00%,

04/01/2048

4.95%,

01/15/2030

Consolidated

Edison

Co

of

New

York

Inc

3.00%,

12/01/2060

3.70%,

11/15/2059

3.88%,

06/15/2047

4.20%,

03/15/2042

4.30%,

12/01/2056

5.20%,

03/01/2033

5.85%,

03/15/2036

6.15%,

11/15/2052

6.75%,

04/01/2038

Consumers

Energy

Co

4.20%,

09/01/2052

4.60%,

05/30/2029

4.90%,

02/15/2029

5.05%,

05/15/2035

Dominion

Energy

Inc

3.30%,

04/15/2041

3.38%,

04/01/2030

4.60%,

05/15/2028

4.70%,

12/01/2044

4.90%,

08/01/2041

5.38%,

11/15/2032

5.45%,

03/15/2035

5.95%,

06/15/2035

DTE

Electric

Co

1.90%,

04/01/2028

2.25%,

03/01/2030

2.63%,

03/01/2031

3.95%,

03/01/2049

5.20%,

03/01/2034

5.25%,

05/15/2035

5.40%,

04/01/2053

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

DTE

Energy

Co

4.88%,

06/01/2028

$

$

5.20%,

04/01/2030

Duke

Energy

Carolinas

LLC

4.00%,

09/30/2042

4.95%,

01/15/2033

5.25%,

03/15/2035

5.30%,

02/15/2040

5.35%,

01/15/2053

5.40%,

01/15/2054

Duke

Energy

Corp

3.15%,

08/15/2027

3.30%,

06/15/2041

3.50%,

06/15/2051

3.75%,

09/01/2046

4.50%,

08/15/2032

4.85%,

01/05/2029

5.00%,

08/15/2052

5.45%,

06/15/2034

5.80%,

06/15/2054

6.10%,

09/15/2053

Duke

Energy

Florida

LLC

1.75%,

06/15/2030

2.50%,

12/01/2029

3.40%,

10/01/2046

5.65%,

04/01/2040

5.88%,

11/15/2033

5.95%,

11/15/2052

6.40%,

06/15/2038

Duke

Energy

Indiana

LLC

2.75%,

04/01/2050

5.40%,

04/01/2053

5.90%,

05/15/2055

6.12%,

10/15/2035

Duke

Energy

Ohio

Inc

2.13%,

06/01/2030

Duke

Energy

Progress

LLC

2.50%,

08/15/2050

5.55%,

03/15/2055

Emera

US

Finance

LP

4.75%,

06/15/2046

Entergy

Arkansas

LLC

2.65%,

06/15/2051

5.15%,

01/15/2033

Entergy

Corp

1.90%,

06/15/2028

2.40%,

06/15/2031

Entergy

Louisiana

LLC

2.90%,

03/15/2051

3.10%,

06/15/2041

4.75%,

09/15/2052

5.15%,

09/15/2034

5.80%,

03/15/2055

Entergy

Texas

Inc

1.75%,

03/15/2031

4.00%,

03/30/2029

4.50%,

03/30/2039

Evergy

Kansas

Central

Inc

5.25%,

03/15/2035

5.70%,

03/15/2053

Eversource

Energy

1.65%,

08/15/2030

5.00%,

01/01/2027

5.13%,

05/15/2033

Exelon

Corp

3.35%,

03/15/2032

4.45%,

04/15/2046

5.13%,

03/15/2031

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Exelon

Corp

(continued)

5.15%,

03/15/2029

$

$

5.63%,

06/15/2035

6.50%,

03/15/2055

(f) 55

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.98%

Florida

Power

&

Light

Co

3.70%,

12/01/2047

4.05%,

10/01/2044

4.40%,

05/15/2028

4.80%,

05/15/2033

5.10%,

04/01/2033

5.30%,

06/15/2034

5.60%,

06/15/2054

5.69%,

03/01/2040

5.70%,

03/15/2055

Georgia

Power

Co

4.30%,

03/15/2042

4.55%,

03/15/2030

4.65%,

05/16/2028

4.70%,

05/15/2032

Iberdrola

International

BV

6.75%,

07/15/2036

Interstate

Power

and

Light

Co

2.30%,

06/01/2030

4.10%,

09/26/2028

5.60%,

06/29/2035

Kentucky

Utilities

Co

3.30%,

06/01/2050

MidAmerican

Energy

Co

3.15%,

04/15/2050

3.65%,

04/15/2029

4.25%,

07/15/2049

5.30%,

02/01/2055

Mississippi

Power

Co

4.25%,

03/15/2042

National

Rural

Utilities

Cooperative

Finance

Corp

2.40%,

03/15/2030

4.12%,

09/16/2027

4.15%,

12/15/2032

4.80%,

03/15/2028

5.00%,

02/07/2031

5.15%,

06/15/2029

Nevada

Power

Co

2.40%,

05/01/2030

NextEra

Energy

Capital

Holdings

Inc

1.90%,

06/15/2028

2.25%,

06/01/2030

2.75%,

11/01/2029

4.90%,

02/28/2028

4.90%,

03/15/2029

5.00%,

07/15/2032

5.05%,

03/15/2030

5.25%,

03/15/2034

5.25%,

02/28/2053

5.45%,

03/15/2035

5.65%,

05/01/2079

(f) 250

Month

USD

LIBOR

+

3.16%

6.50%,

08/15/2055

(f) 125

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.98%

Northern

States

Power

Co/MN

2.90%,

03/01/2050

3.40%,

08/15/2042

5.10%,

05/15/2053

5.35%,

11/01/2039

5.65%,

05/15/2055

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

NorthWestern

Corp

4.18%,

11/15/2044

$

$

NSTAR

Electric

Co

4.55%,

06/01/2052

4.95%,

09/15/2052

5.20%,

03/01/2035

5.40%,

06/01/2034

Ohio

Power

Co

1.63%,

01/15/2031

Oncor

Electric

Delivery

Co

LLC

3.10%,

09/15/2049

4.15%,

06/01/2032

4.30%,

05/15/2028

4.50%,

03/20/2027

(i) 120

4.55%,

09/15/2032

4.60%,

06/01/2052

4.65%,

11/01/2029

5.25%,

09/30/2040

5.55%,

06/15/2054

Pacific

Gas

and

Electric

Co

2.10%,

08/01/2027

500

2.50%,

02/01/2031

3.30%,

08/01/2040

3.50%,

08/01/2050

615

4.20%,

06/01/2041

5.70%,

03/01/2035

5.80%,

05/15/2034

5.90%,

06/15/2032

5.90%,

10/01/2054

6.10%,

01/15/2029

6.75%,

01/15/2053

PacifiCorp

2.90%,

06/15/2052

5.30%,

02/15/2031

5.35%,

12/01/2053

5.50%,

05/15/2054

6.25%,

10/15/2037

PECO

Energy

Co

2.80%,

06/15/2050

2.85%,

09/15/2051

4.38%,

08/15/2052

4.60%,

05/15/2052

4.90%,

06/15/2033

PPL

Electric

Utilities

Corp

3.00%,

10/01/2049

3.95%,

06/01/2047

4.85%,

02/15/2034

5.00%,

05/15/2033

Progress

Energy

Inc

7.75%,

03/01/2031

Public

Service

Co

of

Colorado

1.88%,

06/15/2031

2.70%,

01/15/2051

4.50%,

06/01/2052

5.25%,

04/01/2053

5.35%,

05/15/2034

5.85%,

05/15/2055

Public

Service

Co

of

New

Hampshire

4.40%,

07/01/2028

Public

Service

Co

of

Oklahoma

5.20%,

01/15/2035

5.25%,

01/15/2033

Public

Service

Electric

and

Gas

Co

3.00%,

05/15/2027

3.15%,

01/01/2050

3.65%,

09/01/2042

(d) 200

4.65%,

03/15/2033

4.85%,

08/01/2034

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Public

Service

Electric

and

Gas

Co

(continued)

5.30%,

08/01/2054

$

$

5.45%,

08/01/2053

Public

Service

Enterprise

Group

Inc

4.90%,

03/15/2030

5.88%,

10/15/2028

6.13%,

10/15/2033

Puget

Sound

Energy

Inc

2.89%,

09/15/2051

3.25%,

09/15/2049

5.80%,

03/15/2040

San

Diego

Gas

&

Electric

Co

1.70%,

10/01/2030

3.32%,

04/15/2050

3.70%,

03/15/2052

Sempra

3.80%,

02/01/2038

4.00%,

02/01/2048

6.00%,

10/15/2039

6.55%,

04/01/2055

(f) 370

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.14%

Southern

California

Edison

Co

2.25%,

06/01/2030

2.85%,

08/01/2029

3.45%,

02/01/2052

3.65%,

02/01/2050

4.00%,

04/01/2047

4.70%,

06/01/2027

4.88%,

02/01/2027

5.30%,

03/01/2028

5.45%,

06/01/2031

5.45%,

03/01/2035

5.50%,

03/15/2040

5.65%,

10/01/2028

5.70%,

03/01/2053

5.85%,

11/01/2027

5.90%,

03/01/2055

5.95%,

02/01/2038

Southern

Co/The

1.75%,

03/15/2028

3.25%,

07/01/2026

3.75%,

09/15/2051

(f) 435

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.92%

5.20%,

06/15/2033

5.50%,

03/15/2029

5.70%,

10/15/2032

Southwestern

Electric

Power

Co

4.10%,

09/15/2028

6.20%,

03/15/2040

Southwestern

Public

Service

Co

6.00%,

06/01/2054

Tampa

Electric

Co

3.45%,

03/15/2051

4.35%,

05/15/2044

Tucson

Electric

Power

Co

1.50%,

08/01/2030

3.25%,

05/01/2051

Union

Electric

Co

2.15%,

03/15/2032

2.63%,

03/15/2051

Virginia

Electric

and

Power

Co

2.30%,

11/15/2031

2.45%,

12/15/2050

2.95%,

11/15/2051

3.75%,

05/15/2027

4.20%,

05/15/2045

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Virginia

Electric

and

Power

Co

(continued)

5.05%,

08/15/2034

$

$

5.45%,

04/01/2053

5.55%,

08/15/2054

6.00%,

05/15/2037

8.88%,

11/15/2038

WEC

Energy

Group

Inc

1.38%,

10/15/2027

2.20%,

12/15/2028

Wisconsin

Electric

Power

Co

4.75%,

09/30/2032

Wisconsin

Public

Service

Corp

2.85%,

12/01/2051

4.55%,

12/01/2029

Xcel

Energy

Inc

1.75%,

03/15/2027

2.60%,

12/01/2029

4.60%,

06/01/2032

4.75%,

03/21/2028

$

41,107

Electrical

Components

&

Equipment

-

.03

%

Emerson

Electric

Co

0.88%,

10/15/2026

2.20%,

12/21/2031

$

616

Electronics

-

.12

%

Amphenol

Corp

5.00%,

01/15/2035

5.05%,

04/05/2027

Honeywell

International

Inc

1.10%,

03/01/2027

1.75%,

09/01/2031

1.95%,

06/01/2030

2.50%,

11/01/2026

2.70%,

08/15/2029

4.25%,

01/15/2029

4.70%,

02/01/2030

5.00%,

02/15/2033

5.00%,

03/01/2035

5.25%,

03/01/2054

Tyco

Electronics

Group

SA

7.13%,

10/01/2037

$

2,198

Entertainment

-

.05

%

Warnermedia

Holdings

Inc

3.76%,

03/15/2027

4.05%,

03/15/2029

4.28%,

03/15/2032

(d) 290

5.05%,

03/15/2042

5.14%,

03/15/2052

$

1,001

Environmental

Control

-

.12

%

Republic

Services

Inc

1.75%,

02/15/2032

2.30%,

03/01/2030

5.00%,

11/15/2029

5.00%,

04/01/2034

5.15%,

03/15/2035

Waste

Connections

Inc

2.20%,

01/15/2032

4.20%,

01/15/2033

Waste

Management

Inc

2.00%,

06/01/2029

4.15%,

04/15/2032

4.63%,

02/15/2033

4.65%,

03/15/2030

4.88%,

02/15/2029

4.95%,

07/03/2031

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Environmental

Control

(continued)

Waste

Management

Inc

(continued)

4.95%,

03/15/2035

$

$

5.35%,

10/15/2054

$

2,285

Federal

&

Federally

Sponsored

Credit

-

.03

%

Federal

Farm

Credit

Banks

Funding

Corp

4.50%,

08/14/2026

605

608

Finance

-

Mortgage

Loan/Banker

-

.31

%

Fannie

Mae

0.75%,

10/08/2027

500

0.88%,

08/05/2030

5.63%,

07/15/2037

6.63%,

11/15/2030

7.13%,

01/15/2030

7.25%,

05/15/2030

Federal

Home

Loan

Banks

3.25%,

11/16/2028

500

3.63%,

09/04/2026

3.88%,

06/04/2027

4.00%,

10/09/2026

4.00%,

03/10/2027

4.00%,

06/30/2028

4.13%,

01/15/2027

4.63%,

11/17/2026

4.75%,

04/09/2027

5.50%,

07/15/2036

Freddie

Mac

6.25%,

07/15/2032

6.75%,

03/15/2031

577

660

$

5,848

Food

-

.41

%

Conagra

Brands

Inc

1.38%,

11/01/2027

4.85%,

11/01/2028

5.30%,

11/01/2038

5.40%,

11/01/2048

General

Mills

Inc

2.25%,

10/14/2031

4.88%,

01/30/2030

4.95%,

03/29/2033

5.50%,

10/17/2028

Hershey

Co/The

1.70%,

06/01/2030

3.38%,

08/15/2046

J

M

Smucker

Co/The

2.13%,

03/15/2032

5.90%,

11/15/2028

6.50%,

11/15/2043

JBS

USA

Holding

Lux

Sarl

/

JBS

USA

Foods

Group

Holdings

Inc

/

JBS

USA

Food

Co

5.50%,

01/15/2036

(e),(i)

6.25%,

03/01/2056

(e),(i)

6.38%,

04/15/2066

(e),(i)

JBS

USA

Holding

Lux

Sarl/

JBS

USA

Food

Co/

JBS

Lux

Co

Sarl

5.13%,

02/01/2028

5.75%,

04/01/2033

6.50%,

12/01/2052

6.75%,

03/15/2034

JBS

USA

LUX

Sarl

/

JBS

USA

Food

Co

/

JBS

USA

Foods

Group

6.38%,

02/25/2055

(i) 130

Kellanova

2.10%,

06/01/2030

Koninklijke

Ahold

Delhaize

NV

5.70%,

10/01/2040

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

(continued)

Kroger

Co/The

1.70%,

01/15/2031

$

$

3.70%,

08/01/2027

3.95%,

01/15/2050

4.45%,

02/01/2047

5.00%,

09/15/2034

5.15%,

08/01/2043

5.40%,

07/15/2040

5.50%,

09/15/2054

5.65%,

09/15/2064

McCormick

&

Co

Inc/MD

1.85%,

02/15/2031

Mondelez

International

Inc

1.50%,

02/04/2031

2.63%,

03/17/2027

2.63%,

09/04/2050

625

4.25%,

05/06/2028

4.50%,

05/06/2030

4.75%,

08/28/2034

Sysco

Corp

2.40%,

02/15/2030

2.45%,

12/14/2031

4.50%,

04/01/2046

4.85%,

10/01/2045

5.38%,

09/21/2035

5.40%,

03/23/2035

5.75%,

01/17/2029

The

Campbell's

Company

4.15%,

03/15/2028

Tyson

Foods

Inc

4.55%,

06/02/2047

520

$

7,726

Forest

Products

&

Paper

-

.03

%

Georgia-Pacific

LLC

7.75%,

11/15/2029

(d) 51

International

Paper

Co

4.80%,

06/15/2044

Suzano

Austria

GmbH

2.50%,

09/15/2028

5.00%,

01/15/2030

$

634

Gas

-

.16

%

Atmos

Energy

Corp

1.50%,

01/15/2031

3.38%,

09/15/2049

4.13%,

10/15/2044

5.75%,

10/15/2052

5.90%,

11/15/2033

6.20%,

11/15/2053

CenterPoint

Energy

Resources

Corp

1.75%,

10/01/2030

4.40%,

07/01/2032

5.25%,

03/01/2028

NiSource

Inc

3.49%,

05/15/2027

3.60%,

05/01/2030

5.00%,

06/15/2052

5.25%,

03/30/2028

5.35%,

07/15/2035

5.40%,

06/30/2033

5.85%,

04/01/2055

Southern

California

Gas

Co

2.55%,

02/01/2030

5.05%,

09/01/2034

5.45%,

06/15/2035

5.75%,

06/01/2053

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Gas

(continued)

Southern

Co

Gas

Capital

Corp

1.75%,

01/15/2031

$

$

3.15%,

09/30/2051

Washington

Gas

Light

Co

3.65%,

09/15/2049

$

2,982

Hand

&

Machine

Tools

-

.02

%

Stanley

Black

&

Decker

Inc

2.30%,

03/15/2030

2.75%,

11/15/2050

$

Healthcare

-

Products

-

.27

%

Abbott

Laboratories

3.75%,

11/30/2026

4.75%,

11/30/2036

4.90%,

11/30/2046

5.30%,

05/27/2040

Agilent

Technologies

Inc

2.10%,

06/04/2030

2.30%,

03/12/2031

Baxter

International

Inc

1.73%,

04/01/2031

1.92%,

02/01/2027

2.27%,

12/01/2028

Boston

Scientific

Corp

2.65%,

06/01/2030

4.70%,

03/01/2049

7.38%,

01/15/2040

Danaher

Corp

2.60%,

10/01/2050

DH

Europe

Finance

II

Sarl

2.60%,

11/15/2029

3.25%,

11/15/2039

GE

HealthCare

Technologies

Inc

5.50%,

06/15/2035

5.65%,

11/15/2027

5.86%,

03/15/2030

5.91%,

11/22/2032

6.38%,

11/22/2052

Koninklijke

Philips

NV

5.00%,

03/15/2042

Medtronic

Global

Holdings

SCA

4.25%,

03/30/2028

Medtronic

Inc

4.38%,

03/15/2035

Revvity

Inc

1.90%,

09/15/2028

Stryker

Corp

4.10%,

04/01/2043

4.63%,

03/15/2046

4.70%,

02/10/2028

4.85%,

12/08/2028

5.20%,

02/10/2035

Thermo

Fisher

Scientific

Inc

2.00%,

10/15/2031

2.60%,

10/01/2029

2.80%,

10/15/2041

4.80%,

11/21/2027

5.09%,

08/10/2033

5.40%,

08/10/2043

$

5,143

Healthcare

-

Services

-

.79

%

Aetna

Inc

6.63%,

06/15/2036

6.75%,

12/15/2037

Baylor

Scott

&

White

Holdings

3.97%,

11/15/2046

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

(continued)

Centene

Corp

4.63%,

12/15/2029

$

500

$

Cigna

Group/The

2.40%,

03/15/2030

3.20%,

03/15/2040

3.40%,

03/15/2051

4.38%,

10/15/2028

4.80%,

08/15/2038

4.80%,

07/15/2046

4.90%,

12/15/2048

5.13%,

05/15/2031

5.60%,

02/15/2054

6.13%,

11/15/2041

CommonSpirit

Health

4.35%,

11/01/2042

Elevance

Health

Inc

2.88%,

09/15/2029

3.13%,

05/15/2050

3.60%,

03/15/2051

3.65%,

12/01/2027

4.38%,

12/01/2047

4.63%,

05/15/2042

4.65%,

01/15/2043

4.75%,

02/15/2030

4.75%,

02/15/2033

5.20%,

02/15/2035

5.38%,

06/15/2034

5.65%,

06/15/2054

5.70%,

02/15/2055

6.10%,

10/15/2052

HCA

Inc

2.38%,

07/15/2031

3.38%,

03/15/2029

3.50%,

07/15/2051

4.38%,

03/15/2042

4.50%,

02/15/2027

5.00%,

03/01/2028

5.20%,

06/01/2028

5.45%,

04/01/2031

5.45%,

09/15/2034

5.50%,

03/01/2032

5.50%,

06/01/2033

5.60%,

04/01/2034

5.75%,

03/01/2035

5.95%,

09/15/2054

6.00%,

04/01/2054

Humana

Inc

1.35%,

02/03/2027

2.15%,

02/03/2032

3.13%,

08/15/2029

4.95%,

10/01/2044

5.50%,

03/15/2053

5.55%,

05/01/2035

Kaiser

Foundation

Hospitals

3.27%,

11/01/2049

4.15%,

05/01/2047

Laboratory

Corp

of

America

Holdings

2.95%,

12/01/2029

4.70%,

02/01/2045

Mass

General

Brigham

Inc

3.19%,

07/01/2049

Mount

Sinai

Hospital/The

3.98%,

07/01/2048

Quest

Diagnostics

Inc

2.95%,

06/30/2030

4.60%,

12/15/2027

5.00%,

12/15/2034

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

(continued)

UnitedHealth

Group

Inc

2.75%,

05/15/2040

$

$

2.90%,

05/15/2050

3.05%,

05/15/2041

3.25%,

05/15/2051

3.45%,

01/15/2027

3.50%,

08/15/2039

3.70%,

05/15/2027

3.70%,

08/15/2049

4.25%,

01/15/2029

4.25%,

06/15/2048

4.40%,

06/15/2028

4.45%,

12/15/2048

4.60%,

04/15/2027

4.63%,

07/15/2035

4.70%,

04/15/2029

4.75%,

07/15/2026

4.75%,

07/15/2045

4.75%,

05/15/2052

4.80%,

01/15/2030

4.95%,

01/15/2032

5.00%,

04/15/2034

5.15%,

07/15/2034

5.20%,

04/15/2063

5.25%,

02/15/2028

5.30%,

06/15/2035

5.35%,

02/15/2033

5.50%,

07/15/2044

5.50%,

04/15/2064

5.63%,

07/15/2054

5.88%,

02/15/2053

5.95%,

06/15/2055

6.50%,

06/15/2037

$

14,982

Home

Builders

-

.02

%

DR

Horton

Inc

1.30%,

10/15/2026

1.40%,

10/15/2027

$

Insurance

-

.65

%

Allstate

Corp/The

1.45%,

12/15/2030

3.28%,

12/15/2026

5.25%,

03/30/2033

American

International

Group

Inc

5.13%,

03/27/2033

5.45%,

05/07/2035

Aon

Corp

2.80%,

05/15/2030

Aon

Corp

/

Aon

Global

Holdings

PLC

2.60%,

12/02/2031

2.85%,

05/28/2027

2.90%,

08/23/2051

5.00%,

09/12/2032

5.35%,

02/28/2033

Aon

North

America

Inc

5.13%,

03/01/2027

5.15%,

03/01/2029

5.45%,

03/01/2034

5.75%,

03/01/2054

Arch

Capital

Finance

LLC

5.03%,

12/15/2046

Arch

Capital

Group

US

Inc

5.14%,

11/01/2043

Arthur

J

Gallagher

&

Co

4.60%,

12/15/2027

4.85%,

12/15/2029

5.15%,

02/15/2035

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Arthur

J

Gallagher

&

Co

(continued)

5.55%,

02/15/2055

$

$

Athene

Holding

Ltd

4.13%,

01/12/2028

500

6.25%,

04/01/2054

6.63%,

05/19/2055

(d) 105

Berkshire

Hathaway

Finance

Corp

2.50%,

01/15/2051

2.85%,

10/15/2050

4.20%,

08/15/2048

4.25%,

01/15/2049

Berkshire

Hathaway

Inc

4.50%,

02/11/2043

(d) 25

Brown

&

Brown

Inc

4.90%,

06/23/2030

5.25%,

06/23/2032

5.55%,

06/23/2035

6.25%,

06/23/2055

Chubb

Corp/The

6.50%,

05/15/2038

Chubb

INA

Holdings

LLC

4.35%,

11/03/2045

4.65%,

08/15/2029

5.00%,

03/15/2034

6.70%,

05/15/2036

Corebridge

Financial

Inc

3.85%,

04/05/2029

3.90%,

04/05/2032

6.05%,

09/15/2033

Equitable

Holdings

Inc

4.35%,

04/20/2028

605

604

Hartford

Insurance

Group

Inc/The

2.90%,

09/15/2051

3.60%,

08/19/2049

(d) 170

4.30%,

04/15/2043

Lincoln

National

Corp

7.00%,

06/15/2040

Loews

Corp

4.13%,

05/15/2043

Manulife

Financial

Corp

5.38%,

03/04/2046

Markel

Group

Inc

3.45%,

05/07/2052

Marsh

&

McLennan

Cos

Inc

4.38%,

03/15/2029

4.55%,

11/08/2027

4.85%,

11/15/2031

4.90%,

03/15/2049

5.00%,

03/15/2035

5.40%,

09/15/2033

5.40%,

03/15/2055

5.70%,

09/15/2053

6.25%,

11/01/2052

MetLife

Inc

4.05%,

03/01/2045

4.60%,

05/13/2046

4.88%,

11/13/2043

5.25%,

01/15/2054

5.30%,

12/15/2034

5.70%,

06/15/2035

6.40%,

12/15/2066

Progressive

Corp/The

3.20%,

03/26/2030

3.70%,

03/15/2052

4.35%,

04/25/2044

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Prudential

Financial

Inc

3.70%,

10/01/2050

(f) $

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.04%

3.70%,

03/13/2051

630

3.91%,

12/07/2047

5.20%,

03/14/2035

5.70%,

12/14/2036

5.70%,

09/15/2048

(f) 200

Month

USD

LIBOR

+

2.67%

Travelers

Cos

Inc/The

3.05%,

06/08/2051

4.00%,

05/30/2047

5.45%,

05/25/2053

6.25%,

06/15/2037

6.75%,

06/20/2036

W

R

Berkley

Corp

4.00%,

05/12/2050

Willis

North

America

Inc

2.95%,

09/15/2029

3.88%,

09/15/2049

5.35%,

05/15/2033

XL

Group

Ltd

5.25%,

12/15/2043

$

12,220

Internet

-

.38

%

Alibaba

Group

Holding

Ltd

2.13%,

02/09/2031

(d) 200

4.20%,

12/06/2047

4.40%,

12/06/2057

Alphabet

Inc

0.80%,

08/15/2027

2.00%,

08/15/2026

4.00%,

05/15/2030

5.25%,

05/15/2055

5.30%,

05/15/2065

Amazon.com

Inc

2.10%,

05/12/2031

2.88%,

05/12/2041

3.10%,

05/12/2051

3.15%,

08/22/2027

3.25%,

05/12/2061

3.30%,

04/13/2027

3.60%,

04/13/2032

3.88%,

08/22/2037

3.95%,

04/13/2052

4.05%,

08/22/2047

4.65%,

12/01/2029

4.70%,

12/01/2032

4.80%,

12/05/2034

4.95%,

12/05/2044

Baidu

Inc

2.38%,

10/09/2030

eBay

Inc

2.60%,

05/10/2031

4.00%,

07/15/2042

5.95%,

11/22/2027

Expedia

Group

Inc

2.95%,

03/15/2031

Meta

Platforms

Inc

3.85%,

08/15/2032

4.45%,

08/15/2052

4.75%,

08/15/2034

4.95%,

05/15/2033

5.40%,

08/15/2054

5.55%,

08/15/2064

5.60%,

05/15/2053

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Internet

(continued)

Netflix

Inc

4.90%,

08/15/2034

$

$

5.88%,

11/15/2028

$

7,145

Investment

Companies

-

.01

%

Ares

Capital

Corp

5.50%,

09/01/2030

Iron

&

Steel

-

.08

%

ArcelorMittal

SA

6.00%,

06/17/2034

Nucor

Corp

3.13%,

04/01/2032

4.30%,

05/23/2027

Steel

Dynamics

Inc

1.65%,

10/15/2027

5.38%,

08/15/2034

5.75%,

05/15/2055

Vale

Overseas

Ltd

6.13%,

06/12/2033

6.40%,

06/28/2054

$

1,444

Lodging

-

.06

%

Hyatt

Hotels

Corp

5.25%,

06/30/2029

Marriott

International

Inc/MD

2.85%,

04/15/2031

5.00%,

10/15/2027

5.35%,

03/15/2035

5.55%,

10/15/2028

$

1,092

Machinery

-

Construction

&

Mining

-

.07

%

Caterpillar

Financial

Services

Corp

1.10%,

09/14/2027

1.15%,

09/14/2026

4.50%,

01/08/2027

4.70%,

11/15/2029

5.00%,

05/14/2027

Caterpillar

Inc

2.60%,

04/09/2030

3.25%,

09/19/2049

3.80%,

08/15/2042

5.50%,

05/15/2055

$

1,331

Machinery

-

Diversified

-

.15

%

CNH

Industrial

Capital

LLC

1.45%,

07/15/2026

Deere

&

Co

3.90%,

06/09/2042

5.45%,

01/16/2035

Dover

Corp

5.38%,

03/01/2041

Ingersoll

Rand

Inc

5.20%,

06/15/2027

5.31%,

06/15/2031

John

Deere

Capital

Corp

2.35%,

03/08/2027

2.80%,

07/18/2029

4.15%,

09/15/2027

4.35%,

09/15/2032

4.50%,

01/08/2027

4.55%,

06/05/2030

4.85%,

06/11/2029

4.90%,

06/11/2027

4.90%,

03/07/2031

4.95%,

07/14/2028

5.10%,

04/11/2034

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Machinery

-

Diversified

(continued)

Otis

Worldwide

Corp

2.57%,

02/15/2030

$

$

3.36%,

02/15/2050

Rockwell

Automation

Inc

1.75%,

08/15/2031

2.80%,

08/15/2061

$

2,892

Media

-

.57

%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

2.25%,

01/15/2029

2.30%,

02/01/2032

(d) 145

2.80%,

04/01/2031

3.50%,

06/01/2041

3.70%,

04/01/2051

3.85%,

04/01/2061

3.90%,

06/01/2052

4.40%,

12/01/2061

4.80%,

03/01/2050

5.75%,

04/01/2048

6.15%,

11/10/2026

6.48%,

10/23/2045

6.55%,

06/01/2034

Comcast

Corp

1.50%,

02/15/2031

2.35%,

01/15/2027

2.45%,

08/15/2052

2.65%,

02/01/2030

2.65%,

08/15/2062

2.89%,

11/01/2051

3.25%,

11/01/2039

3.40%,

07/15/2046

3.45%,

02/01/2050

3.55%,

05/01/2028

3.75%,

04/01/2040

3.90%,

03/01/2038

4.00%,

08/15/2047

4.00%,

03/01/2048

4.00%,

11/01/2049

4.15%,

10/15/2028

4.25%,

01/15/2033

4.55%,

01/15/2029

4.80%,

05/15/2033

4.95%,

05/15/2032

5.30%,

06/01/2034

5.35%,

05/15/2053

575

533

5.50%,

11/15/2032

5.65%,

06/15/2035

5.65%,

06/01/2054

6.05%,

05/15/2055

7.05%,

03/15/2033

Discovery

Communications

LLC

3.63%,

05/15/2030

3.95%,

03/20/2028

Fox

Corp

5.48%,

01/25/2039

5.58%,

01/25/2049

6.50%,

10/13/2033

NBCUniversal

Media

LLC

4.45%,

01/15/2043

Paramount

Global

4.20%,

05/19/2032

4.38%,

03/15/2043

4.85%,

07/01/2042

6.88%,

04/30/2036

7.88%,

07/30/2030

Time

Warner

Cable

Enterprises

LLC

8.38%,

07/15/2033

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

(continued)

Time

Warner

Cable

LLC

5.50%,

09/01/2041

$

$

5.88%,

11/15/2040

6.55%,

05/01/2037

6.75%,

06/15/2039

7.30%,

07/01/2038

TWDC

Enterprises

Corp

3.70%,

12/01/2042

7.00%,

03/01/2032

Walt

Disney

Co/The

2.65%,

01/13/2031

2.75%,

09/01/2049

3.50%,

05/13/2040

3.60%,

01/13/2051

3.70%,

03/23/2027

(d) 120

4.63%,

03/23/2040

4.75%,

11/15/2046

4.95%,

10/15/2045

6.20%,

12/15/2034

6.40%,

12/15/2035

$

10,710

Metal

Fabrication

&

Hardware

-

.01

%

Precision

Castparts

Corp

4.38%,

06/15/2045

Mining

-

.19

%

Barrick

North

America

Finance

LLC

5.75%,

05/01/2043

Barrick

PD

Australia

Finance

Pty

Ltd

5.95%,

10/15/2039

BHP

Billiton

Finance

USA

Ltd

4.13%,

02/24/2042

4.90%,

02/28/2033

5.00%,

02/21/2030

5.00%,

09/30/2043

5.25%,

09/08/2026

5.25%,

09/08/2030

5.50%,

09/08/2053

Newmont

Corp

2.25%,

10/01/2030

610

549

2.60%,

07/15/2032

4.88%,

03/15/2042

Rio

Tinto

Alcan

Inc

6.13%,

12/15/2033

Rio

Tinto

Finance

USA

Ltd

2.75%,

11/02/2051

Rio

Tinto

Finance

USA

PLC

4.75%,

03/22/2042

4.88%,

03/14/2030

5.00%,

03/09/2033

5.25%,

03/14/2035

5.75%,

03/14/2055

Southern

Copper

Corp

5.88%,

04/23/2045

6.75%,

04/16/2040

$

3,682

Miscellaneous

Manufacturers

-

.12

%

3M

Co

2.38%,

08/26/2029

500

5.15%,

03/15/2035

Eaton

Corp

3.10%,

09/15/2027

575

564

4.00%,

11/02/2032

4.15%,

03/15/2033

4.15%,

11/02/2042

Parker-Hannifin

Corp

4.25%,

09/15/2027

4.50%,

09/15/2029

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Miscellaneous

Manufacturers

(continued)

Teledyne

Technologies

Inc

2.25%,

04/01/2028

$

$

$

2,289

Oil

&

Gas

-

.73

%

BP

Capital

Markets

America

Inc

1.75%,

08/10/2030

2.72%,

01/12/2032

2.77%,

11/10/2050

2.94%,

06/04/2051

3.00%,

02/24/2050

3.00%,

03/17/2052

3.06%,

06/17/2041

3.54%,

04/06/2027

3.59%,

04/14/2027

4.70%,

04/10/2029

4.81%,

02/13/2033

4.89%,

09/11/2033

4.97%,

10/17/2029

4.99%,

04/10/2034

5.02%,

11/17/2027

5.23%,

11/17/2034

BP

Capital

Markets

PLC

3.72%,

11/28/2028

Canadian

Natural

Resources

Ltd

3.85%,

06/01/2027

4.95%,

06/01/2047

5.00%,

12/15/2029

(i) 40

6.25%,

03/15/2038

Chevron

Corp

2.00%,

05/11/2027

Chevron

USA

Inc

1.02%,

08/12/2027

4.69%,

04/15/2030

4.82%,

04/15/2032

ConocoPhillips

Co

3.80%,

03/15/2052

4.03%,

03/15/2062

4.30%,

11/15/2044

4.70%,

01/15/2030

5.00%,

01/15/2035

(d) 130

5.05%,

09/15/2033

5.50%,

01/15/2055

5.55%,

03/15/2054

Devon

Energy

Corp

5.00%,

06/15/2045

5.20%,

09/15/2034

5.60%,

07/15/2041

5.75%,

09/15/2054

Diamondback

Energy

Inc

3.25%,

12/01/2026

5.15%,

01/30/2030

5.20%,

04/18/2027

5.40%,

04/18/2034

5.75%,

04/18/2054

EOG

Resources

Inc

4.40%,

07/15/2028

(e) 55

5.35%,

01/15/2036

(e) 105

5.65%,

12/01/2054

5.95%,

07/15/2055

(e) 105

Equinor

ASA

3.00%,

04/06/2027

3.25%,

11/18/2049

3.63%,

04/06/2040

4.25%,

06/02/2028

Exxon

Mobil

Corp

2.44%,

08/16/2029

2.61%,

10/15/2030

3.00%,

08/16/2039

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

(continued)

Exxon

Mobil

Corp

(continued)

3.10%,

08/16/2049

$

$

3.45%,

04/15/2051

4.23%,

03/19/2040

Hess

Corp

5.60%,

02/15/2041

7.13%,

03/15/2033

7.30%,

08/15/2031

Marathon

Petroleum

Corp

5.00%,

09/15/2054

5.13%,

12/15/2026

Occidental

Petroleum

Corp

5.00%,

08/01/2027

5.20%,

08/01/2029

5.38%,

01/01/2032

6.05%,

10/01/2054

6.45%,

09/15/2036

6.63%,

09/01/2030

Phillips

2.15%,

12/15/2030

5.88%,

05/01/2042

Phillips

Co

4.95%,

12/01/2027

5.25%,

06/15/2031

5.50%,

03/15/2055

Pioneer

Natural

Resources

Co

1.90%,

08/15/2030

2.15%,

01/15/2031

Shell

Finance

US

Inc

2.38%,

11/07/2029

2.75%,

04/06/2030

3.25%,

04/06/2050

4.00%,

05/10/2046

4.38%,

05/11/2045

4.55%,

08/12/2043

Shell

International

Finance

BV

2.50%,

09/12/2026

2.88%,

11/26/2041

3.13%,

11/07/2049

3.63%,

08/21/2042

5.50%,

03/25/2040

6.38%,

12/15/2038

Suncor

Energy

Inc

3.75%,

03/04/2051

4.00%,

11/15/2047

6.80%,

05/15/2038

6.85%,

06/01/2039

TotalEnergies

Capital

International

SA

2.83%,

01/10/2030

2.99%,

06/29/2041

3.13%,

05/29/2050

3.39%,

06/29/2060

3.46%,

07/12/2049

TotalEnergies

Capital

SA

5.15%,

04/05/2034

5.28%,

09/10/2054

5.43%,

09/10/2064

5.49%,

04/05/2054

Valero

Energy

Corp

2.80%,

12/01/2031

4.00%,

06/01/2052

6.63%,

06/15/2037

7.50%,

04/15/2032

Woodside

Finance

Ltd

5.40%,

05/19/2030

6.00%,

05/19/2035

$

13,848

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

Services

-

.07

%

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co-

Obligor

Inc

2.06%,

12/15/2026

$

$

3.14%,

11/07/2029

3.34%,

12/15/2027

4.08%,

12/15/2047

Halliburton

Co

4.50%,

11/15/2041

4.85%,

11/15/2035

7.45%,

09/15/2039

NOV

Inc

3.60%,

12/01/2029

3.95%,

12/01/2042

$

1,254

Packaging

&

Containers

-

.03

%

Packaging

Corp

of

America

3.00%,

12/15/2029

3.05%,

10/01/2051

Smurfit

Westrock

Financing

DAC

5.42%,

01/15/2035

$

664

Pharmaceuticals

-

.21

%

AbbVie

Inc

2.95%,

11/21/2026

3.20%,

11/21/2029

4.05%,

11/21/2039

4.25%,

11/21/2049

4.30%,

05/14/2036

4.40%,

11/06/2042

4.45%,

05/14/2046

4.50%,

05/14/2035

4.63%,

10/01/2042

4.75%,

03/15/2045

4.80%,

03/15/2027

4.80%,

03/15/2029

4.88%,

11/14/2048

4.95%,

03/15/2031

5.05%,

03/15/2034

5.20%,

03/15/2035

5.40%,

03/15/2054

5.60%,

03/15/2055

Astrazeneca

Finance

LLC

1.75%,

05/28/2028

4.80%,

02/26/2027

4.85%,

02/26/2029

4.88%,

03/03/2028

4.88%,

03/03/2033

AstraZeneca

PLC

4.00%,

09/18/2042

4.38%,

11/16/2045

4.38%,

08/17/2048

6.45%,

09/15/2037

Becton

Dickinson

&

Co

1.96%,

02/11/2031

2.82%,

05/20/2030

3.70%,

06/06/2027

4.67%,

06/06/2047

4.69%,

12/15/2044

5.08%,

06/07/2029

Bristol-Myers

Squibb

Co

1.13%,

11/13/2027

2.55%,

11/13/2050

2.95%,

03/15/2032

3.25%,

08/01/2042

3.40%,

07/26/2029

3.55%,

03/15/2042

3.70%,

03/15/2052

4.13%,

06/15/2039

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Bristol-Myers

Squibb

Co

(continued)

4.25%,

10/26/2049

$

$

4.35%,

11/15/2047

4.90%,

02/22/2027

5.20%,

02/22/2034

5.50%,

02/22/2044

5.55%,

02/22/2054

5.75%,

02/01/2031

6.40%,

11/15/2063

Cardinal

Health

Inc

3.41%,

06/15/2027

4.60%,

03/15/2043

CVS

Health

Corp

1.30%,

08/21/2027

1.75%,

08/21/2030

1.88%,

02/28/2031

3.00%,

08/15/2026

3.25%,

08/15/2029

4.30%,

03/25/2028

4.78%,

03/25/2038

5.00%,

01/30/2029

5.05%,

03/25/2048

880

760

5.13%,

07/20/2045

5.25%,

02/21/2033

5.30%,

06/01/2033

5.30%,

12/05/2043

5.55%,

06/01/2031

5.63%,

02/21/2053

5.70%,

06/01/2034

5.88%,

06/01/2053

Eli

Lilly

&

Co

3.95%,

03/15/2049

4.55%,

02/12/2028

4.60%,

08/14/2034

4.70%,

02/27/2033

4.70%,

02/09/2034

4.75%,

02/12/2030

4.88%,

02/27/2053

5.00%,

02/09/2054

5.05%,

08/14/2054

5.60%,

02/12/2065

GlaxoSmithKline

Capital

Inc

4.50%,

04/15/2030

4.88%,

04/15/2035

5.38%,

04/15/2034

(d) 500

522

Johnson

&

Johnson

3.63%,

03/03/2037

3.70%,

03/01/2046

4.50%,

03/01/2027

4.55%,

03/01/2028

4.80%,

06/01/2029

4.95%,

06/01/2034

(d) 130

McKesson

Corp

4.65%,

05/30/2030

Mead

Johnson

Nutrition

Co

4.60%,

06/01/2044

Merck

&

Co

Inc

1.70%,

06/10/2027

2.15%,

12/10/2031

2.35%,

06/24/2040

3.60%,

09/15/2042

3.70%,

02/10/2045

3.90%,

03/07/2039

4.00%,

03/07/2049

4.15%,

05/18/2043

4.50%,

05/17/2033

5.00%,

05/17/2053

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Novartis

Capital

Corp

3.80%,

09/18/2029

$

$

4.20%,

09/18/2034

4.40%,

05/06/2044

4.70%,

09/18/2054

Pfizer

Inc

1.70%,

05/28/2030

2.55%,

05/28/2040

2.63%,

04/01/2030

2.70%,

05/28/2050

4.00%,

03/15/2049

4.40%,

05/15/2044

7.20%,

03/15/2039

Pfizer

Investment

Enterprises

Pte

Ltd

4.45%,

05/19/2028

4.65%,

05/19/2030

4.75%,

05/19/2033

5.11%,

05/19/2043

5.30%,

05/19/2053

5.34%,

05/19/2063

Shire

Acquisitions

Investments

Ireland

DAC

3.20%,

09/23/2026

Takeda

Pharmaceutical

Co

Ltd

2.05%,

03/31/2030

3.18%,

07/09/2050

5.30%,

07/05/2034

Takeda

US

Financing

Inc

5.90%,

07/07/2055

(e) 200

Utah

Acquisition

Sub

Inc

5.25%,

06/15/2046

Viatris

Inc

2.30%,

06/22/2027

2.70%,

06/22/2030

3.85%,

06/22/2040

4.00%,

06/22/2050

Wyeth

LLC

5.95%,

04/01/2037

6.50%,

02/01/2034

Zoetis

Inc

2.00%,

05/15/2030

3.00%,

05/15/2050

3.95%,

09/12/2047

$

22,887

Pipelines

-

.96

%

Cheniere

Corpus

Christi

Holdings

LLC

3.70%,

11/15/2029

Cheniere

Energy

Partners

LP

5.55%,

10/30/2035

(e),(i)

5.75%,

08/15/2034

Eastern

Gas

Transmission

&

Storage

Inc

4.80%,

11/01/2043

Enbridge

Energy

Partners

LP

7.38%,

10/15/2045

Enbridge

Inc

1.60%,

10/04/2026

2.50%,

08/01/2033

3.13%,

11/15/2029

3.40%,

08/01/2051

4.60%,

06/20/2028

5.30%,

04/05/2029

5.50%,

12/01/2046

5.55%,

06/20/2035

5.70%,

03/08/2033

5.90%,

11/15/2026

5.95%,

04/05/2054

6.70%,

11/15/2053

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

Energy

Transfer

LP

3.75%,

05/15/2030

$

$

4.95%,

01/15/2043

5.00%,

05/15/2044

5.25%,

04/15/2029

5.30%,

04/15/2047

5.35%,

05/15/2045

5.55%,

05/15/2034

5.70%,

04/01/2035

5.75%,

02/15/2033

6.05%,

09/01/2054

6.10%,

12/01/2028

6.13%,

12/15/2045

6.25%,

04/15/2049

6.40%,

12/01/2030

6.50%,

02/01/2042

Enterprise

Products

Operating

LLC

3.30%,

02/15/2053

3.70%,

01/31/2051

4.25%,

02/15/2048

4.60%,

01/15/2031

4.85%,

01/31/2034

4.85%,

08/15/2042

4.85%,

03/15/2044

4.90%,

05/15/2046

4.95%,

02/15/2035

5.20%,

01/15/2036

5.55%,

02/16/2055

6.13%,

10/15/2039

6.45%,

09/01/2040

6.88%,

03/01/2033

Kinder

Morgan

Energy

Partners

LP

4.70%,

11/01/2042

5.00%,

03/01/2043

6.38%,

03/01/2041

6.50%,

09/01/2039

6.95%,

01/15/2038

7.40%,

03/15/2031

Kinder

Morgan

Inc

1.75%,

11/15/2026

2.00%,

02/15/2031

3.25%,

08/01/2050

3.60%,

02/15/2051

5.00%,

02/01/2029

5.05%,

02/15/2046

5.20%,

06/01/2033

5.40%,

02/01/2034

5.55%,

06/01/2045

5.85%,

06/01/2035

5.95%,

08/01/2054

(d) 140

MPLX

LP

4.13%,

03/01/2027

4.25%,

12/01/2027

4.50%,

04/15/2038

4.70%,

04/15/2048

4.90%,

04/15/2058

5.00%,

03/01/2033

5.20%,

03/01/2047

5.20%,

12/01/2047

5.50%,

06/01/2034

5.50%,

02/15/2049

5.95%,

04/01/2055

ONEOK

Inc

3.40%,

09/01/2029

4.25%,

09/24/2027

4.45%,

09/01/2049

500

4.75%,

10/15/2031

5.55%,

11/01/2026

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

ONEOK

Inc

(continued)

5.70%,

11/01/2054

$

$

5.85%,

11/01/2064

6.05%,

09/01/2033

6.63%,

09/01/2053

Plains

All

American

Pipeline

LP

5.95%,

06/15/2035

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp

4.30%,

01/31/2043

4.50%,

12/15/2026

Sabine

Pass

Liquefaction

LLC

5.00%,

03/15/2027

5.88%,

06/30/2026

Targa

Resources

Corp

4.90%,

09/15/2030

5.20%,

07/01/2027

5.65%,

02/15/2036

6.13%,

03/15/2033

6.13%,

05/15/2055

6.15%,

03/01/2029

6.50%,

03/30/2034

Texas

Eastern

Transmission

LP

7.00%,

07/15/2032

TransCanada

PipeLines

Ltd

4.25%,

05/15/2028

5.60%,

03/31/2034

6.10%,

06/01/2040

7.25%,

08/15/2038

Western

Midstream

Operating

LP

5.45%,

11/15/2034

6.15%,

04/01/2033

Williams

Cos

Inc/The

2.60%,

03/15/2031

3.50%,

10/15/2051

3.75%,

06/15/2027

4.90%,

03/15/2029

5.10%,

09/15/2045

5.30%,

08/15/2028

5.30%,

08/15/2052

5.65%,

03/15/2033

6.00%,

03/15/2055

6.30%,

04/15/2040

$

18,025

Private

Equity

-

.05

%

Brookfield

Finance

Inc

2.72%,

04/15/2031

3.50%,

03/30/2051

3.90%,

01/25/2028

5.68%,

01/15/2035

Brookfield

Finance

LLC

/

Brookfield

Finance

Inc

3.45%,

04/15/2050

$

941

Regional

Authority

-

.25

%

Province

of

Alberta

Canada

1.30%,

07/22/2030

3.30%,

03/15/2028

4.50%,

06/26/2029

Province

of

British

Columbia

Canada

0.90%,

07/20/2026

1.30%,

01/29/2031

4.20%,

07/06/2033

4.70%,

01/24/2028

4.75%,

06/12/2034

4.80%,

11/15/2028

4.80%,

06/11/2035

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Regional

Authority

(continued)

Province

of

Manitoba

Canada

1.50%,

10/25/2028

$

$

4.30%,

07/27/2033

Province

of

Ontario

Canada

1.13%,

10/07/2030

2.13%,

01/21/2032

3.10%,

05/19/2027

3.70%,

09/17/2029

4.20%,

01/18/2029

4.70%,

01/15/2030

4.85%,

06/11/2035

Province

of

Quebec

Canada

1.35%,

05/28/2030

3.63%,

04/13/2028

4.25%,

09/05/2034

(d) 140

4.50%,

04/03/2029

4.50%,

09/08/2033

7.50%,

09/15/2029

$

4,779

REITs

-

.92

%

Alexandria

Real

Estate

Equities

Inc

1.88%,

02/01/2033

2.75%,

12/15/2029

2.95%,

03/15/2034

3.00%,

05/18/2051

3.38%,

08/15/2031

4.00%,

02/01/2050

4.90%,

12/15/2030

5.15%,

04/15/2053

American

Homes

Rent

LP

4.95%,

06/15/2030

American

Tower

Corp

1.88%,

10/15/2030

2.90%,

01/15/2030

2.95%,

01/15/2051

3.38%,

10/15/2026

500

3.65%,

03/15/2027

3.70%,

10/15/2049

5.25%,

07/15/2028

5.65%,

03/15/2033

5.90%,

11/15/2033

AvalonBay

Communities

Inc

1.90%,

12/01/2028

2.30%,

03/01/2030

5.00%,

02/15/2033

5.00%,

08/01/2035

(e) 105

5.35%,

06/01/2034

Boston

Properties

LP

2.55%,

04/01/2032

2.75%,

10/01/2026

2.90%,

03/15/2030

COPT

Defense

Properties

LP

2.75%,

04/15/2031

Crown

Castle

Inc

1.05%,

07/15/2026

2.50%,

07/15/2031

2.90%,

04/01/2041

3.10%,

11/15/2029

3.25%,

01/15/2051

3.30%,

07/01/2030

4.00%,

11/15/2049

4.90%,

09/01/2029

5.00%,

01/11/2028

5.10%,

05/01/2033

CubeSmart

LP

2.00%,

02/15/2031

2.25%,

12/15/2028

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

Digital

Realty

Trust

LP

4.45%,

07/15/2028

$

$

5.55%,

01/15/2028

Equinix

Inc

1.80%,

07/15/2027

2.50%,

05/15/2031

3.20%,

11/18/2029

3.40%,

02/15/2052

ERP

Operating

LP

2.50%,

02/15/2030

4.65%,

09/15/2034

Essex

Portfolio

LP

1.70%,

03/01/2028

3.00%,

01/15/2030

4.00%,

03/01/2029

5.50%,

04/01/2034

Extra

Space

Storage

LP

2.20%,

10/15/2030

2.40%,

10/15/2031

5.40%,

02/01/2034

5.40%,

06/15/2035

5.50%,

07/01/2030

Federal

Realty

OP

LP

4.50%,

12/01/2044

GLP

Capital

LP

/

GLP

Financing

II

Inc

4.00%,

01/15/2030

Healthcare

Realty

Holdings

LP

2.00%,

03/15/2031

Healthpeak

OP

LLC

2.13%,

12/01/2028

3.00%,

01/15/2030

5.25%,

12/15/2032

6.75%,

02/01/2041

Kilroy

Realty

LP

2.50%,

11/15/2032

(d) 165

Kimco

Realty

OP

LLC

2.25%,

12/01/2031

2.70%,

10/01/2030

3.70%,

10/01/2049

4.60%,

02/01/2033

5.30%,

02/01/2036

6.40%,

03/01/2034

Mid-America

Apartments

LP

1.70%,

02/15/2031

5.30%,

02/15/2032

NNN

REIT

Inc

4.60%,

02/15/2031

(e) 105

4.80%,

10/15/2048

Prologis

LP

1.75%,

07/01/2030

2.13%,

04/15/2027

2.88%,

11/15/2029

3.00%,

04/15/2050

4.00%,

09/15/2028

4.88%,

06/15/2028

5.25%,

05/15/2035

5.25%,

03/15/2054

Public

Storage

Operating

Co

1.85%,

05/01/2028

5.00%,

07/01/2035

5.10%,

08/01/2033

5.13%,

01/15/2029

Realty

Income

Corp

2.10%,

03/15/2028

2.20%,

06/15/2028

3.10%,

12/15/2029

3.25%,

01/15/2031

4.75%,

02/15/2029

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

Realty

Income

Corp

(continued)

4.85%,

03/15/2030

$

$

4.90%,

07/15/2033

5.38%,

09/01/2054

Simon

Property

Group

LP

1.75%,

02/01/2028

2.45%,

09/13/2029

2.65%,

02/01/2032

3.25%,

11/30/2026

3.25%,

09/13/2049

4.25%,

11/30/2046

4.75%,

09/26/2034

6.75%,

02/01/2040

UDR

Inc

2.10%,

08/01/2032

3.20%,

01/15/2030

Ventas

Realty

LP

3.00%,

01/15/2030

5.10%,

07/15/2032

5.63%,

07/01/2034

5.70%,

09/30/2043

VICI

Properties

LP

4.75%,

04/01/2028

5.13%,

11/15/2031

Welltower

OP

LLC

2.75%,

01/15/2032

4.13%,

03/15/2029

4.50%,

07/01/2030

Weyerhaeuser

Co

7.38%,

03/15/2032

$

17,350

Retail

-

.60

%

AutoZone

Inc

1.65%,

01/15/2031

3.75%,

06/01/2027

5.10%,

07/15/2029

Costco

Wholesale

Corp

1.38%,

06/20/2027

Dollar

Tree

Inc

4.20%,

05/15/2028

Home

Depot

Inc/The

1.88%,

09/15/2031

2.13%,

09/15/2026

2.38%,

03/15/2051

2.75%,

09/15/2051

2.88%,

04/15/2027

2.95%,

06/15/2029

3.50%,

09/15/2056

(d) 305

3.90%,

06/15/2047

4.20%,

04/01/2043

4.25%,

04/01/2046

4.40%,

03/15/2045

4.85%,

06/25/2031

4.88%,

06/25/2027

4.95%,

09/30/2026

4.95%,

06/25/2034

4.95%,

09/15/2052

5.30%,

06/25/2054

Lowe's

Cos

Inc

1.30%,

04/15/2028

1.70%,

10/15/2030

3.00%,

10/15/2050

3.10%,

05/03/2027

3.65%,

04/05/2029

3.70%,

04/15/2046

3.75%,

04/01/2032

4.05%,

05/03/2047

4.25%,

04/01/2052

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Retail

(continued)

Lowe's

Cos

Inc

(continued)

4.38%,

09/15/2045

$

$

5.00%,

04/15/2033

5.00%,

04/15/2040

5.63%,

04/15/2053

5.75%,

07/01/2053

McDonald's

Corp

2.13%,

03/01/2030

2.63%,

09/01/2029

3.50%,

07/01/2027

3.63%,

09/01/2049

3.70%,

02/15/2042

4.60%,

05/15/2030

4.70%,

12/09/2035

4.88%,

07/15/2040

4.88%,

12/09/2045

4.95%,

08/14/2033

5.15%,

09/09/2052

6.30%,

10/15/2037

O'Reilly

Automotive

Inc

1.75%,

03/15/2031

4.35%,

06/01/2028

Starbucks

Corp

2.00%,

03/12/2027

3.00%,

02/14/2032

4.45%,

08/15/2049

4.80%,

05/15/2030

4.80%,

02/15/2033

Target

Corp

1.95%,

01/15/2027

2.35%,

02/15/2030

2.95%,

01/15/2052

4.50%,

09/15/2032

4.50%,

09/15/2034

4.80%,

01/15/2053

Walmart

Inc

1.05%,

09/17/2026

1.50%,

09/22/2028

2.50%,

09/22/2041

2.95%,

09/24/2049

3.90%,

04/15/2028

3.95%,

06/28/2038

4.10%,

04/28/2027

4.10%,

04/15/2033

4.50%,

09/09/2052

4.90%,

04/28/2035

$

11,322

Semiconductors

-

.70

%

Analog

Devices

Inc

2.10%,

10/01/2031

2.80%,

10/01/2041

4.25%,

06/15/2028

4.50%,

06/15/2030

5.30%,

04/01/2054

Applied

Materials

Inc

1.75%,

06/01/2030

3.30%,

04/01/2027

4.35%,

04/01/2047

4.80%,

06/15/2029

5.10%,

10/01/2035

Broadcom

Corp

/

Broadcom

Cayman

Finance

Ltd

3.88%,

01/15/2027

Broadcom

Inc

1.95%,

02/15/2028

(i) 150

2.60%,

02/15/2033

(i) 405

3.14%,

11/15/2035

(i) 640

540

3.19%,

11/15/2036

(i) 14

3.42%,

04/15/2033

(i) 460

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Semiconductors

(continued)

Broadcom

Inc

(continued)

3.47%,

04/15/2034

(i) $

$

3.50%,

02/15/2041

(i) 200

3.75%,

02/15/2051

(i) 50

4.15%,

02/15/2028

4.15%,

11/15/2030

4.30%,

11/15/2032

4.35%,

02/15/2030

4.55%,

02/15/2032

4.75%,

04/15/2029

5.15%,

11/15/2031

5.20%,

04/15/2032

Intel

Corp

2.00%,

08/12/2031

2.45%,

11/15/2029

3.05%,

08/12/2051

3.15%,

05/11/2027

3.20%,

08/12/2061

3.25%,

11/15/2049

3.73%,

12/08/2047

3.75%,

03/25/2027

3.75%,

08/05/2027

4.00%,

08/05/2029

4.00%,

12/15/2032

4.15%,

08/05/2032

4.25%,

12/15/2042

(d) 200

4.60%,

03/25/2040

4.80%,

10/01/2041

5.20%,

02/10/2033

5.60%,

02/21/2054

5.63%,

02/10/2043

5.70%,

02/10/2053

KLA

Corp

4.70%,

02/01/2034

4.95%,

07/15/2052

Lam

Research

Corp

1.90%,

06/15/2030

2.88%,

06/15/2050

Marvell

Technology

Inc

2.45%,

04/15/2028

4.75%,

07/15/2030

4.88%,

06/22/2028

5.45%,

07/15/2035

Micron

Technology

Inc

2.70%,

04/15/2032

4.66%,

02/15/2030

5.30%,

01/15/2031

5.80%,

01/15/2035

6.05%,

11/01/2035

NVIDIA

Corp

1.55%,

06/15/2028

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

2.50%,

05/11/2031

3.13%,

02/15/2042

3.15%,

05/01/2027

3.25%,

05/11/2041

4.40%,

06/01/2027

QUALCOMM

Inc

1.30%,

05/20/2028

(d) 101

1.65%,

05/20/2032

3.25%,

05/20/2027

4.50%,

05/20/2030

4.65%,

05/20/2035

4.80%,

05/20/2045

6.00%,

05/20/2053

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Semiconductors

(continued)

Texas

Instruments

Inc

1.75%,

05/04/2030

$

$

4.15%,

05/15/2048

4.50%,

05/23/2030

4.60%,

02/15/2028

4.90%,

03/14/2033

5.00%,

03/14/2053

5.15%,

02/08/2054

$

13,222

Software

-

.59

%

Fidelity

National

Information

Services

Inc

1.65%,

03/01/2028

3.10%,

03/01/2041

5.10%,

07/15/2032

Fiserv

Inc

3.50%,

07/01/2029

4.75%,

03/15/2030

5.15%,

08/12/2034

5.35%,

03/15/2031

5.45%,

03/02/2028

5.63%,

08/21/2033

Intuit

Inc

5.13%,

09/15/2028

5.25%,

09/15/2026

5.50%,

09/15/2053

Microsoft

Corp

2.40%,

08/08/2026

2.53%,

06/01/2050

2.68%,

06/01/2060

3.30%,

02/06/2027

3.45%,

08/08/2036

Oracle

Corp

2.30%,

03/25/2028

2.65%,

07/15/2026

2.80%,

04/01/2027

2.88%,

03/25/2031

2.95%,

04/01/2030

3.60%,

04/01/2040

3.60%,

04/01/2050

3.65%,

03/25/2041

3.80%,

11/15/2037

3.90%,

05/15/2035

600

541

3.95%,

03/25/2051

4.00%,

07/15/2046

4.10%,

03/25/2061

4.20%,

09/27/2029

4.30%,

07/08/2034

4.38%,

05/15/2055

4.50%,

05/06/2028

4.65%,

05/06/2030

4.70%,

09/27/2034

5.25%,

02/03/2032

5.38%,

09/27/2054

5.50%,

09/27/2064

5.55%,

02/06/2053

6.00%,

08/03/2055

6.13%,

08/03/2065

6.15%,

11/09/2029

6.25%,

11/09/2032

6.90%,

11/09/2052

Roper

Technologies

Inc

1.40%,

09/15/2027

2.95%,

09/15/2029

4.75%,

02/15/2032

4.90%,

10/15/2034

Salesforce

Inc

2.70%,

07/15/2041

2.90%,

07/15/2051

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Synopsys

Inc

4.65%,

04/01/2028

$

$

4.85%,

04/01/2030

5.15%,

04/01/2035

5.70%,

04/01/2055

Take-Two

Interactive

Software

Inc

4.95%,

03/28/2028

VMware

LLC

1.40%,

08/15/2026

1.80%,

08/15/2028

2.20%,

08/15/2031

$

11,177

Sovereign

-

.37

%

Canada

Government

International

Bond

3.75%,

04/26/2028

4.00%,

03/18/2030

4.63%,

04/30/2029

Chile

Government

International

Bond

2.45%,

01/31/2031

2.55%,

01/27/2032

2.75%,

01/31/2027

3.10%,

05/07/2041

3.24%,

02/06/2028

3.86%,

06/21/2047

4.00%,

01/31/2052

4.95%,

01/05/2036

Export

Development

Canada

3.75%,

09/07/2027

3.88%,

02/14/2028

4.00%,

06/20/2030

4.13%,

02/13/2029

4.75%,

06/05/2034

Export-Import

Bank

of

Korea

1.38%,

02/09/2031

2.13%,

01/18/2032

4.00%,

09/11/2029

4.25%,

09/15/2027

4.50%,

09/15/2032

5.13%,

09/18/2028

Indonesia

Government

International

Bond

2.15%,

07/28/2031

2.85%,

02/14/2030

3.05%,

03/12/2051

3.50%,

01/11/2028

4.15%,

09/20/2027

4.20%,

10/15/2050

4.55%,

01/11/2028

4.75%,

02/11/2029

4.75%,

09/10/2034

5.10%,

02/10/2054

5.15%,

09/10/2054

(d) 200

Israel

Government

AID

Bond

5.50%,

09/18/2033

Israel

Government

International

Bond

3.88%,

07/03/2050

4.50%,

01/30/2043

5.38%,

02/19/2030

5.50%,

03/12/2034

5.75%,

03/12/2054

Japan

Bank

for

International

Cooperation

1.25%,

01/21/2031

1.88%,

04/15/2031

2.13%,

02/16/2029

2.25%,

11/04/2026

4.63%,

07/22/2027

4.63%,

07/19/2028

4.63%,

04/17/2034

4.88%,

10/18/2028

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Japan

International

Cooperation

Agency

4.75%,

05/21/2029

$

$

Korea

International

Bond

1.00%,

09/16/2030

3.88%,

09/20/2048

Mexico

Government

International

Bond

2.66%,

05/24/2031

3.25%,

04/16/2030

3.50%,

02/12/2034

3.75%,

01/11/2028

3.75%,

04/19/2071

3.77%,

05/24/2061

4.50%,

04/22/2029

4.50%,

01/31/2050

4.60%,

02/10/2048

4.75%,

03/08/2044

5.55%,

01/21/2045

(d) 300

5.85%,

07/02/2032

(e) 200

6.00%,

05/07/2036

6.05%,

01/11/2040

6.34%,

05/04/2053

6.35%,

02/09/2035

6.40%,

05/07/2054

6.88%,

05/13/2037

7.38%,

05/13/2055

Panama

Government

International

Bond

2.25%,

09/29/2032

3.30%,

01/19/2033

3.87%,

07/23/2060

4.30%,

04/29/2053

4.50%,

05/15/2047

4.50%,

04/16/2050

6.70%,

01/26/2036

6.85%,

03/28/2054

Peruvian

Government

International

Bond

1.86%,

12/01/2032

2.78%,

01/23/2031

2.78%,

12/01/2060

3.30%,

03/11/2041

3.55%,

03/10/2051

5.50%,

03/30/2036

5.63%,

11/18/2050

5.88%,

08/08/2054

6.55%,

03/14/2037

8.75%,

11/21/2033

Philippine

Government

International

Bond

2.46%,

05/05/2030

500

2.65%,

12/10/2045

3.20%,

07/06/2046

3.70%,

02/02/2042

4.75%,

03/05/2035

5.00%,

07/17/2033

5.50%,

02/04/2035

5.50%,

01/17/2048

5.60%,

05/14/2049

9.50%,

02/02/2030

Republic

of

Italy

Government

International

Bond

2.88%,

10/17/2029

3.88%,

05/06/2051

5.38%,

06/15/2033

Republic

of

Poland

Government

International

Bond

4.88%,

02/12/2030

4.88%,

10/04/2033

5.13%,

09/18/2034

5.50%,

03/18/2054

State

of

Israel

2.50%,

01/15/2030

3.38%,

01/15/2050

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Svensk

Exportkredit

AB

3.75%,

09/13/2027

$

$

4.13%,

06/14/2028

4.88%,

09/14/2026

Tennessee

Valley

Authority

2.88%,

02/01/2027

3.50%,

12/15/2042

3.88%,

03/15/2028

4.25%,

09/15/2065

4.63%,

09/15/2060

4.88%,

05/15/2035

5.25%,

09/15/2039

5.38%,

04/01/2056

5.88%,

04/01/2036

Uruguay

Government

International

Bond

4.13%,

11/20/2045

4.38%,

10/27/2027

4.98%,

04/20/2055

5.10%,

06/18/2050

5.44%,

02/14/2037

5.75%,

10/28/2034

$

25,748

Supranational

Bank

-

.33

%

African

Development

Bank

0.88%,

07/22/2026

3.50%,

09/18/2029

3.88%,

06/12/2028

4.00%,

03/18/2030

4.13%,

02/25/2027

4.38%,

03/14/2028

4.63%,

01/04/2027

Asian

Development

Bank

1.25%,

06/09/2028

1.50%,

01/20/2027

1.50%,

03/04/2031

1.75%,

09/19/2029

1.88%,

03/15/2029

2.75%,

01/19/2028

3.13%,

08/20/2027

3.13%,

04/27/2032

3.63%,

08/28/2029

3.75%,

04/25/2028

3.88%,

09/28/2032

3.88%,

06/14/2033

4.00%,

01/12/2033

4.13%,

01/12/2027

4.13%,

05/30/2030

4.38%,

01/14/2028

4.38%,

03/06/2029

4.38%,

03/22/2035

4.50%,

08/25/2028

5.82%,

06/16/2028

6.38%,

10/01/2028

Asian

Infrastructure

Investment

Bank/The

3.75%,

09/14/2027

4.13%,

01/18/2029

4.50%,

01/16/2030

4.50%,

05/21/2035

4.88%,

09/14/2026

Council

Of

Europe

Development

Bank

3.63%,

01/26/2028

4.50%,

01/15/2030

4.63%,

06/11/2027

European

Bank

for

Reconstruction

&

Development

4.13%,

01/25/2029

4.38%,

03/09/2028

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Supranational

Bank

(continued)

European

Investment

Bank

0.63%,

10/21/2027

$

$

0.75%,

10/26/2026

1.25%,

02/14/2031

1.38%,

03/15/2027

1.63%,

05/13/2031

1.75%,

03/15/2029

2.38%,

05/24/2027

3.25%,

11/15/2027

3.63%,

07/15/2030

3.75%,

11/15/2029

3.75%,

02/14/2033

3.88%,

03/15/2028

3.88%,

06/15/2028

4.00%,

02/15/2029

4.13%,

02/13/2034

4.25%,

08/16/2032

4.38%,

03/19/2027

4.38%,

10/10/2031

4.50%,

10/16/2028

4.50%,

03/14/2030

4.63%,

02/12/2035

(d) 230

4.75%,

06/15/2029

Inter-American

Development

Bank

0.63%,

09/16/2027

1.13%,

07/20/2028

1.13%,

01/13/2031

1.50%,

01/13/2027

2.38%,

07/07/2027

3.13%,

09/18/2028

3.50%,

09/14/2029

3.50%,

04/12/2033

3.75%,

06/14/2030

4.00%,

01/12/2028

4.13%,

02/15/2029

4.38%,

02/01/2027

4.38%,

07/17/2034

4.38%,

01/24/2044

4.50%,

02/15/2030

4.50%,

09/13/2033

International

Bank

for

Reconstruction

&

Development

0.75%,

11/24/2027

0.75%,

08/26/2030

0.88%,

07/15/2026

1.25%,

02/10/2031

1.38%,

04/20/2028

1.63%,

11/03/2031

1.75%,

10/23/2029

550

505

2.50%,

03/29/2032

3.13%,

06/15/2027

3.50%,

07/12/2028

3.63%,

05/05/2028

3.63%,

09/21/2029

3.88%,

10/16/2029

3.88%,

02/14/2030

3.88%,

08/28/2034

4.00%,

08/27/2026

4.00%,

07/25/2030

4.00%,

01/10/2031

4.00%,

05/06/2032

4.13%,

03/20/2030

4.50%,

04/10/2031

4.63%,

08/01/2028

4.63%,

01/15/2032

4.75%,

11/14/2033

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Supranational

Bank

(continued)

International

Finance

Corp

3.88%,

07/02/2030

$

$

4.25%,

07/02/2029

4.38%,

01/15/2027

4.50%,

01/21/2028

4.50%,

07/13/2028

Nordic

Investment

Bank

3.38%,

09/08/2027

4.25%,

02/28/2029

$

25,079

Telecommunications

-

.15

%

America

Movil

SAB

de

CV

4.38%,

04/22/2049

5.00%,

01/20/2033

6.13%,

03/30/2040

6.38%,

03/01/2035

AT&T

Inc

1.65%,

02/01/2028

2.25%,

02/01/2032

2.30%,

06/01/2027

2.75%,

06/01/2031

2.95%,

07/15/2026

3.10%,

02/01/2043

3.50%,

06/01/2041

3.50%,

09/15/2053

629

3.55%,

09/15/2055

783

528

3.65%,

06/01/2051

3.65%,

09/15/2059

757

508

3.80%,

02/15/2027

4.10%,

02/15/2028

4.25%,

03/01/2027

4.30%,

12/15/2042

4.35%,

03/01/2029

500

501

4.35%,

06/15/2045

4.50%,

03/09/2048

5.38%,

08/15/2035

5.40%,

02/15/2034

6.05%,

08/15/2056

Bell

Telephone

Co

of

Canada

or

Bell

Canada

5.20%,

02/15/2034

British

Telecommunications

PLC

9.62%,

12/15/2030

Cisco

Systems

Inc

2.50%,

09/20/2026

4.80%,

02/26/2027

4.95%,

02/24/2032

5.05%,

02/26/2034

5.30%,

02/26/2054

5.50%,

01/15/2040

Corning

Inc

4.38%,

11/15/2057

(d) 300

4.75%,

03/15/2042

Deutsche

Telekom

International

Finance

BV

8.75%,

06/15/2030

Juniper

Networks

Inc

2.00%,

12/10/2030

Motorola

Solutions

Inc

4.85%,

08/15/2030

5.20%,

08/15/2032

Orange

SA

5.38%,

01/13/2042

Rogers

Communications

Inc

3.20%,

03/15/2027

3.70%,

11/15/2049

3.80%,

03/15/2032

5.00%,

02/15/2029

5.00%,

03/15/2044

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

(continued)

Sprint

Capital

Corp

6.88%,

11/15/2028

$

$

Telefonica

Emisiones

SA

5.21%,

03/08/2047

7.05%,

06/20/2036

545

605

T-Mobile

USA

Inc

2.05%,

02/15/2028

2.25%,

11/15/2031

2.40%,

03/15/2029

2.55%,

02/15/2031

3.00%,

02/15/2041

3.30%,

02/15/2051

3.40%,

10/15/2052

3.75%,

04/15/2027

3.88%,

04/15/2030

4.20%,

10/01/2029

4.38%,

04/15/2040

4.50%,

04/15/2050

4.80%,

07/15/2028

4.95%,

03/15/2028

5.05%,

07/15/2033

5.13%,

05/15/2032

5.15%,

04/15/2034

5.20%,

01/15/2033

5.25%,

06/15/2055

5.50%,

01/15/2055

5.65%,

01/15/2053

5.75%,

01/15/2034

5.75%,

01/15/2054

6.00%,

06/15/2054

Verizon

Communications

Inc

1.50%,

09/18/2030

1.68%,

10/30/2030

(d) 223

1.75%,

01/20/2031

2.10%,

03/22/2028

2.36%,

03/15/2032

2.55%,

03/21/2031

2.65%,

11/20/2040

2.88%,

11/20/2050

2.99%,

10/30/2056

3.00%,

11/20/2060

3.40%,

03/22/2041

3.55%,

03/22/2051

3.70%,

03/22/2061

3.85%,

11/01/2042

4.13%,

03/16/2027

4.33%,

09/21/2028

500

502

4.40%,

11/01/2034

750

712

4.50%,

08/10/2033

4.81%,

03/15/2039

5.25%,

04/02/2035

Vodafone

Group

PLC

4.25%,

09/17/2050

5.63%,

02/10/2053

5.75%,

06/28/2054

5.88%,

06/28/2064

6.15%,

02/27/2037

$

21,633

Transportation

-

.49

%

Burlington

Northern

Santa

Fe

LLC

3.05%,

02/15/2051

3.30%,

09/15/2051

3.55%,

02/15/2050

4.45%,

03/15/2043

4.45%,

01/15/2053

4.55%,

09/01/2044

5.15%,

09/01/2043

5.20%,

04/15/2054

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Transportation

(continued)

Burlington

Northern

Santa

Fe

LLC

(continued)

5.50%,

03/15/2055

$

$

5.80%,

03/15/2056

Canadian

National

Railway

Co

2.45%,

05/01/2050

3.65%,

02/03/2048

3.85%,

08/05/2032

4.38%,

09/18/2034

Canadian

Pacific

Railway

Co

1.75%,

12/02/2026

3.00%,

12/02/2041

3.10%,

12/02/2051

4.80%,

03/30/2030

4.80%,

09/15/2035

CSX

Corp

2.40%,

02/15/2030

3.25%,

06/01/2027

3.35%,

09/15/2049

3.80%,

03/01/2028

3.80%,

11/01/2046

4.25%,

11/01/2066

4.30%,

03/01/2048

4.50%,

11/15/2052

4.75%,

05/30/2042

4.90%,

03/15/2055

5.20%,

11/15/2033

FedEx

Corp

3.10%,

08/05/2029

(i) 315

3.88%,

08/01/2042

(i) 100

4.40%,

01/15/2047

(i) 205

4.55%,

04/01/2046

(i) 400

4.75%,

11/15/2045

(i) 130

Norfolk

Southern

Corp

2.30%,

05/15/2031

2.55%,

11/01/2029

2.90%,

08/25/2051

3.94%,

11/01/2047

4.15%,

02/28/2048

4.45%,

03/01/2033

4.55%,

06/01/2053

4.84%,

10/01/2041

5.35%,

08/01/2054

Ryder

System

Inc

2.90%,

12/01/2026

4.30%,

06/15/2027

4.95%,

09/01/2029

Union

Pacific

Corp

2.15%,

02/05/2027

2.38%,

05/20/2031

2.80%,

02/14/2032

2.89%,

04/06/2036

3.20%,

05/20/2041

3.38%,

02/14/2042

3.80%,

10/01/2051

3.80%,

04/06/2071

3.84%,

03/20/2060

4.50%,

01/20/2033

4.95%,

09/09/2052

(d) 160

5.60%,

12/01/2054

United

Parcel

Service

Inc

2.50%,

09/01/2029

3.40%,

09/01/2049

4.65%,

10/15/2030

4.88%,

03/03/2033

(d) 110

4.88%,

11/15/2040

5.05%,

03/03/2053

5.15%,

05/22/2034

5.20%,

04/01/2040

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Transportation

(continued)

United

Parcel

Service

Inc

(continued)

5.50%,

05/22/2054

$

$

5.95%,

05/14/2055

6.20%,

01/15/2038

$

9,256

Trucking

&

Leasing

-

.02

%

GATX

Corp

1.90%,

06/01/2031

5.50%,

06/15/2035

$

Water

-

.06

%

American

Water

Capital

Corp

2.30%,

06/01/2031

3.25%,

06/01/2051

3.75%,

09/01/2047

4.45%,

06/01/2032

6.59%,

10/15/2037

Essential

Utilities

Inc

2.40%,

05/01/2031

5.30%,

05/01/2052

5.38%,

01/15/2034

$

1,047

TOTAL

BONDS

$

541,516

MUNICIPAL

BONDS

-

.57

%

Principal

Amount

(000's)

Value

(000's)

California

-

.16

%

Bay

Area

Toll

Authority

6.26%,

04/01/2049

$

$

6.92%,

04/01/2040

California

State

University

2.98%,

11/01/2051

East

Bay

Municipal

Utility

District

Water

System

Revenue

5.87%,

06/01/2040

Los

Angeles

Department

of

Water

&

Power

6.57%,

07/01/2045

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

6.55%,

05/15/2048

San

Diego

County

Water

Authority

6.14%,

05/01/2049

State

of

California

3.50%,

04/01/2028

7.30%,

10/01/2039

7.35%,

11/01/2039

500

581

7.60%,

11/01/2040

7.63%,

03/01/2040

$

2,973

District

of

Columbia

-

.02

%

District

of

Columbia

Water

&

Sewer

Authority

4.81%,

10/01/2114

Georgia

-

.02

%

Municipal

Electric

Authority

of

Georgia

6.64%,

04/01/2057

7.06%,

04/01/2057

$

Illinois

-

.07

%

Chicago

Transit

Authority

Sales

&

Transfer

Tax

Receipts

Revenue

6.90%,

12/01/2040

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

6.20%,

12/01/2040

County

of

Cook

IL

6.23%,

11/15/2034

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Illinois

(continued)

State

of

Illinois

5.10%,

06/01/2033

$

873

$

875

7.35%,

07/01/2035

$

1,317

Nevada

-

.00

%

County

of

Clark

Department

of

Aviation

6.82%,

07/01/2045

New

Jersey

-

.07

%

New

Jersey

Economic

Development

Authority

(credit

support

from

National

Public

Finance

Guarantee

Corp)

7.43%,

02/15/2029

(j) 700

739

New

Jersey

Transportation

Trust

Fund

Authority

6.56%,

12/15/2040

New

Jersey

Turnpike

Authority

7.10%,

01/01/2041

Rutgers

The

State

University

of

New

Jersey

5.67%,

05/01/2040

$

1,267

New

York

-

.09

%

City

of

New

York

NY

5.52%,

10/01/2037

Metropolitan

Transportation

Authority

6.81%,

11/15/2040

New

York

City

Municipal

Water

Finance

Authority

5.72%,

06/15/2042

5.95%,

06/15/2042

New

York

State

Dormitory

Authority

5.60%,

03/15/2040

Port

Authority

of

New

York

&

New

Jersey

4.46%,

10/01/2062

4.96%,

08/01/2046

6.04%,

12/01/2029

$

1,629

Ohio

-

.01

%

American

Municipal

Power

Inc

6.27%,

02/15/2050

Ohio

State

University/The

4.91%,

06/01/2040

$

Pennsylvania

-

.03

%

State

Public

School

Building

Authority

5.00%,

09/15/2027

500

505

Texas

-

.10

%

City

of

San

Antonio

TX

Electric

&

Gas

Systems

Revenue

5.81%,

02/01/2041

Dallas

Area

Rapid

Transit

5.02%,

12/01/2048

Dallas

Convention

Center

Hotel

Development

Corp

7.09%,

01/01/2042

Dallas

County

Hospital

District

5.62%,

08/15/2044

Dallas

Independent

School

District

(credit

support

from

Permanent

School

Fund

Guarantee

Program)

6.45%,

02/15/2035

(j) 50

Grand

Parkway

Transportation

Corp

5.18%,

10/01/2042

State

of

Texas

4.68%,

04/01/2040

5.52%,

04/01/2039

Texas

Department

of

Transportation

State

Highway

Fund

5.18%,

04/01/2030

625

637

$

1,839

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Utah

-

.00

%

State

of

Utah

3.54%,

07/01/2025

$

$

Wisconsin

-

.00

%

State

of

Wisconsin

(credit

support

from

Assured

Guaranty)

5.70%,

05/01/2026

(j) 90

TOTAL

MUNICIPAL

BONDS

$

10,639

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.99

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

.10

%

2.00%,

08/01/2029

$

$

2.00%,

03/01/2032

2.50%,

10/01/2027

2.50%,

03/01/2028

2.50%,

06/01/2028

2.50%,

06/01/2028

2.50%,

07/01/2028

2.50%,

10/01/2028

2.50%,

10/01/2028

2.50%,

10/01/2029

2.50%,

12/01/2029

2.50%,

09/01/2030

2.50%,

01/01/2031

2.50%,

01/01/2031

2.50%,

02/01/2031

2.50%,

03/01/2031

2.50%,

12/01/2031

2.50%,

12/01/2031

2.50%,

02/01/2032

2.50%,

03/01/2032

2.50%,

11/01/2032

2.50%,

02/01/2033

2.50%,

03/01/2033

2.50%,

03/01/2033

2.50%,

04/01/2033

2.50%,

05/01/2033

2.50%,

06/01/2033

2.50%,

11/01/2036

2.50%,

02/01/2043

2.50%,

03/01/2043

3.00%,

01/01/2027

3.00%,

03/01/2027

3.00%,

05/01/2027

3.00%,

10/01/2028

3.00%,

07/01/2029

3.00%,

08/01/2029

3.00%,

10/01/2029

3.00%,

11/01/2029

3.00%,

07/01/2030

3.00%,

09/01/2030

3.00%,

11/01/2030

3.00%,

11/01/2030

3.00%,

01/01/2031

3.00%,

04/01/2031

3.00%,

02/01/2032

3.00%,

05/01/2032

3.00%,

12/01/2032

3.00%,

12/01/2032

3.00%,

01/01/2033

3.00%,

02/01/2033

3.00%,

03/01/2033

3.00%,

04/01/2033

3.00%,

04/01/2033

3.00%,

06/01/2033

3.00%,

09/01/2033

3.00%,

09/01/2033

3.00%,

12/01/2034

3.00%,

01/01/2035

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

3.00%,

02/01/2035

$

$

3.00%,

05/01/2035

3.00%,

02/01/2036

3.00%,

09/01/2036

3.00%,

02/01/2037

3.00%,

05/01/2037

3.00%,

06/01/2037

3.00%,

07/01/2037

3.00%,

09/01/2037

3.00%,

01/01/2043

3.00%,

01/01/2043

3.00%,

02/01/2043

3.00%,

03/01/2043

3.00%,

05/01/2043

3.00%,

07/01/2043

3.00%,

07/01/2043

3.00%,

08/01/2043

3.00%,

08/01/2043

3.00%,

09/01/2043

3.00%,

10/01/2043

3.00%,

03/01/2045

3.00%,

04/01/2045

3.00%,

06/01/2045

3.00%,

07/01/2045

3.00%,

08/01/2045

3.00%,

12/01/2045

3.00%,

03/01/2046

3.00%,

03/01/2046

3.00%,

04/01/2046

3.00%,

05/01/2046

3.00%,

09/01/2046

3.00%,

10/01/2046

3.00%,

11/01/2046

3.00%,

11/01/2046

3.00%,

11/01/2046

3.00%,

12/01/2046

3.00%,

12/01/2046

3.00%,

01/01/2047

3.00%,

03/01/2047

3.00%,

03/01/2048

3.50%,

10/01/2025

3.50%,

11/01/2025

3.50%,

12/01/2026

3.50%,

01/01/2029

3.50%,

01/01/2032

3.50%,

03/01/2032

3.50%,

04/01/2032

3.50%,

08/01/2032

3.50%,

09/01/2033

3.50%,

01/01/2034

3.50%,

01/01/2035

3.50%,

02/01/2035

3.50%,

07/01/2035

3.50%,

09/01/2035

3.50%,

04/01/2037

3.50%,

06/01/2037

3.50%,

05/01/2041

3.50%,

02/01/2042

3.50%,

04/01/2042

3.50%,

06/01/2042

3.50%,

07/01/2042

3.50%,

07/01/2042

3.50%,

08/01/2042

3.50%,

08/01/2042

3.50%,

06/01/2044

3.50%,

09/01/2044

3.50%,

03/01/2045

3.50%,

06/01/2045

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

3.50%,

07/01/2045

$

$

3.50%,

09/01/2045

3.50%,

10/01/2045

3.50%,

12/01/2045

3.50%,

01/01/2046

3.50%,

03/01/2046

637

590

3.50%,

03/01/2046

3.50%,

04/01/2046

3.50%,

05/01/2046

3.50%,

06/01/2046

3.50%,

08/01/2046

3.50%,

04/01/2047

3.50%,

11/01/2047

3.50%,

11/01/2047

3.50%,

05/01/2048

4.00%,

12/01/2030

4.00%,

08/01/2031

4.00%,

10/01/2031

4.00%,

11/01/2031

4.00%,

12/01/2031

4.00%,

11/01/2033

4.00%,

01/01/2034

4.00%,

07/01/2035

4.00%,

03/01/2037

4.00%,

05/01/2038

4.00%,

02/01/2041

4.00%,

06/01/2042

4.00%,

06/01/2042

4.00%,

08/01/2043

4.00%,

01/01/2044

4.00%,

02/01/2044

4.00%,

03/01/2044

4.00%,

04/01/2044

4.00%,

05/01/2044

4.00%,

07/01/2044

4.00%,

10/01/2044

4.00%,

11/01/2044

4.00%,

12/01/2044

4.00%,

01/01/2045

4.00%,

02/01/2045

4.00%,

04/01/2045

4.00%,

06/01/2045

4.00%,

08/01/2045

4.00%,

09/01/2045

4.00%,

10/01/2045

4.00%,

11/01/2045

4.00%,

12/01/2045

4.00%,

03/01/2047

4.00%,

08/01/2047

4.00%,

10/01/2047

4.00%,

12/01/2047

4.00%,

07/01/2048

4.00%,

08/01/2048

4.50%,

02/01/2030

4.50%,

08/01/2030

4.50%,

05/01/2031

4.50%,

06/01/2031

4.50%,

06/01/2039

4.50%,

10/01/2039

4.50%,

10/01/2040

4.50%,

03/01/2041

4.50%,

03/01/2041

4.50%,

11/01/2041

4.50%,

09/01/2043

4.50%,

11/01/2043

4.50%,

11/01/2043

4.50%,

01/01/2044

4.50%,

01/01/2044

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

4.50%,

05/01/2044

$

$

4.50%,

07/01/2044

4.50%,

10/01/2045

4.50%,

03/01/2047

4.50%,

04/01/2047

4.50%,

06/01/2047

4.50%,

09/01/2047

4.50%,

05/01/2048

4.50%,

07/01/2048

4.50%,

11/01/2048

4.50%,

01/01/2049

4.50%,

05/01/2049

5.00%,

12/01/2027

5.00%,

02/01/2030

5.00%,

03/01/2030

5.00%,

04/01/2034

5.00%,

06/01/2035

5.00%,

01/01/2038

5.00%,

11/01/2038

5.00%,

12/01/2038

5.00%,

09/01/2039

5.00%,

01/01/2040

5.00%,

05/01/2040

5.00%,

04/01/2041

5.00%,

06/01/2041

5.00%,

11/01/2041

5.00%,

11/01/2041

5.50%,

01/01/2028

5.50%,

04/01/2036

5.50%,

12/01/2036

5.50%,

12/01/2036

5.50%,

03/01/2039

5.50%,

04/01/2039

5.50%,

02/01/2040

5.50%,

06/01/2041

6.00%,

02/01/2027

$

20,799

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

.87

%

1.50%,

03/01/2036

1,212

1,080

1.50%,

05/01/2036

5,499

4,900

1.50%,

11/01/2036

2,553

2,283

1.50%,

11/01/2050

1,864

1,412

1.50%,

01/01/2051

3,107

2,339

1.50%,

06/01/2051

6,443

4,866

2.00%,

09/01/2028

2.00%,

05/01/2030

2.00%,

04/01/2032

2.00%,

02/01/2036

1,468

1,345

2.00%,

02/01/2036

2,893

2,659

2.00%,

04/01/2036

3,470

3,212

2.00%,

05/01/2036

2,651

2,437

2.00%,

06/01/2036

2,497

2,287

2.00%,

11/01/2041

5,302

4,570

2.00%,

05/01/2042

1,455

1,249

2.00%,

04/01/2051

11,466

9,195

2.00%,

04/01/2051

13,838

11,132

2.00%,

04/01/2051

6,944

5,598

2.00%,

05/01/2051

14,613

11,718

2.00%,

10/01/2051

2,279

1,834

2.00%,

11/01/2051

6,186

4,973

2.00%,

12/01/2051

7,941

6,366

2.00%,

12/01/2051

10,087

8,086

2.00%,

01/01/2052

7,408

5,924

2.00%,

02/01/2052

6,202

4,912

2.50%,

01/01/2028

2.50%,

07/01/2028

2.50%,

08/01/2028

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

2.50%,

08/01/2028

$

$

2.50%,

09/01/2028

2.50%,

07/01/2029

2.50%,

07/01/2029

2.50%,

07/01/2029

2.50%,

09/01/2029

2.50%,

12/01/2029

2.50%,

01/01/2030

2.50%,

04/01/2030

2.50%,

05/01/2030

2.50%,

06/01/2030

2.50%,

08/01/2030

2.50%,

08/01/2030

2.50%,

01/01/2031

2.50%,

01/01/2031

2.50%,

02/01/2031

2.50%,

02/01/2031

2.50%,

05/01/2031

2.50%,

06/01/2031

2.50%,

11/01/2031

620

596

2.50%,

12/01/2031

2.50%,

01/01/2032

2.50%,

01/01/2032

2.50%,

02/01/2032

2.50%,

03/01/2032

2.50%,

03/01/2032

2.50%,

11/01/2032

2.50%,

12/01/2032

2.50%,

01/01/2033

2.50%,

02/01/2033

2.50%,

04/01/2033

2.50%,

07/01/2033

2.50%,

10/01/2034

2.50%,

10/01/2036

2.50%,

10/01/2036

2.50%,

12/01/2036

2.50%,

07/01/2040

1,311

1,190

2.50%,

01/01/2043

2.50%,

08/01/2043

2.50%,

10/01/2043

2.50%,

12/01/2046

2.50%,

08/01/2050

1,848

1,561

2.50%,

10/01/2050

2,915

2,448

2.50%,

02/01/2051

1,649

1,385

2.50%,

02/01/2051

5,498

4,656

2.50%,

07/01/2051

1,717

1,433

2.50%,

09/01/2051

2,677

2,227

2.50%,

09/01/2051

7,145

5,980

2.50%,

11/01/2051

5,018

4,239

2.50%,

11/01/2051

5,990

5,046

2.50%,

01/01/2052

3,683

3,100

2.50%,

02/01/2052

4,178

3,508

2.50%,

02/01/2052

5,450

4,585

2.50%,

02/01/2052

2,686

2,239

2.50%,

03/01/2052

5,059

4,243

2.50%,

04/01/2052

5,590

4,692

2.50%,

04/01/2052

769

645

2.50%,

05/01/2052

2,916

2,453

3.00%,

11/01/2026

3.00%,

02/01/2027

3.00%,

04/01/2027

3.00%,

08/01/2027

3.00%,

10/01/2028

3.00%,

11/01/2028

3.00%,

02/01/2029

3.00%,

03/01/2029

3.00%,

03/01/2029

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

3.00%,

04/01/2029

$

$

3.00%,

05/01/2029

3.00%,

06/01/2029

3.00%,

08/01/2029

3.00%,

10/01/2029

3.00%,

10/01/2029

3.00%,

10/01/2029

3.00%,

11/01/2029

3.00%,

01/01/2030

3.00%,

01/01/2030

3.00%,

01/01/2030

3.00%,

03/01/2030

3.00%,

06/01/2030

3.00%,

06/01/2030

3.00%,

09/01/2030

3.00%,

09/01/2030

3.00%,

10/01/2030

3.00%,

02/01/2031

3.00%,

04/01/2032

3.00%,

05/01/2032

3.00%,

08/01/2032

3.00%,

01/01/2033

3.00%,

02/01/2033

3.00%,

02/01/2033

680

657

3.00%,

08/01/2033

3.00%,

05/01/2034

3.00%,

05/01/2034

3.00%,

08/01/2034

3.00%,

10/01/2034

3.00%,

11/01/2034

3.00%,

02/01/2035

3.00%,

02/01/2035

3.00%,

03/01/2035

3.00%,

04/01/2035

3.00%,

06/01/2035

3.00%,

07/01/2035

3.00%,

11/01/2035

3.00%,

07/01/2036

3.00%,

12/01/2036

3.00%,

12/01/2036

3.00%,

12/01/2036

3.00%,

02/01/2037

3.00%,

02/01/2037

3.00%,

04/01/2037

3.00%,

04/01/2037

3.00%,

07/01/2037

3.00%,

08/01/2037

3.00%,

09/01/2037

3.00%,

06/01/2040

1,032

963

3.00%,

04/01/2042

3.00%,

09/01/2042

3.00%,

02/01/2043

3.00%,

02/01/2043

3.00%,

02/01/2043

3.00%,

04/01/2043

3.00%,

04/01/2043

3.00%,

04/01/2043

3.00%,

04/01/2043

3.00%,

04/01/2043

3.00%,

05/01/2043

3.00%,

05/01/2043

3.00%,

05/01/2043

3.00%,

05/01/2043

3.00%,

06/01/2043

3.00%,

07/01/2043

3.00%,

07/01/2043

3.00%,

08/01/2043

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

3.00%,

08/01/2043

$

$

3.00%,

11/01/2043

3.00%,

01/01/2045

3.00%,

05/01/2045

3.00%,

09/01/2045

3.00%,

10/01/2045

3.00%,

11/01/2045

3.00%,

12/01/2045

3.00%,

02/01/2046

3.00%,

09/01/2046

3.00%,

10/01/2046

3.00%,

11/01/2046

3.00%,

11/01/2046

3.00%,

11/01/2046

3.00%,

11/01/2046

3.00%,

12/01/2046

600

532

3.00%,

12/01/2046

3.00%,

01/01/2047

3.00%,

02/01/2047

3.00%,

02/01/2047

3.00%,

05/01/2047

3.00%,

10/01/2048

3.00%,

10/01/2049

4,071

3,569

3.00%,

11/01/2049

926

811

3.00%,

11/01/2049

1,230

1,084

3.00%,

03/01/2050

2,887

2,528

3.00%,

03/01/2050

2,703

2,374

3.00%,

07/01/2050

1,049

918

3.00%,

03/01/2052

2,885

2,517

3.00%,

03/01/2052

2,476

2,179

3.00%,

04/01/2052

1,679

1,481

3.00%,

05/01/2052

3,204

2,777

3.50%,

10/01/2025

3.50%,

11/01/2025

3.50%,

11/01/2025

3.50%,

01/01/2026

3.50%,

03/01/2026

3.50%,

12/01/2026

3.50%,

02/01/2027

3.50%,

11/01/2028

3.50%,

12/01/2028

3.50%,

03/01/2029

3.50%,

01/01/2031

3.50%,

04/01/2031

3.50%,

02/01/2032

3.50%,

04/01/2032

3.50%,

05/01/2032

3.50%,

06/01/2032

3.50%,

07/01/2032

3.50%,

09/01/2032

3.50%,

12/01/2032

769

758

3.50%,

09/01/2033

3.50%,

09/01/2033

3.50%,

10/01/2033

3.50%,

10/01/2033

3.50%,

11/01/2033

3.50%,

01/01/2034

3.50%,

06/01/2034

3.50%,

08/01/2034

3.50%,

11/01/2034

3.50%,

02/01/2035

3.50%,

12/01/2035

3.50%,

07/01/2036

3.50%,

02/01/2037

3.50%,

03/01/2037

3.50%,

05/01/2037

3.50%,

07/01/2037

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

3.50%,

10/01/2037

$

$

3.50%,

01/01/2038

3.50%,

01/01/2041

3.50%,

03/01/2041

3.50%,

10/01/2041

3.50%,

12/01/2041

3.50%,

12/01/2041

3.50%,

01/01/2042

3.50%,

03/01/2042

3.50%,

03/01/2042

3.50%,

03/01/2042

3.50%,

05/01/2042

3.50%,

05/01/2042

3.50%,

07/01/2042

3.50%,

07/01/2042

3.50%,

10/01/2042

3.50%,

04/01/2043

3.50%,

05/01/2043

3.50%,

05/01/2043

3.50%,

05/01/2043

3.50%,

06/01/2043

3.50%,

07/01/2043

3.50%,

07/01/2043

3.50%,

08/01/2043

3.50%,

08/01/2043

3.50%,

09/01/2043

3.50%,

12/01/2043

3.50%,

01/01/2044

634

595

3.50%,

02/01/2044

3.50%,

07/01/2044

3.50%,

10/01/2044

3.50%,

10/01/2044

3.50%,

11/01/2044

3.50%,

12/01/2044

3.50%,

12/01/2044

3.50%,

04/01/2045

3.50%,

07/01/2045

3.50%,

08/01/2045

3.50%,

09/01/2045

3.50%,

09/01/2045

3.50%,

11/01/2045

3.50%,

11/01/2045

3.50%,

12/01/2045

3.50%,

01/01/2046

3.50%,

02/01/2046

3.50%,

03/01/2046

3.50%,

09/01/2046

3.50%,

11/01/2046

3.50%,

12/01/2046

3.50%,

02/01/2047

3.50%,

09/01/2047

3.50%,

11/01/2047

3.50%,

01/01/2048

3.50%,

02/01/2048

3.50%,

03/01/2048

3.50%,

04/01/2048

3.50%,

10/01/2048

3.50%,

04/01/2049

3.50%,

06/01/2049

3.50%,

08/01/2049

3.50%,

11/01/2049

2,811

2,586

3.50%,

11/01/2049

881

803

3.50%,

12/01/2049

1,165

1,079

3.50%,

04/01/2052

2,202

1,999

3.50%,

05/01/2052

3,845

3,508

3.50%,

06/01/2052

1,613

1,465

4.00%,

04/01/2029

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

4.00%,

10/01/2030

$

$

4.00%,

12/01/2030

4.00%,

02/01/2031

4.00%,

03/01/2031

4.00%,

07/01/2031

4.00%,

10/01/2031

4.00%,

11/01/2031

4.00%,

12/01/2031

4.00%,

01/01/2032

4.00%,

09/01/2033

4.00%,

01/01/2036

4.00%,

02/01/2036

4.00%,

06/01/2036

4.00%,

01/01/2037

4.00%,

02/01/2037

4.00%,

07/01/2038

4.00%,

02/01/2039

4.00%,

01/01/2041

4.00%,

02/01/2041

4.00%,

02/01/2041

4.00%,

09/01/2041

4.00%,

02/01/2043

4.00%,

12/01/2043

4.00%,

01/01/2044

4.00%,

06/01/2044

4.00%,

07/01/2044

4.00%,

07/01/2044

4.00%,

09/01/2044

4.00%,

10/01/2044

4.00%,

02/01/2045

4.00%,

07/01/2045

4.00%,

10/01/2045

4.00%,

11/01/2045

4.00%,

12/01/2045

4.00%,

02/01/2046

4.00%,

03/01/2046

4.00%,

04/01/2047

4.00%,

08/01/2047

4.00%,

08/01/2047

4.00%,

08/01/2047

4.00%,

09/01/2047

4.00%,

11/01/2047

4.00%,

02/01/2048

4.00%,

03/01/2048

4.00%,

06/01/2048

4.00%,

06/01/2048

4.00%,

07/01/2048

4.00%,

08/01/2048

4.00%,

09/01/2048

4.00%,

01/01/2049

1,545

1,463

4.00%,

03/01/2049

4.00%,

04/01/2049

4.00%,

04/01/2049

4.00%,

08/01/2049

4.00%,

10/01/2049

4.00%,

11/01/2049

4.00%,

04/01/2050

1,465

1,379

4.00%,

06/01/2052

1,881

1,772

4.00%,

08/01/2052

3,281

3,070

4.00%,

09/01/2052

4,263

3,997

4.00%,

10/01/2052

903

846

4.50%,

02/01/2030

4.50%,

04/01/2030

4.50%,

08/01/2030

4.50%,

09/01/2030

4.50%,

01/01/2031

4.50%,

04/01/2031

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

4.50%,

05/01/2031

$

$

4.50%,

07/01/2031

4.50%,

08/01/2031

4.50%,

02/01/2035

4.50%,

08/01/2040

4.50%,

08/01/2040

4.50%,

06/01/2041

4.50%,

09/01/2041

4.50%,

09/01/2043

4.50%,

10/01/2043

4.50%,

01/01/2044

4.50%,

01/01/2044

4.50%,

02/01/2044

4.50%,

03/01/2044

4.50%,

03/01/2044

4.50%,

05/01/2044

4.50%,

05/01/2044

4.50%,

05/01/2044

4.50%,

06/01/2044

4.50%,

08/01/2044

4.50%,

12/01/2044

4.50%,

04/01/2046

4.50%,

08/01/2046

4.50%,

02/01/2047

4.50%,

02/01/2047

4.50%,

03/01/2047

4.50%,

10/01/2047

4.50%,

11/01/2047

4.50%,

02/01/2048

4.50%,

04/01/2048

4.50%,

05/01/2048

4.50%,

07/01/2048

1,455

1,409

4.50%,

08/01/2048

4.50%,

08/01/2048

4.50%,

10/01/2048

4.50%,

10/01/2048

4.50%,

12/01/2048

849

833

4.50%,

03/01/2049

1,627

1,582

4.50%,

04/01/2049

4.50%,

05/01/2049

1,045

1,015

4.50%,

07/01/2049

4.50%,

07/01/2049

4.50%,

09/01/2049

4.50%,

09/01/2049

1,694

1,646

4.50%,

06/01/2052

4.50%,

09/01/2052

1,971

1,911

4.50%,

10/01/2052

2,008

1,936

4.50%,

10/01/2052

1,628

1,569

4.50%,

05/01/2053

2,159

2,077

5.00%,

04/01/2029

5.00%,

09/01/2029

5.00%,

03/01/2030

5.00%,

08/01/2030

5.00%,

07/01/2035

5.00%,

04/01/2037

5.00%,

07/01/2039

5.00%,

07/01/2039

5.00%,

03/01/2044

5.00%,

03/01/2044

5.00%,

05/01/2044

5.00%,

11/01/2044

5.00%,

04/01/2048

5.00%,

09/01/2048

5.00%,

05/01/2049

5.00%,

06/01/2049

5.00%,

07/01/2049

5.00%,

08/01/2049

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

5.00%,

07/01/2052

$

2,842

$

2,811

5.00%,

08/01/2052

1,828

1,808

5.00%,

11/01/2052

3,878

3,842

5.00%,

05/01/2053

4,729

4,679

5.00%,

06/01/2053

2,543

2,516

5.00%,

10/01/2053

2,251

2,232

5.50%,

02/01/2026

5.50%,

03/01/2027

5.50%,

06/01/2028

5.50%,

01/01/2029

5.50%,

12/01/2029

5.50%,

11/01/2035

5.50%,

12/01/2036

5.50%,

03/01/2037

5.50%,

08/01/2037

5.50%,

08/01/2037

5.50%,

08/01/2037

5.50%,

05/01/2038

5.50%,

06/01/2038

5.50%,

03/01/2053

2,967

2,997

5.50%,

07/01/2053

2,238

2,278

5.50%,

08/01/2053

5,323

5,351

5.50%,

11/01/2053

4,837

4,885

5.50%,

04/01/2054

3,568

3,602

5.50%,

08/01/2054

2,444

2,446

5.50%,

10/01/2054

1,907

1,922

5.50%,

02/01/2055

1,473

1,482

5.50%,

08/01/2055

(k) 2,550

2,548

6.00%,

05/01/2041

6.00%,

01/01/2053

3,713

3,831

6.00%,

05/01/2053

1,227

1,258

6.00%,

11/01/2053

3,504

3,593

6.00%,

07/01/2054

2,741

2,811

6.00%,

08/01/2054

1,929

1,980

6.00%,

09/01/2054

2,810

2,881

6.00%,

08/01/2055

(k) 9,500

9,645

6.50%,

01/01/2038

6.50%,

01/01/2054

2,441

2,537

6.50%,

01/01/2054

2,681

2,797

6.50%,

02/01/2054

3,168

3,298

6.50%,

05/01/2054

1,047

1,087

6.50%,

08/01/2055

(k) 1,375

1,418

$

336,966

Government

National

Mortgage

Association

(GNMA)

-

.05

%

2.00%,

08/20/2050

4,062

3,310

2.00%,

01/20/2051

6,167

5,023

2.00%,

02/20/2051

5,644

4,600

2.00%,

05/20/2051

4,253

3,464

2.50%,

03/20/2028

2.50%,

07/20/2028

2.50%,

03/20/2031

2.50%,

05/20/2032

2.50%,

07/20/2043

2.50%,

06/20/2045

2.50%,

12/20/2046

2.50%,

01/20/2047

2.50%,

06/20/2050

6,522

5,566

2.50%,

05/20/2051

7,045

5,991

2.50%,

09/20/2051

7,152

6,079

3.00%,

07/20/2030

3.00%,

01/20/2031

3.00%,

07/20/2032

3.00%,

01/20/2033

3.00%,

10/15/2042

3.00%,

03/20/2043

3.00%,

04/20/2043

3.00%,

06/15/2043

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Government

National

Mortgage

Association

(GNMA)

(continued)

3.00%,

07/15/2043

$

$

3.00%,

08/15/2043

3.00%,

08/15/2043

3.00%,

11/15/2044

3.00%,

02/15/2045

3.00%,

05/20/2045

3.00%,

07/15/2045

3.00%,

07/20/2045

760

683

3.00%,

08/15/2045

3.00%,

08/20/2045

3.00%,

10/20/2045

3.00%,

11/20/2045

3.00%,

12/20/2045

3.00%,

01/20/2046

3.00%,

02/20/2046

3.00%,

03/20/2046

3.00%,

04/20/2046

3.00%,

05/20/2046

3.00%,

06/20/2046

3.00%,

07/20/2046

723

649

3.00%,

08/20/2046

3.00%,

09/20/2046

3.00%,

10/20/2046

3.00%,

11/20/2046

3.00%,

12/20/2046

3.00%,

01/20/2047

3.00%,

07/20/2047

3.00%,

10/20/2047

3.00%,

11/20/2047

3.00%,

12/20/2047

3.00%,

01/20/2048

3.00%,

02/20/2048

3.00%,

03/20/2048

3.00%,

11/20/2049

3,798

3,375

3.00%,

09/20/2051

4,472

3,961

3.50%,

09/20/2028

3.50%,

01/15/2043

3.50%,

03/20/2043

3.50%,

04/15/2043

3.50%,

04/20/2043

3.50%,

08/15/2043

3.50%,

08/20/2043

3.50%,

09/20/2043

3.50%,

07/20/2044

3.50%,

08/20/2044

3.50%,

09/20/2044

3.50%,

10/20/2044

3.50%,

11/20/2044

3.50%,

12/20/2044

3.50%,

02/20/2045

3.50%,

05/20/2045

3.50%,

06/20/2045

3.50%,

07/20/2045

3.50%,

08/20/2045

3.50%,

09/20/2045

3.50%,

10/20/2045

3.50%,

11/20/2045

3.50%,

12/20/2045

3.50%,

01/20/2046

3.50%,

02/20/2046

3.50%,

03/20/2046

1,069

992

3.50%,

04/20/2046

3.50%,

05/20/2046

3.50%,

06/20/2046

1,019

947

3.50%,

07/15/2046

3.50%,

07/20/2046

3.50%,

08/20/2046

550

511

3.50%,

09/20/2046

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Government

National

Mortgage

Association

(GNMA)

(continued)

3.50%,

10/20/2046

$

$

3.50%,

11/20/2046

3.50%,

12/20/2046

3.50%,

01/20/2047

3.50%,

02/20/2047

3.50%,

03/20/2047

3.50%,

04/20/2047

3.50%,

05/20/2047

3.50%,

06/20/2047

3.50%,

07/20/2047

1,645

1,521

3.50%,

08/20/2047

569

526

3.50%,

09/20/2047

3.50%,

10/20/2047

3.50%,

11/20/2047

3.50%,

12/20/2047

3.50%,

01/20/2048

3.50%,

02/20/2048

3.50%,

07/20/2048

4.00%,

08/15/2040

4.00%,

12/20/2040

4.00%,

08/15/2041

4.00%,

11/15/2041

4.00%,

03/15/2042

4.00%,

03/20/2042

4.00%,

04/20/2042

4.00%,

05/15/2042

4.00%,

10/20/2043

4.00%,

11/20/2043

4.00%,

02/20/2044

4.00%,

03/15/2044

4.00%,

05/20/2044

4.00%,

06/20/2044

4.00%,

07/20/2044

4.00%,

08/20/2044

4.00%,

09/20/2044

4.00%,

10/20/2044

4.00%,

11/20/2044

4.00%,

12/20/2044

4.00%,

01/20/2045

4.00%,

04/20/2045

4.00%,

05/15/2045

4.00%,

07/20/2045

4.00%,

08/20/2045

4.00%,

09/20/2045

4.00%,

10/20/2045

4.00%,

11/20/2045

4.00%,

12/15/2045

4.00%,

12/20/2045

4.00%,

01/20/2046

4.00%,

02/20/2046

4.00%,

04/20/2046

4.00%,

05/20/2046

4.00%,

07/20/2046

4.00%,

01/20/2047

4.00%,

02/20/2047

4.00%,

03/20/2047

4.00%,

05/20/2047

4.00%,

06/20/2047

4.00%,

07/20/2047

4.00%,

08/20/2047

4.00%,

10/20/2047

4.00%,

11/20/2047

927

874

4.00%,

04/20/2052

2,539

2,372

4.50%,

02/15/2039

4.50%,

05/15/2039

4.50%,

11/15/2039

4.50%,

04/15/2040

4.50%,

01/20/2041

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Government

National

Mortgage

Association

(GNMA)

(continued)

4.50%,

02/20/2041

$

$

4.50%,

03/20/2041

4.50%,

07/15/2041

4.50%,

05/20/2043

4.50%,

06/20/2043

4.50%,

10/20/2043

4.50%,

11/20/2043

4.50%,

03/20/2044

4.50%,

04/20/2044

4.50%,

05/20/2044

4.50%,

07/20/2044

4.50%,

12/20/2044

4.50%,

02/20/2045

4.50%,

03/20/2045

4.50%,

04/20/2045

4.50%,

06/20/2046

4.50%,

12/20/2046

4.50%,

02/20/2047

4.50%,

04/20/2047

4.50%,

06/15/2047

4.50%,

08/20/2047

4.50%,

10/20/2047

4.50%,

02/20/2048

740

722

4.50%,

05/20/2048

545

532

4.50%,

08/20/2048

4.50%,

10/20/2048

4.50%,

11/20/2048

4.50%,

12/20/2048

4.50%,

02/20/2049

2,331

2,277

4.50%,

05/20/2052

1,480

1,428

4.50%,

09/20/2052

2,781

2,685

4.50%,

06/20/2053

1,196

1,149

5.00%,

08/20/2041

5.00%,

04/20/2042

5.00%,

12/20/2042

5.00%,

07/20/2043

5.00%,

02/20/2044

5.00%,

03/20/2044

5.00%,

12/20/2045

5.00%,

03/20/2048

5.00%,

06/20/2048

584

585

5.00%,

10/20/2048

5.00%,

01/20/2053

5,513

5,441

5.00%,

04/20/2053

3,556

3,514

5.00%,

09/20/2053

663

652

5.50%,

01/15/2040

5.50%,

06/20/2040

5.50%,

01/20/2041

5.50%,

10/20/2042

5.50%,

09/20/2043

5.50%,

07/20/2055

(k) 14,680

14,699

6.00%,

04/15/2035

6.00%,

07/20/2053

2,992

3,054

6.00%,

07/20/2055

(k) 3,100

3,145

6.50%,

12/20/2052

3,860

3,977

$

114,145

U.S.

Treasury

-

.97

%

0.38%,

09/30/2027

4,520

4,197

0.50%,

04/30/2027

2,100

1,980

0.50%,

05/31/2027

3,290

3,095

0.50%,

06/30/2027

4,645

4,359

0.50%,

08/31/2027

5,260

4,911

0.50%,

10/31/2027

10,120

9,399

0.63%,

07/31/2026

4,210

4,062

0.63%,

03/31/2027

5,975

5,660

0.63%,

11/30/2027

4,645

4,318

0.63%,

12/31/2027

8,210

7,612

0.63%,

05/15/2030

12,025

10,346

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

(continued)

0.63%,

08/15/2030

$

21,135

$

18,025

0.75%,

08/31/2026

14,565

14,038

0.75%,

01/31/2028

7,610

7,060

0.88%,

09/30/2026

4,355

4,195

0.88%,

11/15/2030

15,755

13,514

1.00%,

07/31/2028

5,825

5,370

1.13%,

10/31/2026

3,635

3,505

1.13%,

02/28/2027

2,670

2,556

1.13%,

02/29/2028

5,895

5,513

1.13%,

08/31/2028

4,875

4,501

1.13%,

02/15/2031

11,515

9,963

1.13%,

05/15/2040

2,620

1,629

1.13%,

08/15/2040

1,655

1,018

1.25%,

11/30/2026

3,775

3,640

1.25%,

12/31/2026

3,175

3,056

1.25%,

03/31/2028

7,125

6,672

1.25%,

04/30/2028

6,000

5,608

1.25%,

05/31/2028

6,120

5,709

1.25%,

06/30/2028

4,550

4,236

1.25%,

09/30/2028

7,740

7,161

1.25%,

08/15/2031

8,315

7,113

1.25%,

05/15/2050

2,600

1,249

1.38%,

08/31/2026

3,400

3,301

1.38%,

10/31/2028

5,855

5,429

1.38%,

12/31/2028

4,880

4,508

1.38%,

11/15/2031

10,870

9,300

1.38%,

11/15/2040

1,610

1,026

1.38%,

08/15/2050

5,685

2,803

1.50%,

08/15/2026

3,015

2,934

1.50%,

01/31/2027

5,200

5,016

1.50%,

11/30/2028

6,695

6,222

1.50%,

02/15/2030

15,115

13,678

1.63%,

09/30/2026

1,265

1,230

1.63%,

10/31/2026

2,240

2,175

1.63%,

11/30/2026

7,960

7,717

1.63%,

08/15/2029

7,300

6,722

1.63%,

05/15/2031

10,330

9,111

1.63%,

11/15/2050

2,730

1,438

1.75%,

12/31/2026

8,315

8,064

1.75%,

01/31/2029

5,065

4,732

1.75%,

11/15/2029

4,890

4,503

1.75%,

08/15/2041

4,110

2,729

1.88%,

07/31/2026

4,170

4,077

1.88%,

02/28/2027

9,400

9,111

1.88%,

02/28/2029

3,895

3,650

1.88%,

02/15/2032

8,670

7,616

1.88%,

02/15/2041

1,245

856

1.88%,

02/15/2051

4,720

2,651

1.88%,

11/15/2051

4,600

2,559

2.00%,

11/15/2026

9,295

9,063

2.00%,

11/15/2041

4,010

2,758

2.00%,

02/15/2050

2,785

1,635

2.00%,

08/15/2051

5,315

3,064

2.25%,

02/15/2027

8,160

7,961

2.25%,

11/15/2027

8,485

8,205

2.25%,

05/15/2041

3,110

2,259

2.25%,

08/15/2046

3,195

2,093

2.25%,

08/15/2049

3,095

1,942

2.25%,

02/15/2052

4,015

2,452

2.38%,

05/15/2027

6,155

6,003

2.38%,

03/31/2029

3,685

3,511

2.38%,

05/15/2029

4,695

4,466

2.38%,

02/15/2042

1,865

1,357

2.38%,

11/15/2049

3,205

2,061

2.38%,

05/15/2051

4,540

2,879

2.50%,

03/31/2027

4,305

4,213

2.50%,

02/15/2045

1,550

1,091

2.50%,

02/15/2046

2,925

2,027

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

(continued)

2.50%,

05/15/2046

$

2,520

$

1,740

2.63%,

05/31/2027

3,330

3,261

2.63%,

02/15/2029

8,305

7,998

2.63%,

07/31/2029

2,325

2,227

2.75%,

04/30/2027

3,660

3,595

2.75%,

02/15/2028

5,775

5,638

2.75%,

05/31/2029

7,280

7,020

2.75%,

08/15/2032

10,275

9,479

2.75%,

08/15/2042

1,591

1,217

2.75%,

11/15/2042

2,165

1,649

2.75%,

08/15/2047

3,060

2,181

2.75%,

11/15/2047

2,945

2,094

2.88%,

05/15/2028

4,500

4,400

2.88%,

08/15/2028

6,030

5,882

2.88%,

04/30/2029

7,835

7,596

2.88%,

05/15/2032

10,930

10,198

2.88%,

05/15/2043

2,333

1,798

2.88%,

08/15/2045

2,145

1,604

2.88%,

11/15/2046

1,465

1,079

2.88%,

05/15/2049

3,415

2,451

2.88%,

05/15/2052

4,000

2,815

3.00%,

05/15/2042

1,200

958

3.00%,

11/15/2044

1,475

1,136

3.00%,

05/15/2045

1,845

1,413

3.00%,

11/15/2045

1,320

1,006

3.00%,

02/15/2047

3,115

2,339

3.00%,

05/15/2047

2,050

1,535

3.00%,

02/15/2048

2,990

2,222

3.00%,

08/15/2048

3,620

2,677

3.00%,

02/15/2049

3,200

2,358

3.00%,

08/15/2052

3,500

2,526

3.13%,

08/31/2027

6,040

5,966

3.13%,

11/15/2028

6,045

5,932

3.13%,

08/31/2029

3,885

3,791

3.13%,

11/15/2041

1,700

1,394

3.13%,

02/15/2042

805

657

3.13%,

02/15/2043

1,865

1,500

3.13%,

08/15/2044

3,045

2,401

3.13%,

05/15/2048

3.25%,

06/30/2029

2,055

2,017

3.25%,

05/15/2042

3,650

3,019

3.38%,

05/15/2033

7,870

7,502

3.38%,

08/15/2042

2,565

2,153

3.38%,

05/15/2044

2,350

1,933

3.38%,

11/15/2048

3,275

2,591

3.50%,

01/31/2028

3.50%,

04/30/2028

4,915

4,888

3.50%,

01/31/2030

2,375

2,347

3.50%,

02/15/2033

6,095

5,875

3.50%,

02/15/2039

1,030

930

3.63%,

05/31/2028

4,475

4,466

3.63%,

03/31/2030

6,035

5,992

3.63%,

08/15/2043

1,880

1,617

3.63%,

02/15/2044

1,755

1,503

3.63%,

02/15/2053

4,170

3,404

3.63%,

05/15/2053

3,440

2,806

3.75%,

06/30/2027

7,935

7,940

3.75%,

04/15/2028

8,510

8,521

3.75%,

06/30/2030

3,040

3,032

3.75%,

12/31/2030

3,960

3,940

3.75%,

08/15/2041

940

842

3.75%,

11/15/2043

1,935

1,691

3.88%,

03/31/2027

4,285

4,292

3.88%,

09/30/2029

3.88%,

11/30/2029

4,885

4,907

3.88%,

08/15/2033

8,305

8,178

3.88%,

08/15/2034

5,660

5,526

3.88%,

08/15/2040

1,569

1,444

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

(continued)

3.88%,

02/15/2043

$

3,170

$

2,838

3.88%,

05/15/2043

3,270

2,921

4.00%,

06/30/2028

7,340

7,403

4.00%,

10/31/2029

7,165

7,233

4.00%,

02/28/2030

8,115

8,194

4.00%,

05/31/2030

5,365

5,417

4.00%,

02/15/2034

8,510

8,421

4.00%,

11/15/2042

2,365

2,158

4.00%,

11/15/2052

4,335

3,791

4.13%,

01/31/2027

12,180

12,236

4.13%,

09/30/2027

4.13%,

10/31/2027

4,930

4,975

4.13%,

11/15/2027

4,570

4,612

4.13%,

02/29/2032

6,160

6,216

4.13%,

11/15/2032

8,220

8,277

4.13%,

08/15/2053

3,395

3,033

4.25%,

11/30/2026

2,950

2,965

4.25%,

12/31/2026

6,405

6,442

4.25%,

03/15/2027

5,405

5,446

4.25%,

06/30/2029

7,725

7,869

4.25%,

02/28/2031

4,605

4,694

4.25%,

11/15/2034

7,140

7,163

4.25%,

05/15/2035

2,390

2,394

4.25%,

05/15/2039

715

696

4.25%,

11/15/2040

1,245

1,193

4.25%,

02/15/2054

2,605

2,376

4.25%,

08/15/2054

3,490

3,187

4.38%,

07/31/2026

4,200

4,217

4.38%,

05/15/2034

7,800

7,922

4.38%,

02/15/2038

890

889

4.38%,

11/15/2039

920

902

4.38%,

05/15/2040

1,489

1,455

4.38%,

05/15/2041

1,655

1,604

4.38%,

08/15/2043

3,250

3,098

4.50%,

11/15/2033

8,965

9,209

4.50%,

02/15/2036

2,480

2,545

4.50%,

05/15/2038

710

718

4.50%,

08/15/2039

1,465

1,460

4.50%,

02/15/2044

1,310

1,266

4.50%,

11/15/2054

2,360

2,249

4.63%,

09/15/2026

3,445

3,473

4.63%,

02/15/2035

7,505

7,743

4.63%,

02/15/2040

1,120

1,127

4.63%,

05/15/2054

9,955

9,669

4.63%,

02/15/2055

4,290

4,176

4.75%,

02/15/2037

1,760

1,833

4.75%,

02/15/2041

1,375

1,393

4.75%,

02/15/2045

1,540

1,532

4.75%,

11/15/2053

4,065

4,028

4.75%,

05/15/2055

500

5.00%,

05/15/2037

1,130

1,202

5.25%,

02/15/2029

3,000

3,163

5.38%,

02/15/2031

3,616

3,889

6.13%,

11/15/2027

2,225

2,347

6.13%,

08/15/2029

900

981

6.25%,

05/15/2030

1,500

1,662

6.38%,

08/15/2027

1,830

1,929

$

847,996

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

1,319,906

Total

Investments

$

1,910,792

Other

Assets

and

Liabilities

- (1.32)%

(24,881)

TOTAL

NET

ASSETS

-

100.00%

$

1,885,911

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4,061

or

0.22%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$3,906

or

0.21%

of

net

assets.

(e) Security

purchased

on

a

when-issued

basis.

(f) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(g) Non-income

producing

security

(h) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(i) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$3,628

or

0.19%

of

net

assets.

(j) Credit

support

indicates

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution,

or

government

agency.

(k) Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

Schedule

of

Investments

Bond

Market

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

46,078

$

318,639

$

326,557

$

38,160

$

46,078

$

318,639

$

326,557

$

38,160

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

681

$

—

$

—

$

—

$

681

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.60

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.36

%

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

221,000

$

8,290

Vanguard

Short-Term

Corporate

Bond

ETF

37,000

2,941

$

11,231

Money

Market

Funds

-

.24

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

1,314,276

1,314

Principal

Government

Money

Market

Fund

-

Class

4.21%

(a),(c)

3,377,689

3,378

$

4,692

TOTAL

INVESTMENT

COMPANIES

$

15,923

BONDS

-

.32

%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

.56

%

Boeing

Co/The

2.20%,

02/04/2026

$

1,455

$

1,432

5.15%,

05/01/2030

5.81%,

05/01/2050

6.26%,

05/01/2027

Bombardier

Inc

6.75%,

06/15/2033

(d) 20

7.25%,

07/01/2031

(d) 15

7.50%,

02/01/2029

(d) 50

8.75%,

11/15/2030

(d) 80

Northrop

Grumman

Corp

4.95%,

03/15/2053

5.25%,

07/15/2035

(e) 165

RTX

Corp

3.03%,

03/15/2052

6.10%,

03/15/2034

6.40%,

03/15/2054

TransDigm

Inc

6.38%,

03/01/2029

(d) 100

Triumph

Group

Inc

9.00%,

03/15/2028

(d) 70

$

3,259

Agriculture

-

.98

%

BAT

Capital

Corp

4.54%,

08/15/2047

4.76%,

09/06/2049

5.35%,

08/15/2032

5.83%,

02/20/2031

7.08%,

08/02/2053

BAT

International

Finance

PLC

5.93%,

02/02/2029

JBS

USA

LUX

Sarl

/

JBS

USA

Food

Co

/

JBS

USA

Foods

Group

5.95%,

04/20/2035

(d) 200

Philip

Morris

International

Inc

4.13%,

04/28/2028

4.38%,

04/30/2030

4.63%,

11/01/2029

4.88%,

04/30/2035

Reynolds

American

Inc

5.70%,

08/15/2035

$

2,060

Airlines

-

.99

%

American

Airlines

Inc

8.50%,

05/15/2029

(d),(e)

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd

5.75%,

04/20/2029

(d) 5

AS

Mileage

Plan

IP

Ltd

5.02%,

10/20/2029

(d) 320

5.31%,

10/20/2031

(d) 145

Delta

Air

Lines

Inc

/

SkyMiles

IP

Ltd

4.50%,

10/20/2025

(d) 43

4.75%,

10/20/2028

(d) 1,000

1,002

United

Airlines

2024-1

Class

A

Pass

Through

Trust

5.88%,

08/15/2038

511

508

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Airlines

(continued)

United

Airlines

Inc

4.38%,

04/15/2026

(d) $

$

$

2,075

Automobile

Asset

Backed

Securities

-

.12

%

Ally

Auto

Receivables

Trust

2023-1

5.46%,

05/15/2028

AmeriCredit

Automobile

Receivables

Trust

2022-2

4.38%,

04/18/2028

AmeriCredit

Automobile

Receivables

Trust

2023-2

6.19%,

04/19/2027

AmeriCredit

Automobile

Receivables

Trust

2024-1

4.90%,

02/18/2028

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.60%

5.75%,

02/18/2028

AutoNation

Finance

Trust

2025-1

5.63%,

09/10/2032

(d) 200

BMW

Vehicle

Owner

Trust

2024-A

5.42%,

02/25/2027

BofA

Auto

Trust

2025-1

4.85%,

11/22/2027

(d) 180

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.55%

Carmax

Auto

Owner

Trust

2024-3

5.21%,

09/15/2027

Chase

Auto

Owner

Trust

2024-1

5.48%,

04/26/2027

(d) 103

Chase

Auto

Owner

Trust

2024-2

5.66%,

05/26/2027

(d) 138

Chase

Auto

Owner

Trust

2024-4

5.25%,

09/27/2027

(d) 247

Chase

Auto

Owner

Trust

2024-5

4.18%,

08/27/2029

(d) 555

554

Drive

Auto

Receivables

Trust

2024-2

4.94%,

12/15/2027

Ford

Credit

Floorplan

Master

Owner

Trust

A

4.30%,

09/15/2029

(d) 200

GM

Financial

Automobile

Leasing

Trust

2024-1

5.18%,

06/22/2026

GM

Financial

Automobile

Leasing

Trust

2024-3

4.21%,

10/20/2027

4.77%,

01/20/2027

519

519

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.47%

Gm

Financial

Automobile

Leasing

Trust

2025-2

4.80%,

07/20/2027

675

676

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.50%

GM

Financial

Consumer

Automobile

Receivables

Trust

2023-3

5.45%,

06/16/2028

Mercedes-Benz

Auto

Lease

Trust

2024-A

5.44%,

02/16/2027

Mercedes-Benz

Auto

Lease

Trust

2025-A

4.82%,

04/17/2028

575

576

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.52%

Nissan

Auto

Lease

Trust

2023-B

5.69%,

07/15/2026

Nissan

Auto

Receivables

2025-A

Owner

Trust

4.75%,

02/15/2028

675

676

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.45%

Porsche

Innovative

Lease

Owner

Trust

2024-1

4.84%,

01/20/2027

(d) 471

Santander

Drive

Auto

Receivables

Trust

2023-4

5.73%,

04/17/2028

689

691

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

(continued)

Santander

Drive

Auto

Receivables

Trust

2024-1

5.25%,

04/17/2028

$

$

Santander

Drive

Auto

Receivables

Trust

2024-2

5.80%,

09/15/2027

Santander

Drive

Auto

Receivables

Trust

2024-3

5.91%,

06/15/2027

Santander

Drive

Auto

Receivables

Trust

2024-4

5.41%,

07/15/2027

Santander

Drive

Auto

Receivables

Trust

2025-1

4.76%,

08/16/2027

Santander

Drive

Auto

Receivables

Trust

2025-2

4.71%,

06/15/2028

500

500

Tesla

Electric

Vehicle

Trust

2023-1

5.54%,

12/21/2026

(d) 135

Toyota

Lease

Owner

Trust

2024-B

4.21%,

09/20/2027

(d) 475

USB

Auto

Owner

Trust

2025-1

5.40%,

12/15/2032

(d) 200

Wheels

Fleet

Lease

Funding

LLC

4.99%,

01/18/2040

(d) 615

615

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.67%

$

10,714

Automobile

Manufacturers

-

.66

%

Ford

Motor

Credit

Co

LLC

5.80%,

03/08/2029

675

676

6.13%,

03/08/2034

Hyundai

Capital

America

5.25%,

01/08/2027

(d) 290

5.30%,

06/24/2029

(d) 125

6.50%,

01/16/2029

(d) 80

$

1,375

Automobile

Parts

&

Equipment

-

.09

%

Dana

Inc

5.38%,

11/15/2027

Phinia

Inc

6.75%,

04/15/2029

(d) 35

Tenneco

Inc

8.00%,

11/17/2028

(d) 40

$

Banks

-

.58

%

AIB

Group

PLC

5.32%,

05/15/2031

(d),(f)

Secured

Overnight

Financing

Rate

+

1.65%

5.87%,

03/28/2035

(d),(f)

Secured

Overnight

Financing

Rate

+

1.91%

Banco

Santander

SA

5.37%,

07/15/2028

(f) 400

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.95%

Bank

of

America

Corp

1.73%,

07/22/2027

(f) 430

Secured

Overnight

Financing

Rate

+

0.96%

2.68%,

06/19/2041

(f) 680

Secured

Overnight

Financing

Rate

+

1.93%

2.69%,

04/22/2032

(f) 105

Secured

Overnight

Financing

Rate

+

1.32%

3.85%,

03/08/2037

(f) 50

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

Bank

of

Montreal

3.80%,

12/15/2032

(f) 395

USD

Swap

Semi-Annual

Year

+

1.43%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Barclays

PLC

2.28%,

11/24/2027

(f) $

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.05%

5.34%,

09/10/2035

(f) 215

Secured

Overnight

Financing

Rate

+

1.91%

BNP

Paribas

SA

4.79%,

05/09/2029

(d),(f)

Secured

Overnight

Financing

Rate

+

1.45%

BPCE

SA

5.39%,

05/28/2031

(d),(f)

Secured

Overnight

Financing

Rate

+

1.58%

5.88%,

01/14/2031

(d),(f)

Secured

Overnight

Financing

Rate

+

1.68%

6.29%,

01/14/2036

(d),(f)

Secured

Overnight

Financing

Rate

+

2.04%

CaixaBank

SA

4.63%,

07/03/2029

(d),(f),(g)

Secured

Overnight

Financing

Rate

+

1.14%

5.58%,

07/03/2036

(d),(f),(g)

Secured

Overnight

Financing

Rate

+

1.79%

Cooperatieve

Rabobank

UA

4.99%,

05/27/2031

(d),(f)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.92%

Danske

Bank

A/S

4.61%,

10/02/2030

(d),(f)

600

598

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.10%

5.02%,

03/04/2031

(d),(f)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.93%

Deutsche

Bank

AG/New

York

NY

5.30%,

05/09/2031

(f) 225

Secured

Overnight

Financing

Rate

+

1.72%

5.71%,

02/08/2028

(f) 415

Secured

Overnight

Financing

Rate

+

1.59%

Goldman

Sachs

Group

Inc/The

5.02%,

10/23/2035

(f) 395

Secured

Overnight

Financing

Rate

+

1.42%

5.21%,

01/28/2031

(f) 540

553

Secured

Overnight

Financing

Rate

+

1.08%

5.22%,

04/23/2031

(f) 560

574

Secured

Overnight

Financing

Rate

+

1.58%

5.54%,

01/28/2036

(f) 150

Secured

Overnight

Financing

Rate

+

1.38%

5.56%,

11/19/2045

(f) 155

Secured

Overnight

Financing

Rate

+

1.58%

5.73%,

01/28/2056

(f) 170

Secured

Overnight

Financing

Rate

+

1.70%

HSBC

Holdings

PLC

5.24%,

05/13/2031

(f) 310

Secured

Overnight

Financing

Rate

+

1.57%

5.60%,

05/17/2028

(f) 570

581

Secured

Overnight

Financing

Rate

+

1.06%

5.79%,

05/13/2036

(f) 400

Secured

Overnight

Financing

Rate

+

1.88%

Huntington

Bancshares

Inc/OH

5.27%,

01/15/2031

(f) 380

Secured

Overnight

Financing

Rate

+

1.28%

5.71%,

02/02/2035

(f) 675

690

Secured

Overnight

Financing

Rate

+

1.87%

JPMorgan

Chase

&

Co

4.91%,

07/25/2033

(f) 705

709

Secured

Overnight

Financing

Rate

+

2.08%

4.95%,

10/22/2035

(f) 180

Secured

Overnight

Financing

Rate

+

1.34%

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

JPMorgan

Chase

&

Co

(continued)

5.14%,

01/24/2031

(f) $

$

Secured

Overnight

Financing

Rate

+

1.01%

5.34%,

01/23/2035

(f) 95

Secured

Overnight

Financing

Rate

+

1.62%

6.50%,

04/01/2030

(f),(h)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.15%

KeyBank

NA/Cleveland

OH

5.00%,

01/26/2033

KeyCorp

5.12%,

04/04/2031

(f) 475

Secured

Overnight

Financing

Rate

+

1.23%

Mizuho

Financial

Group

Inc

5.38%,

05/26/2030

(f) 485

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.12%

Morgan

Stanley

0.99%,

12/10/2026

(f) 2,211

2,176

Secured

Overnight

Financing

Rate

+

0.72%

2.48%,

09/16/2036

(f) 225

Secured

Overnight

Financing

Rate

+

1.36%

5.19%,

04/17/2031

(f) 480

Secured

Overnight

Financing

Rate

+

1.51%

5.23%,

01/15/2031

(f) 260

Secured

Overnight

Financing

Rate

+

1.11%

5.32%,

07/19/2035

(f) 1,125

1,139

Secured

Overnight

Financing

Rate

+

1.56%

5.52%,

11/19/2055

(f) 120

Secured

Overnight

Financing

Rate

+

1.71%

5.66%,

04/17/2036

(f) 115

Secured

Overnight

Financing

Rate

+

1.76%

NatWest

Group

PLC

5.12%,

05/23/2031

(f) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.05%

NatWest

Markets

PLC

4.79%,

03/21/2028

(d) 200

PNC

Financial

Services

Group

Inc/The

4.90%,

05/13/2031

(f) 590

598

Secured

Overnight

Financing

Rate

+

1.33%

5.40%,

07/23/2035

(f) 130

Secured

Overnight

Financing

Rate

+

1.60%

5.58%,

01/29/2036

(f) 230

Secured

Overnight

Financing

Rate

+

1.39%

5.68%,

01/22/2035

(f) 635

660

Secured

Overnight

Financing

Rate

+

1.90%

6.88%,

10/20/2034

(f) 205

Secured

Overnight

Financing

Rate

+

2.28%

Scotiabank

Peru

SAA

6.10%,

10/01/2035

(d),(f),(g)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.31%

State

Street

Corp

4.54%,

04/24/2028

(f) 270

Secured

Overnight

Financing

Rate

+

0.95%

Truist

Bank

4.67%,

05/20/2027

(f) 250

Secured

Overnight

Financing

Rate

+

0.59%

Truist

Financial

Corp

5.44%,

01/24/2030

(f) 580

597

Secured

Overnight

Financing

Rate

+

1.62%

7.16%,

10/30/2029

(f) 100

Secured

Overnight

Financing

Rate

+

2.45%

UBS

Group

AG

5.43%,

02/08/2030

(d),(f)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.52%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

UniCredit

SpA

1.98%,

06/03/2027

(d),(f)

$

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.20%

US

Bancorp

5.05%,

02/12/2031

(f) 215

Secured

Overnight

Financing

Rate

+

1.06%

5.08%,

05/15/2031

(f) 280

Secured

Overnight

Financing

Rate

+

1.30%

5.10%,

07/23/2030

(f) 395

Secured

Overnight

Financing

Rate

+

1.25%

5.42%,

02/12/2036

(f) 155

Secured

Overnight

Financing

Rate

+

1.41%

5.68%,

01/23/2035

(f) 550

571

Secured

Overnight

Financing

Rate

+

1.86%

Westpac

Banking

Corp

4.11%,

07/24/2034

(f) 525

507

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

$

24,260

Biotechnology

-

.32

%

Amgen

Inc

4.56%,

06/15/2048

5.60%,

03/02/2043

CSL

Finance

PLC

4.75%,

04/27/2052

(d) 240

$

669

Building

Materials

-

.43

%

AmeriTex

HoldCo

Intermediate

LLC

10.25%,

10/15/2028

(d) 275

Cemex

SAB

de

CV

7.20%,

06/10/2030

(d),(f),(h)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.52%

Miter

Brands

Acquisition

Holdco

Inc

/

MIWD

Borrower

LLC

6.75%,

04/01/2032

(d) 15

Quikrete

Holdings

Inc

6.38%,

03/01/2032

(d) 35

6.75%,

03/01/2033

(d) 40

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/01/2028

(d) 318

$

904

Chemicals

-

.73

%

Consolidated

Energy

Finance

SA

5.63%,

10/15/2028

(d) 260

6.50%,

05/15/2026

(d) 150

Ecolab

Inc

2.70%,

12/15/2051

International

Flavors

&

Fragrances

Inc

1.83%,

10/15/2027

(d) 320

3.47%,

12/01/2050

(d) 50

OCP

SA

6.75%,

05/02/2034

(d) 200

Olympus

Water

US

Holding

Corp

4.25%,

10/01/2028

(d) 275

Vibrantz

Technologies

Inc

9.00%,

02/15/2030

(d) 158

$

1,524

Commercial

Mortgage

Backed

Securities

-

.99

%

ALA

Trust

2025-OANA

6.04%,

06/15/2040

(d) 300

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.74%

BBCMS

Mortgage

Trust

2024-5C29

5.21%,

09/15/2057

2,000

2,040

BBCMS

Mortgage

Trust

2025-5C33

6.17%,

03/15/2058

(i) 500

524

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

Benchmark

2019-B15

Mortgage

Trust

3.56%,

12/15/2072

$

$

Benchmark

2021-B25

Mortgage

Trust

2.58%,

04/15/2054

BPR

Trust

2024-PMDW

5.36%,

11/05/2041

(d),(i)

900

914

BSTN

Commercial

Mortgage

Trust

2025-1C

5.55%,

06/15/2044

(d),(i)

1,000

1,022

BX

2025-BIO3

Mortgage

Trust

6.14%,

02/10/2042

(d) 500

513

BX

Trust

2025-VLT6

5.75%,

03/15/2042

(d) 1,000

999

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.44%

ELM

Trust

2024-ELM

5.99%,

06/10/2039

(d),(i)

850

859

GS

Mortgage

Securities

Trust

2011-GC5

0.09%,

08/10/2044

(d),(i),(j)

839

GS

Mortgage

Securities

Trust

2015-GC34

3.51%,

10/10/2048

GS

Mortgage

Securities

Trust

2020-GSA2

2.01%,

12/12/2053

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C24

4.70%,

11/15/2047

(i) 500

MSC

Trust

2021-ILP

5.20%,

11/15/2036

(d) 748

747

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.89%

ORL

Trust

2024-GLKS

5.80%,

12/15/2039

(d) 500

500

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.49%

SMRT

2022-MINI

5.31%,

01/15/2039

(d) 150

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.00%

SREIT

Trust

2021-MFP

5.16%,

11/15/2038

(d) 419

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.85%

$

10,457

Commercial

Services

-

.56

%

DP

World

Ltd/United

Arab

Emirates

6.85%,

07/02/2037

EquipmentShare.com

Inc

8.00%,

03/15/2033

(d) 75

8.63%,

05/15/2032

(d) 40

9.00%,

05/15/2028

(d) 50

Garda

World

Security

Corp

6.00%,

06/01/2029

(d) 145

8.38%,

11/15/2032

(d) 95

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

6.25%,

01/15/2028

(d) 32

Veritiv

Operating

Co

10.50%,

11/30/2030

(d) 90

WASH

Multifamily

Acquisition

Inc

5.75%,

04/15/2026

(d) 270

Williams

Scotsman

Inc

4.63%,

08/15/2028

(d) 65

ZipRecruiter

Inc

5.00%,

01/15/2030

(d) 215

$

1,168

Computers

-

.92

%

Apple

Inc

3.95%,

08/08/2052

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Computers

(continued)

Hewlett

Packard

Enterprise

Co

4.55%,

10/15/2029

$

740

$

736

5.00%,

10/15/2034

5.60%,

10/15/2054

International

Business

Machines

Corp

5.70%,

02/10/2055

McAfee

Corp

7.38%,

02/15/2030

(d) 155

NCR

Atleos

Corp

9.50%,

04/01/2029

(d) 95

Seagate

HDD

Cayman

9.63%,

12/01/2032

$

1,925

Consumer

Products

-

.02

%

Kronos

Acquisition

Holdings

Inc

8.25%,

06/30/2031

(d) 45

Credit

Card

Asset

Backed

Securities

-

.51

%

American

Express

Credit

Account

Master

Trust

3.75%,

08/15/2027

625

624

4.87%,

05/15/2028

5.23%,

09/15/2028

1,000

1,011

5.24%,

04/15/2031

955

993

BA

Credit

Card

Trust

5.00%,

04/15/2028

550

551

Capital

One

Multi-Asset

Execution

Trust

4.42%,

05/15/2028

630

631

Citibank

Credit

Card

Issuance

Trust

3.96%,

10/13/2030

500

5.23%,

12/08/2027

Discover

Card

Execution

Note

Trust

3.56%,

07/15/2027

610

610

4.31%,

03/15/2028

1,025

1,024

5.03%,

10/15/2027

630

631

WF

Card

Issuance

Trust

4.34%,

05/15/2030

$

7,352

Diversified

Financial

Services

-

.00

%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

2.45%,

10/29/2026

560

546

3.00%,

10/29/2028

3.40%,

10/29/2033

6.95%,

03/10/2055

(f) 345

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%

Air

Lease

Corp

1.88%,

08/15/2026

Aircastle

Ltd

5.95%,

02/15/2029

(d) 355

Aircastle

Ltd

/

Aircastle

Ireland

DAC

5.75%,

10/01/2031

(d) 205

Aviation

Capital

Group

LLC

1.95%,

09/20/2026

(d) 650

629

Charles

Schwab

Corp/The

5.85%,

05/19/2034

(f) 125

Secured

Overnight

Financing

Rate

+

2.50%

Citadel

Securities

Global

Holdings

LLC

5.50%,

06/18/2030

(d) 500

506

Credit

Acceptance

Corp

6.63%,

03/15/2030

(d) 195

9.25%,

12/15/2028

(d) 70

Freedom

Mortgage

Holdings

LLC

9.13%,

05/15/2031

(d) 155

Global

Aircraft

Leasing

Co

Ltd

8.75%,

09/01/2027

(d) 200

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

ILFC

E-Capital

Trust

II

6.68%,

12/21/2065

(d) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.00%

Jane

Street

Group

/

JSG

Finance

Inc

4.50%,

11/15/2029

(d) 190

6.13%,

11/01/2032

(d) 395

6.75%,

05/01/2033

(d) 100

Nuveen

LLC

5.55%,

01/15/2030

(d) 375

OneMain

Finance

Corp

3.50%,

01/15/2027

4.00%,

09/15/2030

6.63%,

01/15/2028

7.13%,

11/15/2031

7.50%,

05/15/2031

Rfna

LP

7.88%,

02/15/2030

(d) 60

Rocket

Cos

Inc

6.13%,

08/01/2030

(d) 70

SLM

Corp

3.13%,

11/02/2026

TrueNoord

Capital

DAC

8.75%,

03/01/2030

(d) 105

$

6,274

Electric

-

.01

%

AEP

Transmission

Co

LLC

5.38%,

06/15/2035

(e) 80

AES

Corp/The

2.45%,

01/15/2031

(e) 125

Alabama

Power

Co

3.13%,

07/15/2051

5.10%,

04/02/2035

Alliant

Energy

Finance

LLC

5.40%,

06/06/2027

(d) 535

541

5.95%,

03/30/2029

(d) 95

Atlantica

Sustainable

Infrastructure

Ltd

4.13%,

06/15/2028

(d) 255

Berkshire

Hathaway

Energy

Co

4.60%,

05/01/2053

California

Buyer

Ltd

/

Atlantica

Sustainable

Infrastructure

PLC

6.38%,

02/15/2032

(d) 235

Clearway

Energy

Operating

LLC

3.75%,

02/15/2031

(d) 35

3.75%,

01/15/2032

(d) 110

4.75%,

03/15/2028

(d) 115

CMS

Energy

Corp

6.50%,

06/01/2055

(f) 425

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.96%

Commonwealth

Edison

Co

4.00%,

03/01/2049

Consolidated

Edison

Co

of

New

York

Inc

5.90%,

11/15/2053

Consumers

Energy

Co

5.05%,

05/15/2035

DTE

Energy

Co

5.20%,

04/01/2030

Duke

Energy

Carolinas

LLC

3.75%,

06/01/2045

Duke

Energy

Florida

LLC

6.20%,

11/15/2053

FirstEnergy

Corp

2.25%,

09/01/2030

Indianapolis

Power

&

Light

Co

5.70%,

04/01/2054

(d) 180

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Interstate

Power

and

Light

Co

5.60%,

06/29/2035

$

$

Lightning

Power

LLC

7.25%,

08/15/2032

(d) 130

MidAmerican

Energy

Co

3.15%,

04/15/2050

Monongahela

Power

Co

3.55%,

05/15/2027

(d) 215

Narragansett

Electric

Co/The

3.92%,

08/01/2028

(d) 185

NextEra

Energy

Capital

Holdings

Inc

5.45%,

03/15/2035

5.75%,

09/01/2025

6.38%,

08/15/2055

(f) 250

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.05%

6.70%,

09/01/2054

(f) 335

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.36%

NRG

Energy

Inc

3.63%,

02/15/2031

(d) 65

3.88%,

02/15/2032

(d) 85

Pacific

Gas

and

Electric

Co

3.25%,

06/01/2031

4.20%,

06/01/2041

5.55%,

05/15/2029

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

4.00%,

06/30/2050

(d) 250

Pinnacle

West

Capital

Corp

4.90%,

05/15/2028

Public

Service

Co

of

Colorado

5.25%,

04/01/2053

Saavi

Energia

Sarl

8.88%,

02/10/2035

(d) 200

Southern

Co/The

5.70%,

03/15/2034

525

549

Southwestern

Public

Service

Co

6.00%,

06/01/2054

Trans-Allegheny

Interstate

Line

Co

5.00%,

01/15/2031

(d) 55

Vistra

Corp

7.00%,

12/15/2026

(d),(f),(h)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.74%

Vistra

Operations

Co

LLC

4.38%,

05/01/2029

(d) 65

WEC

Energy

Group

Inc

5.00%,

09/27/2025

Xcel

Energy

Inc

4.75%,

03/21/2028

5.45%,

08/15/2033

$

8,405

Electrical

Components

&

Equipment

-

.02

%

WESCO

Distribution

Inc

7.25%,

06/15/2028

(d) 43

Engineering

&

Construction

-

.10

%

ATP

Tower

Holdings

/

Andean

Telecom

Partners

Chile

SpA

/

Andean

Tower

Partners

Colombia

SAS

7.88%,

02/03/2030

(d) 200

Entertainment

-

.59

%

Caesars

Entertainment

Inc

4.63%,

10/15/2029

(d),(e)

6.50%,

02/15/2032

(d) 165

CCM

Merger

Inc

6.38%,

05/01/2026

(d) 170

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Entertainment

(continued)

Cinemark

USA

Inc

5.25%,

07/15/2028

(d) $

$

7.00%,

08/01/2032

(d) 80

Warnermedia

Holdings

Inc

3.76%,

03/15/2027

5.05%,

03/15/2042

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp

7.13%,

02/15/2031

(d),(e)

$

1,234

Environmental

Control

-

.18

%

Madison

IAQ

LLC

4.13%,

06/30/2028

(d) 90

Waste

Connections

Inc

5.25%,

09/01/2035

Waste

Management

Inc

4.95%,

03/15/2035

$

Food

-

.50

%

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

4.63%,

01/15/2027

(d) 85

B&G

Foods

Inc

5.25%,

09/15/2027

(e) 20

8.00%,

09/15/2028

(d) 45

Chobani

Holdco

II

LLC

8.75%,

PIK

9.50%;

10/01/2029

(d),(i),(k)

Chobani

LLC

/

Chobani

Finance

Corp

Inc

7.63%,

07/01/2029

(d) 145

Fiesta

Purchaser

Inc

7.88%,

03/01/2031

(d) 80

JBS

USA

Holding

Lux

Sarl

/

JBS

USA

Foods

Group

Holdings

Inc

/

JBS

USA

Food

Co

6.38%,

04/15/2066

(d),(g)

JBS

USA

Holding

Lux

Sarl/

JBS

USA

Food

Co/

JBS

Lux

Co

Sarl

4.38%,

02/02/2052

526

5.13%,

02/01/2028

735

750

JBS

USA

LUX

Sarl

/

JBS

USA

Food

Co

/

JBS

USA

Foods

Group

6.38%,

02/25/2055

(d) 125

Mars

Inc

4.80%,

03/01/2030

(d) 95

5.20%,

03/01/2035

(d) 540

547

5.70%,

05/01/2055

(d) 398

Post

Holdings

Inc

5.50%,

12/15/2029

(d) 70

$

3,137

Forest

Products

&

Paper

-

.16

%

Celulosa

Arauco

y

Constitucion

SA

6.18%,

05/05/2032

(d) 250

Mercer

International

Inc

5.13%,

02/01/2029

12.88%,

10/01/2028

(d) 45

$

Gas

-

.59

%

Boston

Gas

Co

5.84%,

01/10/2035

(d) 100

NiSource

Inc

0.95%,

08/15/2025

5.25%,

03/30/2028

6.95%,

11/30/2054

(f) 310

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.45%

Southern

California

Gas

Co

5.05%,

09/01/2034

6.00%,

06/15/2055

$

1,241

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

-

.66

%

Acadia

Healthcare

Co

Inc

5.00%,

04/15/2029

(d),(e)

$

$

7.38%,

03/15/2033

(d) 20

Centene

Corp

2.63%,

08/01/2031

3.38%,

02/15/2030

4.25%,

12/15/2027

CHS/Community

Health

Systems

Inc

5.63%,

03/15/2027

(d) 75

HCA

Inc

5.45%,

04/01/2031

LifePoint

Health

Inc

8.38%,

02/15/2032

(d) 70

Star

Parent

Inc

9.00%,

10/01/2030

(d) 85

UnitedHealth

Group

Inc

4.75%,

05/15/2052

5.75%,

07/15/2064

$

1,378

Home

Builders

-

.04

%

Adams

Homes

Inc

9.25%,

10/15/2028

(d) 85

Home

Equity

Asset

Backed

Securities

-

.02

%

Saxon

Asset

Securities

Trust

2004-1

1.54%,

03/25/2035

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.81%

Insurance

-

.61

%

American

International

Group

Inc

4.85%,

05/07/2030

5.45%,

05/07/2035

Aon

North

America

Inc

5.45%,

03/01/2034

5.75%,

03/01/2054

Arch

Capital

Finance

LLC

4.01%,

12/15/2026

Arthur

J

Gallagher

&

Co

2.40%,

11/09/2031

5.15%,

02/15/2035

5.55%,

02/15/2055

Athene

Global

Funding

4.86%,

08/27/2026

(d) 245

Brown

&

Brown

Inc

4.70%,

06/23/2028

4.90%,

06/23/2030

5.55%,

06/23/2035

6.25%,

06/23/2055

Corebridge

Financial

Inc

5.75%,

01/15/2034

Equitable

America

Global

Funding

4.95%,

06/09/2030

(d) 235

F&G

Global

Funding

5.88%,

06/10/2027

(d) 220

GA

Global

Funding

Trust

4.40%,

09/23/2027

(d) 275

Markel

Group

Inc

6.00%,

05/16/2054

Marsh

&

McLennan

Cos

Inc

6.25%,

11/01/2052

MetLife

Inc

5.00%,

07/15/2052

5.30%,

12/15/2034

Northwestern

Mutual

Life

Insurance

Co/The

6.17%,

05/29/2055

(d) 120

Reinsurance

Group

of

America

Inc

5.75%,

09/15/2034

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Teachers

Insurance

&

Annuity

Association

of

America

4.27%,

05/15/2047

(d) $

$

$

3,383

Internet

-

.38

%

Cogent

Communications

Group

LLC

/

Cogent

Finance

Inc

7.00%,

06/15/2027

(d) 15

Meituan

4.63%,

10/02/2029

(d) 300

Meta

Platforms

Inc

4.45%,

08/15/2052

5.40%,

08/15/2054

$

792

Investment

Companies

-

.10

%

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

3.38%,

06/15/2026

(d) 7

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.38%,

02/01/2029

5.25%,

05/15/2027

$

Leisure

Products

&

Services

-

.08

%

NCL

Finance

Ltd

6.13%,

03/15/2028

(d) 80

Royal

Caribbean

Cruises

Ltd

5.38%,

07/15/2027

(d) 80

$

Lodging

-

.19

%

Sands

China

Ltd

3.80%,

01/08/2026

Wynn

Macau

Ltd

5.63%,

08/26/2028

(d) 200

$

Machinery

-

Diversified

-

.20

%

Maxim

Crane

Works

Holdings

Capital

LLC

11.50%,

09/01/2028

(d) 140

Westinghouse

Air

Brake

Technologies

Corp

4.90%,

05/29/2030

$

Media

-

.72

%

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.50%,

08/15/2030

(d) 55

5.38%,

06/01/2029

(d) 70

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.90%,

06/01/2052

6.10%,

06/01/2029

6.15%,

11/10/2026

6.55%,

06/01/2034

Comcast

Corp

2.94%,

11/01/2056

5.35%,

05/15/2053

Directv

Financing

LLC

8.88%,

02/01/2030

(d) 110

Directv

Financing

LLC

/

Directv

Financing

Co-

Obligor

Inc

5.88%,

08/15/2027

(d) 2

10.00%,

02/15/2031

(d) 5

DISH

DBS

Corp

5.25%,

12/01/2026

(d) 16

DISH

Network

Corp

11.75%,

11/15/2027

(d) 126

iHeartCommunications

Inc

4.75%,

01/15/2028

(d) 15

Paramount

Global

4.20%,

05/19/2032

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

(continued)

Sinclair

Television

Group

Inc

8.13%,

02/15/2033

(d) $

$

$

1,499

Mining

-

.41

%

Glencore

Funding

LLC

5.19%,

04/01/2030

(d) 210

5.37%,

04/04/2029

(d) 175

6.13%,

10/06/2028

(d) 200

New

Gold

Inc

6.88%,

04/01/2032

(d) 40

Taseko

Mines

Ltd

8.25%,

05/01/2030

(d) 210

$

864

Mortgage

Backed

Securities

-

.22

%

Fannie

Mae

REMICS

1.58%,

12/25/2049

(j) 2,050

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.63%,

08/25/2049

(j) 1,919

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.68%,

02/25/2043

(j) 105

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.99%

1.68%,

08/25/2043

(j) 336

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.99%

1.73%,

12/25/2042

(j) 1,301

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.04%

1.73%,

01/25/2048

(j) 495

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.04%

1.78%,

03/25/2048

(j) 660

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.09%

1.78%,

06/25/2048

(j) 698

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.09%

3.00%,

04/25/2027

(j) 16

—

3.00%,

09/25/2050

(j) 764

3.50%,

11/25/2027

(j) 11

—

Freddie

Mac

REMICS

1.63%,

10/15/2046

(j) 869

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.73%,

06/25/2050

(j) 711

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.04%

3.00%,

05/15/2027

(j) 10

—

3.00%,

10/15/2027

(j) 10

—

4.87%,

05/15/2049

725

704

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.56%

Ginnie

Mae

1.07%,

05/20/2042

(j) 408

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.39%

1.62%,

12/16/2043

(j) 748

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.94%

1.67%,

11/20/2041

(j) 116

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

1.67%,

06/20/2046

(j) 255

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Ginnie

Mae

(continued)

1.67%,

11/20/2046

(j) $

656

$

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

1.71%,

12/20/2043

(j) 126

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.03%

1.77%,

10/20/2045

(j) 294

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

1.77%,

08/20/2047

(j) 714

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

1.77%,

11/20/2047

(j) 215

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

1.82%,

06/20/2045

(j) 370

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.14%

1.87%,

08/20/2050

(j) 784

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

1.87%,

11/20/2050

(j) 548

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

1.87%,

08/20/2051

(j) 530

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

1.95%,

09/20/2050

(j) 648

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.25%

2.22%,

04/20/2041

(j) 449

(1.10)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.97%

2.22%,

02/20/2042

(j) 71

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.54%

2.50%,

12/20/2050

(j) 941

3.00%,

07/20/2050

(j) 204

3.00%,

11/20/2050

(j) 470

3.00%,

11/20/2050

(j) 725

3.00%,

11/20/2050

(j) 916

3.50%,

10/20/2049

(j) 326

JP

Morgan

Mortgage

Trust

2024-1

6.00%,

06/25/2054

(d),(i)

JP

Morgan

Mortgage

Trust

2024-2

6.00%,

08/25/2054

(d),(i)

JP

Morgan

Mortgage

Trust

2025-1

6.00%,

06/25/2055

(d),(i)

520

523

JP

Morgan

Mortgage

Trust

Series

2024-4

6.00%,

10/25/2054

(d),(i)

517

517

Sequoia

Mortgage

Trust

2024-2

6.00%,

03/25/2054

(d),(i)

675

676

Sequoia

Mortgage

Trust

2024-3

6.00%,

04/25/2054

(d),(i)

733

735

$

6,747

Oil

&

Gas

-

.12

%

Aethon

United

BR

LP

/

Aethon

United

Finance

Corp

7.50%,

10/01/2029

(d) 195

ConocoPhillips

Co

5.50%,

01/15/2055

Crescent

Energy

Finance

LLC

8.38%,

01/15/2034

(d),(g)

Diamondback

Energy

Inc

5.20%,

04/18/2027

5.75%,

04/18/2054

Ecopetrol

SA

8.88%,

01/13/2033

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

(continued)

EQT

Corp

7.50%,

06/01/2027

(d) $

$

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

7.25%,

02/15/2035

(d) 115

Matador

Resources

Co

6.25%,

04/15/2033

(d) 140

Occidental

Petroleum

Corp

5.20%,

08/01/2029

Permian

Resources

Operating

LLC

8.00%,

04/15/2027

(d) 75

Petroleos

Mexicanos

6.50%,

03/13/2027

Saudi

Arabian

Oil

Co

4.75%,

06/02/2030

(d) 200

Tengizchevroil

Finance

Co

International

Ltd

2.63%,

08/15/2025

(d) 325

$

2,338

Oil

&

Gas

Services

-

.09

%

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp

6.25%,

04/01/2028

(d) 110

Enerflex

Ltd

9.00%,

10/15/2027

(d) 80

$

Other

Asset

Backed

Securities

-

.77

%

Hilton

Grand

Vacations

Trust

2024-3

4.98%,

08/27/2040

(d) 273

Hotwire

Funding

LLC

2.31%,

11/20/2051

(d) 600

577

MMAF

Equipment

Finance

LLC

2019-B

2.07%,

07/13/2026

(d) 9

Verizon

Master

Trust

4.35%,

08/20/2032

(d) 525

526

Verizon

Master

Trust

Series

2025-2

4.94%,

01/20/2033

(d) 215

$

1,608

Packaging

&

Containers

-

.66

%

Amcor

Flexibles

North

America

Inc

5.10%,

03/17/2030

(d) 160

Canpack

SA

/

Canpack

US

LLC

3.13%,

11/01/2025

(d) 200

Clydesdale

Acquisition

Holdings

Inc

6.63%,

04/15/2029

(d) 35

6.75%,

04/15/2032

(d) 100

6.88%,

01/15/2030

(d) 5

8.75%,

04/15/2030

(d) 60

LABL

Inc

5.88%,

11/01/2028

(d) 95

9.50%,

11/01/2028

(d) 280

Mauser

Packaging

Solutions

Holding

Co

7.88%,

04/15/2027

(d) 50

Smurfit

Kappa

Treasury

ULC

5.20%,

01/15/2030

$

1,391

Pharmaceuticals

-

.87

%

1261229

BC

Ltd

10.00%,

04/15/2032

(d) 200

AbbVie

Inc

4.05%,

11/21/2039

4.25%,

11/21/2049

5.50%,

03/15/2064

AdaptHealth

LLC

6.13%,

08/01/2028

(d) 105

Bayer

US

Finance

LLC

6.25%,

01/21/2029

(d) 200

Bristol-Myers

Squibb

Co

4.25%,

10/26/2049

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Eli

Lilly

&

Co

5.50%,

02/12/2055

$

$

Endo

Finance

Holdings

Inc

8.50%,

04/15/2031

(d),(e)

Jazz

Securities

DAC

4.38%,

01/15/2029

(d) 295

$

1,822

Pipelines

-

.32

%

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp

5.38%,

06/15/2029

(d) 60

5.75%,

03/01/2027

(d) 50

6.63%,

02/01/2032

(d) 20

Cheniere

Energy

Inc

5.65%,

04/15/2034

Cheniere

Energy

Partners

LP

5.55%,

10/30/2035

(d),(g)

Columbia

Pipelines

Holding

Co

LLC

6.04%,

08/15/2028

(d) 370

DT

Midstream

Inc

4.13%,

06/15/2029

(d) 665

642

Energy

Transfer

LP

3.75%,

05/15/2030

505

5.15%,

03/15/2045

5.25%,

07/01/2029

5.55%,

02/15/2028

Hess

Midstream

Operations

LP

4.25%,

02/15/2030

(d) 215

Kinder

Morgan

Inc

5.00%,

02/01/2029

5.15%,

06/01/2030

5.40%,

02/01/2034

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp

8.13%,

02/15/2029

(d) 65

ONEOK

Inc

4.25%,

09/24/2027

4.40%,

10/15/2029

4.75%,

10/15/2031

5.70%,

11/01/2054

Venture

Global

LNG

Inc

7.00%,

01/15/2030

(d) 10

8.38%,

06/01/2031

(d) 20

9.50%,

02/01/2029

(d) 190

Williams

Cos

Inc/The

5.40%,

03/02/2026

$

4,854

REITs

-

.92

%

American

Homes

Rent

LP

3.38%,

07/15/2051

4.25%,

02/15/2028

4.95%,

06/15/2030

5.50%,

07/15/2034

Blackstone

Mortgage

Trust

Inc

7.75%,

12/01/2029

(d) 160

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp

4.75%,

06/15/2029

(d) 163

7.00%,

07/15/2031

(d) 80

Mid-America

Apartments

LP

2.88%,

09/15/2051

(e) 229

Omega

Healthcare

Investors

Inc

5.20%,

07/01/2030

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co-Issuer

4.88%,

05/15/2029

(d) 85

7.00%,

02/01/2030

(d),(e)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

Uniti

Group

LP

/

Uniti

Fiber

Holdings

Inc

/

CSL

Capital

LLC

6.00%,

01/15/2030

(d),(e)

$

$

Uniti

Group

LP

/

Uniti

Group

Finance

2019

Inc

/

CSL

Capital

LLC

8.63%,

06/15/2032

(d) 35

10.50%,

02/15/2028

(d) 52

VICI

Properties

LP

4.75%,

04/01/2028

XHR

LP

4.88%,

06/01/2029

(d) 110

6.63%,

05/15/2030

(d) 5

$

1,925

Retail

-

.35

%

Bath

&

Body

Works

Inc

5.25%,

02/01/2028

6.63%,

10/01/2030

(d) 34

Carvana

Co

11.00%,

PIK

13.00%;

06/01/2030

(d),(i),(k)

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc

4.63%,

01/15/2029

(d) 190

Victra

Holdings

LLC

/

Victra

Finance

Corp

8.75%,

09/15/2029

(d),(e)

$

743

Semiconductors

-

.77

%

Broadcom

Inc

3.14%,

11/15/2035

(d) 34

3.42%,

04/15/2033

(d) 1,047

950

4.35%,

02/15/2030

4.55%,

02/15/2032

5.05%,

07/12/2029

5.05%,

04/15/2030

5.15%,

11/15/2031

Intel

Corp

4.75%,

03/25/2050

(e) 210

Marvell

Technology

Inc

2.95%,

04/15/2031

4.75%,

07/15/2030

4.88%,

06/22/2028

5.45%,

07/15/2035

5.95%,

09/15/2033

Micron

Technology

Inc

5.30%,

01/15/2031

5.80%,

01/15/2035

6.75%,

11/01/2029

$

3,717

Shipbuilding

-

.17

%

Huntington

Ingalls

Industries

Inc

5.35%,

01/15/2030

5.75%,

01/15/2035

(e) 190

$

Software

-

.46

%

Cloud

Software

Group

Inc

9.00%,

09/30/2029

(d) 165

Open

Text

Corp

3.88%,

12/01/2029

(d) 45

Oracle

Corp

3.95%,

03/25/2051

4.00%,

07/15/2046

Synopsys

Inc

5.70%,

04/01/2055

VMware

LLC

1.80%,

08/15/2028

$

964

Sovereign

-

.30

%

Colombia

Government

International

Bond

8.50%,

04/25/2035

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Israel

Government

International

Bond

4.13%,

01/17/2048

$

$

Istanbul

Metropolitan

Municipality

10.50%,

12/06/2028

(d) 200

Republic

of

Poland

Government

International

Bond

4.88%,

02/12/2030

$

619

Telecommunications

-

.95

%

AT&T

Inc

2.55%,

12/01/2033

3.50%,

09/15/2053

969

656

3.55%,

09/15/2055

Axian

Telecom

Holding

&

Management

PLC

7.25%,

07/11/2030

(d),(g)

Connect

Finco

SARL

/

Connect

US

Finco

LLC

9.00%,

09/15/2029

(d) 200

EchoStar

Corp

10.75%,

11/30/2029

Rogers

Communications

Inc

4.55%,

03/15/2052

T-Mobile

USA

Inc

2.40%,

03/15/2029

2.55%,

02/15/2031

2.88%,

02/15/2031

5.13%,

05/15/2032

5.88%,

11/15/2055

Verizon

Communications

Inc

2.36%,

03/15/2032

(e) 445

2.55%,

03/21/2031

2.88%,

11/20/2050

Viavi

Solutions

Inc

3.75%,

10/01/2029

(d) 60

Zayo

Group

Holdings

Inc

4.00%,

03/01/2027

(d) 35

$

4,076

Transportation

-

.23

%

Burlington

Northern

Santa

Fe

LLC

4.45%,

01/15/2053

Eletson

Holdings

Inc

/

Eletson

Finance

US

LLC

/

Agathonissos

Finance

LLC

0.00%,

01/15/2022

(l),(m)

Norfolk

Southern

Corp

5.10%,

05/01/2035

5.35%,

08/01/2054

RXO

Inc

7.50%,

11/15/2027

(d) 60

$

Water

-

.10

%

Aegea

Finance

Sarl

9.00%,

01/20/2031

(d) 200

TOTAL

BONDS

$

130,509

SENIOR

FLOATING

RATE

INTERESTS

-

.60

%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

.09

%

TransDigm

Inc

Term

Loan

J

3.50%,

02/28/2031

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Airlines

-

.14

%

AAdvantage

Loyalty

IP

Ltd

Term

Loan

B

6.52%,

04/20/2028

(n) 38

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

United

Airlines

Inc

Term

Loan

B

6.28%,

02/22/2031

(n) 201

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Airlines

(continued)

WestJet

Loyalty

LP

Term

Loan

B

3.85%,

02/14/2031

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

Automobile

Parts

&

Equipment

-

.09

%

Tenneco

Inc

Term

Loan

B

9.42%,

11/17/2028

(n) 190

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Building

Materials

-

.12

%

MITER

Brands

Acquisition

Holdco

Inc

Term

Loan

B2

7.76%,

03/28/2031

(n) 217

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Quikrete

Holdings

Inc

Term

Loan

B3

6.58%,

01/31/2032

(n) 25

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

Chemicals

-

.18

%

Advancion

Holdings

LLC

Term

Loan

B

8.43%,

11/24/2027

(n) 59

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Advancion

Holdings

LLC

Term

Loan

12.18%,

11/24/2028

(n) 143

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.75%

Element

Solutions

Inc

Term

Loan

B3

6.08%,

12/18/2030

(n) 190

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

$

Commercial

Services

-

.25

%

Aggreko

Holdings

Inc

Term

Loan

B

7.32%,

08/16/2029

(n) 90

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Garda

World

Security

Corp

Term

Loan

B

7.31%,

02/01/2029

(n) 237

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Veritiv

Operating

Co

Term

Loan

B

8.30%,

11/30/2030

(n) 189

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

$

516

Consumer

Products

-

.11

%

Kronos

Acquisition

Holdings

Inc

Term

Loan

B

8.30%,

06/27/2031

(n) 263

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Diversified

Financial

Services

-

.27

%

Avolon

TLB

Borrower

US

LLC

Term

Loan

B6

6.07%,

06/22/2030

(n) 190

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Jane

Street

Group

LLC

Term

Loan

B

6.33%,

12/15/2031

(n) 175

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

Russell

Investments

US

Institutional

Holdco

Inc

PIK

Term

Loan

B

9.28%,

PIK

1.50%,

05/30/2027

(k),(n)

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

$

557

Food

-

.11

%

Fiesta

Purchaser

Inc

Term

Loan

B

7.58%,

02/12/2031

(n) 232

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Healthcare

-

Products

-

.03

%

Medline

Borrower

LP

Term

Loan

B

6.58%,

10/23/2028

(n) 62

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Lodging

-

.13

%

Fertitta

Entertainment

LLC/NV

Term

Loan

B

7.83%,

01/27/2029

(n) 265

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Machinery

-

Diversified

-

.00

%

TK

Elevator

US

Newco

Inc

Term

Loan

B

7.24%,

04/30/2030

(n) 10

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Media

-

.22

%

Directv

Financing

LLC

Tern

Loan

Extended

9.79%,

08/02/2029

(n) 70

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Directv

Financing

LLC

Term

Loan

B

9.83%,

02/15/2031

(n) 168

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Gray

Media

Inc

Term

Loan

F

9.57%,

05/23/2029

(n) 193

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

iHeartCommunications

Inc

Term

Loan

10.22%,

05/01/2029

(n) 55

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.78%

$

Mining

-

.14

%

Arsenal

AIC

Parent

LLC

Term

Loan

B

7.08%,

08/18/2030

(n) 300

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Packaging

&

Containers

-

.22

%

Clydesdale

Acquisition

Holdings

Inc

Term

Loan

B

7.58%,

03/26/2032

(n) 147

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

LABL

Inc

Term

Loan

B

9.43%,

10/22/2028

(n) 218

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Mauser

Packaging

Solutions

Holding

Co

Term

Loan

B1

7.32%,

04/15/2027

(n) 128

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

-

.20

%

1261229

BC

Ltd

Term

Loan

B

10.56%,

09/25/2030

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Endo

Finance

Holdings

Inc

Term

Loan

B

8.33%,

04/23/2031

(n) 227

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Jazz

Financing

Lux

Sarl

Term

Loan

B2

7.02%,

05/05/2028

(n) 73

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

Retail

-

.12

%

IRB

Holding

Corp

Term

Loan

B

7.26%,

12/15/2027

(n) 262

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Software

-

.09

%

Cloud

Software

Group

Inc

Term

Loan

B1

7.80%,

03/30/2029

(n) 189

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Telecommunications

-

.09

%

CommScope

LLC

Term

Loan

0.00%,

12/17/2029

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Zayo

Group

Holdings

Inc

Term

Loan

B

7.44%,

03/09/2027

(n) 130

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

5,456

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.74

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

.75

%

3.00%,

11/01/2042

$

$

3.00%,

11/01/2042

3.00%,

12/01/2046

3.50%,

10/01/2041

3.50%,

04/01/2042

3.50%,

10/01/2045

3.50%,

03/01/2048

4.00%,

02/01/2045

4.00%,

02/01/2046

4.00%,

02/01/2046

4.00%,

06/01/2046

4.00%,

04/01/2047

4.00%,

11/01/2047

4.50%,

10/01/2041

4.50%,

12/01/2043

5.00%,

06/01/2031

5.00%,

10/01/2035

5.00%,

06/01/2041

6.00%,

06/01/2032

6.00%,

10/01/2032

6.00%,

01/01/2038

6.50%,

03/01/2029

—

6.50%,

05/01/2029

6.50%,

04/01/2031

6.50%,

02/01/2032

6.50%,

05/01/2032

7.00%,

12/01/2029

7.00%,

06/01/2030

7.00%,

12/01/2031

7.50%,

03/01/2031

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

8.00%,

09/01/2030

$

$

$

1,575

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

.10

%

2.00%,

01/01/2051

893

729

2.00%,

02/01/2051

3,130

2,531

2.00%,

11/01/2051

995

800

2.00%,

12/01/2051

2.00%,

12/01/2051

1,552

1,244

2.00%,

05/01/2052

2.50%,

11/01/2050

2.50%,

02/01/2051

1,202

1,018

2.50%,

07/01/2051

896

754

2.50%,

11/01/2051

536

2.50%,

12/01/2051

1,061

893

2.50%,

04/01/2052

1,288

1,080

3.00%,

03/01/2034

3.00%,

11/01/2050

3.00%,

03/01/2052

876

771

3.00%,

04/01/2052

1,100

968

3.00%,

06/01/2052

3.50%,

04/01/2030

3.50%,

08/01/2034

3.50%,

12/01/2040

3.50%,

12/01/2041

3.50%,

03/01/2042

3.50%,

04/01/2042

3.50%,

11/01/2042

3.50%,

01/01/2044

3.50%,

05/01/2046

3.50%,

10/01/2047

577

533

3.50%,

06/01/2051

4.00%,

05/01/2041

4.00%,

10/01/2041

4.00%,

10/01/2041

4.00%,

11/01/2041

4.00%,

04/01/2042

4.00%,

02/01/2044

4.00%,

09/01/2044

4.00%,

09/01/2045

4.00%,

12/01/2045

4.00%,

01/01/2047

4.00%,

10/01/2048

4.00%,

10/01/2052

4.00%,

03/01/2053

1,144

1,071

4.50%,

08/01/2040

4.50%,

11/01/2040

4.50%,

08/01/2041

4.50%,

09/01/2041

4.50%,

06/01/2046

4.50%,

05/01/2047

4.50%,

05/01/2047

4.50%,

05/01/2049

4.50%,

07/01/2052

614

590

4.50%,

10/01/2052

4.50%,

05/01/2053

501

4.50%,

08/01/2053

4.50%,

01/01/2054

5.00%,

10/01/2041

5.00%,

06/01/2048

5.00%,

07/01/2052

5.00%,

09/01/2052

5.00%,

04/01/2053

588

582

5.00%,

06/01/2053

865

849

5.00%,

06/01/2053

755

745

5.00%,

11/01/2054

638

630

5.00%,

11/01/2054

5.00%,

02/01/2055

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

5.00%,

08/01/2055

(p) $

835

$

818

5.50%,

07/01/2033

5.50%,

08/01/2036

5.50%,

05/01/2040

5.50%,

07/01/2053

510

514

5.50%,

11/01/2053

626

630

5.50%,

11/01/2053

616

622

5.50%,

05/01/2054

5.50%,

02/01/2055

849

854

5.50%,

08/01/2055

(p) 2,735

2,732

6.00%,

05/01/2031

6.00%,

07/01/2035

6.00%,

02/01/2037

6.00%,

02/01/2038

6.00%,

01/01/2053

1,137

1,173

6.00%,

04/01/2054

6.00%,

05/01/2054

6.00%,

06/01/2054

6.00%,

09/01/2054

6.00%,

08/01/2055

(p) 1,435

1,457

6.50%,

03/01/2032

6.50%,

07/01/2037

6.50%,

02/01/2038

6.50%,

09/01/2038

6.50%,

05/01/2054

6.50%,

08/01/2055

(p) 1,065

1,098

$

35,805

Government

National

Mortgage

Association

(GNMA)

-

.63

%

2.00%,

07/20/2051

1,000

814

2.50%,

06/20/2050

2.50%,

04/20/2051

2.50%,

09/20/2051

3.00%,

02/15/2043

3.00%,

07/20/2044

3.00%,

01/20/2046

3.00%,

12/20/2046

3.00%,

09/20/2051

3.50%,

04/20/2046

3.50%,

10/20/2046

4.00%,

02/15/2042

4.00%,

06/20/2046

4.00%,

04/20/2052

4.50%,

09/15/2039

4.50%,

11/15/2040

4.50%,

09/20/2052

540

521

4.50%,

06/20/2053

673

647

5.00%,

02/20/2053

1,255

1,238

5.00%,

05/20/2053

527

520

5.00%,

09/20/2053

5.00%,

10/20/2053

960

948

5.00%,

02/20/2054

5.00%,

07/20/2055

(p) 1,195

1,174

5.50%,

12/20/2033

5.50%,

05/20/2035

5.50%,

12/20/2048

5.50%,

07/20/2055

(p) 4,195

4,201

6.00%,

01/20/2029

6.00%,

07/20/2029

6.00%,

12/15/2033

6.00%,

12/20/2036

6.00%,

07/20/2055

(p) 2,255

2,288

6.50%,

03/20/2028

—

6.50%,

05/20/2029

6.50%,

12/15/2032

8.00%,

12/15/2030

$

15,979

Schedule

of

Investments

Core

Plus

Bond

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

-

.04

%

3.00%,

05/15/2045

$

1,140

$

873

3.00%,

11/15/2045

(q) 2,750

2,095

3.75%,

06/30/2027

1,100

1,101

3.75%,

05/15/2028

1,940

1,943

4.00%,

05/31/2030

4.00%,

04/30/2032

765

766

4.25%,

12/31/2026

2,000

2,012

4.50%,

11/15/2033

2,000

2,054

4.75%,

02/15/2037

1,435

1,494

$

12,641

U.S.

Treasury

Bill

-

.22

%

4.14%,

08/28/2025

(r) 2,000

1,986

4.21%,

07/17/2025

(r) 1,395

1,392

4.22%,

09/18/2025

(r) 3,400

3,369

$

6,747

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

72,747

Total

Investments

$

224,635

Other

Assets

and

Liabilities

- (7.26)%

(15,214)

TOTAL

NET

ASSETS

-

100.00%

$

209,421

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,314

or

0.63%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$48,325

or

23.08%

of

net

assets.

(e) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,260

or

0.60%

of

net

assets.

(f) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(g) Security

purchased

on

a

when-issued

basis.

(h) Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(i) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(j) Security

is

an

Interest

Only

Strip.

(k) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(l) Non-income

producing

security

(m) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(n) Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

(o) This

Senior

Floating

Rate

Note

will

settle

after

June

30,

2025,

at

which

time

the

interest

rate

will

be

determined.

(p) Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

(q) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,435

or

0.69%

of

net

assets.

(r) Rate

shown

is

the

discount

rate

of

the

original

purchase.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

12,737

$

86,944

$

96,303

$

3,378

$

12,737

$

86,944

$

96,303

$

3,378

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

Year

Note;

September

2025

Long

$

11,101

$

US

Year

Ultra

Note;

September

2025

Short

5,599

(87)

US

Year

Note;

September

2025

Long

37,236

US

Year

Note;

September

2025

Long

15,914

US

Long

Bond;

September

2025

Long

8,660

US

Ultra

Bond;

September

2025

Long

4,169

Total

$

622

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Diversified

Balanced

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.02

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.08

%

International

Equity

Index

Fund

(a) 2,983,024

$

39,436

MidCap

S&P

Index

Fund

(a) 1,014,040

22,258

SmallCap

S&P

600

Index

Fund

(a) 906,913

22,246

$

83,940

Principal

Variable

Contracts

Funds,

Inc. Class

-

.94

%

Bond

Market

Index

Account

(a) 28,746,440

275,391

LargeCap

S&P

500

Index

Account

(a) 7,410,887

197,204

$

472,595

TOTAL

INVESTMENT

COMPANIES

$

556,535

Total

Investments

$

556,535

Other

Assets

and

Liabilities

- (0.02)%

(136)

TOTAL

NET

ASSETS

-

100.00%

$

556,399

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Account

$

315,233

$

15,753

$

67,248

$

275,391

International

Equity

Index

Fund

43,356

779

12,361

39,436

LargeCap

S&P

500

Index

Account

215,573

16,660

46,579

197,204

MidCap

S&P

Index

Fund

24,252

2,709

4,697

22,258

SmallCap

S&P

600

Index

Fund

23,979

4,049

4,689

22,246

$

622,393

$

39,950

$

135,574

$

556,535

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Account

$

—

$

(3,527)

$

—

$

15,180

International

Equity

Index

Fund

—

2,561

—

5,101

LargeCap

S&P

500

Index

Account

—

19,763

—

(8,213)

MidCap

S&P

Index

Fund

—

(52)

—

SmallCap

S&P

600

Index

Fund

—

(99)

—

(994)

$

—

$

18,646

$

—

$

11,120

Amounts

in

thousands.

Schedule

of

Investments

Diversified

Balanced

Adaptive

Allocation

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.09

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.29

%

iShares

Core

S&P

500

ETF

71,844

$

44,608

Money

Market

Funds

-

.00

%

Principal

Government

Money

Market

Fund

-

Class

4.21%

(a),(b)

1,057

Principal

Funds,

Inc.

Class

-

.11

%

International

Equity

Index

Fund

(a) 1,179,137

15,588

MidCap

S&P

Index

Fund

(a) 403,104

8,848

SmallCap

S&P

600

Index

Fund

(a) 358,490

8,794

$

33,230

Principal

Variable

Contracts

Funds,

Inc. Class

-

.69

%

Bond

Market

Index

Account

(a) 11,363,086

108,859

LargeCap

S&P

500

Index

Account

(a) 1,255,436

33,406

$

142,265

TOTAL

INVESTMENT

COMPANIES

$

220,104

Total

Investments

$

220,104

Other

Assets

and

Liabilities

- (0.09)%

(190)

TOTAL

NET

ASSETS

-

100.00%

$

219,914

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Account

$

119,015

$

3,072

$

17,757

$

108,859

International

Equity

Index

Fund

16,471

4,130

15,588

LargeCap

S&P

500

Index

Account

34,886

2,243

5,659

33,406

MidCap

S&P

Index

Fund

9,156

881

1,192

8,848

Principal

Government

Money

Market

Fund

-

Class

4.21%

66,418

66,419

SmallCap

S&P

600

Index

Fund

8,971

1,511

1,258

8,794

$

188,501

$

74,376

$

96,415

$

175,496

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Account

$

—

$

$

—

$

4,509

International

Equity

Index

Fund

—

—

2,800

LargeCap

S&P

500

Index

Account

—

814

—

1,122

MidCap

S&P

Index

Fund

—

(6)

—

Principal

Government

Money

Market

Fund

-

Class

4.21%

—

—

—

SmallCap

S&P

600

Index

Fund

—

—

(433)

$

$

1,027

$

—

$

8,007

Amounts

in

thousands.

Schedule

of

Investments

Diversified

Balanced

Strategic

Allocation

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.03

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.10

%

International

Equity

Index

Fund

(a) 520,114

$

6,876

MidCap

S&P

Index

Fund

(a) 176,813

3,881

SmallCap

S&P

600

Index

Fund

(a) 158,134

3,879

$

14,636

Principal

Variable

Contracts

Funds,

Inc. Class

-

.93

%

Bond

Market

Index

Account

(a) 5,012,545

48,020

LargeCap

S&P

500

Managed

Volatility

Index

Account

(a) 1,864,486

34,307

$

82,327

TOTAL

INVESTMENT

COMPANIES

$

96,963

Total

Investments

$

96,963

Other

Assets

and

Liabilities

- (0.03)%

(27)

TOTAL

NET

ASSETS

-

100.00%

$

96,936

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Account

$

56,979

$

2,919

$

13,938

$

48,020

International

Equity

Index

Fund

7,838

2,499

6,876

LargeCap

S&P

500

Managed

Volatility

Index

Account

39,029

2,717

9,651

34,307

MidCap

S&P

Index

Fund

4,385

543

1,040

3,881

SmallCap

S&P

600

Index

Fund

4,336

782

1,033

3,879

$

112,567

$

7,130

$

28,161

$

96,963

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Account

$

—

$

(1,007)

$

—

$

3,067

International

Equity

Index

Fund

—

—

931

LargeCap

S&P

500

Managed

Volatility

Index

Account

—

2,536

—

(324)

MidCap

S&P

Index

Fund

—

—

(9)

SmallCap

S&P

600

Index

Fund

—

(2)

—

(204)

$

—

$

1,966

$

—

$

3,461

Amounts

in

thousands.

Schedule

of

Investments

Diversified

Growth

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.03

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.06

%

International

Equity

Index

Fund

(a) 15,699,430

$

207,547

MidCap

S&P

Index

Fund

(a) 4,669,679

102,499

SmallCap

S&P

600

Index

Fund

(a) 4,176,348

102,446

$

412,492

Principal

Variable

Contracts

Funds,

Inc. Class

-

.97

%

Bond

Market

Index

Account

(a) 74,131,173

710,176

LargeCap

S&P

500

Index

Account

(a) 35,102,592

934,080

$

1,644,256

TOTAL

INVESTMENT

COMPANIES

$

2,056,748

Total

Investments

$

2,056,748

Other

Assets

and

Liabilities

- (0.03)%

(521)

TOTAL

NET

ASSETS

-

100.00%

$

2,056,227

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Account

$

848,673

$

49,693

$

218,931

$

710,176

International

Equity

Index

Fund

238,204

3,655

75,411

207,547

LargeCap

S&P

500

Index

Account

1,065,904

60,326

246,214

934,080

MidCap

S&P

Index

Fund

116,588

10,524

24,449

102,499

SmallCap

S&P

600

Index

Fund

115,272

17,134

24,652

102,446

$

2,384,641

$

141,332

$

589,657

$

2,056,748

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Account

$

—

$

(11,950)

$

—

$

42,691

International

Equity

Index

Fund

—

13,381

—

27,718

LargeCap

S&P

500

Index

Account

—

114,644

—

(60,580)

MidCap

S&P

Index

Fund

—

(480)

—

SmallCap

S&P

600

Index

Fund

—

(486)

—

(4,822)

$

—

$

115,109

$

—

$

5,323

Amounts

in

thousands.

Schedule

of

Investments

Diversified

Growth

Adaptive

Allocation

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.11

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.28

%

iShares

Core

S&P

500

ETF

473,875

$

294,229

Money

Market

Funds

-

.00

%

Principal

Government

Money

Market

Fund

-

Class

4.21%

(a),(b)

929

Principal

Funds,

Inc.

Class

-

.09

%

International

Equity

Index

Fund

(a) 11,075,703

146,421

MidCap

S&P

Index

Fund

(a) 3,313,545

72,732

SmallCap

S&P

600

Index

Fund

(a) 2,946,364

72,274

$

291,427

Principal

Variable

Contracts

Funds,

Inc. Class

-

.74

%

Bond

Market

Index

Account

(a) 52,237,440

500,435

LargeCap

S&P

500

Index

Account

(a) 13,757,794

366,095

$

866,530

TOTAL

INVESTMENT

COMPANIES

$

1,452,187

Total

Investments

$

1,452,187

Other

Assets

and

Liabilities

- (0.11)%

(1,648)

TOTAL

NET

ASSETS

-

100.00%

$

1,450,539

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Account

$

551,294

$

16,523

$

88,403

$

500,435

International

Equity

Index

Fund

155,417

2,158

39,455

146,421

LargeCap

S&P

500

Index

Account

384,732

16,203

55,852

366,095

MidCap

S&P

Index

Fund

75,768

5,755

8,728

72,732

Principal

Government

Money

Market

Fund

-

Class

4.21%

486,458

486,459

SmallCap

S&P

600

Index

Fund

74,920

10,249

9,278

72,274

$

1,242,133

$

537,346

$

688,175

$

1,157,958

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Account

$

—

$

(17)

$

—

$

21,038

International

Equity

Index

Fund

—

1,004

—

27,297

LargeCap

S&P

500

Index

Account

—

6,401

—

14,611

MidCap

S&P

Index

Fund

—

—

(81)

Principal

Government

Money

Market

Fund

-

Class

4.21%

2,352

—

—

—

SmallCap

S&P

600

Index

Fund

—

—

(3,638)

$

2,352

$

7,427

$

—

$

59,227

Amounts

in

thousands.

Schedule

of

Investments

Diversified

Growth

Strategic

Allocation

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.03

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.08

%

International

Equity

Index

Fund

(a) 1,661,835

$

21,969

MidCap

S&P

Index

Fund

(a) 494,291

10,850

SmallCap

S&P

600

Index

Fund

(a) 442,070

10,844

$

43,663

Principal

Variable

Contracts

Funds,

Inc. Class

-

.95

%

Bond

Market

Index

Account

(a) 7,846,786

75,172

LargeCap

S&P

500

Managed

Volatility

Index

Account

(a) 5,361,530

98,653

$

173,825

TOTAL

INVESTMENT

COMPANIES

$

217,488

Total

Investments

$

217,488

Other

Assets

and

Liabilities

- (0.03)%

(58)

TOTAL

NET

ASSETS

-

100.00%

$

217,430

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Account

$

86,573

$

5,283

$

19,903

$

75,172

International

Equity

Index

Fund

24,299

7,124

21,969

LargeCap

S&P

500

Managed

Volatility

Index

Account

108,896

5,666

22,304

98,653

MidCap

S&P

Index

Fund

11,893

1,266

2,301

10,850

SmallCap

S&P

600

Index

Fund

11,758

1,945

2,313

10,844

$

243,419

$

14,639

$

53,945

$

217,488

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Account

$

—

$

(1,377)

$

—

$

4,596

International

Equity

Index

Fund

—

1,168

—

3,147

LargeCap

S&P

500

Managed

Volatility

Index

Account

—

5,998

—

MidCap

S&P

Index

Fund

—

(7)

—

(1)

SmallCap

S&P

600

Index

Fund

—

(2)

—

(544)

$

—

$

5,780

$

—

$

7,595

Amounts

in

thousands.

Schedule

of

Investments

Diversified

Income

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.03

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.08

%

International

Equity

Index

Fund

(a) 589,222

$

7,790

MidCap

S&P

Index

Fund

(a) 262,880

5,770

SmallCap

S&P

600

Index

Fund

(a) 235,107

5,767

$

19,327

Principal

Variable

Contracts

Funds,

Inc. Class

-

.95

%

Bond

Market

Index

Account

(a) 12,916,785

123,743

LargeCap

S&P

500

Index

Account

(a) 1,829,771

48,690

$

172,433

TOTAL

INVESTMENT

COMPANIES

$

191,760

Total

Investments

$

191,760

Other

Assets

and

Liabilities

- (0.03)%

(52)

TOTAL

NET

ASSETS

-

100.00%

$

191,708

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Account

$

140,681

$

7,945

$

30,092

$

123,743

International

Equity

Index

Fund

8,504

2,558

7,790

LargeCap

S&P

500

Index

Account

52,851

6,075

13,142

48,690

MidCap

S&P

Index

Fund

6,243

937

1,415

5,770

SmallCap

S&P

600

Index

Fund

6,173

1,273

1,398

5,767

$

214,452

$

16,542

$

48,605

$

191,760

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Account

$

—

$

(1,885)

$

—

$

7,094

International

Equity

Index

Fund

—

—

1,125

LargeCap

S&P

500

Index

Account

—

3,579

—

(673)

MidCap

S&P

Index

Fund

—

(7)

—

SmallCap

S&P

600

Index

Fund

—

(13)

—

(268)

$

—

$

2,081

$

—

$

7,290

Amounts

in

thousands.

Schedule

of

Investments

Diversified

International

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.45

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.45

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

157,870

$

Principal

Government

Money

Market

Fund

-

Class

4.21%

(a),(c)

3,925,510

3,926

$

4,084

TOTAL

INVESTMENT

COMPANIES

$

4,084

COMMON

STOCKS

-

.11

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.55

%

Airbus

SE

26,130

$

5,467

BAE

Systems

PLC

220,028

5,710

Thales

SA

5,581

1,648

$

12,825

Apparel

-

.47

%

Hermes

International

SCA

960

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,517

794

PRADA

SpA

128,500

798

Samsonite

Group

SA

(d) 847,200

1,578

$

4,130

Automobile

Manufacturers

-

.77

%

Daimler

Truck

Holding

AG

77,669

3,685

Toyota

Motor

Corp

240,100

4,135

$

7,820

Automobile

Parts

&

Equipment

-

.72

%

Toyota

Industries

Corp

18,100

2,043

Banks

-

.94

%

AIB

Group

PLC

460,750

3,802

Bank

Negara

Indonesia

Persero

Tbk

PT

1,749,900

Bank

Rakyat

Indonesia

Persero

Tbk

PT

7,036,308

1,622

Credicorp

Ltd

6,336

1,416

DBS

Group

Holdings

Ltd

88,400

3,121

Erste

Group

Bank

AG

40,903

3,482

FinecoBank

Banca

Fineco

SpA

57,827

1,283

Grupo

Financiero

Banorte

SAB

de

CV

127,859

1,173

ICICI

Bank

Ltd

ADR

84,766

2,852

Kotak

Mahindra

Bank

Ltd

121,007

3,053

National

Bank

of

Greece

SA

280,453

3,576

NatWest

Group

PLC

389,231

2,734

Nordea

Bank

Abp

101,088

1,502

Piraeus

Financial

Holdings

SA

213,534

1,479

PT

Bank

Central

Asia

Tbk

1,598,000

854

Societe

Generale

SA

40,268

2,303

Swedbank

AB

43,157

1,143

UniCredit

SpA

51,527

3,457

$

39,296

Beverages

-

.87

%

Arca

Continental

SAB

de

CV

109,400

1,159

Kweichow

Moutai

Co

Ltd

6,498

1,280

$

2,439

Biotechnology

-

.60

%

Argenx

SE

(e) 2,774

1,536

Zai

Lab

Ltd

ADR

(e),(f)

4,476

$

1,692

Building

Materials

-

.71

%

CRH

PLC

52,113

4,811

Chemicals

-

.15

%

Shin-Etsu

Chemical

Co

Ltd

13,200

Commercial

Services

-

.47

%

Ashtead

Group

PLC

15,999

1,026

Localiza

Rent

a

Car

SA

208,634

1,566

TOPPAN

Holdings

Inc

57,600

1,565

$

4,157

Computers

-

.69

%

Fujitsu

Ltd

196,200

4,760

Cosmetics

&

Personal

Care

-

.75

%

Haleon

PLC

622,430

3,199

L'Oreal

SA

5,135

2,200

Unilever

PLC

84,604

5,163

$

10,562

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Distribution

&

Wholesale

-

.29

%

Rexel

SA

26,742

$

825

Diversified

Financial

Services

-

.40

%

Brookfield

Asset

Management

Ltd

20,267

1,122

Electric

-

.17

%

Iberdrola

SA

171,785

3,305

Electrical

Components

&

Equipment

-

.12

%

Schneider

Electric

SE

1,309

Electronics

-

.28

%

Halma

PLC

22,680

997

Hoya

Corp

21,896

2,600

$

3,597

Engineering

&

Construction

-

.83

%

Kajima

Corp

72,700

1,896

Obayashi

Corp

97,200

1,473

Technip

Energies

NV

42,231

1,777

$

5,146

Entertainment

-

.04

%

Entain

PLC

239,463

2,966

Universal

Music

Group

NV

86,144

2,794

$

5,760

Food

-

.54

%

Danone

SA

18,635

1,525

Food

Service

-

.52

%

Compass

Group

PLC

43,051

1,458

Healthcare

-

Products

-

.95

%

Alcon

AG

21,925

1,944

Smith

&

Nephew

PLC

231,558

3,546

$

5,490

Healthcare

-

Services

-

.41

%

ICON

PLC

(e) 7,865

1,144

Home

Builders

-

.49

%

Taylor

Wimpey

PLC

842,029

1,373

Home

Furnishings

-

.33

%

Howden

Joinery

Group

PLC

79,611

936

Insurance

-

.50

%

AIA

Group

Ltd

880,400

7,975

ASR

Nederland

NV

21,753

1,445

AXA

SA

86,319

4,239

Fairfax

Financial

Holdings

Ltd

1,300

2,346

Hannover

Rueck

SE

10,827

3,412

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

1,304

847

Sompo

Holdings

Inc

104,400

3,146

Tryg

A/S

21,400

553

$

23,963

Internet

-

.95

%

JD.com

Inc

263,900

4,310

MercadoLibre

Inc

(e) 720

1,882

Tencent

Holdings

Ltd

120,300

7,751

$

13,943

Machinery

-

Construction

&

Mining

-

.12

%

Komatsu

Ltd

32,300

1,066

Mitsubishi

Electric

Corp

138,900

2,988

Weir

Group

PLC/The

55,890

1,911

$

5,965

Machinery

-

Diversified

-

.74

%

Atlas

Copco

AB

-

A

Shares

154,876

2,504

Keyence

Corp

6,000

2,399

$

4,903

Media

-

.00

%

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(e) 26,940

2,815

Mining

-

.10

%

Impala

Platinum

Holdings

Ltd

(e) 103,850

933

Sandfire

Resources

Ltd

(e) 212,338

1,578

Teck

Resources

Ltd

84,100

3,401

$

5,912

Schedule

of

Investments

Diversified

International

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

-

.78

%

Canadian

Natural

Resources

Ltd

45,100

$

1,418

Shell

PLC

87,269

3,045

Suncor

Energy

Inc

125,500

4,701

Tourmaline

Oil

Corp

30,700

1,481

$

10,645

Pharmaceuticals

-

.97

%

AstraZeneca

PLC

49,018

6,822

Merck

KGaA

5,952

772

Novo

Nordisk

A/S

44,535

3,086

Roche

Holding

AG

7,105

2,319

Sanofi

SA

68,797

6,660

$

19,659

Private

Equity

-

.47

%

3i

Group

PLC

72,138

4,082

Brookfield

Corp

36,269

2,245

Intermediate

Capital

Group

PLC

24,346

646

$

6,973

Retail

-

.41

%

Dollarama

Inc

15,700

2,212

Industria

de

Diseno

Textil

SA

25,865

1,349

MatsukiyoCocokara

&

Co

47,800

983

Wal-Mart

de

Mexico

SAB

de

CV

223,922

741

Yum

China

Holdings

Inc

65,282

2,919

Yum

China

Holdings

Inc

31,594

1,419

$

9,623

Semiconductors

-

.18

%

ASML

Holding

NV

8,040

6,443

Samsung

Electronics

Co

Ltd

126,898

5,612

Taiwan

Semiconductor

Manufacturing

Co

Ltd

301,140

11,012

$

23,067

Software

-

.96

%

Dassault

Systemes

SE

39,918

1,447

Nemetschek

SE

19,299

2,798

Sage

Group

PLC/The

74,290

1,276

$

5,521

Telecommunications

-

.21

%

Deutsche

Telekom

AG

247,330

9,053

Toys,

Games

&

Hobbies

-

.05

%

Nintendo

Co

Ltd

60,300

5,791

Transportation

-

.61

%

Canadian

Pacific

Kansas

City

Ltd

21,700

1,724

TOTAL

COMMON

STOCKS

$

276,560

Total

Investments

$

280,644

Other

Assets

and

Liabilities

- 0.44%

1,238

TOTAL

NET

ASSETS

-

100.00%

$

281,882

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$158

or

0.06%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,578

or

0.56%

of

net

assets.

(e) Non-income

producing

security

(f) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$155

or

0.05%

of

net

assets.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

2,079

$

31,467

$

29,620

$

3,926

$

2,079

$

31,467

$

29,620

$

3,926

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Equity

Income

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.13

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.13

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

558,901

$

559

Principal

Government

Money

Market

Fund

-

Class

4.21%

(a),(b),(c)

14,508,142

14,508

$

15,067

TOTAL

INVESTMENT

COMPANIES

$

15,067

COMMON

STOCKS

-

.09

%

Shares

Held

Value

(000's)

Advertising

-

.92

%

Omnicom

Group

Inc

90,239

$

6,492

Automobile

Manufacturers

-

.20

%

Cummins

Inc

46,040

15,078

PACCAR

Inc

153,754

14,616

$

29,694

Banks

-

.21

%

Bank

of

America

Corp

392,478

18,572

Citigroup

Inc

112,887

9,609

JPMorgan

Chase

&

Co

82,327

23,867

Morgan

Stanley

170,516

24,019

PNC

Financial

Services

Group

Inc/The

93,427

17,417

$

93,484

Beverages

-

.84

%

Coca-Cola

Co/The

183,930

13,013

Biotechnology

-

.12

%

Corteva

Inc

201,395

15,010

Building

Materials

-

.90

%

Carrier

Global

Corp

119,043

8,713

Trane

Technologies

PLC

43,253

18,919

$

27,632

Chemicals

-

.91

%

Air

Products

and

Chemicals

Inc

22,812

6,434

Computers

-

.67

%

Apple

Inc

57,632

11,824

Cosmetics

&

Personal

Care

-

.76

%

Procter

&

Gamble

Co/The

78,336

12,481

Diversified

Financial

Services

-

.24

%

Blackrock

Inc

15,487

16,250

Nasdaq

Inc

74,475

6,659

$

22,909

Electric

-

.55

%

NextEra

Energy

Inc

168,124

11,671

Sempra

69,326

5,253

WEC

Energy

Group

Inc

68,630

7,151

Xcel

Energy

Inc

119,170

8,116

$

32,191

Food

-

.85

%

Hershey

Co/The

36,154

6,000

Healthcare

-

Products

-

.92

%

Abbott

Laboratories

119,211

16,214

STERIS

PLC

47,971

11,524

$

27,738

Healthcare

-

Services

-

.21

%

HCA

Healthcare

Inc

35,571

13,627

UnitedHealth

Group

Inc

29,032

9,057

$

22,684

Home

Builders

-

.83

%

DR

Horton

Inc

100,492

12,955

Insurance

-

.62

%

Chubb

Ltd

58,143

16,845

Fidelity

National

Financial

Inc

156,234

8,759

$

25,604

Internet

-

.25

%

Alphabet

Inc

-

A

Shares

9,889

1,743

Iron

&

Steel

-

.43

%

Reliance

Inc

32,316

10,144

Lodging

-

.42

%

Hilton

Worldwide

Holdings

Inc

64,347

17,138

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Machinery

-

Diversified

-

.37

%

Deere

&

Co

32,988

$

16,774

Media

-

.99

%

Comcast

Corp

-

Class

A

196,254

7,004

Miscellaneous

Manufacturers

-

.54

%

Parker-Hannifin

Corp

25,683

17,939

Oil

&

Gas

-

.86

%

Chevron

Corp

48,523

6,948

EOG

Resources

Inc

106,467

12,735

Marathon

Petroleum

Corp

88,363

14,678

$

34,361

Oil

&

Gas

Services

-

.05

%

Halliburton

Co

16,896

Pharmaceuticals

-

.02

%

AstraZeneca

PLC

ADR

84,908

5,933

Eli

Lilly

&

Co

7,416

5,781

Merck

&

Co

Inc

159,648

12,638

Novartis

AG

ADR

118,775

14,373

Roche

Holding

AG

ADR

(d) 95,782

3,904

$

42,629

Pipelines

-

.86

%

Enterprise

Products

Partners

LP

423,843

13,143

Private

Equity

-

.34

%

KKR

&

Co

Inc

177,697

23,639

REITs

-

.65

%

Alexandria

Real

Estate

Equities

Inc

110,688

8,039

Equity

LifeStyle

Properties

Inc

128,953

7,953

Prologis

Inc

52,124

5,479

Realty

Income

Corp

76,098

4,384

$

25,855

Retail

-

.72

%

Costco

Wholesale

Corp

20,071

19,869

Starbucks

Corp

128,426

11,768

Williams-Sonoma

Inc

10,751

1,756

$

33,393

Semiconductors

-

.16

%

Broadcom

Inc

34,041

9,383

Monolithic

Power

Systems

Inc

7,544

5,518

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

64,248

14,552

$

29,453

Software

-

.34

%

Fidelity

National

Information

Services

Inc

46,420

3,779

Microsoft

Corp

24,416

12,145

Salesforce

Inc

23,858

6,506

SAP

SE

ADR

27,317

8,307

$

30,737

Telecommunications

-

.15

%

T-Mobile

US

Inc

63,915

15,228

Transportation

-

.19

%

Expeditors

International

of

Washington

Inc

73,426

8,389

TOTAL

COMMON

STOCKS

$

694,058

Total

Investments

$

709,125

Other

Assets

and

Liabilities

- (0.22)%

(1,563)

TOTAL

NET

ASSETS

-

100.00%

$

707,562

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$3,959

or

0.56%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$3,865

or

0.55%

of

net

assets.

Schedule

of

Investments

Equity

Income

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

11,384

$

118,562

$

115,438

$

14,508

$

11,384

$

118,562

$

115,438

$

14,508

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Global

Emerging

Markets

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.73

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.73

%

Principal

Government

Money

Market

Fund

-

Class

4.21%

(a),(b)

1,282,224

$

1,282

TOTAL

INVESTMENT

COMPANIES

$

1,282

COMMON

STOCKS

-

.62

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.50

%

Korea

Aerospace

Industries

Ltd

10,549

$

700

LIG

Nex1

Co

Ltd

1,025

$

1,110

Automobile

Manufacturers

-

.84

%

BYD

Co

Ltd

55,500

864

Mahindra

&

Mahindra

Ltd

13,467

500

$

1,364

Automobile

Parts

&

Equipment

-

.01

%

Hyundai

Mobis

Co

Ltd

2,868

608

Weichai

Power

Co

Ltd

69,000

$

749

Banks

-

.45

%

Bank

Negara

Indonesia

Persero

Tbk

PT

1,687,200

Bank

Rakyat

Indonesia

Persero

Tbk

PT

2,421,676

558

Credicorp

Ltd

1,689

Grupo

Financiero

Banorte

SAB

de

CV

55,700

511

HDFC

Bank

Ltd

56,627

1,322

ICICI

Bank

Ltd

88,770

1,500

IDFC

First

Bank

Ltd

(c) 475,089

Kotak

Mahindra

Bank

Ltd

56,286

1,420

National

Bank

of

Greece

SA

115,779

1,476

Piraeus

Financial

Holdings

SA

151,448

1,049

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

50,192

1,049

PT

Bank

Central

Asia

Tbk

1,074,600

575

Saudi

National

Bank/The

100,451

967

Vietnam

Technological

&

Commercial

Joint

Stock

Bank

(c) 426,900

559

$

12,196

Beverages

-

.23

%

Arca

Continental

SAB

de

CV

23,800

Ichitan

Group

PCL

530,500

Varun

Beverages

Ltd

92,352

$

910

Biotechnology

-

.22

%

BeOne

Medicines

Ltd

(c) 21,400

Zai

Lab

Ltd

(c) 141,450

$

903

Building

Materials

-

.26

%

Cemex

SAB

de

CV

682,014

Voltas

Ltd

30,322

$

937

Chemicals

-

.25

%

Orbia

Advance

Corp

SAB

de

CV

265,000

Commercial

Services

-

.87

%

GPS

Participacoes

e

Empreendimentos

SA

(d) 72,630

Humansoft

Holding

Co

KSC

13,552

JSW

Infrastructure

Ltd

290,739

1,062

$

1,383

Computers

-

.01

%

Elm

Co

549

Globant

SA

(c) 3,312

WNS

Holdings

Ltd

(c) 4,810

$

752

Distribution

&

Wholesale

-

.10

%

AKR

Corporindo

Tbk

PT

995,100

Diversified

Financial

Services

-

.38

%

Bajaj

Finance

Ltd

48,320

528

Banco

BTG

Pactual

SA

40,812

Intercorp

Financial

Services

Inc

9,789

KB

Financial

Group

Inc

6,646

546

$

1,765

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electric

-

.27

%

Adani

Energy

Solutions

Ltd

(c) 84,074

$

862

Emirates

Central

Cooling

Systems

Corp

172,406

$

940

Electrical

Components

&

Equipment

-

.06

%

Delta

Electronics

Inc

108,000

1,528

Electronics

-

.33

%

Avalon

Technologies

Ltd

(c),(d)

19,532

E

Ink

Holdings

Inc

71,000

538

Voltronic

Power

Technology

Corp

6,000

$

989

Engineering

&

Construction

-

.27

%

Cury

Construtora

e

Incorporadora

SA

84,800

L&T

Technology

Services

Ltd

(d) 4,247

Samsung

E&A

Co

Ltd

15,977

$

941

Food

-

.66

%

Bid

Corp

Ltd

14,866

Gruma

SAB

de

CV

5,489

Indofood

Sukses

Makmur

Tbk

PT

498,600

LT

Foods

Ltd

57,806

SM

Investments

Corp

5,155

WH

Group

Ltd

(d) 858,500

827

$

1,972

Forest

Products

&

Paper

-

.16

%

Suzano

SA

91,500

863

Healthcare

-

Products

-

.23

%

Pegavision

Corp

8,000

Universal

Vision

Biotechnology

Co

Ltd

13,000

$

Healthcare

-

Services

-

.51

%

Bangkok

Dusit

Medical

Services

PCL

305,000

Hygeia

Healthcare

Holdings

Co

Ltd

(c),(d)

92,600

$

Home

Furnishings

-

.51

%

Anker

Innovations

Technology

Co

Ltd

23,796

Insurance

-

.25

%

AIA

Group

Ltd

154,400

1,398

China

Pacific

Insurance

Group

Co

Ltd

292,600

1,007

Max

Financial

Services

Ltd

(c) 24,673

PICC

Property

&

Casualty

Co

Ltd

140,000

$

3,151

Internet

-

.80

%

Alibaba

Group

Holding

Ltd

184,692

2,614

Grab

Holdings

Ltd

(c) 114,035

574

JD.com

Inc

37,750

617

Meituan

(c),(d)

46,420

747

MercadoLibre

Inc

(c) 507

1,325

Tencent

Holdings

Ltd

71,100

4,581

Tencent

Music

Entertainment

Group

15,502

Trip.com

Group

Ltd

6,113

$

10,967

Iron

&

Steel

-

.12

%

Severstal

PAO

(c) 9,865

—

Ternium

SA

ADR

2,835

$

Leisure

Products

&

Services

-

.10

%

Bajaj

Auto

Ltd

6,275

613

Yadea

Group

Holdings

Ltd

(d) 128,000

$

818

Lodging

-

.06

%

Atour

Lifestyle

Holdings

Ltd

ADR

24,120

784

Machinery

-

Diversified

-

.52

%

WEG

SA

48,600

Metal

Fabrication

&

Hardware

-

.58

%

APL

Apollo

Tubes

Ltd

21,340

Schedule

of

Investments

Global

Emerging

Markets

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Mining

-

.88

%

Aluminum

Corp

of

China

Ltd

144,000

$

Anglogold

Ashanti

Plc

8,329

Capstone

Copper

Corp

(c) 57,500

Impala

Platinum

Holdings

Ltd

(c) 98,689

887

Ivanhoe

Mines

Ltd

(c) 29,100

Polyus

PJSC

(c) 1,080

—

Shandong

Gold

Mining

Co

Ltd

(d) 56,000

$

2,133

Miscellaneous

Manufacturers

-

.68

%

Escorts

Kubota

Ltd

9,503

Zhuzhou

CRRC

Times

Electric

Co

Ltd

33,600

$

505

Oil

&

Gas

-

.83

%

ADNOC

Drilling

Co

PJSC

133,824

HD

Hyundai

Co

Ltd

3,622

PRIO

SA/Brazil

(c) 12,800

Reliance

Industries

Ltd

32,854

575

Saudi

Arabian

Oil

Co

(d) 19,800

$

1,358

Pharmaceuticals

-

.63

%

Caplin

Point

Laboratories

Ltd

14,728

Hansoh

Pharmaceutical

Group

Co

Ltd

(d) 158,000

600

Richter

Gedeon

Nyrt

3,919

Simcere

Pharmaceutical

Group

Ltd

(d) 91,000

$

1,209

Pipelines

-

.51

%

Gaztransport

Et

Technigaz

SA

1,904

Real

Estate

-

.61

%

China

Resources

Land

Ltd

87,500

Sun

Hung

Kai

Properties

Ltd

13,500

$

Retail

-

.83

%

El

Puerto

de

Liverpool

SAB

de

CV

22,011

Jumbo

SA

6,026

Yum

China

Holdings

Inc

6,350

$

613

Semiconductors

-

.11

%

Alchip

Technologies

Ltd

3,000

ASE

Technology

Holding

Co

Ltd

49,000

ASML

Holding

NV

-

NY

Reg

Shares

ASPEED

Technology

Inc

2,000

MediaTek

Inc

23,000

986

Samsung

Electronics

Co

Ltd

50,220

2,221

SK

Hynix

Inc

6,279

1,353

Taiwan

Semiconductor

Manufacturing

Co

Ltd

253,164

9,258

$

14,905

Software

-

.43

%

NetEase

Inc

39,300

1,059

Telecommunications

-

.69

%

Accton

Technology

Corp

26,000

650

Xiaomi

Corp

(c),(d)

174,600

1,344

$

1,994

Textiles

-

.17

%

SLC

Agricola

SA

37,556

Transportation

-

.37

%

Blue

Dart

Express

Ltd

836

JD

Logistics

Inc

(c),(d)

127,400

$

Water

-

.33

%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

11,100

TOTAL

COMMON

STOCKS

$

72,352

PREFERRED

STOCKS

-

.88

%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

.34

%

Hyundai

Motor

Co

12,600.00%

2,130

$

PREFERRED

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

-

.54

%

Petroleo

Brasileiro

SA

-

Petrobras

1.23%

70,100

$

TOTAL

PREFERRED

STOCKS

$

655

Total

Investments

$

74,289

Other

Assets

and

Liabilities

- (0.23)%

(170)

TOTAL

NET

ASSETS

-

100.00%

$

74,119

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Non-income

producing

security

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$5,194

or

7.01%

of

net

assets.

Schedule

of

Investments

Global

Emerging

Markets

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

854

$

9,591

$

9,163

$

1,282

$

854

$

9,591

$

9,163

$

1,282

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Government

&

High

Quality

Bond

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

1.75%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1.75%

Principal

Government

Money

Market

Fund

-

Class

4.21%

(a),(b)

1,897,531

$

1,898

TOTAL

INVESTMENT

COMPANIES

$

1,898

BONDS

-

26.26%

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

-

8.48%

AmeriCredit

Automobile

Receivables

Trust

2023-2

6.19%,

04/19/2027

$

$

AmeriCredit

Automobile

Receivables

Trust

2024-1

4.90%,

02/18/2028

566

566

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.60%

5.75%,

02/18/2028

BMW

Vehicle

Owner

Trust

2024-A

5.42%,

02/25/2027

508

510

BofA

Auto

Trust

2024-1

5.57%,

12/15/2026

(c) 237

BofA

Auto

Trust

2025-1

4.85%,

11/22/2027

(c) 350

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.55%

Carmax

Auto

Owner

Trust

2024-3

5.21%,

09/15/2027

561

562

Chase

Auto

Owner

Trust

2024-1

5.48%,

04/26/2027

(c) 166

Drive

Auto

Receivables

Trust

4.87%,

08/15/2028

775

776

GM

Financial

Automobile

Leasing

Trust

2024-1

5.18%,

06/22/2026

GM

Financial

Automobile

Leasing

Trust

2024-3

4.77%,

01/20/2027

914

914

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.47%

Mercedes-Benz

Auto

Lease

Trust

2024-A

5.44%,

02/16/2027

Santander

Drive

Auto

Receivables

Trust

2024-1

5.25%,

04/17/2028

604

605

Santander

Drive

Auto

Receivables

Trust

2024-2

5.80%,

09/15/2027

Santander

Drive

Auto

Receivables

Trust

2024-3

5.91%,

06/15/2027

Santander

Drive

Auto

Receivables

Trust

2024-4

5.41%,

07/15/2027

Santander

Drive

Auto

Receivables

Trust

2025-1

4.76%,

08/16/2027

542

542

Santander

Drive

Auto

Receivables

Trust

2025-2

4.71%,

06/15/2028

965

965

SBNA

Auto

Lease

Trust

2024-B

5.67%,

11/20/2026

(c) 304

Tesla

Electric

Vehicle

Trust

2023-1

5.54%,

12/21/2026

(c) 234

Wheels

Fleet

Lease

Funding

LLC

4.99%,

01/18/2040

(c) 1,215

1,215

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.67%

$

9,206

Credit

Card

Asset

Backed

Securities

-

6.01%

American

Express

Credit

Account

Master

Trust

3.75%,

08/15/2027

900

899

BA

Credit

Card

Trust

5.00%,

04/15/2028

1,050

1,052

Capital

One

Multi-Asset

Execution

Trust

4.42%,

05/15/2028

1,200

1,201

Citibank

Credit

Card

Issuance

Trust

5.23%,

12/08/2027

750

752

Discover

Card

Execution

Note

Trust

4.31%,

03/15/2028

1,365

1,364

5.03%,

10/15/2027

1,250

1,252

$

6,520

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

-

11.76%

EverBank

Mortgage

Loan

Trust

18-1

3.50%,

02/25/2048

(c),(d)

$

$

Fannie

Mae

Grantor

Trust

2005-T1

4.78%,

05/25/2035

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.46%

Fannie

Mae

Interest

Strip

3.50%,

12/25/2043

(d),(e)

Fannie

Mae

REMICS

1.58%,

10/25/2049

(e) 1,910

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.58%,

05/25/2050

(e) 2,085

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.63%,

08/25/2049

(e) 2,974

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.63%,

09/25/2049

(e) 851

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.63%,

11/25/2049

(e) 1,432

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.65%,

06/25/2050

(e) 1,259

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.96%

1.73%,

09/25/2047

(e) 2,689

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.04%

2.05%,

06/25/2045

(e) 835

1.00 x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.00%

2.28%,

12/25/2042

(e) 1,026

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.59%

3.00%,

10/25/2040

(e) 131

3.00%,

04/25/2042

3.00%,

05/25/2048

3.00%,

01/25/2051

(e) 1,600

7.00%,

04/25/2032

Freddie

Mac

REMICS

1.50%,

04/15/2028

1.63%,

09/25/2049

(e) 2,575

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.63%,

10/25/2049

(e) 2,195

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.63%,

11/25/2049

(e) 918

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.84%,

05/15/2038

(e) 681

1.00 x

Month

Treasury

Average

Index

+

0.00%

3.00%,

04/15/2046

Ginnie

Mae

1.67%,

06/20/2046

(e) 255

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

1.67%,

08/20/2047

(e) 1,701

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

1.71%,

12/20/2043

(e) 568

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.03%

Schedule

of

Investments

Government

&

High

Quality

Bond

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Ginnie

Mae

(continued)

1.77%,

10/20/2045

(e) $

687

$

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

1.77%,

11/20/2047

(e) 507

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

1.87%,

08/20/2050

(e) 1,830

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

1.87%,

11/20/2050

(e) 1,129

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

1.87%,

07/20/2051

(e) 1,207

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

1.87%,

08/20/2051

(e) 1,463

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

1.95%,

09/20/2050

(e) 1,160

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.25%

3.00%,

07/20/2050

(e) 915

3.00%,

11/20/2050

(e) 1,666

3.00%,

11/20/2050

(e) 2,571

3.00%,

12/20/2050

(e) 1,050

3.50%,

10/20/2049

(e) 1,512

4.00%,

02/20/2044

(e) 390

4.00%,

04/20/2044

(e) 316

4.00%,

01/20/2046

(e) 160

JP

Morgan

Mortgage

Trust

2016-4

3.50%,

10/25/2046

(c),(d)

JP

Morgan

Mortgage

Trust

2017-3

3.79%,

08/25/2047

(c),(d)

JP

Morgan

Mortgage

Trust

2023-8

6.00%,

02/25/2054

(c),(d)

1,299

1,311

JP

Morgan

Mortgage

Trust

2023-10

6.00%,

05/25/2054

(c),(d)

931

932

JP

Morgan

Mortgage

Trust

2024-1

6.00%,

06/25/2054

(c),(d)

New

Residential

Mortgage

Loan

Trust

2014-1

5.00%,

01/25/2054

(c),(d)

618

614

New

Residential

Mortgage

Loan

Trust

2015-2

5.29%,

08/25/2055

(c),(d)

Sequoia

Mortgage

Trust

2013-2

3.64%,

02/25/2043

(d) 68

Sequoia

Mortgage

Trust

2017-3

3.76%,

04/25/2047

(c),(d)

Sequoia

Mortgage

Trust

2023-4

6.00%,

11/25/2053

(c),(d)

896

898

Sequoia

Mortgage

Trust

2024-1

5.92%,

01/25/2054

(c),(d)

512

512

Sequoia

Mortgage

Trust

2024-5

6.00%,

06/25/2054

(c),(d)

540

541

$

12,768

Other

Asset

Backed

Securities

-

0.01%

MMAF

Equipment

Finance

LLC

2019-B

2.07%,

07/13/2026

(c) 14

TOTAL

BONDS

$

28,508

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

89.85%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

2.42%

3.00%,

05/01/2043

$

$

3.00%,

10/01/2046

3.50%,

02/01/2044

4.00%,

01/01/2043

4.00%,

06/01/2043

4.00%,

10/01/2045

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

4.50%,

11/01/2043

$

$

5.00%,

10/01/2025

5.00%,

02/01/2033

5.00%,

06/01/2033

5.00%,

01/01/2034

5.00%,

07/01/2035

5.00%,

07/01/2035

5.00%,

07/01/2035

5.00%,

10/01/2035

5.50%,

03/01/2033

5.50%,

04/01/2038

5.50%,

05/01/2038

6.00%,

05/01/2031

6.00%,

12/01/2031

6.00%,

11/01/2033

6.00%,

09/01/2034

6.00%,

02/01/2035

6.00%,

10/01/2036

6.00%,

03/01/2037

6.00%,

01/01/2038

6.00%,

04/01/2038

6.50%,

01/01/2028

6.50%,

03/01/2028

6.50%,

10/01/2028

6.50%,

11/01/2028

6.50%,

12/01/2028

6.50%,

03/01/2029

6.50%,

07/01/2031

6.50%,

08/01/2031

6.50%,

10/01/2031

6.50%,

10/01/2031

6.50%,

12/01/2031

6.50%,

02/01/2032

6.50%,

05/01/2032

7.00%,

09/01/2027

7.00%,

01/01/2028

7.00%,

04/01/2028

7.00%,

05/01/2028

7.00%,

10/01/2031

7.00%,

10/01/2031

7.00%,

04/01/2032

7.35%,

09/01/2032

1.00 x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.23%

7.50%,

10/01/2030

7.50%,

02/01/2031

—

7.50%,

02/01/2031

8.00%,

10/01/2030

8.50%,

07/01/2029

$

2,626

Federal

National

Mortgage

Association

(FNMA)

-

0.12%

5.50%,

05/01/2033

6.00%,

05/01/2037

6.30%,

12/01/2033

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.70%

6.50%,

11/01/2032

6.52%,

12/01/2032

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.64%

7.00%,

08/01/2028

7.00%,

12/01/2028

$

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

59.45%

2.00%,

10/01/2050

692

555

2.00%,

11/01/2051

1,546

1,243

2.00%,

11/01/2051

1,208

959

Schedule

of

Investments

Government

&

High

Quality

Bond

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

2.00%,

12/01/2051

$

2,374

$

1,910

2.00%,

12/01/2051

2,374

1,899

2.00%,

01/01/2052

1,937

1,561

2.00%,

01/01/2052

1,589

1,274

2.00%,

03/01/2052

1,623

1,291

2.50%,

02/01/2051

2,232

1,890

2.50%,

07/01/2051

2,896

2,435

2.50%,

12/01/2051

1,941

1,654

2.50%,

04/01/2052

4,107

3,491

3.00%,

10/01/2042

615

556

3.00%,

10/01/2046

3.00%,

11/01/2046

809

719

3.00%,

01/01/2050

799

700

3.00%,

07/01/2050

754

660

3.00%,

08/01/2050

577

505

3.00%,

09/01/2050

948

830

3.00%,

06/01/2052

1,618

1,415

3.50%,

11/01/2042

3.50%,

02/01/2043

3.50%,

03/01/2045

3.50%,

11/01/2048

896

831

3.50%,

08/01/2050

763

703

3.50%,

06/01/2052

867

785

4.00%,

02/01/2041

4.00%,

08/01/2044

4.00%,

10/01/2044

593

568

4.00%,

11/01/2044

4.00%,

08/01/2045

4.00%,

08/01/2046

517

4.00%,

07/01/2047

4.00%,

07/01/2052

4.50%,

08/01/2039

549

548

4.50%,

10/01/2043

4.50%,

09/01/2045

4.50%,

10/01/2045

4.50%,

11/01/2045

556

544

4.50%,

08/01/2052

812

781

4.50%,

10/01/2052

734

703

4.50%,

01/01/2054

779

751

5.00%,

05/01/2033

5.00%,

04/01/2035

5.00%,

04/01/2035

5.00%,

07/01/2035

5.00%,

02/01/2038

5.00%,

02/01/2040

5.00%,

07/01/2041

5.00%,

09/01/2052

760

752

5.00%,

04/01/2053

1,861

1,830

5.00%,

04/01/2053

1,681

1,663

5.00%,

06/01/2053

1,989

1,954

5.00%,

11/01/2054

802

786

5.00%,

11/01/2054

943

930

5.00%,

02/01/2055

5.50%,

06/01/2033

5.50%,

03/01/2038

5.50%,

07/01/2053

901

909

5.50%,

11/01/2053

879

888

5.50%,

11/01/2053

1,073

1,081

5.50%,

05/01/2054

821

827

5.50%,

10/01/2054

1,273

1,283

5.50%,

02/01/2055

1,704

1,714

5.50%,

08/01/2055

(f) 2,685

2,682

6.00%,

11/01/2028

6.00%,

12/01/2031

6.00%,

01/01/2033

6.00%,

07/01/2037

6.00%,

11/01/2037

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

6.00%,

12/01/2037

$

$

6.00%,

03/01/2038

6.00%,

04/01/2054

835

858

6.00%,

05/01/2054

819

840

6.00%,

06/01/2054

595

611

6.00%,

09/01/2054

586

600

6.00%,

08/01/2055

(f) 3,490

3,543

6.50%,

03/01/2029

6.50%,

06/01/2031

6.50%,

08/01/2032

6.50%,

02/01/2033

6.50%,

12/01/2036

6.50%,

07/01/2037

6.50%,

02/01/2038

6.50%,

05/01/2054

607

631

6.50%,

08/01/2055

(f) 1,900

1,959

7.00%,

10/01/2029

7.00%,

05/01/2031

7.00%,

11/01/2031

$

64,529

Government

National

Mortgage

Association

(GNMA)

-

24.71%

2.00%,

01/20/2051

1,295

1,055

2.00%,

02/20/2051

2.50%,

06/20/2050

2,019

1,723

3.00%,

02/15/2043

595

539

3.00%,

05/15/2043

705

639

3.00%,

02/20/2047

3.50%,

01/15/2043

3.50%,

05/15/2043

3.50%,

06/20/2043

3.50%,

06/20/2046

3.50%,

02/20/2047

4.00%,

07/20/2047

4.00%,

04/20/2052

731

683

4.50%,

07/15/2040

4.50%,

08/20/2048

840

818

4.50%,

05/20/2052

974

940

4.50%,

06/20/2053

536

515

5.00%,

12/20/2052

2,130

2,104

5.00%,

05/20/2053

1,008

993

5.00%,

09/20/2053

840

826

5.00%,

10/20/2053

846

835

5.00%,

02/20/2054

5.00%,

07/20/2055

(f) 70

5.50%,

11/15/2033

5.50%,

05/20/2035

5.50%,

07/20/2055

(f) 7,550

7,560

6.00%,

06/20/2028

6.00%,

07/20/2028

6.00%,

02/20/2029

6.00%,

03/20/2029

6.00%,

07/20/2029

6.00%,

07/20/2033

6.00%,

07/20/2055

(f) 4,400

4,464

6.50%,

03/20/2031

6.50%,

04/20/2031

7.00%,

01/15/2028

7.00%,

01/15/2028

7.00%,

03/15/2028

7.00%,

01/15/2029

7.00%,

03/15/2029

7.00%,

05/15/2031

7.00%,

09/15/2031

7.00%,

06/15/2032

$

26,816

Schedule

of

Investments

Government

&

High

Quality

Bond

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

Bill

-

3.15%

4.21%,

07/17/2025

(g) $

2,575

$

2,570

4.22%,

09/18/2025

(g) 860

852

$

3,422

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

97,522

Total

Investments

$

127,928

Other

Assets

and

Liabilities

- (17.86)%

(19,383)

TOTAL

NET

ASSETS

-

100.00%

$

108,545

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$9,157

or

8.44%

of

net

assets.

(d) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(e) Security

is

an

Interest

Only

Strip.

(f) Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

(g) Rate

shown

is

the

discount

rate

of

the

original

purchase.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

2,761

$

27,139

$

28,002

$

1,898

$

2,761

$

27,139

$

28,002

$

1,898

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

Year

Note;

September

2025

Short

$

1,248

$

(5) US

Year

Note;

September

2025

Short

1,635

(20) US

Long

Bond;

September

2025

Long

3,002

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

LargeCap

Growth

Account

I

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

2.38%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.18%

iShares

Russell

1000

Growth

ETF

2,600

$

1,104

Money

Market

Funds

-

2.20%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

50,849

Principal

Government

Money

Market

Fund

-

Class

4.21%

(a),(c)

13,553,945

13,554

$

13,605

TOTAL

INVESTMENT

COMPANIES

$

14,709

CONVERTIBLE

PREFERRED

STOCKS

-

0.11%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

0.04%

Waymo

LLC

Series

0.00%

(d),(e),(f)

2,489

$

Chemicals

-

0.02%

Sila

Nano

Series

F

0.00%

(d),(e),(f)

4,929

Software

-

0.05%

Nuro

-

Series

C

0.00%

(d),(e),(f)

17,442

Rappi

Inc

-

Series

E

0.00%

(d),(e),(f)

5,133

$

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

658

COMMON

STOCKS

-

97.75%

Shares

Held

Value

(000's)

Advertising

-

0.91%

Trade

Desk

Inc/The

(d) 77,808

$

5,601

Aerospace

&

Defense

-

2.54%

Boeing

Co/The

(d) 12,343

2,587

FTAI

Aviation

Ltd

General

Electric

Co

3,058

787

HEICO

Corp

HEICO

Corp

-

Class

A

Howmet

Aerospace

Inc

22,355

4,161

Karman

Holdings

Inc

(d),(g)

Leonardo

DRS

Inc

Loar

Holdings

Inc

(d) 103

Lockheed

Martin

Corp

Rocket

Lab

Corp

(d) 1,138

Spirit

AeroSystems

Holdings

Inc

(d) 35

StandardAero

Inc

(d) 37

TransDigm

Group

Inc

5,180

7,876

$

15,681

Agriculture

-

0.00%

Darling

Ingredients

Inc

(d) 50

Airlines

-

0.00%

Alaska

Air

Group

Inc

(d) 61

American

Airlines

Group

Inc

(d) 188

Southwest

Airlines

Co

$

Apparel

-

0.02%

Birkenstock

Holding

Plc

(d) 46

Deckers

Outdoor

Corp

(d) 439

On

Holding

AG

(d) 640

Ralph

Lauren

Corp

Tapestry

Inc

551

$

Automobile

Manufacturers

-

0.42%

Tesla

Inc

(d) 8,180

2,598

Automobile

Parts

&

Equipment

-

0.00%

Allison

Transmission

Holdings

Inc

Banks

-

0.06%

Bank

of

America

Corp

1,585

Bank

of

New

York

Mellon

Corp/The

Citigroup

Inc

961

Goldman

Sachs

Group

Inc/The

NU

Holdings

Ltd/Cayman

Islands

(d) 9,285

Pinnacle

Financial

Partners

Inc

Popular

Inc

Western

Alliance

Bancorp

$

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Beverages

-

0.10%

Celsius

Holdings

Inc

(d) 479

$

Coca-Cola

Co/The

5,527

Coca-Cola

Consolidated

Inc

Monster

Beverage

Corp

(d) 2,028

PepsiCo

Inc

546

$

615

Biotechnology

-

0.44%

Alnylam

Pharmaceuticals

Inc

(d) 362

Amgen

Inc

1,154

Apellis

Pharmaceuticals

Inc

(d) 314

Argenx

SE

ADR

(d) 3,018

1,664

Exelixis

Inc

(d) 635

Gilead

Sciences

Inc

975

Halozyme

Therapeutics

Inc

(d) 356

Incyte

Corp

(d) 118

Insmed

Inc

(d) 486

Ionis

Pharmaceuticals

Inc

(d) 417

Sarepta

Therapeutics

Inc

(d) 258

Summit

Therapeutics

Inc

(d) 339

Ultragenyx

Pharmaceutical

Inc

(d) 252

Vertex

Pharmaceuticals

Inc

(d) 747

Viking

Therapeutics

Inc

(d),(g)

$

2,691

Building

Materials

-

1.03%

AAON

Inc

Armstrong

World

Industries

Inc

AZEK

Co

Inc/The

(d) 263

Eagle

Materials

Inc

Lennox

International

Inc

Simpson

Manufacturing

Co

Inc

Trane

Technologies

PLC

14,412

6,305

$

6,395

Chemicals

-

0.04%

Ecolab

Inc

Sherwin-Williams

Co/The

614

$

Commercial

Services

-

3.72%

Affirm

Holdings

Inc

(d) 11,800

816

Automatic

Data

Processing

Inc

1,098

Avis

Budget

Group

Inc

(d) 17

Block

Inc

(d) 114,227

7,759

Booz

Allen

Hamilton

Holding

Corp

Bright

Horizons

Family

Solutions

Inc

(d) 22

Cintas

Corp

34,958

7,791

Corpay

Inc

(d) 197

Equifax

Inc

8,861

2,298

Grand

Canyon

Education

Inc

(d) 23

H&R

Block

Inc

Moody's

Corp

Morningstar

Inc

Paylocity

Holding

Corp

(d) 121

Quanta

Services

Inc

RB

Global

Inc

Rollins

Inc

816

S&P

Global

Inc

6,219

3,279

Shift4

Payments

Inc

(d),(g)

Toast

Inc

(d) 1,306

U-Haul

Holding

Co

(d) 11

U-Haul

Holding

Co

Valvoline

Inc

(d) 328

Verisk

Analytics

Inc

WEX

Inc

(d) 10

WillScot

Holdings

Corp

$

23,015

Computers

-

5.30%

Apple

Inc

155,255

31,854

Crowdstrike

Holdings

Inc

(d) 710

Dell

Technologies

Inc

ExlService

Holdings

Inc

(d) 460

Schedule

of

Investments

LargeCap

Growth

Account

I

June

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Computers

(continued)

Fortinet

Inc

(d) 1,850

$

Gartner

Inc

(d) 217

Globant

SA

(d) 13

KBR

Inc

Kyndryl

Holdings

Inc

(d) 43

Lumentum

Holdings

Inc

(d) 15

NetApp

Inc

Okta

Inc

(d) 189

Pure

Storage

Inc

(d) 774

Rubrik

Inc

(d) 168

Super

Micro

Computer

Inc

(d) 685

Zscaler

Inc

(d) 283

$

32,766

Consumer

Products

-

0.01%

Kimberly-Clark

Corp

Cosmetics

&

Personal

Care

-

0.02%

Colgate-Palmolive

Co

1,109

Distribution

&

Wholesale

-

0.06%

Copart

Inc

(d) 2,395

Core

&

Main

Inc

(d) 321

Fastenal

Co

2,722

Pool

Corp

SiteOne

Landscape

Supply

Inc

(d) 42

WW

Grainger

Inc

$

Diversified

Financial

Services

-

5.33%

Ally

Financial

Inc

American

Express

Co

524

Ameriprise

Financial

Inc

Apollo

Global

Management

Inc

835

Ares

Management

Corp

8,657

1,500

Blue

Owl

Capital

Inc

1,774

Brookfield

Asset

Management

Ltd

Charles

Schwab

Corp/The

Coinbase

Global

Inc

(d) 59

Credit

Acceptance

Corp

(d) 3

Freedom

Holding

Corp/NV

(d),(g)

Hamilton

Lane

Inc

Houlihan

Lokey

Inc

Interactive

Brokers

Group

Inc

-

A

Shares

Jefferies

Financial

Group

Inc

Lazard

Inc

LPL

Financial

Holdings

Inc

Mastercard

Inc

35,861

20,152

SLM

Corp

SoFi

Technologies

Inc

(d) 424

TPG

Inc

Tradeweb

Markets

Inc

9,181

1,344

UWM

Holdings

Corp

—

Visa

Inc

26,029

9,241

XP

Inc

$

32,936

Electric

-

0.05%

NRG

Energy

Inc

576

Vistra

Corp

983

$

Electrical

Components

&

Equipment

-

0.56%

Generac

Holdings

Inc

(d) 24,384

3,492

Electronics

-

1.12%

Amphenol

Corp

69,367

6,850

Jabil

Inc

$

6,894

Energy

-

Alternate

Sources

-

0.23%

Enphase

Energy

Inc

(d) 369

First

Solar

Inc

(d) 8,611

1,425

$

1,440

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Engineering

&

Construction

-

0.01%

Comfort

Systems

USA

Inc

$

EMCOR

Group

Inc

MasTec

Inc

(d) 38

TopBuild

Corp

(d) 7

$

Entertainment

-

0.87%

Churchill

Downs

Inc

DraftKings

Inc

(d) 118,828

5,097

Flutter

Entertainment

PLC

(d) 421

Light

&

Wonder

Inc

(d) 248

Live

Nation

Entertainment

Inc

(d) 460

TKO

Group

Holdings

Inc

Vail

Resorts

Inc

$

5,356

Environmental

Control

-

0.73%

Tetra

Tech

Inc

Veralto

Corp

42,166

4,257

Waste

Management

Inc

1,076

$

4,508

Food

-

0.02%

Hershey

Co/The

Performance

Food

Group

Co

(d) 55

Sprouts

Farmers

Market

Inc

(d) 284

Sysco

Corp

756

$

Healthcare

-

Products

-

4.70%

Boston

Scientific

Corp

(d) 740

Danaher

Corp

7,382

1,458

Exact

Sciences

Corp

(d) 30

IDEXX

Laboratories

Inc

(d) 234

Inspire

Medical

Systems

Inc

(d) 85

Insulet

Corp

(d) 203

Intuitive

Surgical

Inc

(d) 27,533

14,962

Masimo

Corp

(d) 131

Natera

Inc

(d) 12,222

2,065

Penumbra

Inc

(d) 108

Repligen

Corp

(d) 20

ResMed

Inc

Sonova

Holding

AG

ADR

24,996

1,493

Stryker

Corp

10,308

4,078

Waters

Corp

(d) 91

West

Pharmaceutical

Services

Inc

20,922

4,578

$

29,025

Healthcare

-

Services

-

1.16%

Chemed

Corp

Cigna

Group/The

8,734

2,888

DaVita

Inc

(d) 112

HCA

Healthcare

Inc

Medpace

Holdings

Inc

(d) 67

Molina

Healthcare

Inc

(d) 86

Sotera

Health

Co

(d) 43

—

UnitedHealth

Group

Inc

13,301

4,150

$

7,144

Home

Furnishings

-

0.01%

SharkNinja

Inc

(d) 35

Somnigroup

International

Inc

587

$

Insurance

-

1.29%

Aon

PLC

564

Arthur

J

Gallagher

&

Co

Brown

&

Brown

Inc

Equitable

Holdings

Inc

881

Everest

Group

Ltd

Kinsale

Capital

Group

Inc

Markel

Group

Inc

(d) 8

Marsh

&

McLennan

Cos

Inc

Schedule

of

Investments

LargeCap

Growth

Account

I

June

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Progressive

Corp/The

28,539

$

7,616

RLI

Corp

Ryan

Specialty

Holdings

Inc

$

8,003

Internet

-

20.54%

Airbnb

Inc

(d) 1,236

Alphabet

Inc

-

A

Shares

85,674

15,099

Alphabet

Inc

-

C

Shares

45,268

8,030

Amazon.com

Inc

(d) 143,535

31,490

Booking

Holdings

Inc

923

5,343

CDW

Corp/DE

Chewy

Inc

(d) 608

Coupang

Inc

(d) 101,936

3,054

DoorDash

Inc

-

Class

A

(d) 1,043

Etsy

Inc

(d) 173

Expedia

Group

Inc

Gen

Digital

Inc

GoDaddy

Inc

(d) 395

Lyft

Inc

(d) 186

MercadoLibre

Inc

(d) 903

2,360

Meta

Platforms

Inc

37,931

27,996

Netflix

Inc

(d) 14,295

19,143

Palo

Alto

Networks

Inc

(d) 1,910

Pinterest

Inc

(d) 854

Reddit

Inc

(d) 339

Robinhood

Markets

Inc

(d) 288

Roku

Inc

(d) 49

Shopify

Inc

(d) 21,285

2,455

Spotify

Technology

SA

(d) 447

Trump

Media

&

Technology

Group

Corp

(d),(g)

Uber

Technologies

Inc

(d) 112,318

10,479

Wayfair

Inc

(d) 48

$

126,901

Iron

&

Steel

-

0.00%

Carpenter

Technology

Corp

Steel

Dynamics

Inc

$

Leisure

Products

&

Services

-

0.05%

Carnival

Corp

(d) 969

Norwegian

Cruise

Line

Holdings

Ltd

(d) 1,161

Planet

Fitness

Inc

(d) 244

Royal

Caribbean

Cruises

Ltd

736

Viking

Holdings

Ltd

(d) 591

$

Lodging

-

1.59%

Choice

Hotels

International

Inc

(g) 24

Hilton

Worldwide

Holdings

Inc

36,210

9,645

Las

Vegas

Sands

Corp

932

Marriott

International

Inc/MD

507

Travel

+

Leisure

Co

Wyndham

Hotels

&

Resorts

Inc

$

9,845

Machinery

-

Construction

&

Mining

-

0.10%

BWX

Technologies

Inc

Caterpillar

Inc

GE

Vernova

Inc

795

Vertiv

Holdings

Co

1,106

$

634

Machinery

-

Diversified

-

0.33%

Ingersoll

Rand

Inc

24,101

2,005

Rockwell

Automation

Inc

$

2,014

Media

-

0.01%

FactSet

Research

Systems

Inc

Liberty

Broadband

Corp

-

A

Shares

(d) 12

Liberty

Broadband

Corp

-

C

Shares

(d) 69

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d) 21

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Media

(continued)

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d) 190

$

Nexstar

Media

Group

Inc

$

Metal

Fabrication

&

Hardware

-

0.00%

RBC

Bearings

Inc

(d) 18

Mining

-

0.00%

Anglogold

Ashanti

Plc

Miscellaneous

Manufacturers

-

0.05%

3M

Co

Axon

Enterprise

Inc

(d) 216

Carlisle

Cos

Inc

Illinois

Tool

Works

Inc

$

Oil

&

Gas

-

0.01%

HF

Sinclair

Corp

Phillips

Texas

Pacific

Land

Corp

$

Oil

&

Gas

Services

-

0.19%

Schlumberger

NV

34,835

1,177

Pharmaceuticals

-

2.52%

AbbVie

Inc

5,152

956

Bristol-Myers

Squibb

Co

1,140

Cardinal

Health

Inc

Cencora

Inc

532

Corcept

Therapeutics

Inc

(d) 273

Dexcom

Inc

(d) 1,137

Eli

Lilly

&

Co

9,631

7,508

McKesson

Corp

Neurocrine

Biosciences

Inc

(d) 241

Zoetis

Inc

41,504

6,473

$

15,604

Pipelines

-

0.03%

Cheniere

Energy

Inc

Targa

Resources

Corp

624

Williams

Cos

Inc/The

$

Private

Equity

-

0.06%

Blackstone

Inc

2,128

KKR

&

Co

Inc

$

Real

Estate

-

0.94%

CBRE

Group

Inc

(d) 94

CoStar

Group

Inc

(d) 72,337

5,816

Jones

Lang

LaSalle

Inc

(d) 37

$

5,839

REITs

-

0.06%

American

Tower

Corp

1,360

Lamar

Advertising

Co

Public

Storage

Simon

Property

Group

Inc

Sun

Communities

Inc

UDR

Inc

$

Retail

-

2.62%

AutoZone

Inc

(d) 8

BJ's

Wholesale

Club

Holdings

Inc

(d) 56

Burlington

Stores

Inc

(d) 182

Carvana

Co

(d) 373

Casey's

General

Stores

Inc

Cava

Group

Inc

(d) 290

Chipotle

Mexican

Grill

Inc

(d) 49,880

2,801

Costco

Wholesale

Corp

11,377

11,263

Darden

Restaurants

Inc

Domino's

Pizza

Inc

Dutch

Bros

Inc

(d) 336

Ferguson

Enterprises

Inc

Schedule

of

Investments

LargeCap

Growth

Account

I

June

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Floor

&

Decor

Holdings

Inc

(d) 108

$

Freshpet

Inc

(d) 39

Home

Depot

Inc/The

2,207

809

Lithia

Motors

Inc

Lululemon

Athletica

Inc

(d) 177

McDonald's

Corp

Murphy

USA

Inc

O'Reilly

Automotive

Inc

(d) 2,278

Restaurant

Brands

International

Inc

599

RH

(d) 8

Ross

Stores

Inc

Starbucks

Corp

Texas

Roadhouse

Inc

TJX

Cos

Inc/The

1,627

Tractor

Supply

Co

1,546

Ulta

Beauty

Inc

(d) 33

Walmart

Inc

1,264

Wendy's

Co/The

Williams-Sonoma

Inc

Wingstop

Inc

Yum!

Brands

Inc

$

16,181

Semiconductors

-

14.30%

Advanced

Micro

Devices

Inc

(d) 13,810

1,960

Applied

Materials

Inc

670

ASML

Holding

NV

-

NY

Reg

Shares

1,100

881

Astera

Labs

Inc

(d) 416

Broadcom

Inc

50,691

13,973

Entegris

Inc

34,175

2,756

KLA

Corp

Lam

Research

Corp

3,718

Lattice

Semiconductor

Corp

(d) 25,549

1,252

MACOM

Technology

Solutions

Holdings

Inc

(d) 45

Marvell

Technology

Inc

78,028

6,040

Monolithic

Power

Systems

Inc

NVIDIA

Corp

353,320

55,821

NXP

Semiconductors

NV

20,116

4,395

Onto

Innovation

Inc

(d) 32

QUALCOMM

Inc

731

Texas

Instruments

Inc

1,081

$

88,395

Software

-

23.52%

Adobe

Inc

(d) 1,237

Appfolio

Inc

(d) 64

AppLovin

Corp

(d) 6,584

2,305

Atlassian

Corp

(d) 470

Autodesk

Inc

(d) 25,623

7,933

Bentley

Systems

Inc

Broadridge

Financial

Solutions

Inc

Cadence

Design

Systems

Inc

(d) 20,516

6,322

Cloudflare

Inc

(d) 897

Confluent

Inc

(d) 805

Datadog

Inc

(d) 42,466

5,705

Dayforce

Inc

(d) 29,963

1,659

Docusign

Inc

(d) 442

DoubleVerify

Holdings

Inc

(d) 191

Doximity

Inc

(d) 379

Dropbox

Inc

-

A

Shares

(d) 156

Duolingo

Inc

(d) 109

Dynatrace

Inc

(d) 26,642

1,470

Elastic

NV

(d) 263

Fair

Isaac

Corp

(d) 3,810

6,964

Fiserv

Inc

(d) 19,286

3,326

Gitlab

Inc

(d) 382

Guidewire

Software

Inc

(d) 243

HubSpot

Inc

(d) 3,975

2,213

Intuit

Inc

24,065

18,954

Magic

Leap

Inc

(d),(e),(f)

—

Manhattan

Associates

Inc

(d) 174

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Microsoft

Corp

120,626

$

60,001

MicroStrategy

Inc

(d) 42

MongoDB

Inc

(d) 22

MSCI

Inc

nCino

Inc

(d) 44

Nutanix

Inc

(d) 183

Oracle

Corp

4,815

1,053

Palantir

Technologies

Inc

(d) 6,352

866

Paychex

Inc

Paycom

Software

Inc

Pegasystems

Inc

Procore

Technologies

Inc

(d) 333

PTC

Inc

(d) 41

RingCentral

Inc

(d) 249

ROBLOX

Corp

(d) 1,638

Salesforce

Inc

Samsara

Inc

(d) 780

SentinelOne

Inc

(d) 611

ServiceNow

Inc

(d) 13,864

14,253

Snowflake

Inc

-

Class

A

(d) 909

Stripe

Inc

-

Class

B

(d),(e),(f)

5,754

Synopsys

Inc

(d) 394

Take-Two

Interactive

Software

Inc

(d) 176

Tempus

AI

Inc

(d),(g)

Teradata

Corp

(d) 64

Twilio

Inc

(d) 71

Tyler

Technologies

Inc

(d) 103

Unity

Software

Inc

(d) 54

Veeva

Systems

Inc

(d) 12,897

3,715

Workday

Inc

(d) 26,052

6,252

$

145,354

Telecommunications

-

0.07%

Arista

Networks

Inc

(d) 3,000

AST

SpaceMobile

Inc

(d) 463

Iridium

Communications

Inc

Motorola

Solutions

Inc

Ubiquiti

Inc

$

Transportation

-

0.01%

Old

Dominion

Freight

Line

Inc

Union

Pacific

Corp

XPO

Inc

(d) 69

$

TOTAL

COMMON

STOCKS

$

604,101

Total

Investments

$

619,468

Other

Assets

and

Liabilities

- (0.24)%

(1,497)

TOTAL

NET

ASSETS

-

100.00%

$

617,971

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$51

or

0.01%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(f) Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

(g) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$49

or

0.01%

of

net

assets.

Schedule

of

Investments

LargeCap

Growth

Account

I

June

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

12,206

$

106,057

$

104,709

$

13,554

$

12,206

$

106,057

$

104,709

$

13,554

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Magic

Leap

Inc

01/20/2016-10/12/2017

$

$

—

0.00%

Nuro

-

Series

C

0.00%

10/30/2020

0.04%

Rappi

Inc

-

Series

E

0.00%

09/08/2020

0.01%

Sila

Nano

Series

F

0.00%

01/07/2021

0.02%

Stripe

Inc

-

Class

B

12/17/2019

0.03%

Waymo

LLC

Series

0.00%

05/08/2020

0.04%

Total

$

862

0.14%

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini;

September

2025

Long

$

3,440

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

LargeCap

S&P

500

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.93

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.33

%

iShares

Core

S&P

500

ETF

13,316

$

8,268

Money

Market

Funds

-

.60

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

337,428

Principal

Government

Money

Market

Fund

-

Class

4.21%

(a),(c)

65,612,678

65,613

$

65,950

TOTAL

INVESTMENT

COMPANIES

$

74,218

COMMON

STOCKS

-

.21

%

Shares

Held

Value

(000's)

Advertising

-

.04

%

Interpublic

Group

of

Cos

Inc/The

17,323

$

Omnicom

Group

Inc

9,141

658

$

1,082

Aerospace

&

Defense

-

.99

%

Boeing

Co/The

(d) 35,325

7,402

General

Dynamics

Corp

11,802

3,442

General

Electric

Co

49,962

12,860

Howmet

Aerospace

Inc

18,913

3,520

L3Harris

Technologies

Inc

8,759

2,197

Lockheed

Martin

Corp

9,771

4,525

Northrop

Grumman

Corp

6,339

3,169

RTX

Corp

62,592

9,140

TransDigm

Group

Inc

2,631

4,001

$

50,256

Agriculture

-

.77

%

Altria

Group

Inc

78,920

4,627

Archer-Daniels-Midland

Co

22,509

1,188

Bunge

Global

SA

6,296

505

Philip

Morris

International

Inc

72,925

13,282

$

19,602

Airlines

-

.14

%

Delta

Air

Lines

Inc

30,592

1,505

Southwest

Airlines

Co

26,700

866

United

Airlines

Holdings

Inc

(d) 15,302

1,218

$

3,589

Apparel

-

.24

%

Deckers

Outdoor

Corp

(d) 7,110

733

NIKE

Inc

55,195

3,921

Ralph

Lauren

Corp

1,868

512

Tapestry

Inc

9,730

855

$

6,021

Automobile

Manufacturers

-

.99

%

Cummins

Inc

6,453

2,113

Ford

Motor

Co

182,989

1,986

General

Motors

Co

45,046

2,217

PACCAR

Inc

24,594

2,338

Tesla

Inc

(d) 131,289

41,705

$

50,359

Automobile

Parts

&

Equipment

-

.03

%

Aptiv

PLC

(d) 10,201

696

Banks

-

.42

%

Bank

of

America

Corp

307,009

14,528

Bank

of

New

York

Mellon

Corp/The

33,520

3,054

Citigroup

Inc

87,507

7,449

Citizens

Financial

Group

Inc

20,317

909

Fifth

Third

Bancorp

31,273

1,286

Goldman

Sachs

Group

Inc/The

14,377

10,175

Huntington

Bancshares

Inc/OH

68,254

1,144

JPMorgan

Chase

&

Co

130,207

37,748

KeyCorp

46,213

805

M&T

Bank

Corp

7,520

1,459

Morgan

Stanley

57,877

8,152

Northern

Trust

Corp

9,115

1,156

PNC

Financial

Services

Group

Inc/The

18,532

3,455

Regions

Financial

Corp

42,117

991

State

Street

Corp

13,361

1,421

Truist

Financial

Corp

61,355

2,638

US

Bancorp

72,996

3,303

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Wells

Fargo

&

Co

152,465

$

12,215

$

111,888

Beverages

-

.08

%

Brown-Forman

Corp

-

B

Shares

8,532

Coca-Cola

Co/The

181,485

12,840

Constellation

Brands

Inc

7,172

1,167

Keurig

Dr

Pepper

Inc

63,633

2,104

Molson

Coors

Beverage

Co

8,028

Monster

Beverage

Corp

(d) 32,898

2,061

PepsiCo

Inc

64,237

8,482

$

27,269

Biotechnology

-

.01

%

Amgen

Inc

25,191

7,034

Biogen

Inc

(d) 6,864

862

Corteva

Inc

31,961

2,382

Gilead

Sciences

Inc

58,280

6,461

Incyte

Corp

(d) 7,526

512

Moderna

Inc

(d) 15,944

Regeneron

Pharmaceuticals

Inc

4,866

2,555

Vertex

Pharmaceuticals

Inc

(d) 12,032

5,357

$

25,603

Building

Materials

-

.63

%

Builders

FirstSource

Inc

(d) 5,178

604

Carrier

Global

Corp

37,355

2,734

Johnson

Controls

International

plc

30,831

3,257

Lennox

International

Inc

1,497

858

Martin

Marietta

Materials

Inc

2,826

1,551

Masco

Corp

9,883

636

Mohawk

Industries

Inc

(d) 2,432

Trane

Technologies

PLC

10,450

4,571

Vulcan

Materials

Co

6,189

1,614

$

16,080

Chemicals

-

.07

%

Air

Products

and

Chemicals

Inc

10,426

2,941

Albemarle

Corp

5,511

CF

Industries

Holdings

Inc

7,591

698

Dow

Inc

33,117

877

DuPont

de

Nemours

Inc

19,606

1,345

Eastman

Chemical

Co

5,409

Ecolab

Inc

11,821

3,185

International

Flavors

&

Fragrances

Inc

11,983

881

Linde

PLC

22,055

10,348

LyondellBasell

Industries

NV

12,047

697

Mosaic

Co/The

14,862

542

PPG

Industries

Inc

10,636

1,210

Sherwin-Williams

Co/The

10,803

3,709

$

27,183

Commercial

Services

-

.42

%

Automatic

Data

Processing

Inc

19,018

5,865

Cintas

Corp

16,079

3,584

Corpay

Inc

(d) 3,302

1,096

Equifax

Inc

5,818

1,509

Global

Payments

Inc

11,427

915

MarketAxess

Holdings

Inc

1,757

Moody's

Corp

7,248

3,636

PayPal

Holdings

Inc

(d) 45,565

3,386

Quanta

Services

Inc

6,943

2,625

Rollins

Inc

13,169

743

S&P

Global

Inc

14,708

7,755

United

Rentals

Inc

3,047

2,296

Verisk

Analytics

Inc

6,553

2,041

$

35,843

Computers

-

.42

%

Accenture

PLC

-

Class

A

29,330

8,766

Apple

Inc

699,776

143,573

Cognizant

Technology

Solutions

Corp

23,095

1,802

Crowdstrike

Holdings

Inc

(d) 11,669

5,943

Dell

Technologies

Inc

14,036

1,721

Schedule

of

Investments

LargeCap

S&P

500

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Computers

(continued)

EPAM

Systems

Inc

(d) 2,654

$

Fortinet

Inc

(d) 29,764

3,147

Gartner

Inc

(d) 3,606

1,458

Hewlett

Packard

Enterprise

Co

61,543

1,259

HP

Inc

44,167

1,080

International

Business

Machines

Corp

43,543

12,836

Leidos

Holdings

Inc

6,030

951

NetApp

Inc

9,529

1,015

Seagate

Technology

Holdings

PLC

9,942

1,435

Super

Micro

Computer

Inc

(d) 24,047

1,179

Western

Digital

Corp

16,345

1,046

$

187,680

Consumer

Products

-

.18

%

Avery

Dennison

Corp

3,663

643

Church

&

Dwight

Co

Inc

11,537

1,109

Clorox

Co/The

5,773

693

Kimberly-Clark

Corp

15,545

2,004

$

4,449

Cosmetics

&

Personal

Care

-

.94

%

Colgate-Palmolive

Co

37,969

3,451

Estee

Lauder

Cos

Inc/The

10,972

887

Kenvue

Inc

89,951

1,883

Procter

&

Gamble

Co/The

(e) 109,845

17,500

$

23,721

Distribution

&

Wholesale

-

.29

%

Copart

Inc

(d) 41,189

2,021

Fastenal

Co

53,749

2,257

LKQ

Corp

12,094

Pool

Corp

1,761

513

WW

Grainger

Inc

2,050

2,133

$

7,372

Diversified

Financial

Services

-

.13

%

American

Express

Co

25,931

8,271

Ameriprise

Financial

Inc

4,462

2,381

Apollo

Global

Management

Inc

21,152

3,001

Blackrock

Inc

6,823

7,159

Capital

One

Financial

Corp

29,967

6,376

Cboe

Global

Markets

Inc

4,905

1,144

Charles

Schwab

Corp/The

80,021

7,301

CME

Group

Inc

16,883

4,653

Coinbase

Global

Inc

(d) 9,905

3,472

Franklin

Resources

Inc

14,526

Intercontinental

Exchange

Inc

26,875

4,931

Invesco

Ltd

20,968

Mastercard

Inc

38,005

21,357

Nasdaq

Inc

19,366

1,732

Raymond

James

Financial

Inc

8,508

1,305

Synchrony

Financial

17,835

1,190

T

Rowe

Price

Group

Inc

10,322

996

Visa

Inc

80,164

28,462

$

104,408

Electric

-

.19

%

AES

Corp/The

33,353

Alliant

Energy

Corp

12,034

728

Ameren

Corp

12,662

1,216

American

Electric

Power

Co

Inc

25,027

2,597

CenterPoint

Energy

Inc

30,581

1,123

CMS

Energy

Corp

14,013

971

Consolidated

Edison

Inc

16,880

1,694

Constellation

Energy

Corp

14,683

4,739

Dominion

Energy

Inc

39,954

2,258

DTE

Energy

Co

9,722

1,288

Duke

Energy

Corp

36,415

4,297

Edison

International

18,027

930

Entergy

Corp

20,911

1,738

Evergy

Inc

10,780

743

Eversource

Energy

17,212

1,095

Exelon

Corp

47,298

2,054

FirstEnergy

Corp

24,065

969

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electric

(continued)

NextEra

Energy

Inc

96,450

$

6,696

NRG

Energy

Inc

9,160

1,471

PG&E

Corp

102,965

1,435

Pinnacle

West

Capital

Corp

5,593

500

PPL

Corp

34,635

1,174

Public

Service

Enterprise

Group

Inc

23,378

1,968

Sempra

30,555

2,315

Southern

Co/The

51,492

4,728

Vistra

Corp

15,897

3,081

WEC

Energy

Group

Inc

14,951

1,558

Xcel

Energy

Inc

27,022

1,840

$

55,557

Electrical

Components

&

Equipment

-

.49

%

AMETEK

Inc

10,816

1,957

Eaton

Corp

PLC

18,335

6,546

Emerson

Electric

Co

26,354

3,514

Generac

Holdings

Inc

(d) 2,768

$

12,413

Electronics

-

.93

%

Allegion

plc

4,031

581

Amphenol

Corp

56,671

5,596

Fortive

Corp

15,924

830

Garmin

Ltd

7,217

1,506

Honeywell

International

Inc

30,111

7,012

Hubbell

Inc

2,501

1,022

Jabil

Inc

5,029

1,097

Keysight

Technologies

Inc

(d) 8,096

1,327

Mettler-Toledo

International

Inc

(d) 975

1,145

Ralliant

Corp

(d) 5,308

TE

Connectivity

PLC

13,894

2,344

Trimble

Inc

(d) 11,178

849

$

23,566

Energy

-

Alternate

Sources

-

.04

%

Enphase

Energy

Inc

(d) 6,148

First

Solar

Inc

(d) 5,023

831

$

1,075

Engineering

&

Construction

-

.03

%

Jacobs

Solutions

Inc

5,630

740

Entertainment

-

.08

%

Caesars

Entertainment

Inc

(d) 9,743

Live

Nation

Entertainment

Inc

(d) 7,383

1,117

TKO

Group

Holdings

Inc

3,140

571

$

1,965

Environmental

Control

-

.32

%

Pentair

PLC

7,709

791

Republic

Services

Inc

9,516

2,347

Veralto

Corp

11,612

1,172

Waste

Management

Inc

17,156

3,926

$

8,236

Food

-

.63

%

Conagra

Brands

Inc

22,364

General

Mills

Inc

25,656

1,329

Hershey

Co/The

6,933

1,151

Hormel

Foods

Corp

13,655

J

M

Smucker

Co/The

4,985

Kellanova

12,596

1,002

Kraft

Heinz

Co/The

40,479

1,045

Kroger

Co/The

28,701

2,059

Lamb

Weston

Holdings

Inc

6,612

McCormick

&

Co

Inc/MD

11,837

897

Mondelez

International

Inc

60,664

4,091

Sysco

Corp

22,711

1,720

The

Campbell's

Company

9,219

Tyson

Foods

Inc

13,409

750

$

16,030

Forest

Products

&

Paper

-

.05

%

International

Paper

Co

24,732

1,158

Schedule

of

Investments

LargeCap

S&P

500

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Gas

-

.08

%

Atmos

Energy

Corp

7,441

$

1,147

NiSource

Inc

22,052

889

$

2,036

Hand

&

Machine

Tools

-

.05

%

Snap-on

Inc

2,449

762

Stanley

Black

&

Decker

Inc

7,247

$

1,253

Healthcare

-

Products

-

.77

%

Abbott

Laboratories

81,514

11,087

Agilent

Technologies

Inc

13,357

1,576

Align

Technology

Inc

(d) 3,192

604

Baxter

International

Inc

24,043

728

Bio-Techne

Corp

7,345

Boston

Scientific

Corp

(d) 69,314

7,445

Cooper

Cos

Inc/The

(d) 9,369

667

Danaher

Corp

29,842

5,895

Edwards

Lifesciences

Corp

(d) 27,484

2,150

GE

HealthCare

Technologies

Inc

21,452

1,589

Hologic

Inc

(d) 10,440

680

IDEXX

Laboratories

Inc

(d) 3,769

2,021

Insulet

Corp

(d) 3,296

1,036

Intuitive

Surgical

Inc

(d) 16,793

9,126

Medtronic

PLC

60,089

5,238

ResMed

Inc

6,869

1,772

Revvity

Inc

5,522

534

Solventum

Corp

(d) 6,484

STERIS

PLC

4,602

1,106

Stryker

Corp

16,114

6,375

Thermo

Fisher

Scientific

Inc

17,687

7,171

Waters

Corp

(d) 2,788

973

West

Pharmaceutical

Services

Inc

3,366

736

Zimmer

Biomet

Holdings

Inc

9,269

845

$

70,224

Healthcare

-

Services

-

.28

%

Centene

Corp

(d) 23,312

1,265

Charles

River

Laboratories

International

Inc

(d) 2,301

Cigna

Group/The

12,516

4,138

DaVita

Inc

(d) 1,946

Elevance

Health

Inc

10,587

4,118

HCA

Healthcare

Inc

8,117

3,110

Humana

Inc

5,654

1,382

IQVIA

Holdings

Inc

(d) 7,700

1,214

Labcorp

Holdings

Inc

3,921

1,029

Molina

Healthcare

Inc

(d) 2,539

756

Quest

Diagnostics

Inc

5,230

940

UnitedHealth

Group

Inc

42,502

13,259

Universal

Health

Services

Inc

2,679

$

32,322

Home

Builders

-

.19

%

DR

Horton

Inc

12,953

1,670

Lennar

Corp

-

A

Shares

10,878

1,203

NVR

Inc

(d) 138

1,019

PulteGroup

Inc

9,390

991

$

4,883

Insurance

-

.65

%

Aflac

Inc

22,797

2,404

Allstate

Corp/The

12,406

2,497

American

International

Group

Inc

27,002

2,311

Aon

PLC

10,117

3,609

Arch

Capital

Group

Ltd

17,486

1,592

Arthur

J

Gallagher

&

Co

11,998

3,841

Assurant

Inc

2,375

Berkshire

Hathaway

Inc

-

Class

B

(d) 85,915

41,735

Brown

&

Brown

Inc

13,130

1,456

Chubb

Ltd

17,460

5,058

Cincinnati

Financial

Corp

7,322

1,090

Erie

Indemnity

Co

1,169

Everest

Group

Ltd

1,993

677

Globe

Life

Inc

3,867

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Hartford

Insurance

Group

Inc/The

13,311

$

1,689

Loews

Corp

8,155

747

Marsh

&

McLennan

Cos

Inc

23,085

5,047

MetLife

Inc

26,419

2,125

Principal

Financial

Group

Inc

9,663

768

Progressive

Corp/The

27,464

7,329

Prudential

Financial

Inc

16,585

1,782

Travelers

Cos

Inc/The

10,614

2,840

W

R

Berkley

Corp

14,040

1,032

Willis

Towers

Watson

PLC

4,645

1,424

$

92,408

Internet

-

.84

%

Airbnb

Inc

(d) 20,221

2,676

Alphabet

Inc

-

A

Shares

272,679

48,054

Alphabet

Inc

-

C

Shares

219,959

39,019

Amazon.com

Inc

(d) 442,684

97,120

Booking

Holdings

Inc

1,526

8,834

CDW

Corp/DE

6,170

1,102

DoorDash

Inc

-

Class

A

(d) 16,063

3,960

eBay

Inc

21,599

1,608

Expedia

Group

Inc

5,697

961

F5

Inc

(d) 2,691

792

Gen

Digital

Inc

25,571

752

GoDaddy

Inc

(d) 6,675

1,202

Match

Group

Inc

11,489

Meta

Platforms

Inc

101,724

75,082

Netflix

Inc

(d) 19,940

26,702

Palo

Alto

Networks

Inc

(d) 31,020

6,348

Uber

Technologies

Inc

(d) 97,974

9,141

VeriSign

Inc

3,784

1,093

$

324,801

Iron

&

Steel

-

.09

%

Nucor

Corp

10,811

1,400

Steel

Dynamics

Inc

6,468

828

$

2,228

Leisure

Products

&

Services

-

.22

%

Carnival

Corp

(d) 49,192

1,383

Norwegian

Cruise

Line

Holdings

Ltd

(d) 20,933

Royal

Caribbean

Cruises

Ltd

11,704

3,665

$

5,473

Lodging

-

.29

%

Hilton

Worldwide

Holdings

Inc

11,136

2,966

Las

Vegas

Sands

Corp

15,891

692

Marriott

International

Inc/MD

10,652

2,910

MGM

Resorts

International

(d) 9,691

Wynn

Resorts

Ltd

4,123

$

7,287

Machinery

-

Construction

&

Mining

-

.60

%

Caterpillar

Inc

22,037

8,555

GE

Vernova

Inc

12,789

6,767

$

15,322

Machinery

-

Diversified

-

.66

%

Deere

&

Co

11,828

6,014

Dover

Corp

6,422

1,177

IDEX

Corp

3,538

621

Ingersoll

Rand

Inc

18,903

1,572

Nordson

Corp

2,532

543

Otis

Worldwide

Corp

18,492

1,831

Rockwell

Automation

Inc

5,280

1,754

Westinghouse

Air

Brake

Technologies

Corp

8,017

1,678

Xylem

Inc/NY

11,400

1,475

$

16,665

Media

-

.89

%

Charter

Communications

Inc

(d) 4,473

1,829

Comcast

Corp

-

Class

A

174,490

6,227

FactSet

Research

Systems

Inc

1,778

795

Fox

Corp

-

A

Shares

10,028

562

Fox

Corp

-

B

Shares

6,180

Schedule

of

Investments

LargeCap

S&P

500

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Media

(continued)

News

Corp

-

A

Shares

17,660

$

525

News

Corp

-

B

Shares

5,218

Paramount

Global

-

Class

B

(f) 28,194

Walt

Disney

Co/The

84,228

10,445

Warner

Bros

Discovery

Inc

(d) 105,482

1,209

$

22,454

Mining

-

.23

%

Freeport-McMoRan

Inc

67,288

2,917

Newmont

Corp

52,146

3,038

$

5,955

Miscellaneous

Manufacturers

-

.64

%

3M

Co

25,215

3,839

A

O

Smith

Corp

5,446

Axon

Enterprise

Inc

(d) 3,465

2,869

Illinois

Tool

Works

Inc

12,491

3,088

Parker-Hannifin

Corp

5,987

4,182

Teledyne

Technologies

Inc

(d) 2,195

1,124

Textron

Inc

8,459

679

$

16,138

Office

&

Business

Equipment

-

.03

%

Zebra

Technologies

Corp

(d) 2,383

735

Oil

&

Gas

-

.29

%

APA

Corp

16,906

Chevron

Corp

76,094

10,896

ConocoPhillips

59,147

5,308

Coterra

Energy

Inc

35,759

908

Devon

Energy

Corp

30,083

957

Diamondback

Energy

Inc

8,760

1,204

EOG

Resources

Inc

25,572

3,059

EQT

Corp

28,046

1,636

Expand

Energy

Corp

10,145

1,186

Exxon

Mobil

Corp

201,933

21,768

Hess

Corp

12,988

1,799

Marathon

Petroleum

Corp

14,394

2,391

Occidental

Petroleum

Corp

33,197

1,395

Phillips

19,089

2,277

Texas

Pacific

Land

Corp

883

933

Valero

Energy

Corp

14,674

1,972

$

57,998

Oil

&

Gas

Services

-

.19

%

Baker

Hughes

Co

46,418

1,780

Halliburton

Co

40,280

821

Schlumberger

NV

63,727

2,154

$

4,755

Packaging

&

Containers

-

.14

%

Amcor

PLC

107,357

987

Ball

Corp

12,998

729

Packaging

Corp

of

America

4,185

789

Smurfit

WestRock

PLC

23,233

1,002

$

3,507

Pharmaceuticals

-

.04

%

AbbVie

Inc

82,759

15,362

Becton

Dickinson

&

Co

13,427

2,313

Bristol-Myers

Squibb

Co

95,346

4,413

Cardinal

Health

Inc

11,182

1,879

Cencora

Inc

8,081

2,423

CVS

Health

Corp

59,268

4,088

Dexcom

Inc

(d) 18,370

1,603

Eli

Lilly

&

Co

36,855

28,730

Henry

Schein

Inc

(d) 5,703

Johnson

&

Johnson

112,728

17,219

McKesson

Corp

5,862

4,295

Merck

&

Co

Inc

117,648

9,313

Pfizer

Inc

266,371

6,457

Viatris

Inc

54,990

Zoetis

Inc

20,859

3,253

$

102,256

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Pipelines

-

.41

%

Kinder

Morgan

Inc

90,573

$

2,663

ONEOK

Inc

29,264

2,389

Targa

Resources

Corp

10,164

1,769

Williams

Cos

Inc/The

57,206

3,593

$

10,414

Private

Equity

-

.37

%

Blackstone

Inc

34,185

5,113

KKR

&

Co

Inc

31,713

4,219

$

9,332

Real

Estate

-

.14

%

CBRE

Group

Inc

(d) 13,758

1,928

CoStar

Group

Inc

(d) 19,766

1,589

$

3,517

REITs

-

.85

%

Alexandria

Real

Estate

Equities

Inc

7,212

524

American

Tower

Corp

21,932

4,847

AvalonBay

Communities

Inc

6,661

1,356

BXP

Inc

6,823

Camden

Property

Trust

5,005

564

Crown

Castle

Inc

20,401

2,096

Digital

Realty

Trust

Inc

14,832

2,586

Equinix

Inc

4,584

3,646

Equity

Residential

16,021

1,081

Essex

Property

Trust

Inc

3,015

854

Extra

Space

Storage

Inc

9,942

1,466

Federal

Realty

Investment

Trust

3,636

Healthpeak

Properties

Inc

32,550

570

Host

Hotels

&

Resorts

Inc

32,502

Invitation

Homes

Inc

26,707

876

Iron

Mountain

Inc

13,823

1,418

Kimco

Realty

Corp

31,695

666

Mid-America

Apartment

Communities

Inc

5,484

812

Prologis

Inc

43,475

4,570

Public

Storage

7,396

2,170

Realty

Income

Corp

42,310

2,438

Regency

Centers

Corp

7,653

545

SBA

Communications

Corp

5,033

1,182

Simon

Property

Group

Inc

14,375

2,311

UDR

Inc

14,124

577

Ventas

Inc

21,143

1,335

VICI

Properties

Inc

49,508

1,614

Welltower

Inc

29,106

4,475

Weyerhaeuser

Co

33,979

873

$

46,756

Retail

-

.39

%

AutoZone

Inc

(d) 785

2,914

Best

Buy

Co

Inc

9,026

606

CarMax

Inc

(d) 7,137

Chipotle

Mexican

Grill

Inc

(d) 63,127

3,544

Costco

Wholesale

Corp

20,787

20,578

Darden

Restaurants

Inc

5,482

1,195

Dollar

General

Corp

10,304

1,178

Dollar

Tree

Inc

(d) 9,255

916

Domino's

Pizza

Inc

1,606

724

Genuine

Parts

Co

6,502

789

Home

Depot

Inc/The

46,568

17,074

Lowe's

Cos

Inc

26,224

5,818

Lululemon

Athletica

Inc

(d) 5,179

1,230

McDonald's

Corp

33,500

9,788

O'Reilly

Automotive

Inc

(d) 40,051

3,610

Ross

Stores

Inc

15,407

1,966

Starbucks

Corp

53,242

4,878

Target

Corp

21,288

2,100

TJX

Cos

Inc/The

52,310

6,460

Tractor

Supply

Co

24,841

1,311

Ulta

Beauty

Inc

(d) 2,116

990

Walgreens

Boots

Alliance

Inc

33,626

Walmart

Inc

202,424

19,793

Williams-Sonoma

Inc

5,759

941

Schedule

of

Investments

LargeCap

S&P

500

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Yum!

Brands

Inc

13,023

$

1,930

$

111,199

Semiconductors

-

.34

%

Advanced

Micro

Devices

Inc

(d) 75,965

10,779

Analog

Devices

Inc

23,236

5,531

Applied

Materials

Inc

38,064

6,968

Broadcom

Inc

220,295

60,724

Intel

Corp

(d) 204,368

4,578

KLA

Corp

6,197

5,551

Lam

Research

Corp

59,930

5,834

Microchip

Technology

Inc

25,197

1,773

Micron

Technology

Inc

52,360

6,453

Monolithic

Power

Systems

Inc

2,243

1,641

NVIDIA

Corp

1,142,610

180,521

NXP

Semiconductors

NV

11,836

2,586

ON

Semiconductor

Corp

(d) 19,579

1,026

QUALCOMM

Inc

51,406

8,187

Skyworks

Solutions

Inc

7,033

524

Teradyne

Inc

7,516

676

Texas

Instruments

Inc

42,563

8,837

$

312,189

Shipbuilding

-

.02

%

Huntington

Ingalls

Industries

Inc

1,837

Software

-

.20

%

Adobe

Inc

(d) 19,969

7,726

Akamai

Technologies

Inc

(d) 6,850

546

ANSYS

Inc

(d) 4,119

1,447

Autodesk

Inc

(d) 10,024

3,103

Broadridge

Financial

Solutions

Inc

5,502

1,337

Cadence

Design

Systems

Inc

(d) 12,792

3,942

Dayforce

Inc

(d) 7,490

Electronic

Arts

Inc

10,692

1,708

Fair

Isaac

Corp

(d) 1,140

2,084

Fidelity

National

Information

Services

Inc

24,616

2,004

Fiserv

Inc

(d) 25,976

4,479

Intuit

Inc

13,098

10,316

Jack

Henry

&

Associates

Inc

3,410

614

Microsoft

Corp

348,231

173,214

MSCI

Inc

3,626

2,091

Oracle

Corp

76,202

16,660

Palantir

Technologies

Inc

(d) 99,660

13,586

Paychex

Inc

15,018

2,185

Paycom

Software

Inc

2,282

528

PTC

Inc

(d) 5,619

968

Roper

Technologies

Inc

5,037

2,855

Salesforce

Inc

44,953

12,258

ServiceNow

Inc

(d) 9,698

9,970

Synopsys

Inc

(d) 7,245

3,714

Take-Two

Interactive

Software

Inc

(d) 7,937

1,927

Tyler

Technologies

Inc

(d) 2,020

1,198

Workday

Inc

(d) 10,149

2,436

$

283,311

Telecommunications

-

.87

%

Arista

Networks

Inc

(d) 48,251

4,937

AT&T

Inc

337,128

9,757

Cisco

Systems

Inc

186,391

12,932

Corning

Inc

36,114

1,899

Juniper

Networks

Inc

15,511

619

Motorola

Solutions

Inc

7,820

3,288

T-Mobile

US

Inc

22,343

5,323

Verizon

Communications

Inc

197,528

8,547

$

47,302

Toys,

Games

&

Hobbies

-

.02

%

Hasbro

Inc

6,170

Transportation

-

.83

%

CH

Robinson

Worldwide

Inc

5,562

534

CSX

Corp

88,013

2,872

Expeditors

International

of

Washington

Inc

6,417

733

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Transportation

(continued)

FedEx

Corp

10,328

$

2,348

JB

Hunt

Transport

Services

Inc

3,671

527

Norfolk

Southern

Corp

10,563

2,704

Old

Dominion

Freight

Line

Inc

8,713

1,414

Union

Pacific

Corp

27,993

6,440

United

Parcel

Service

Inc

34,376

3,470

$

21,042

Water

-

.05

%

American

Water

Works

Co

Inc

9,136

1,271

TOTAL

COMMON

STOCKS

$

2,459,773

Total

Investments

$

2,533,991

Other

Assets

and

Liabilities

- (0.14)%

(3,620)

TOTAL

NET

ASSETS

-

100.00%

$

2,530,371

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$337

or

0.01%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$9,854

or

0.39%

of

net

assets.

(f) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$335

or

0.01%

of

net

assets.

Schedule

of

Investments

LargeCap

S&P

500

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

85,468

$

312,942

$

332,797

$

65,613

$

85,468

$

312,942

$

332,797

$

65,613

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

1,084

$

—

$

—

$

—

$

1,084

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini;

September

2025

Long

$

65,977

$

1,295

Total

$

1,295

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

LargeCap

S&P

500

Managed

Volatility

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.02

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.50

%

iShares

Core

S&P

500

ETF

3,216

$

1,997

Money

Market

Funds

-

.52

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

18,447

Principal

Government

Money

Market

Fund

-

Class

4.21%

(a),(c)

5,983,702

5,984

$

6,002

TOTAL

INVESTMENT

COMPANIES

$

7,999

COMMON

STOCKS

-

.22

%

Shares

Held

Value

(000's)

Advertising

-

.04

%

Interpublic

Group

of

Cos

Inc/The

876

$

Omnicom

Group

Inc

$

Aerospace

&

Defense

-

.91

%

Boeing

Co/The

(d) 1,779

General

Dynamics

Corp

595

General

Electric

Co

2,517

648

Howmet

Aerospace

Inc

953

L3Harris

Technologies

Inc

Lockheed

Martin

Corp

Northrop

Grumman

Corp

RTX

Corp

3,153

TransDigm

Group

Inc

$

2,533

Agriculture

-

.74

%

Altria

Group

Inc

3,977

Archer-Daniels-Midland

Co

1,134

Bunge

Global

SA

Philip

Morris

International

Inc

3,674

669

$

988

Airlines

-

.14

%

Delta

Air

Lines

Inc

1,540

Southwest

Airlines

Co

1,346

United

Airlines

Holdings

Inc

(d) 771

$

Apparel

-

.23

%

Deckers

Outdoor

Corp

(d) 357

NIKE

Inc

2,780

Ralph

Lauren

Corp

Tapestry

Inc

$

Automobile

Manufacturers

-

.91

%

Cummins

Inc

Ford

Motor

Co

9,221

General

Motors

Co

2,270

PACCAR

Inc

1,239

Tesla

Inc

(d) 6,615

2,101

$

2,537

Automobile

Parts

&

Equipment

-

.03

%

Aptiv

PLC

(d) 514

Banks

-

.24

%

Bank

of

America

Corp

15,471

732

Bank

of

New

York

Mellon

Corp/The

1,689

Citigroup

Inc

4,410

Citizens

Financial

Group

Inc

1,024

Fifth

Third

Bancorp

1,578

Goldman

Sachs

Group

Inc/The

725

513

Huntington

Bancshares

Inc/OH

3,438

JPMorgan

Chase

&

Co

6,561

1,902

KeyCorp

2,331

M&T

Bank

Corp

Morgan

Stanley

2,915

Northern

Trust

Corp

PNC

Financial

Services

Group

Inc/The

933

Regions

Financial

Corp

2,122

State

Street

Corp

673

Truist

Financial

Corp

3,092

US

Bancorp

3,677

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Wells

Fargo

&

Co

7,683

$

615

$

5,638

Beverages

-

.03

%

Brown-Forman

Corp

-

B

Shares

Coca-Cola

Co/The

9,145

647

Constellation

Brands

Inc

Keurig

Dr

Pepper

Inc

3,206

Molson

Coors

Beverage

Co

Monster

Beverage

Corp

(d) 1,657

PepsiCo

Inc

3,236

$

1,374

Biotechnology

-

.97

%

Amgen

Inc

1,269

Biogen

Inc

(d) 345

Corteva

Inc

1,611

Gilead

Sciences

Inc

2,936

Incyte

Corp

(d) 378

Moderna

Inc

(d) 802

Regeneron

Pharmaceuticals

Inc

Vertex

Pharmaceuticals

Inc

(d) 607

$

1,290

Building

Materials

-

.61

%

Builders

FirstSource

Inc

(d) 261

Carrier

Global

Corp

1,882

Johnson

Controls

International

plc

1,554

Lennox

International

Inc

Martin

Marietta

Materials

Inc

Masco

Corp

Mohawk

Industries

Inc

(d) 122

Trane

Technologies

PLC

528

Vulcan

Materials

Co

$

812

Chemicals

-

.03

%

Air

Products

and

Chemicals

Inc

525

Albemarle

Corp

CF

Industries

Holdings

Inc

Dow

Inc

1,668

DuPont

de

Nemours

Inc

987

Eastman

Chemical

Co

Ecolab

Inc

595

International

Flavors

&

Fragrances

Inc

603

Linde

PLC

1,112

522

LyondellBasell

Industries

NV

608

Mosaic

Co/The

746

PPG

Industries

Inc

536

Sherwin-Williams

Co/The

544

$

1,369

Commercial

Services

-

.36

%

Automatic

Data

Processing

Inc

957

Cintas

Corp

809

Corpay

Inc

(d) 165

Equifax

Inc

Global

Payments

Inc

576

MarketAxess

Holdings

Inc

Moody's

Corp

PayPal

Holdings

Inc

(d) 2,297

Quanta

Services

Inc

Rollins

Inc

662

S&P

Global

Inc

742

United

Rentals

Inc

Verisk

Analytics

Inc

$

1,806

Computers

-

.11

%

Accenture

PLC

-

Class

A

1,477

Apple

Inc

35,264

7,235

Cognizant

Technology

Solutions

Corp

1,163

Crowdstrike

Holdings

Inc

(d) 588

Dell

Technologies

Inc

708

Schedule

of

Investments

LargeCap

S&P

500

Managed

Volatility

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Computers

(continued)

EPAM

Systems

Inc

(d) 132

$

Fortinet

Inc

(d) 1,499

Gartner

Inc

(d) 183

Hewlett

Packard

Enterprise

Co

3,100

HP

Inc

2,224

International

Business

Machines

Corp

2,194

647

Leidos

Holdings

Inc

NetApp

Inc

Seagate

Technology

Holdings

PLC

501

Super

Micro

Computer

Inc

(d) 1,211

Western

Digital

Corp

822

$

9,457

Consumer

Products

-

.17

%

Avery

Dennison

Corp

Church

&

Dwight

Co

Inc

581

Clorox

Co/The

Kimberly-Clark

Corp

783

$

Cosmetics

&

Personal

Care

-

.90

%

Colgate-Palmolive

Co

1,912

Estee

Lauder

Cos

Inc/The

552

Kenvue

Inc

4,532

Procter

&

Gamble

Co/The

5,534

882

$

1,195

Distribution

&

Wholesale

-

.28

%

Copart

Inc

(d) 2,075

Fastenal

Co

2,708

LKQ

Corp

610

Pool

Corp

WW

Grainger

Inc

$

Diversified

Financial

Services

-

.96

%

American

Express

Co

1,306

Ameriprise

Financial

Inc

Apollo

Global

Management

Inc

1,065

Blackrock

Inc

Capital

One

Financial

Corp

1,509

Cboe

Global

Markets

Inc

Charles

Schwab

Corp/The

4,032

CME

Group

Inc

849

Coinbase

Global

Inc

(d) 499

Franklin

Resources

Inc

731

Intercontinental

Exchange

Inc

1,353

Invesco

Ltd

1,056

Mastercard

Inc

1,916

1,077

Nasdaq

Inc

975

Raymond

James

Financial

Inc

Synchrony

Financial

898

T

Rowe

Price

Group

Inc

520

Visa

Inc

4,040

1,434

$

5,261

Electric

-

.10

%

AES

Corp/The

1,671

Alliant

Energy

Corp

606

Ameren

Corp

637

American

Electric

Power

Co

Inc

1,260

CenterPoint

Energy

Inc

1,540

CMS

Energy

Corp

705

Consolidated

Edison

Inc

849

Constellation

Energy

Corp

739

Dominion

Energy

Inc

2,012

DTE

Energy

Co

Duke

Energy

Corp

1,834

Edison

International

909

Entergy

Corp

1,053

Evergy

Inc

542

Eversource

Energy

867

Exelon

Corp

2,382

FirstEnergy

Corp

1,212

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electric

(continued)

NextEra

Energy

Inc

4,860

$

NRG

Energy

Inc

PG&E

Corp

5,188

Pinnacle

West

Capital

Corp

PPL

Corp

1,745

Public

Service

Enterprise

Group

Inc

1,177

Sempra

1,539

Southern

Co/The

2,594

Vistra

Corp

800

WEC

Energy

Group

Inc

752

Xcel

Energy

Inc

1,361

$

2,798

Electrical

Components

&

Equipment

-

.47

%

AMETEK

Inc

544

Eaton

Corp

PLC

924

Emerson

Electric

Co

1,327

Generac

Holdings

Inc

(d) 138

$

625

Electronics

-

.89

%

Allegion

plc

Amphenol

Corp

2,855

Fortive

Corp

803

Garmin

Ltd

Honeywell

International

Inc

1,517

Hubbell

Inc

Jabil

Inc

Keysight

Technologies

Inc

(d) 407

Mettler-Toledo

International

Inc

(d) 50

Ralliant

Corp

(d) 268

TE

Connectivity

PLC

700

Trimble

Inc

(d) 563

$

1,189

Energy

-

Alternate

Sources

-

.04

%

Enphase

Energy

Inc

(d) 312

First

Solar

Inc

(d) 252

$

Engineering

&

Construction

-

.03

%

Jacobs

Solutions

Inc

Entertainment

-

.07

%

Caesars

Entertainment

Inc

(d) 491

Live

Nation

Entertainment

Inc

(d) 371

TKO

Group

Holdings

Inc

$

Environmental

Control

-

.31

%

Pentair

PLC

Republic

Services

Inc

Veralto

Corp

584

Waste

Management

Inc

864

$

Food

-

.61

%

Conagra

Brands

Inc

1,123

General

Mills

Inc

1,293

Hershey

Co/The

Hormel

Foods

Corp

687

J

M

Smucker

Co/The

Kellanova

634

Kraft

Heinz

Co/The

2,040

Kroger

Co/The

1,447

Lamb

Weston

Holdings

Inc

McCormick

&

Co

Inc/MD

596

Mondelez

International

Inc

3,056

Sysco

Corp

1,144

The

Campbell's

Company

Tyson

Foods

Inc

675

$

807

Forest

Products

&

Paper

-

.04

%

International

Paper

Co

1,245

Schedule

of

Investments

LargeCap

S&P

500

Managed

Volatility

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Gas

-

.08

%

Atmos

Energy

Corp

$

NiSource

Inc

1,110

$

Hand

&

Machine

Tools

-

.05

%

Snap-on

Inc

Stanley

Black

&

Decker

Inc

$

Healthcare

-

Products

-

.66

%

Abbott

Laboratories

4,107

559

Agilent

Technologies

Inc

672

Align

Technology

Inc

(d) 160

Baxter

International

Inc

1,211

Bio-Techne

Corp

Boston

Scientific

Corp

(d) 3,492

Cooper

Cos

Inc/The

(d) 472

Danaher

Corp

1,504

Edwards

Lifesciences

Corp

(d) 1,385

GE

HealthCare

Technologies

Inc

1,080

Hologic

Inc

(d) 528

IDEXX

Laboratories

Inc

(d) 191

Insulet

Corp

(d) 165

Intuitive

Surgical

Inc

(d) 847

Medtronic

PLC

3,027

ResMed

Inc

Revvity

Inc

Solventum

Corp

(d) 326

STERIS

PLC

Stryker

Corp

812

Thermo

Fisher

Scientific

Inc

892

Waters

Corp

(d) 141

West

Pharmaceutical

Services

Inc

Zimmer

Biomet

Holdings

Inc

$

3,539

Healthcare

-

Services

-

.22

%

Centene

Corp

(d) 1,174

Charles

River

Laboratories

International

Inc

(d) 116

Cigna

Group/The

631

DaVita

Inc

(d) 98

Elevance

Health

Inc

534

HCA

Healthcare

Inc

Humana

Inc

IQVIA

Holdings

Inc

(d) 388

Labcorp

Holdings

Inc

Molina

Healthcare

Inc

(d) 128

Quest

Diagnostics

Inc

UnitedHealth

Group

Inc

2,141

668

Universal

Health

Services

Inc

$

1,628

Home

Builders

-

.19

%

DR

Horton

Inc

653

Lennar

Corp

-

A

Shares

548

NVR

Inc

(d) 7

PulteGroup

Inc

$

Insurance

-

.50

%

Aflac

Inc

1,149

Allstate

Corp/The

624

American

International

Group

Inc

1,361

Aon

PLC

509

Arch

Capital

Group

Ltd

880

Arthur

J

Gallagher

&

Co

604

Assurant

Inc

Berkshire

Hathaway

Inc

-

Class

B

(d) 4,330

2,103

Brown

&

Brown

Inc

661

Chubb

Ltd

879

Cincinnati

Financial

Corp

Erie

Indemnity

Co

Everest

Group

Ltd

Globe

Life

Inc

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Hartford

Insurance

Group

Inc/The

671

$

Loews

Corp

Marsh

&

McLennan

Cos

Inc

1,163

MetLife

Inc

1,331

Principal

Financial

Group

Inc

Progressive

Corp/The

1,383

Prudential

Financial

Inc

835

Travelers

Cos

Inc/The

534

W

R

Berkley

Corp

707

Willis

Towers

Watson

PLC

$

4,655

Internet

-

.31

%

Airbnb

Inc

(d) 1,018

Alphabet

Inc

-

A

Shares

13,740

2,421

Alphabet

Inc

-

C

Shares

11,084

1,966

Amazon.com

Inc

(d) 22,308

4,894

Booking

Holdings

Inc

CDW

Corp/DE

DoorDash

Inc

-

Class

A

(d) 809

eBay

Inc

1,088

Expedia

Group

Inc

F5

Inc

(d) 134

Gen

Digital

Inc

1,288

GoDaddy

Inc

(d) 336

Match

Group

Inc

579

Meta

Platforms

Inc

5,128

3,785

Netflix

Inc

(d) 1,005

1,346

Palo

Alto

Networks

Inc

(d) 1,562

Uber

Technologies

Inc

(d) 4,937

VeriSign

Inc

$

16,368

Iron

&

Steel

-

.08

%

Nucor

Corp

545

Steel

Dynamics

Inc

$

Leisure

Products

&

Services

-

.21

%

Carnival

Corp

(d) 2,478

Norwegian

Cruise

Line

Holdings

Ltd

(d) 1,054

Royal

Caribbean

Cruises

Ltd

589

$

Lodging

-

.28

%

Hilton

Worldwide

Holdings

Inc

561

Las

Vegas

Sands

Corp

801

Marriott

International

Inc/MD

537

MGM

Resorts

International

(d) 488

Wynn

Resorts

Ltd

$

Machinery

-

Construction

&

Mining

-

.58

%

Caterpillar

Inc

1,110

GE

Vernova

Inc

645

$

772

Machinery

-

Diversified

-

.63

%

Deere

&

Co

597

Dover

Corp

IDEX

Corp

Ingersoll

Rand

Inc

951

Nordson

Corp

Otis

Worldwide

Corp

933

Rockwell

Automation

Inc

Westinghouse

Air

Brake

Technologies

Corp

Xylem

Inc/NY

574

$

839

Media

-

.85

%

Charter

Communications

Inc

(d) 226

Comcast

Corp

-

Class

A

8,793

FactSet

Research

Systems

Inc

Fox

Corp

-

A

Shares

505

Fox

Corp

-

B

Shares

Schedule

of

Investments

LargeCap

S&P

500

Managed

Volatility

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Media

(continued)

News

Corp

-

A

Shares

891

$

News

Corp

-

B

Shares

Paramount

Global

-

Class

B

(e) 1,420

Walt

Disney

Co/The

4,245

527

Warner

Bros

Discovery

Inc

(d) 5,314

$

1,132

Mining

-

.23

%

Freeport-McMoRan

Inc

3,390

Newmont

Corp

2,628

$

Miscellaneous

Manufacturers

-

.61

%

3M

Co

1,270

A

O

Smith

Corp

Axon

Enterprise

Inc

(d) 175

Illinois

Tool

Works

Inc

629

Parker-Hannifin

Corp

Teledyne

Technologies

Inc

(d) 111

Textron

Inc

$

814

Office

&

Business

Equipment

-

.03

%

Zebra

Technologies

Corp

(d) 120

Oil

&

Gas

-

.20

%

APA

Corp

853

Chevron

Corp

3,834

549

ConocoPhillips

2,981

Coterra

Energy

Inc

1,801

Devon

Energy

Corp

1,516

Diamondback

Energy

Inc

EOG

Resources

Inc

1,289

EQT

Corp

1,412

Expand

Energy

Corp

510

Exxon

Mobil

Corp

10,176

1,097

Hess

Corp

654

Marathon

Petroleum

Corp

725

Occidental

Petroleum

Corp

1,672

Phillips

962

Texas

Pacific

Land

Corp

Valero

Energy

Corp

740

$

2,924

Oil

&

Gas

Services

-

.18

%

Baker

Hughes

Co

2,338

Halliburton

Co

2,030

Schlumberger

NV

3,211

$

Packaging

&

Containers

-

.13

%

Amcor

PLC

5,409

Ball

Corp

655

Packaging

Corp

of

America

Smurfit

WestRock

PLC

1,170

$

Pharmaceuticals

-

.87

%

AbbVie

Inc

4,170

774

Becton

Dickinson

&

Co

676

Bristol-Myers

Squibb

Co

4,804

Cardinal

Health

Inc

563

Cencora

Inc

CVS

Health

Corp

2,986

Dexcom

Inc

(d) 925

Eli

Lilly

&

Co

1,857

1,448

Henry

Schein

Inc

(d) 288

Johnson

&

Johnson

5,680

868

McKesson

Corp

Merck

&

Co

Inc

5,928

Pfizer

Inc

13,423

Viatris

Inc

2,771

Zoetis

Inc

1,051

$

5,152

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Pipelines

-

.40

%

Kinder

Morgan

Inc

4,563

$

ONEOK

Inc

1,474

Targa

Resources

Corp

512

Williams

Cos

Inc/The

2,882

$

525

Private

Equity

-

.35

%

Blackstone

Inc

1,721

KKR

&

Co

Inc

1,597

$

Real

Estate

-

.13

%

CBRE

Group

Inc

(d) 693

CoStar

Group

Inc

(d) 995

$

REITs

-

.77

%

Alexandria

Real

Estate

Equities

Inc

American

Tower

Corp

1,105

AvalonBay

Communities

Inc

BXP

Inc

Camden

Property

Trust

Crown

Castle

Inc

1,028

Digital

Realty

Trust

Inc

746

Equinix

Inc

Equity

Residential

806

Essex

Property

Trust

Inc

Extra

Space

Storage

Inc

500

Federal

Realty

Investment

Trust

Healthpeak

Properties

Inc

1,640

Host

Hotels

&

Resorts

Inc

1,638

Invitation

Homes

Inc

1,345

Iron

Mountain

Inc

695

Kimco

Realty

Corp

1,598

Mid-America

Apartment

Communities

Inc

Prologis

Inc

2,190

Public

Storage

Realty

Income

Corp

2,131

Regency

Centers

Corp

SBA

Communications

Corp

Simon

Property

Group

Inc

723

UDR

Inc

711

Ventas

Inc

1,064

VICI

Properties

Inc

2,494

Welltower

Inc

1,466

Weyerhaeuser

Co

1,710

$

2,353

Retail

-

.21

%

AutoZone

Inc

(d) 39

Best

Buy

Co

Inc

CarMax

Inc

(d) 360

Chipotle

Mexican

Grill

Inc

(d) 3,181

Costco

Wholesale

Corp

1,048

1,038

Darden

Restaurants

Inc

Dollar

General

Corp

518

Dollar

Tree

Inc

(d) 467

Domino's

Pizza

Inc

Genuine

Parts

Co

Home

Depot

Inc/The

2,346

860

Lowe's

Cos

Inc

1,322

Lululemon

Athletica

Inc

(d) 261

McDonald's

Corp

1,688

O'Reilly

Automotive

Inc

(d) 2,018

Ross

Stores

Inc

776

Starbucks

Corp

2,682

Target

Corp

1,073

TJX

Cos

Inc/The

2,636

Tractor

Supply

Co

1,252

Ulta

Beauty

Inc

(d) 107

Walgreens

Boots

Alliance

Inc

1,687

Walmart

Inc

10,201

997

Williams-Sonoma

Inc

Schedule

of

Investments

LargeCap

S&P

500

Managed

Volatility

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Yum!

Brands

Inc

657

$

$

5,602

Semiconductors

-

.83

%

Advanced

Micro

Devices

Inc

(d) 3,827

543

Analog

Devices

Inc

1,170

Applied

Materials

Inc

1,917

Broadcom

Inc

11,101

3,060

Intel

Corp

(d) 10,298

KLA

Corp

Lam

Research

Corp

3,021

Microchip

Technology

Inc

1,269

Micron

Technology

Inc

2,638

Monolithic

Power

Systems

Inc

NVIDIA

Corp

57,580

9,097

NXP

Semiconductors

NV

597

ON

Semiconductor

Corp

(d) 986

QUALCOMM

Inc

2,591

Skyworks

Solutions

Inc

Teradyne

Inc

Texas

Instruments

Inc

2,144

$

15,734

Shipbuilding

-

.02

%

Huntington

Ingalls

Industries

Inc

Software

-

.74

%

Adobe

Inc

(d) 1,006

Akamai

Technologies

Inc

(d) 345

ANSYS

Inc

(d) 207

Autodesk

Inc

(d) 504

Broadridge

Financial

Solutions

Inc

Cadence

Design

Systems

Inc

(d) 644

Dayforce

Inc

(d) 376

Electronic

Arts

Inc

539

Fair

Isaac

Corp

(d) 58

Fidelity

National

Information

Services

Inc

1,241

Fiserv

Inc

(d) 1,309

Intuit

Inc

661

521

Jack

Henry

&

Associates

Inc

Microsoft

Corp

(f) 17,549

8,729

MSCI

Inc

Oracle

Corp

3,839

839

Palantir

Technologies

Inc

(d) 5,022

685

Paychex

Inc

756

Paycom

Software

Inc

PTC

Inc

(d) 282

Roper

Technologies

Inc

Salesforce

Inc

2,265

618

ServiceNow

Inc

(d) 489

503

Synopsys

Inc

(d) 365

Take-Two

Interactive

Software

Inc

(d) 399

Tyler

Technologies

Inc

(d) 102

Workday

Inc

(d) 510

$

14,277

Telecommunications

-

.79

%

Arista

Networks

Inc

(d) 2,431

AT&T

Inc

16,988

Cisco

Systems

Inc

9,392

651

Corning

Inc

1,819

Juniper

Networks

Inc

781

Motorola

Solutions

Inc

T-Mobile

US

Inc

1,126

Verizon

Communications

Inc

9,953

$

2,384

Toys,

Games

&

Hobbies

-

.02

%

Hasbro

Inc

Transportation

-

.80

%

CH

Robinson

Worldwide

Inc

CSX

Corp

4,436

Expeditors

International

of

Washington

Inc

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Transportation

(continued)

FedEx

Corp

521

$

JB

Hunt

Transport

Services

Inc

Norfolk

Southern

Corp

531

Old

Dominion

Freight

Line

Inc

Union

Pacific

Corp

1,411

United

Parcel

Service

Inc

1,731

$

1,060

Water

-

.05

%

American

Water

Works

Co

Inc

TOTAL

COMMON

STOCKS

$

123,947

TOTAL

PURCHASED

OPTIONS

-

0.03%

$

Total

Investments

$

131,989

Other

Assets

and

Liabilities

- 0.73%

973

TOTAL

NET

ASSETS

-

100.00%

$

132,962

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$18

or

0.01%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$18

or

0.01%

of

net

assets.

(f) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$2,375

or

1.79%

of

net

assets.

Schedule

of

Investments

LargeCap

S&P

500

Managed

Volatility

Index

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

10,999

$

24,389

$

29,404

$

5,984

$

10,999

$

24,389

$

29,404

$

5,984

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

S&P

500

Index

N/A

$

$

5,600

.00

07/18/2025

$

956

$

$

(913)

Total

$

956

$

$

(913)

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

S&P

500

Index

N/A

$

$

5,450

.00

07/18/2025

$

(678)

$

(31)

$

647

Total

$

(678)

$

(31)

$

647

Amounts

in

thousands

except

contracts/shares.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini;

September

2025

Long

$

1,563

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

MidCap

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.41

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.41

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

287,972

$

Principal

Government

Money

Market

Fund

-

Class

4.21%

(a),(b),(c)

2,414,380

2,415

$

2,703

TOTAL

INVESTMENT

COMPANIES

$

2,703

COMMON

STOCKS

-

.86

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.62

%

HEICO

Corp

-

Class

A

139,121

$

35,998

TransDigm

Group

Inc

22,127

33,647

$

69,645

Building

Materials

-

.77

%

Eagle

Materials

Inc

5,297

1,071

Martin

Marietta

Materials

Inc

30,764

16,888

Vulcan

Materials

Co

101,207

26,397

$

44,356

Chemicals

-

.50

%

Air

Products

and

Chemicals

Inc

18,855

5,318

Perimeter

Solutions

Inc

(d) 166,844

2,323

Sherwin-Williams

Co/The

6,387

2,193

$

9,834

Commercial

Services

-

.72

%

Ashtead

Group

PLC

ADR

(e) 2,386

618

Moody's

Corp

4,037

2,025

Toast

Inc

(d) 89,465

3,963

Verisk

Analytics

Inc

15,009

4,675

$

11,281

Computers

-

.48

%

Gartner

Inc

(d) 24,049

9,721

Distribution

&

Wholesale

-

.98

%

Copart

Inc

(d) 511,555

25,102

Fastenal

Co

179,400

7,535

$

32,637

Diversified

Financial

Services

-

.74

%

Ares

Management

Corp

53,913

9,338

Brookfield

Asset

Management

Ltd

101,511

5,611

Brookfield

Wealth

Solutions

Ltd

(d),(e)

3,667

LPL

Financial

Holdings

Inc

24,998

9,373

$

24,549

Electric

-

.60

%

Brookfield

Infrastructure

Partners

LP

532,516

17,839

Brookfield

Renewable

Corp

(e) 52,201

1,711

Brookfield

Renewable

Partners

LP

158,993

4,056

$

23,606

Electrical

Components

&

Equipment

-

.73

%

AMETEK

Inc

26,294

4,758

Electronics

-

.85

%

Mettler-Toledo

International

Inc

(d) 4,729

5,555

Entertainment

-

.45

%

Liberty

Media

Corp-Liberty

Live

-

A

Shares

(d) 623

Liberty

Media

Corp-Liberty

Live

-

C

Shares

(d) 3,795

Live

Nation

Entertainment

Inc

(d) 121,453

18,373

Vail

Resorts

Inc

24,862

3,907

$

22,637

Environmental

Control

-

.06

%

Veralto

Corp

12,612

1,273

Waste

Connections

Inc

30,363

5,670

$

6,943

Healthcare

-

Products

-

.58

%

IDEXX

Laboratories

Inc

(d) 11,758

6,306

Waters

Corp

(d) 11,633

4,061

$

10,367

Home

Builders

-

.85

%

Lennar

Corp

-

A

Shares

44,486

4,921

Lennar

Corp

-

B

Shares

966

NVR

Inc

(d) 966

7,134

$

12,157

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

-

.59

%

Arch

Capital

Group

Ltd

80,939

$

7,369

Arthur

J

Gallagher

&

Co

26,139

8,368

Brown

&

Brown

Inc

218,832

24,262

Markel

Group

Inc

(d) 8,491

16,960

Progressive

Corp/The

12,689

3,386

Ryan

Specialty

Holdings

Inc

55,536

3,776

W

R

Berkley

Corp

72,796

5,348

$

69,469

Internet

-

.35

%

Wix.com

Ltd

(d) 14,627

2,318

Lodging

-

.80

%

Hilton

Worldwide

Holdings

Inc

119,030

31,703

Hyatt

Hotels

Corp

45,137

6,303

$

38,006

Machinery

-

Diversified

-

.40

%

Graco

Inc

30,786

2,647

Media

-

.97

%

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d) 10,923

1,037

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d) 113,743

11,886

$

12,923

Private

Equity

-

.28

%

Brookfield

Corp

545,355

33,730

KKR

&

Co

Inc

203,783

27,109

$

60,839

Real

Estate

-

.63

%

CBRE

Group

Inc

(d) 134,672

18,870

CoStar

Group

Inc

(d) 224,491

18,049

$

36,919

REITs

-

.09

%

Millrose

Properties

Inc

20,888

596

Retail

-

.50

%

CarMax

Inc

(d) 38,282

2,573

Domino's

Pizza

Inc

24,610

11,089

Floor

&

Decor

Holdings

Inc

(d) 65,266

4,958

O'Reilly

Automotive

Inc

(d) 301,258

27,152

Ross

Stores

Inc

26,745

3,412

$

49,184

Semiconductors

-

.91

%

Entegris

Inc

74,066

5,973

Software

-

.41

%

ANSYS

Inc

(d) 7,176

2,520

Appfolio

Inc

(d) 12,761

2,938

CCC

Intelligent

Solutions

Holdings

Inc

(d) 485,931

4,573

Constellation

Software

Inc/Canada

3,440

12,624

Constellation

Software

Inc/Canada

-

Warrants

(d),(f)

4,165

—

Fair

Isaac

Corp

(d) 4,707

8,604

Jack

Henry

&

Associates

Inc

3,933

709

Lumine

Group

Inc

(d) 7,913

MSCI

Inc

22,013

12,696

Procore

Technologies

Inc

(d) 45,247

3,096

Roper

Technologies

Inc

26,260

14,885

Topicus.com

Inc

(d) 1,635

Tyler

Technologies

Inc

(d) 18,542

10,992

Veeva

Systems

Inc

(d) 47,957

13,811

$

87,927

TOTAL

COMMON

STOCKS

$

654,847

Total

Investments

$

657,550

Other

Assets

and

Liabilities

- (0.27)%

(1,798)

TOTAL

NET

ASSETS

-

100.00%

$

655,752

Schedule

of

Investments

MidCap

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$2,088

or

0.32%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$2,041

or

0.31%

of

net

assets.

(f) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

1,386

$

50,028

$

48,999

$

2,415

$

1,386

$

50,028

$

48,999

$

2,415

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Principal

Capital

Appreciation

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.60

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.60

%

Principal

Government

Money

Market

Fund

-

Class

4.21%

(a),(b)

1,405,425

$

1,405

TOTAL

INVESTMENT

COMPANIES

$

1,405

COMMON

STOCKS

-

.63

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.82

%

Boeing

Co/The

(c) 5,365

$

1,124

RTX

Corp

5,364

783

$

1,907

Apparel

-

.08

%

Birkenstock

Holding

Plc

(c) 29,020

1,427

Deckers

Outdoor

Corp

(c) 10,635

1,096

$

2,523

Automobile

Manufacturers

-

.50

%

Cummins

Inc

3,246

1,063

PACCAR

Inc

8,474

805

Tesla

Inc

(c) 5,159

1,639

$

3,507

Banks

-

.13

%

East

West

Bancorp

Inc

11,694

1,181

JPMorgan

Chase

&

Co

27,064

7,846

Morgan

Stanley

10,824

1,525

PNC

Financial

Services

Group

Inc/The

5,142

958

Wintrust

Financial

Corp

3,756

$

11,976

Biotechnology

-

.61

%

Corteva

Inc

27,507

2,050

Vertex

Pharmaceuticals

Inc

(c) 3,802

1,693

$

3,743

Building

Materials

-

.37

%

CRH

PLC

17,298

1,588

Trane

Technologies

PLC

3,650

1,597

$

3,185

Chemicals

-

.89

%

Linde

PLC

4,402

2,065

Commercial

Services

-

.46

%

Service

Corp

International/US

13,182

1,073

Computers

-

.50

%

Apple

Inc

51,198

10,504

Consumer

Products

-

.72

%

Church

&

Dwight

Co

Inc

17,545

1,686

Cosmetics

&

Personal

Care

-

.26

%

Procter

&

Gamble

Co/The

18,509

2,949

Diversified

Financial

Services

-

.88

%

Ameriprise

Financial

Inc

4,562

2,435

Nasdaq

Inc

27,030

2,417

Visa

Inc

18,409

6,536

$

11,388

Electric

-

.31

%

Constellation

Energy

Corp

9,485

3,061

Electrical

Components

&

Equipment

-

.54

%

Eaton

Corp

PLC

3,499

1,249

Electronics

-

.24

%

NEXTracker

Inc

(c) 10,097

549

Environmental

Control

-

.48

%

Republic

Services

Inc

14,011

3,455

Gas

-

.44

%

Atmos

Energy

Corp

6,641

1,023

Healthcare

-

Products

-

.70

%

Abbott

Laboratories

13,129

1,786

GE

HealthCare

Technologies

Inc

9,476

702

Thermo

Fisher

Scientific

Inc

3,646

1,478

$

3,966

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Services

-

.88

%

Chemed

Corp

1,750

$

852

HCA

Healthcare

Inc

6,585

2,523

UnitedHealth

Group

Inc

3,254

1,015

$

4,390

Home

Builders

-

.61

%

DR

Horton

Inc

10,988

1,417

Insurance

-

.96

%

Berkshire

Hathaway

Inc

-

Class

B

(c) 6,322

3,071

Marsh

&

McLennan

Cos

Inc

8,333

1,822

Progressive

Corp/The

7,490

1,999

$

6,892

Internet

-

.62

%

Alphabet

Inc

-

A

Shares

43,929

7,741

Amazon.com

Inc

(c) 37,595

8,248

Meta

Platforms

Inc

9,926

7,326

Netflix

Inc

(c) 949

1,271

Palo

Alto

Networks

Inc

(c) 10,578

2,165

Reddit

Inc

(c) 4,012

604

Shopify

Inc

(c) 14,015

1,617

Uber

Technologies

Inc

(c) 5,051

$

29,443

Machinery

-

Construction

&

Mining

-

.28

%

Caterpillar

Inc

967

GE

Vernova

Inc

4,920

2,604

$

2,979

Machinery

-

Diversified

-

.91

%

Deere

&

Co

4,162

2,116

Media

-

.10

%

Nexstar

Media

Group

Inc

1,304

Mining

-

.77

%

Cameco

Corp

24,296

1,804

Miscellaneous

Manufacturers

-

.90

%

Parker-Hannifin

Corp

3,012

2,104

Oil

&

Gas

-

.84

%

Expand

Energy

Corp

4,862

569

Exxon

Mobil

Corp

29,138

3,141

Marathon

Petroleum

Corp

12,102

2,010

Permian

Resources

Corp

65,627

894

$

6,614

Pharmaceuticals

-

.20

%

AbbVie

Inc

8,684

1,612

BellRing

Brands

Inc

(c) 13,509

783

Eli

Lilly

&

Co

3,279

2,556

McKesson

Corp

4,837

3,544

Merck

&

Co

Inc

10,580

837

Novartis

AG

ADR

23,127

2,799

$

12,131

Pipelines

-

.02

%

Kinder

Morgan

Inc

80,885

2,378

Private

Equity

-

.05

%

KKR

&

Co

Inc

18,460

2,456

REITs

-

.48

%

Equinix

Inc

2,485

1,977

Extra

Space

Storage

Inc

9,799

1,445

Prologis

Inc

3,182

Regency

Centers

Corp

28,598

2,037

$

5,793

Retail

-

.52

%

Casey's

General

Stores

Inc

6,978

3,561

Chipotle

Mexican

Grill

Inc

(c) 8,792

Costco

Wholesale

Corp

3,387

3,353

Domino's

Pizza

Inc

3,188

1,436

Lululemon

Athletica

Inc

(c) 874

O'Reilly

Automotive

Inc

(c) 24,840

2,239

TJX

Cos

Inc/The

25,817

3,188

Tractor

Supply

Co

13,785

727

$

15,206

Schedule

of

Investments

Principal

Capital

Appreciation

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Semiconductors

-

.05

%

Broadcom

Inc

24,186

$

6,667

KLA

Corp

2,193

1,964

Lam

Research

Corp

25,112

2,445

NVIDIA

Corp

95,723

15,123

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

8,471

1,919

$

28,118

Software

-

.56

%

Adobe

Inc

(c) 1,076

Broadridge

Financial

Solutions

Inc

9,254

2,249

Cloudflare

Inc

(c) 7,630

1,494

Datadog

Inc

(c) 5,238

704

Fair

Isaac

Corp

(c) 654

1,195

Fiserv

Inc

(c) 2,779

Microsoft

Corp

32,261

16,047

Salesforce

Inc

8,457

2,306

ServiceNow

Inc

(c) 1,692

1,740

Twilio

Inc

(c) 9,963

1,239

Workday

Inc

(c) 5,986

1,437

$

29,306

Telecommunications

-

.74

%

Arista

Networks

Inc

(c) 19,202

1,965

Motorola

Solutions

Inc

3,611

1,518

T-Mobile

US

Inc

12,241

2,916

$

6,399

Transportation

-

.44

%

Old

Dominion

Freight

Line

Inc

6,352

1,031

Water

-

.77

%

American

Water

Works

Co

Inc

12,845

1,787

TOTAL

COMMON

STOCKS

$

232,399

Total

Investments

$

233,804

Other

Assets

and

Liabilities

- (0.23)%

(543)

TOTAL

NET

ASSETS

-

100.00%

$

233,261

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Non-income

producing

security

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

4,286

$

30,727

$

33,608

$

1,405

$

4,286

$

30,727

$

33,608

$

1,405

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2020

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.00

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.23

%

Blue

Chip

Fund

(a) 136,258

$

6,810

Core

Fixed

Income

Fund

(a) 5,455,941

47,030

Diversified

Real

Asset

Fund

(a) 49,298

582

Global

Emerging

Markets

Fund

(a) 56,757

1,718

High

Yield

Fund

(a) 1,237,290

8,352

International

Equity

Fund

(a) 1,076,105

16,185

International

Small

Company

Fund

(a) 62,247

751

LargeCap

Growth

Fund

I

(a) 398,026

7,077

MidCap

Fund

(a) 31,201

1,473

Real

Estate

Securities

Fund

(a) 85,721

2,444

SmallCap

Fund

(a) 75,251

2,154

SmallCap

S&P

600

Index

Fund

(a) 24,553

602

Small-MidCap

Dividend

Income

Fund

(a) 79,953

1,494

$

96,672

Principal

Funds,

Inc.

Institutional

Class

-

.77

%

Equity

Income

Fund

(a) 158,765

6,493

Inflation

Protection

Fund

(a) 947,150

7,454

LargeCap

S&P

500

Index

Fund

(a) 242,397

7,284

LargeCap

Value

Fund

III

(a) 324,823

6,396

Short-Term

Income

Fund

(a) 1,609,135

19,503

$

47,130

TOTAL

INVESTMENT

COMPANIES

$

143,802

Total

Investments

$

143,802

Other

Assets

and

Liabilities

- 0.00%

(4)

TOTAL

NET

ASSETS

-

100.00%

$

143,798

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Schedule

of

Investments

Principal

LifeTime

2020

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

December

31,

2024

Purchases

(a) Sales

(a) June

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

7,740

$

$

1,870

$

6,810

Core

Fixed

Income

Fund

46,291

6,075

6,238

47,030

Diversified

International

Fund

13,650

585

15,157

—

Diversified

Real

Asset

Fund

590

582

Equity

Income

Fund

6,793

590

1,204

6,493

Global

Emerging

Markets

Fund

1,504

1,718

High

Income

Fund

1,045

1,249

—

High

Yield

Fund

8,635

2,307

2,441

8,352

High

Yield

Fund

-

Institutional

Class

—

1,208

1,208

—

Inflation

Protection

Fund

7,483

754

1,113

7,454

International

Equity

Fund

—

16,125

1,342

16,185

International

Small

Company

Fund

997

567

751

LargeCap

Growth

Fund

I

7,746

1,536

7,077

LargeCap

S&P

500

Index

Fund

7,917

1,444

7,284

LargeCap

Value

Fund

III

6,831

525

1,198

6,396

MidCap

Fund

1,844

573

1,473

Real

Estate

Securities

Fund

2,576

2,444

Short-Term

Income

Fund

19,247

2,598

2,564

19,503

SmallCap

Fund

2,623

653

2,154

SmallCap

S&P

600

Index

Fund

602

Small-MidCap

Dividend

Income

Fund

1,599

1,494

$

145,437

$

33,444

$

41,438

$

143,802

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

559

$

—

$

(6)

Core

Fixed

Income

Fund

864

(14)

—

916

Diversified

International

Fund

—

(1,564)

2,486

Diversified

Real

Asset

Fund

(4)

—

Equity

Income

Fund

(9)

—

Global

Emerging

Markets

Fund

—

—

High

Income

Fund

(5)

—

High

Yield

Fund

(16)

—

(133)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

—

(2)

—

International

Equity

Fund

—

—

1,392

International

Small

Company

Fund

—

(24)

—

LargeCap

Growth

Fund

I

—

(6)

—

LargeCap

S&P

500

Index

Fund

—

—

LargeCap

Value

Fund

III

—

—

MidCap

Fund

—

—

Real

Estate

Securities

Fund

(9)

—

Short-Term

Income

Fund

—

—

SmallCap

Fund

—

(10)

—

SmallCap

S&P

600

Index

Fund

—

(2)

—

(32)

Small-MidCap

Dividend

Income

Fund

(3)

—

$

1,645

$

(832)

$

$

7,191

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2030

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.00

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.06

%

Blue

Chip

Fund

(a) 423,176

$

21,150

Core

Fixed

Income

Fund

(a) 10,533,262

90,797

Diversified

Real

Asset

Fund

(a) 129,252

1,526

Global

Emerging

Markets

Fund

(a) 174,523

5,281

High

Yield

Fund

(a) 2,165,195

14,615

International

Equity

Fund

(a) 3,302,980

49,677

International

Small

Company

Fund

(a) 203,056

2,451

LargeCap

Growth

Fund

I

(a) 1,234,719

21,953

MidCap

Fund

(a) 97,749

4,615

Real

Estate

Securities

Fund

(a) 196,230

5,595

SmallCap

Fund

(a) 242,450

6,939

SmallCap

S&P

600

Index

Fund

(a) 66,108

1,622

Small-MidCap

Dividend

Income

Fund

(a) 250,368

4,679

$

230,900

Principal

Funds,

Inc.

Institutional

Class

-

.94

%

Equity

Income

Fund

(a) 494,144

20,210

Inflation

Protection

Fund

(a) 1,548,537

12,187

LargeCap

S&P

500

Index

Fund

(a) 721,432

21,679

LargeCap

Value

Fund

III

(a) 1,011,504

19,917

Short-Term

Income

Fund

(a) 1,281,251

15,529

$

89,522

TOTAL

INVESTMENT

COMPANIES

$

320,422

Total

Investments

$

320,422

Other

Assets

and

Liabilities

- 0.00%

(5)

TOTAL

NET

ASSETS

-

100.00%

$

320,417

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Schedule

of

Investments

Principal

LifeTime

2030

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

December

31,

2024

Purchases

(a) Sales

(a) June

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

22,069

$

1,351

$

3,952

$

21,150

Core

Fixed

Income

Fund

81,727

12,677

5,277

90,797

Diversified

International

Fund

39,067

1,116

42,853

—

Diversified

Real

Asset

Fund

1,404

1,526

Equity

Income

Fund

19,480

1,913

2,140

20,210

Global

Emerging

Markets

Fund

4,215

625

5,281

High

Income

Fund

1,653

1,977

—

High

Yield

Fund

13,646

3,960

2,765

14,615

High

Yield

Fund

-

Institutional

Class

—

1,911

1,911

—

Inflation

Protection

Fund

10,989

1,519

821

12,187

International

Equity

Fund

—

47,503

2,001

49,677

International

Small

Company

Fund

2,721

515

1,221

2,451

LargeCap

Growth

Fund

I

22,111

1,351

3,006

21,953

LargeCap

S&P

500

Index

Fund

21,793

1,318

2,703

21,679

LargeCap

Value

Fund

III

19,579

1,733

2,124

19,917

MidCap

Fund

5,269

1,324

4,615

Real

Estate

Securities

Fund

5,378

5,595

Short-Term

Income

Fund

12,955

3,267

854

15,529

SmallCap

Fund

7,202

665

966

6,939

SmallCap

S&P

600

Index

Fund

872

923

1,622

Small-MidCap

Dividend

Income

Fund

4,591

641

575

4,679

$

296,721

$

84,048

$

77,322

$

320,422

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

$

—

$

1,594

Core

Fixed

Income

Fund

1,565

(1)

—

1,671

Diversified

International

Fund

—

2,265

582

Diversified

Real

Asset

Fund

—

—

Equity

Income

Fund

(2)

—

959

Global

Emerging

Markets

Fund

—

—

760

High

Income

Fund

(7)

—

High

Yield

Fund

(18)

—

(208)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

—

—

—

500

International

Equity

Fund

—

—

4,163

International

Small

Company

Fund

—

(7)

—

LargeCap

Growth

Fund

I

—

(23)

—

1,520

LargeCap

S&P

500

Index

Fund

—

—

1,229

LargeCap

Value

Fund

III

—

(2)

—

731

MidCap

Fund

—

—

Real

Estate

Securities

Fund

(1)

—

Short-Term

Income

Fund

—

—

SmallCap

Fund

—

(2)

—

SmallCap

S&P

600

Index

Fund

—

(5)

—

(85)

Small-MidCap

Dividend

Income

Fund

(3)

—

$

2,616

$

2,339

$

582

$

14,636

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2040

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

100.00%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

73.74%

Blue

Chip

Fund

(a) 370,423

$

18,514

Core

Fixed

Income

Fund

(a) 4,347,655

37,477

Global

Emerging

Markets

Fund

(a) 153,217

4,636

High

Yield

Fund

(a) 967,814

6,533

International

Equity

Fund

(a) 2,892,909

43,509

International

Small

Company

Fund

(a) 188,697

2,277

LargeCap

Growth

Fund

I

(a) 1,079,843

19,200

MidCap

Fund

(a) 87,139

4,114

Real

Estate

Securities

Fund

(a) 157,441

4,489

SmallCap

Fund

(a) 215,927

6,180

SmallCap

S&P

600

Index

Fund

(a) 56,691

1,391

Small-MidCap

Dividend

Income

Fund

(a) 222,931

4,166

$

152,486

Principal

Funds,

Inc.

Institutional

Class

-

26.26%

Equity

Income

Fund

(a) 433,357

17,724

LargeCap

S&P

500

Index

Fund

(a) 636,067

19,114

LargeCap

Value

Fund

III

(a) 887,650

17,478

$

54,316

TOTAL

INVESTMENT

COMPANIES

$

206,802

Total

Investments

$

206,802

Other

Assets

and

Liabilities

- 0.00%

(3) TOTAL

NET

ASSETS

-

100.00%

$

206,799

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Schedule

of

Investments

Principal

LifeTime

2040

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

December

31,

2024

Purchases

(a) Sales

(a) June

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

17,589

$

1,948

$

2,457

$

18,514

Core

Fixed

Income

Fund

29,668

8,184

1,018

37,477

Diversified

International

Fund

31,392

1,388

34,955

—

Equity

Income

Fund

15,623

2,438

1,142

17,724

Global

Emerging

Markets

Fund

3,320

794

4,636

High

Income

Fund

611

787

—

High

Yield

Fund

5,278

2,080

696

6,533

High

Yield

Fund

-

Institutional

Class

—

762

762

—

International

Equity

Fund

—

40,562

585

43,509

International

Small

Company

Fund

2,312

636

1,062

2,277

LargeCap

Growth

Fund

I

17,629

1,948

1,678

19,200

LargeCap

S&P

500

Index

Fund

17,588

1,922

1,500

19,114

LargeCap

Value

Fund

III

15,700

2,286

1,131

17,478

MidCap

Fund

4,403

592

1,094

4,114

Real

Estate

Securities

Fund

3,957

613

4,489

SmallCap

Fund

5,916

926

690

6,180

SmallCap

S&P

600

Index

Fund

739

782

1,391

Small-MidCap

Dividend

Income

Fund

3,788

666

4,166

$

175,513

$

68,534

$

50,160

$

206,802

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

$

—

$

1,432

Core

Fixed

Income

Fund

601

—

—

643

Diversified

International

Fund

—

795

1,380

Equity

Income

Fund

—

—

805

Global

Emerging

Markets

Fund

—

—

—

634

High

Income

Fund

(3) —

High

Yield

Fund

(4) —

(125) High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

—

—

3,532

International

Small

Company

Fund

—

(4) —

LargeCap

Growth

Fund

I

—

—

1,298

LargeCap

S&P

500

Index

Fund

—

(3) —

1,107

LargeCap

Value

Fund

III

—

—

—

623

MidCap

Fund

—

—

Real

Estate

Securities

Fund

—

—

SmallCap

Fund

—

(7) —

SmallCap

S&P

600

Index

Fund

—

(4) —

(73) Small-MidCap

Dividend

Income

Fund

—

—

$

1,034

$

779

$

$

12,136

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2050

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

100.00%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

68.14%

Blue

Chip

Fund

(a) 203,137

$

10,154

Core

Fixed

Income

Fund

(a) 413,812

3,567

Global

Emerging

Markets

Fund

(a) 83,899

2,539

High

Yield

Fund

(a) 156,750

1,058

International

Equity

Fund

(a) 1,586,388

23,859

International

Small

Company

Fund

(a) 100,239

1,210

LargeCap

Growth

Fund

I

(a) 592,481

10,534

MidCap

Fund

(a) 47,321

2,234

Real

Estate

Securities

Fund

(a) 69,129

1,971

SmallCap

Fund

(a) 115,793

3,314

SmallCap

S&P

600

Index

Fund

(a) 33,258

816

Small-MidCap

Dividend

Income

Fund

(a) 121,155

2,264

$

63,520

Principal

Funds,

Inc.

Institutional

Class

-

31.86%

Equity

Income

Fund

(a) 237,449

9,712

LargeCap

S&P

500

Index

Fund

(a) 346,628

10,416

LargeCap

Value

Fund

III

(a) 486,244

9,574

$

29,702

TOTAL

INVESTMENT

COMPANIES

$

93,222

Total

Investments

$

93,222

Other

Assets

and

Liabilities

- 0.00%

(4) TOTAL

NET

ASSETS

-

100.00%

$

93,218

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Schedule

of

Investments

Principal

LifeTime

2050

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

December

31,

2024

Purchases

(a) Sales

(a) June

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

9,954

$

915

$

1,514

$

10,154

Core

Fixed

Income

Fund

2,736

990

3,567

Diversified

International

Fund

17,701

639

19,560

—

Equity

Income

Fund

8,836

1,273

851

9,712

Global

Emerging

Markets

Fund

1,874

2,539

High

Income

Fund

—

High

Yield

Fund

832

1,058

High

Yield

Fund

-

Institutional

Class

—

—

International

Equity

Fund

—

22,504

597

23,859

International

Small

Company

Fund

1,280

596

1,210

LargeCap

Growth

Fund

I

9,982

915

1,087

10,534

LargeCap

S&P

500

Index

Fund

9,879

910

984

10,416

LargeCap

Value

Fund

III

8,875

1,195

848

9,574

MidCap

Fund

2,531

698

2,234

Real

Estate

Securities

Fund

1,833

1,971

SmallCap

Fund

3,338

3,314

SmallCap

S&P

600

Index

Fund

816

Small-MidCap

Dividend

Income

Fund

2,189

2,264

$

82,363

$

32,317

$

28,317

$

93,222

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

$

—

$

792

Core

Fixed

Income

Fund

—

—

Diversified

International

Fund

—

999

Equity

Income

Fund

—

—

Global

Emerging

Markets

Fund

—

—

—

High

Income

Fund

(1) —

High

Yield

Fund

—

—

(20) High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(1) —

1,953

International

Small

Company

Fund

—

—

LargeCap

Growth

Fund

I

—

—

—

724

LargeCap

S&P

500

Index

Fund

—

—

607

LargeCap

Value

Fund

III

—

—

—

MidCap

Fund

—

—

Real

Estate

Securities

Fund

—

—

SmallCap

Fund

—

(4) —

SmallCap

S&P

600

Index

Fund

—

(2) —

(42) Small-MidCap

Dividend

Income

Fund

(1) —

$

$

$

$

6,619

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

2060

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

67.58%

Blue

Chip

Fund

(a) 75,904

$

3,794

Core

Fixed

Income

Fund

(a) 105,837

912

Global

Emerging

Markets

Fund

(a) 31,514

953

High

Yield

Fund

(a) 44,261

International

Equity

Fund

(a) 594,887

8,947

International

Small

Company

Fund

(a) 38,582

LargeCap

Growth

Fund

I

(a) 221,303

3,935

MidCap

Fund

(a) 17,848

842

Real

Estate

Securities

Fund

(a) 25,458

726

SmallCap

Fund

(a) 43,702

1,251

SmallCap

S&P

600

Index

Fund

(a) 12,419

Small-MidCap

Dividend

Income

Fund

(a) 45,671

853

$

23,283

Principal

Funds,

Inc.

Institutional

Class

-

32.43%

Equity

Income

Fund

(a) 88,827

3,633

LargeCap

S&P

500

Index

Fund

(a) 131,649

3,956

LargeCap

Value

Fund

III

(a) 181,952

3,583

$

11,172

TOTAL

INVESTMENT

COMPANIES

$

34,455

Total

Investments

$

34,455

Other

Assets

and

Liabilities

- (0.01)%

(3) TOTAL

NET

ASSETS

-

100.00%

$

34,452

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Schedule

of

Investments

Principal

LifeTime

2060

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

December

31,

2024

Purchases

(a) Sales

(a) June

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

3,552

$

573

$

626

$

3,794

Core

Fixed

Income

Fund

822

912

Diversified

International

Fund

6,429

7,210

—

Equity

Income

Fund

3,198

660

3,633

Global

Emerging

Markets

Fund

694

953

High

Income

Fund

—

—

High

Yield

Fund

High

Yield

Fund

-

Institutional

Class

—

—

International

Equity

Fund

—

8,482

8,947

International

Small

Company

Fund

LargeCap

Growth

Fund

I

3,565

574

3,935

LargeCap

S&P

500

Index

Fund

3,547

608

3,956

LargeCap

Value

Fund

III

3,209

633

3,583

MidCap

Fund

895

842

Real

Estate

Securities

Fund

668

726

SmallCap

Fund

1,256

1,251

SmallCap

S&P

600

Index

Fund

Small-MidCap

Dividend

Income

Fund

789

853

$

29,548

$

13,527

$

11,164

$

34,455

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

—

$

—

$

Core

Fixed

Income

Fund

—

—

Diversified

International

Fund

—

Equity

Income

Fund

—

—

Global

Emerging

Markets

Fund

—

—

—

High

Income

Fund

—

—

—

High

Yield

Fund

—

—

(5) High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(7) —

725

International

Small

Company

Fund

—

(3) —

LargeCap

Growth

Fund

I

—

—

—

LargeCap

S&P

500

Index

Fund

—

—

—

LargeCap

Value

Fund

III

—

—

—

MidCap

Fund

—

—

—

Real

Estate

Securities

Fund

—

—

SmallCap

Fund

—

(2) —

SmallCap

S&P

600

Index

Fund

—

(1) —

(18) Small-MidCap

Dividend

Income

Fund

(1) —

$

$

$

$

2,419

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Principal

LifeTime

Strategic

Income

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.00

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.67

%

Blue

Chip

Fund

(a) 43,224

$

2,160

Core

Fixed

Income

Fund

(a) 2,186,244

18,845

Diversified

Real

Asset

Fund

(a) 19,239

Global

Emerging

Markets

Fund

(a) 17,896

542

High

Yield

Fund

(a) 517,802

3,495

International

Equity

Fund

(a) 338,545

5,092

International

Small

Company

Fund

(a) 20,899

LargeCap

Growth

Fund

I

(a) 126,098

2,242

MidCap

Fund

(a) 10,039

Real

Estate

Securities

Fund

(a) 32,760

934

SmallCap

Fund

(a) 24,480

701

SmallCap

S&P

600

Index

Fund

(a) 7,261

Small-MidCap

Dividend

Income

Fund

(a) 25,715

$

35,623

Principal

Funds,

Inc.

Institutional

Class

-

.33

%

Equity

Income

Fund

(a) 50,497

2,065

Inflation

Protection

Fund

(a) 397,310

3,127

LargeCap

S&P

500

Index

Fund

(a) 74,761

2,247

LargeCap

Value

Fund

III

(a) 103,387

2,036

Short-Term

Income

Fund

(a) 754,735

9,147

$

18,622

TOTAL

INVESTMENT

COMPANIES

$

54,245

Total

Investments

$

54,245

Other

Assets

and

Liabilities

- 0.00%

(1)

TOTAL

NET

ASSETS

-

100.00%

$

54,244

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Schedule

of

Investments

Principal

LifeTime

Strategic

Income

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

December

31,

2024

Purchases

(a) Sales

(a) June

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

2,327

$

$

$

2,160

Core

Fixed

Income

Fund

18,193

2,493

2,202

18,845

Diversified

International

Fund

4,150

4,582

—

Diversified

Real

Asset

Fund

Equity

Income

Fund

2,054

2,065

Global

Emerging

Markets

Fund

542

High

Income

Fund

531

—

High

Yield

Fund

3,557

960

957

3,495

High

Yield

Fund

-

Institutional

Class

—

514

514

—

Inflation

Protection

Fund

3,101

3,127

International

Equity

Fund

—

5,044

5,092

International

Small

Company

Fund

LargeCap

Growth

Fund

I

2,329

2,242

LargeCap

S&P

500

Index

Fund

2,317

2,247

LargeCap

Value

Fund

III

2,064

2,036

MidCap

Fund

589

Real

Estate

Securities

Fund

952

934

Short-Term

Income

Fund

9,059

1,157

1,173

9,147

SmallCap

Fund

807

701

SmallCap

S&P

600

Index

Fund

Small-MidCap

Dividend

Income

Fund

514

$

53,523

$

12,097

$

13,493

$

54,245

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

$

—

$

Core

Fixed

Income

Fund

—

—

Diversified

International

Fund

—

(316)

600

Diversified

Real

Asset

Fund

—

Equity

Income

Fund

(2)

—

Global

Emerging

Markets

Fund

—

—

—

High

Income

Fund

(2)

—

High

Yield

Fund

(8)

—

(57)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

—

—

—

International

Equity

Fund

—

(2)

—

International

Small

Company

Fund

—

—

LargeCap

Growth

Fund

I

—

(4)

—

LargeCap

S&P

500

Index

Fund

—

—

LargeCap

Value

Fund

III

—

—

—

MidCap

Fund

—

—

—

Real

Estate

Securities

Fund

(1)

—

Short-Term

Income

Fund

(1)

—

SmallCap

Fund

—

(4)

—

SmallCap

S&P

600

Index

Fund

—

(1)

—

(9)

Small-MidCap

Dividend

Income

Fund

(2)

—

$

668

$

(268)

$

$

2,386

Amounts

in

thousands.

(a) Purchases

and

Sales

include

transactions

related

to

the

acquisition

of

the

High

Income

Fund

by

the

High

Yield

Fund.

Schedule

of

Investments

Real

Estate

Securities

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.59

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.59

%

Principal

Government

Money

Market

Fund

-

Class

4.21%

(a),(b)

1,467,719

$

1,468

TOTAL

INVESTMENT

COMPANIES

$

1,468

COMMON

STOCKS

-

.05

%

Shares

Held

Value

(000's)

Lodging

-

.55

%

Hyatt

Hotels

Corp

9,789

$

1,367

REITs

-

.50

%

American

Healthcare

REIT

Inc

104,878

3,853

American

Homes

Rent

193,241

6,970

American

Tower

Corp

122,874

27,158

Americold

Realty

Trust

Inc

221,089

3,677

AvalonBay

Communities

Inc

58,245

11,853

Cousins

Properties

Inc

148,115

4,448

Digital

Realty

Trust

Inc

51,216

8,928

EastGroup

Properties

Inc

14,966

2,501

Equinix

Inc

23,147

18,413

Equity

LifeStyle

Properties

Inc

67,532

4,165

Equity

Residential

89,223

6,022

Essex

Property

Trust

Inc

17,309

4,905

Extra

Space

Storage

Inc

80,219

11,828

Gaming

and

Leisure

Properties

Inc

93,438

4,362

Healthpeak

Properties

Inc

403,107

7,058

Hudson

Pacific

Properties

Inc

(c) 208,845

572

InvenTrust

Properties

Corp

85,196

2,334

Invitation

Homes

Inc

251,080

8,235

Iron

Mountain

Inc

29,566

3,033

Kilroy

Realty

Corp

65,121

2,234

National

Health

Investors

Inc

33,690

2,362

NETSTREIT

Corp

161,299

2,731

Prologis

Inc

126,609

13,309

Regency

Centers

Corp

124,282

8,853

Rexford

Industrial

Realty

Inc

131,262

4,669

Ryman

Hospitality

Properties

Inc

41,221

4,067

Sabra

Health

Care

REIT

Inc

285,445

5,264

Saul

Centers

Inc

6,246

SBA

Communications

Corp

35,484

8,333

Simon

Property

Group

Inc

36,818

5,919

Ventas

Inc

214,578

13,551

VICI

Properties

Inc

286,361

9,335

Vornado

Realty

Trust

78,066

2,985

Welltower

Inc

128,356

19,732

Weyerhaeuser

Co

69,909

1,796

$

245,668

TOTAL

COMMON

STOCKS

$

247,035

Total

Investments

$

248,503

Other

Assets

and

Liabilities

- 0.36%

891

TOTAL

NET

ASSETS

-

100.00%

$

249,394

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Non-income

producing

security

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

6,031

$

15,411

$

19,974

$

1,468

$

6,031

$

15,411

$

19,974

$

1,468

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

Schedule

of

Investments

SAM

Balanced

Portfolio

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.02

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.79

%

Principal

Government

Money

Market

Fund

-

Class

4.21%

(a),(b)

4,483,431

$

4,483

Principal

Exchange-Traded

Funds

-

.35

%

Principal

International

Equity

ETF

(a) 712,853

20,805

Principal

U.S.

Mega-Cap

ETF

(a) 1,333,807

83,444

Principal

U.S.

Small-Cap

ETF

(a) 166,600

8,876

Principal

Value

ETF

(a) 59,000

2,924

$

116,049

Principal

Funds,

Inc.

Class

-

.46

%

Blue

Chip

Fund

(a) 419,607

20,972

Core

Fixed

Income

Fund

(a) 8,372,855

72,174

Diversified

Real

Asset

Fund

(a) 1,163,341

13,739

Global

Emerging

Markets

Fund

(a) 416,177

12,594

High

Yield

Fund

(a) 3,761,913

25,393

International

Equity

Index

Fund

(a) 212,292

2,807

International

Small

Company

Fund

(a) 435,075

5,251

LargeCap

Growth

Fund

I

(a) 1,634,407

29,060

Small-MidCap

Dividend

Income

Fund

(a) 324,687

6,068

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a) 1,516,847

14,076

$

202,134

Principal

Funds,

Inc.

Institutional

Class

-

.61

%

Bond

Market

Index

Fund

(a) 3,986,805

34,366

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a) 969,935

8,962

Inflation

Protection

Fund

(a) 1,826,065

14,371

LargeCap

S&P

500

Index

Fund

(a) 395,758

11,893

LargeCap

Value

Fund

III

(a) 1,335,761

26,301

Overseas

Fund

(a) 519,735

5,878

Principal

Capital

Appreciation

Fund

(a) 772,587

66,049

Principal

Global

Listed

Infrastructure

Fund

(a) 242,845

2,817

Short-Term

Income

Fund

(a) 787,759

9,548

$

180,185

Principal

Variable

Contracts

Funds,

Inc. Class

-

.81

%

Equity

Income

Account

(a) 1,583,711

51,597

Government

&

High

Quality

Bond

Account

(a) 740,754

6,348

MidCap

Account

(a) 77,449

5,676

Real

Estate

Securities

Account

(a) 197,698

3,691

$

67,312

TOTAL

INVESTMENT

COMPANIES

$

570,163

Total

Investments

$

570,163

Other

Assets

and

Liabilities

- (0.02)%

(128)

TOTAL

NET

ASSETS

-

100.00%

$

570,035

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

Schedule

of

Investments

SAM

Balanced

Portfolio

June

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

30,669

$

$

11,663

$

20,972

Bond

Market

Index

Fund

29,595

6,379

2,912

34,366

Core

Fixed

Income

Fund

95,295

2,028

26,752

72,174

Diversified

International

Fund

19,951

21,870

—

Diversified

Real

Asset

Fund

16,308

3,744

13,739

Equity

Income

Account

41,295

15,269

7,987

51,597

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

11,079

2,952

8,962

Global

Emerging

Markets

Fund

12,289

1,802

12,594

Government

&

High

Quality

Bond

Account

7,468

1,483

6,348

High

Yield

Fund

15,304

11,718

1,826

25,393

Inflation

Protection

Fund

11,514

3,972

1,722

14,371

International

Equity

Index

Fund

2,598

2,807

International

Small

Company

Fund

5,236

1,135

5,251

LargeCap

Growth

Fund

I

20,291

9,177

2,106

29,060

LargeCap

S&P

500

Index

Fund

12,449

1,346

11,893

LargeCap

Value

Fund

III

32,339

7,236

26,301

MidCap

Account

22,905

18,182

5,676

Overseas

Fund

19,033

17,132

5,878

Principal

Capital

Appreciation

Fund

53,194

15,734

5,119

66,049

Principal

Global

Listed

Infrastructure

Fund

—

2,800

—

2,817

Principal

Government

Money

Market

Fund

-

Class

4.21%

4,522

9,482

9,521

4,483

Principal

International

Equity

ETF

—

21,510

2,360

20,805

Principal

U.S.

Mega-Cap

ETF

66,922

16,821

3,648

83,444

Principal

U.S.

Small-Cap

ETF

16,591

—

8,182

8,876

Principal

Value

ETF

—

7,462

4,336

2,924

Real

Estate

Securities

Account

3,947

3,691

Short-Term

Income

Fund

10,561

1,421

9,548

Small-MidCap

Dividend

Income

Fund

8,809

2,840

6,068

Spectrum

Preferred

and

Capital

Securities

Income

Fund

14,984

1,566

14,076

$

585,148

$

125,455

$

171,590

$

570,163

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

7,593

$

—

$

(5,723)

Bond

Market

Index

Fund

—

(111)

—

1,415

Core

Fixed

Income

Fund

1,604

(3,191)

—

4,794

Diversified

International

Fund

—

4,271

(2,812)

Diversified

Real

Asset

Fund

(159)

—

1,092

Equity

Income

Account

—

4,787

—

(1,767)

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(467)

—

900

Global

Emerging

Markets

Fund

—

(28)

—

1,995

Government

&

High

Quality

Bond

Account

—

(61)

—

High

Yield

Fund

631

(27)

—

Inflation

Protection

Fund

—

(216)

—

823

International

Equity

Index

Fund

—

—

International

Small

Company

Fund

—

—

1,009

LargeCap

Growth

Fund

I

—

(325)

—

2,023

LargeCap

S&P

500

Index

Fund

—

—

LargeCap

Value

Fund

III

—

—

946

MidCap

Account

—

887

—

(79)

Overseas

Fund

—

—

3,449

Principal

Capital

Appreciation

Fund

—

—

1,957

Principal

Global

Listed

Infrastructure

Fund

—

—

—

Principal

Government

Money

Market

Fund

-

Class

4.21%

—

—

—

Principal

International

Equity

ETF

—

—

1,591

Principal

U.S.

Mega-Cap

ETF

1,282

—

2,067

Principal

U.S.

Small-Cap

ETF

1,531

—

(1,064)

Principal

Value

ETF

(215)

—

Real

Estate

Securities

Account

—

—

Short-Term

Income

Fund

(14)

—

Small-MidCap

Dividend

Income

Fund

—

(207)

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(160)

—

$

3,631

$

16,669

$

$

14,481

Amounts

in

thousands.

Schedule

of

Investments

SAM

Conservative

Balanced

Portfolio

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.02

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.93

%

Principal

Government

Money

Market

Fund

-

Class

4.21%

(a),(b)

1,470,045

$

1,470

Principal

Exchange-Traded

Funds

-

.55

%

Principal

International

Equity

ETF

(a) 136,241

3,976

Principal

U.S.

Mega-Cap

ETF

(a) 247,030

15,454

Principal

U.S.

Small-Cap

ETF

(a) 23,200

1,236

Principal

Value

ETF

(a) 17,000

843

$

21,509

Principal

Funds,

Inc.

Class

-

.85

%

Blue

Chip

Fund

(a) 86,267

4,312

Core

Fixed

Income

Fund

(a) 4,229,730

36,460

Diversified

Real

Asset

Fund

(a) 251,307

2,968

Global

Emerging

Markets

Fund

(a) 77,474

2,344

High

Yield

Fund

(a) 1,276,094

8,614

International

Equity

Index

Fund

(a) 59,820

791

International

Small

Company

Fund

(a) 79,365

958

LargeCap

Growth

Fund

I

(a) 108,960

1,937

Small-MidCap

Dividend

Income

Fund

(a) 135,634

2,535

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a) 593,627

5,509

$

66,428

Principal

Funds,

Inc.

Institutional

Class

-

.52

%

Bond

Market

Index

Fund

(a) 1,880,189

16,207

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a) 789,498

7,295

Inflation

Protection

Fund

(a) 804,768

6,334

LargeCap

S&P

500

Index

Fund

(a) 80,638

2,423

LargeCap

Value

Fund

III

(a) 104,837

2,064

Overseas

Fund

(a) 223,673

2,530

Principal

Capital

Appreciation

Fund

(a) 133,911

11,448

Principal

Global

Listed

Infrastructure

Fund

(a) 67,650

785

Short-Term

Income

Fund

(a) 340,510

4,127

$

53,213

Principal

Variable

Contracts

Funds,

Inc. Class

-

.17

%

Equity

Income

Account

(a) 327,214

10,660

Government

&

High

Quality

Bond

Account

(a) 415,412

3,560

MidCap

Account

(a) 12,168

892

Real

Estate

Securities

Account

(a) 55,716

1,040

$

16,152

TOTAL

INVESTMENT

COMPANIES

$

158,772

Total

Investments

$

158,772

Other

Assets

and

Liabilities

- (0.02)%

(35)

TOTAL

NET

ASSETS

-

100.00%

$

158,737

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

Schedule

of

Investments

SAM

Conservative

Balanced

Portfolio

June

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

6,845

$

$

3,037

$

4,312

Bond

Market

Index

Fund

14,986

2,253

1,647

16,207

Core

Fixed

Income

Fund

45,030

1,894

11,230

36,460

Diversified

International

Fund

3,846

4,195

—

Diversified

Real

Asset

Fund

3,633

1,170

2,968

Equity

Income

Account

9,991

2,317

2,423

10,660

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

7,515

1,026

7,295

Global

Emerging

Markets

Fund

2,402

504

2,344

Government

&

High

Quality

Bond

Account

3,968

655

3,560

High

Yield

Fund

4,654

4,515

639

8,614

Inflation

Protection

Fund

6,104

675

724

6,334

International

Equity

Index

Fund

709

791

International

Small

Company

Fund

861

958

LargeCap

Growth

Fund

I

2,057

1,937

LargeCap

S&P

500

Index

Fund

2,422

514

2,423

LargeCap

Value

Fund

III

2,866

964

2,064

MidCap

Account

2,904

2,238

892

Overseas

Fund

2,478

515

2,530

Principal

Capital

Appreciation

Fund

9,654

3,502

2,109

11,448

Principal

Global

Listed

Infrastructure

Fund

—

780

—

785

Principal

Government

Money

Market

Fund

-

Class

4.21%

1,525

2,363

2,418

1,470

Principal

International

Equity

ETF

—

4,023

3,976

Principal

U.S.

Mega-Cap

ETF

12,488

3,338

1,006

15,454

Principal

U.S.

Small-Cap

ETF

2,728

—

1,562

1,236

Principal

Value

ETF

—

1,561

682

843

Real

Estate

Securities

Account

1,127

1,040

Short-Term

Income

Fund

4,417

547

4,127

Small-MidCap

Dividend

Income

Fund

2,787

2,535

Spectrum

Preferred

and

Capital

Securities

Income

Fund

5,408

779

745

5,509

$

163,405

$

30,319

$

42,048

$

158,772

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

1,984

$

—

$

(1,596)

Bond

Market

Index

Fund

—

(78)

—

693

Core

Fixed

Income

Fund

775

(1,366)

—

2,132

Diversified

International

Fund

—

833

(559)

Diversified

Real

Asset

Fund

—

Equity

Income

Account

—

1,287

—

(512)

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(169)

—

Global

Emerging

Markets

Fund

—

(4)

—

Government

&

High

Quality

Bond

Account

—

(32)

—

High

Yield

Fund

—

Inflation

Protection

Fund

—

(92)

—

International

Equity

Index

Fund

—

—

International

Small

Company

Fund

—

—

LargeCap

Growth

Fund

I

—

(4)

—

LargeCap

S&P

500

Index

Fund

—

—

LargeCap

Value

Fund

III

—

—

MidCap

Account

—

—

Overseas

Fund

—

(25)

—

548

Principal

Capital

Appreciation

Fund

—

—

Principal

Global

Listed

Infrastructure

Fund

—

—

—

Principal

Government

Money

Market

Fund

-

Class

4.21%

—

—

—

Principal

International

Equity

ETF

—

—

Principal

U.S.

Mega-Cap

ETF

—

Principal

U.S.

Small-Cap

ETF

—

(412)

Principal

Value

ETF

(38)

—

Real

Estate

Securities

Account

—

—

Short-Term

Income

Fund

(3)

—

Small-MidCap

Dividend

Income

Fund

(26)

—

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(70)

—

$

1,525

$

3,423

$

$

3,673

Amounts

in

thousands.

Schedule

of

Investments

SAM

Conservative

Growth

Portfolio

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.03

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.48

%

Principal

Government

Money

Market

Fund

-

Class

4.21%

(a),(b)

1,992,799

$

1,993

Principal

Exchange-Traded

Funds

-

.23

%

Principal

International

Equity

ETF

(a) 600,356

17,522

Principal

U.S.

Mega-Cap

ETF

(a) 1,062,311

66,458

Principal

U.S.

Small-Cap

ETF

(a) 173,400

9,239

Principal

Value

ETF

(a) 55,000

2,725

$

95,944

Principal

Funds,

Inc.

Class

-

.07

%

Blue

Chip

Fund

(a) 489,498

24,465

Core

Fixed

Income

Fund

(a) 2,970,882

25,609

Diversified

Real

Asset

Fund

(a) 787,755

9,303

Global

Emerging

Markets

Fund

(a) 434,161

13,138

High

Yield

Fund

(a) 1,154,870

7,795

International

Equity

Index

Fund

(a) 294,432

3,892

International

Small

Company

Fund

(a) 501,838

6,057

LargeCap

Growth

Fund

I

(a) 1,175,167

20,895

Small-MidCap

Dividend

Income

Fund

(a) 221,758

4,145

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a) 514,942

4,779

$

120,078

Principal

Funds,

Inc.

Institutional

Class

-

.14

%

Bond

Market

Index

Fund

(a) 1,236,300

10,657

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a) 441,963

4,084

Inflation

Protection

Fund

(a) 747,061

5,879

LargeCap

S&P

500

Index

Fund

(a) 323,429

9,719

LargeCap

Value

Fund

III

(a) 1,498,306

29,502

Overseas

Fund

(a) 1,499,757

16,962

Principal

Capital

Appreciation

Fund

(a) 703,678

60,157

Principal

Global

Listed

Infrastructure

Fund

(a) 350,391

4,065

$

141,025

Principal

Variable

Contracts

Funds,

Inc. Class

-

.11

%

Equity

Income

Account

(a) 1,333,464

43,444

Government

&

High

Quality

Bond

Account

(a) 232,095

1,989

MidCap

Account

(a) 56,085

4,110

Real

Estate

Securities

Account

(a) 248,215

4,634

$

54,177

TOTAL

INVESTMENT

COMPANIES

$

413,217

Total

Investments

$

413,217

Other

Assets

and

Liabilities

- (0.03)%

(113)

TOTAL

NET

ASSETS

-

100.00%

$

413,104

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

Schedule

of

Investments

SAM

Conservative

Growth

Portfolio

June

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

30,657

$

$

8,311

$

24,465

Bond

Market

Index

Fund

10,493

731

10,657

Core

Fixed

Income

Fund

31,692

646

7,278

25,609

Diversified

International

Fund

16,144

17,576

—

Diversified

Real

Asset

Fund

12,805

4,453

9,303

Equity

Income

Account

41,986

4,034

4,895

43,444

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

4,280

534

4,084

Global

Emerging

Markets

Fund

11,139

1,517

1,464

13,138

Government

&

High

Quality

Bond

Account

2,086

1,989

High

Yield

Fund

4,118

3,923

7,795

Inflation

Protection

Fund

2,705

3,308

5,879

International

Equity

Index

Fund

3,652

3,892

International

Small

Company

Fund

5,649

862

6,057

LargeCap

Growth

Fund

I

17,855

2,700

983

20,895

LargeCap

S&P

500

Index

Fund

9,872

808

9,719

LargeCap

Value

Fund

III

29,404

1,179

29,502

MidCap

Account

18,790

15,802

4,110

Overseas

Fund

15,967

2,474

16,962

Principal

Capital

Appreciation

Fund

51,280

8,534

1,812

60,157

Principal

Global

Listed

Infrastructure

Fund

—

4,040

—

4,065

Principal

Government

Money

Market

Fund

-

Class

4.21%

4,573

5,288

7,868

1,993

Principal

International

Equity

ETF

—

17,371

1,221

17,522

Principal

U.S.

Mega-Cap

ETF

52,665

13,635

2,516

66,458

Principal

U.S.

Small-Cap

ETF

15,350

—

6,557

9,239

Principal

Value

ETF

—

6,280

3,362

2,725

Real

Estate

Securities

Account

4,723

4,634

Small-MidCap

Dividend

Income

Fund

5,683

1,617

4,145

Spectrum

Preferred

and

Capital

Securities

Income

Fund

4,954

4,779

$

408,522

$

73,686

$

94,330

$

413,217

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

5,127

$

—

$

(3,064)

Bond

Market

Index

Fund

—

(26)

—

Core

Fixed

Income

Fund

551

(1,018)

—

1,567

Diversified

International

Fund

—

3,670

(2,494)

Diversified

Real

Asset

Fund

(18)

—

754

Equity

Income

Account

—

1,171

—

1,148

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(86)

—

Global

Emerging

Markets

Fund

—

(21)

—

1,967

Government

&

High

Quality

Bond

Account

—

(8)

—

High

Yield

Fund

(5)

—

Inflation

Protection

Fund

—

(31)

—

International

Equity

Index

Fund

—

—

660

International

Small

Company

Fund

—

—

1,177

LargeCap

Growth

Fund

I

—

(229)

—

1,552

LargeCap

S&P

500

Index

Fund

—

—

LargeCap

Value

Fund

III

—

(26)

—

1,060

MidCap

Account

—

743

—

(76)

Overseas

Fund

—

(221)

—

3,638

Principal

Capital

Appreciation

Fund

—

—

2,146

Principal

Global

Listed

Infrastructure

Fund

—

—

—

Principal

Government

Money

Market

Fund

-

Class

4.21%

—

—

—

Principal

International

Equity

ETF

—

—

1,339

Principal

U.S.

Mega-Cap

ETF

905

—

1,769

Principal

U.S.

Small-Cap

ETF

1,129

—

(683)

Principal

Value

ETF

(190)

—

(3)

Real

Estate

Securities

Account

—

—

Small-MidCap

Dividend

Income

Fund

(44)

—

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(41)

—

$

1,400

$

11,029

$

$

14,310

Amounts

in

thousands.

Schedule

of

Investments

SAM

Flexible

Income

Portfolio

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.02

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.97

%

Principal

Government

Money

Market

Fund

-

Class

4.21%

(a),(b)

1,158,296

$

1,158

Principal

Exchange-Traded

Funds

-

.88

%

Principal

Active

High

Yield

ETF

(a) 121,116

2,346

Principal

International

Equity

ETF

(a) 100,630

2,937

Principal

U.S.

Mega-Cap

ETF

(a) 140,407

8,784

Principal

U.S.

Small-Cap

ETF

(a) 12,000

639

Principal

Value

ETF

(a) 12,000

595

$

15,301

Principal

Funds,

Inc.

Class

-

.09

%

Core

Fixed

Income

Fund

(a) 4,176,971

36,005

Diversified

Real

Asset

Fund

(a) 89,721

1,060

Global

Emerging

Markets

Fund

(a) 19,531

591

High

Yield

Fund

(a) 717,377

4,842

LargeCap

Growth

Fund

I

(a) 34,332

610

Small-MidCap

Dividend

Income

Fund

(a) 64,161

1,199

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a) 484,952

4,500

$

48,807

Principal

Funds,

Inc.

Institutional

Class

-

.28

%

Bond

Market

Index

Fund

(a) 1,707,273

14,717

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a) 745,409

6,888

Inflation

Protection

Fund

(a) 886,757

6,979

LargeCap

S&P

500

Index

Fund

(a) 41,868

1,258

LargeCap

Value

Fund

III

(a) 104,233

2,052

Overseas

Fund

(a) 88,510

1,001

Principal

Capital

Appreciation

Fund

(a) 56,870

4,862

Short-Term

Income

Fund

(a) 342,332

4,149

$

41,906

Principal

Variable

Contracts

Funds,

Inc. Class

-

.80

%

Equity

Income

Account

(a) 143,842

4,687

Government

&

High

Quality

Bond

Account

(a) 610,235

5,230

MidCap

Account

(a) 15,383

1,127

Real

Estate

Securities

Account

(a) 32,311

603

$

11,647

TOTAL

INVESTMENT

COMPANIES

$

118,819

Total

Investments

$

118,819

Other

Assets

and

Liabilities

- (0.02)%

(26)

TOTAL

NET

ASSETS

-

100.00%

$

118,793

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

Schedule

of

Investments

SAM

Flexible

Income

Portfolio

June

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

15,939

$

$

2,166

$

14,717

Core

Fixed

Income

Fund

43,753

1,161

9,661

36,005

Diversified

International

Fund

3,041

3,309

—

Diversified

Real

Asset

Fund

1,220

1,060

Equity

Income

Account

3,952

1,532

1,146

4,687

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

7,245

983

6,888

Global

Emerging

Markets

Fund

—

630

591

Government

&

High

Quality

Bond

Account

5,623

800

5,230

High

Yield

Fund

1,376

3,949

531

4,842

Inflation

Protection

Fund

7,498

952

6,979

LargeCap

Growth

Fund

I

1,268

745

610

LargeCap

S&P

500

Index

Fund

1,322

1,258

LargeCap

Value

Fund

III

2,761

818

2,052

MidCap

Account

1,297

1,127

Overseas

Fund

1,147

1,001

Principal

Active

High

Yield

ETF

2,323

—

—

2,346

Principal

Capital

Appreciation

Fund

5,034

855

1,212

4,862

Principal

Government

Money

Market

Fund

-

Class

4.21%

1,222

959

1,023

1,158

Principal

International

Equity

ETF

—

3,171

2,937

Principal

U.S.

Mega-Cap

ETF

8,789

724

1,133

8,784

Principal

U.S.

Small-Cap

ETF

769

—

639

Principal

Value

ETF

—

618

—

595

Real

Estate

Securities

Account

658

603

Short-Term

Income

Fund

4,638

731

4,149

Small-MidCap

Dividend

Income

Fund

2,218

1,076

1,199

Spectrum

Preferred

and

Capital

Securities

Income

Fund

4,178

943

675

4,500

$

127,271

$

16,083

$

28,947

$

118,819

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

—

$

(88)

$

—

$

681

Core

Fixed

Income

Fund

747

(1,172)

—

1,924

Diversified

International

Fund

—

(144)

Diversified

Real

Asset

Fund

—

Equity

Income

Account

—

571

—

(222)

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(152)

—

Global

Emerging

Markets

Fund

—

—

Government

&

High

Quality

Bond

Account

—

(38)

—

High

Yield

Fund

—

Inflation

Protection

Fund

—

(124)

—

LargeCap

Growth

Fund

I

—

—

(1)

LargeCap

S&P

500

Index

Fund

—

—

LargeCap

Value

Fund

III

—

(14)

—

MidCap

Account

—

—

—

Overseas

Fund

—

(22)

—

Principal

Active

High

Yield

ETF

—

—

Principal

Capital

Appreciation

Fund

—

—

(51)

Principal

Government

Money

Market

Fund

-

Class

4.21%

—

—

—

Principal

International

Equity

ETF

—

—

Principal

U.S.

Mega-Cap

ETF

—

Principal

U.S.

Small-Cap

ETF

—

Principal

Value

ETF

—

—

(23)

Real

Estate

Securities

Account

—

—

—

Short-Term

Income

Fund

(5)

—

Small-MidCap

Dividend

Income

Fund

—

(120)

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(45)

—

$

1,367

$

$

$

4,242

Amounts

in

thousands.

Schedule

of

Investments

SAM

Strategic

Growth

Portfolio

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.03

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.38

%

Principal

Government

Money

Market

Fund

-

Class

4.21%

(a),(b)

1,767,937

$

1,768

Principal

Exchange-Traded

Funds

-

.61

%

Principal

International

Equity

ETF

(a) 1,007,722

29,411

Principal

U.S.

Mega-Cap

ETF

(a) 1,127,000

70,504

Principal

U.S.

Small-Cap

ETF

(a) 219,100

11,674

Principal

Value

ETF

(a) 238,000

11,794

$

123,383

Principal

Funds,

Inc.

Class

-

.64

%

Blue

Chip

Fund

(a) 512,177

25,599

Diversified

Real

Asset

Fund

(a) 940,419

11,106

Global

Emerging

Markets

Fund

(a) 634,842

19,210

International

Equity

Index

Fund

(a) 388,791

5,140

International

Small

Company

Fund

(a) 891,712

10,763

LargeCap

Growth

Fund

I

(a) 1,817,942

32,323

Small-MidCap

Dividend

Income

Fund

(a) 293,586

5,487

$

109,628

Principal

Funds,

Inc.

Institutional

Class

-

.24

%

Inflation

Protection

Fund

(a) 261,169

2,056

LargeCap

S&P

500

Index

Fund

(a) 453,474

13,627

LargeCap

Value

Fund

III

(a) 2,075,783

40,872

Overseas

Fund

(a) 2,051,287

23,200

Principal

Capital

Appreciation

Fund

(a) 817,101

69,854

Principal

Global

Listed

Infrastructure

Fund

(a) 390,287

4,527

$

154,136

Principal

Variable

Contracts

Funds,

Inc. Class

-

.16

%

Equity

Income

Account

(a) 1,547,578

50,420

MidCap

Account

(a) 278,131

20,382

Real

Estate

Securities

Account

(a) 219,719

4,102

$

74,904

TOTAL

INVESTMENT

COMPANIES

$

463,819

Total

Investments

$

463,819

Other

Assets

and

Liabilities

- (0.03)%

(127)

TOTAL

NET

ASSETS

-

100.00%

$

463,692

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

Schedule

of

Investments

SAM

Strategic

Growth

Portfolio

June

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

38,705

$

$

15,618

$

25,599

Bond

Market

Index

Fund

—

3,397

3,435

—

Diversified

International

Fund

24,772

792

27,379

—

Diversified

Real

Asset

Fund

14,910

4,987

11,106

Equity

Income

Account

55,040

1,448

8,973

50,420

Global

Emerging

Markets

Fund

15,789

2,707

2,062

19,210

Inflation

Protection

Fund

—

2,348

2,056

International

Equity

Index

Fund

5,379

1,323

5,140

International

Small

Company

Fund

10,321

2,100

10,763

LargeCap

Growth

Fund

I

23,707

7,724

1,063

32,323

LargeCap

S&P

500

Index

Fund

13,668

1,010

13,627

LargeCap

Value

Fund

III

40,715

685

1,943

40,872

MidCap

Account

23,354

4,556

20,382

Overseas

Fund

22,763

4,584

23,200

Principal

Capital

Appreciation

Fund

67,368

3,378

3,457

69,854

Principal

Global

Listed

Infrastructure

Fund

—

4,500

—

4,527

Principal

Government

Money

Market

Fund

-

Class

4.21%

3,194

8,588

10,014

1,768

Principal

International

Equity

ETF

—

27,168

—

29,411

Principal

U.S.

Mega-Cap

ETF

62,852

6,099

1,346

70,504

Principal

U.S.

Small-Cap

ETF

18,667

—

7,507

11,674

Principal

Value

ETF

—

12,013

—

11,794

Real

Estate

Securities

Account

3,892

4,102

Small-MidCap

Dividend

Income

Fund

5,696

5,487

$

450,792

$

83,063

$

102,223

$

463,819

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

7,434

$

—

$

(5,232)

Bond

Market

Index

Fund

—

—

—

Diversified

International

Fund

—

4,732

(2,917)

Diversified

Real

Asset

Fund

(394)

—

1,252

Equity

Income

Account

—

1,359

—

1,546

Global

Emerging

Markets

Fund

—

(70)

—

2,846

Inflation

Protection

Fund

—

—

International

Equity

Index

Fund

—

—

876

International

Small

Company

Fund

—

(153)

—

2,389

LargeCap

Growth

Fund

I

—

(31)

—

1,986

LargeCap

S&P

500

Index

Fund

—

—

671

LargeCap

Value

Fund

III

—

(69)

—

1,484

MidCap

Account

—

—

1,215

Overseas

Fund

—

(422)

—

5,216

Principal

Capital

Appreciation

Fund

—

(71)

—

2,636

Principal

Global

Listed

Infrastructure

Fund

—

—

—

Principal

Government

Money

Market

Fund

-

Class

4.21%

—

—

—

Principal

International

Equity

ETF

—

—

—

2,243

Principal

U.S.

Mega-Cap

ETF

—

2,837

Principal

U.S.

Small-Cap

ETF

1,257

—

(743)

Principal

Value

ETF

—

—

(219)

Real

Estate

Securities

Account

—

(6)

—

Small-MidCap

Dividend

Income

Fund

(36)

—

$

$

13,863

$

$

18,324

Amounts

in

thousands.

Schedule

of

Investments

Short-Term

Income

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.24

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.24

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

1,107,149

$

1,107

Principal

Government

Money

Market

Fund

-

Class

4.21%

(a),(c)

4,445,401

4,445

$

5,552

TOTAL

INVESTMENT

COMPANIES

$

5,552

BONDS

-

.41

%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

.49

%

BAE

Systems

PLC

5.13%,

03/26/2029

(d) $

$

Lockheed

Martin

Corp

4.50%,

02/15/2029

650

656

Northrop

Grumman

Corp

4.60%,

02/01/2029

500

506

RTX

Corp

5.75%,

11/08/2026

$

1,954

Agriculture

-

.72

%

Bunge

Ltd

Finance

Corp

1.63%,

08/17/2025

4.10%,

01/07/2028

4.20%,

09/17/2029

500

$

942

Airlines

-

.71

%

Alaska

Airlines

2020-1

Class

A

Pass

Through

Trust

4.80%,

02/15/2029

(d) 453

AS

Mileage

Plan

IP

Ltd

5.02%,

10/20/2029

(d) 400

Delta

Air

Lines

Inc

/

SkyMiles

IP

Ltd

4.50%,

10/20/2025

(d) 88

$

937

Automobile

Asset

Backed

Securities

-

.20

%

AmeriCredit

Automobile

Receivables

Trust

2024-1

5.75%,

02/18/2028

BMW

Vehicle

Owner

Trust

2024-A

5.42%,

02/25/2027

BofA

Auto

Trust

2025-1

4.52%,

11/22/2027

(d) 250

Chase

Auto

Owner

Trust

2024-5

4.40%,

11/26/2027

(d) 221

Consumer

Portfolio

Services

Auto

Trust

2025-A

4.77%,

10/16/2028

(d) 252

Consumer

Portfolio

Services

Auto

Trust

2025-B

4.74%,

02/15/2029

(d) 177

CPS

Auto

Receivables

Trust

2024-A

5.71%,

09/15/2027

(d) 32

CPS

Auto

Receivables

Trust

2024-B

5.78%,

01/18/2028

(d) 173

CPS

Auto

Receivables

Trust

2024-C

5.88%,

02/15/2028

(d) 116

CPS

Auto

Receivables

Trust

2024-D

4.91%,

06/15/2028

(d) 161

Ford

Credit

Auto

Owner

Trust

2020-REV2

1.06%,

04/15/2033

(d) 475

GM

Financial

Consumer

Automobile

Receivables

Trust

2023-4

5.89%,

11/16/2026

GM

Financial

Consumer

Automobile

Receivables

Trust

2024-3

5.35%,

06/16/2027

GM

Financial

Consumer

Automobile

Receivables

Trust

2024-4

4.53%,

10/18/2027

GM

Financial

Consumer

Automobile

Receivables

Trust

2025-1

4.44%,

01/18/2028

586

585

Nissan

Auto

Receivables

2024-B

Owner

Trust

4.51%,

06/15/2027

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

(continued)

OneMain

Direct

Auto

Receivables

Trust

2019-1

3.63%,

09/14/2027

(d) $

$

Onemain

Direct

Auto

Receivables

Trust

2022-1

4.65%,

03/14/2029

(d) 168

Santander

Drive

Auto

Receivables

Trust

2024-5

4.88%,

09/15/2027

Toyota

Auto

Loan

Extended

Note

Trust

2023-1

4.93%,

06/25/2036

(d) 400

Toyota

Auto

Receivables

2024-D

Owner

Trust

4.55%,

08/16/2027

Westlake

Automobile

Receivables

Trust

2024-1

5.62%,

03/15/2027

(d) 64

Westlake

Automobile

Receivables

Trust

2024-3

4.82%,

09/15/2027

(d) 231

Westlake

Automobile

Receivables

Trust

2025-1

4.66%,

01/18/2028

(d) 350

Westlake

Automobile

Receivables

Trust

2025-P1

4.65%,

02/15/2028

(d) 100

World

Omni

Select

Auto

Trust

2024-A

5.37%,

02/15/2028

$

5,501

Banks

-

.48

%

Bank

of

America

Corp

1.20%,

10/24/2026

(e) 400

Secured

Overnight

Financing

Rate

+

1.01%

4.98%,

01/24/2029

(e) 350

Secured

Overnight

Financing

Rate

+

0.83%

5.16%,

01/24/2031

(e) 350

Secured

Overnight

Financing

Rate

+

1.00%

Bank

of

Ireland

Group

PLC

5.60%,

03/20/2030

(d),(e)

500

515

Secured

Overnight

Financing

Rate

+

1.62%

Bank

of

Montreal

0.95%,

01/22/2027

(e) 600

588

Secured

Overnight

Financing

Rate

+

0.60%

Bank

of

New

York

Mellon

Corp/The

4.44%,

06/09/2028

(e) 300

Secured

Overnight

Financing

Rate

+

0.68%

Bank

of

Nova

Scotia/The

1.30%,

09/15/2026

4.40%,

09/08/2028

(e) 400

Secured

Overnight

Financing

Rate

+

1.00%

Barclays

PLC

2.28%,

11/24/2027

(e) 500

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.05%

BNP

Paribas

SA

5.09%,

05/09/2031

(d),(e)

Secured

Overnight

Financing

Rate

+

1.68%

5.13%,

01/13/2029

(d),(e)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.45%

Canadian

Imperial

Bank

of

Commerce

5.93%,

10/02/2026

5.99%,

10/03/2028

Citibank

NA

4.88%,

11/19/2027

(e) 250

Secured

Overnight

Financing

Rate

+

0.71%

Citigroup

Inc

1.12%,

01/28/2027

(e) 900

882

Secured

Overnight

Financing

Rate

+

0.77%

4.54%,

09/19/2030

(e) 400

Secured

Overnight

Financing

Rate

+

1.34%

5.17%,

02/13/2030

(e) 400

Secured

Overnight

Financing

Rate

+

1.36%

Schedule

of

Investments

Short-Term

Income

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Deutsche

Bank

AG/New

York

NY

5.41%,

05/10/2029

$

$

6.82%,

11/20/2029

(e) 400

Secured

Overnight

Financing

Rate

+

2.51%

Fifth

Third

Bancorp

4.89%,

09/06/2030

(e) 100

Secured

Overnight

Financing

Rate

+

1.49%

Goldman

Sachs

Group

Inc/The

2.64%,

02/24/2028

(e) 500

Secured

Overnight

Financing

Rate

+

1.11%

4.48%,

08/23/2028

(e) 500

501

Secured

Overnight

Financing

Rate

+

1.73%

5.20%,

12/09/2026

Secured

Overnight

Financing

Rate

+

0.79%

5.21%,

01/28/2031

(e) 500

512

Secured

Overnight

Financing

Rate

+

1.08%

5.22%,

04/23/2031

(e) 250

Secured

Overnight

Financing

Rate

+

1.58%

5.73%,

04/25/2030

(e) 400

Secured

Overnight

Financing

Rate

+

1.27%

JPMorgan

Chase

&

Co

1.04%,

02/04/2027

(e) 700

686

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.70%

1.05%,

11/19/2026

(e) 700

691

Secured

Overnight

Financing

Rate

+

0.80%

4.45%,

12/05/2029

(e) 350

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.59%

4.51%,

10/22/2028

(e) 200

Secured

Overnight

Financing

Rate

+

0.86%

4.92%,

01/24/2029

(e) 250

Secured

Overnight

Financing

Rate

+

0.80%

5.57%,

04/22/2028

(e) 300

Secured

Overnight

Financing

Rate

+

0.93%

5.58%,

04/22/2030

(e) 300

Secured

Overnight

Financing

Rate

+

1.16%

KeyBank

NA/Cleveland

OH

5.85%,

11/15/2027

600

619

Mizuho

Financial

Group

Inc

4.71%,

07/08/2031

(e),(f)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.92%

Morgan

Stanley

1.59%,

05/04/2027

(e) 550

537

Secured

Overnight

Financing

Rate

+

0.88%

2.48%,

01/21/2028

(e) 300

Secured

Overnight

Financing

Rate

+

1.00%

4.65%,

10/18/2030

(e) 300

Secured

Overnight

Financing

Rate

+

1.10%

5.05%,

01/28/2027

(e) 250

Secured

Overnight

Financing

Rate

+

1.30%

5.17%,

01/16/2030

(e) 450

Secured

Overnight

Financing

Rate

+

1.45%

5.23%,

01/15/2031

(e) 300

Secured

Overnight

Financing

Rate

+

1.11%

5.65%,

04/13/2028

(e) 125

Secured

Overnight

Financing

Rate

+

1.01%

5.66%,

04/18/2030

(e) 300

Secured

Overnight

Financing

Rate

+

1.26%

Morgan

Stanley

Bank

NA

5.02%,

01/12/2029

(e) 400

Secured

Overnight

Financing

Rate

+

0.91%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

NatWest

Group

PLC

4.96%,

08/15/2030

(e) $

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.22%

5.69%,

11/15/2028

Secured

Overnight

Financing

Rate

+

1.30%

PNC

Bank

NA

4.54%,

05/13/2027

(e) 250

Secured

Overnight

Financing

Rate

+

0.63%

PNC

Financial

Services

Group

Inc/The

4.90%,

05/13/2031

(e) 250

Secured

Overnight

Financing

Rate

+

1.33%

5.22%,

01/29/2031

(e) 250

Secured

Overnight

Financing

Rate

+

1.07%

Royal

Bank

of

Canada

0.88%,

01/20/2026

(g) 600

588

Societe

Generale

SA

5.50%,

04/13/2029

(d),(e)

500

509

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.20%

5.51%,

05/22/2031

(d),(e)

Secured

Overnight

Financing

Rate

+

1.65%

Swedbank

AB

5.00%,

11/20/2029

(d),(g)

Toronto-Dominion

Bank/The

0.75%,

01/06/2026

600

589

Truist

Financial

Corp

1.27%,

03/02/2027

(e) 348

Secured

Overnight

Financing

Rate

+

0.61%

7.16%,

10/30/2029

(e) 300

Secured

Overnight

Financing

Rate

+

2.45%

UBS

Group

AG

3.87%,

01/12/2029

(d),(e)

750

738

Month

USD

LIBOR

+

1.41%

US

Bancorp

5.10%,

07/23/2030

(e) 150

Secured

Overnight

Financing

Rate

+

1.25%

5.38%,

01/23/2030

(e) 175

Secured

Overnight

Financing

Rate

+

1.56%

US

Bank

NA/Cincinnati

OH

4.73%,

05/15/2028

(e) 250

Secured

Overnight

Financing

Rate

+

0.91%

Wells

Fargo

&

Co

5.24%,

01/24/2031

(e) 175

Secured

Overnight

Financing

Rate

+

1.11%

5.71%,

04/22/2028

(e) 300

Secured

Overnight

Financing

Rate

+

1.07%

$

22,894

Biotechnology

-

.47

%

Amgen

Inc

5.15%,

03/02/2028

Gilead

Sciences

Inc

4.80%,

11/15/2029

$

613

Building

Materials

-

.23

%

Vulcan

Materials

Co

4.95%,

12/01/2029

Chemicals

-

.20

%

Westlake

Corp

3.60%,

08/15/2026

Commercial

Mortgage

Backed

Securities

-

.94

%

ALA

Trust

2025-OANA

6.04%,

06/15/2040

(d) 200

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.74%

Arbor

Multifamily

Mortgage

Securities

Trust

2022-MF4

3.27%,

02/15/2055

(d),(h)

Schedule

of

Investments

Short-Term

Income

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

ARES

Trust

2025-IND3

5.81%,

04/15/2042

(d) $

$

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.50%

BFLD

Commercial

Mortgage

Trust

2024-UNIV

5.80%,

11/15/2041

(d) 300

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.49%

BX

2024-PALM

5.85%,

06/15/2037

(d) 260

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.54%

BX

Commercial

Mortgage

Trust

2021-ACNT

5.28%,

11/15/2038

(d) 343

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.96%

BX

Commercial

Mortgage

Trust

2021-VOLT

5.13%,

09/15/2036

(d) 969

966

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.81%

BX

Commercial

Mortgage

Trust

2024-AIRC

6.00%,

08/15/2039

(d) 485

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.69%

BX

Commercial

Mortgage

Trust

2024-GPA3

5.60%,

12/15/2039

(d) 188

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

BX

Trust

2021-BXMF

5.06%,

10/15/2026

(d) 303

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.75%

BX

Trust

2021-LGCY

4.93%,

10/15/2036

(d) 300

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.62%

BX

Trust

2025-DIME

5.46%,

02/15/2035

(d) 350

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.15%

BX

Trust

2025-TAIL

5.71%,

06/15/2035

(d) 300

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.40%

ELP

Commercial

Mortgage

Trust

2021-ELP

5.13%,

11/15/2038

(d) 749

748

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.82%

GS

Mortgage

Securities

Corp

Trust

2023-SHIP

4.47%,

09/10/2038

(d),(h)

GSAT

Trust

2025-BMF

0.00%,

07/15/2030

(d),(f),(i)

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.50%

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2021-MHC

5.48%,

04/15/2038

(d) 658

658

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.16%

KRE

Commercial

Mortgage

Trust

2025-AIP4

5.61%,

03/15/2042

(d) 400

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

LBA

Trust

2024-7IND

5.75%,

10/15/2041

(d) 300

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.44%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

LBA

Trust

2024-BOLT

5.90%,

06/15/2039

(d) $

500

$

500

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.59%

Life

2022-BMR

Mortgage

Trust

5.61%,

05/15/2039

(d) 800

775

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

MED

Commercial

Mortgage

Trust

2024-MOB

5.90%,

05/15/2041

(d) 500

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.59%

MHC

Commercial

Mortgage

Trust

2021-MHC

5.23%,

04/15/2038

(d) 123

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.92%

MHP

2021-STOR

5.13%,

07/15/2038

(d) 650

650

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.81%

MHP

2022-MHIL

5.13%,

01/15/2039

(d) 254

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.81%

PRM5

Trust

2025-PRM5

4.62%,

03/10/2033

(d),(h)

SREIT

Trust

2021-MFP

5.16%,

11/15/2038

(d) 503

503

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.85%

TEXAS

Commercial

Mortgage

Trust

2025-TWR

5.60%,

04/15/2042

(d) 200

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

WB

Commercial

Mortgage

Trust

2024-HQ

6.13%,

03/15/2040

(d),(h)

500

501

$

11,704

Computers

-

.19

%

Apple

Inc

4.00%,

05/12/2028

Dell

International

LLC

/

EMC

Corp

4.75%,

04/01/2028

5.00%,

04/01/2030

Hewlett

Packard

Enterprise

Co

4.40%,

09/25/2027

600

601

4.55%,

10/15/2029

$

1,553

Diversified

Financial

Services

-

.28

%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.45%,

04/15/2027

Electric

-

.45

%

AES

Corp/The

1.38%,

01/15/2026

600

589

Alliant

Energy

Finance

LLC

1.40%,

03/15/2026

(d) 150

5.95%,

03/30/2029

(d) 500

525

Consumers

Energy

Co

4.90%,

02/15/2029

Dominion

Energy

Inc

4.60%,

05/15/2028

DTE

Energy

Co

3.40%,

06/15/2029

Duke

Energy

Corp

0.90%,

09/15/2025

500

Evergy

Kansas

Central

Inc

4.70%,

03/13/2028

Schedule

of

Investments

Short-Term

Income

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Exelon

Corp

5.15%,

03/15/2029

$

$

Fortis

Inc/Canada

3.06%,

10/04/2026

656

644

NextEra

Energy

Capital

Holdings

Inc

4.90%,

02/28/2028

4.90%,

03/15/2029

5.75%,

09/01/2025

800

801

OGE

Energy

Corp

5.45%,

05/15/2029

PacifiCorp

5.10%,

02/15/2029

Public

Service

Enterprise

Group

Inc

0.80%,

08/15/2025

700

697

4.90%,

03/15/2030

5.20%,

04/01/2029

5.88%,

10/15/2028

Southern

Co/The

5.50%,

03/15/2029

500

521

Southwestern

Electric

Power

Co

1.65%,

03/15/2026

600

588

Tampa

Electric

Co

4.90%,

03/01/2029

Vistra

Operations

Co

LLC

3.70%,

01/30/2027

(d) 800

790

Wisconsin

Public

Service

Corp

4.55%,

12/01/2029

Xcel

Energy

Inc

1.75%,

03/15/2027

$

9,753

Environmental

Control

-

.23

%

Republic

Services

Inc

4.75%,

07/15/2030

Food

-

.63

%

JBS

USA

Holding

Lux

Sarl/

JBS

USA

Food

Co/

JBS

Lux

Co

Sarl

5.13%,

02/01/2028

Mars

Inc

4.60%,

03/01/2028

(d) 200

4.80%,

03/01/2030

(d) 300

$

822

Forest

Products

&

Paper

-

.30

%

Georgia-Pacific

LLC

1.75%,

09/30/2025

(d) 400

Gas

-

.65

%

NiSource

Inc

0.95%,

08/15/2025

700

697

5.25%,

03/30/2028

$

850

Healthcare

-

Products

-

.39

%

Solventum

Corp

5.40%,

03/01/2029

500

515

Healthcare

-

Services

-

.37

%

Centene

Corp

4.25%,

12/15/2027

750

739

Cigna

Group/The

1.25%,

03/15/2026

HCA

Inc

5.25%,

06/15/2026

700

701

5.88%,

02/01/2029

$

1,799

Home

Equity

Asset

Backed

Securities

-

.24

%

JP

Morgan

Mortgage

Trust

2023-HE1

6.05%,

11/25/2053

(d) 60

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.75%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Home

Equity

Asset

Backed

Securities

(continued)

JP

Morgan

Mortgage

Trust

2023-HE2

6.00%,

03/20/2054

(d) $

$

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.70%

JP

Morgan

Mortgage

Trust

2023-HE3

5.90%,

05/20/2054

(d) 201

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.60%

JP

Morgan

Mortgage

Trust

Series

2024-HE3

5.50%,

02/25/2055

(d) 420

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.20%

JP

Morgan

Mortgage

Trust

Series

2025-CES2

5.59%,

06/25/2055

(d),(h)

JP

Morgan

Mortgage

Trust

Series

2025-HE1

5.45%,

07/20/2055

(d) 345

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.15%

$

1,620

Insurance

-

.54

%

Aon

North

America

Inc

5.15%,

03/01/2029

700

717

Arthur

J

Gallagher

&

Co

4.85%,

12/15/2029

Brown

&

Brown

Inc

4.90%,

06/23/2030

Guardian

Life

Global

Funding

0.88%,

12/10/2025

(d) 300

Markel

Group

Inc

3.50%,

11/01/2027

New

York

Life

Global

Funding

4.60%,

12/05/2029

(d) 200

4.60%,

06/03/2030

(d) 350

Northwestern

Mutual

Global

Funding

0.80%,

01/14/2026

(d) 500

4.96%,

01/13/2030

(d) 300

5.07%,

03/25/2027

(d) 500

508

$

3,330

Internet

-

.37

%

eBay

Inc

1.40%,

05/10/2026

500

Machinery

-

Diversified

-

.23

%

Ingersoll

Rand

Inc

5.20%,

06/15/2027

Westinghouse

Air

Brake

Technologies

Corp

4.90%,

05/29/2030

$

Media

-

.45

%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

4.91%,

07/23/2025

6.10%,

06/01/2029

500

523

$

591

Mining

-

.27

%

Glencore

Funding

LLC

1.63%,

09/01/2025

(d) 250

5.19%,

04/01/2030

(d) 100

$

Mortgage

Backed

Securities

-

.75

%

Chase

Home

Lending

Mortgage

Trust

2025-3

5.50%,

02/25/2056

(d),(h)

Chase

Home

Lending

Mortgage

Trust

Series

2024-2

6.50%,

02/25/2055

(d),(h)

CHL

Mortgage

Pass-Through

Trust

2003-46

6.53%,

01/19/2034

(h) 8

Schedule

of

Investments

Short-Term

Income

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

GS

Mortgage-Backed

Securities

Corp

Trust

2021-PJ3

2.50%,

08/25/2051

(d),(h)

$

$

JP

Morgan

Mortgage

Trust

2004-A3

6.51%,

07/25/2034

(h) 3

JP

Morgan

Mortgage

Trust

2004-S1

5.00%,

09/25/2034

JP

Morgan

Mortgage

Trust

2021-1

2.50%,

06/25/2051

(d),(h)

JP

Morgan

Mortgage

Trust

2023-10

6.00%,

05/25/2054

(d),(h)

JP

Morgan

Mortgage

Trust

2023-8

6.00%,

02/25/2054

(d),(h)

799

807

JP

Morgan

Mortgage

Trust

Series

2024-CES1

5.92%,

06/25/2054

(d),(h)

JP

Morgan

Mortgage

Trust

Series

2025-CES1

5.67%,

05/25/2055

(d),(h)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2020-1

2.50%,

12/25/2050

(d),(h)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2025-1

5.50%,

03/25/2055

(d),(h)

Oceanview

Mortgage

Trust

2021-3

2.50%,

06/25/2051

(d),(h)

PHH

Mortgage

Trust

Series

2008-CIM1

6.69%,

06/25/2038

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.36%

PSMC

2021-3

Trust

2.50%,

08/25/2051

(d),(h)

640

574

Sequoia

Mortgage

Trust

2020-4

2.50%,

11/25/2050

(d),(h)

Sequoia

Mortgage

Trust

2021-3

2.50%,

05/25/2051

(d),(h)

Sequoia

Mortgage

Trust

2021-4

2.50%,

06/25/2051

(d),(h)

Sequoia

Mortgage

Trust

2024-1

5.92%,

01/25/2054

(d),(h)

Sequoia

Mortgage

Trust

2024-2

6.00%,

03/25/2054

(d),(h)

Sequoia

Mortgage

Trust

2024-4

6.00%,

05/25/2054

(d),(h)

771

778

Wells

Fargo

Mortgage

Backed

Securities

2020-3

Trust

3.00%,

06/25/2050

(d),(h)

Wells

Fargo

Mortgage

Backed

Securities

2020-4

Trust

3.00%,

07/25/2050

(d),(h)

Wells

Fargo

Mortgage

Backed

Securities

2020-5

Trust

2.50%,

09/25/2050

(d),(h)

Wells

Fargo

Mortgage

Backed

Securities

2021-1

Trust

2.50%,

12/25/2050

(d),(h)

$

6,216

Office

&

Business

Equipment

-

.30

%

CDW

LLC

/

CDW

Finance

Corp

2.67%,

12/01/2026

Oil

&

Gas

-

.21

%

Canadian

Natural

Resources

Ltd

5.00%,

12/15/2029

(d) 165

Chevron

USA

Inc

0.69%,

08/12/2025

Diamondback

Energy

Inc

5.15%,

01/30/2030

5.20%,

04/18/2027

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

(continued)

EOG

Resources

Inc

4.40%,

07/15/2028

(f) $

$

Occidental

Petroleum

Corp

5.20%,

08/01/2029

$

1,581

Oil

&

Gas

Services

-

.31

%

Schlumberger

Holdings

Corp

5.00%,

05/29/2027

(d) 200

5.00%,

11/15/2029

(d) 200

$

Other

Asset

Backed

Securities

-

.14

%

1988

CLO

Ltd

5.49%,

04/15/2038

(d) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

Capital

CLO

II

5.55%,

07/15/2034

(d) 300

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

720

East

CLO

V

Ltd

5.80%,

07/20/2037

(d) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.53%

AB

BSL

CLO

Ltd

5.53%,

04/20/2038

(d) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

AMMC

CLO

Ltd

5.64%,

01/15/2032

(d) 26

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.38%

Bardot

CLO

Ltd

5.25%,

10/22/2032

(d) 445

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.98%

CCG

Receivables

Trust

2024-1

4.99%,

03/15/2032

(d) 178

Cerberus

Loan

Funding

XXIV

LP

5.61%,

07/15/2030

(d) 300

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.35%

CF

Hippolyta

Issuer

LLC

1.53%,

03/15/2061

(d) 1,649

1,588

1.69%,

07/15/2060

(d) 450

CNH

Equipment

Trust

2024-B

5.42%,

10/15/2027

Dell

Equipment

Finance

Trust

2024-1

5.58%,

03/22/2030

(d) 138

Dewolf

Park

CLO

Ltd

5.44%,

10/15/2030

(d) 380

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.18%

DLLAA

2023-1

LLC

5.93%,

07/20/2026

(d) 24

DLLAA

2025-1

LLC

4.70%,

10/20/2027

(d) 300

Dllad

2024-1

LLC

5.50%,

08/20/2027

(d) 209

DLLST

2024-1

LLC

5.33%,

01/20/2026

(d) 59

Empower

CLO

2025-1

Ltd

5.64%,

07/20/2038

(d) 400

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.31%

GreatAmerica

Leasing

Receivables

Funding

LLC

Series

2024-1

5.32%,

08/17/2026

(d) 249

Schedule

of

Investments

Short-Term

Income

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

(continued)

KKR

CLO

Ltd

5.47%,

07/18/2030

(d) $

$

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

Kubota

Credit

Owner

Trust

2023-2

5.61%,

07/15/2026

(d) 76

Lake

Shore

MM

CLO

II

Ltd

5.68%,

10/17/2031

(d) 508

508

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.40%

Madison

Park

Funding

XVIII

Ltd

5.47%,

10/21/2030

(d) 552

552

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

Magnetite

XLVII

Ltd

5.80%,

01/25/2038

(d) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.33%

Maranon

Loan

Funding

2021-3

Ltd

6.01%,

10/15/2036

(d) 300

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Marathon

CLO

XIII

Ltd

5.46%,

04/15/2032

(d) 802

803

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

MVW

2021-1W

LLC

1.14%,

01/22/2041

(d) 20

MVW

2023-2

LLC

6.18%,

11/20/2040

(d) 287

MVW

2024-2

LLC

4.43%,

03/20/2042

(d) 413

New

Mountain

CLO

Ltd

5.66%,

10/15/2037

(d) 300

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.40%

New

Mountain

CLO

Ltd

5.48%,

03/31/2038

(d) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

Oaktree

CLO

2019-4

Ltd

5.78%,

07/20/2037

(d) 500

501

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

Oaktree

CLO

2024-25

Ltd

5.82%,

04/20/2037

(d) 500

501

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.55%

Palmer

Square

Loan

Funding

2022-1

Ltd

5.31%,

04/15/2030

(d) 82

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.05%

PFS

Financing

Corp

4.85%,

02/15/2030

(d) 450

4.95%,

02/15/2029

(d) 650

656

5.52%,

10/15/2028

(d) 200

Signal

Peak

CLO

Ltd

5.72%,

07/18/2037

(d) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.45%

TCI-Flatiron

CLO

2016-1

Ltd

5.38%,

01/17/2032

(d) 69

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.10%

T-Mobile

US

Trust

2022-1

4.91%,

05/22/2028

(d) 385

Trafigura

Securitisation

Finance

PLC

5.98%,

11/15/2027

(d) 750

759

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

(continued)

Verizon

Master

Trust

4.17%,

08/20/2030

$

$

4.35%,

08/20/2032

(d) 250

4.49%,

01/22/2029

700

700

4.62%,

11/20/2030

5.16%,

06/20/2029

600

605

Voya

2012-4

Ltd

5.52%,

10/15/2030

(d) 151

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.26%

$

15,903

Packaging

&

Containers

-

.65

%

Graphic

Packaging

International

LLC

1.51%,

04/15/2026

(d) 450

Smurfit

Kappa

Treasury

ULC

5.20%,

01/15/2030

$

846

Pharmaceuticals

-

.75

%

AbbVie

Inc

4.80%,

03/15/2029

500

510

Astrazeneca

Finance

LLC

4.85%,

02/26/2029

Bristol-Myers

Squibb

Co

4.90%,

02/22/2029

500

512

Eli

Lilly

&

Co

4.50%,

02/09/2029

500

507

4.55%,

02/12/2028

4.75%,

02/12/2030

$

2,294

Pipelines

-

.29

%

Columbia

Pipelines

Holding

Co

LLC

6.04%,

08/15/2028

(d) 525

546

6.06%,

08/15/2026

(d) 150

Enbridge

Inc

5.30%,

04/05/2029

5.90%,

11/15/2026

525

534

Energy

Transfer

LP

4.40%,

03/15/2027

5.55%,

02/15/2028

Kinder

Morgan

Inc

5.00%,

02/01/2029

500

508

5.10%,

08/01/2029

ONEOK

Inc

4.25%,

09/24/2027

500

4.40%,

10/15/2029

5.55%,

11/01/2026

Williams

Cos

Inc/The

4.63%,

06/30/2030

5.40%,

03/02/2026

$

4,310

REITs

-

.83

%

American

Homes

Rent

LP

4.95%,

06/15/2030

American

Tower

Corp

5.00%,

01/31/2030

American

Tower

Trust

#1

3.65%,

03/15/2048

(d) 270

5.49%,

03/15/2053

(d) 500

508

Crown

Castle

Inc

1.35%,

07/15/2025

CubeSmart

LP

4.00%,

11/15/2025

Omega

Healthcare

Investors

Inc

5.20%,

07/01/2030

Public

Storage

Operating

Co

4.38%,

07/01/2030

5.13%,

04/16/2027

Secured

Overnight

Financing

Rate

+

0.70%

Schedule

of

Investments

Short-Term

Income

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

SBA

Tower

Trust

1.63%,

05/15/2051

(d) $

500

$

1.88%,

07/15/2050

(d) 125

2.33%,

07/15/2052

(d) 653

617

Welltower

OP

LLC

4.50%,

07/01/2030

$

3,707

Semiconductors

-

.38

%

Advanced

Micro

Devices

Inc

4.21%,

09/24/2026

4.32%,

03/24/2028

Broadcom

Inc

5.05%,

07/12/2029

Marvell

Technology

Inc

4.75%,

07/15/2030

Micron

Technology

Inc

6.75%,

11/01/2029

Texas

Instruments

Inc

4.60%,

02/08/2029

(g) 500

508

$

1,802

Software

-

.58

%

Oracle

Corp

4.20%,

09/27/2029

4.80%,

08/03/2028

Roper

Technologies

Inc

1.00%,

09/15/2025

4.50%,

10/15/2029

Take-Two

Interactive

Software

Inc

4.95%,

03/28/2028

500

508

5.40%,

06/12/2029

$

2,065

Student

Loan

Asset

Backed

Securities

-

.34

%

Commonbond

Student

Loan

Trust

2018-BGS

3.56%,

09/25/2045

(d) 45

Commonbond

Student

Loan

Trust

2018-C-GS

3.87%,

02/25/2046

(d) 50

Commonbond

Student

Loan

Trust

2019-A-GS

2.54%,

01/25/2047

(d) 97

Commonbond

Student

Loan

Trust

2020-A-GS

1.98%,

08/25/2050

(d) 188

Commonbond

Student

Loan

Trust

2021-A-GS

1.20%,

03/25/2052

(d) 189

Commonbond

Student

Loan

Trust

2021-B-GS

1.17%,

09/25/2051

(d) 237

EDvestinU

Private

Education

Loan

Issue

No

LLC

1.80%,

11/25/2045

(d) 105

ELFI

Graduate

Loan

Program

2024-A

LLC

5.56%,

08/25/2049

(d) 480

Laurel

Road

Prime

Student

Loan

Trust

2019-A

2.34%,

10/25/2048

(d) 1

Navient

Education

Loan

Trust

2025-A

5.02%,

07/15/2055

(d) 100

Navient

Private

Education

Refi

Loan

Trust

2019-A

3.42%,

01/15/2043

(d) 7

Navient

Private

Education

Refi

Loan

Trust

2019-G

2.40%,

10/15/2068

(d) 42

Navient

Private

Education

Refi

Loan

Trust

2020-D

1.69%,

05/15/2069

(d) 74

Navient

Private

Education

Refi

Loan

Trust

2020-F

1.22%,

07/15/2069

(d) 77

Navient

Private

Education

Refi

Loan

Trust

2020-G

1.17%,

09/16/2069

(d) 88

Navient

Private

Education

Refi

Loan

Trust

2020-H

1.31%,

01/15/2069

(d) 51

Navient

Private

Education

Refi

Loan

Trust

2021-A

0.84%,

05/15/2069

(d) 65

Navient

Private

Education

Refi

Loan

Trust

2021-B

0.94%,

07/15/2069

(d) 505

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Student

Loan

Asset

Backed

Securities

(continued)

Navient

Private

Education

Refi

Loan

Trust

2021-C

1.06%,

10/15/2069

(d) $

$

Navient

Private

Education

Refi

Loan

Trust

2021-E

0.97%,

12/16/2069

(d) 239

Navient

Private

Education

Refi

Loan

Trust

2021-F

1.11%,

02/18/2070

(d) 261

Navient

Private

Education

Refi

Loan

Trust

2022-A

2.23%,

07/15/2070

(d) 153

Navient

Private

Education

Refi

Loan

Trust

2023-A

5.51%,

10/15/2071

(d) 178

Navient

Private

Education

Refi

Loan

Trust

2024-A

5.66%,

10/15/2072

(d) 298

Nelnet

Student

Loan

Trust

2021-A

1.36%,

04/20/2062

(d) 341

Nelnet

Student

Loan

Trust

2021-C

1.32%,

04/20/2062

(d) 109

Nelnet

Student

Loan

Trust

2021-D

1.63%,

04/20/2062

(d) 215

SLM

Private

Credit

Student

Loan

Trust

2004-A

4.98%,

06/15/2033

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.66%

SLM

Private

Credit

Student

Loan

Trust

2006-A

4.87%,

06/15/2039

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.55%

SLM

Private

Credit

Student

Loan

Trust

2006-B

4.78%,

12/15/2039

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.46%

SMB

Private

Education

Loan

Trust

2021-A

1.07%,

01/15/2053

(d) 226

SMB

Private

Education

Loan

Trust

2021-B

1.31%,

07/17/2051

(d) 216

SMB

Private

Education

Loan

Trust

2021-D

1.34%,

03/17/2053

(d) 388

SMB

Private

Education

Loan

Trust

2021-E

1.68%,

02/15/2051

(d) 277

SMB

Private

Education

Loan

Trust

2022-C

4.48%,

05/16/2050

(d) 280

$

5,680

Telecommunications

-

.55

%

AT&T

Inc

1.70%,

03/25/2026

4.70%,

08/15/2030

Cisco

Systems

Inc

4.75%,

02/24/2030

4.85%,

02/26/2029

500

512

Crown

Castle

Towers

LLC

4.24%,

07/15/2048

(d) 290

Sprint

Spectrum

Co

LLC

/

Sprint

Spectrum

Co

II

LLC

/

Sprint

Spectrum

Co

III

LLC

5.15%,

09/20/2029

(d) 275

$

2,026

Transportation

-

.30

%

Ryder

System

Inc

1.75%,

09/01/2026

TOTAL

BONDS

$

115,772

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.42

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

.00

%

6.86%,

09/01/2035

$

$

1.00 x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.25%

Schedule

of

Investments

Short-Term

Income

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)

-

.01

%

6.18%,

04/01/2033

$

$

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

6-Month

+

1.51%

6.48%,

02/01/2037

1.00 x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.01%

6.52%,

12/01/2032

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.64%

6.75%,

01/01/2035

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.75%

7.18%,

08/01/2034

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.63%

7.54%,

07/01/2034

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.58%

$

U.S.

Treasury

-

.41

%

3.25%,

06/30/2029

1,650

1,620

4.00%,

01/15/2027

2,100

2,105

4.50%,

07/15/2026

3,400

3,418

5.00%,

09/30/2025

2,550

2,554

$

9,697

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

9,717

Total

Investments

$

131,041

Other

Assets

and

Liabilities

- (0.07)%

(90)

TOTAL

NET

ASSETS

-

100.00%

$

130,951

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,107

or

0.85%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$55,597

or

42.46%

of

net

assets.

(e) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(f) Security

purchased

on

a

when-issued

basis.

(g) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,072

or

0.82%

of

net

assets.

(h) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(i) Non-income

producing

security

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

8,662

$

38,705

$

42,922

$

4,445

$

8,662

$

38,705

$

42,922

$

4,445

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

Year

Note;

September

2025

Long

$

6,213

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

SmallCap

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.29

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.29

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

925,960

$

926

Principal

Government

Money

Market

Fund

-

Class

4.21%

(a),(c)

1,182,431

1,182

$

2,108

TOTAL

INVESTMENT

COMPANIES

$

2,108

COMMON

STOCKS

-

.67

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.89

%

AAR

Corp

(d) 18,000

$

1,238

Curtiss-Wright

Corp

3,800

1,857

$

3,095

Agriculture

-

.59

%

Darling

Ingredients

Inc

(d) 32,200

1,222

Vital

Farms

Inc

(d) 35,800

1,379

$

2,601

Apparel

-

.65

%

PVH

Corp

15,500

1,063

Automobile

Parts

&

Equipment

-

.56

%

Visteon

Corp

(d) 9,800

914

Banks

-

.45

%

Ameris

Bancorp

26,200

1,695

First

Horizon

Corp

109,300

2,317

First

Merchants

Corp

22,400

858

FNB

Corp/PA

125,658

1,832

Independent

Bank

Corp/MI

17,700

574

National

Bank

Holdings

Corp

16,100

606

Pinnacle

Financial

Partners

Inc

18,100

1,998

Popular

Inc

25,900

2,854

UMB

Financial

Corp

25,100

2,639

Webster

Financial

Corp

14,607

798

Wintrust

Financial

Corp

7,200

893

$

17,064

Biotechnology

-

.66

%

Akero

Therapeutics

Inc

(d) 14,456

771

Axsome

Therapeutics

Inc

(d) 13,200

1,378

Bicycle

Therapeutics

PLC

ADR

(d) 26,800

Bridgebio

Pharma

Inc

(d) 35,700

1,542

Cytokinetics

Inc

(d) 34,100

1,127

Denali

Therapeutics

Inc

(d) 39,000

546

Immunocore

Holdings

PLC

ADR

(d) 16,300

512

Immunome

Inc

(d) 13,781

Insmed

Inc

(d) 45,100

4,538

Iovance

Biotherapeutics

Inc

(d),(e)

179,300

SpringWorks

Therapeutics

Inc

(d) 41,200

1,936

Structure

Therapeutics

Inc

ADR

(d),(e)

31,500

653

Viking

Therapeutics

Inc

(d),(e)

19,400

514

$

14,139

Building

Materials

-

.80

%

Eagle

Materials

Inc

3,657

739

Louisiana-Pacific

Corp

9,400

809

Modine

Manufacturing

Co

(d) 23,800

2,344

SPX

Technologies

Inc

(d) 6,500

1,090

Trex

Co

Inc

(d) 22,400

1,218

$

6,200

Commercial

Services

-

.60

%

ABM

Industries

Inc

36,500

1,723

Huron

Consulting

Group

Inc

(d) 9,100

1,252

Remitly

Global

Inc

(d) 20,200

Stride

Inc

(d) 17,400

2,526

$

5,880

Computers

-

.60

%

Parsons

Corp

(d) 22,100

1,586

SailPoint

Inc

(d),(e)

18,500

Varonis

Systems

Inc

(d) 44,000

2,233

$

4,242

Distribution

&

Wholesale

-

.25

%

WESCO

International

Inc

11,000

2,037

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Diversified

Financial

Services

-

.32

%

Janus

Henderson

Group

PLC

47,800

$

1,856

Jefferson

Capital

Inc

(d) 28,117

519

Lazard

Inc

48,200

2,313

Marex

Group

PLC

20,292

801

OneMain

Holdings

Inc

20,900

1,191

Stifel

Financial

Corp

19,300

2,003

$

8,683

Electric

-

.55

%

Portland

General

Electric

Co

22,102

898

Electrical

Components

&

Equipment

-

.72

%

EnerSys

13,709

1,176

Electronics

-

.41

%

Advanced

Energy

Industries

Inc

15,500

2,054

TD

SYNNEX

Corp

13,832

1,877

$

3,931

Engineering

&

Construction

-

.32

%

Dycom

Industries

Inc

(d) 12,600

3,079

MYR

Group

Inc

(d) 8,600

1,560

Sterling

Infrastructure

Inc

(d) 9,500

2,192

TopBuild

Corp

(d) 700

$

7,058

Entertainment

-

.49

%

Caesars

Entertainment

Inc

(d) 25,600

727

TKO

Group

Holdings

Inc

18,400

3,348

$

4,075

Food

-

.50

%

Performance

Food

Group

Co

(d) 28,000

2,449

Gas

-

.57

%

Southwest

Gas

Holdings

Inc

34,390

2,558

Healthcare

-

Products

-

.29

%

Castle

Biosciences

Inc

(d) 62,358

1,273

Exact

Sciences

Corp

(d) 25,900

1,376

Natera

Inc

(d) 16,099

2,720

$

5,369

Healthcare

-

Services

-

.25

%

Addus

HomeCare

Corp

(d) 12,500

1,440

LifeStance

Health

Group

Inc

(d) 108,500

561

Privia

Health

Group

Inc

(d) 67,700

1,557

RadNet

Inc

(d) 30,800

1,753

$

5,311

Home

Builders

-

.64

%

Taylor

Morrison

Home

Corp

(d) 43,500

2,672

Insurance

-

.76

%

Abacus

Global

Management

Inc

(d) 24,462

Axis

Capital

Holdings

Ltd

7,900

820

CNO

Financial

Group

Inc

40,871

1,577

Essent

Group

Ltd

23,000

1,397

Lincoln

National

Corp

64,200

2,221

$

6,141

Internet

-

.01

%

Lulu's

Fashion

Lounge

Holdings

Inc

(d) 30,928

Iron

&

Steel

-

.14

%

Commercial

Metals

Co

38,100

1,864

Leisure

Products

&

Services

-

.72

%

Life

Time

Group

Holdings

Inc

(d) 77,100

2,339

Lindblad

Expeditions

Holdings

Inc

(d) 40,900

$

2,816

Machinery

-

Diversified

-

.54

%

Chart

Industries

Inc

(d) 18,500

3,046

Mueller

Water

Products

Inc

-

Class

A

87,000

2,092

Regal

Rexnord

Corp

13,800

2,000

Zurn

Elkay

Water

Solutions

Corp

52,400

1,916

$

9,054

Miscellaneous

Manufacturers

-

.60

%

Fabrinet

(d) 3,340

984

Schedule

of

Investments

SmallCap

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

-

.95

%

Chord

Energy

Corp

11,200

$

1,085

Civitas

Resources

Inc

27,700

762

Gulfport

Energy

Corp

(d) 3,600

724

Patterson-UTI

Energy

Inc

102,700

609

$

3,180

Oil

&

Gas

Services

-

.87

%

ChampionX

Corp

46,500

1,155

Helix

Energy

Solutions

Group

Inc

(d) 41,800

$

1,416

Packaging

&

Containers

-

.95

%

Graphic

Packaging

Holding

Co

73,700

1,553

Pharmaceuticals

-

.88

%

AdaptHealth

Corp

(d) 60,500

570

BellRing

Brands

Inc

(d) 13,500

782

Collegium

Pharmaceutical

Inc

(d) 44,400

1,313

Dexcom

Inc

(d) 4,600

$

3,067

Real

Estate

-

.67

%

Newmark

Group

Inc

89,600

1,089

REITs

-

.73

%

Agree

Realty

Corp

34,500

2,520

American

Healthcare

REIT

Inc

19,600

720

Cousins

Properties

Inc

47,400

1,423

First

Industrial

Realty

Trust

Inc

33,900

1,632

Ladder

Capital

Corp

55,800

600

Rexford

Industrial

Realty

Inc

23,500

836

$

7,731

Retail

-

.73

%

American

Eagle

Outfitters

Inc

38,500

BJ's

Wholesale

Club

Holdings

Inc

(d) 18,000

1,941

Caleres

Inc

42,700

522

$

2,833

Semiconductors

-

.80

%

Allegro

MicroSystems

Inc

(d) 47,700

1,631

Entegris

Inc

12,100

976

SiTime

Corp

(d) 9,200

1,960

$

4,567

Software

-

.22

%

Agilysys

Inc

(d) 9,600

1,100

Clearwater

Analytics

Holdings

Inc

(d) 42,900

941

DigitalOcean

Holdings

Inc

(d) 26,400

754

Jamf

Holding

Corp

(d) 33,500

JFrog

Ltd

(d) 39,800

1,746

Manhattan

Associates

Inc

(d) 4,400

869

Progress

Software

Corp

18,400

1,175

ServiceTitan

Inc

(d) 15,200

1,629

Sophia

Genetics

SA

(d) 58,400

Sprout

Social

Inc

(d) 31,837

666

Vertex

Inc

(d) 21,791

770

$

10,150

Telecommunications

-

.32

%

Credo

Technology

Group

Holding

Ltd

(d) 23,375

2,164

Transportation

-

.23

%

Teekay

Tankers

Ltd

25,900

1,081

World

Kinect

Corp

32,600

924

$

2,005

Water

-

.44

%

American

States

Water

Co

9,400

721

TOTAL

COMMON

STOCKS

$

162,759

Total

Investments

$

164,867

Other

Assets

and

Liabilities

- (0.96)%

(1,568)

TOTAL

NET

ASSETS

-

100.00%

$

163,299

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$926

or

0.57%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$905

or

0.55%

of

net

assets.

Schedule

of

Investments

SmallCap

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

$

24,352

$

23,664

$

1,182

$

$

24,352

$

23,664

$

1,182

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

U.S.

LargeCap

S&P

500

Index

Buffer

April

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.58

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.51

%

iShares

Core

S&P

500

ETF

(a) 35,654

$

22,138

SPDR

Portfolio

S&P

500

ETF

(a) 79,218

5,758

SPDR

S&P

500

ETF

Trust

(a) 7,158

4,423

Vanguard

S&P

500

ETF

11,686

6,638

$

38,957

Money

Market

Funds

-

.07

%

Principal

Government

Money

Market

Fund

-

Class

4.21%

(b),(c)

29,434

TOTAL

INVESTMENT

COMPANIES

$

38,986

TOTAL

PURCHASED

OPTIONS

-

15.55%

$

6,621

Total

Investments

$

45,607

Other

Assets

and

Liabilities

- (7.13)%

(3,034)

TOTAL

NET

ASSETS

-

100.00%

$

42,573

(a) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

options

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$15,252

or

35.82%

of

net

assets.

(b) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(c) 1-day

yield

shown

is

as

of

period

end.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

$

10,604

$

10,699

$

$

$

10,604

$

10,699

$

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

S&P

500

Mini

Index

(a) N/A

$

$

.61

03/31/2026

$

4,994

$

5,505

$

511

Put

-

S&P

500

Mini

Index

(a) N/A

728

$

561

.19

03/31/2026

2,352

1,116

(1,236)

Total

$

7,346

$

6,621

$

(725)

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

S&P

500

Mini

Index

(a) N/A

$

$

617

.31

03/31/2026

$

(452)

$

(1,040)

$

(588)

Put

-

S&P

500

Mini

Index

(a) N/A

728

$

505

.07

03/31/2026

(1,254)

(618)

636

Total

$

(1,706)

$

(1,658)

$

Amounts

in

thousands

except

contracts/shares.

(a) FLEX

Options

which

are

customized

exchange-traded

option

contracts.

Schedule

of

Investments

U.S.

LargeCap

S&P

500

Index

Buffer

January

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.19

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.16

%

iShares

Core

S&P

500

ETF

(a) 52,095

$

32,346

SPDR

Portfolio

S&P

500

ETF

115,728

8,412

SPDR

S&P

500

ETF

Trust

(a) 10,453

6,458

Vanguard

S&P

500

ETF

17,062

9,692

$

56,908

Money

Market

Funds

-

.03

%

Principal

Government

Money

Market

Fund

-

Class

4.21%

(b),(c)

13,119

TOTAL

INVESTMENT

COMPANIES

$

56,921

TOTAL

PURCHASED

OPTIONS

-

22.53%

$

9,146

Total

Investments

$

66,067

Other

Assets

and

Liabilities

- (62.72)%

(25,466)

TOTAL

NET

ASSETS

-

100.00%

$

40,601

(a) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

options

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$30,013

or

73.92%

of

net

assets.

(b) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(c) 1-day

yield

shown

is

as

of

period

end.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

—

$

42,475

$

42,462

$

$

—

$

42,475

$

42,462

$

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

S&P

500

Mini

Index

(a) N/A

$

$

.88

12/31/2025

$

7,119

$

7,529

$

Put

-

S&P

500

Mini

Index

(a) N/A

1,048

$

588

.16

12/31/2025

2,903

1,617

(1,286)

Total

$

10,022

$

9,146

$

(876)

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

S&P

500

Mini

Index

(a) N/A

$

$

646

.98

12/31/2025

$

(671)

$

(687)

$

(16)

Put

-

S&P

500

Mini

Index

(a) N/A

1,048

$

529

.34

12/31/2025

(1,570)

(775)

795

Total

$

(2,241)

$

(1,462)

$

779

Amounts

in

thousands

except

contracts/shares.

(a) FLEX

Options

which

are

customized

exchange-traded

option

contracts.

Schedule

of

Investments

U.S.

LargeCap

S&P

500

Index

Buffer

July

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.28

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.28

%

iShares

Core

S&P

500

ETF

(a) 40,973

$

25,440

SPDR

Portfolio

S&P

500

ETF

(a) 90,997

6,615

SPDR

S&P

500

ETF

Trust

(a) 8,234

5,087

Vanguard

S&P

500

ETF

(a) 13,437

7,633

$

44,775

TOTAL

INVESTMENT

COMPANIES

$

44,775

TOTAL

PURCHASED

OPTIONS

-

10.04%

$

8,763

Total

Investments

$

53,538

Other

Assets

and

Liabilities

- 38.68%

33,765

TOTAL

NET

ASSETS

-

100.00%

$

87,303

(a) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

options

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$13,455

or

15.41%

of

net

assets.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

$

871

$

2,501

$

3,372

$

—

$

871

$

2,501

$

3,372

$

—

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

S&P

500

Mini

Index

(a) N/A

$

$

.21

06/30/2026

$

6,083

$

6,048

$

(35)

Put

-

S&P

500

Mini

Index

(a) N/A

833

$

620

.50

06/30/2026

2,580

2,715

Total

$

8,663

$

8,763

$

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

S&P

500

Mini

Index

(a) N/A

$

$

682

.55

06/30/2026

$

(503)

$

(462)

$

Put

-

S&P

500

Mini

Index

(a) N/A

833

$

558

.45

06/30/2026

(1,436)

(1,536)

(100)

Total

$

(1,939)

$

(1,998)

$

(59)

Amounts

in

thousands

except

contracts/shares.

(a) FLEX

Options

which

are

customized

exchange-traded

option

contracts.

Schedule

of

Investments

U.S.

LargeCap

S&P

500

Index

Buffer

October

Account

June

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.39

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.39

%

iShares

Core

S&P

500

ETF

(a) 44,098

$

27,380

SPDR

Portfolio

S&P

500

ETF

98,032

7,126

SPDR

S&P

500

ETF

Trust

8,832

5,457

Vanguard

S&P

500

ETF

(a) 14,441

8,203

$

48,166

Money

Market

Funds

-

.00

%

Principal

Government

Money

Market

Fund

-

Class

4.21%

(b),(c)

—

TOTAL

INVESTMENT

COMPANIES

$

48,166

TOTAL

PURCHASED

OPTIONS

-

15.60%

$

6,868

Total

Investments

$

55,034

Other

Assets

and

Liabilities

- (24.99)%

(11,003)

TOTAL

NET

ASSETS

-

100.00%

$

44,031

(a) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

options

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$26,149

or

59.39%

of

net

assets.

(b) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(c) 1-day

yield

shown

is

as

of

period

end.

Affiliated

Securities

December

31,

2024

Purchases

Sales

June

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

7,529

$

2,682

$

10,211

$

—

$

7,529

$

2,682

$

10,211

$

—

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.21%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

S&P

500

Mini

Index

(a) N/A

$

$

.76

09/30/2025

$

5,857

$

6,254

$

Put

-

S&P

500

Mini

Index

(a) N/A

882

$

576

.25

09/30/2025

2,577

614

(1,963)

Total

$

8,434

$

6,868

$

(1,566)

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

S&P

500

Mini

Index

(a) N/A

$

$

633

.88

09/30/2025

$

(520)

$

(457)

$

Put

-

S&P

500

Mini

Index

(a) N/A

882

$

518

.63

09/30/2025

(1,433)

(223)

1,210

Total

$

(1,953)

$

(680)

$

1,273

Amounts

in

thousands

except

contracts/shares.

(a) FLEX

Options

which

are

customized

exchange-traded

option

contracts.

Glossary

to

the

Schedule

of

Investments

June

30,

2025

(unaudited)

See

accompanying

notes.

Currency

Abbreviations

USD/$

United

States

Dollar

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Net

Asset

Value,

End

of

Period

BLUE

CHIP

ACCOUNT

Class

shares

2025(c)

$

.50

($

.01)

$

.58

$

.57

$

.07

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.83

%

(d) $

26,925

.90

%

(e) ,(f)

(0

.35)

%

(e) 31

.9

%

(e) (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Period

from

April

30,

2025,

date

operations

commenced,

through

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

BOND

MARKET

INDEX

ACCOUNT

Class

shares

2025(c)

$

.21

$

.17

$

.20

$

.37

$

–

$

–

$

–

$

.58

2024

.40

.32

(0

.21)

.11

(0

.30)

–

(0

.30)

.21

2023

.13

.28

.21

.49

(0

.22)

–

(0

.22)

.40

2022

.76

.21

(1

.62)

(1

.41)

(0

.21)

(0

.01)

(0

.22)

.13

2021

.21

.17

(0

.37)

(0

.20)

(0

.22)

(0

.03)

(0

.25)

.76

2020

.72

.23

.55

.78

(0

.29)

–

(0

.29)

.21

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.02

%

(d) $

1,885,911

.15

%

(e) 3

.65

%

(e) 44

.8

%

(e) 1

.08

2,160,284

.15

.42

.4

.51

2,440,279

.15

.07

.4

(13

.16)

2,290,071

.14

.19

.0

(1

.83)

2,900,608

.14

.58

.5

.29

2,735,259

.14

.04

.0

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

CORE

PLUS

BOND

ACCOUNT

Class

shares

2025(c)

$

.42

$

.22

$

.16

$

.38

$

–

$

–

$

–

$

.80

2024

.63

.41

(0

.31)

.10

(0

.31)

–

(0

.31)

.42

2023

.42

.34

.15

.49

(0

.28)

–

(0

.28)

.63

2022

.48

.28

(1

.90)

(1

.62)

(0

.32)

(0

.12)

(0

.44)

.42

2021

.15

.25

(0

.30)

(0

.05)

(0

.32)

(0

.30)

(0

.62)

.48

2020

.50

.23

.86

.09

(0

.44)

–

(0

.44)

.15

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.03

%

(d) ,(e)

$

209,421

.49

%

(f) 4

.69

%

(f) 204

.7

%

(f) 0

.90

204,623

.49

.25

.7

.34

199,271

.50

.57

.3

(14

.13)

187,023

.49

.76

.8

(0

.45)

236,382

.47

.12

.8

.55

255,956

.47

.92

.3

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

(f) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

DIVERSIFIED

BALANCED

ACCOUNT

Class

shares

2025(c)

$

.81

$

–

$

.81

$

.81

$

–

$

–

$

–

$

.62

2024

.21

.37

.03

.40

(0

.33)

(0

.47)

(0

.80)

.81

2023

.57

.27

.57

.84

(0

.29)

(0

.91)

(1

.20)

.21

2022

.11

.28

(2

.96)

(2

.68)

(0

.40)

(1

.46)

(1

.86)

.57

2021

.58

.36

.55

.91

(0

.40)

(0

.98)

(1

.38)

.11

2020

.52

.36

.70

.06

(0

.40)

(0

.60)

(1

.00)

.58

Class

shares

2025(c)

.88

(0

.02)

.80

.78

–

–

–

.66

2024

.26

.32

.05

.37

(0

.28)

(0

.47)

(0

.75)

.88

2023

.61

.24

.57

.81

(0

.25)

(0

.91)

(1

.16)

.26

2022

.15

.24

(2

.97)

(2

.73)

(0

.35)

(1

.46)

(1

.81)

.61

2021

.61

.31

.57

.88

(0

.36)

(0

.98)

(1

.34)

.15

2020

.55

.32

.70

.02

(0

.36)

(0

.60)

(0

.96)

.61

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.47

%

(d) $

34,180

.05

%

(e) (0

.05)

%

(e) 13

.7

%

(e) 9

.86

34,312

.05

.51

.6

.17

33,872

.05

.95

.9

(14

.85)

32,564

.05

.79

.5

.06

41,982

.05

.00

.3

.96

40,515

.05

.18

.6

.24

(d) 522,219

.30

(e) (0

.30)

(e) 13

.7

(e) 9

.67

585,489

.30

.14

.6

.86

701,248

.30

.68

.9

(15

.10)

715,788

.30

.52

.5

.83

962,935

.30

.72

.3

.63

979,751

.30

.95

.6

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

DIVERSIFIED

BALANCED

ADAPTIVE

ALLOCATION

ACCOUNT

Class

shares

2025(c)

$

.30

$

.01

$

.05

$

.06

$

–

$

–

$

–

$

.36

2024

.66

.26

.73

.99

(0

.20)

(0

.15)

(0

.35)

.30

2023

.53

.19

.18

.37

(0

.15)

(0

.09)

(0

.24)

.66

2022

.27

.16

(1

.99)

(1

.83)

(0

.20)

(0

.71)

(0

.91)

.53

2021

.40

.22

.02

.24

(0

.17)

(0

.20)

(0

.37)

.27

2020

.71

.20

.81

.01

(0

.18)

(0

.14)

(0

.32)

.40

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.49

%

(d) $

219,914

.38

%

(e) 0

.09

%

(e) 64

.5

%

(e) 8

.54

234,904

.38

.17

.7

.08

241,311

.38

.76

.7

(13

.79)

207,220

.38

.40

.9

.08

229,787

.38

.67

.6

.82

184,469

.38

(f) 1

.73

.5

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

DIVERSIFIED

BALANCED

STRATEGIC

ALLOCATION

ACCOUNT

Class

shares

2025(c)

$

.14

($

.02)

$

.69

$

.67

$

–

$

–

$

–

$

.81

2024

.67

.26

.77

.03

(0

.23)

(0

.33)

(0

.56)

.14

2023

.00

.18

.22

.40

(0

.19)

(0

.54)

(0

.73)

.67

2022

.43

.17

(2

.27)

(2

.10)

(0

.35)

(0

.98)

(1

.33)

.00

2021

.65

.32

.03

.35

(0

.25)

(0

.32)

(0

.57)

.43

2020

.91

.24

.26

.50

(0

.25)

(0

.51)

(0

.76)

.65

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.52

%

(d) $

96,936

.31

%

(e) ,(f)

(0

.31)

%

(e) 13

.6

%

(e) 8

.83

112,520

.31

(f) 2

.16

.6

.09

134,117

.31

(f) 1

.62

.4

(14

.63)

141,384

.31

(f) 1

.36

.0

.94

184,060

.31

(f) 2

.24

.7

.03

185,139

.31

(f) 1

.84

.0

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

DIVERSIFIED

GROWTH

ACCOUNT

Class

shares

2025(c)

$

.51

($

.03)

$

.11

$

.08

$

–

$

–

$

–

$

.59

2024

.35

.35

.77

.12

(0

.35)

(0

.61)

(0

.96)

.51

2023

.20

.27

.32

.59

(0

.29)

(1

.15)

(1

.44)

.35

2022

.68

.27

(3

.66)

(3

.39)

(0

.40)

(1

.69)

(2

.09)

.20

2021

.15

.37

.56

.93

(0

.38)

(1

.02)

(1

.40)

.68

2020

.69

.35

.12

.47

(0

.37)

(0

.64)

(1

.01)

.15

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.83

%

(d) $

2,056,227

.30

%

(e) (0

.30)

%

(e) 12

.9

%

(e) 12

.26

2,382,875

.30

.90

.2

.60

3,076,955

.30

.59

.7

(15

.70)

3,045,729

.30

.47

.1

.79

3,974,179

.30

.74

.7

.76

3,853,082

.30

.89

.0

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

DIVERSIFIED

GROWTH

ADAPTIVE

ALLOCATION

ACCOUNT

Class

shares

2025(c)

$

.35

$

.01

($

.05)

($

.04)

$

–

$

–

$

–

$

.31

2024

.42

.27

.08

.35

(0

.19)

(0

.23)

(0

.42)

.35

2023

.07

.20

.47

.67

(0

.14)

(0

.18)

(0

.32)

.42

2022

.07

.17

(2

.12)

(1

.95)

(0

.20)

(0

.85)

(1

.05)

.07

2021

.68

.23

.52

.75

(0

.16)

(0

.20)

(0

.36)

.07

2020

.00

.19

.86

.05

(0

.18)

(0

.19)

(0

.37)

.68

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(0

.30)

%

(d) $

1,450,539

.37

%

(e) 0

.10

%

(e) 69

.2

%

(e) 10

.88

1,548,784

.37

.08

.9

.33

1,440,339

.37

.68

.6

(13

.82)

1,196,821

.37

.36

.8

.89

1,277,128

.37

.69

.4

.98

995,575

.37

.63

.9

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

DIVERSIFIED

GROWTH

STRATEGIC

ALLOCATION

ACCOUNT

Class

shares

2025(c)

$

.27

($

.02)

$

.83

$

.81

$

–

$

–

$

–

$

.08

2024

.59

.26

.15

.41

(0

.24)

(0

.49)

(0

.73)

.27

2023

.75

.19

.58

.77

(0

.18)

(0

.75)

(0

.93)

.59

2022

.66

.17

(2

.54)

(2

.37)

(0

.40)

(1

.14)

(1

.54)

.75

2021

.33

.36

.58

.94

(0

.24)

(0

.37)

(0

.61)

.66

2020

.53

.23

.46

.69

(0

.25)

(0

.64)

(0

.89)

.33

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.10

%

(d) $

217,430

.31

%

(e) (0

.31)

%

(e) 12

.8

%

(e) 11

.22

243,336

.31

.98

.1

.60

293,439

.31

.53

.6

(15

.12)

292,960

.30

.25

.9

.70

388,912

.30

.39

.4

.06

378,238

.30

(f) 1

.74

.3

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

DIVERSIFIED

INCOME

ACCOUNT

Class

shares

2025(c)

$

12.93 ($

0.02)

$

0.63 $

0.61 $

–

$

–

$

–

$

13.54 2024

12.57 0.30 0.60 0.90 (0.26)

(0.28)

(0.54)

12.93 2023

12.00 0.22 1.08 1.30 (0.22)

(0.51)

(0.73)

12.57 2022

15.21 0.21 (2.41)

(2.20)

(0.29)

(0.72)

(1.01)

12.00 2021

14.82 0.26 0.77 1.03 (0.29)

(0.35)

(0.64)

15.21 2020

13.82 0.30 1.23 1.53 (0.28)

(0

.25)

(0.53)

14.82 Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

4.72 %

(d) $

191,708

0.31 %

(e) –

(0.31)

%

(e) 16.3 %

(e) 7.11 214,228

0.31 %

–

2.35 20.5 11.20 246,966

0.31 –

1.80 15.8 (14.54)

254,300

0.30 –

1.58 23.5 6.96 325,983

0.30 (f) 0.30 (g) 1.75 24.8 11.27 323,525

0.30 (f) 0.30 (g) 2.10 31.2 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

voluntary

expense

limit.

(g) Excludes

expense

reimbursement

from

Manager.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

DIVERSIFIED

INTERNATIONAL

ACCOUNT

Class

shares

2025(c)

$

.73

$

.25

$

.78

$

.03

$

–

$

–

$

–

$

.76

2024

.49

.26

.49

.75

(0

.51)

–

(0

.51)

.73

2023

.36

.25

.07

.32

(0

.19)

–

(0

.19)

.49

2022

.17

.31

(4

.21)

(3

.90)

(0

.42)

(1

.49)

(1

.91)

.36

2021

.77

.28

.46

.74

(0

.25)

(0

.09)

(0

.34)

.17

2020

.71

.18

.29

.47

(0

.41)

–

(0

.41)

.77

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.26

%

(d) $

281,882

.85

%

(e) 2

.95

%

(e) 24

.0

%

(e) 4

.71

245,348

.85

.56

.5

.45

256,075

.93

.75

.5

(20

.00)

236,721

.92

.02

.9

.75

299,426

.90

.49

.6

.16

291,726

.92

.19

.1

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

EQUITY

INCOME

ACCOUNT

Class

shares

2025(c)

$

.83

$

.28

$

.47

$

.75

$

–

$

–

$

–

$

.58

2024

.51

.56

.69

.25

(0

.64)

(0

.29)

(0

.93)

.83

2023

.54

.64

.20

.84

(0

.58)

(1

.29)

(1

.87)

.51

2022

.25

.59

(4

.25)

(3

.66)

(0

.60)

(3

.45)

(4

.05)

.54

2021

.54

.55

.82

.37

(0

.64)

(0

.02)

(0

.66)

.25

2020

.19

.55

.08

.63

(0

.52)

(0

.76)

(1

.28)

.54

Class

shares

2025(c)

.36

.24

.44

.68

–

–

–

.04

2024

.11

.48

.63

.11

(0

.57)

(0

.29)

(0

.86)

.36

2023

.19

.57

.16

.73

(0

.52)

(1

.29)

(1

.81)

.11

2022

.87

.51

(4

.20)

(3

.69)

(0

.54)

(3

.45)

(3

.99)

.19

2021

.26

.47

.75

.22

(0

.59)

(0

.02)

(0

.61)

.87

2020

.93

.48

.06

.54

(0

.45)

(0

.76)

(1

.21)

.26

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.68

%

(d) $

623,137

.48

%

(e) 1

.82

%

(e) 12

.3

%

(e) 15

.50

615,060

.48

.88

.3

.22

598,294

.49

.41

.9

(10

.50)

625,764

.48

.99

.6

.47

701,625

.47

.73

.6

.43

755,882

.48

.18

.0

.53

(d) 84,425

.73

(e) 1

.58

(e) 12

.3

(e) 15

.23

73,952

.73

.63

.3

.93

65,603

.74

.16

.9

(10

.72)

56,495

.73

.75

.6

.15

53,723

.72

.48

.6

.15

33,951

.73

.93

.0

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

GLOBAL

EMERGING

MARKETS

ACCOUNT

Class

shares

2025(c)

$

.33

$

.15

$

.55

$

.70

$

–

$

–

$

–

$

.03

2024

.69

.19

.76

.95

(0

.31)

–

(0

.31)

.33

2023

.39

.21

.45

.66

(0

.36)

–

(0

.36)

.69

2022

.67

.31

(4

.78)

(4

.47)

(0

.26)

(1

.55)

(1

.81)

.39

2021

.94

.21

(0

.08)

.13

(0

.09)

(0

.31)

(0

.40)

.67

2020

.13

.12

.10

.22

(0

.41)

–

(0

.41)

.94

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.61

%

(d) $

74,119

.16

%

(e) 1

.91

%

(e) 36

.9

%

(e) 6

.51

65,475

.14

.22

.3

.53

67,407

.16

(f) 1

.50

.0

(22

.66)

68,015

.10

(f) 1

.98

.5

.58

90,815

.18

(f) 1

.01

.7

.23

93,839

.21

(f) ,(g)

.71

.6

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

contractual

expense

limit.

(g) Includes

0.01%

of

expenses

associated

with

the

reclaim

of

foreign

taxes

paid.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

GOVERNMENT

&

HIGH

QUALITY

BOND

ACCOUNT

Class

shares

2025(c)

$

.22

$

.16

$

.19

$

.35

$

–

$

–

$

.57

2024

.42

.28

(0

.22)

.06

(0

.26)

(0

.26)

.22

2023

.24

.23

.14

.37

(0

.19)

(0

.19)

.42

2022

.48

.12

(1

.24)

(1

.12)

(0

.12)

(0

.12)

.24

2021

.83

.04

(0

.17)

(0

.13)

(0

.22)

(0

.22)

.48

2020

.81

.12

.16

.28

(0

.26)

(0

.26)

.83

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.26

%

(d) $

108,545

.50

%

(e) 3

.95

%

(e) 300

.2

%

(e) 0

.62

111,374

.52

.33

.9

.64

121,708

.53

.82

.6

(11

.81)

138,346

.50

.32

.4

(1

.32)

197,777

.50

.40

.7

.87

227,996

.51

.22

.6

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

LARGECAP

GROWTH

ACCOUNT

I

Class

shares

2025(c)

$

.16

($

.02)

$

.54

$

.52

$

–

$

–

$

–

$

.68

2024

.42

(0

.04)

.07

.03

–

(2

.29)

(2

.29)

.16

2023

.22

–

.03

.03

–

(1

.83)

(1

.83)

.42

2022

.48

(0

.06)

(17

.54)

(17

.60)

–

(4

.66)

(4

.66)

.22

2021

.46

(0

.14)

.65

.51

–

(6

.49)

(6

.49)

.48

2020

.64

(0

.06)

.36

.30

(0

.01)

(2

.47)

(2

.48)

.46

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.31

%

(d) $

617,971

.68

%

(e) ,(f)

(0

.09)

%

(e) 51

.5

%

(e) 25

.14

645,210

.67

(f) (0

.10)

.9

.34

580,072

.69

(f) (0

.01)

.2

(34

.16)

439,493

.69

(f) (0

.16)

.1

.89

706,656

.66

(f) (0

.26)

.1

.20

612,357

.69

(f) (0

.14)

.2

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

LARGECAP

S&P

500

INDEX

ACCOUNT

Class

shares

2025(c)

$

.09

$

.15

$

.37

$

.52

$

–

$

–

$

–

$

.61

2024

.73

.29

.98

.27

(0

.37)

(1

.54)

(1

.91)

.09

2023

.24

.30

.36

.66

(0

.30)

(0

.87)

(1

.17)

.73

2022

.53

.29

(4

.92)

(4

.63)

(0

.28)

(2

.38)

(2

.66)

.24

2021

.94

.27

.77

.04

(0

.35)

(2

.10)

(2

.45)

.53

2020

.19

.31

.12

.43

(0

.37)

(1

.31)

(1

.68)

.94

Class

shares

2025(c)

.54

.12

.33

.45

–

–

–

.99

2024

.30

.23

.88

.11

(0

.33)

(1

.54)

(1

.87)

.54

2023

.91

.25

.26

.51

(0

.25)

(0

.87)

(1

.12)

.30

2022

.13

.23

(4

.83)

(4

.60)

(0

.24)

(2

.38)

(2

.62)

.91

2021

.65

.21

.69

.90

(0

.32)

(2

.10)

(2

.42)

.13

2020

.97

.26

.07

.33

(0

.34)

(1

.31)

(1

.65)

.65

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.06

%

(d) $

2,458,249

.20

%

(e) 1

.21

%

(e) 1

.9

%

(e) 24

.74

2,564,595

.21

.21

.4

.97

2,735,181

.21

.49

.3

(18

.33)

2,516,267

.24

.34

.0

.33

3,162,615

.25

.11

.6

.08

2,892,842

.25

.60

.1

.91

(d) 72,122

.45

(e) 0

.97

(e) 1

.9

(e) 24

.39

(f) 69,311

.46

.96

.4

.68

(f) 52,310

.46

.24

.3

(18

.53)

42,034

.49

.10

.0

.05

46,634

.50

.86

.6

.77

27,801

.50

.35

.1

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

(f) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

LARGECAP

S&P

500

MANAGED

VOLATILITY

INDEX

ACCOUNT

Class

shares

2025(c)

$

.24

$

.10

$

.06

$

.16

$

–

$

–

$

–

$

.40

2024

.95

.21

.22

.43

(0

.30)

(1

.84)

(2

.14)

.24

2023

.88

.22

.99

.21

(0

.20)

(0

.94)

(1

.14)

.95

2022

.86

.17

(3

.34)

(3

.17)

(0

.17)

(1

.64)

(1

.81)

.88

2021

.90

.15

.02

.17

(0

.23)

(1

.98)

(2

.21)

.86

2020

.06

.20

.24

.44

(0

.25)

(0

.35)

(0

.60)

.90

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.73

%

(d) $

132,962

.37

%

(e) 1

.13

%

(e) 17

.9

%

(e) 22

.16

147,935

.36

.21

.4

.67

178,475

.37

.45

.7

(16

.95)

181,155

.46

.09

.3

.55

239,895

.46

.84

.6

.67

235,112

.46

.31

.9

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

MIDCAP

ACCOUNT

Class

shares

2025(c)

$

.22

$

.07

$

.98

$

.05

$

–

$

–

$

–

$

.27

2024

.02

.21

.30

.51

(0

.17)

(6

.14)

(6

.31)

.22

2023

.25

.17

.04

.21

–

(1

.44)

(1

.44)

.02

2022

.76

.11

(17

.16)

(17

.05)

(0

.11)

(6

.35)

(6

.46)

.25

2021

.69

–

.93

.93

(0

.09)

(4

.77)

(4

.86)

.76

2020

.93

.08

.93

.01

(0

.44)

(5

.81)

(6

.25)

.69

Class

shares

2025(c)

.94

(0

.01)

.90

.89

–

–

–

.83

2024

.99

.05

.08

.13

(0

.04)

(6

.14)

(6

.18)

.94

2023

.56

.04

.83

.87

–

(1

.44)

(1

.44)

.99

2022

.89

(0

.03)

(16

.95)

(16

.98)

–

(6

.35)

(6

.35)

.56

2021

.08

(0

.18)

.76

.58

–

(4

.77)

(4

.77)

.89

2020

.42

(0

.07)

.84

.77

(0

.30)

(5

.81)

(6

.11)

.08

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.87

%

(d) ,(e)

$

604,474

.53

%

(f) 0

.21

%

(f) 14

.8

%

(f) 20

.27

(e) 645,646

.53

.31

.8

.08

(e) 573,406

.55

.30

.8

(22

.98)

554,971

.54

.19

.1

.53

711,126

.53

(0

.01)

.1

.33

(e) 604,094

.54

.14

.2

.73

(d) 51,278

.78

(f) (0

.04)

(f) 14

.8

(f) 19

.98

48,746

.78

.07

.8

.74

41,324

.80

.07

.8

(23

.16)

32,800

.79

(0

.05)

.1

.20

38,773

.78

(0

.26)

.1

.07

25,643

.79

(0

.12)

.2

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

(f) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

PRINCIPAL

CAPITAL

APPRECIATION

ACCOUNT

Class

shares

2025(c)

$

.72

$

.10

$

.52

$

.62

$

–

$

–

$

–

$

.34

2024

.30

.23

.81

.04

(0

.31)

(1

.31)

(1

.62)

.72

2023

.36

.30

.12

.42

(0

.28)

(2

.20)

(2

.48)

.30

2022

.87

.30

(7

.16)

(6

.86)

(0

.29)

(4

.36)

(4

.65)

.36

2021

.30

.28

.13

.41

(0

.33)

(1

.51)

(1

.84)

.87

2020

.72

.31

.21

.52

(0

.41)

(1

.53)

(1

.94)

.30

Class

shares

2025(c)

.74

.05

.47

.52

–

–

–

.26

2024

.55

.13

.61

.74

(0

.24)

(1

.31)

(1

.55)

.74

2023

.78

.21

.98

.19

(0

.22)

(2

.20)

(2

.42)

.55

2022

.19

.21

(7

.04)

(6

.83)

(0

.22)

(4

.36)

(4

.58)

.78

2021

.81

.18

.99

.17

(0

.28)

(1

.51)

(1

.79)

.19

2020

.32

.24

.13

.37

(0

.35)

(1

.53)

(1

.88)

.81

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.79

%

(d) $

144,781

.63

%

(e) 0

.49

%

(e) 59

.4

%

(e) 25

.85

144,682

.63

.58

.9

.15

134,161

.65

.90

.6

(16

.42)

121,010

.63

.85

.1

.82

163,159

.63

.73

.6

.72

147,026

.63

.03

.5

.64

(d) 88,480

.88

(e) 0

.24

(e) 59

.4

(e) 25

.54

76,918

.88

.32

.9

.85

49,164

.90

.66

.6

(16

.62)

33,069

.88

.63

.1

.50

31,088

.88

.47

.6

.44

18,688

.88

.79

.5

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

PRINCIPAL

LIFETIME

2020

ACCOUNT

Class

shares

2025(c)

$

.89

$

.15

$

.60

$

.75

$

–

$

–

$

–

$

.64

2024

.50

.37

.56

.93

(0

.38)

(0

.16)

(0

.54)

.89

2023

.62

.34

.06

.40

(0

.33)

(0

.19)

(0

.52)

.50

2022

.19

.30

(2

.47)

(2

.17)

(0

.45)

(0

.95)

(1

.40)

.62

2021

.99

.42

.94

.36

(0

.26)

(0

.90)

(1

.16)

.19

2020

.90

.25

.49

.74

(0

.38)

(0

.27)

(0

.65)

.99

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.82

%

(d) $

143,798

.01

%

(e) 2

.28

%

(e) 42

.7

%

(e) 7

.43

145,432

.01

.84

.8

.26

152,073

.02

.80

.0

(14

.38)

151,551

.01

.32

.4

.17

196,334

.00

.72

.3

.89

194,167

.01

.81

.4

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

PRINCIPAL

LIFETIME

2030

ACCOUNT

Class

shares

2025(c)

$

.68

$

.12

$

.80

$

.92

$

–

$

–

$

–

$

.60

2024

.95

.34

.83

.17

(0

.30)

(0

.14)

(0

.44)

.68

2023

.70

.31

.42

.73

(0

.22)

(0

.26)

(0

.48)

.95

2022

.60

.25

(2

.87)

(2

.62)

(0

.38)

(0

.90)

(1

.28)

.70

2021

.51

.43

.41

.84

(0

.21)

(0

.54)

(0

.75)

.60

2020

.12

.23

.67

.90

(0

.28)

(0

.23)

(0

.51)

.51

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.73

%

(d) $

320,417

.01

%

(e) 1

.73

%

(e) 48

.1

%

(e) 9

.05

296,715

.00

.52

.1

.09

276,060

.01

.55

.2

(16

.84)

227,664

.00

.89

.6

.79

262,864

.00

.78

.8

.89

228,291

.01

.77

.3

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

PRINCIPAL

LIFETIME

2040

ACCOUNT

Class

shares

2025(c)

$

.97

$

.10

$

.29

$

.39

$

–

$

–

$

–

$

.36

2024

.60

.36

.56

.92

(0

.31)

(0

.24)

(0

.55)

.97

2023

.59

.34

.28

.62

(0

.21)

(0

.40)

(0

.61)

.60

2022

.94

.25

(3

.85)

(3

.60)

(0

.55)

(1

.20)

(1

.75)

.59

2021

.09

.62

.13

.75

(0

.25)

(0

.65)

(0

.90)

.94

2020

.22

.29

.23

.52

(0

.32)

(0

.33)

(0

.65)

.09

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.74

%

(d) $

206,799

.01

%

(e) 1

.11

%

(e) 51

.8

%

(e) 11

.55

175,508

.01

.02

.5

.27

150,890

.02

.17

.2

(18

.10)

118,055

.01

.52

.2

.29

134,172

.01

.18

.9

.11

107,137

.01

.82

.9

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

PRINCIPAL

LIFETIME

2050

ACCOUNT

Class

shares

2025(c)

$

.73

$

.04

$

.48

$

.52

$

–

$

–

$

–

$

.25

2024

.11

.28

.85

.13

(0

.25)

(0

.26)

(0

.51)

.73

2023

.96

.28

.52

.80

(0

.18)

(0

.47)

(0

.65)

.11

2022

.60

.20

(3

.88)

(3

.68)

(0

.59)

(1

.37)

(1

.96)

.96

2021

.47

.64

.32

.96

(0

.22)

(0

.61)

(0

.83)

.60

2020

.59

.27

.24

.51

(0

.28)

(0

.35)

(0

.63)

.47

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.57

%

(d) $

93,218

.02

%

(e) 0

.48

%

(e) 65

.3

%

(e) 13

.29

82,359

.01

.59

.5

.38

70,704

.03

.83

.8

(18

.81)

56,830

.01

.22

.0

.02

68,527

.01

.37

.1

.68

49,779

.02

.75

.8

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

PRINCIPAL

LIFETIME

2060

ACCOUNT

Class

shares

2025(c)

$

.28

$

.04

$

.46

$

.50

$

–

$

–

$

–

$

.78

2024

.67

.29

.78

.07

(0

.22)

(0

.24)

(0

.46)

.28

2023

.56

.28

.42

.70

(0

.16)

(0

.43)

(0

.59)

.67

2022

.81

.19

(3

.71)

(3

.52)

(0

.52)

(1

.21)

(1

.73)

.56

2021

.49

.61

.33

.94

(0

.18)

(0

.44)

(0

.62)

.81

2020

.68

.25

.10

.35

(0

.22)

(0

.32)

(0

.54)

.49

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.68

%

(d) $

34,452

.04

%

(e) 0

.41

%

(e) 71

.3

%

(e) 13

.28

29,544

.03

.71

.1

.28

21,432

.09

.94

.1

(18

.78)

15,131

.04

(f) 1

.21

.5

.96

17,280

.03

(f) 3

.38

.3

.58

11,468

.07

(f) 1

.73

.8

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

PRINCIPAL

LIFETIME

STRATEGIC

INCOME

ACCOUNT

Class

shares

2025(c)

$

.44

$

.14

$

.49

$

.63

$

–

$

–

$

–

$

.07

2024

.03

.35

.39

.74

(0

.31)

(0

.02)

(0

.33)

.44

2023

.12

.33

.76

.09

(0

.13)

(0

.05)

(0

.18)

.03

2022

.62

.28

(1

.93)

(1

.65)

(0

.37)

(0

.48)

(0

.85)

.12

2021

.84

.37

.21

.58

(0

.25)

(0

.55)

(0

.80)

.62

2020

.92

.25

.96

.21

(0

.28)

(0

.01)

(0

.29)

.84

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.51

%

(d) $

54,244

.03

%

(e) 2

.51

%

(e) 41

.5

%

(e) 6

.71

53,521

.02

.04

.4

.79

55,858

.05

.15

.3

(13

.09)

24,133

.03

.50

.6

.53

30,129

.02

.85

.6

.30

31,025

.03

.07

.6

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

REAL

ESTATE

SECURITIES

ACCOUNT

Class

shares

2025(c)

$

.18

$

.23

$

.26

$

.49

$

–

$

–

$

–

$

.67

2024

.12

.42

.67

.09

(0

.45)

(0

.58)

(1

.03)

.18

2023

.97

.44

.71

.15

(0

.35)

(0

.65)

(1

.00)

.12

2022

.82

.32

(6

.46)

(6

.14)

(0

.26)

(1

.45)

(1

.71)

.97

2021

.11

.28

.26

.54

(0

.33)

(1

.50)

(1

.83)

.82

2020

.50

.36

(1

.21)

(0

.85)

(0

.39)

(1

.15)

(1

.54)

.11

Class

shares

2025(c)

.22

.21

.25

.46

–

–

–

.68

2024

.15

.71

.35

.06

(0

.41)

(0

.58)

(0

.99)

.22

2023

.00

.40

.71

.11

(0

.31)

(0

.65)

(0

.96)

.15

2022

.86

.28

(6

.47)

(6

.19)

(0

.22)

(1

.45)

(1

.67)

.00

2021

.16

.23

.26

.49

(0

.29)

(1

.50)

(1

.79)

.86

2020

.56

.34

(1

.24)

(0

.90)

(0

.35)

(1

.15)

(1

.50)

.16

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.70

%

(d) $

154,410

.78

%

(e) 2

.52

%

(e) 16

.0

%

(e) 5

.59

155,499

.79

.31

.8

.33

143,715

.80

.57

.2

(25

.41)

124,969

.79

.59

.5

.44

174,922

.82

.25

.1

(3

.42)

129,617

.83

.89

.4

.52

(d) 94,984

.03

(e) 2

.25

(e) 16

.0

(e) 5

.41

99,850

.04

.88

.8

.01

10,644

.05

.33

.2

(25

.58)

9,358

.04

.38

.5

.04

11,650

.07

.02

.1

(3

.65)

6,965

.08

.80

.4

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SAM

BALANCED

PORTFOLIO

Class

shares

2025(c)

$

.20

$

.08

$

.88

$

.96

$

–

$

–

$

–

$

.16

2024

.77

.33

.41

.74

(0

.31)

–

(0

.31)

.20

2023

.71

.28

.69

.97

(0

.33)

(0

.58)

(0

.91)

.77

2022

.11

.33

(3

.23)

(2

.90)

(0

.38)

(2

.12)

(2

.50)

.71

2021

.51

.35

.91

.26

(0

.28)

(0

.38)

(0

.66)

.11

2020

.67

.26

.43

.69

(0

.35)

(0

.50)

(0

.85)

.51

Class

shares

2025(c)

.92

.06

.86

.92

–

–

–

.84

2024

.52

.29

.38

.67

(0

.27)

–

(0

.27)

.92

2023

.50

.24

.65

.89

(0

.29)

(0

.58)

(0

.87)

.52

2022

.84

.29

(3

.17)

(2

.88)

(0

.34)

(2

.12)

(2

.46)

.50

2021

.29

.32

.85

.17

(0

.24)

(0

.38)

(0

.62)

.84

2020

.48

.23

.39

.62

(0

.31)

(0

.50)

(0

.81)

.29

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.32

%

(d) $

421,230

.23

%

(e) 1

.06

%

(e) 48

.1

%

(e) 12

.62

435,292

.23

.21

.4

.00

449,622

.24

.09

.7

(16

.15)

438,565

.23

.17

.2

.74

588,703

.23

.00

.9

.28

568,806

.23

.74

.9

.17

(d) 148,805

.48

(e) 0

.81

(e) 48

.1

(e) 12

.38

149,715

.48

.01

.4

.65

140,962

.49

.87

.7

(16

.29)

129,635

.48

.98

.2

.39

156,241

.48

.83

.9

.96

134,181

.48

.56

.9

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SAM

CONSERVATIVE

BALANCED

PORTFOLIO

Class

shares

2025(c)

$

.74

$

.10

$

.55

$

.65

$

–

$

–

$

–

$

.39

2024

.05

.31

.68

.99

(0

.30)

–

(0

.30)

.74

2023

.23

.28

.93

.21

(0

.31)

(0

.08)

(0

.39)

.05

2022

.61

.30

(2

.25)

(1

.95)

(0

.30)

(1

.13)

(1

.43)

.23

2021

.80

.29

.95

.24

(0

.25)

(0

.18)

(0

.43)

.61

2020

.19

.24

.89

.13

(0

.29)

(0

.23)

(0

.52)

.80

Class

shares

2025(c)

.53

.09

.53

.62

–

–

–

.15

2024

.86

.28

.66

.94

(0

.27)

–

(0

.27)

.53

2023

.05

.25

.92

.17

(0

.28)

(0

.08)

(0

.36)

.86

2022

.40

.27

(2

.22)

(1

.95)

(0

.27)

(1

.13)

(1

.40)

.05

2021

.61

.26

.93

.19

(0

.22)

(0

.18)

(0

.40)

.40

2020

.03

.22

.86

.08

(0

.27)

(0

.23)

(0

.50)

.61

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.54

%

(d) $

125,315

.24

%

(e) 1

.72

%

(e) 40

.4

%

(e) 8

.97

131,291

.24

.70

.5

.97

133,470

.25

.60

.4

(14

.45)

134,379

.24

.57

.1

.71

169,338

.23

.13

.2

.60

164,411

.24

.03

.4

.38

(d) 33,422

.49

(e) 1

.48

(e) 40

.4

(e) 8

.69

32,076

.49

.47

.5

.80

31,903

.50

.41

.4

(14

.69)

28,916

.49

.35

.1

.48

34,318

.48

.95

.2

.25

30,178

.49

.85

.4

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SAM

CONSERVATIVE

GROWTH

PORTFOLIO

Class

shares

2025(c)

$

.28

$

.05

$

.47

$

.52

$

–

$

–

$

–

$

.80

2024

.62

.37

.61

.98

(0

.32)

–

(0

.32)

.28

2023

.65

.31

.01

.32

(0

.34)

(1

.01)

(1

.35)

.62

2022

.82

.36

(4

.75)

(4

.39)

(0

.45)

(2

.33)

(2

.78)

.65

2021

.75

.44

.40

.84

(0

.29)

(0

.48)

(0

.77)

.82

2020

.94

.28

.22

.50

(0

.37)

(0

.32)

(0

.69)

.75

Class

shares

2025(c)

.80

.02

.44

.46

–

–

–

.26

2024

.21

.32

.55

.87

(0

.28)

–

(0

.28)

.80

2023

.31

.27

.94

.21

(0

.30)

(1

.01)

(1

.31)

.21

2022

.39

.31

(4

.66)

(4

.35)

(0

.40)

(2

.33)

(2

.73)

.31

2021

.40

.39

.32

.71

(0

.24)

(0

.48)

(0

.72)

.39

2020

.63

.24

.17

.41

(0

.32)

(0

.32)

(0

.64)

.40

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.82

%

(d) $

212,642

.24

%

(e) 0

.47

%

(e) 42

.3

%

(e) 15

.23

213,465

.23

.73

.8

.37

205,429

.24

.66

.0

(17

.79)

190,273

.23

.75

.0

.75

242,713

.23

.85

.6

.95

226,009

.23

.46

.7

.70

(d) 200,462

.49

(e) 0

.22

(e) 42

.3

(e) 14

.94

194,942

.48

.51

.8

.05

181,031

.49

.45

.0

(17

.97)

155,472

.48

.52

.0

.44

192,114

.48

.67

.6

.68

158,606

.48

.28

.7

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SAM

FLEXIBLE

INCOME

PORTFOLIO

Class

shares

2025(c)

$

.13

$

.11

$

.43

$

.54

$

–

$

–

$

–

$

.67

2024

.75

.35

.37

.72

(0

.34)

–

(0

.34)

.13

2023

.17

.30

.63

.93

(0

.35)

–

(0

.35)

.75

2022

.17

.32

(2

.03)

(1

.71)

(0

.35)

(0

.94)

(1

.29)

.17

2021

.81

.32

.55

.87

(0

.31)

(0

.20)

(0

.51)

.17

2020

.58

.31

.57

.88

(0

.36)

(0

.29)

(0

.65)

.81

Class

shares

2025(c)

.97

.10

.41

.51

–

–

–

.48

2024

.59

.31

.38

.69

(0

.31)

–

(0

.31)

.97

2023

.02

.28

.61

.89

(0

.32)

–

(0

.32)

.59

2022

.00

.29

(2

.01)

(1

.72)

(0

.32)

(0

.94)

(1

.26)

.02

2021

.66

.30

.53

.83

(0

.29)

(0

.20)

(0

.49)

.00

2020

.44

.28

.56

.84

(0

.33)

(0

.29)

(0

.62)

.66

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.85

%

(d) $

87,306

.24

%

(e) 2

.05

%

(e) 30

.0

%

(e) 6

.69

93,732

.24

.15

.9

.37

99,003

.25

.87

.8

(13

.11)

108,390

.24

.82

.1

.89

148,266

.23

.41

.0

.27

149,396

.24

.51

.6

.65

(d) 31,487

.49

(e) 1

.80

(e) 30

.0

(e) 6

.43

(f) 33,506

.49

.86

.9

.21

(f) 37,028

.50

.72

.8

(13

.37)

34,633

.49

.58

.1

.61

45,586

.48

.31

.0

.03

34,866

.49

.31

.6

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

(f) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SAM

STRATEGIC

GROWTH

PORTFOLIO

Class

shares

2025(c)

$

.49

$

–

$

.00

$

.00

$

–

$

–

$

–

$

.49

2024

.88

.37

.52

.89

(0

.28)

–

(0

.28)

.49

2023

.76

.28

.95

.23

(0

.31)

(0

.80)

(1

.11)

.88

2022

.09

.33

(5

.59)

(5

.26)

(0

.52)

(2

.55)

(3

.07)

.76

2021

.17

.53

.24

.77

(0

.26)

(0

.59)

(0

.85)

.09

2020

.85

.26

.96

.22

(0

.38)

(0

.52)

(0

.90)

.17

Class

shares

2025(c)

.94

(0

.03)

.96

.93

–

–

–

.87

2024

.43

.31

.43

.74

(0

.23)

–

(0

.23)

.94

2023

.39

.22

.88

.10

(0

.26)

(0

.80)

(1

.06)

.43

2022

.62

.27

(5

.49)

(5

.22)

(0

.46)

(2

.55)

(3

.01)

.39

2021

.80

.46

.16

.62

(0

.21)

(0

.59)

(0

.80)

.62

2020

.53

.22

.91

.13

(0

.34)

(0

.52)

(0

.86)

.80

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.55

%

(d) $

227,977

.23

%

(e) (0

.01)

%

(e) 44

.8

%

(e) 17

.02

225,322

.23

.45

.5

.86

203,367

.24

.31

.2

(18

.78)

174,041

.23

.45

.8

.86

223,578

.23

.97

.9

.40

187,904

.23

.24

.3

.44

(d) 235,715

.48

(e) (0

.26)

(e) 44

.8

(e) 16

.68

225,336

.48

.23

.5

.58

196,700

.49

.07

.2

(18

.98)

164,885

.48

.22

.8

.54

205,369

.48

.76

.9

.13

167,706

.48

.09

.3

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SHORT-TERM

INCOME

ACCOUNT

Class

shares

2025(c)

$

.54

$

.05

$

.03

$

.08

$

–

$

–

$

–

$

.62

2024

.50

.10

.03

.13

(0

.09)

–

(0

.09)

.54

2023

.41

.08

.05

.13

(0

.04)

–

(0

.04)

.50

2022

.53

.04

(0

.13)

(0

.09)

(0

.03)

–

(0

.03)

.41

2021

.60

.03

(0

.05)

(0

.02)

(0

.04)

(0

.01)

(0

.05)

.53

2020

.57

.04

.05

.09

(0

.06)

–

(0

.06)

.60

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.15

%

(d) ,(e)

$

130,951

.42

%

(f) 4

.08

%

(f) 48

.5

%

(f) 5

.09

133,871

.41

.02

.8

.60

135,924

.43

.40

.7

(3

.45)

134,122

.46

.74

.7

(0

.72)

140,532

.47

.09

.7

.36

157,019

.51

(g) 1

.61

.7

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

(f) Computed

on

an

annualized

basis.

(g) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SMALLCAP

ACCOUNT

Class

shares

2025(c)

$

.69

$

.03

$

.05

$

.08

$

–

$

–

$

–

$

.77

2024

.02

.07

.97

.04

(0

.06)

(0

.31)

(0

.37)

.69

2023

.03

.05

.98

.03

(0

.04)

–

(0

.04)

.02

2022

.05

.05

(4

.08)

(4

.03)

(0

.01)

(2

.98)

(2

.99)

.03

2021

.26

(0

.01)

.48

.47

(0

.06)

(0

.62)

(0

.68)

.05

2020

.33

.03

.03

.06

(0

.07)

(1

.06)

(1

.13)

.26

Class

shares

2025(c)

.54

.01

.05

.06

–

–

–

.60

2024

.88

.03

.96

.99

(0

.02)

(0

.31)

(0

.33)

.54

2023

.91

.02

.96

.98

(0

.01)

–

(0

.01)

.88

2022

.93

.01

(4

.05)

(4

.04)

–

(2

.98)

(2

.98)

.91

2021

.17

(0

.06)

.47

.41

(0

.03)

(0

.62)

(0

.65)

.93

2020

.26

–

.01

.01

(0

.04)

(1

.06)

(1

.10)

.17

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.51

%

(d) $

154,035

.85

%

(e) 0

.44

%

(e) 15

.5

%

(e) 6

.99

162,112

.84

.42

.5

.53

(f) 166,600

.85

.38

.6

(20

.63)

(f) 156,903

.84

.32

.0

.12

213,890

.82

(0

.04)

.6

.20

195,848

.84

.24

.8

.39

(d) 9,264

.10

(e) 0

.19

(e) 15

.5

(e) 6

.66

(f) 9,247

.09

.18

.5

.39

(f) 9,225

.10

.13

.6

(20

.88)

8,383

.09

.07

.0

.86

10,497

.07

(0

.29)

.6

.87

8,414

.09

(0

.01)

.8

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Six

months

ended

June

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

(f) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

U.S.

LARGECAP

S&P

500

INDEX

BUFFER

APRIL

ACCOUNT

(c) Class

shares

2025(d)

$

.45

$

.01

$

.37

$

.38

$

–

$

–

$

–

$

.83

2024

.90

.03

.82

.85

(0

.06)

(1

.24)

(1

.30)

.45

2023(j)

.00

.03

.25

.28

(0

.06)

(1

.32)

(1

.38)

.90

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.64

%

(e) $

42,573

.95

%

(f) ,(g)

.18

%

(f) 34

.7

%

(f) 18

.41

(h) 37,944

.96

(g) ,(i)

.31

.4

.87

(e) ,(h)

22,730

.98

(f) ,(g)

,(k)

.43

(f) 182

.4

(f) (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Effective

May

1,

2025,

U.S.

LargeCap

Buffer

April

Account

changed

its

name

to

U.S.

LargeCap

S&P

500

Index

Buffer

April

Account.

(d) Six

months

ended

June

30,

2025. (e) Total

return

amounts

have

not

been

annualized.

(f) Computed

on

an

annualized

basis.

(g) Subject

to

Manager's

contractual

expense

limit.

(h) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

(i) Includes

0.01%

of

interest

expense

associated

with

borrowings.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

(j) Period

from

March

29,

2023,

date

operations

commenced,

through

December

31,

2023. (k) Includes

0.03%

of

interest

expense

associated

with

borrowings.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

U.S.

LARGECAP

S&P

500

INDEX

BUFFER

JANUARY

ACCOUNT

(c) Class

shares

2025(d)

$

.87

$

.01

$

.55

$

.56

$

–

$

–

$

–

$

.43

2024

.07

.04

.78

.82

(0

.02)

–

(0

.02)

.87

2023

.99

.05

.90

.95

(0

.07)

(1

.80)

(1

.87)

.07

2022(k)

.00

–

(0

.01)

(0

.01)

–

–

–

.99

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.54

%

(e) $

40,601

.96

%

(f) ,(g)

,(h)

.19

%

(f) 54

.1

%

(f) 18

.29

(i) 68,269

.96

(g) ,(h)

.33

.8

.42

(i) 58,333

.98

(g) ,(j)

.47

.3

.00

(e) ,(i)

26,581

.95

(f) ,(g)

.20

(f) 0

.0

(f) (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Effective

May

1,

2025,

U.S.

LargeCap

Buffer

January

Account

changed

its

name

to

U.S.

LargeCap

S&P

500

Index

Buffer

January

Account.

(d) Six

months

ended

June

30,

2025. (e) Total

return

amounts

have

not

been

annualized.

(f) Computed

on

an

annualized

basis.

(g) Subject

to

Manager's

contractual

expense

limit.

(h) Includes

0.01%

of

interest

expense

associated

with

borrowings.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

(i) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

(j) Includes

0.03%

of

interest

expense

associated

with

borrowings.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

(k) Period

from

December

28,

2022,

date

operations

commenced,

through

December

31,

2022. Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

U.S.

LARGECAP

S&P

500

INDEX

BUFFER

JULY

ACCOUNT

(c) Class

shares

2025(d)

$

.64

$

.01

$

.65

$

.66

$

–

$

–

$

–

$

.30

2024

.67

.04

.04

.08

–

(0

.11)

(0

.11)

.64

2023

.16

.07

.78

.85

(0

.04)

(0

.30)

(0

.34)

.67

2022(j)

.00

.04

.15

.19

(0

.03)

–

(0

.03)

.16

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.69

%

(e) ,(f)

$

87,303

.96

%

(g) ,(h)

,(i)

.15

%

(g) 54

.1

%

(g) 17

.89

38,893

.96

(h) ,(i)

.29

.4

.23

54,229

.96

(h) ,(i)

.61

.3

.93

(e) 26,247

.95

(g) ,(h)

.72

(g) 20

.0

(g) (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Effective

May

1,

2025,

U.S.

LargeCap

Buffer

July

Account

changed

its

name

to

U.S.

LargeCap

S&P

500

Index

Buffer

July

Account.

(d) Six

months

ended

June

30,

2025. (e) Total

return

amounts

have

not

been

annualized.

(f) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

(g) Computed

on

an

annualized

basis.

(h) Subject

to

Manager's

contractual

expense

limit.

(i) Includes

0.01%

of

interest

expense

associated

with

borrowings.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

(j) Period

from

June

29,

2022,

date

operations

commenced,

through

December

31,

2022. Financial

Highlights

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

December

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

U.S.

LARGECAP

S&P

500

INDEX

BUFFER

OCTOBER

ACCOUNT

(c) Class

shares

2025(d)

$

.89

$

.01

$

.65

$

.66

$

–

$

–

$

–

$

.55

2024

.70

.04

.20

.24

(0

.01)

(0

.04)

(0

.05)

.89

2023

.51

.05

.98

.03

(0

.05)

(0

.79)

(0

.84)

.70

2022(k)

.00

.02

.51

.53

(0

.02)

–

(0

.02)

.51

Financial

Highlights

(Continued)

Principal

Variable

Contracts

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Total

Return(b)

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.75

%

(e) ,(f)

$

44,031

.96

%

(g) ,(h)

,(i)

.15

%

(g) 8

.2

%

(g) 19

.18

59,841

.96

(h) ,(i)

.32

.9

.45

18,800

.97

(h) ,(j)

.47

.4

.29

(e) 17,978

.99

(g) ,(h)

,(l)

.68

(g) 180

.0

(g) (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

does

not

reflect

charges

attributable

to

separate

accounts.

Inclusion

of

these

charges

would

reduce

the

amounts

shown.

(c) Effective

May

1,

2025,

U.S.

LargeCap

Buffer

October

Account

changed

its

name

to

U.S.

LargeCap

S&P

500

Index

Buffer

October

Account.

(d) Six

months

ended

June

30,

2025. (e) Total

return

amounts

have

not

been

annualized.

(f) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

(g) Computed

on

an

annualized

basis.

(h) Subject

to

Manager's

contractual

expense

limit.

(i) Includes

0.01%

of

interest

expense

associated

with

borrowings.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

(j) Includes

0.02%

of

interest

expense

associated

with

borrowings.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

(k) Period

from

September

29,

2022,

date

operations

commenced,

through

December

31,

2022. (l) Includes

0.04%

of

interest

expense

associated

with

borrowings.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

Changes

in

and

Disagreements

with

Accountants

(N-CSR

Item

8)

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2025

During

the

two

most

recent

fiscal

years

and

any

subsequent

interim

period,

there

have

been

no

changes

in

or

disagreements

with

Accountants.

Proxy

Disclosures

(N-CSR

Item

9)

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2025

During

the

period

covered

by

this

report,

there

were

no

matters

submitted

through

the

solicitation

of

proxies

or

otherwise.

Remuneration

Paid

to

Directors,

Officers

and

Others

(N-CSR

Item

10)

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2025

The

Principal

Variable

Contracts

Funds,

Inc.

(the

"Funds")

do

not

pay

any

remuneration

to

its

officers

or

to

any

Board

Members

who

serve

as

Interested

Board

Members.

The

Board

annually

considers

a

proposal

to

reimburse

the

Manager

for

certain

expenses,

including

a

portion

of

the

Chief

Compliance

Officer's

compensation.

If

the

proposal

is

adopted,

these

amounts

are

allocated

across

all

Funds

based

on

relative

net

assets

of

each

portfolio.

Directors'

expenses

and

Chief

Compliance

Officer's

compensation

paid

by

the

Funds

are

included

in

the

financial

statements.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

(N-CSR

Item

11)

Principal

Variable

Contracts

Funds,

Inc.

June

30,

2025

During

the

most

recent

fiscal

half-year,

the

Board

of

Directors

did

not

approve

any

investment

advisory

contracts.

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.

Principal®

,

Principal

Financial

Group®

,

and

Principal

and

the

logomark

design

are

registered

trademarks

of

Principal

Financial

Services,

Inc.,

a

Principal

Financial

Group

company,

in

the

United

States

and

are

trademarks

and

services

marks

of

Principal

Financial

Services,

Inc.,

in

various

countries

around

the

world.©

2025

Principal

Financial

Services,

Inc.

\|

MM1291-30

\|

06/2025

\|

3607189

ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

There were no changes or disagreements with Accountants. Changes in and disagreements with Accountants would be included as part of the Financial Statements filed under Item 7 of this form.

**ITEM 9 – PROXY DISCLOSURES FOR OPEN-END MANAGEMENT COMPANIES**

Proxy Disclosures are included as part of the Financial Statements filed under Item 7 of this form.

**ITEM 10 – REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Remuneration paid to Directors, Officers, and Others of Open-End Management Investment Companies is included as part of the Financial Statements filed under Item 7 of this form.

**ITEM 11 – STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

Statement Regarding Basis for Approval of Investment Advisory Contracts is included as part of the Financial Statements filed under Item 7 of this form.

ITEM 12 – DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13 – PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 14 – PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

#### ITEM 15 – SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.

#### ITEM 16 – 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 17 – DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.

#### ITEM 18 – RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION
(a) Not applicable.

(b) Not applicable.

**ITEM 19 – EXHIBITS**

(a)(1) Code of Ethics - Not applicable to semi-annual reports.

(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](cert99.htm).

(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](cert906.htm).

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) Principal
 Variable Contracts Funds, Inc.

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kamal Bhatia, Director, President, and Chief Executive Officer (Principal Executive Officer)

Date <u> 8/12/2025 </u>

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.

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kamal Bhatia, Director, President, and Chief Executive Officer (Principal Executive Officer)

Date <u> 8/12/2025 </u>

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michael Scholten, Chief Financial Officer (Principal Financial Officer)

Date <u> 8/12/2025 </u>

## 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 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> 8/12/2025 </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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Kamal Bhatia, Director, President, and Chief Executive Officer (Principal Executive Officer)

**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 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> 8/12/2025 </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 (Principal 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, Director, President, and Chief Executive Officer (Principal Executive Officer)

Date <u> 8/12/2025 </u>

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michael Scholten, Chief Financial Officer (Principal Financial Officer)

Date <u> 8/12/2025 </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.