UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-01944 |
Principal Variable Contracts Funds, Inc. |
(Exact name of registrant as specified in charter)
801 Grand Avenue, Des Moines, IA 50309 |
(Address of principal executive offices) (Zip code)
Principal Global Investors, LLC, 801 Grand Avenue, Des Moines, IA 50309 |
(Name and address of agent for service)
Registrant’s telephone number, including area code: | 515-235-1719 |
Date of fiscal year end: | December 31, 2021 |
Date of reporting period: | June 30, 2021 |
ITEM 1 – REPORT TO STOCKHOLDERS
Principal
Variable
Contracts
Funds,
Inc.
Semiannual
Report
June
30,
2021
Beginning
on
January
1,
2021,
as
permitted
by
regulations
adopted
by
the
Securities
and
Exchange
Commission,
you
may
not
be
receiving
paper
copies
of
the
Fund’s
shareholder
reports
from
the
insurance
company
that
offers
your
contract
unless
you
specifically
request
paper
copies
from
the
insurance
company
or
from
your
financial
intermediary.
Instead,
the
shareholder
reports
will
be
made
available
on
a
website,
and
the
insurance
company
will
notify
you
by
mail
each
time
a
report
is
posted
and
provide
you
with
a
website
link
to
access
the
report.
Instructions
for
requesting
paper
copies
will
be
provided
by
your
insurance
company.
If
you
already
elected
to
receive
shareholder
reports
electronically,
you
will
not
be
affected
by
this
change
and
you
need
not
take
any
action.
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may
elect
to
receive
shareholder
reports
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electronically
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following
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company.
You
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future
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in
paper
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company.
You
can
inform
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company
that
you
wish
to
continue
receiving
paper
copies
of
your
shareholder
reports
by
calling
1-800-247-
9988
if
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life
insurance
policy
or
1-800-852-4450
if
you
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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
1
Notes
to
Financial
Statements
42
Schedules
of
Investments
66
Financial
Highlights
(Includes
performance
information)
192
Shareholder
Expense
Example
212
Supplemental
Information
216
Statements
of
Assets
and
Liabilities
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
1
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
..........................................................
$
5,551
$
2,753,436
$
240,673
Investment
in
affiliated
securities--at
cost
................................................
$
17
$
267,404
$
20,879
Assets
Investment
in
securities--at
value
..........................................................
$
6,541
$
2,851,684
(a)
$
248,044
(a)
Investment
in
affiliated
securities--at
value
.................................................
17
267,404
20,879
Cash
.........................................................................................
1
–
21
Deposits
with
counterparty
..................................................................
–
–
9
Receivables:
Dividends
and
interest
.................................................................
1
13,070
1,530
Fund
shares
sold
.......................................................................
–
1,511
875
Investment
securities
sold
.............................................................
55
145,063
9,608
Variation
margin
on
futures
...........................................................
–
–
14
Prepaid
expenses
............................................................................
–
–
2
Total
Assets
6,615
3,278,732
280,982
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
3
330
92
Accrued
distribution
fees
....................................................................
1
–
–
Accrued
service
fees
........................................................................
1
–
–
Accrued
directors'
expenses
.................................................................
1
13
2
Accrued
professional
fees
...................................................................
5
–
–
Accrued
other
expenses
.....................................................................
1
11
–
Cash
overdraft
...............................................................................
–
261
–
Payables:
Fund
shares
redeemed
.................................................................
–
7,876
63
Investment
securities
purchased
......................................................
65
375,180
23,194
Variation
margin
on
futures
...........................................................
–
–
36
Collateral
obligation
on
securities
loaned,
at
value
.........................................
–
20,768
14,347
Total
Liabilities
77
404,439
37,734
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
6,538
$
2,874,293
$
243,248
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
5,492
$
2,686,502
$
219,861
Total
distributable
earnings
(accumulated
loss)
.............................................
1,046
187,791
23,387
Total
Net
Assets
$
6,538
$
2,874,293
$
243,248
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
200,000
300,000
400,000
Net
Asset
Value
Per
Share:
Class
1
:
Net
Assets
..........................................................................
N/A
$
2,874,293
$
243,248
Shares
issued
and
outstanding
........................................................
260,884
20,145
Net
Asset
Value
per
share
.............................................................
$
11.02
$
12.07
Class
3
:
Net
Assets
..........................................................................
$
6,538
N/A
N/A
Shares
issued
and
outstanding
........................................................
542
Net
Asset
Value
per
share
.............................................................
$
12.06
(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,
2021
(unaudited)
2
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Diversified
Balanced
Account
Diversified
Balanced
Managed
Volatility
Account
Diversified
Balanced
Volatility
Control
Account
Investment
in
securities--at
cost
..........................................................
$
–
$
–
$
38,919
Investment
in
affiliated
securities--at
cost
................................................
$
685,993
$
145,472
$
147,925
Assets
Investment
in
securities--at
value
..........................................................
$
–
$
–
$
42,332
Investment
in
affiliated
securities--at
value
.................................................
1,021,318
187,666
168,079
Receivables:
Fund
shares
sold
.......................................................................
429
–
93
Investment
securities
sold
.............................................................
3,717
292
2
Total
Assets
1,025,464
187,958
210,506
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
42
8
20
Accrued
distribution
fees
....................................................................
202
39
43
Accrued
directors'
expenses
.................................................................
5
2
2
Accrued
other
expenses
.....................................................................
4
5
6
Payables:
Fund
shares
redeemed
.................................................................
4,146
292
–
Investment
securities
purchased
......................................................
–
–
152
Total
Liabilities
4,399
346
223
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
1,021,065
$
187,612
$
210,283
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
581,850
$
135,257
$
178,447
Total
distributable
earnings
(accumulated
loss)
.............................................
439,215
52,355
31,836
Total
Net
Assets
$
1,021,065
$
187,612
$
210,283
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
650,000
400,000
400,000
Net
Asset
Value
Per
Share:
Class
1
:
Net
Assets
..........................................................................
$
41,721
N/A
N/A
Shares
issued
and
outstanding
........................................................
2,230
Net
Asset
Value
per
share
.............................................................
$
18.71
Class
2
:
Net
Assets
..........................................................................
$
979,333
$
187,601
$
210,272
Shares
issued
and
outstanding
........................................................
52,307
12,980
16,036
Net
Asset
Value
per
share
.............................................................
$
18.72
$
14.45
$
13.11
Class
3
:
Net
Assets
..........................................................................
$
11
$
11
$
11
Shares
issued
and
outstanding
........................................................
1
1
1
Net
Asset
Value
per
share
.............................................................
$
18.67
$
14.44
$
13.11
Statements
of
Assets
and
Liabilities
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
3
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Diversified
Growth
Account
Diversified
Growth
Managed
Volatility
Account
Diversified
Growth
Volatility
Control
Account
Investment
in
securities--at
cost
..........................................................
$
–
$
–
$
212,839
Investment
in
affiliated
securities--at
cost
................................................
$
2,510,446
$
288,562
$
770,008
Assets
Investment
in
securities--at
value
..........................................................
$
–
$
–
$
231,476
Investment
in
affiliated
securities--at
value
.................................................
3,974,823
394,553
917,978
Receivables:
Fund
shares
sold
.......................................................................
–
264
–
Investment
securities
sold
.............................................................
12,771
866
2,511
Prepaid
expenses
............................................................................
1
–
–
Total
Assets
3,987,595
395,683
1,151,965
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
163
16
112
Accrued
distribution
fees
....................................................................
816
82
233
Accrued
directors'
expenses
.................................................................
20
3
6
Accrued
other
expenses
.....................................................................
–
5
5
Payables:
Fund
shares
redeemed
.................................................................
12,771
1,130
3,138
Investment
securities
purchased
......................................................
–
–
953
Total
Liabilities
13,770
1,236
4,447
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
3,973,825
$
394,447
$
1,147,518
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
2,174,815
$
267,340
$
942,868
Total
distributable
earnings
(accumulated
loss)
.............................................
1,799,010
127,107
204,650
Total
Net
Assets
$
3,973,825
$
394,447
$
1,147,518
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
500,000
400,000
400,000
Net
Asset
Value
Per
Share:
Class
2
:
Net
Assets
..........................................................................
$
3,973,814
$
394,436
$
1,147,507
Shares
issued
and
outstanding
........................................................
181,303
25,439
83,730
Net
Asset
Value
per
share
.............................................................
$
21.92
$
15.51
$
13.70
Class
3
:
Net
Assets
..........................................................................
$
11
$
11
$
11
Shares
issued
and
outstanding
........................................................
1
1
1
Net
Asset
Value
per
share
.............................................................
$
21.90
$
15.49
$
13.70
Statements
of
Assets
and
Liabilities
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
4
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Diversified
Income
Account
Diversified
International
Account
Equity
Income
Account
Investment
in
securities--at
cost
..........................................................
$
–
$
216,102
$
332,361
Investment
in
affiliated
securities--at
cost
................................................
$
262,315
$
7,856
$
11,572��
Foreign
currency--at
cost
..................................................................
$
–
$
1,582
$
–
Assets
Investment
in
securities--at
value
..........................................................
$
–
$
304,260
(a)
$
713,177
(a)
Investment
in
affiliated
securities--at
value
.................................................
328,940
7,856
11,572
Foreign
currency--at
value
..................................................................
–
1,581
–
Cash
.........................................................................................
–
–
40
Receivables:
Dividends
and
interest
.................................................................
–
870
1,273
Fund
shares
sold
.......................................................................
1,892
256
214
Investment
securities
sold
.............................................................
–
70
7,448
Total
Assets
330,832
314,893
733,724
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
13
214
280
Accrued
distribution
fees
....................................................................
68
–
9
Accrued
directors'
expenses
.................................................................
2
3
6
Accrued
foreign
tax
.........................................................................
–
128
–
Accrued
other
expenses
.....................................................................
6
36
16
Payables:
Fund
shares
redeemed
.................................................................
13
20
235
Investment
securities
purchased
......................................................
1,879
2,812
4,912
Collateral
obligation
on
securities
loaned,
at
value
.........................................
–
5,949
3,049
Total
Liabilities
1,981
9,162
8,507
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
328,851
$
305,731
$
725,217
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
245,492
$
194,706
$
252,110
Total
distributable
earnings
(accumulated
loss)
.............................................
83,359
111,025
473,107
Total
Net
Assets
$
328,851
$
305,731
$
725,217
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
250,000
300,000
400,000
Net
Asset
Value
Per
Share:
Class
1
:
Net
Assets
..........................................................................
N/A
$
305,731
$
681,402
Shares
issued
and
outstanding
........................................................
15,908
21,001
Net
Asset
Value
per
share
.............................................................
$
19.22
$
32.45
Class
2
:
Net
Assets
..........................................................................
$
328,840
N/A
$
43,782
Shares
issued
and
outstanding
........................................................
21,352
1,365
Net
Asset
Value
per
share
.............................................................
$
15.40
$
32.09
Class
3
:
Net
Assets
..........................................................................
$
11
N/A
$
33
Shares
issued
and
outstanding
........................................................
1
1
Net
Asset
Value
per
share
.............................................................
$
15.39
$
32.37
(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,
2021
(unaudited)
5
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Government
&
High
Quality
Bond
Account
International
Emerging
Markets
Account
LargeCap
Growth
Account
I
Investment
in
securities--at
cost
..........................................................
$
224,451
$
69,265
$
366,832
Investment
in
affiliated
securities--at
cost
................................................
$
19,111
$
1,144
$
6,068
Foreign
currency--at
cost
..................................................................
$
–
$
6
$
–
Assets
Investment
in
securities--at
value
..........................................................
$
225,382
$
100,785
$
674,280
(a)
Investment
in
affiliated
securities--at
value
.................................................
19,111
1,144
6,068
Foreign
currency--at
value
..................................................................
–
6
–
Cash
.........................................................................................
–
8
–
Deposits
with
counterparty
..................................................................
118
–
77
Receivables:
Dividends
and
interest
.................................................................
504
287
92
Expense
reimbursement
from
Manager
...............................................
–
–
9
Fund
shares
sold
.......................................................................
497
4
3
Investment
securities
sold
.............................................................
28,969
–
167
Variation
margin
on
futures
...........................................................
22
–
2
Total
Assets
274,603
102,234
680,698
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
77
92
365
Accrued
directors'
expenses
.................................................................
2
1
3
Accrued
foreign
tax
.........................................................................
–
344
–
Accrued
other
expenses
.....................................................................
5
18
6
Cash
overdraft
...............................................................................
–
–
35
Payables:
Fund
shares
redeemed
.................................................................
273
13
582
Investment
securities
purchased
......................................................
85,043
–
3
Variation
margin
on
futures
...........................................................
3
–
–
Collateral
obligation
on
securities
loaned,
at
value
.........................................
–
–
1,112
Total
Liabilities
85,403
468
2,106
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
189,200
$
101,766
$
678,592
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
191,454
$
64,134
$
264,377
Total
distributable
earnings
(accumulated
loss)
.............................................
(
2,254
)
37,632
414,215
Total
Net
Assets
$
189,200
$
101,766
$
678,592
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
200,000
200,000
200,000
Net
Asset
Value
Per
Share:
Class
1
:
Net
Assets
..........................................................................
$
189,200
$
101,766
$
678,592
Shares
issued
and
outstanding
........................................................
19,351
4,619
12,233
Net
Asset
Value
per
share
.............................................................
$
9.78
$
22.03
$
55.47
(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,
2021
(unaudited)
6
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
..........................................................
$
1,530,610
$
120,913
$
359,879
Investment
in
affiliated
securities--at
cost
................................................
$
14,151
$
15,672
$
540
Assets
Investment
in
securities--at
value
..........................................................
$
3,106,751
$
229,750
$
675,780
Investment
in
affiliated
securities--at
value
.................................................
14,151
15,672
540
Cash
.........................................................................................
23
2
90
Receivables:
Dividends
and
interest
.................................................................
1,799
135
236
Fund
shares
sold
.......................................................................
860
–
9
Investment
securities
sold
.............................................................
–
–
1,749
Variation
margin
on
futures
...........................................................
21
6
–
Total
Assets
3,123,605
245,565
678,404
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
636
90
289
Accrued
distribution
fees
....................................................................
8
–
6
Accrued
directors'
expenses
.................................................................
15
2
4
Accrued
other
expenses
.....................................................................
9
10
6
Payables:
Fund
shares
redeemed
.................................................................
7,998
492
890
Investment
securities
purchased
......................................................
–
–
1,515
Options
and
swaptions
contracts
written
(premiums
received
$
0
,
$
767
and
$
0
)
.....
–
301
–
Total
Liabilities
8,666
895
2,710
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
3,114,939
$
244,670
$
675,694
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
1,114,805
$
117,137
$
274,929
Total
distributable
earnings
(accumulated
loss)
.............................................
2,000,134
127,533
400,765
Total
Net
Assets
$
3,114,939
$
244,670
$
675,694
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
300,000
100,000
105,000
Net
Asset
Value
Per
Share:
Class
1
:
Net
Assets
..........................................................................
$
3,076,503
$
244,670
$
644,877
Shares
issued
and
outstanding
........................................................
121,847
12,731
8,945
Net
Asset
Value
per
share
.............................................................
$
25.25
$
19.22
$
72.10
Class
2
:
Net
Assets
..........................................................................
$
38,436
N/A
$
30,817
Shares
issued
and
outstanding
........................................................
1,544
432
Net
Asset
Value
per
share
.............................................................
$
24.89
$
71.31
Statements
of
Assets
and
Liabilities
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
7
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Principal
Capital
Appreciation
Account
Principal
LifeTime
2010
Account
Principal
LifeTime
2020
Account
Investment
in
securities--at
cost
..........................................................
$
78,698
$
–
$
–
Investment
in
affiliated
securities--at
cost
................................................
$
3,380
$
32,268
$
164,094
Foreign
currency--at
cost
..................................................................
$
23
$
–
$
–
Assets
Investment
in
securities--at
value
..........................................................
$
178,519
$
–
$
–
Investment
in
affiliated
securities--at
value
.................................................
3,380
36,424
198,734
Foreign
currency--at
value
..................................................................
22
–
–
Receivables:
Dividends
and
interest
.................................................................
106
31
128
Fund
shares
sold
.......................................................................
9
262
804
Investment
securities
sold
.............................................................
488
–
–
Total
Assets
182,524
36,717
199,666
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
92
–
–
Accrued
distribution
fees
....................................................................
5
–
–
Accrued
directors'
expenses
.................................................................
2
1
2
Accrued
other
expenses
.....................................................................
7
6
6
Payables:
Fund
shares
redeemed
.................................................................
759
4
48
Investment
securities
purchased
......................................................
759
289
884
Total
Liabilities
1,624
300
940
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
180,900
$
36,417
$
198,726
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
62,235
$
28,979
$
146,748
Total
distributable
earnings
(accumulated
loss)
.............................................
118,665
7,438
51,978
Total
Net
Assets
$
180,900
$
36,417
$
198,726
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
200,000
100,000
200,000
Net
Asset
Value
Per
Share:
Class
1
:
Net
Assets
..........................................................................
$
155,726
$
36,417
$
198,726
Shares
issued
and
outstanding
........................................................
3,975
2,576
12,467
Net
Asset
Value
per
share
.............................................................
$
39.17
$
14.14
$
15.94
Class
2
:
Net
Assets
..........................................................................
$
25,174
N/A
N/A
Shares
issued
and
outstanding
........................................................
652
Net
Asset
Value
per
share
.............................................................
$
38.57
Statements
of
Assets
and
Liabilities
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
8
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Principal
LifeTime
2030
Account
Principal
LifeTime
2040
Account
Principal
LifeTime
2050
Account
Investment
in
affiliated
securities--at
cost
................................................
$
201,871
$
96,220
$
49,105
Assets
Investment
in
affiliated
securities--at
value
.................................................
$
254,169
$
125,594
$
64,635
Receivables:
Dividends
and
interest
.................................................................
116
34
8
Fund
shares
sold
.......................................................................
1,053
294
226
Total
Assets
255,338
125,922
64,869
Liabilities
Accrued
directors'
expenses
.................................................................
2
1
1
Accrued
other
expenses
.....................................................................
5
6
6
Payables:
Fund
shares
redeemed
.................................................................
57
2
2
Investment
securities
purchased
......................................................
1,113
326
233
Total
Liabilities
1,177
335
242
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
254,161
$
125,587
$
64,627
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
186,728
$
89,544
$
46,073
Total
distributable
earnings
(accumulated
loss)
.............................................
67,433
36,043
18,554
Total
Net
Assets
$
254,161
$
125,587
$
64,627
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
200,000
200,000
200,000
Net
Asset
Value
Per
Share:
Class
1
:
Net
Assets
..........................................................................
$
254,161
$
125,587
$
64,627
Shares
issued
and
outstanding
........................................................
16,092
6,272
3,306
Net
Asset
Value
per
share
.............................................................
$
15.79
$
20.02
$
19.55
Statements
of
Assets
and
Liabilities
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
9
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Principal
LifeTime
2060
Account
Principal
LifeTime
Strategic
Income
Account
Real
Estate
Securities
Account
Investment
in
securities--at
cost
..........................................................
$
–
$
–
$
113,259
Investment
in
affiliated
securities--at
cost
................................................
$
11,778
$
28,257
$
743
Assets
Investment
in
securities--at
value
..........................................................
$
–
$
–
$
160,120
Investment
in
affiliated
securities--at
value
.................................................
15,158
31,257
743
Receivables:
Dividends
and
interest
.................................................................
1
29
543
Fund
shares
sold
.......................................................................
23
8
145
Investment
securities
sold
.............................................................
–
–
692
Total
Assets
15,182
31,294
162,243
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
–
–
108
Accrued
distribution
fees
....................................................................
–
–
2
Accrued
directors'
expenses
.................................................................
1
1
2
Accrued
professional
fees
...................................................................
6
6
–
Accrued
other
expenses
.....................................................................
–
–
7
Payables:
Fund
shares
redeemed
.................................................................
–
–
127
Investment
securities
purchased
......................................................
24
38
828
Total
Liabilities
31
45
1,074
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
15,151
$
31,249
$
161,169
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
11,260
$
25,888
$
96,483
Total
distributable
earnings
(accumulated
loss)
.............................................
3,891
5,361
64,686
Total
Net
Assets
$
15,151
$
31,249
$
161,169
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
100,000
100,000
300,000
Net
Asset
Value
Per
Share:
Class
1
:
Net
Assets
..........................................................................
$
15,151
$
31,249
$
152,359
Shares
issued
and
outstanding
........................................................
816
2,363
6,628
Net
Asset
Value
per
share
.............................................................
$
18.56
$
13.23
$
22.99
Class
2
:
Net
Assets
..........................................................................
N/A
N/A
$
8,810
Shares
issued
and
outstanding
........................................................
383
Net
Asset
Value
per
share
.............................................................
$
23.01
Statements
of
Assets
and
Liabilities
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
10
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
SAM
Balanced
Portfolio
SAM
Conservative
Balanced
Portfolio
SAM
Conservative
Growth
Portfolio
Investment
in
affiliated
securities--at
cost
................................................
$
555,812
$
167,316
$
299,689
Assets
Investment
in
affiliated
securities--at
value
.................................................
$
745,349
$
204,276
$
426,402
Receivables:
Dividends
and
interest
.................................................................
234
110
35
Fund
shares
sold
.......................................................................
122
50
1
Investment
securities
sold
.............................................................
746
22
72
Total
Assets
746,451
204,458
426,510
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
138
38
79
Accrued
distribution
fees
....................................................................
30
6
37
Accrued
directors'
expenses
.................................................................
4
2
2
Accrued
other
expenses
.....................................................................
5
6
5
Payables:
Fund
shares
redeemed
.................................................................
867
72
74
Investment
securities
purchased
......................................................
234
111
35
Total
Liabilities
1,278
235
232
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
745,173
$
204,223
$
426,278
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
476,195
$
151,587
$
266,996
Total
distributable
earnings
(accumulated
loss)
.............................................
268,978
52,636
159,282
Total
Net
Assets
$
745,173
$
204,223
$
426,278
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
300,000
200,000
200,000
Net
Asset
Value
Per
Share:
Class
1
:
Net
Assets
..........................................................................
$
598,724
$
171,761
$
244,035
Shares
issued
and
outstanding
........................................................
33,043
12,539
9,978
Net
Asset
Value
per
share
.............................................................
$
18.12
$
13.70
$
24.46
Class
2
:
Net
Assets
..........................................................................
$
146,449
$
32,462
$
182,243
Shares
issued
and
outstanding
........................................................
8,203
2,408
7,583
Net
Asset
Value
per
share
.............................................................
$
17.85
$
13.48
$
24.03
Statements
of
Assets
and
Liabilities
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
11
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
SAM
Flexible
Income
Portfolio
SAM
Strategic
Growth
Portfolio
Short-Term
Income
Account
Investment
in
securities--at
cost
..........................................................
$
–
$
–
$
142,868
Investment
in
affiliated
securities--at
cost
................................................
$
169,219
$
284,780
$
3,164
Assets
Investment
in
securities--at
value
..........................................................
$
–
$
–
$
144,576
(a)
Investment
in
affiliated
securities--at
value
.................................................
188,246
401,375
3,164
Deposits
with
counterparty
..................................................................
–
–
34
Receivables:
Dividends
and
interest
.................................................................
85
–
504
Fund
shares
sold
.......................................................................
6
233
1,747
Investment
securities
sold
.............................................................
29
–
–
Total
Assets
188,366
401,608
150,025
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
35
74
55
Accrued
distribution
fees
....................................................................
8
39
–
Accrued
directors'
expenses
.................................................................
2
2
2
Accrued
other
expenses
.....................................................................
6
5
7
Cash
overdraft
...............................................................................
–
–
1
Payables:
Fund
shares
redeemed
.................................................................
35
33
68
Investment
securities
purchased
......................................................
84
201
26
Variation
margin
on
futures
...........................................................
–
–
2
Collateral
obligation
on
securities
loaned,
at
value
.........................................
–
–
539
Total
Liabilities
170
354
700
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
188,196
$
401,254
$
149,325
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
152,932
$
255,623
$
143,727
Total
distributable
earnings
(accumulated
loss)
.............................................
35,264
145,631
5,598
Total
Net
Assets
$
188,196
$
401,254
$
149,325
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
200,000
200,000
400,000
Net
Asset
Value
Per
Share:
Class
1
:
Net
Assets
..........................................................................
$
150,175
$
210,954
$
149,325
Shares
issued
and
outstanding
........................................................
11,197
7,652
57,447
Net
Asset
Value
per
share
.............................................................
$
13.41
$
27.57
$
2.60
Class
2
:
Net
Assets
..........................................................................
$
38,021
$
190,300
N/A
Shares
issued
and
outstanding
........................................................
2,872
7,020
Net
Asset
Value
per
share
.............................................................
$
13.24
$
27.11
(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,
2021
(unaudited)
12
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
SmallCap
Account
Investment
in
securities--at
cost
......................................................................................................................
$
159,065
Investment
in
affiliated
securities--at
cost
............................................................................................................
$
8,385
Assets
Investment
in
securities--at
value
......................................................................................................................
$
233,013
(a)
Investment
in
affiliated
securities--at
value
.............................................................................................................
8,385
Cash
.....................................................................................................................................................
1,357
Receivables:
Dividends
and
interest
.............................................................................................................................
162
Fund
shares
sold
...................................................................................................................................
4
Investment
securities
sold
.........................................................................................................................
1,158
Total
Assets
244,079
Liabilities
Accrued
management
and
investment
advisory
fees
....................................................................................................
156
Accrued
distribution
fees
................................................................................................................................
2
Accrued
directors'
expenses
.............................................................................................................................
3
Accrued
other
expenses
.................................................................................................................................
7
Payables:
Fund
shares
redeemed
.............................................................................................................................
48
Investment
securities
purchased
..................................................................................................................
3,701
Unrealized
loss
on
unfunded
loan
commitments
..................................................................................................
15
Collateral
obligation
on
securities
loaned,
at
value
.....................................................................................................
5,472
Total
Liabilities
9,404
Net
Assets
Applicable
to
Outstanding
Shares
........................................................................................................
$
234,675
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...........................................................................................................
$
133,130
Total
distributable
earnings
(accumulated
loss)
.........................................................................................................
101,545
Total
Net
Assets
$
234,675
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
........................................................................................................................................
200,000
Net
Asset
Value
Per
Share:
Class
1
:
Net
Assets
......................................................................................................................................
$
224,544
Shares
issued
and
outstanding
....................................................................................................................
10,812
Net
Asset
Value
per
share
.........................................................................................................................
$
20.77
Class
2
:
Net
Assets
......................................................................................................................................
$
10,131
Shares
issued
and
outstanding
....................................................................................................................
491
Net
Asset
Value
per
share
.........................................................................................................................
$
20.64
(a)
Includes
fair
market
value
of
securities
loaned,
see
"Securities
Lending"
in
Notes
to
Financial
Statements.
Statements
of
Operations
Principal
Variable
Contracts
Funds,
Inc.
Six
Months
Ended
June
30,
2021
(unaudited)
13
See
accompanying
notes.
Amounts
in
thousands
Blue
Chip
Account
Bond
Market
Index
Account
Core
Plus
Bond
Account
Net
Investment
Income
(Loss)
Income:
Dividends
......................................................................................
$
13
$
293
$
221
Interest
.........................................................................................
–
23,799
2,910
Securities
lending
-
net
........................................................................
–
70
53
Total
Income
13
24,162
3,184
Expenses:
Management
and
investment
advisory
fees
...................................................
16
1,941
560
Distribution
fees
-
Class
3
.....................................................................
7
N/A
N/A
Administration
service
fees
-
Class
3
.........................................................
4
N/A
N/A
Chief
compliance
officer
expenses
............................................................
–
1
–
Custodian
fees
.................................................................................
1
18
10
Directors'
expenses
............................................................................
1
27
4
Professional fees
..............................................................................
3
2
1
Other
expenses
................................................................................
–
3
–
Total
Gross
Expenses
32
1,992
575
Less:
Reimbursement
from
Manager
-
Class
3
...............................................
4
N/A
N/A
Total
Net
Expenses
28
1,992
575
Net
Investment
Income
(Loss)
(15
)
22,170
2,609
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
and
futures
contracts
Net
realized
gain
(loss)
from:
Investment
transactions
.......................................................................
71
4,777
2,068
Futures
contracts
..............................................................................
–
–
54
Change
in
unrealized
appreciation/depreciation
of:
Investments
....................................................................................
820
(73,525
)
(6,398
)
Futures
contracts
..............................................................................
–
–
(8
)
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
and
futures
contracts
891
(68,748
)
(4,284
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
876
$
(46,578
)
$
(1,675
)
Statements
of
Operations
Principal
Variable
Contracts
Funds,
Inc.
Six
Months
Ended
June
30,
2021
(unaudited)
14
See
accompanying
notes.
Amounts
in
thousands
Diversified
Balanced
Account
Diversified
Balanced
Managed
Volatility
Account
Diversified
Balanced
Volatility
Control
Account
Net
Investment
Income
(Loss)
Income:
Dividends
..................................................................................
$
–
$
–
$
248
Total
Income
–
–
248
Expenses:
Management
and
investment
advisory
fees
...............................................
253
46
117
Distribution
fees
-
Class
2
.................................................................
1,217
230
243
Distribution
fees
-
Class
3
.................................................................
–
–
–
Administration
service
fees
-
Class
3
.....................................................
–
–
–
Directors'
expenses
........................................................................
11
3
3
Professional fees
..........................................................................
2
2
2
Other
expenses
............................................................................
1
–
–
Total
Expenses
1,484
281
365
Net
Investment
Income
(Loss)
(
1,484
)
(
281
)
(
117
)
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
Net
realized
gain
(loss)
from:
Investment
transactions
...................................................................
6
–
2,394
Investment
transactions
in
affiliated
securities
............................................
33,849
3,300
195
Change
in
unrealized
appreciation/depreciation
of:
Investments
................................................................................
–
–
2,061
Investments
in
affiliated
securities
........................................................
30,288
7,575
6,561
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
64,143
10,875
11,211
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
62,659
$
10,594
$
11,094
Statements
of
Operations
Principal
Variable
Contracts
Funds,
Inc.
Six
Months
Ended
June
30,
2021
(unaudited)
15
See
accompanying
notes.
Amounts
in
thousands
Diversified
Growth
Account
Diversified
Growth
Managed
Volatility
Account
Diversified
Growth
Volatility
Control
Account
Net
Investment
Income
(Loss)
Income:
Dividends
..................................................................................
$
–
$
–
$
1,348
Total
Income
–
–
1,348
Expenses:
Management
and
investment
advisory
fees
...............................................
971
96
635
Distribution
fees
-
Class
2
.................................................................
4,855
481
1,322
Distribution
fees
-
Class
3
.................................................................
–
–
–
Administration
service
fees
-
Class
3
.....................................................
–
–
–
Chief
compliance
officer
expenses
........................................................
2
–
–
Directors'
expenses
........................................................................
37
5
10
Professional fees
..........................................................................
2
2
2
Other
expenses
............................................................................
4
–
2
Total
Expenses
5,871
584
1,971
Net
Investment
Income
(Loss)
(
5,871
)
(
584
)
(
623
)
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
Net
realized
gain
(loss)
from:
Investment
transactions
...................................................................
–
–
8,840
Investment
transactions
in
affiliated
securities
............................................
91,099
6,553
836
Change
in
unrealized
appreciation/depreciation
of:
Investments
................................................................................
–
–
13,785
Investments
in
affiliated
securities
........................................................
243,747
24,513
59,928
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
334,846
31,066
83,389
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
328,975
$
30,482
$
82,766
Statements
of
Operations
Principal
Variable
Contracts
Funds,
Inc.
Six
Months
Ended
June
30,
2021
(unaudited)
16
See
accompanying
notes.
Amounts
in
thousands
Diversified
Income
Account
Diversified
International
Account
Equity
Income
Account
Net
Investment
Income
(Loss)
Income:
Dividends
..................................................................................
$
–
$
4,475
$
9,330
Withholding
tax
...........................................................................
–
(
462
)
(
350
)
Securities
lending
-
net
....................................................................
–
21
26
Total
Income
–
4,034
9,006
Expenses:
Management
and
investment
advisory
fees
...............................................
82
1,263
1,793
Distribution
fees
-
Class
3
.................................................................
–
N/A
–
Distribution
fees
-
Class
2
.................................................................
409
N/A
48
Administration
service
fees
-
Class
3
.....................................................
–
N/A
–
Custodian
fees
.............................................................................
–
62
7
Directors'
expenses
........................................................................
4
4
8
Professional fees
..........................................................................
2
13
1
Other
expenses
............................................................................
–
–
1
Total
Expenses
497
1,342
1,858
Net
Investment
Income
(Loss)
(
497
)
2,692
7,148
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
and
foreign
currencies
Net
realized
gain
(loss)
from:
Investment
transactions
...................................................................
–
18,198
64,991
Investment
transactions
in
affiliated
securities
............................................
3,873
–
–
Foreign
currency
transactions
.............................................................
–
(
84
)
–
Change
in
unrealized
appreciation/depreciation
of:
Investments
(net
of
foreign
taxes
of
$
0
,
$
128
and
$
0
,
respectively)
......................
–
2,636
29,253
Investments
in
affiliated
securities
........................................................
9,124
–
–
Translation
of
assets
and
liabilities
in
foreign
currencies
.................................
–
(
14
)
–
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
and
foreign
currencies
12,997
20,736
94,244
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
12,500
$
23,428
$
101,392
Statements
of
Operations
Principal
Variable
Contracts
Funds,
Inc.
Six
Months
Ended
June
30,
2021
(unaudited)
17
See
accompanying
notes.
Amounts
in
thousands
Government
&
High
Quality
Bond
Account
International
Emerging
Markets
Account
LargeCap
Growth
Account
I
Net
Investment
Income
(Loss)
Income:
Dividends
..................................................................................
$
–
$
1,171
$
1,329
Withholding
tax
...........................................................................
–
(
110
)
(
11
)
Interest
.....................................................................................
1,131
–
–
Securities
lending
-
net
....................................................................
–
1
3
Total
Income
1,131
1,062
1,321
Expenses:
Management
and
investment
advisory
fees
...............................................
511
546
2,125
Custodian
fees
.............................................................................
3
29
9
Directors'
expenses
........................................................................
3
2
7
Professional fees
..........................................................................
2
11
1
Other
expenses
............................................................................
–
–
1
Total
Gross
Expenses
519
588
2,143
Less:
Reimbursement
from
Manager
.....................................................
–
–
50
Total
Net
Expenses
519
588
2,093
Net
Investment
Income
(Loss)
612
474
(
772
)
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies
and
futures
contracts
Net
realized
gain
(loss)
from:
Investment
transactions
...................................................................
235
3,953
30,103
Foreign
currency
transactions
.............................................................
–
(
50
)
–
Futures
contracts
..........................................................................
662
–
626
Change
in
unrealized
appreciation/depreciation
of:
Investments
(net
of
foreign
taxes
of
$
0
,
$
344
and
$
0
,
respectively)
......................
(
2,649
)
5,435
57,052
Futures
contracts
..........................................................................
48
–
5
Translation
of
assets
and
liabilities
in
foreign
currencies
.................................
–
9
–
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies
and
futures
contracts
(
1,704
)
9,347
87,786
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
(
1,092
)
$
9,821
$
87,014
Statements
of
Operations
Principal
Variable
Contracts
Funds,
Inc.
Six
Months
Ended
June
30,
2021
(unaudited)
18
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
..................................................................................
$
21,743
$
1,652
$
1,922
Withholding
tax
...........................................................................
–
–
(
55
)
Interest
.....................................................................................
1
–
–
Securities
lending
-
net
....................................................................
19
–
1
Total
Income
21,763
1,652
1,868
Expenses:
Management
and
investment
advisory
fees
...............................................
3,745
538
1,689
Distribution
fees
-
Class
2
.................................................................
41
N/A
34
Chief
compliance
officer
expenses
........................................................
1
–
–
Custodian
fees
.............................................................................
7
7
1
Directors'
expenses
........................................................................
28
3
7
Professional fees
..........................................................................
2
2
1
Other
expenses
............................................................................
17
1
1
Total
Expenses
3,841
551
1,733
Net
Investment
Income
(Loss)
17,922
1,101
135
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
futures
contracts
and
options
and
swaptions
Net
realized
gain
(loss)
from:
Investment
transactions
...................................................................
121,660
6,527
39,693
Futures
contracts
..........................................................................
6,634
536
–
Options
and
swaptions
....................................................................
–
3,448
–
Change
in
unrealized
appreciation/depreciation
of:
Investments
................................................................................
280,545
19,621
40,695
Futures
contracts
..........................................................................
(
826
)
(
60
)
–
Options
and
swaptions
....................................................................
–
(
91
)
–
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
futures
contracts
and
options
and
swaptions
408,013
29,981
80,388
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
425,935
$
31,082
$
80,523
Statements
of
Operations
Principal
Variable
Contracts
Funds,
Inc.
Six
Months
Ended
June
30,
2021
(unaudited)
19
See
accompanying
notes.
Amounts
in
thousands
Principal
Capital
Appreciation
Account
Principal
LifeTime
2010
Account
Principal
LifeTime
2020
Account
Net
Investment
Income
(Loss)
Income:
Dividends
from
affiliated
securities
.......................................................
$
–
$
255
$
1,097
Dividends
..................................................................................
1,258
–
–
Withholding
tax
...........................................................................
(
14
)
–
–
Total
Income
1,244
255
1,097
Expenses:
Management
and
investment
advisory
fees
...............................................
531
–
–
Distribution
fees
-
Class
2
.................................................................
26
N/A
N/A
Custodian
fees
.............................................................................
2
–
–
Directors'
expenses
........................................................................
3
2
3
Professional fees
..........................................................................
1
2
2
Total
Expenses
563
4
5
Net
Investment
Income
(Loss)
681
251
1,092
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
and
foreign
currencies
Net
realized
gain
(loss)
from:
Investment
transactions
...................................................................
10,811
–
–
Investment
transactions
in
affiliated
securities
............................................
–
474
2,240
Foreign
currency
transactions
.............................................................
(
2
)
–
–
Change
in
unrealized
appreciation/depreciation
of:
Investments
................................................................................
11,387
–
–
Investments
in
affiliated
securities
........................................................
–
700
8,802
Translation
of
assets
and
liabilities
in
foreign
currencies
.................................
(
1
)
–
–
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
and
foreign
currencies
22,195
1,174
11,042
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
22,876
$
1,425
$
12,134
Statements
of
Operations
Principal
Variable
Contracts
Funds,
Inc.
Six
Months
Ended
June
30,
2021
(unaudited)
20
See
accompanying
notes.
Amounts
in
thousands
Principal
LifeTime
2030
Account
Principal
LifeTime
2040
Account
Principal
LifeTime
2050
Account
Net
Investment
Income
(Loss)
Income:
Dividends
from
affiliated
securities
.......................................................
$
1,027
$
379
$
127
Total
Income
1,027
379
127
Expenses:
Directors'
expenses
........................................................................
3
2
2
Professional fees
..........................................................................
2
2
2
Total
Expenses
5
4
4
Net
Investment
Income
(Loss)
1,022
375
123
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
Net
realized
gain
(loss)
from:
Investment
transactions
in
affiliated
securities
............................................
2,338
728
261
Change
in
unrealized
appreciation/depreciation
of:
Investments
in
affiliated
securities
........................................................
16,846
10,821
5,933
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
19,184
11,549
6,194
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
20,206
$
11,924
$
6,317
Statements
of
Operations
Principal
Variable
Contracts
Funds,
Inc.
Six
Months
Ended
June
30,
2021
(unaudited)
21
See
accompanying
notes.
Amounts
in
thousands
Principal
LifeTime
2060
Account
Principal
LifeTime
Strategic
Income
Account
Real
Estate
Securities
Account
Net
Investment
Income
(Loss)
Income:
Dividends
from
affiliated
securities
.......................................................
$
22
$
240
$
–
Dividends
..................................................................................
–
–
1,448
Total
Income
22
240
1,448
Expenses:
Management
and
investment
advisory
fees
...............................................
–
–
595
Distribution
fees
-
Class
2
.................................................................
N/A
N/A
10
Custodian
fees
.............................................................................
–
–
2
Directors'
expenses
........................................................................
1
2
3
Professional fees
..........................................................................
2
2
1
Total
Expenses
3
4
611
Net
Investment
Income
(Loss)
19
236
837
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
Net
realized
gain
(loss)
from:
Investment
transactions
...................................................................
–
–
4,715
Investment
transactions
in
affiliated
securities
............................................
31
302
–
Change
in
unrealized
appreciation/depreciation
of:
Investments
................................................................................
–
–
21,809
Investments
in
affiliated
securities
........................................................
1,537
389
–
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
1,568
691
26,524
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
1,587
$
927
$
27,361
Statements
of
Operations
Principal
Variable
Contracts
Funds,
Inc.
Six
Months
Ended
June
30,
2021
(unaudited)
22
See
accompanying
notes.
Amounts
in
thousands
SAM
Balanced
Portfolio
SAM
Conservative
Balanced
Portfolio
SAM
Conservative
Growth
Portfolio
Net
Investment
Income
(Loss)
Income:
Dividends
from
affiliated
securities
.......................................................
$
2,863
$
1,218
$
759
Total
Income
2,863
1,218
759
Expenses:
Management
and
investment
advisory
fees
...............................................
814
226
457
Distribution
fees
-
Class
2
.................................................................
173
38
212
Directors'
expenses
........................................................................
8
3
5
Professional fees
..........................................................................
2
2
2
Other
expenses
............................................................................
1
–
–
Total
Expenses
998
269
676
Net
Investment
Income
(Loss)
1,865
949
83
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
Net
realized
gain
(loss)
from:
Investment
transactions
in
affiliated
securities
............................................
53,313
10,037
20,951
Change
in
unrealized
appreciation/depreciation
of:
Investments
in
affiliated
securities
........................................................
11,988
2,647
26,285
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
65,301
12,684
47,236
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
67,166
$
13,633
$
47,319
Statements
of
Operations
Principal
Variable
Contracts
Funds,
Inc.
Six
Months
Ended
June
30,
2021
(unaudited)
23
See
accompanying
notes.
Amounts
in
thousands
SAM
Flexible
Income
Portfolio
SAM
Strategic
Growth
Portfolio
Short-Term
Income
Account
Net
Investment
Income
(Loss)
Income:
Dividends
from
affiliated
securities
.......................................................
$
1,300
$
248
$
–
Interest
.....................................................................................
–
–
1,202
Securities
lending
-
net
....................................................................
–
–
1
Total
Income
1,300
248
1,203
Expenses:
Management
and
investment
advisory
fees
...............................................
209
426
340
Distribution
fees
-
Class
2
.................................................................
45
222
N/A
Custodian
fees
.............................................................................
–
–
6
Directors'
expenses
........................................................................
3
4
3
Professional fees
..........................................................................
2
2
2
Total
Expenses
259
654
351
Net
Investment
Income
(Loss)
1,041
(
406
)
852
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
and
futures
contracts
Net
realized
gain
(loss)
from:
Investment
transactions
...................................................................
–
–
47
Investment
transactions
in
affiliated
securities
............................................
9,507
19,219
–
Futures
contracts
..........................................................................
–
–
59
Change
in
unrealized
appreciation/depreciation
of:
Investments
................................................................................
–
–
(
1,147
)
Investments
in
affiliated
securities
........................................................
(
1,993
)
30,546
–
Futures
contracts
..........................................................................
–
–
18
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
and
futures
contracts
7,514
49,765
(
1,023
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
8,555
$
49,359
$
(
171
)
Statements
of
Operations
Principal
Variable
Contracts
Funds,
Inc.
Six
Months
Ended
June
30,
2021
(unaudited)
24
See
accompanying
notes.
Amounts
in
thousands
SmallCap
Account
Net
Investment
Income
(Loss)
Income:
Dividends
...........................................................................................................................................
$
1,113
Withholding
tax
....................................................................................................................................
(
6
)
Securities
lending
-
net
.............................................................................................................................
33
Total
Income
1,140
Expenses:
Management
and
investment
advisory
fees
........................................................................................................
912
Distribution
fees
-
Class
2
..........................................................................................................................
12
Custodian
fees
......................................................................................................................................
3
Directors'
expenses
.................................................................................................................................
3
Professional fees
...................................................................................................................................
2
Total
Expenses
932
Net
Investment
Income
(Loss)
208
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
Net
realized
gain
(loss)
from:
Investment
transactions
............................................................................................................................
20,526
Change
in
unrealized
appreciation/depreciation
of:
Investments
.........................................................................................................................................
20,093
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
40,619
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
40,827
Statements
of
Changes
in
Net
Assets
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
25
See
accompanying
notes.
Amounts
in
thousands
Blue
Chip
Account
Bond
Market
Index
Account
Period
Ended
June
30,
2021
Period Ended
December
31,
2020
(a)
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Operations
Net
investment
income
(loss)
............................................................................
$
(
15
)
$
(
2
)
$
22,170
$
51,808
Net
realized
gain
(loss)
on
investments
..................................................................
71
2
4,777
34,032
Change
in
unrealized
appreciation/depreciation
of
investments
.........................................
820
170
(
73,525
)
87,025
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
876
170
(
46,578
)
172,865
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments:
Class
1
..............................................................................................
N/A
N/A
–
(
66,635
)
Class
3
..............................................................................................
–
–
N/A
N/A
Total
Dividends
and
Distributions
–
–
–
(
66,635
)
Capital
Share
Transactions
Dollars
sold:
Class
1
..............................................................................................
N/A
N/A
340,609
731,232
Class
3
..............................................................................................
492
5,000
N/A
N/A
Dollars
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
N/A
N/A
–
66,635
Class
3
..............................................................................................
–
–
N/A
N/A
Dollars
redeemed:
Class
1
..............................................................................................
N/A
N/A
(
154,997
)
(
708,298
)
Class
3
..............................................................................................
–
–
N/A
N/A
Net
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
492
5,000
185,612
89,569
Total
Increase
(Decrease)
1,368
5,170
139,034
195,799
Net
Assets
Beginning
of
period
......................................................................................
5,170
–
2,735,259
2,539,460
End
of
period
............................................................................................
$
6,538
$
5,170
$
2,874,293
$
2,735,259
Increase
(Decrease)
in
Capital
Shares
Shares
sold:
Class
1
..............................................................................................
N/A
N/A
30,948
65,182
Class
3
..............................................................................................
42
500
N/A
N/A
Shares
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
N/A
N/A
–
5,971
Class
3
..............................................................................................
–
–
N/A
N/A
Shares
redeemed:
Class
1
..............................................................................................
N/A
N/A
(
14,134
)
(
63,937
)
Class
3
..............................................................................................
–
–
N/A
N/A
Net
Increase
(Decrease)
..................................................................................
42
500
16,814
7,216
(a)
Period
from
December
9,
2020,
date
operations
commenced,
through
December
31,
2020.
Statements
of
Changes
in
Net
Assets
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
26
See
accompanying
notes.
Amounts
in
thousands
Core
Plus
Bond
Account
Diversified
Balanced
Account
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
(a)
Operations
Net
investment
income
(loss)
............................................................................
$
2,609
$
4,918
$
(
1,484
)
$
19,207
Net
realized
gain
(loss)
on
investments
and
futures
contracts
...........................................
2,122
10,718
33,855
59,571
Change
in
unrealized
appreciation/depreciation
of
investments
and
futures
contracts
..................
(
6,406
)
7,744
30,288
37,371
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(
1,675
)
23,380
62,659
116,149
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments:
Class
1
..............................................................................................
–
(
9,503
)
–
(
2,241
)
Class
2
..............................................................................................
N/A
N/A
–
(
52,088
)
Class
3
..............................................................................................
N/A
N/A
–
–
Total
Dividends
and
Distributions
–
(
9,503
)
–
(
54,329
)
Capital
Share
Transactions
Dollars
sold:
Class
1
..............................................................................................
19,492
59,751
616
1,819
Class
2
..............................................................................................
N/A
N/A
7,484
6,443
Class
3
..............................................................................................
N/A
N/A
–
10
Dollars
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
9,503
–
2,241
Class
2
..............................................................................................
N/A
N/A
–
52,088
Class
3
..............................................................................................
N/A
N/A
–
–
Dollars
redeemed:
Class
1
..............................................................................................
(
30,525
)
(
80,049
)
(
1,985
)
(
6,732
)
Class
2
..............................................................................................
N/A
N/A
(
67,985
)
(
126,371
)
Class
3
..............................................................................................
N/A
N/A
–
–
Net
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
(
11,033
)
(
10,795
)
(
61,870
)
(
70,502
)
Total
Increase
(Decrease)
(
12,708
)
3,082
789
(
8,682
)
Net
Assets
Beginning
of
period
......................................................................................
255,956
252,874
1,020,276
1,028,958
End
of
period
............................................................................................
$
243,248
$
255,956
$
1,021,065
$
1,020,276
Increase
(Decrease)
in
Capital
Shares
Shares
sold:
Class
1
..............................................................................................
1,631
4,979
34
113
Class
2
..............................................................................................
N/A
N/A
413
387
Class
3
..............................................................................................
N/A
N/A
–
1
Shares
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
795
–
137
Class
2
..............................................................................................
N/A
N/A
–
3,184
Class
3
..............................................................................................
N/A
N/A
–
–
Shares
redeemed:
Class
1
..............................................................................................
(
2,545
)
(
6,709
)
(
109
)
(
408
)
Class
2
..............................................................................................
N/A
N/A
(
3,740
)
(
7,660
)
Class
3
..............................................................................................
N/A
N/A
–
–
Net
Increase
(Decrease)
..................................................................................
(
914
)
(
935
)
(
3,402
)
(
4,246
)
(a)
Period
from
December
9,
2020,
date
operations
commenced,
through
December
31,
2020
for
Class
3
shares.
Statements
of
Changes
in
Net
Assets
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
27
See
accompanying
notes.
Amounts
in
thousands
Diversified
Balanced
Managed
Volatility
Account
Diversified
Balanced
Volatility
Control
Account
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
(a)
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
(a)
Operations
Net
investment
income
(loss)
............................................................................
$
(
281
)
$
3,179
$
(
117
)
$
2,771
Net
realized
gain
(loss)
on
investments
..................................................................
3,300
3,997
2,589
3,221
Change
in
unrealized
appreciation/depreciation
of
investments
.........................................
7,575
12,698
8,622
8,635
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
10,594
19,874
11,094
14,627
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments:
Class
2
..............................................................................................
–
(
9,814
)
–
(
4,487
)
Class
3
..............................................................................................
–
–
–
–
Total
Dividends
and
Distributions
–
(
9,814
)
–
(
4,487
)
Capital
Share
Transactions
Dollars
sold:
Class
2
..............................................................................................
6,018
9,530
17,927
30,906
Class
3
..............................................................................................
–
10
–
10
Dollars
issued
in
reinvestment
of
dividends
and
distributions:
Class
2
..............................................................................................
–
9,814
–
4,487
Class
3
..............................................................................................
–
–
–
–
Dollars
redeemed:
Class
2
..............................................................................................
(
14,149
)
(
20,500
)
(
3,217
)
(
6,435
)
Class
3
..............................................................................................
–
–
–
–
Net
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
(
8,131
)
(
1,146
)
14,710
28,968
Total
Increase
(Decrease)
2,463
8,914
25,804
39,108
Net
Assets
Beginning
of
period
......................................................................................
185,149
176,235
184,479
145,371
End
of
period
............................................................................................
$
187,612
$
185,149
$
210,283
$
184,479
Increase
(Decrease)
in
Capital
Shares
Shares
sold:
Class
2
..............................................................................................
427
739
1,408
2,639
Class
3
..............................................................................................
–
1
–
1
Shares
issued
in
reinvestment
of
dividends
and
distributions:
Class
2
..............................................................................................
–
771
–
384
Class
3
..............................................................................................
–
–
–
–
Shares
redeemed:
Class
2
..............................................................................................
(
1,008
)
(
1,602
)
(
253
)
(
553
)
Class
3
..............................................................................................
–
–
–
–
Net
Increase
(Decrease)
..................................................................................
(
581
)
(
91
)
1,155
2,471
(a)
Period
from
December
9,
2020,
date
operations
commenced,
through
December
31,
2020
for
Class
3
shares.
Statements
of
Changes
in
Net
Assets
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
28
See
accompanying
notes.
Amounts
in
thousands
Diversified
Growth
Account
Diversified
Growth
Managed
Volatility
Account
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
(a)
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
(a)
Operations
Net
investment
income
(loss)
............................................................................
$
(
5,871
)
$
68,287
$
(
584
)
$
6,062
Net
realized
gain
(loss)
on
investments
..................................................................
91,099
201,785
6,553
9,139
Change
in
unrealized
appreciation/depreciation
of
investments
.........................................
243,747
201,145
24,513
29,119
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
328,975
471,217
30,482
44,320
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments:
Class
2
..............................................................................................
–
(
190,828
)
–
(
22,413
)
Class
3
..............................................................................................
–
–
–
–
Total
Dividends
and
Distributions
–
(
190,828
)
–
(
22,413
)
Capital
Share
Transactions
Dollars
sold:
Class
2
..............................................................................................
19,699
17,827
9,781
13,484
Class
3
..............................................................................................
–
10
–
10
Dollars
issued
in
reinvestment
of
dividends
and
distributions:
Class
2
..............................................................................................
–
190,828
–
22,413
Class
3
..............................................................................................
–
–
–
–
Dollars
redeemed:
Class
2
..............................................................................................
(
227,941
)
(
408,107
)
(
24,064
)
(
33,253
)
Class
3
..............................................................................................
–
–
–
–
Net
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
(
208,242
)
(
199,442
)
(
14,283
)
2,654
Total
Increase
(Decrease)
120,733
80,947
16,199
24,561
Net
Assets
Beginning
of
period
......................................................................................
3,853,092
3,772,145
378,248
353,687
End
of
period
............................................................................................
$
3,973,825
$
3,853,092
$
394,447
$
378,248
Increase
(Decrease)
in
Capital
Shares
Shares
sold:
Class
2
..............................................................................................
933
966
655
1,020
Class
3
..............................................................................................
–
1
–
1
Shares
issued
in
reinvestment
of
dividends
and
distributions:
Class
2
..............................................................................................
–
10,405
–
1,709
Class
3
..............................................................................................
–
–
–
–
Shares
redeemed:
Class
2
..............................................................................................
(
10,837
)
(
22,032
)
(
1,606
)
(
2,480
)
Class
3
..............................................................................................
–
–
–
–
Net
Increase
(Decrease)
..................................................................................
(
9,904
)
(
10,660
)
(
951
)
250
(a)
Period
from
December
9,
2020,
date
operations
commenced,
through
December
31,
2020
for
Class
3
shares.
Statements
of
Changes
in
Net
Assets
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
29
See
accompanying
notes.
Amounts
in
thousands
Diversified
Growth
Volatility
Control
Account
Diversified
Income
Account
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
(a)
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
(a)
Operations
Net
investment
income
(loss)
............................................................................
$
(
623
)
$
13,788
$
(
497
)
$
6,093
Net
realized
gain
(loss)
on
investments
..................................................................
9,676
15,480
3,873
7,377
Change
in
unrealized
appreciation/depreciation
of
investments
.........................................
73,713
53,997
9,124
18,607
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
82,766
83,265
12,500
32,077
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments:
Class
2
..............................................................................................
–
(
26,804
)
–
(
10,799
)
Class
3
..............................................................................................
–
–
–
–
Total
Dividends
and
Distributions
–
(
26,804
)
–
(
10,799
)
Capital
Share
Transactions
Dollars
sold:
Class
2
..............................................................................................
79,553
158,414
25,310
60,558
Class
3
..............................................................................................
–
10
–
10
Dollars
issued
in
reinvestment
of
dividends
and
distributions:
Class
2
..............................................................................................
–
26,804
–
10,799
Class
3
..............................................................................................
–
–
–
–
Dollars
redeemed:
Class
2
..............................................................................................
(
10,386
)
(
11,521
)
(
32,494
)
(
48,998
)
Class
3
..............................................................................................
–
–
–
–
Net
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
69,167
173,707
(
7,184
)
22,369
Total
Increase
(Decrease)
151,933
230,168
5,316
43,647
Net
Assets
Beginning
of
period
......................................................................................
995,585
765,417
323,535
279,888
End
of
period
............................................................................................
$
1,147,518
$
995,585
$
328,851
$
323,535
Increase
(Decrease)
in
Capital
Shares
Shares
sold:
Class
2
..............................................................................................
6,010
13,413
1,683
4,296
Class
3
..............................................................................................
–
1
–
1
Shares
issued
in
reinvestment
of
dividends
and
distributions:
Class
2
..............................................................................................
–
2,277
–
768
Class
3
..............................................................................................
–
–
–
–
Shares
redeemed:
Class
2
..............................................................................................
(
785
)
(
960
)
(
2,157
)
(
3,488
)
Class
3
..............................................................................................
–
–
–
–
Net
Increase
(Decrease)
..................................................................................
5,225
14,731
(
474
)
1,577
(a)
Period
from
December
9,
2020,
date
operations
commenced,
through
December
31,
2020
for
Class
3
shares.
Statements
of
Changes
in
Net
Assets
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
30
See
accompanying
notes.
Amounts
in
thousands
Diversified
International
Account
Equity
Income
Account
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
(a)
Operations
Net
investment
income
(loss)
............................................................................
$
2,692
$
2,924
$
7,148
$
15,088
Net
realized
gain
(loss)
on
investments
and
foreign
currencies
.........................................
18,114
2,355
64,991
3,936
Change
in
unrealized
appreciation/depreciation
of
investments
.........................................
2,622
35,065
29,253
28,636
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
23,428
40,344
101,392
47,660
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments:
Class
1
..............................................................................................
–
(
6,493
)
–
(
33,840
)
Class
2
..............................................................................................
N/A
N/A
–
(
1,309
)
Class
3
..............................................................................................
N/A
N/A
–
–
Total
Dividends
and
Distributions
–
(
6,493
)
–
(
35,149
)
Capital
Share
Transactions
Dollars
sold:
Class
1
..............................................................................................
9,893
23,408
22,594
69,175
Class
2
..............................................................................................
N/A
N/A
6,921
5,224
Class
3
..............................................................................................
N/A
N/A
22
10
Dollars
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
��
6,493
–
33,840
Class
2
..............................................................................................
N/A
N/A
–
1,309
Class
3
..............................................................................................
N/A
N/A
–
–
Dollars
redeemed:
Class
1
..............................................................................................
(
19,316
)
(
38,794
)
(
193,714
)
(
100,507
)
Class
2
..............................................................................................
N/A
N/A
(
1,841
)
(
4,904
)
Class
3
..............................................................................................
N/A
N/A
–
–
Net
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
(
9,423
)
(
8,893
)
(
166,018
)
4,147
Total
Increase
(Decrease)
14,005
24,958
(
64,626
)
16,658
Net
Assets
Beginning
of
period
......................................................................................
291,726
266,768
789,843
773,185
End
of
period
............................................................................................
$
305,731
$
291,726
$
725,217
$
789,843
Increase
(Decrease)
in
Capital
Shares
Shares
sold:
Class
1
..............................................................................................
529
1,592
733
2,814
Class
2
..............................................................................................
N/A
N/A
225
205
Class
3
..............................................................................................
N/A
N/A
1
–
(b)
Shares
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
429
–
1,364
Class
2
..............................................................................................
N/A
N/A
–
53
Class
3
..............................................................................................
N/A
N/A
–
–
Shares
redeemed:
Class
1
..............................................................................................
(
1,035
)
(
2,591
)
(
6,214
)
(
3,991
)
Class
2
..............................................................................................
N/A
N/A
(
61
)
(
197
)
Class
3
..............................................................................................
N/A
N/A
–
–
Net
Increase
(Decrease)
..................................................................................
(
506
)
(
570
)
(
5,316
)
248
(a)
Period
from
December
9,
2020,
date
operations
commenced,
through
December
31,
2020
for
Class
3
shares.
(b)
Reflects
an
amount
less
than
500
shares
sold.
Statements
of
Changes
in
Net
Assets
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
31
See
accompanying
notes.
Amounts
in
thousands
Government
&
High
Quality
Bond
Account
International
Emerging
Markets
Account
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Operations
Net
investment
income
(loss)
............................................................................
$
612
$
2,928
$
474
$
575
Net
realized
gain
(loss)
on
investments,
foreign
currencies
and
futures
contracts
......................
897
1,550
3,903
1,801
Change
in
unrealized
appreciation/depreciation
of
investments
and
futures
contracts
..................
(2,601)
2,307
5,444
12,316
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(1,092)
6,785
9,821
14,692
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments:
Class
1
..............................................................................................
–
(5,987)
–
(1,960)
Total
Dividends
and
Distributions
–
(5,987)
–
(1,960)
Capital
Share
Transactions
Dollars
sold:
Class
1
..............................................................................................
11,550
48,406
6,115
6,687
Dollars
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
5,987
–
1,960
Dollars
redeemed:
Class
1
..............................................................................................
(49,254)
(68,527)
(8,009)
(17,269)
Net
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
(37,704)
(14,134)
(1,894)
(8,622)
Total
Increase
(Decrease)
(38,796)
(13,336)
7,927
4,110
Net
Assets
Beginning
of
period
......................................................................................
227,996
241,332
93,839
89,729
End
of
period
............................................................................................
$
189,200
$
227,996
$
101,766
$
93,839
Increase
(Decrease)
in
Capital
Shares
Shares
sold:
Class
1
..............................................................................................
1,178
4,870
287
403
Shares
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
610
–
117
Shares
redeemed:
Class
1
..............................................................................................
(5,027)
(6,882)
(375)
(1,050)
Net
Increase
(Decrease)
..................................................................................
(3,849)
(1,402)
(88)
(530)
Statements
of
Changes
in
Net
Assets
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
32
See
accompanying
notes.
Amounts
in
thousands
LargeCap
Growth
Account
I
LargeCap
S&P
500
Index
Account
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Operations
Net
investment
income
(loss)
............................................................................
$
(
772
)
$
(
766
)
$
17,922
$
42,203
Net
realized
gain
(loss)
on
investments
and
futures
contracts
...........................................
30,729
89,670
128,294
305,143
Change
in
unrealized
appreciation/depreciation
of
investments
and
futures
contracts
..................
57,057
81,761
279,719
151,298
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
87,014
170,665
425,935
498,644
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments:
Class
1
..............................................................................................
–
(
32,044
)
–
(
209,074
)
Class
2
..............................................................................................
N/A
N/A
–
(
1,726
)
Total
Dividends
and
Distributions
–
(
32,044
)
–
(
210,800
)
Capital
Share
Transactions
Dollars
sold:
Class
1
..............................................................................................
25,899
76,419
67,952
412,611
Class
2
..............................................................................................
N/A
N/A
8,401
10,151
Dollars
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
32,044
–
209,074
Class
2
..............................................................................................
N/A
N/A
–
1,726
Dollars
redeemed:
Class
1
..............................................................................................
(
46,678
)
(
137,380
)
(
305,638
)
(
707,658
)
Class
2
..............................................................................................
N/A
N/A
(
2,354
)
(
2,283
)
Net
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
(
20,779
)
(
28,917
)
(
231,639
)
(
76,379
)
Total
Increase
(Decrease)
66,235
109,704
194,296
211,465
Net
Assets
Beginning
of
period
......................................................................................
612,357
502,653
2,920,643
2,709,178
End
of
period
............................................................................................
$
678,592
$
612,357
$
3,114,939
$
2,920,643
Increase
(Decrease)
in
Capital
Shares
Shares
sold:
Class
1
..............................................................................................
516
1,875
2,878
23,526
Class
2
..............................................................................................
N/A
N/A
366
525
Shares
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
747
–
10,760
Class
2
..............................................................................................
N/A
N/A
–
90
Shares
redeemed:
Class
1
..............................................................................................
(
920
)
(
3,339
)
(
12,904
)
(
35,841
)
Class
2
..............................................................................................
N/A
N/A
(
106
)
(
124
)
Net
Increase
(Decrease)
..................................................................................
(
404
)
(
717
)
(
9,766
)
(
1,064
)
Statements
of
Changes
in
Net
Assets
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
33
See
accompanying
notes.
Amounts
in
thousands
LargeCap
S&P
500
Managed
Volatility
Index
Account
MidCap
Account
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Operations
Net
investment
income
(loss)
............................................................................
$
1,101
$
2,849
$
135
$
712
Net
realized
gain
(loss)
on
investments
,
futures
contracts
and
options
and
swaptions
..................
10,511
14,091
39,693
52,550
Change
in
unrealized
appreciation/depreciation
of
investments
,
futures
contracts
and
options
and
swaptions
.................................................................................................
19,470
20,710
40,695
44,805
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
31,082
37,650
80,523
98,067
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments:
Class
1
..............................................................................................
–
(
8,348
)
–
(
55,618
)
Class
2
..............................................................................................
N/A
N/A
–
(
2,129
)
Total
Dividends
and
Distributions
–
(
8,348
)
–
(
57,747
)
Capital
Share
Transactions
Dollars
sold:
Class
1
..............................................................................................
5,454
28,455
7,355
16,217
Class
2
..............................................................................................
N/A
N/A
3,121
3,754
Dollars
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
8,348
–
55,618
Class
2
..............................................................................................
N/A
N/A
–
2,129
Dollars
redeemed:
Class
1
..............................................................................................
(
26,978
)
(
48,772
)
(
43,668
)
(
94,297
)
Class
2
..............................................................................................
N/A
N/A
(
1,374
)
(
2,666
)
Net
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
(
21,524
)
(
11,969
)
(
34,566
)
(
19,245
)
Total
Increase
(Decrease)
9,558
17,333
45,957
21,075
Net
Assets
Beginning
of
period
......................................................................................
235,112
217,779
629,737
608,662
End
of
period
............................................................................................
$
244,670
$
235,112
$
675,694
$
629,737
Increase
(Decrease)
in
Capital
Shares
Shares
sold:
Class
1
..............................................................................................
301
2,164
111
298
Class
2
..............................................................................................
N/A
N/A
46
66
Shares
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
552
–
1,013
Class
2
..............................................................................................
N/A
N/A
–
39
Shares
redeemed:
Class
1
..............................................................................................
(
1,483
)
(
3,262
)
(
650
)
(
1,635
)
Class
2
..............................................................................................
N/A
N/A
(
21
)
(
48
)
Net
Increase
(Decrease)
..................................................................................
(
1,182
)
(
546
)
(
514
)
(
267
)
Statements
of
Changes
in
Net
Assets
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
34
See
accompanying
notes.
Amounts
in
thousands
Principal
Capital
Appreciation
Account
Principal
LifeTime
2010
Account
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Operations
Net
investment
income
(loss)
............................................................................
$
681
$
1,495
$
251
$
627
Net
realized
gain
(loss)
on
investments
and
foreign
currencies
.........................................
10,809
7,923
474
1,964
Change
in
unrealized
appreciation/depreciation
of
investments
.........................................
11,386
16,879
700
993
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
22,876
26,297
1,425
3,584
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments:
Class
1
..............................................................................................
–
(
8,219
)
–
(
1,397
)
Class
2
..............................................................................................
–
(
845
)
N/A
N/A
Total
Dividends
and
Distributions
–
(
9,064
)
–
(
1,397
)
Capital
Share
Transactions
Dollars
sold:
Class
1
..............................................................................................
1,902
5,155
3,355
13,158
Class
2
..............................................................................................
5,161
4,919
N/A
N/A
Dollars
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
8,219
–
1,397
Class
2
..............................................................................................
–
845
N/A
N/A
Dollars
redeemed:
Class
1
..............................................................................................
(
13,232
)
(
25,015
)
(
4,187
)
(
12,417
)
Class
2
..............................................................................................
(
1,521
)
(
2,405
)
N/A
N/A
Net
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
(
7,690
)
(
8,282
)
(
832
)
2,138
Total
Increase
(Decrease)
15,186
8,951
593
4,325
Net
Assets
Beginning
of
period
......................................................................................
165,714
156,763
35,824
31,499
End
of
period
............................................................................................
$
180,900
$
165,714
$
36,417
$
35,824
Increase
(Decrease)
in
Capital
Shares
Shares
sold:
Class
1
..............................................................................................
52
179
243
1,023
Class
2
..............................................................................................
144
159
N/A
N/A
Shares
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
269
–
108
Class
2
..............................................................................................
–
28
N/A
N/A
Shares
redeemed:
Class
1
..............................................................................................
(
363
)
(
824
)
(
303
)
(
965
)
Class
2
..............................................................................................
(
44
)
(
81
)
N/A
N/A
Net
Increase
(Decrease)
..................................................................................
(
211
)
(
270
)
(
60
)
166
Statements
of
Changes
in
Net
Assets
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
35
See
accompanying
notes.
Amounts
in
thousands
Principal
LifeTime
2020
Account
Principal
LifeTime
2030
Account
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Operations
Net
investment
income
(loss)
............................................................................
$
1,092
$
3,226
$
1,022
$
3,386
Net
realized
gain
(loss)
on
investments
..................................................................
2,240
10,967
2,338
8,619
Change
in
unrealized
appreciation/depreciation
of
investments
.........................................
8,802
5,602
16,846
16,183
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
12,134
19,795
20,206
28,188
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments:
Class
1
..............................................................................................
–
(
7,874
)
–
(
7,444
)
Total
Dividends
and
Distributions
–
(
7,874
)
–
(
7,444
)
Capital
Share
Transactions
Dollars
sold:
Class
1
..............................................................................................
13,860
41,931
30,112
60,753
Dollars
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
7,874
–
7,444
Dollars
redeemed:
Class
1
..............................................................................................
(
21,435
)
(
58,034
)
(
24,448
)
(
42,822
)
Net
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
(
7,575
)
(
8,229
)
5,664
25,375
Total
Increase
(Decrease)
4,559
3,692
25,870
46,119
Net
Assets
Beginning
of
period
......................................................................................
194,167
190,475
228,291
182,172
End
of
period
............................................................................................
$
198,726
$
194,167
$
254,161
$
228,291
Increase
(Decrease)
in
Capital
Shares
Shares
sold:
Class
1
..............................................................................................
897
2,969
1,984
4,701
Shares
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
569
–
570
Shares
redeemed:
Class
1
..............................................................................................
(
1,387
)
(
4,285
)
(
1,628
)
(
3,418
)
Net
Increase
(Decrease)
..................................................................................
(
490
)
(
747
)
356
1,853
Statements
of
Changes
in
Net
Assets
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
36
See
accompanying
notes.
Amounts
in
thousands
Principal
LifeTime
2040
Account
Principal
LifeTime
2050
Account
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Operations
Net
investment
income
(loss)
............................................................................
$
375
$
1,600
$
123
$
709
Net
realized
gain
(loss)
on
investments
..................................................................
728
4,034
261
1,976
Change
in
unrealized
appreciation/depreciation
of
investments
.........................................
10,821
9,163
5,933
4,442
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
11,924
14,797
6,317
7,127
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments:
Class
1
..............................................................................................
–
(3,620)
–
(1,684)
Total
Dividends
and
Distributions
–
(3,620)
–
(1,684)
Capital
Share
Transactions
Dollars
sold:
Class
1
..............................................................................................
17,390
23,228
12,154
9,945
Dollars
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
3,620
–
1,684
Dollars
redeemed:
Class
1
..............................................................................................
(10,864)
(16,293)
(3,623)
(6,174)
Net
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
6,526
10,555
8,531
5,455
Total
Increase
(Decrease)
18,450
21,732
14,848
10,898
Net
Assets
Beginning
of
period
......................................................................................
107,137
85,405
49,779
38,881
End
of
period
............................................................................................
$
125,587
$
107,137
$
64,627
$
49,779
Increase
(Decrease)
in
Capital
Shares
Shares
sold:
Class
1
..............................................................................................
916
1,475
651
656
Shares
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
227
–
111
Shares
redeemed:
Class
1
..............................................................................................
(568)
(1,044)
(195)
(412)
Net
Increase
(Decrease)
..................................................................................
348
658
456
355
Statements
of
Changes
in
Net
Assets
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
37
See
accompanying
notes.
Amounts
in
thousands
Principal
LifeTime
2060
Account
Principal
LifeTime
Strategic
Income
Account
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Operations
Net
investment
income
(loss)
............................................................................
$
19
$
154
$
236
$
576
Net
realized
gain
(loss)
on
investments
..................................................................
31
316
302
1,263
Change
in
unrealized
appreciation/depreciation
of
investments
.........................................
1,537
1,132
389
900
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
1,587
1,602
927
2,739
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments:
Class
1
..............................................................................................
–
(
346
)
–
(
686
)
Total
Dividends
and
Distributions
–
(
346
)
–
(
686
)
Capital
Share
Transactions
Dollars
sold:
Class
1
..............................................................................................
3,728
5,470
3,140
13,699
Dollars
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
346
–
686
Dollars
redeemed:
Class
1
..............................................................................................
(
1,632
)
(
3,735
)
(
3,843
)
(
11,692
)
Net
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
2,096
2,081
(
703
)
2,693
Total
Increase
(Decrease)
3,683
3,337
224
4,746
Net
Assets
Beginning
of
period
......................................................................................
11,468
8,131
31,025
26,279
End
of
period
............................................................................................
$
15,151
$
11,468
$
31,249
$
31,025
Increase
(Decrease)
in
Capital
Shares
Shares
sold:
Class
1
..............................................................................................
213
395
243
1,125
Shares
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
24
–
56
Shares
redeemed:
Class
1
..............................................................................................
(
93
)
(
277
)
(
297
)
(
968
)
Net
Increase
(Decrease)
..................................................................................
120
142
(
54
)
213
Statements
of
Changes
in
Net
Assets
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
38
See
accompanying
notes.
Amounts
in
thousands
Real
Estate
Securities
Account
SAM
Balanced
Portfolio
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Operations
Net
investment
income
(loss)
............................................................................
$
837
$
2,591
$
1,865
$
11,114
Net
realized
gain
(loss)
on
investments
..................................................................
4,715
9,588
53,313
15,288
Change
in
unrealized
appreciation/depreciation
of
investments
.........................................
21,809
(
19,045
)
11,988
42,753
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
27,361
(
6,866
)
67,166
69,155
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments:
Class
1
..............................................................................................
–
(
10,113
)
–
(
28,428
)
Class
2
..............................................................................................
–
(
471
)
–
(
6,281
)
Total
Dividends
and
Distributions
–
(
10,584
)
–
(
34,709
)
Capital
Share
Transactions
Dollars
sold:
Class
1
..............................................................................................
11,815
14,394
13,076
15,889
Class
2
..............................................................................................
859
2,633
5,532
12,156
Dollars
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
10,113
–
28,428
Class
2
..............................................................................................
–
471
–
6,281
Dollars
redeemed:
Class
1
..............................................................................................
(
14,997
)
(
33,684
)
(
37,526
)
(
77,946
)
Class
2
..............................................................................................
(
451
)
(
1,825
)
(
6,062
)
(
15,097
)
Net
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
(
2,774
)
(
7,898
)
(
24,980
)
(
30,289
)
Total
Increase
(Decrease)
24,587
(
25,348
)
42,186
4,157
Net
Assets
Beginning
of
period
......................................................................................
136,582
161,930
702,987
698,830
End
of
period
............................................................................................
$
161,169
$
136,582
$
745,173
$
702,987
Increase
(Decrease)
in
Capital
Shares
Shares
sold:
Class
1
..............................................................................................
562
757
753
1,033
Class
2
..............................................................................................
41
136
324
811
Shares
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
571
–
1,893
Class
2
..............................................................................................
–
27
–
424
Shares
redeemed:
Class
1
..............................................................................................
(
716
)
(
1,781
)
(
2,163
)
(
5,156
)
Class
2
..............................................................................................
(
22
)
(
94
)
(
359
)
(
1,001
)
Net
Increase
(Decrease)
..................................................................................
(
135
)
(
384
)
(
1,445
)
(
1,996
)
Statements
of
Changes
in
Net
Assets
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
39
See
accompanying
notes.
Amounts
in
thousands
SAM
Conservative
Balanced
Portfolio
SAM
Conservative
Growth
Portfolio
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Operations
Net
investment
income
(loss)
............................................................................
$
949
$
3,643
$
83
$
4,716
Net
realized
gain
(loss)
on
investments
..................................................................
10,037
2,428
20,951
7,957
Change
in
unrealized
appreciation/depreciation
of
investments
.........................................
2,647
10,081
26,285
30,555
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
13,633
16,152
47,319
43,228
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments:
Class
1
..............................................................................................
–
(
6,527
)
–
(
7,057
)
Class
2
..............................................................................................
–
(
1,120
)
–
(
4,603
)
Total
Dividends
and
Distributions
–
(
7,647
)
–
(
11,660
)
Capital
Share
Transactions
Dollars
sold:
Class
1
..............................................................................................
9,521
10,993
9,868
15,388
Class
2
..............................................................................................
3,999
6,465
8,012
10,170
Dollars
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
6,527
–
7,057
Class
2
..............................................................................................
–
1,120
–
4,603
Dollars
redeemed:
Class
1
..............................................................................................
(
13,758
)
(
24,358
)
(
19,422
)
(
28,311
)
Class
2
..............................................................................................
(
3,761
)
(
4,138
)
(
4,114
)
(
12,707
)
Net
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
(
3,999
)
(
3,391
)
(
5,656
)
(
3,800
)
Total
Increase
(Decrease)
9,634
5,114
41,663
27,768
Net
Assets
Beginning
of
period
......................................................................................
194,589
189,475
384,615
356,847
End
of
period
............................................................................................
$
204,223
$
194,589
$
426,278
$
384,615
Increase
(Decrease)
in
Capital
Shares
Shares
sold:
Class
1
..............................................................................................
725
905
428
809
Class
2
..............................................................................................
308
542
354
541
Shares
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
548
–
365
Class
2
..............................................................................................
–
95
–
242
Shares
redeemed:
Class
1
..............................................................................................
(
1,034
)
(
2,063
)
(
840
)
(
1,484
)
Class
2
..............................................................................................
(
293
)
(
354
)
(
181
)
(
682
)
Net
Increase
(Decrease)
..................................................................................
(
294
)
(
327
)
(
239
)
(
209
)
Statements
of
Changes
in
Net
Assets
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
40
See
accompanying
notes.
Amounts
in
thousands
SAM
Flexible
Income
Portfolio
SAM
Strategic
Growth
Portfolio
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Operations
Net
investment
income
(loss)
............................................................................
$
1,041
$
4,396
$
(
406
)
$
3,541
Net
realized
gain
(loss)
on
investments
..................................................................
9,507
2,977
19,219
8,211
Change
in
unrealized
appreciation/depreciation
of
investments
.........................................
(
1,993
)
4,312
30,546
35,189
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
8,555
11,685
49,359
46,941
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments:
Class
1
..............................................................................................
–
(
7,314
)
–
(
6,858
)
Class
2
..............................................................................................
–
(
1,558
)
–
(
5,802
)
Total
Dividends
and
Distributions
–
(
8,872
)
–
(
12,660
)
Capital
Share
Transactions
Dollars
sold:
Class
1
..............................................................................................
7,545
12,405
8,892
17,678
Class
2
..............................................................................................
4,177
7,059
5,259
10,818
Dollars
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
7,314
–
6,858
Class
2
..............................................................................................
–
1,558
–
5,802
Dollars
redeemed:
Class
1
..............................................................................................
(
13,675
)
(
30,419
)
(
12,007
)
(
23,845
)
Class
2
..............................................................................................
(
2,668
)
(
5,053
)
(
5,859
)
(
11,395
)
Net
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
(
4,621
)
(
7,136
)
(
3,715
)
5,916
Total
Increase
(Decrease)
3,934
(
4,323
)
45,644
40,197
Net
Assets
Beginning
of
period
......................................................................................
184,262
188,585
355,610
315,413
End
of
period
............................................................................................
$
188,196
$
184,262
$
401,254
$
355,610
Increase
(Decrease)
in
Capital
Shares
Shares
sold:
Class
1
..............................................................................................
580
1,003
346
858
Class
2
..............................................................................................
323
577
206
543
Shares
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
601
–
327
Class
2
..............................................................................................
–
129
–
281
Shares
redeemed:
Class
1
..............................................................................................
(
1,050
)
(
2,490
)
(
468
)
(
1,170
)
Class
2
..............................................................................................
(
206
)
(
415
)
(
230
)
(
555
)
Net
Increase
(Decrease)
..................................................................................
(
353
)
(
595
)
(
146
)
284
Statements
of
Changes
in
Net
Assets
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
41
See
accompanying
notes.
Amounts
in
thousands
Short-Term
Income
Account
SmallCap
Account
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Period
Ended
June
30,
2021
Year
Ended
December
31,
2020
Operations
Net
investment
income
(loss)
............................................................................
$
852
$
2,255
$
208
$
397
Net
realized
gain
(loss)
on
investments
and
futures
contracts
...........................................
106
1,329
20,526
8,395
Change
in
unrealized
appreciation/depreciation
of
investments
and
futures
contracts
..................
(
1,129
)
1,248
20,093
28,277
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(
171
)
4,832
40,827
37,069
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments:
Class
1
..............................................................................................
–
(
3,166
)
–
(
12,854
)
Class
2
..............................................................................................
N/A
N/A
–
(
488
)
Total
Dividends
and
Distributions
–
(
3,166
)
–
(
13,342
)
Capital
Share
Transactions
Dollars
sold:
Class
1
..............................................................................................
20,121
76,173
10,927
11,103
Class
2
..............................................................................................
N/A
N/A
889
1,429
Dollars
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
3,166
–
12,854
Class
2
..............................................................................................
N/A
N/A
–
488
Dollars
redeemed:
Class
1
..............................................................................................
(
27,644
)
(
54,838
)
(
21,398
)
(
35,244
)
Class
2
..............................................................................................
N/A
N/A
(
832
)
(
1,358
)
Net
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
(
7,523
)
24,501
(
10,414
)
(
10,728
)
Total
Increase
(Decrease)
(
7,694
)
26,167
30,413
12,999
Net
Assets
Beginning
of
period
......................................................................................
157,019
130,852
204,262
191,263
End
of
period
............................................................................................
$
149,325
$
157,019
$
234,675
$
204,262
Increase
(Decrease)
in
Capital
Shares
Shares
sold:
Class
1
..............................................................................................
7,748
29,351
559
841
Class
2
..............................................................................................
N/A
N/A
45
102
Shares
issued
in
reinvestment
of
dividends
and
distributions:
Class
1
..............................................................................................
–
1,223
–
965
Class
2
..............................................................................................
N/A
N/A
–
37
Shares
redeemed:
Class
1
..............................................................................................
(
10,645
)
(
21,193
)
(
1,097
)
(
2,487
)
Class
2
..............................................................................................
N/A
N/A
(
44
)
(
96
)
Net
Increase
(Decrease)
..................................................................................
(
2,897
)
9,381
(
537
)
(
638
)
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
42
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
Managed
Volatility
Account,
Diversified
Balanced
Volatility
Control
Account,
Diversified
Growth
Account,
Diversified
Growth
Managed
Volatility
Account,
Diversified
Growth
Volatility
Control
Account,
Diversified
Income
Account,
Diversified
International
Account,
Equity
Income
Account,
Government
&
High
Quality
Bond
Account,
International
Emerging
Markets
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
2010
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
and
SmallCap
Account
(known
as
the
“Accounts”),
are
presented
herein.
Principal
LifeTime
2010
Account,
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
Accounts”.
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”.
Each
of
the
Accounts
is
an
investment
company
and
applies
specialized
accounting
and
reporting
under
Accounting
Standards
Codification
(“ASC”)
Topic
946,
Financial
Services
-
Investment
Companies
.
The
Accounts
have
not
provided
financial
support
and
are
not
contractually
required
to
provide
financial
support
to
any
investee.
Effective
December
9,
2020,
the
initial
purchase
of
$5,000,000
of
Class
3
shares
of
Blue
Chip
Account
was
made
by
Principal
Financial
Services,
Inc.
Effective
December
9,
2020,
the
initial
purchases
of
$10,000
of
Class
3
shares
of
the
following
Accounts
were
made
by
the
Principal
Global
Investors,
LLC
(“Manager”).
All
classes
of
shares
for
each
of
the
Accounts
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
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
Accounts:
Security
Valuation.
The
Accounts
may
invest
in
other
series
of
the
Fund,
Principal
Funds,
Inc.,
and
other
publicly
traded
investment
funds,
which
are
valued
at
the
closing
net
asset
value
per
share
on
the
day
of
valuation.
In
addition,
the
Accounts
may
invest
in
Principal
Exchange-
Traded
Funds,
which
are
valued
at
closing
exchange
price.
The
shares
of
the
other
series
of
the
Fund,
Principal
Funds,
Inc.,
and
Principal
Exchange-Traded
Funds
are
referred
to
as
the
“Affiliated
Underlying
Funds”
and
collectively,
with
other
publicly
traded
investment
funds
are
referred
to
as
the
“Underlying
Funds”.
The
Accounts
(with
the
exception
of
Diversified
Balanced
Volatility
Control
Account,
Diversified
Balanced
Managed
Volatility
Account,
Diversified
Growth
Account,
Diversified
Growth
Managed
Volatility
Account,
Diversified
Growth
Volatility
Control
Account,
Diversified
Income
Account,
Principal
LifeTime
Accounts,
and
SAM
Portfolios)
value
securities
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
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
or,
in
the
case
of
certain
credit
default
swaps,
a
mean
price
provided
by
a
pricing
service.
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
Diversified
Balanced
Account
Diversified
Growth
Managed
Volatility
Account
Diversified
Balanced
Managed
Volatility
Account
Diversified
Growth
Volatility
Control
Account
Diversified
Balanced
Volatility
Control
Account
Diversified
Income
Account
Diversified
Growth
Account
Equity
Income
Account
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
43
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
Accounts’
net
asset
values
are
reflected
in
the
Accounts’
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
Accounts
invest
in
foreign
securities
listed
on
foreign
exchanges
which
trade
on
days
on
which
the
Accounts
do
not
determine
net
asset
values,
for
example,
weekends
and
other
customary
national
U.S.
holidays,
the
Accounts’
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
Accounts’
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 accounts
held
securities
denominated
in
foreign
currencies
that
exceeded
5%
of
net
assets
of
the
respective
account as
of
June
30,
2021:
Income
and
Investment
Transactions.
The Accounts
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
Accounts
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 Accounts
are
informed
of
the
ex-dividend
date.
Interest
income
is
recognized
on
an
accrual
basis.
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,
Diversified
International
Account
Euro
22.7
%
Japanese
Yen
15.7
British
Pound
Sterling
9.7
Hong
Kong
Dollar
7.9
Swiss
Franc
7.1
Canadian
Dollar
6.0
International
Emerging
Markets
Account
Hong
Kong
Dollar
30.4%
Indian
Rupee
14.5
New
Taiwan
Dollar
13.1
South
Korean
Won
12.0
Brazilian
Real
7.5
2.
Significant
Accounting
Policies
(continued)
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
44
if
other
than
par.
The Accounts
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
from
Real
Estate
Investment
Trusts
("REITs")
may
be
characterized
as
ordinary
income,
capital
gain,
or
a
return
of
capital
to
the
account.
The
proper
characterization
of
REIT
distributions
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 account
are
charged
to
that
account.
Other
expenses
not
directly
attributed
to
a
particular account
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 Accounts
bear
directly,
each
of
the Accounts
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 Accounts
may
own
different
proportions
of
the Underlying
Funds
at
different
times,
the
amount
of
expense
incurred
indirectly
by
each Account
will
vary.
Expenses
included
in
the
statements
of
operations
and
financial
highlights
of
the Accounts 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,
short
sales,
partnership
investments,
REITs,
utilization
of
earnings
and
profits
distributed
to
shareholders
on
redemption
of
shares,
and
limitations
imposed
by
Sections
381
–
384
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 Accounts
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
Accounts’
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.
During
the period
ended
June
30,
2021,
the Accounts
did
not
record
any
such
tax
benefit
or
expense
in
the
accompanying
financial
statements.
The
statute
of
limitations
remains
open
for
the
last
three
fiscal
years,
once
a
return
is
filed.
No
examinations
are
in
progress
at
this
time.
Foreign
Taxes.
Certain
of
the Accounts
are
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
they
invest.
Foreign
income
taxes
are
accrued
by
the Accounts
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 Accounts
have
filed
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.
Gains
realized
upon
the
disposition
of
certain
foreign
securities
held
by
certain
Accounts
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
Accounts
accrue
an
estimated
tax
liability
for
future
gains
on
certain
foreign
securities.
Any accrued
foreign
tax
liability
is
shown
on
the
statements
of
assets
and
liabilities. As
of June
30,
2021,
Diversified
International
Account
and
International
Emerging
Markets
Account
had
an
accrued
foreign
tax
liability
of
$128,000
and
$344,000,
respectively.
2.
Significant
Accounting
Policies
(continued)
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
45
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.
Management
is
evaluating
the impact
of
the
ASU over
the
period
of
time
the
ASU
is
effective.
3.
Operating
Policies
Borrowings.
Pursuant
to
an
exemptive
order
issued
by
the
Securities
and
Exchange
Commission
(the
"SEC"),
the
Accounts and
other
registered
investment
companies
managed
by
the
Manager
may
participate
in
an
interfund
lending
facility
(“Facility”).
The
Facility
allows
the Accounts
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
(the
higher
of
(
i
)
the
Federal
Funds
Rate
or
(ii)
the
LIBOR
rate
plus
1.00%).
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
were
no
outstanding
loans
or borrowings
as
of
June
30,
2021.
During
the period
ended
June
30,
2021, Accounts
lending
to
the
Facility
were
as
follows
(amounts
in
thousands):
During
the period
ended
June
30,
2021, Accounts
borrowing
from
the
Facility
were
as
follows
(amounts
in
thousands):
In
addition,
the
Accounts
participate
with
other
registered
investment
companies
managed
by
the
Manager
in
an
unsecured
joint
line
of
credit
with
a
bank
which
allows
the
participants
to
borrow
up
to
$250
million,
collectively,
effective
April
19,
2021.
Prior
to
April
19,
2021,
participants
could
borrow
up
to
$100
million,
collectively.
Borrowings
are
made
solely
to
facilitate
the
handling
of
unusual
and/or
unanticipated
short-term
cash
requirements.
Interest
is
charged
to
each
participant,
based
on
its
borrowings,
at
a
rate
equal
to
the
higher
of
the
Federal
Funds
Rate
or
the
One
Month
LIBOR
rate
(or
such
successor
if
no
longer
available)
plus
1.25%.
Additionally,
a
commitment
fee
is
charged
at
an
annual
rate
of
.15%
(effective
April
19,
2021
and
thereafter)
on
the
amount
of
the
line
of
credit
which
is
allocated
to
each
participant
based
on
average
net
assets.
Prior
to
April
19,
2021,
the
commitment
fee
was
charged
at
an
annual
rate
of
.20%.
The
interest
expense
associated
with
these
borrowings
is
included
in
other
expenses
on
the
statements
of
operations.
There
were
no
outstanding
borrowings
against
the
line
of
credit
as
of
June
30,
2021.
During
the
period
ended
June
30,
2021,
there
were
no
borrowings
from
the
line
of
credit.
Average
Daily
Amount
Loaned
Weighted
Average
Annual
Interest
Rate
Bond
Market
Index
Account
$
2,243
0.63
%
Core
Plus
Bond
Account
110
0.69
Diversified
International
Account
14
0.69
Equity
Income
Account
71
0.58
Government
&
High
Quality
Bond
Account
54
0.67
International
Emerging
Markets
Account
5
0.59
LargeCap
Growth
Account
I
29
0.69
LargeCap
S&P
500
Index
Account
422
0.64
LargeCap
S&P
500
Managed
Volatility
Index
Account
35
0.70
MidCap
Account
3
0.70
Short-Term
Income
Account
29
0.70
Average
Daily
Outstanding
Balance
Weighted
Average
Annual
Interest
Rate
Diversified
Balanced
Volatility
Control
Account
$
48
0.68
%
Diversified
Growth
Volatility
Control
Account
210
0.66
Diversified
International
Account
9
0.69
International
Emerging
Markets
Account
1
0.61
LargeCap
S&P
500
Index
Account
246
0.69
MidCap
Account
44
0.69
Real
Estate
Securities
Account
29
0.66
SmallCap
Account
4
0.60
2.
Significant
Accounting
Policies
(continued)
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
46
Contingent
Convertible
Securities.
As
footnoted
in
the
schedules
of
investments,
certain
of
the
Accounts
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
an
account 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
account's
complete
loss
on
an
investment
in
CoCos
with
no
chance
of
recovery
even
if
the
issuer
remains
in
existence.
Counterparties.
The
Accounts
may
be
exposed
to
counterparty
risk,
or
the
risk
that
another
party
with
which
the
Accounts
have
unsettled
or
open
transactions
will
fail
to
perform
on
their
commitment.
To
the
extent
that
unpaid
amounts
owed
to
the
Accounts
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
Accounts
in
the
form
of
cash
or
cash
equivalents
equal
in
value
to
the
unpaid
amount
owed
to
the
Accounts.
If
the
unpaid
amount
owed
to
the
Accounts
subsequently
decreases,
the
Accounts
would
be
required
to
return
all
or
a
portion
of
the
collateral.
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,
2021
,
no
Accounts
had
financial
assets
and
liabilities
subject
to
Master
Netting
Agreements
or
similar
agreements.
Cross
Trades.
The
Accounts
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
an
account may
be
considered
affiliated
with
any
portfolio
for
which
the
account'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,
2021,
none
of
the
Accounts
had
material
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 Accounts may
pledge
cash
to
a
broker
for
securities
sold
short.
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
47
As
of
June
30,
2021,
deposits
with
counterparty
were
as
follows
(amounts
in
thousands):
Deposits
from
Counterparty.
Cash
received
from
a
counterparty
as
collateral
is
reflected
as
a
liability
on
the
statements
of
assets
and
liabilities
as
deposits
from
counterparty.
There
are
a
variety
of
security
types
which
require
varying
levels
of
pledged
collateral.
The
collateral
posted
to
the Accounts
by
the
broker
is
received
in
the
account’s
custodian
account.
As
of
June
30,
2021,
there
were
no
deposits
from
counterparty.
Foreign
Currency
Contracts.
Certain
of
the
Accounts
may
be
subject
to
foreign
currency
exchange
rate
risk
in
the
normal
course
of
pursuing
such
Accounts’
investment
objectives.
The
Accounts
may
use
foreign
currency
contracts
to
gain
exposure
to,
or
hedge
against
changes
in
the
value
of
foreign
currencies.
Certain
of
the
Accounts
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
Accounts
as
an
unrealized
gain
or
loss.
When
the
contract
is
closed,
the
Accounts
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
Accounts’
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
Accounts
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 Accounts
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 Accounts
(with
the
exception
of
Diversified
Balanced
Account,
Diversified
Balanced
Managed
Volatility
Account, Diversified
Growth
Account,
Diversified
Growth
Managed
Volatility
Account,
Diversified
Income
Account,
Principal
LifeTime
Accounts,
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 an
account agrees
to
receive
from
or
pay
to
the
broker,
an
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 account
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 account
recognizes
a
realized
gain
or
loss
equal
to
the
difference
between
the
proceeds
from,
or
cost
of,
the
closing
transaction
and
the
account’s
cost
basis
in
the
contract.
There
is
minimal
counterparty
credit
risk
to
the Accounts
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
Accounts
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
and
Government
&
High
Quality
Bond
Account.
The
notional
values
of
the
futures
contracts
will
vary
in
accordance
with the
changing
duration
of
these
accounts.
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 Accounts
has
valued
the
investments.
This
may
have
an
adverse
effect
on
each
of
the
Accounts'
ability
to
dispose
of
particular
illiquid
securities
at
fair
value
and
may
limit
each
of
the
Accounts’
ability
to
obtain
accurate
market
quotations
for
purposes
of
valuing
the
securities.
FCM
(Futures
and
Cleared
Swaps)
ISDA
(OTC
Derivatives)
MSFTA
(Forward
Currency
Contracts
and
TBA
Securities)
Total
Deposits
with
Counterparty
Core
Plus
Bond
Account
$
—
$
1
$
8
$
9
Government
&
High
Quality
Bond
Account
118
—
—
118
LargeCap
Growth
Account
I
77
—
—
77
Short-Term
Income
Account
34
—
—
34
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
48
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.
Inflation-Indexed
Bonds.
Certain
of
the
Accounts
may
invest
in
inflation-indexed
bonds.
Inflation-indexed
bonds
are
fixed-income
securities
whose
principal
value
is
periodically
adjusted
to
the
rate
of
inflation.
The
interest
rate
on
these
bonds
is
generally
fixed
at
issuance
at
a
rate
lower
than
typical
bonds.
Over
the
life
of
an
inflation-indexed
bond,
however,
interest
will
be
paid
based
on
a
principal
value,
which
is
adjusted
for
inflation.
Any
increase
or
decrease
in
the
principal
amount
of
an
inflation-indexed
bond
will
be
included
as
interest
income
on
the
statements
of
operations,
even
though
the
Accounts
would
not
receive
the
principal
until
maturity.
Mortgage
Dollar
Rolls.
Certain
of
the
Accounts
have
entered
into
mortgage-dollar-roll
transactions
on TBA
securities,
in
which
the
Accounts
sell
mortgage-backed
securities
and
simultaneously
agree
to
purchase
similar
securities
in
the
future
at
a
predetermined
price.
The
proceeds
of
the
securities
sold
in
mortgage-dollar-roll
transactions
are
invested
in
additional
securities.
The
Accounts
forgo
principal
and
interest
paid
on
the
securities
and
are
compensated
by
interest
earned
on
the
proceeds
of
the
initial
sale
and
by
a
lower
price
on
the
securities
to
be
repurchased.
The
Accounts
treat
mortgage-dollar-roll
transactions
as
purchases
and
sales;
as
such,
these
transactions
may
increase
the
Accounts’
portfolio
turnover
ratio.
Amounts
to
be
received
or
paid
in
connection
with
open
mortgage-dollar-rolls
are
included
in
investment
securities
sold
and
investment
securities
purchased
on
the
statements
of
assets
and
liabilities.
Options
Contracts.
During
the
period ended
June
30,
2021
,
LargeCap
S&P
500
Managed
Volatility
Index
Account
wrote
call
and
put
options
on indices
it owns
or
in
which it
may
invest
for
both
hedging
and
non-hedging
purposes.
Writing
put
options
tends
to
increase
an
account’s
exposure
to
the
underlying
instrument.
Writing
call
options
tends
to
decrease
an
account’s
exposure
to
the
underlying
instrument.
When
an
account
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
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.
An
account,
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 an
account may
not
be
able
to
enter
into
a
closing
transaction
because
of
an
illiquid
market.
The
maximum
potential
amount
of
future
payments
(undiscounted)
that
an
account 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
schedule
of
investments. An
account may
also
purchase
put
and
call
options.
Purchasing
call
options
tends
to
increase an
account's
exposure
to
the
underlying
instrument.
Purchasing
put
options
tends
to
decrease an
account's
exposure
to
the
underlying
instrument.
An
account pays
a
premium
which
is
included
on
the account'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
Accounts'
schedules
of
investments.
Private
Investments
in
Public
Equity.
The
Accounts
may
invest
in
private
investments
in
public
equity
(“PIPE”)
which
are
issued
by
a
company
in
the
secondary
market
as
a
means
of
raising
capital.
In
connection
with
PIPE
investments,
the
Accounts
may
enter
into
unfunded
commitments.
Commitments
may
be
subject
to
various
contingencies
and
are
recognized
as
a
financial
instrument
when
the
commitment
is
legally
binding.
These
contingencies
are
considered
in
the
valuation
of
the
commitments.
The
Accounts
are
obligated
to
fund
these
commitments
when
the
contingencies
are
met
and
therefore,
the
Accounts
must
have
funds
sufficient
to
cover
its
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
are
categorized
as
Level
2
within
the
disclosure
hierarchy.
As
of
June
30,
2021,
the
Accounts
had
unfunded
commitments
in
connection
with
PIPE
investments
as
follows
(amounts
in
thousands):
Rebates.
Subject
to
best
execution,
the Accounts
may
direct
certain
portfolio
transactions
to
brokerage
firms
that,
in
turn,
have
agreed
to
rebate
a
portion
of
the
related
brokerage
commission
to
the
Accounts
in
cash.
Commission
rebates
are
included
as
a
component
of
realized
gain
from
investment
transactions
in
the
statements
of
operations.
Unfunded
Commitment
Unrealized
Gain/(Loss)
SmallCap
Account
$
134
$
(15)
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
49
Repurchase
Agreements.
The
Accounts
may
invest
in
repurchase
agreements
that
are
fully
collateralized,
typically
by
U.S.
government
or
U.S.
government
agency
securities.
It
is
the Fund's
policy
that
the
counterparties’
custodian
takes
possession
of
the
underlying
collateral
securities.
The
fair
value
of
the
collateral
is
at
all
times
at
least
equal
to
the
total
amount
of
the
repurchase
obligation.
In
the
event
of
default
on
the
obligation
to
repurchase,
the
Accounts
have
the
right
to
liquidate
the
collateral
and
apply
the
proceeds
in
satisfaction
of
the
obligation.
In
the
event
the
seller
of
a
repurchase
agreement
defaults,
the
Accounts
could
experience
delays
in
the
realization
of
the
collateral.
Restricted
Securities.
Certain
of
the
Accounts
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
on
the
schedules
of
investments,
certain
of
the
Accounts
may
lend
portfolio
securities
to
approved
brokerage
firms.
The
Accounts
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
Accounts
and
any
additional
required
collateral
is
delivered
to
the
Accounts
on
the
next
business
day.
The
cash
collateral
received
is
usually
invested
in
a
SEC-registered
money
market
mutual
fund
and
the
Accounts
could
realize
a
loss
on
such
investments.
Further,
the
Accounts
could
experience
a
delay
in
recovering
its
securities
and
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
them.
Security
lending
income,
net
of
related
fees, is
shown
on
the
statements
of
operations.
Senior
Floating
Rate
Interests.
The
Accounts
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”),
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
account
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
or
the
LIBOR
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
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
Accounts
may
also
enter
into
unfunded
loan
commitments.
All
or
a
portion
of
the
loan
commitments
may
be
unfunded.
The
Accounts
are
obligated
to
fund
these
loan
commitments
at
the
Borrower’s
discretion.
Therefore,
the
Accounts
must
have
funds
sufficient
to
cover
its
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
2
within
the
disclosure
hierarchy.
As
of
June
30,
2021
,
the
Accounts
had
no
unfunded
loan
commitments.
Short
Sales.
Certain
of
the
Accounts
may
enter
into
short
sales
transactions.
A
short
sale
is
a
transaction
in
which
an
account
sells
a
security
it
does
not
own
as
a
hedge
against
some
of
its
long
positions
and/or
in
anticipation
of
a
decline
in
the
market
price
of
the
security.
The
account
must
borrow
the
security
sold
short
and
deliver
it
to
the
broker
dealer
which
made
the
short
sale.
A
security
sold
in
a
short
sale
transaction
and
the
interest
or
dividend
payable
on
the
security
if
any,
is
reflected
as
a
liability
on
the
statements
of
assets
and
liabilities.
The
account
is
obligated
to
pay
any
interest
or
dividends
received
on
the
borrowed
securities.
Interest
accrued
and
dividends
declared
on
short
positions
are
recorded
as
an
expense
and,
if
any,
appear
as
dividends
and
interest
on
shorts
on
the
statements
of
operations.
An
account
is
obligated
to
deliver
the
security
at
the
market
price
at
the
time
the
short
position
is
closed.
Possible
losses
from
short
sales
may
be
unlimited.
The
account
is
required
to
pledge
cash
or
securities
to
the
broker
as
collateral
for
securities
sold
short.
Collateral
requirements
are
calculated
daily
based
on
the
current
market
value
of
the
short
positions.
Cash
deposited
with
the
broker
for
collateral
is
included
in
deposits
with
counterparty
on
the
statements
of
assets
and
liabilities
and
securities
segregated
as
collateral
are
footnoted
in
the
schedules
of
investments.
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
50
The
account
may
pay
broker’s
fees
on
the
borrowed
securities
and
may
also
pay
a
financing
charge
for
the
difference
in
the
market
value
of
the
short
position
and
cash
collateral
deposited
with
the
broker.
These
fees
would
be
included
as
short
sale
fees
on
the
statements
of
operations.
No
Accounts
entered
into
short
sales
transactions
during
the
period
ended
June
30,
2021.
Swap
Agreements.
Certain
of
the
Accounts
may enter
into
swap
agreements.
Swap
agreements
are
negotiated
agreements
between
an
account 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.
An
account
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 Accounts
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 Accounts
and
any
counterparty
are
required
to
maintain
an
agreement
that
requires
the Accounts
and
that
counterparty
to
monitor
the
net
fair
value
of
all
derivative
transactions
entered
into
pursuant
to
the
contract
between
the Accounts
and
such
counterparty.
If
the
net
fair
value
of
such
derivatives
transactions
between
the Accounts
and
that
counterparty
exceeds
a
certain
threshold
(as
defined
in
the
agreement),
the Accounts
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 Accounts
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, an
account would
add
leverage
to
its
portfolio
because,
in
addition
to
its
total
net
assets,
an
account would
be
subject
to
investment
exposure
on
the
notional
amount
of
the
swap.
If an
account
is
a
seller
of
protection
and
a
credit
event
occurs,
as
defined
under
the
terms
of
that
particular
swap
agreement,
the account
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 an
account
is
a
buyer
of
protection
and
a
credit
event
occurs,
as
defined
under
the
terms
of
that
particular
swap
agreement,
an
account will
either
(i)
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
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
51
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.
An
account
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
an
account
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,
2021
for
which an
account
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 an
account
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 Accounts
may
trade
portfolio
securities
on
a
TBA
or
when-issued
basis.
In
a
TBA
or
when-issued
transaction,
the Accounts
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
Accounts,
normally
15
to
30
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
of
the
Principal
LifeTime
Accounts,
each
of
the
SAM
Portfolios,
Diversified
Balanced
Account,
Diversified
Balanced
Volatility
Control
Account,
Diversified
Balanced
Managed
Volatility
Account,
Diversified
Growth
Account,
Diversified
Growth
Managed
Volatility
Account,
Diversified
Growth
Volatility
Control
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
invest.
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.,
and
Principal
Exchange-Traded
Funds.
The
Manager
is
committed
to
minimizing
the
potential
impact
of
Underlying
Fund
risk
on
Affiliated
Underlying
Funds
to
the
extent
consistent
with
pursuing
the
investment
objectives
of
the
fund
of
funds
which
it
manages.
Each
may
face
conflicts
of
interest
in
fulfilling
its
responsibilities
to
all
such
funds.
Shareholder
reports
for
the
Affiliated
Underlying
Funds
can
be
found
at
www.principalfunds.com.
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
52
As
of
June
30,
2021,
series
of
the
Fund
owned
the
following
percentages,
in
aggregate,
of
the
outstanding
shares
of
the
Affiliated
Underlying
Funds
listed
below:
U.S.
Government
Agencies
or
Government-Sponsored
Enterprises.
Certain
of
the Accounts
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 Accounts'
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
98.89%
Equity
Income
Account
23.78
Government
&
High
Quality
Bond
Account
27.03
LargeCap
S&P
500
Index
Account
82.26
LargeCap
S&P
500
Managed
Volatility
Index
Account
100.00
Asset
Derivatives
June
30,
2021
Liability
Derivatives
June
30,
2021
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)
$
82
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
89
*
Government
&
High
Quality
Bond
Account
Interest
rate
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
66
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
—
LargeCap
Growth
Account
I
Equity
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
17
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
—
LargeCap
S&P
500
Index
Account
Equity
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
174
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
—
LargeCap
S&P
500
Managed
Volatility
Index
Account
Equity
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
462
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
301
Short-Term
Income
Account
Interest
rate
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
18
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
—
*
Includes
cumulative
unrealized
appreciation/depreciation
of
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.
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
53
The
following
table
includes
a
summary
of
the
average
quarterly
outstanding
notional
by
derivative
instrument
type
for
the period
ended
June
30,
2021 (amounts
in
thousands):
4.
Fair
Valuation
Fair
value
is
defined
as
the
price
that
the Accounts
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 Accounts
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
Accounts.
Unobservable
inputs
are
inputs
that
reflect
the
account's
own
estimates
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
Interest
rate
contracts
Net
realized
gain
(loss)
from
Futures
contracts/
Net
change
in
unrealized
appreciation/
(depreciation)
of
Futures
contracts
$
54
$
(8)
Government
&
High
Quality
Bond
Account
Interest
rate
contracts
Net
realized
gain
(loss)
from
Futures
contracts/
Net
change
in
unrealized
appreciation/
(depreciation)
of
Futures
contracts
$
662
$
48
LargeCap
Growth
Account
I
Equity
contracts
Net
realized
gain
(loss)
from
Futures
contracts/
Net
change
in
unrealized
appreciation/
(depreciation)
of
Futures
contracts
$
626
$
5
LargeCap
S&P
500
Index
Account
Equity
contracts
Net
realized
gain
(loss)
from
Futures
contracts/
Net
change
in
unrealized
appreciation/
(depreciation)
of
Futures
contracts
$
6,634
$
(826)
LargeCap
S&P
500
Managed
Volatility
Index
Account
Equity
contracts
Net
realized
gain
(loss)
from
Investment
transactions,
Futures
contracts,
and
Options
and
swaptions
/Net
change
in
unrealized
appreciation/
(depreciation)
of
Investments,
Futures
contracts,
and
Options
and
swaptions
$
(519)
$
(28)
Short-Term
Income
Account
Interest
rate
contracts
Net
realized
gain
(loss)
from
Futures
contracts/
Net
change
in
unrealized
appreciation/
(depreciation)
of
Futures
contracts
$
59
$
18
Contract
Type
Derivative
Type
Average
Notional
Core
Plus
Bond
Account
Interest
Rate
Contracts
Futures
-
Long
$
4,178
Futures
-
Short
12,450
Government
&
High
Quality
Bond
Account
Interest
Rate
Contracts
Futures
-
Long
12,905
Futures
-
Short
9,915
LargeCap
Growth
Account
I
Equity
Contracts
Futures
-
Long
2,289
LargeCap
S&P
500
Index
Account
Equity
Contracts
Futures
-
Long
40,372
LargeCap
S&P
500
Managed
Volatility
Index
Account
Equity
Contracts
Futures
-
Long
4,732
Purchased
Options
30
Written
Options
30
Short-Term
Income
Account
Interest
Rate
Contracts
Futures
-
Short
5,187
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
54
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
1
–
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
listed
derivatives.
●
Level
2
–
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,
senior
floating
rate
interests,
municipal
bonds,
and
U.S.
Government
and
Government
Agency
Obligations.
●
Level
3
–
Significant
unobservable
inputs
(including
the
Accounts’
assumptions
in
determining
the
fair
value
of
investments).
Investments
which are
generally included
in
this
category
include
certain
common
stocks,
corporate
bonds,
mortgage
backed
securities
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
Accounts
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
Accounts'
own
assumptions
are
set
to
reflect
those
that
market
participants
would
use
in
pricing
the
asset
or
liability
at
the
measurement
date.
The
Accounts
use
prices
and
inputs
that
are
current
as
of
the
measurement
date,
when
available.
Investments
which
are
included
in
the
Level
3
category
may
be
valued
using
indicative
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
these
investments.
These
investments
are
classified
as
Level
3
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.
Significant
increases
in
discount
rates
would
have
resulted
in
a
significantly
lower
fair
value
measurements.
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.
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
55
The
following
is
a
summary
of
the
inputs
used
as
of June
30,
2021
in
valuing
the
Accounts'
securities
carried
at
fair
value
(amounts
in
thousands):
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Blue
Chip
Account
Common
Stocks*
$
6,541
$
—
$
—
$
6,541
Investment
Companies
17
—
—
17
Total
investments
in
securities
$
6,558
$
—
$
—
$
6,558
Bond
Market
Index
Account
Bonds*
—
943,210
—
943,210
Investment
Companies
300,369
—
—
300,369
Municipal
Bonds*
—
17,325
—
17,325
U.S.
Government
&
Government
Agency
Obligations*
—
1,858,184
—
1,858,184
Total
investments
in
securities
$
300,369
$
2,818,719
$
—
$
3,119,088
Core
Plus
Bond
Account
Bonds*
—
148,748
17
148,765
Common
Stocks
Energy
—
264
—
264
Investment
Companies
37,826
—
—
37,826
Senior
Floating
Rate
Interests*
—
3,831
—
3,831
U.S.
Government
&
Government
Agency
Obligations*
—
78,237
—
78,237
Total
investments
in
securities
$
37,826
$
231,080
$
17
$
268,923
Assets
Interest
Rate
Contracts
Futures**
82
—
—
82
Liabilities
Interest
Rate
Contracts
Futures**
(89)
—
—
(89)
Diversified
Balanced
Account
Bonds*
—
—
—
—
Investment
Companies
1,021,318
—
—
1,021,318
Total
investments
in
securities
$
1,021,318
$
—
$
—
$
1,021,318
Diversified
Balanced
Managed
Volatility
Account
Investment
Companies
187,666
—
—
187,666
Total
investments
in
securities
$
187,666
$
—
$
—
$
187,666
Diversified
Balanced
Volatility
Control
Account
Investment
Companies
210,411
—
—
210,411
Total
investments
in
securities
$
210,411
$
—
$
—
$
210,411
Diversified
Growth
Account
Investment
Companies
3,974,823
—
—
3,974,823
Total
investments
in
securities
$
3,974,823
$
—
$
—
$
3,974,823
Diversified
Growth
Managed
Volatility
Account
Investment
Companies
394,553
—
—
394,553
Total
investments
in
securities
$
394,553
$
—
$
—
$
394,553
Diversified
Growth
Volatility
Control
Account
Investment
Companies
1,149,454
—
—
1,149,454
Total
investments
in
securities
$
1,149,454
$
—
$
—
$
1,149,454
Diversified
Income
Account
Investment
Companies
328,940
—
—
328,940
Total
investments
in
securities
$
328,940
$
—
$
—
$
328,940
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
56
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Diversified
Income
Account
Diversified
International
Account
Common
Stocks
Basic
Materials
$
3,476
$
12,422
$
—
$
15,898
Communications
3,289
12,945
—
16,234
Consumer,
Cyclical
5,190
53,879
—
59,069
Consumer,
Non-cyclical
2,060
41,753
—
43,813
Energy
3,512
11,137
—
14,649
Financial
12,900
50,592
—
63,492
Industrial
3,261
39,724
—
42,985
Technology
—
40,029
—
40,029
Utilities
1,406
5,136
—
6,542
Investment
Companies
9,405
—
—
9,405
Total
investments
in
securities
$
44,499
$
267,617
$
—
$
312,116
Equity
Income
Account
Common
Stocks*
710,128
—
—
710,128
Investment
Companies
14,621
—
—
14,621
Total
investments
in
securities
$
724,749
$
—
$
—
$
724,749
Government
&
High
Quality
Bond
Account
Bonds*
—
37,224
—
37,224
Investment
Companies
19,111
—
—
19,111
U.S.
Government
&
Government
Agency
Obligations*
—
188,158
—
188,158
Total
investments
in
securities
$
19,111
$
225,382
$
—
$
244,493
Assets
Interest
Rate
Contracts
Futures**
66
—
—
66
International
Emerging
Markets
Account
Common
Stocks
Basic
Materials
1,241
4,692
—
5,933
Communications
1,839
13,697
—
15,536
Consumer,
Cyclical
2,787
9,622
—
12,409
Consumer,
Non-cyclical
2,708
8,413
—
11,121
Diversified
—
495
—
495
Energy
2,076
3,652
—
5,728
Financial
2,357
15,219
—
17,576
Industrial
904
8,057
—
8,961
Technology
—
20,989
—
20,989
Utilities
—
1,780
—
1,780
Investment
Companies
1,144
—
—
1,144
Preferred
Stocks
Technology
—
257
—
257
Total
investments
in
securities
$
15,056
$
86,873
$
—
$
101,929
LargeCap
Growth
Account
I
Common
Stocks
Basic
Materials
9,925
—
—
9,925
Communications
187,552
—
—
187,552
Consumer,
Cyclical
43,525
—
—
43,525
Consumer,
Non-cyclical
163,292
12
—
163,304
Energy
352
—
—
352
Financial
39,108
—
—
39,108
Industrial
21,294
—
—
21,294
Technology
192,99
6
—
23
0
193,226
Utilities
586
—
—
586
Convertible
Preferred
Stocks
Basic
Materials
—
—
203
203
Communications
—
—
254
254
Consumer,
Cyclical
—
—
12,024
12,024
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
57
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
LargeCap
Growth
Account
I
Technology
$
—
$
—
$
539
$
539
Investment
Companies
8,456
—
—
8,456
Total
investments
in
securities
$
667,08
6
$
12
$
13,25
0
$
680,348
Assets
Equity
Contracts
Futures**
17
—
—
17
LargeCap
S&P
500
Index
Account
Common
Stocks*
3,100,295
—
—
3,100,295
Investment
Companies
20,607
—
—
20,607
Total
investments
in
securities
$
3,120,902
$
—
$
—
$
3,120,902
Assets
Equity
Contracts
Futures**
174
—
—
174
LargeCap
S&P
500
Managed
Volatility
Index
Account
Common
Stocks*
228,972
—
—
228,972
Investment
Companies
16,023
—
—
16,023
Purchased
Options
427
—
—
427
Total
investments
in
securities
$
245,422
$
—
$
—
$
245,422
Assets
Equity
Contracts
Futures**
35
—
—
35
Liabilities
Equity
Contracts
Written
Options
(301)
—
—
(301)
MidCap
Account
Common
Stocks
Basic
Materials
3,802
—
—
3,802
Communications
57,696
—
—
57,696
Consumer,
Cyclical
166,613
—
—
166,613
Consumer,
Non-cyclical
82,819
—
—
82,819
Diversified
—
1,162
—
1,162
Financial
157,890
—
—
157,890
Industrial
83,200
—
—
83,200
Technology
106,746
—
—
106,746
Utilities
15,852
—
—
15,852
Investment
Companies
540
—
—
540
Total
investments
in
securities
$
675,158
$
1,162
$
—
$
676,320
Principal
Capital
Appreciation
Account
Common
Stocks
Basic
Materials
2,678
—
—
2,678
Communications
27,448
—
—
27,448
Consumer,
Cyclical
20,916
—
—
20,916
Consumer,
Non-cyclical
31,196
—
—
31,196
Energy
5,896
—
—
5,896
Financial
29,400
—
—
29,400
Industrial
12,515
1,711
—
14,226
Technology
42,564
—
—
42,564
Utilities
4,195
—
—
4,195
Investment
Companies
3,380
—
—
3,380
Total
investments
in
securities
$
180,188
$
1,711
$
—
$
181,899
Principal
LifeTime
2010
Account
Investment
Companies
36,424
—
—
36,424
Total
investments
in
securities
$
36,424
$
—
$
—
$
36,424
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
58
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Principal
LifeTime
2020
Account
Investment
Companies
$
198,734
$
—
$
—
$
198,734
Total
investments
in
securities
$
198,734
$
—
$
—
$
198,734
Principal
LifeTime
2030
Account
Investment
Companies
254,169
—
—
254,169
Total
investments
in
securities
$
254,169
$
—
$
—
$
254,169
Principal
LifeTime
2040
Account
Investment
Companies
125,594
—
—
125,594
Total
investments
in
securities
$
125,594
$
—
$
—
$
125,594
Principal
LifeTime
2050
Account
Investment
Companies
64,635
—
—
64,635
Total
investments
in
securities
$
64,635
$
—
$
—
$
64,635
Principal
LifeTime
2060
Account
Investment
Companies
15,158
—
—
15,158
Total
investments
in
securities
$
15,158
$
—
$
—
$
15,158
Principal
LifeTime
Strategic
Income
Account
Investment
Companies
31,257
—
—
31,257
Total
investments
in
securities
$
31,257
$
—
$
—
$
31,257
Real
Estate
Securities
Account
Common
Stocks*
160,120
—
—
160,120
Investment
Companies
743
—
—
743
Total
investments
in
securities
$
160,863
$
—
$
—
$
160,863
SAM
Balanced
Portfolio
Investment
Companies
745,349
—
—
745,349
Total
investments
in
securities
$
745,349
$
—
$
—
$
745,349
SAM
Conservative
Balanced
Portfolio
Investment
Companies
204,276
—
—
204,276
Total
investments
in
securities
$
204,276
$
—
$
—
$
204,276
SAM
Conservative
Growth
Portfolio
Investment
Companies
426,402
—
—
426,402
Total
investments
in
securities
$
426,402
$
—
$
—
$
426,402
SAM
Flexible
Income
Portfolio
Investment
Companies
188,246
—
—
188,246
Total
investments
in
securities
$
188,246
$
—
$
—
$
188,246
SAM
Strategic
Growth
Portfolio
Investment
Companies
401,375
—
—
401,375
Total
investments
in
securities
$
401,375
$
—
$
—
$
401,375
Short-Term
Income
Account
Bonds*
—
131,656
—
131,656
Investment
Companies
3,703
—
—
3,703
U.S.
Government
&
Government
Agency
Obligations*
—
12,381
—
12,381
Total
investments
in
securities
$
3,703
$
144,037
$
—
$
147,740
Assets
Interest
Rate
Contracts
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
59
*For
additional
detail
regarding
sector
classifications,
please
see
the
schedules
of
investments.
**Futures
are
presented
at
the
unrealized
appreciation/(depreciation)
of
the
instrument.
Certain
detailed
information
is
provided
for
those
Accounts
with
significant
investments
in
Level
3
securities.
Quantitative
information
about
the
significant
unobservable
inputs
used
in
the
fair
value
measurements
categorized
with
Level
3
of
the
fair
value
hierarchy
is
as
follows
(amounts
in
thousands):
*Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
The
changes
in
investments
measured
at
fair
value
for
which
Level
3
inputs
have
been
used
to
determine
fair
value
are
as
follows
(amounts
shown
in
thousands):
*Securities
are
transferred
into
Level
3
for
a
variety
of
reasons
including,
but
not
limited
to:
1.
Securities
where
trading
has
been
halted
2.
Securities
that
have
certain
restrictions
on
trading
3.
Instances
in
which
a
security
is
not
priced
by
a
pricing
service
**Securities
are
transferred
out
of
Level
3
for
a
variety
of
reasons
including,
but
not
limited
to:
1.
Securities
where
trading
resumes
2.
Securities
where
trading
restrictions
have
expired
3.
Instances
in
which
a
price
becomes
available
from
a
pricing
service
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Short-Term
Income
Account
Futures**
$
18
$
—
$
—
$
18
SmallCap
Account
Common
Stocks
Basic
Materials
9,103
—
—
9,103
Communications
5,843
—
—
5,843
Consumer,
Cyclical
32,675
—
—
32,675
Consumer,
Non-cyclical
57,580
—
—
57,580
Diversified
1,707
1,428
—
3,135
Energy
5,101
—
—
5,101
Financial
47,698
—
—
47,698
Industrial
32,422
—
—
32,422
Technology
31,961
—
—
31,961
Utilities
6,073
—
—
6,073
Investment
Companies
9,807
—
—
9,807
Total
investments
in
securities
$
239,970
$
1,428
$
—
$
241,398
Fund
Asset
Type
Fair
Value
as
of
June
30,
2021
Valuation
Technique
Unobservable
Input
Input
Valuations
(weighted
average)*
LargeCap
Growth
Account
I
Common
Stocks
$230
Precedent
Transactions
Direct
Offering
Price
$40.13
Convertible
Preferred
Stocks
13,020
Precedent
Transactions
Direct
Offering
Price
$
0.61
–
91.72
(67.74)
$
13,250
Fund
Fair
Value
December
31,
2020
Realized
Gain/
(Loss)
Accrued
Discounts/
Premiums
and
Change
in
Unrealized
Gain/
(Loss)
Purchases
Proceeds
from
Sales
Transfers
into
Level
3*
Transfers
Out
of
Level
3**
Fair
Value
June
30,
2021
Net
Change
in
Unrealized
Appreciation/
(Depreciation)
on
Investments
Held
at
June
30,
2021
LargeCap
Growth
Account
I
Common
Stock
Technology
$
155
$
—
$
140
$—
$
(65)
$
—
$
—
$
230
$
140
Convertible
Preferred
Stock
Basic
Materials
—
—
—
203
—
—
—
203
—
Communications
254
—
—
—
—
—
—
254
—
Consumer,
Cyclical
2,623
—
8,787
614
—
—
—
12,024
8,787
Technology
1,030
—
(273)
—
(218)
—
—
539
(273)
Total
$
4,062
$
—
$
8,654
$
817
$
(283)
$
—
$
—
$
13,250
$
8,654
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
60
At
the
end
of
the
period,
there
were
no
other Accounts
which
had
a
significant
Level
3
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
Accounts
have
agreed
to
pay
investment
advisory
and
management
fees
to
the
Manager
computed
at
an
annual
percentage
rate
of
each
account’s
average
daily
net
assets.
A
portion
of
the
management
fee
is
paid
by
the
Manager
to
the
sub-advisor
of
each
of
the
Accounts,
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
investment
advisory
and
management
fee
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
Accounts
do
not
pay
investment
advisory
and
management
fees.
The
annual
rates
used
in
this
calculation
for
each
of
the
other
Accounts
are
as
follows:
The
Manager
has
contractually
agreed
to
waive
certain
of
the
Accounts'
management
and
investment
advisory
fees.
The
expense
waiver
will
reduce
the account's
management
and
investment
advisory
fees
by
the
following
amounts:
The
Manager
has
contractually
agreed
to
limit
the
expenses
(excluding
interest
expense,
expenses
related
to account
investments,
acquired
fund
fees
and
expenses,
and
other
extraordinary
expenses)
for
certain
classes
of
shares
of
certain
of
the
Accounts.
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
Accounts
through
the
fiscal
year
end,
provided
no
reimbursement
will
be
made
if
it
would
result
in
the
Accounts
exceeding
the
total
operating
expense
limits.
Any
amounts
outstanding
at
the
end
of
the
year
are
shown
as
an
expense
reimbursement
from
Manager
or
expense
reimbursement
to
Manager
on
the
statements
of
assets
and
liabilities.
Net
Assets
of
Account
(in
millions)
First
$100
Next
$100
Next
$100
Next
$100
Thereafter
Core
Plus
Bond
Account
.50%
.45%
.40%
.35%
.30%
Equity
Income
Account
.60
.55
.50
.45
.40
Government
&
High
Quality
Bond
Account
.50
.48
.46
.45
.44
LargeCap
Growth
Account
I
.80
.75
.70
.65
.60
MidCap
Account
.65
.60
.55
.50
.45
Real
Estate
Securities
Account
.83
.78
.73
.70
.68
SmallCap
Account
.85
.80
.75
.70
.65
Net
Assets
of
Account
(in
millions)
First
$250
Next
$250
Next
$250
Next
$250
Thereafter
Diversified
International
Account
.85%
.80%
.75%
.70%
.65%
International
Emerging
Markets
Account
1.10
1.05
1.00
.95
.90
Net
Assets
of
Account
(in
millions)
First
$500
Over
$500
Blue
Chip
Account
.60%
.55%
Principal
Capital
Appreciation
Account
.625
.50
Short-Term
Income
Account
.45
.39
All
Net
Assets
Bond
Market
Index
Account
.14%
Diversified
Balanced
Account
.05
Diversified
Balanced
Managed
Volatility
Account
.05
Diversified
Balanced
Volatility
Control
Account
.12
Diversified
Growth
Account
.05
Diversified
Growth
Managed
Volatility
Account
.05
Diversified
Growth
Volatility
Control
Account
.12
Diversified
Income
Account
.05
LargeCap
S&P
500
Index
Account
.25
LargeCap
S&P
500
Managed
Volatility
Index
Account
.45
Period
from
January
1,
2021
through
June
30,
2021
Expiration
LargeCap
Growth
Account
I
.016
April
30,
2022
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
61
The
operating
expense
limits are
as
follows:
In
addition,
the
Manager
has
voluntarily
agreed
to
limit
the
expenses
(excluding
interest
expense,
expenses
related
to
account
investments,
acquired
fund
fees
and
expenses,
and
other
extraordinary
expenses)
attributable
to
Class
2
shares
of
certain
of
the
Accounts.
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
on
an
annualized
basis
during
the
reporting
period.
The
expense
limit
may
be
terminated
at
any
time.
The
operating
expense
limits
are
as
follows:
Distribution
Fees.
Class
2
and
Class
3
shares
of
the
Accounts
bear
distribution
fees.
The
fee
is
computed
at
an
annual
rate
of
the
average
daily
net
assets
attributable
to
Class
2
and
Class
3
shares
of
each
of
the
Accounts.
Distribution
fees
are
paid
to
Principal
Funds
Distributor,
Inc.
(an
affiliate
of
the
Manager),
the
principal
distributor
of
the
Accounts.
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
3
shares
of
the
Accounts
bear
administrative
service
fees.
The
fee
is
computed
at
an
annual
rate
of
the
average
daily
net
assets
attributable
to
Class
3
shares
of
each
of
the
Accounts.
Administrative
fees
are
paid
to
Principal
Shareholder
Services,
Inc.
(an
affiliate
of
the
Manager),
the
principal
administrator
of
the
Accounts.
The
annual
administrative
service
fee
rate
is
.15%.
Chief
Compliance
Officer
Expenses.
The Accounts
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 account
and
is
shown
on
the
statements
of
operations.
Affiliated
Ownership.
At
June
30,
2021,
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
Accounts as
follows
(amounts
in
thousands):
Period
from
January
1,
2021
through
June
30,
2021
Class
1
Class
2
Class
3
Expiration
Blue
Chip
Account
N/A
N/A
1.05%
April
30,
2022
Diversified
Balanced
Managed
Volatility
Account
N/A
.31%
N/A
April
30,
2022
International
Emerging
Markets
Account
1.20%
N/A
N/A
April
30,
2022
LargeCap
Growth
Account
I
.69
N/A
N/A
April
30,
2022
Principal
LifeTime
2060
Account
.10
N/A
N/A
April
30,
2022
Period
from
January
1,
2021
through
June
30,
2021
Class
2
Expense
Limit
Diversified
Income
Account
.31%
Class
1
Class
2
Class
3
Blue
Chip
Account
N/A
N/A
542
Bond
Market
Index
Account
2,904
N/A
N/A
Core
Plus
Bond
Account
19,612
N/A
N/A
Diversified
Balanced
Account
2,230
52,307
1
Diversified
Balanced
Managed
Volatility
Account
N/A
12,980
1
Diversified
Balanced
Volatility
Control
Account
N/A
16,036
1
Diversified
Growth
Account
N/A
181,303
1
Diversified
Growth
Managed
Volatility
Account
N/A
25,439
1
Diversified
Growth
Volatility
Control
Account
N/A
83,730
1
Diversified
Income
Account
N/A
21,354
1
Diversified
International
Account
15,711
N/A
N/A
Equity
Income
Account
11,567
335
—
Government
&
High
Quality
Bond
Account
13,732
N/A
N/A
International
Emerging
Markets
Account
4,619
N/A
N/A
LargeCap
Growth
Account
I
11,972
N/A
N/A
LargeCap
S&P
500
Index
Account
20,348
1,544
N/A
MidCap
Account
8,773
98
N/A
Principal
Capital
Appreciation
Account
3,389
278
N/A
Principal
LifeTime
2010
Account
2,576
N/A
N/A
Principal
LifeTime
2020
Account
12,467
N/A
N/A
Principal
LifeTime
2030
Account
16,092
N/A
N/A
Principal
LifeTime
2040
Account
6,272
N/A
N/A
Principal
LifeTime
2050
Account
3,306
N/A
N/A
Principal
LifeTime
2060
Account
816
N/A
N/A
5.
Management
Agreement
and
Transactions
with
Affiliates
(continued)
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
62
6.
Investment
Transactions
For
the period ended
June
30,
2021,
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 Accounts
were
as
follows
(amounts
in
thousands):
For
the period
ended June
30,
2021,
the
cost
of
U.S.
government
securities
purchased
and
proceeds
from
U.S.
government
securities
sold
(not
including
short-term
investments)
by
the Accounts
were
as
follows
(amounts
in
thousands):
Class
1
Class
2
Class
3
Principal
LifeTime
Strategic
Income
Account
2,362
N/A
N/A
Real
Estate
Securities
Account
6,608
372
N/A
SAM
Balanced
Portfolio
30,634
1,820
N/A
SAM
Conservative
Balanced
Portfolio
12,308
1,095
N/A
SAM
Conservative
Growth
Portfolio
8,708
1,095
N/A
SAM
Flexible
Income
Portfolio
10,733
1,964
N/A
SAM
Strategic
Growth
Portfolio
7,281
621
N/A
Short-Term
Income
Account
56,587
N/A
N/A
SmallCap
Account
10,567
228
N/A
Purchases
Sales
Blue
Chip
Account
$
1,115
$
632
Bond
Market
Index
Account
1,560,434
1,446,157
Core
Plus
Bond
Account
171,051
185,132
Diversified
Balanced
Account
52,212
115,566
Diversified
Balanced
Managed
Volatility
Account
13,548
21,959
Diversified
Balanced
Volatility
Control
Account
65,683
51,120
Diversified
Growth
Account
177,647
391,758
Diversified
Growth
Managed
Volatility
Account
23,101
37,964
Diversified
Growth
Volatility
Control
Account
402,128
333,660
Diversified
Income
Account
35,538
43,218
Diversified
International
Account
60,469
68,846
Equity
Income
Account
29,516
190,376
Government
&
High
Quality
Bond
Account
275,996
298,755
International
Emerging
Markets
Account
17,211
19,313
LargeCap
Growth
Account
I
66,480
87,061
LargeCap
S&P
500
Index
Account
34,030
204,929
LargeCap
S&P
500
Managed
Volatility
Index
Account
2,667
23,401
MidCap
Account
50,119
84,390
Principal
Capital
Appreciation
Account
24,431
32,373
Principal
LifeTime
2010
Account
4,240
4,820
Principal
LifeTime
2020
Account
16,691
23,172
Principal
LifeTime
2030
Account
35,050
28,362
Principal
LifeTime
2040
Account
19,840
12,938
Principal
LifeTime
2050
Account
13,431
4,775
Principal
LifeTime
2060
Account
3,797
1,681
Principal
LifeTime
Strategic
Income
Account
3,782
4,246
Real
Estate
Securities
Account
17,972
19,868
SAM
Balanced
Portfolio
201,580
225,284
SAM
Conservative
Balanced
Portfolio
59,040
62,566
SAM
Conservative
Growth
Portfolio
127,865
133,046
SAM
Flexible
Income
Portfolio
56,424
59,896
SAM
Strategic
Growth
Portfolio
96,751
100,799
Short-Term
Income
Account
31,134
32,436
SmallCap
Account
53,570
67,653
Purchases
Sales
Bond
Market
Index
Account
$
638,817
$
528,902
Core
Plus
Bond
Account
43,810
59,471
Government
&
High
Quality
Bond
Account
137,355
146,643
Short-Term
Income
Account
7,392
5,506
5.
Management
Agreement
and
Transactions
with
Affiliates
(continued)
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
63
7.
Federal
Tax
Information
Distributions
to
Shareholders.
The
federal
income
tax
character
of
distributions
paid
for
the periods
ended June
30,
2021 and
December
31,
2020 were
as
follows
(amounts
in
thousands):
*The
Accounts
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
Accounts
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,
2020,
the
components
of
total
distributable
earnings
(accumulated
loss)
on
a
federal
tax
basis
were
as
follows
(amounts
in
thousands):
Ordinary
Income
Long-Term
Capital
Gains
2021
2020
2021
2020*
Bond
Market
Index
Account
$
—
$
66,635
$
—
$
—
Core
Plus
Bond
Account
—
9,503
—
—
Diversified
Balanced
Account
—
24,559
—
29,770
Diversified
Balanced
Managed
Volatility
Account
—
3,789
—
6,025
Diversified
Balanced
Volatility
Control
Account
—
3,190
—
1,297
Diversified
Growth
Account
—
80,741
—
110,087
Diversified
Growth
Managed
Volatility
Account
—
7,464
—
14,949
Diversified
Growth
Volatility
Control
Account
—
17,491
—
9,313
Diversified
Income
Account
—
6,762
—
4,037
Diversified
International
Account
—
6,493
—
—
Equity
Income
Account
—
15,534
—
19,615
Government
&
High
Quality
Bond
Account
—
5,987
—
—
International
Emerging
Markets
Account
—
1,960
—
—
LargeCap
Growth
Account
I
—
3,033
—
29,011
LargeCap
S&P
500
Index
Account
—
51,542
—
159,258
LargeCap
S&P
500
Managed
Volatility
Index
Account
—
3,444
—
4,904
MidCap
Account
—
3,984
—
53,763
Principal
Capital
Appreciation
Account
—
2,350
—
6,714
Principal
LifeTime
2010
Account
—
887
—
510
Principal
LifeTime
2020
Account
—
5,542
—
2,332
Principal
LifeTime
2030
Account
—
4,185
—
3,259
Principal
LifeTime
2040
Account
—
1,831
—
1,789
Principal
LifeTime
2050
Account
—
794
—
890
Principal
LifeTime
2060
Account
—
151
—
195
Principal
LifeTime
Strategic
Income
Account
—
686
—
—
Real
Estate
Securities
Account
—
2,794
—
7,790
SAM
Balanced
Portfolio
—
14,711
—
19,998
SAM
Conservative
Balanced
Portfolio
—
4,519
—
3,128
SAM
Conservative
Growth
Portfolio
—
6,417
—
5,243
SAM
Flexible
Income
Portfolio
—
5,111
—
3,761
SAM
Strategic
Growth
Portfolio
—
5,611
—
7,049
Short-Term
Income
Account
—
3,166
—
—
SmallCap
Account
—
838
—
12,504
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Accumulated
Losses
Net
Unrealized
Appreciation
(Depreciation)
Other
Temporary
Differences
*
Total
Accumulated
Earnings
(Deficit)
Blue
Chip
Account
$
—
$
—
$
—
$
170
$
—
$
170
Bond
Market
Index
Account
60,588
4,480
—
169,301
—
234,369
Core
Plus
Bond
Account
12,215
10
—
12,808
29
25,062
Diversified
Balanced
Account
28,146
43,718
—
304,692
—
376,556
Diversified
Balanced
Managed
Volatility
Account
4,629
2,572
—
34,560
—
41,761
Diversified
Balanced
Volatility
Control
Account
5,288
794
—
14,726
(66
)
20,742
Diversified
Growth
Account
96,335
154,353
—
1,219,347
—
1,470,035
Diversified
Growth
Managed
Volatility
Account
8,751
6,514
—
81,360
—
96,625
Diversified
Growth
Volatility
Control
Account
23,950
6,465
—
91,489
(20
)
121,884
Diversified
Income
Account
8,095
5,445
—
57,319
—
70,859
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
64
*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
Accounts.
As
of December
31,
2020,
the Accounts 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,
2020,
the
Accounts
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 account's
taxable
year
subsequent
to
October 31.
For
the
taxable
year
ended
December
31,
2020
,
the
Accounts
do
not
plan
to
defer
any
late-year
losses.
Reclassification
of
Capital
Accounts.
The
Accounts
may
record
reclassifications
in
their
capital
accounts.
These
reclassifications
have
no
impact
on
the
total
net
assets
of
the
Accounts.
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 Accounts'
distributions
may
be
shown
in
the
accompanying
statements
of
changes
in
net
assets
as
from
net
investment
income
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Accumulated
Losses
Net
Unrealized
Appreciation
(Depreciation)
Other
Temporary
Differences
*
Total
Accumulated
Earnings
(Deficit)
Diversified
International
Account
3,880
1,423
—
82,295
(1
)
87,597
Equity
Income
Account
14,226
426
—
357,063
—
371,715
Government
&
High
Quality
Bond
Account
4,265
—
(8,973
)
3,581
(35
)
(1,162
)
International
Emerging
Markets
Account
420
1,430
—
25,963
(2
)
27,811
LargeCap
Growth
Account
I
8,157
70,754
—
248,290
—
327,201
LargeCap
S&P
500
Index
Account
50,392
243,278
—
1,280,529
—
1,574,199
LargeCap
S&P
500
Managed
Volatility
Index
Account
7,415
19,457
—
89,067
(19,488
)
96,451
MidCap
Account
1,561
43,625
—
275,056
—
320,242
Principal
Capital
Appreciation
Account
1,793
6,620
—
87,376
—
95,789
Principal
LifeTime
2010
Account
1,192
1,413
—
3,408
—
6,013
Principal
LifeTime
2020
Account
4,266
10,092
—
25,486
—
39,844
Principal
LifeTime
2030
Account
5,511
6,650
—
35,066
—
47,227
Principal
LifeTime
2040
Account
2,447
3,205
—
18,467
—
24,119
Principal
LifeTime
2050
Account
1,109
1,580
—
9,548
—
12,237
Principal
LifeTime
2060
Account
288
238
—
1,778
—
2,304
Principal
LifeTime
Strategic
Income
Account
887
968
—
2,579
—
4,434
Real
Estate
Securities
Account
2,557
10,205
—
24,563
—
37,325
SAM
Balanced
Portfolio
11,461
15,012
—
175,339
—
201,812
SAM
Conservative
Balanced
Portfolio
3,678
2,576
—
32,749
—
39,003
SAM
Conservative
Growth
Portfolio
4,715
8,341
—
98,907
—
111,963
SAM
Flexible
Income
Portfolio
4,510
2,803
—
19,396
—
26,709
SAM
Strategic
Growth
Portfolio
3,537
8,783
—
83,952
—
96,272
Short-Term
Income
Account
2,913
8
—
2,854
(6
)
5,769
SmallCap
Account
5,090
2,437
—
53,191
—
60,718
Short-Term
Long-Term
Total
Government
&
High
Quality
Bond
Account
$
1,055
$
7,918
$
8,973
Utilized
Bond
Market
Index
Account
$
19,606
Core
Plus
Bond
Account
3,611
Diversified
International
Account
272
Government
&
High
Quality
Bond
Account
48
International
Emerging
Markets
Account
69
Short-Term
Income
Account
656
7.
Federal
Tax
Information
(continued)
Notes
to
Financial
Statements
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
65
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,
2020,
the
Accounts
recorded
reclassifications
as
follows
(amounts
in
thousands):
Federal
Income
Tax
Basis.
As
of June
30,
2021, the
net
federal
income
tax
unrealized
appreciation
(depreciation)
and
federal
tax
cost
of
investments
held
by
the
Accounts
were
as
follows
(amounts
in
thousands):
8.
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.
There
were
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Total
Distributable
Earnings
(Accumulated
Loss)
Capital
Shares
and
Additional
Paid-in-Capital
Diversified
Balanced
Account
$
(6,995
)
$
6,995
Diversified
Growth
Account
(19,727
)
19,727
Diversified
International
Account
(336
)
336
Equity
Income
Account
(2,913
)
2,913
LargeCap
Growth
Account
I
(10,553
)
10,553
LargeCap
S&P
500
Index
Account
(57,254
)
57,254
LargeCap
S&P
500
Managed
Volatility
Index
Account
(649
)
649
MidCap
Account
(8,430
)
8,430
Principal
Capital
Appreciation
Account
(1,256
)
1,256
Real
Estate
Securities
Account
13
(13
)
SmallCap
Account
(1,418
)
1,418
Unrealized
Appreciation
Unrealized
(Depreciation)
Net
Unrealized
Appreciation/
(Depreciation)
Cost
for
Federal
Income
Tax
Purposes
Blue
Chip
Account
$
1,001
$
(11)
$
990
$
5,568
Bond
Market
Index
Account
116,071
(20,300)
95,771
3,023,317
Core
Plus
Bond
Account
8,153
(1,703)
6,450
262,466
Diversified
Balanced
Account
336,513
(1,533)
334,980
686,338
Diversified
Balanced
Managed
Volatility
Account
42,464
(329)
42,135
145,531
Diversified
Balanced
Volatility
Control
Account
23,999
(652)
23,347
187,064
Diversified
Growth
Account
1,469,013
(5,919)
1,463,094
2,511,729
Diversified
Growth
Managed
Volatility
Account
106,521
(648)
105,873
288,680
Diversified
Growth
Volatility
Control
Account
168,507
(3,305)
165,202
984,252
Diversified
Income
Account
67,481
(1,038)
66,443
262,497
Diversified
International
Account
88,317
(3,399)
84,918
227,198
Equity
Income
Account
388,988
(2,672)
386,316
338,433
Government
&
High
Quality
Bond
Account
4,556
(3,576)
980
243,579
International
Emerging
Markets
Account
33,488
(2,089)
31,399
70,530
LargeCap
Growth
Account
I
308,788
(3,441)
305,347
375,018
LargeCap
S&P
500
Index
Account
1,636,689
(76,441)
1,560,248
1,560,828
LargeCap
S&P
500
Managed
Volatility
Index
Account
114,767
(6,230)
108,537
136,619
MidCap
Account
318,352
(2,600)
315,752
360,568
Principal
Capital
Appreciation
Account
99,964
(1,201)
98,763
83,136
Principal
LifeTime
2010
Account
4,331
(223)
4,108
32,316
Principal
LifeTime
2020
Account
35,397
(1,109)
34,288
164,446
Principal
LifeTime
2030
Account
52,968
(1,055)
51,913
202,256
Principal
LifeTime
2040
Account
29,723
(435)
29,288
96,306
Principal
LifeTime
2050
Account
15,624
(143)
15,481
49,154
Principal
LifeTime
2060
Account
3,398
(82)
3,316
11,842
Principal
LifeTime
Strategic
Income
Account
3,152
(183)
2,969
28,288
Real
Estate
Securities
Account
48,078
(1,705)
46,373
114,490
SAM
Balanced
Portfolio
189,583
(2,256)
187,327
558,022
SAM
Conservative
Balanced
Portfolio
36,984
(1,588)
35,396
168,880
SAM
Conservative
Growth
Portfolio
126,751
(1,558)
125,193
301,209
SAM
Flexible
Income
Portfolio
19,525
(2,122)
17,403
170,843
SAM
Strategic
Growth
Portfolio
116,620
(2,122)
114,498
286,877
Short-Term
Income
Account
2,207
(482)
1,725
146,033
SmallCap
Account
81,168
(7,885)
73,283
168,100
7.
Federal
Tax
Information
(continued)
Schedule
of
Investments
Blue
Chip
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
66
INVESTMENT
COMPANIES
-
0
.26
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.26
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
16,519
$
17
TOTAL
INVESTMENT
COMPANIES
$
17
COMMON
STOCKS
-
100
.05
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
4
.22
%
TransDigm
Group
Inc
(b)
426
$
276
Chemicals
-
1
.36
%
Linde
PLC
227
66
Sherwin-Williams
Co/The
86
23
$
89
Commercial
Services
-
7
.57
%
CoStar
Group
Inc
(b)
1,057
87
Moody's
Corp
21
8
PayPal
Holdings
Inc
(b)
1,020
297
S&P
Global
Inc
250
103
$
495
Diversified
Financial
Services
-
9
.99
%
Charles
Schwab
Corp/The
793
58
Mastercard
Inc
836
305
Visa
Inc
1,239
290
$
653
Healthcare
-
Products
-
5
.60
%
Danaher
Corp
677
182
IDEXX
Laboratories
Inc
(b)
89
56
Intuitive
Surgical
Inc
(b)
139
128
$
366
Insurance
-
0
.64
%
Brookfield
Asset
Management
Reinsurance
Partners
Ltd
(b)
42
2
Progressive
Corp/The
411
40
$
42
Internet
-
22
.33
%
Alphabet
Inc
-
A
Shares
(b)
31
76
Alphabet
Inc
-
C
Shares
(b)
143
358
Amazon.com
Inc
(b)
169
581
Facebook
Inc
(b)
657
229
Netflix
Inc
(b)
358
189
Spotify
Technology
SA
(b)
98
27
$
1,460
Lodging
-
1
.74
%
Hilton
Worldwide
Holdings
Inc
(b)
944
114
Media
-
3
.64
%
Charter
Communications
Inc
(b)
263
190
Liberty
Broadband
Corp
-
C
Shares
(b)
276
48
$
238
Pharmaceuticals
-
0
.84
%
Zoetis
Inc
297
55
Private
Equity
-
5
.54
%
Brookfield
Asset
Management
Inc
5,870
299
KKR
&
Co
Inc
1,064
63
$
362
REITs
-
3
.92
%
American
Tower
Corp
949
256
Retail
-
3
.18
%
CarMax
Inc
(b)
393
51
Costco
Wholesale
Corp
121
48
O'Reilly
Automotive
Inc
(b)
86
49
Starbucks
Corp
539
60
$
208
Semiconductors
-
2
.60
%
NVIDIA
Corp
213
170
Software
-
26
.88
%
Adobe
Inc
(b)
538
315
Autodesk
Inc
(b)
318
93
Intuit
Inc
640
314
Microsoft
Corp
2,088
566
Roper
Technologies
Inc
211
99
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
salesforce.com
Inc
(b)
1,186
$
290
Snowflake
Inc
-
Class
A
(b)
22
5
Twilio
Inc
(b)
191
75
$
1,757
TOTAL
COMMON
STOCKS
$
6,541
Total
Investments
$
6,558
Other
Assets
and
Liabilities
- (0.31)%
(
20
)
TOTAL
NET
ASSETS
-
100.00%
$
6,538
(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)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary (unaudited)
Sector
Percent
Technology
29
.48
%
Communications
25
.97
%
Financial
20
.09
%
Consumer,
Non-cyclical
14
.01
%
Consumer,
Cyclical
4
.92
%
Industrial
4
.22
%
Basic
Materials
1
.36
%
Money
Market
Funds
0
.26
%
Other
Assets
and
Liabilities
(
0
.31
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Blue
Chip
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
67
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
6
$
513
$
502
$
17
$
6
$
513
$
502
$
17
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Amounts
in
thousands.
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
68
INVESTMENT
COMPANIES
-
10
.45
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.96
%
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(a)
125,000
$
16,795
Vanguard
Short-Term
Corporate
Bond
ETF
130,000
10,752
$
27,547
Money
Market
Funds
-
9
.49
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(b),(c)
5,418,281
5,418
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(b),(c),(d),(e)
267,403,636
267,404
$
272,822
TOTAL
INVESTMENT
COMPANIES
$
300,369
BONDS
-
32
.82
%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0
.04
%
Interpublic
Group
of
Cos
Inc/The
2.40%,
03/01/2031
$
190
$
191
5.40%,
10/01/2048
300
401
Omnicom
Group
Inc
2.45%,
04/30/2030
160
162
2.60%,
08/01/2031
295
300
$
1,054
Aerospace
&
Defense
-
0
.60
%
Boeing
Co/The
1.43%,
02/04/2024
810
812
2.75%,
02/01/2026
175
183
2.95%,
02/01/2030
170
174
3.25%,
02/01/2028
1,200
1,272
3.25%,
02/01/2035
170
172
3.63%,
02/01/2031
175
188
3.75%,
02/01/2050
235
242
3.95%,
08/01/2059
315
330
4.51%,
05/01/2023
970
1,034
4.88%,
05/01/2025
620
695
5.04%,
05/01/2027
310
358
5.15%,
05/01/2030
310
367
5.71%,
05/01/2040
310
399
5.81%,
05/01/2050
505
680
5.88%,
02/15/2040
154
198
General
Dynamics
Corp
1.15%,
06/01/2026
(a)
195
196
2.25%,
11/15/2022
15
15
2.25%,
06/01/2031
195
200
3.25%,
04/01/2025
80
87
3.38%,
05/15/2023
300
316
3.50%,
04/01/2027
160
178
3.75%,
05/15/2028
300
340
4.25%,
04/01/2040
160
196
L3Harris
Technologies
Inc
1.80%,
01/15/2031
90
87
2.90%,
12/15/2029
60
64
3.83%,
04/27/2025
500
547
Lockheed
Martin
Corp
1.85%,
06/15/2030
55
55
3.55%,
01/15/2026
240
265
3.60%,
03/01/2035
350
401
3.80%,
03/01/2045
625
727
4.07%,
12/15/2042
47
57
4.09%,
09/15/2052
389
487
4.70%,
05/15/2046
25
33
Northrop
Grumman
Corp
3.20%,
02/01/2027
500
544
3.85%,
04/15/2045
500
575
4.03%,
10/15/2047
600
716
Raytheon
Technologies
Corp
2.25%,
07/01/2030
160
163
3.50%,
03/15/2027
800
882
3.75%,
11/01/2046
30
34
4.05%,
05/04/2047
300
353
4.13%,
11/16/2028
435
500
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Aerospace
&
Defense
(continued)
Raytheon
Technologies
Corp
(continued)
4.15%,
05/15/2045
$
40
$
48
4.35%,
04/15/2047
40
49
4.50%,
06/01/2042
600
747��
4.63%,
11/16/2048
210
270
4.88%,
10/15/2040
154
195
5.70%,
04/15/2040
51
71
6.13%,
07/15/2038
18
26
6.70%,
08/01/2028
175
228
Teledyne
Technologies
Inc
0.95%,
04/01/2024
190
190
2.25%,
04/01/2028
190
193
$
17,139
Agriculture
-
0
.29
%
Altria
Group
Inc
2.35%,
05/06/2025
160
167
2.45%,
02/04/2032
190
184
3.40%,
05/06/2030
325
343
3.70%,
02/04/2051
190
180
3.88%,
09/16/2046
60
60
4.00%,
02/04/2061
190
182
4.80%,
02/14/2029
63
73
5.80%,
02/14/2039
380
469
Archer-Daniels-Midland
Co
2.50%,
08/11/2026
850
904
BAT
Capital
Corp
2.26%,
03/25/2028
170
169
2.73%,
03/25/2031
170
168
2.79%,
09/06/2024
245
257
3.46%,
09/06/2029
245
259
3.56%,
08/15/2027
800
857
3.98%,
09/25/2050
170
165
4.54%,
08/15/2047
325
346
BAT
International
Finance
PLC
1.67%,
03/25/2026
170
170
Bunge
Ltd
Finance
Corp
2.75%,
05/14/2031
195
197
Philip
Morris
International
Inc
0.88%,
05/01/2026
175
173
1.75%,
11/01/2030
175
169
2.38%,
08/17/2022
30
31
2.75%,
02/25/2026
310
331
3.25%,
11/10/2024
30
32
3.38%,
08/11/2025
375
409
4.13%,
03/04/2043
300
344
4.25%,
11/10/2044
30
35
4.38%,
11/15/2041
61
72
4.50%,
03/20/2042
400
474
4.88%,
11/15/2043
35
44
Reynolds
American
Inc
4.45%,
06/12/2025
250
277
4.85%,
09/15/2023
350
382
5.70%,
08/15/2035
25
30
5.85%,
08/15/2045
415
508
$
8,461
Airlines
-
0
.04
%
American
Airlines
2019-1
Class
AA
Pass
Through
Trust
3.15%,
08/15/2033
161
166
Delta
Air
Lines
2020-1
Class
AA
Pass
Through
Trust
2.00%,
06/10/2028
301
302
Southwest
Airlines
Co
5.25%,
05/04/2025
480
548
United
Airlines
2014-2
Class
A
Pass
Through
Trust
3.75%,
03/03/2028
138
146
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
69
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Airlines
(continued)
United
Airlines
2019-2
Class
AA
Pass
Through
Trust
2.70%,
11/01/2033
$
77
$
77
$
1,239
Apparel
-
0
.05
%
NIKE
Inc
2.25%,
05/01/2023
200
206
2.40%,
03/27/2025
160
169
2.75%,
03/27/2027
160
172
3.25%,
03/27/2040
160
176
3.38%,
11/01/2046
350
393
3.63%,
05/01/2043
200
232
$
1,348
Automobile
Asset
Backed
Securities
-
0
.05
%
BMW
Vehicle
Owner
Trust
2018-A
2.51%,
06/25/2024
984
991
World
Omni
Auto
Receivables
Trust
2018-A
2.50%,
04/17/2023
119
120
World
Omni
Automobile
Lease
Securitization
Trust
2019-A
2.94%,
05/16/2022
225
225
$
1,336
Automobile
Manufacturers
-
0
.42
%
American
Honda
Finance
Corp
0.55%,
07/12/2024
190
189
0.65%,
09/08/2023
170
171
1.20%,
07/08/2025
165
166
1.95%,
05/10/2023
160
165
2.05%,
01/10/2023
490
503
2.15%,
09/10/2024
445
465
Daimler
Finance
North
America
LLC
8.50%,
01/18/2031
127
193
General
Motors
Co
4.88%,
10/02/2023
675
735
5.00%,
10/01/2028
400
469
5.00%,
04/01/2035
200
242
5.40%,
04/01/2048
360
459
6.75%,
04/01/2046
25
36
General
Motors
Financial
Co
Inc
1.05%,
03/08/2024
190
191
1.25%,
01/08/2026
190
189
1.50%,
06/10/2026
190
189
1.70%,
08/18/2023
330
337
2.35%,
01/08/2031
190
187
2.40%,
04/10/2028
190
193
2.70%,
06/10/2031
190
191
3.25%,
01/05/2023
400
415
3.55%,
07/08/2022
500
516
3.70%,
05/09/2023
325
341
4.30%,
07/13/2025
325
359
4.35%,
01/17/2027
305
343
5.10%,
01/17/2024
500
550
PACCAR
Financial
Corp
0.35%,
08/11/2023
165
165
0.35%,
02/02/2024
190
189
1.80%,
02/06/2025
170
174
Toyota
Motor
Corp
1.34%,
03/25/2026
385
389
3.67%,
07/20/2028
200
227
Toyota
Motor
Credit
Corp
0.35%,
10/14/2022
410
411
0.45%,
01/11/2024
190
189
0.50%,
08/14/2023
165
165
0.50%,
06/18/2024
190
189
0.80%,
10/16/2025
210
208
1.15%,
08/13/2027
165
163
1.35%,
08/25/2023
155
158
1.65%,
01/10/2031
190
185
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Manufacturers
(continued)
Toyota
Motor
Credit
Corp
(continued)
1.80%,
02/13/2025
$
160
$
165
2.00%,
10/07/2024
165
172
2.25%,
10/18/2023
350
365
3.35%,
01/08/2024
400
428
3.45%,
09/20/2023
400
425
$
12,161
Automobile
Parts
&
Equipment
-
0
.02
%
BorgWarner
Inc
3.38%,
03/15/2025
(a)
500
540
Banks
-
6
.04
%
Australia
&
New
Zealand
Banking
Group
Ltd/
New
York
NY
2.05%,
11/21/2022
250
256
Banco
Santander
SA
1.85%,
03/25/2026
400
404
2.75%,
05/28/2025
200
211
2.75%,
12/03/2030
400
396
3.13%,
02/23/2023
600
625
3.49%,
05/28/2030
200
216
Bank
of
America
Corp
0.52%,
06/14/2024
(f)
365
365
Secured
Overnight
Financing
Rate
+
0.41%
0.81%,
10/24/2024
(f)
340
341
Secured
Overnight
Financing
Rate
+
0.74%
0.98%,
04/22/2025
(f)
380
381
Secured
Overnight
Financing
Rate
+
0.69%
0.98%,
09/25/2025
(f)
170
170
Secured
Overnight
Financing
Rate
+
0.91%
1.32%,
06/19/2026
(f)
320
321
Secured
Overnight
Financing
Rate
+
1.15%
1.66%,
03/11/2027
(f)
365
368
Secured
Overnight
Financing
Rate
+
0.91%
1.73%,
07/22/2027
(f)
380
383
Secured
Overnight
Financing
Rate
+
0.96%
1.90%,
07/23/2031
(f)
750
729
Secured
Overnight
Financing
Rate
+
1.53%
1.92%,
10/24/2031
(f)
340
331
Secured
Overnight
Financing
Rate
+
1.37%
2.09%,
06/14/2029
(f)
190
192
Secured
Overnight
Financing
Rate
+
1.06%
2.46%,
10/22/2025
(f)
310
324
3
Month
USD
LIBOR
+
0.87%
2.50%,
02/13/2031
(f)
320
327
3
Month
USD
LIBOR
+
0.99%
2.59%,
04/29/2031
(f)
250
258
Secured
Overnight
Financing
Rate
+
2.15%
2.65%,
03/11/2032
(f)
570
585
Secured
Overnight
Financing
Rate
+
1.22%
2.68%,
06/19/2041
(f)
1,070
1,038
Secured
Overnight
Financing
Rate
+
1.93%
2.82%,
07/21/2023
(f)
500
512
3
Month
USD
LIBOR
+
0.93%
2.83%,
10/24/2051
(f)
880
858
Secured
Overnight
Financing
Rate
+
1.88%
3.00%,
12/20/2023
(f)
1,389
1,439
3
Month
USD
LIBOR
+
0.79%
3.19%,
07/23/2030
(f)
335
361
3
Month
USD
LIBOR
+
1.18%
3.25%,
10/21/2027
40
43
3.30%,
01/11/2023
330
344
3.31%,
04/22/2042
(f)
380
402
Secured
Overnight
Financing
Rate
+
1.58%
3.42%,
12/20/2028
(f)
1,041
1,134
3
Month
USD
LIBOR
+
1.04%
3.48%,
03/13/2052
(f)
190
207
Secured
Overnight
Financing
Rate
+
1.65%
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
70
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
America
Corp
(continued)
3.50%,
04/19/2026
$
795
$
876
3.55%,
03/05/2024
(f)
550
578
3
Month
USD
LIBOR
+
0.78%
3.59%,
07/21/2028
(f)
500
550
3
Month
USD
LIBOR
+
1.37%
3.82%,
01/20/2028
(f)
400
444
3
Month
USD
LIBOR
+
1.58%
3.86%,
07/23/2024
(f)
300
320
3
Month
USD
LIBOR
+
0.94%
3.88%,
08/01/2025
30
33
3.95%,
04/21/2025
830
911
3.97%,
02/07/2030
(f)
1,000
1,134
3
Month
USD
LIBOR
+
1.21%
4.13%,
01/22/2024
500
544
4.18%,
11/25/2027
560
627
4.20%,
08/26/2024
625
685
4.27%,
07/23/2029
(f)
360
414
3
Month
USD
LIBOR
+
1.31%
4.33%,
03/15/2050
(f)
310
381
3
Month
USD
LIBOR
+
1.52%
4.44%,
01/20/2048
(f)
30
37
3
Month
USD
LIBOR
+
1.99%
5.00%,
01/21/2044
25
33
5.88%,
02/07/2042
228
328
7.75%,
05/14/2038
250
395
Bank
of
America
NA
6.00%,
10/15/2036
250
349
Bank
of
Montreal
0.45%,
12/08/2023
995
999
0.95%,
01/22/2027
(f)
190
187
Secured
Overnight
Financing
Rate
+
0.60%
1.85%,
05/01/2025
150
155
2.55%,
11/06/2022
15
15
3.30%,
02/05/2024
400
428
Bank
of
New
York
Mellon
Corp/The
0.35%,
12/07/2023
150
150
0.50%,
04/26/2024
170
170
0.75%,
01/28/2026
185
183
1.60%,
04/24/2025
140
144
1.65%,
07/14/2028
150
151
1.85%,
01/27/2023
790
808
1.95%,
08/23/2022
850
866
2.10%,
10/24/2024
775
812
Bank
of
Nova
Scotia/The
0.55%,
09/15/2023
170
170
1.05%,
03/02/2026
190
188
1.30%,
06/11/2025
160
162
2.00%,
11/15/2022
160
164
2.15%,
08/01/2031
190
189
2.45%,
09/19/2022
30
31
2.70%,
08/03/2026
170
182
3.40%,
02/11/2024
400
429
4.50%,
12/16/2025
500
566
Barclays
PLC
1.01%,
12/10/2024
(f)
200
201
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.80%
2.65%,
06/24/2031
(f)
320
324
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.90%
2.67%,
03/10/2032
(f)
200
201
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.20%
3.56%,
09/23/2035
(f)
200
208
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
3.68%,
01/10/2023
1,700
1,729
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Barclays
PLC
(continued)
3.81%,
03/10/2042
(f)
$
200
$
211
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.70%
4.34%,
01/10/2028
1,030
1,152
4.38%,
01/12/2026
200
224
4.97%,
05/16/2029
(f)
210
246
3
Month
USD
LIBOR
+
1.90%
BNP
Paribas
SA
4.25%,
10/15/2024
750
830
BPCE
SA
4.00%,
04/15/2024
250
273
Canadian
Imperial
Bank
of
Commerce
0.50%,
12/14/2023
185
184
0.95%,
06/23/2023
70
71
1.25%,
06/22/2026
190
189
2.61%,
07/22/2023
(f)
250
256
3
Month
USD
LIBOR
+
0.79%
3.50%,
09/13/2023
500
534
Citibank
NA
3.65%,
01/23/2024
500
538
Citigroup
Inc
0.78%,
10/30/2024
(f)
655
657
Secured
Overnight
Financing
Rate
+
0.69%
0.98%,
05/01/2025
(f)
485
486
Secured
Overnight
Financing
Rate
+
0.67%
1.12%,
01/28/2027
(f)
185
182
Secured
Overnight
Financing
Rate
+
0.77%
1.46%,
06/09/2027
(f)
370
368
Secured
Overnight
Financing
Rate
+
0.77%
1.68%,
05/15/2024
(f)
160
163
Secured
Overnight
Financing
Rate
+
1.67%
2.56%,
05/01/2032
(f)
520
529
Secured
Overnight
Financing
Rate
+
1.17%
2.57%,
06/03/2031
(f)
320
329
Secured
Overnight
Financing
Rate
+
2.11%
2.67%,
01/29/2031
(f)
315
325
Secured
Overnight
Financing
Rate
+
1.15%
2.70%,
10/27/2022
900
926
2.88%,
07/24/2023
(f)
200
205
3
Month
USD
LIBOR
+
0.95%
2.98%,
11/05/2030
(f)
155
164
Secured
Overnight
Financing
Rate
+
1.42%
3.20%,
10/21/2026
770
834
3.50%,
05/15/2023
600
633
3.67%,
07/24/2028
(f)
1,200
1,323
3
Month
USD
LIBOR
+
1.39%
3.75%,
06/16/2024
500
544
3.89%,
01/10/2028
(f)
400
445
3
Month
USD
LIBOR
+
1.56%
4.05%,
07/30/2022
200
208
4.07%,
04/23/2029
(f)
240
272
3
Month
USD
LIBOR
+
1.19%
4.28%,
04/24/2048
(f)
330
410
3
Month
USD
LIBOR
+
1.84%
4.30%,
11/20/2026
525
593
4.40%,
06/10/2025
780
871
4.45%,
09/29/2027
20
23
4.60%,
03/09/2026
60
68
4.65%,
07/30/2045
222
286
5.30%,
05/06/2044
25
34
5.50%,
09/13/2025
325
379
5.88%,
01/30/2042
328
471
6.63%,
06/15/2032
112
153
6.68%,
09/13/2043
30
46
8.13%,
07/15/2039
132
228
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
71
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Cooperatieve
Rabobank
UA
3.95%,
11/09/2022
$
300
$
314
5.25%,
05/24/2041
500
689
5.25%,
08/04/2045
250
335
5.75%,
12/01/2043
250
353
Cooperatieve
Rabobank
UA/NY
0.38%,
01/12/2024
250
249
Credit
Suisse
AG/New
York
NY
0.50%,
02/02/2024
305
304
3.63%,
09/09/2024
400
435
Credit
Suisse
Group
AG
3.75%,
03/26/2025
750
814
4.88%,
05/15/2045
500
631
Deutsche
Bank
AG/New
York
NY
0.90%,
05/28/2024
150
149
1.69%,
03/19/2026
500
505
2.13%,
11/24/2026
(f)
200
203
Secured
Overnight
Financing
Rate
+
1.87%
2.22%,
09/18/2024
(f)
170
175
Secured
Overnight
Financing
Rate
+
2.16%
3.04%,
05/28/2032
(f)
175
178
Secured
Overnight
Financing
Rate
+
1.72%
4.10%,
01/13/2026
500
548
Discover
Bank
2.45%,
09/12/2024
320
335
2.70%,
02/06/2030
250
261
Fifth
Third
Bancorp
2.38%,
01/28/2025
85
89
4.30%,
01/16/2024
30
32
Fifth
Third
Bank
NA
1.80%,
01/30/2023
250
255
3.85%,
03/15/2026
700
776
Goldman
Sachs
Group
Inc/The
0.63%,
11/17/2023
(f)
365
365
Secured
Overnight
Financing
Rate
+
0.54%
0.66%,
09/10/2024
(f)
385
384
Secured
Overnight
Financing
Rate
+
0.51%
0.67%,
03/08/2024
(f)
385
386
Secured
Overnight
Financing
Rate
+
0.57%
0.86%,
02/12/2026
(f)
155
154
Secured
Overnight
Financing
Rate
+
0.61%
1.09%,
12/09/2026
(f)
315
310
Secured
Overnight
Financing
Rate
+
0.79%
1.43%,
03/09/2027
(f)
385
384
Secured
Overnight
Financing
Rate
+
0.80%
1.54%,
09/10/2027
(f)
190
189
Secured
Overnight
Financing
Rate
+
0.82%
1.99%,
01/27/2032
(f)
475
461
Secured
Overnight
Financing
Rate
+
1.09%
2.60%,
02/07/2030
1,240
1,287
2.62%,
04/22/2032
(f)
380
388
Secured
Overnight
Financing
Rate
+
1.28%
3.21%,
04/22/2042
(f)
190
199
Secured
Overnight
Financing
Rate
+
1.51%
3.63%,
02/20/2024
1,000
1,072
3.75%,
05/22/2025
30
33
3.81%,
04/23/2029
(f)
2,000
2,237
3
Month
USD
LIBOR
+
1.16%
3.85%,
01/26/2027
60
66
4.02%,
10/31/2038
(f)
750
879
3
Month
USD
LIBOR
+
1.37%
4.22%,
05/01/2029
(f)
415
473
3
Month
USD
LIBOR
+
1.30%
4.25%,
10/21/2025
1,280
1,431
4.41%,
04/23/2039
(f)
180
219
3
Month
USD
LIBOR
+
1.43%
4.80%,
07/08/2044
25
33
5.15%,
05/22/2045
310
414
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Goldman
Sachs
Group
Inc/The
(continued)
6.75%,
10/01/2037
$
530
$
772
HSBC
Holdings
PLC
0.98%,
05/24/2025
(f)
400
400
Secured
Overnight
Financing
Rate
+
0.71%
1.59%,
05/24/2027
(f)
400
401
Secured
Overnight
Financing
Rate
+
1.29%
1.65%,
04/18/2026
(f)
250
253
Secured
Overnight
Financing
Rate
+
1.54%
2.01%,
09/22/2028
(f)
335
336
Secured
Overnight
Financing
Rate
+
1.73%
2.10%,
06/04/2026
(f)
320
329
Secured
Overnight
Financing
Rate
+
1.93%
2.36%,
08/18/2031
(f)
200
200
Secured
Overnight
Financing
Rate
+
1.95%
2.63%,
11/07/2025
(f)
230
241
Secured
Overnight
Financing
Rate
+
1.40%
2.80%,
05/24/2032
(f)
200
205
Secured
Overnight
Financing
Rate
+
1.19%
2.85%,
06/04/2031
(f)
200
208
Secured
Overnight
Financing
Rate
+
2.39%
3.60%,
05/25/2023
500
529
3.90%,
05/25/2026
395
439
3.95%,
05/18/2024
(f)
400
425
3
Month
USD
LIBOR
+
0.99%
3.97%,
05/22/2030
(f)
400
448
3
Month
USD
LIBOR
+
1.61%
4.04%,
03/13/2028
(f)
500
555
3
Month
USD
LIBOR
+
1.55%
4.25%,
03/14/2024
500
542
4.29%,
09/12/2026
(f)
500
556
3
Month
USD
LIBOR
+
1.35%
4.58%,
06/19/2029
(f)
365
422
3
Month
USD
LIBOR
+
1.53%
4.95%,
03/31/2030
200
241
5.25%,
03/14/2044
300
389
6.10%,
01/14/2042
174
253
6.50%,
05/02/2036
420
579
Huntington
Bancshares
Inc/OH
2.55%,
02/04/2030
110
114
Huntington
National
Bank/The
1.80%,
02/03/2023
250
255
3.55%,
10/06/2023
400
427
ING
Groep
NV
1.73%,
04/01/2027
(f)
200
202
Secured
Overnight
Financing
Rate
+
1.01%
2.73%,
04/01/2032
(f)
200
206
Secured
Overnight
Financing
Rate
+
1.32%
3.55%,
04/09/2024
400
431
JPMorgan
Chase
&
Co
0.56%,
02/16/2025
(f)
190
189
Secured
Overnight
Financing
Rate
+
0.42%
0.65%,
09/16/2024
(f)
920
921
Secured
Overnight
Financing
Rate
+
0.60%
0.82%,
06/01/2025
(f)
730
729
Secured
Overnight
Financing
Rate
+
0.54%
0.97%,
06/23/2025
(f)
385
385
Secured
Overnight
Financing
Rate
+
0.58%
1.04%,
02/04/2027
(f)
380
374
Secured
Overnight
Financing
Rate
+
0.70%
1.05%,
11/19/2026
(f)
360
355
Secured
Overnight
Financing
Rate
+
0.80%
1.51%,
06/01/2024
(f)
815
831
Secured
Overnight
Financing
Rate
+
1.46%
1.58%,
04/22/2027
(f)
380
382
Secured
Overnight
Financing
Rate
+
0.89%
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
72
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
JPMorgan
Chase
&
Co
(continued)
1.76%,
11/19/2031
(f)
$
360
$
345
Secured
Overnight
Financing
Rate
+
1.11%
1.95%,
02/04/2032
(f)
380
369
Secured
Overnight
Financing
Rate
+
1.07%
2.00%,
03/13/2026
(f)
160
165
Secured
Overnight
Financing
Rate
+
1.59%
2.07%,
06/01/2029
(f)
1,395
1,406
Secured
Overnight
Financing
Rate
+
1.02%
2.08%,
04/22/2026
(f)
460
476
Secured
Overnight
Financing
Rate
+
1.85%
2.18%,
06/01/2028
(f)
815
835
Secured
Overnight
Financing
Rate
+
1.89%
2.30%,
10/15/2025
(f)
280
292
Secured
Overnight
Financing
Rate
+
1.16%
2.52%,
04/22/2031
(f)
730
751
Secured
Overnight
Financing
Rate
+
2.04%
2.53%,
11/19/2041
(f)
180
172
Secured
Overnight
Financing
Rate
+
1.51%
2.58%,
04/22/2032
(f)
380
390
Secured
Overnight
Financing
Rate
+
1.25%
2.74%,
10/15/2030
(f)
260
272
Secured
Overnight
Financing
Rate
+
1.51%
2.96%,
05/13/2031
(f)
725
762
Secured
Overnight
Financing
Rate
+
2.52%
3.11%,
04/22/2041
(f)
730
757
Secured
Overnight
Financing
Rate
+
2.46%
3.11%,
04/22/2051
(f)
730
753
Secured
Overnight
Financing
Rate
+
2.44%
3.20%,
01/25/2023
600
627
3.25%,
09/23/2022
320
332
3.30%,
04/01/2026
500
547
3.33%,
04/22/2052
(f)
380
406
Secured
Overnight
Financing
Rate
+
1.58%
3.38%,
05/01/2023
400
421
3.51%,
01/23/2029
(f)
400
441
3
Month
USD
LIBOR
+
0.95%
3.63%,
12/01/2027
25
27
3.80%,
07/23/2024
(f)
270
288
3
Month
USD
LIBOR
+
0.89%
3.88%,
02/01/2024
520
563
3.88%,
09/10/2024
500
545
3.88%,
07/24/2038
(f)
500
576
3
Month
USD
LIBOR
+
1.36%
3.96%,
11/15/2048
(f)
400
469
3
Month
USD
LIBOR
+
1.38%
4.01%,
04/23/2029
(f)
270
305
3
Month
USD
LIBOR
+
1.12%
4.03%,
07/24/2048
(f)
30
36
3
Month
USD
LIBOR
+
1.46%
4.20%,
07/23/2029
(f)
300
345
3
Month
USD
LIBOR
+
1.26%
4.25%,
10/01/2027
10
11
4.85%,
02/01/2044
20
26
4.95%,
06/01/2045
55
73
5.40%,
01/06/2042
102
140
5.60%,
07/15/2041
154
216
5.63%,
08/16/2043
375
529
6.40%,
05/15/2038
200
293
KeyBank
NA/Cleveland
OH
0.42%,
01/03/2024
(f)
250
250
Secured
Overnight
Financing
Rate
+
0.34%
1.25%,
03/10/2023
250
254
KeyCorp
2.25%,
04/06/2027
410
425
2.55%,
10/01/2029
310
324
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Korea
Development
Bank/The
0.40%,
06/19/2024
$
400
$
397
0.80%,
04/27/2026
350
345
1.75%,
02/18/2025
500
512
Kreditanstalt
fuer
Wiederaufbau
0.00%,
04/18/2036
(e)
380
284
0.00%,
06/29/2037
(e)
200
147
0.25%,
10/19/2023
340
339
0.25%,
03/08/2024
575
572
0.38%,
07/18/2025
1,630
1,608
0.63%,
01/22/2026
1,515
1,501
2.00%,
05/02/2025
380
398
2.13%,
01/17/2023
1,800
1,853
2.38%,
12/29/2022
600
619
2.50%,
11/20/2024
300
319
2.88%,
04/03/2028
275
305
Landwirtschaftliche
Rentenbank
0.88%,
03/30/2026
170
170
0.88%,
09/03/2030
330
312
2.00%,
01/13/2025
300
314
2.38%,
06/10/2025
1,200
1,276
Lloyds
Banking
Group
PLC
0.70%,
05/11/2024
(f)
1,000
1,003
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.55%
3.57%,
11/07/2028
(f)
630
689
3
Month
USD
LIBOR
+
1.21%
3.75%,
01/11/2027
515
569
4.05%,
08/16/2023
400
429
4.45%,
05/08/2025
400
449
4.65%,
03/24/2026
500
566
5.30%,
12/01/2045
200
264
Mitsubishi
UFJ
Financial
Group
Inc
1.41%,
07/17/2025
200
202
2.05%,
07/17/2030
250
249
2.19%,
02/25/2025
200
208
2.56%,
02/25/2030
200
208
2.62%,
07/18/2022
700
717
2.76%,
09/13/2026
400
426
2.80%,
07/18/2024
650
688
3.20%,
07/18/2029
700
757
3.75%,
07/18/2039
550
626
3.76%,
07/26/2023
300
320
3.85%,
03/01/2026
350
391
Mizuho
Financial
Group
Inc
1.24%,
07/10/2024
(f)
200
203
Secured
Overnight
Financing
Rate
+
1.25%
2.20%,
07/10/2031
(f)
200
200
Secured
Overnight
Financing
Rate
+
1.77%
2.23%,
05/25/2026
(f)
200
207
3
Month
USD
LIBOR
+
0.83%
2.72%,
07/16/2023
(f)
600
614
3
Month
USD
LIBOR
+
0.84%
2.84%,
07/16/2025
(f)
1,000
1,056
Secured
Overnight
Financing
Rate
+
1.24%
3.15%,
07/16/2030
(f)
400
430
3
Month
USD
LIBOR
+
1.13%
Morgan
Stanley
0.53%,
01/25/2024
(f)
330
330
Secured
Overnight
Financing
Rate
+
0.46%
0.56%,
11/10/2023
(f)
360
360
Secured
Overnight
Financing
Rate
+
0.47%
0.73%,
04/05/2024
(f)
360
361
Secured
Overnight
Financing
Rate
+
0.62%
0.79%,
05/30/2025
(f)
385
384
Secured
Overnight
Financing
Rate
+
0.53%
0.86%,
10/21/2025
(f)
95
95
Secured
Overnight
Financing
Rate
+
0.75%
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
73
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Morgan
Stanley
(continued)
0.99%,
12/10/2026
(f)
$
280
$
276
Secured
Overnight
Financing
Rate
+
0.72%
1.59%,
05/04/2027
(f)
270
272
Secured
Overnight
Financing
Rate
+
0.88%
1.79%,
02/13/2032
(f)
1,360
1,307
Secured
Overnight
Financing
Rate
+
1.03%
1.93%,
04/28/2032
(f)
105
102
Secured
Overnight
Financing
Rate
+
1.02%
2.19%,
04/28/2026
(f)
475
493
Secured
Overnight
Financing
Rate
+
1.99%
2.72%,
07/22/2025
(f)
250
263
Secured
Overnight
Financing
Rate
+
1.15%
2.80%,
01/25/2052
(f)
240
235
Secured
Overnight
Financing
Rate
+
1.43%
3.13%,
01/23/2023
300
313
3.13%,
07/27/2026
1,330
1,441
3.22%,
04/22/2042
(f)
190
201
Secured
Overnight
Financing
Rate
+
1.49%
3.59%,
07/22/2028
(f)
30
33
3
Month
USD
LIBOR
+
1.34%
3.63%,
01/20/2027
530
588
3.70%,
10/23/2024
25
27
3.75%,
02/25/2023
1,230
1,296
3.77%,
01/24/2029
(f)
360
404
3
Month
USD
LIBOR
+
1.14%
3.88%,
04/29/2024
30
33
3.95%,
04/23/2027
50
56
3.97%,
07/22/2038
(f)
15
18
3
Month
USD
LIBOR
+
1.46%
4.00%,
07/23/2025
30
33
4.10%,
05/22/2023
380
405
4.30%,
01/27/2045
50
62
4.35%,
09/08/2026
30
34
4.38%,
01/22/2047
30
38
4.88%,
11/01/2022
30
32
5.00%,
11/24/2025
525
605
5.60%,
03/24/2051
(f)
500
744
Secured
Overnight
Financing
Rate
+
4.84%
6.38%,
07/24/2042
620
951
National
Australia
Bank
Ltd/New
York
1.88%,
12/13/2022
250
256
Natwest
Group
PLC
1.64%,
06/14/2027
(f)
265
265
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.90%
3.88%,
09/12/2023
200
214
4.80%,
04/05/2026
500
572
4.89%,
05/18/2029
(f)
400
468
3
Month
USD
LIBOR
+
1.75%
5.08%,
01/27/2030
(f)
1,000
1,185
3
Month
USD
LIBOR
+
1.91%
Northern
Trust
Corp
3.95%,
10/30/2025
500
563
Oesterreichische
Kontrollbank
AG
0.38%,
09/17/2025
340
334
2.88%,
03/13/2023
1,000
1,044
PNC
Bank
NA
2.70%,
10/22/2029
250
265
3.80%,
07/25/2023
650
693
PNC
Financial
Services
Group
Inc/The
2.20%,
11/01/2024
130
136
2.31%,
04/23/2032
(f)
150
153
Secured
Overnight
Financing
Rate
+
0.98%
2.55%,
01/22/2030
160
168
2.60%,
07/23/2026
490
522
3.45%,
04/23/2029
300
335
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Regions
Financial
Corp
3.80%,
08/14/2023
$
1,000
$
1,066
Royal
Bank
of
Canada
0.43%,
01/19/2024
380
379
0.50%,
10/26/2023
170
170
1.20%,
04/27/2026
175
175
1.95%,
01/17/2023
720
738
2.25%,
11/01/2024
310
325
2.55%,
07/16/2024
125
132
Santander
Holdings
USA
Inc
4.50%,
07/17/2025
780
866
Santander
UK
Group
Holdings
PLC
1.09%,
03/15/2025
(f)
200
201
Secured
Overnight
Financing
Rate
+
0.79%
1.53%,
08/21/2026
(f)
200
200
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.25%
1.67%,
06/14/2027
(f)
200
200
Secured
Overnight
Financing
Rate
+
0.99%
3.57%,
01/10/2023
520
528
State
Street
Corp
2.20%,
03/03/2031
190
192
2.35%,
11/01/2025
(f)
365
384
Secured
Overnight
Financing
Rate
+
0.94%
2.40%,
01/24/2030
160
167
2.65%,
05/19/2026
60
64
3.10%,
05/15/2023
325
341
3.55%,
08/18/2025
225
249
3.70%,
11/20/2023
10
11
Sumitomo
Mitsui
Financial
Group
Inc
0.51%,
01/12/2024
200
199
1.47%,
07/08/2025
300
303
2.13%,
07/08/2030
930
935
2.14%,
09/23/2030
170
166
2.30%,
01/12/2041
200
186
2.35%,
01/15/2025
200
209
2.70%,
07/16/2024
420
444
2.75%,
01/15/2030
200
210
3.04%,
07/16/2029
200
215
3.36%,
07/12/2027
750
826
3.45%,
01/11/2027
140
154
3.78%,
03/09/2026
500
556
Toronto-Dominion
Bank/The
0.25%,
01/06/2023
380
380
0.45%,
09/11/2023
670
671
0.75%,
06/12/2023
330
332
1.15%,
06/12/2025
330
332
1.20%,
06/03/2026
(a)
190
190
1.90%,
12/01/2022
115
118
Truist
Bank
1.25%,
03/09/2023
250
254
1.50%,
03/10/2025
250
256
3.63%,
09/16/2025
250
275
3.80%,
10/30/2026
250
280
Truist
Financial
Corp
1.13%,
08/03/2027
465
454
1.20%,
08/05/2025
(a)
665
672
1.27%,
03/02/2027
(f)
60
60
Secured
Overnight
Financing
Rate
+
0.61%
1.89%,
06/07/2029
(f)
175
176
Secured
Overnight
Financing
Rate
+
0.86%
1.95%,
06/05/2030
665
665
2.50%,
08/01/2024
350
369
US
Bancorp
1.38%,
07/22/2030
415
400
2.40%,
07/30/2024
190
200
2.95%,
07/15/2022
230
236
3.00%,
07/30/2029
950
1,029
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
74
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
US
Bancorp
(continued)
3.15%,
04/27/2027
$
25
$
27
US
Bank
NA/Cincinnati
OH
2.05%,
01/21/2025
300
313
Wells
Fargo
&
Co
0.81%,
05/19/2025
(f)
110
110
Secured
Overnight
Financing
Rate
+
0.51%
1.65%,
06/02/2024
(f)
820
838
Secured
Overnight
Financing
Rate
+
1.60%
2.16%,
02/11/2026
(f)
645
669
3
Month
USD
LIBOR
+
0.75%
2.19%,
04/30/2026
(f)
830
862
Secured
Overnight
Financing
Rate
+
2.00%
2.39%,
06/02/2028
(f)
820
850
Secured
Overnight
Financing
Rate
+
2.10%
2.41%,
10/30/2025
(f)
1,310
1,371
Secured
Overnight
Financing
Rate
+
1.09%
3.00%,
04/22/2026
500
538
3.00%,
10/23/2026
530
572
3.07%,
04/30/2041
(f)
480
492
Secured
Overnight
Financing
Rate
+
2.53%
3.45%,
02/13/2023
515
540
3.58%,
05/22/2028
(f)
500
551
3
Month
USD
LIBOR
+
1.31%
4.10%,
06/03/2026
600
674
4.40%,
06/14/2046
385
464
4.48%,
04/04/2031
(f)
245
290
Secured
Overnight
Financing
Rate
+
4.03%
4.65%,
11/04/2044
630
776
4.90%,
11/17/2045
520
667
5.01%,
04/04/2051
(f)
325
445
Secured
Overnight
Financing
Rate
+
4.50%
5.38%,
11/02/2043
20
27
5.61%,
01/15/2044
45
61
Wells
Fargo
Bank
NA
5.95%,
08/26/2036
750
1,027
6.60%,
01/15/2038
250
369
Westpac
Banking
Corp
1.15%,
06/03/2026
190
190
2.00%,
01/13/2023
1,155
1,185
2.15%,
06/03/2031
190
192
2.35%,
02/19/2025
155
163
2.65%,
01/16/2030
155
166
2.89%,
02/04/2030
(f)
160
166
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.35%
2.96%,
11/16/2040
80
79
4.11%,
07/24/2034
(f)
165
181
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
4.42%,
07/24/2039
165
195
$
173,464
Beverages
-
0
.70
%
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
3.65%,
02/01/2026
825
911
4.70%,
02/01/2036
1,030
1,264
4.90%,
02/01/2046
890
1,127
Anheuser-Busch
InBev
Finance
Inc
4.63%,
02/01/2044
25
30
Anheuser-Busch
InBev
Worldwide
Inc
3.50%,
06/01/2030
295
328
3.75%,
07/15/2042
100
108
4.35%,
06/01/2040
295
351
4.50%,
06/01/2050
720
876
4.75%,
01/23/2029
560
667
4.90%,
01/23/2031
750
923
5.45%,
01/23/2039
500
659
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Beverages
(continued)
Anheuser-Busch
InBev
Worldwide
Inc
(continued)
5.80%,
01/23/2059
$
595
$
859
8.20%,
01/15/2039
51
85
Coca-Cola
Co/The
1.00%,
03/15/2028
340
330
1.38%,
03/15/2031
340
325
1.45%,
06/01/2027
1,060
1,070
1.50%,
03/05/2028
190
191
1.65%,
06/01/2030
260
255
1.75%,
09/06/2024
190
198
2.13%,
09/06/2029
165
170
2.25%,
01/05/2032
195
200
2.50%,
06/01/2040
260
258
2.50%,
03/15/2051
170
160
2.60%,
06/01/2050
260
251
2.88%,
05/05/2041
195
203
3.00%,
03/05/2051
285
297
3.38%,
03/25/2027
160
178
Constellation
Brands
Inc
3.15%,
08/01/2029
630
676
3.20%,
02/15/2023
450
469
Diageo
Capital
PLC
2.13%,
10/24/2024
200
209
2.13%,
04/29/2032
200
201
2.38%,
10/24/2029
200
207
2.63%,
04/29/2023
10
10
5.88%,
09/30/2036
139
198
Fomento
Economico
Mexicano
SAB
de
CV
3.50%,
01/16/2050
160
168
Keurig
Dr
Pepper
Inc
2.25%,
03/15/2031
190
192
3.13%,
12/15/2023
500
531
3.35%,
03/15/2051
190
199
4.06%,
05/25/2023
213
227
4.99%,
05/25/2038
600
765
Molson
Coors
Beverage
Co
3.00%,
07/15/2026
530
568
5.00%,
05/01/2042
50
61
PepsiCo
Inc
0.40%,
10/07/2023
125
125
0.75%,
05/01/2023
95
96
1.40%,
02/25/2031
165
159
1.63%,
05/01/2030
95
93
2.38%,
10/06/2026
670
713
2.63%,
07/29/2029
170
182
2.85%,
02/24/2026
500
540
2.88%,
10/15/2049
160
165
3.10%,
07/17/2022
15
15
3.38%,
07/29/2049
705
791
3.60%,
08/13/2042
350
405
$
20,239
Biotechnology
-
0
.29
%
Amgen
Inc
1.90%,
02/21/2025
160
166
2.20%,
02/21/2027
1,090
1,132
2.45%,
02/21/2030
160
165
2.60%,
08/19/2026
500
531
3.15%,
02/21/2040
860
896
3.38%,
02/21/2050
160
169
4.40%,
05/01/2045
40
49
4.66%,
06/15/2051
300
387
Baxalta
Inc
4.00%,
06/23/2025
50
55
5.25%,
06/23/2045
130
172
Biogen
Inc
2.25%,
05/01/2030
115
115
5.20%,
09/15/2045
540
717
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
75
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Biotechnology
(continued)
Gilead
Sciences
Inc
1.65%,
10/01/2030
$
165
$
160
2.60%,
10/01/2040
85
82
2.80%,
10/01/2050
165
159
2.95%,
03/01/2027
530
571
3.25%,
09/01/2022
60
62
4.00%,
09/01/2036
300
347
4.15%,
03/01/2047
70
82
4.60%,
09/01/2035
500
612
4.75%,
03/01/2046
195
247
4.80%,
04/01/2044
500
632
Regeneron
Pharmaceuticals
Inc
1.75%,
09/15/2030
165
156
Royalty
Pharma
PLC
0.75%,
09/02/2023
(g)
160
160
1.75%,
09/02/2027
(g)
310
305
2.20%,
09/02/2030
(g)
160
157
3.30%,
09/02/2040
(g)
160
161
$
8,447
Building
Materials
-
0
.19
%
Carrier
Global
Corp
2.24%,
02/15/2025
160
166
2.49%,
02/15/2027
160
167
2.72%,
02/15/2030
320
332
3.38%,
04/05/2040
685
719
3.58%,
04/05/2050
160
170
Johnson
Controls
International
plc
3.63%,
07/02/2024
(h)
500
537
4.50%,
02/15/2047
500
627
Martin
Marietta
Materials
Inc
0.65%,
07/15/2023
(i)
190
190
2.50%,
03/15/2030
735
748
3.20%,
07/15/2051
(i)
190
190
Masco
Corp
1.50%,
02/15/2028
190
186
4.50%,
05/15/2047
525
637
Owens
Corning
4.40%,
01/30/2048
300
354
Vulcan
Materials
Co
3.50%,
06/01/2030
295
325
$
5,348
Chemicals
-
0
.41
%
Air
Products
and
Chemicals
Inc
1.85%,
05/15/2027
655
673
2.80%,
05/15/2050
155
155
Albemarle
Corp
5.45%,
12/01/2044
150
190
Dow
Chemical
Co/The
2.10%,
11/15/2030
165
163
3.60%,
11/15/2050
165
178
3.63%,
05/15/2026
300
332
4.38%,
11/15/2042
230
274
4.80%,
05/15/2049
300
385
5.25%,
11/15/2041
280
365
9.40%,
05/15/2039
51
90
DuPont
de
Nemours
Inc
4.73%,
11/15/2028
1,075
1,282
5.32%,
11/15/2038
500
661
5.42%,
11/15/2048
245
340
Eastman
Chemical
Co
4.80%,
09/01/2042
100
122
Ecolab
Inc
1.30%,
01/30/2031
85
80
2.13%,
08/15/2050
85
76
4.80%,
03/24/2030
160
196
5.50%,
12/08/2041
307
427
EI
du
Pont
de
Nemours
and
Co
1.70%,
07/15/2025
185
190
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Chemicals
(continued)
Linde
Inc/CT
1.10%,
08/10/2030
$
165
$
155
2.20%,
08/15/2022
300
305
LYB
International
Finance
II
BV
3.50%,
03/02/2027
735
802
LYB
International
Finance
III
LLC
1.25%,
10/01/2025
85
85
2.25%,
10/01/2030
165
165
3.63%,
04/01/2051
165
174
4.20%,
10/15/2049
125
142
LyondellBasell
Industries
NV
4.63%,
02/26/2055
20
24
5.75%,
04/15/2024
130
145
Mosaic
Co/The
4.25%,
11/15/2023
496
533
Nutrien
Ltd
1.90%,
05/13/2023
95
97
4.20%,
04/01/2029
600
690
4.90%,
06/01/2043
200
253
6.13%,
01/15/2041
250
356
PPG
Industries
Inc
1.20%,
03/15/2026
190
190
Sherwin-Williams
Co/The
2.30%,
05/15/2030
160
162
2.95%,
08/15/2029
450
482
3.30%,
05/15/2050
160
170
3.80%,
08/15/2049
175
201
Westlake
Chemical
Corp
3.60%,
08/15/2026
350
381
$
11,691
Commercial
Mortgage
Backed
Securities
-
1
.45
%
BANK
2018-BNK10
3.69%,
02/15/2061
1,850
2,070
CFCRE
Commercial
Mortgage
Trust
2016-C4
3.28%,
05/10/2058
1,300
1,401
Citigroup
Commercial
Mortgage
Trust
2016-GC36
3.62%,
02/10/2049
1,000
1,096
COMM
2013-CCRE8
Mortgage
Trust
3.61%,
06/10/2046
(h)
500
525
COMM
2015-DC1
Mortgage
Trust
3.35%,
02/10/2048
1,000
1,072
COMM
2015-LC19
Mortgage
Trust
3.18%,
02/10/2048
1,000
1,071
COMM
2016-CR28
Mortgage
Trust
3.76%,
02/10/2049
1,000
1,102
CSAIL
2016-C7
Commercial
Mortgage
Trust
3.31%,
11/15/2049
926
981
Fannie
Mae-Aces
2.50%,
10/25/2026
(h)
896
950
2.53%,
09/25/2024
906
946
2.80%,
06/25/2025
(h)
1,914
2,038
2.89%,
02/25/2027
(h)
1,084
1,175
2.96%,
02/25/2027
(h)
1,000
1,086
3.08%,
12/25/2027
(h)
1,000
1,098
3.48%,
07/25/2028
(h)
2,025
2,286
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2.67%,
03/25/2026
1,050
1,125
2.87%,
12/25/2021
469
472
3.06%,
07/25/2023
(h)
750
787
3.06%,
12/25/2024
500
537
3.31%,
05/25/2023
(h)
810
852
3.32%,
02/25/2023
(h)
1,000
1,043
3.41%,
12/25/2026
1,500
1,672
3.53%,
10/25/2023
(h)
1,050
1,117
GS
Mortgage
Securities
Trust
2012-GC6
3.48%,
01/10/2045
152
152
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
76
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
GS
Mortgage
Securities
Trust
2012-GCJ9
2.77%,
11/10/2045
$
485
$
496
GS
Mortgage
Securities
Trust
2014-GC18
3.80%,
01/10/2047
454
473
GS
Mortgage
Securities
Trust
2015-GC34
3.51%,
10/10/2048
1,000
1,089
GS
Mortgage
Securities
Trust
2017-GS5
3.47%,
03/10/2050
2,250
2,410
GS
Mortgage
Securities
Trust
2018-GS9
3.99%,
03/10/2051
(h)
1,500
1,708
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C22
3.80%,
09/15/2047
1,000
1,081
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2015-C24
3.48%,
05/15/2048
984
1,056
Morgan
Stanley
Capital
I
Trust
2017-H1
3.26%,
06/15/2050
2,500
2,680
SG
Commercial
Mortgage
Securities
Trust
2016-C5
3.06%,
10/10/2048
1,000
1,058
UBS-Barclays
Commercial
Mortgage
Trust
2013-C6
3.24%,
04/10/2046
500
518
Wells
Fargo
Commercial
Mortgage
Trust
2012-LC5
2.92%,
10/15/2045
441
450
Wells
Fargo
Commercial
Mortgage
Trust
2015-C28
3.29%,
05/15/2048
1,631
1,728
WFRBS
Commercial
Mortgage
Trust
2013-C14
2.98%,
06/15/2046
342
350
$
41,751
Commercial
Services
-
0
.26
%
American
University/The
3.67%,
04/01/2049
125
143
Automatic
Data
Processing
Inc
1.70%,
05/15/2028
195
197
3.38%,
09/15/2025
500
548
California
Institute
of
Technology
4.32%,
08/01/2045
80
102
Global
Payments
Inc
1.20%,
03/01/2026
370
366
2.65%,
02/15/2025
170
179
3.20%,
08/15/2029
170
182
4.15%,
08/15/2049
85
97
Leland
Stanford
Junior
University/The
3.65%,
05/01/2048
287
346
Massachusetts
Institute
of
Technology
3.89%,
07/01/2116
250
307
4.68%,
07/01/2114
250
364
Moody's
Corp
2.55%,
08/18/2060
515
456
5.25%,
07/15/2044
500
669
PayPal
Holdings
Inc
1.35%,
06/01/2023
160
163
1.65%,
06/01/2025
160
164
2.20%,
09/26/2022
160
164
2.30%,
06/01/2030
160
166
2.40%,
10/01/2024
160
169
2.85%,
10/01/2029
160
173
President
and
Fellows
of
Harvard
College
3.15%,
07/15/2046
350
392
S&P
Global
Inc
1.25%,
08/15/2030
165
156
2.50%,
12/01/2029
120
126
3.25%,
12/01/2049
120
129
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
(continued)
University
of
Southern
California
2.81%,
10/01/2050
$
645
$
655
5.25%,
10/01/2111
30
46
Verisk
Analytics
Inc
4.00%,
06/15/2025
500
553
William
Marsh
Rice
University
3.57%,
05/15/2045
500
579
$
7,591
Computers
-
0
.68
%
Apple
Inc
0.55%,
08/20/2025
525
519
0.70%,
02/08/2026
350
346
0.75%,
05/11/2023
435
439
1.13%,
05/11/2025
550
556
1.20%,
02/08/2028
345
340
1.25%,
08/20/2030
525
504
1.65%,
05/11/2030
160
159
1.65%,
02/08/2031
175
172
1.70%,
09/11/2022
195
198
2.20%,
09/11/2029
165
172
2.38%,
02/08/2041
175
170
2.40%,
01/13/2023
300
310
2.40%,
05/03/2023
330
342
2.40%,
08/20/2050
525
492
2.55%,
08/20/2060
260
243
2.65%,
05/11/2050
160
157
2.65%,
02/08/2051
175
171
2.80%,
02/08/2061
175
170
2.85%,
02/23/2023
30
31
2.90%,
09/12/2027
655
713
2.95%,
09/11/2049
165
170
3.20%,
05/13/2025
445
485
3.20%,
05/11/2027
320
353
3.35%,
02/09/2027
535
594
3.45%,
02/09/2045
30
34
3.75%,
09/12/2047
115
136
3.75%,
11/13/2047
150
176
3.85%,
05/04/2043
300
356
4.65%,
02/23/2046
1,235
1,639
Dell
International
LLC
/
EMC
Corp
5.45%,
06/15/2023
250
271
6.02%,
06/15/2026
1,000
1,201
8.10%,
07/15/2036
255
389
8.35%,
07/15/2046
335
548
DXC
Technology
Co
4.75%,
04/15/2027
505
581
Hewlett
Packard
Enterprise
Co
1.45%,
04/01/2024
465
473
2.25%,
04/01/2023
165
170
4.45%,
10/02/2023
150
162
4.90%,
10/15/2025
300
342
6.20%,
10/15/2035
80
109
6.35%,
10/15/2045
195
262
HP
Inc
1.45%,
06/17/2026
(g)
190
189
2.20%,
06/17/2025
240
249
3.00%,
06/17/2027
240
257
6.00%,
09/15/2041
154
203
International
Business
Machines
Corp
3.30%,
05/15/2026
1,050
1,155
3.38%,
08/01/2023
335
356
3.50%,
05/15/2029
470
526
4.00%,
06/20/2042
35
41
4.15%,
05/15/2039
230
273
4.25%,
05/15/2049
340
420
4.70%,
02/19/2046
185
241
5.60%,
11/30/2039
92
128
5.88%,
11/29/2032
200
274
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
77
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Computers
(continued)
International
Business
Machines
Corp
(continued)
6.22%,
08/01/2027
$
351
$
451
NetApp
Inc
2.38%,
06/22/2027
160
168
$
19,586
Consumer
Products
-
0
.05
%
Church
&
Dwight
Co
Inc
3.15%,
08/01/2027
300
327
3.95%,
08/01/2047
300
349
Clorox
Co/The
1.80%,
05/15/2030
160
157
Kimberly-Clark
Corp
2.75%,
02/15/2026
400
434
2.88%,
02/07/2050
160
165
$
1,432
Cosmetics
&
Personal
Care
-
0
.11
%
Estee
Lauder
Cos
Inc/The
1.95%,
03/15/2031
170
170
2.00%,
12/01/2024
240
251
2.38%,
12/01/2029
240
251
Procter
&
Gamble
Co/The
0.55%,
10/29/2025
240
237
1.20%,
10/29/2030
340
324
2.80%,
03/25/2027
660
715
3.10%,
08/15/2023
30
32
3.55%,
03/25/2040
160
188
Unilever
Capital
Corp
1.38%,
09/14/2030
170
164
2.13%,
09/06/2029
115
118
2.60%,
05/05/2024
510
538
5.90%,
11/15/2032
230
316
$
3,304
Credit
Card
Asset
Backed
Securities
-
0
.09
%
Capital
One
Multi-Asset
Execution
Trust
2.43%,
01/15/2025
1,500
1,524
Citibank
Credit
Card
Issuance
Trust
2.19%,
11/20/2023
1,000
1,008
$
2,532
Distribution
&
Wholesale
-
0
.01
%
WW
Grainger
Inc
4.60%,
06/15/2045
250
323
Diversified
Financial
Services
-
0
.84
%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
1.75%,
01/30/2026
170
168
2.88%,
08/14/2024
1,035
1,082
3.88%,
01/23/2028
300
321
Air
Lease
Corp
1.88%,
08/15/2026
200
200
2.25%,
01/15/2023
130
133
2.30%,
02/01/2025
265
274
2.88%,
01/15/2026
385
405
3.25%,
03/01/2025
500
533
3.25%,
10/01/2029
95
99
Ally
Financial
Inc
1.45%,
10/02/2023
185
188
8.00%,
11/01/2031
540
776
American
Express
Co
2.65%,
12/02/2022
400
413
4.05%,
12/03/2042
25
30
American
Express
Credit
Corp
3.30%,
05/03/2027
30
33
Ameriprise
Financial
Inc
4.00%,
10/15/2023
225
243
BlackRock
Inc
2.40%,
04/30/2030
125
131
3.50%,
03/18/2024
500
540
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
Brookfield
Finance
Inc
2.72%,
04/15/2031
$
190
$
196
3.50%,
03/30/2051
165
172
3.90%,
01/25/2028
400
446
Brookfield
Finance
LLC
3.45%,
04/15/2050
160
165
Capital
One
Bank
USA
NA
3.38%,
02/15/2023
340
356
Capital
One
Financial
Corp
3.20%,
02/05/2025
415
446
3.50%,
06/15/2023
114
121
3.75%,
04/24/2024
5
5
3.75%,
07/28/2026
1,000
1,103
4.20%,
10/29/2025
30
34
Charles
Schwab
Corp/The
0.90%,
03/11/2026
315
313
1.15%,
05/13/2026
195
195
1.65%,
03/11/2031
315
306
2.00%,
03/20/2028
385
395
3.45%,
02/13/2026
250
275
CME
Group
Inc
3.00%,
09/15/2022
25
26
3.00%,
03/15/2025
530
568
5.30%,
09/15/2043
200
288
Credit
Suisse
USA
Inc
7.13%,
07/15/2032
300
434
Discover
Financial
Services
4.10%,
02/09/2027
500
559
GE
Capital
Funding
LLC
3.45%,
05/15/2025
200
218
4.05%,
05/15/2027
200
226
GE
Capital
International
Funding
Co
Unlimited
Co
4.42%,
11/15/2035
2,000
2,397
Intercontinental
Exchange
Inc
0.70%,
06/15/2023
165
166
1.85%,
09/15/2032
125
119
2.10%,
06/15/2030
160
159
2.65%,
09/15/2040
165
158
3.00%,
09/15/2060
165
159
3.75%,
12/01/2025
50
55
4.00%,
10/15/2023
550
592
4.25%,
09/21/2048
150
177
Jefferies
Group
LLC
6.50%,
01/20/2043
200
276
Jefferies
Group
LLC
/
Jefferies
Group
Capital
Finance
Inc
4.15%,
01/23/2030
400
448
Mastercard
Inc
2.00%,
03/03/2025
210
220
2.95%,
11/21/2026
500
546
2.95%,
03/15/2051
190
199
3.35%,
03/26/2030
80
90
3.85%,
03/26/2050
560
676
Nasdaq
Inc
2.50%,
12/21/2040
185
172
4.25%,
06/01/2024
350
383
Nomura
Holdings
Inc
1.85%,
07/16/2025
330
337
2.68%,
07/16/2030
330
335
ORIX
Corp
3.70%,
07/18/2027
300
335
Synchrony
Financial
4.25%,
08/15/2024
800
874
4.50%,
07/23/2025
20
22
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
78
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
Visa
Inc
1.10%,
02/15/2031
$
165
$
156
1.90%,
04/15/2027
475
490
2.00%,
08/15/2050
165
146
2.05%,
04/15/2030
155
159
2.70%,
04/15/2040
155
160
2.80%,
12/14/2022
20
21
3.15%,
12/14/2025
600
656
3.65%,
09/15/2047
85
100
4.15%,
12/14/2035
215
264
4.30%,
12/14/2045
375
481
Western
Union
Co/The
6.20%,
11/17/2036
200
252
$
24,196
Electric
-
1
.99
%
AEP
Texas
Inc
2.10%,
07/01/2030
165
162
3.45%,
01/15/2050
55
57
3.45%,
05/15/2051
195
201
AEP
Transmission
Co
LLC
4.00%,
12/01/2046
600
706
AES
Corp/The
2.45%,
01/15/2031
(g)
180
178
Alabama
Power
Co
1.45%,
09/15/2030
160
153
3.13%,
07/15/2051
190
195
4.30%,
01/02/2046
400
487
Ameren
Corp
1.75%,
03/15/2028
190
188
Ameren
Illinois
Co
1.55%,
11/15/2030
180
173
2.70%,
09/01/2022
300
306
3.25%,
03/15/2050
80
86
American
Electric
Power
Co
Inc
1.00%,
11/01/2025
45
45
2.30%,
03/01/2030
160
162
Appalachian
Power
Co
3.30%,
06/01/2027
400
433
7.00%,
04/01/2038
120
179
Arizona
Public
Service
Co
2.60%,
08/15/2029
270
282
2.65%,
09/15/2050
170
161
4.50%,
04/01/2042
77
94
Baltimore
Gas
and
Electric
Co
2.25%,
06/15/2031
190
192
Berkshire
Hathaway
Energy
Co
1.65%,
05/15/2031
135
130
2.85%,
05/15/2051
180
174
3.80%,
07/15/2048
300
343
4.50%,
02/01/2045
550
678
5.15%,
11/15/2043
15
20
6.13%,
04/01/2036
156
219
CenterPoint
Energy
Houston
Electric
LLC
3.35%,
04/01/2051
190
208
4.25%,
02/01/2049
300
375
CenterPoint
Energy
Inc
1.45%,
06/01/2026
195
195
2.50%,
09/01/2024
90
94
2.95%,
03/01/2030
125
132
3.70%,
09/01/2049
90
96
CMS
Energy
Corp
3.45%,
08/15/2027
350
387
3.75%,
12/01/2050
(f)
180
183
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Commonwealth
Edison
Co
3.00%,
03/01/2050
$
160
$
165
3.13%,
03/15/2051
190
198
4.00%,
03/01/2049
300
360
Connecticut
Light
and
Power
Co/The
0.75%,
12/01/2025
180
178
2.05%,
07/01/2031
190
191
3.20%,
03/15/2027
165
181
4.00%,
04/01/2048
500
605
Consolidated
Edison
Co
of
New
York
Inc
2.40%,
06/15/2031
195
198
3.00%,
12/01/2060
180
166
3.13%,
11/15/2027
300
325
3.70%,
11/15/2059
80
85
3.88%,
06/15/2047
650
728
4.13%,
05/15/2049
300
350
4.20%,
03/15/2042
128
149
4.30%,
12/01/2056
230
271
5.85%,
03/15/2036
51
68
6.75%,
04/01/2038
125
184
Consumers
Energy
Co
2.50%,
05/01/2060
160
144
3.10%,
08/15/2050
245
259
Delmarva
Power
&
Light
Co
4.15%,
05/15/2045
350
419
Dominion
Energy
Inc
1.45%,
04/15/2026
190
191
3.30%,
04/15/2041
190
199
3.38%,
04/01/2030
155
169
4.70%,
12/01/2044
300
374
4.90%,
08/01/2041
77
97
5.95%,
06/15/2035
400
539
Dominion
Energy
South
Carolina
Inc
5.45%,
02/01/2041
77
106
DTE
Electric
Co
1.90%,
04/01/2028
435
441
2.25%,
03/01/2030
160
164
2.63%,
03/01/2031
155
163
3.95%,
03/01/2049
500
604
DTE
Energy
Co
0.55%,
11/01/2022
165
165
1.05%,
06/01/2025
85
85
2.25%,
11/01/2022
155
158
Duke
Energy
Carolinas
LLC
2.45%,
08/15/2029
225
234
2.50%,
03/15/2023
279
288
3.20%,
08/15/2049
450
472
4.00%,
09/30/2042
100
118
5.30%,
02/15/2040
512
695
Duke
Energy
Corp
0.90%,
09/15/2025
170
168
3.15%,
08/15/2027
15
16
3.30%,
06/15/2041
190
195
3.50%,
06/15/2051
190
196
3.75%,
09/01/2046
600
641
Duke
Energy
Florida
LLC
1.75%,
06/15/2030
160
157
2.50%,
12/01/2029
330
346
3.40%,
10/01/2046
300
326
5.65%,
04/01/2040
25
35
6.40%,
06/15/2038
66
97
Duke
Energy
Indiana
LLC
2.75%,
04/01/2050
160
155
6.12%,
10/15/2035
77
106
6.45%,
04/01/2039
300
440
Duke
Energy
Ohio
Inc
2.13%,
06/01/2030
160
161
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
79
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Duke
Energy
Progress
LLC
2.50%,
08/15/2050
$
165
$
152
4.15%,
12/01/2044
300
362
Emera
US
Finance
LP
3.55%,
06/15/2026
25
27
4.75%,
06/15/2046
25
30
Entergy
Arkansas
LLC
2.65%,
06/15/2051
170
161
Entergy
Corp
0.90%,
09/15/2025
580
572
1.90%,
06/15/2028
115
115
2.40%,
06/15/2031
190
190
Entergy
Louisiana
LLC
2.90%,
03/15/2051
90
89
3.10%,
06/15/2041
190
200
Entergy
Texas
Inc
1.75%,
03/15/2031
165
158
4.00%,
03/30/2029
300
339
4.50%,
03/30/2039
300
356
Evergy
Inc
2.45%,
09/15/2024
165
173
Evergy
Kansas
Central
Inc
4.25%,
12/01/2045
500
605
Evergy
Metro
Inc
2.25%,
06/01/2030
160
163
Eversource
Energy
0.80%,
08/15/2025
165
163
1.65%,
08/15/2030
165
158
Exelon
Corp
3.95%,
06/15/2025
25
27
4.45%,
04/15/2046
20
24
5.63%,
06/15/2035
300
395
Exelon
Generation
Co
LLC
5.60%,
06/15/2042
500
586
6.25%,
10/01/2039
349
430
Florida
Power
&
Light
Co
3.15%,
10/01/2049
90
98
3.70%,
12/01/2047
200
235
4.05%,
10/01/2044
500
609
5.69%,
03/01/2040
48
68
Georgia
Power
Co
2.20%,
09/15/2024
165
172
4.30%,
03/15/2042
228
269
Gulf
Power
Co
3.30%,
05/30/2027
400
438
Hydro-Quebec
8.05%,
07/07/2024
102
124
Iberdrola
International
BV
6.75%,
07/15/2036
128
194
Interstate
Power
and
Light
Co
2.30%,
06/01/2030
40
41
4.10%,
09/26/2028
300
344
Kentucky
Utilities
Co
3.30%,
06/01/2050
155
164
5.13%,
11/01/2040
250
328
MidAmerican
Energy
Co
3.15%,
04/15/2050
165
176
3.65%,
04/15/2029
300
339
4.25%,
07/15/2049
300
377
Mississippi
Power
Co
4.25%,
03/15/2042
100
118
National
Rural
Utilities
Cooperative
Finance
Corp
0.35%,
02/08/2024
155
154
1.00%,
06/15/2026
190
188
2.40%,
03/15/2030
105
108
3.05%,
04/25/2027
300
327
3.25%,
11/01/2025
500
543
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Nevada
Power
Co
2.40%,
05/01/2030
$
200
$
206
NextEra
Energy
Capital
Holdings
Inc
0.65%,
03/01/2023
190
191
1.90%,
06/15/2028
195
197
2.25%,
06/01/2030
650
655
2.75%,
11/01/2029
115
121
5.65%,
05/01/2079
(f)
500
581
3
Month
USD
LIBOR
+
3.16%
Northern
States
Power
Co/MN
2.25%,
04/01/2031
190
196
2.60%,
06/01/2051
160
152
2.90%,
03/01/2050
80
82
3.40%,
08/15/2042
100
111
5.35%,
11/01/2039
82
112
NorthWestern
Corp
4.18%,
11/15/2044
300
350
Ohio
Power
Co
1.63%,
01/15/2031
150
144
Oncor
Electric
Delivery
Co
LLC
0.55%,
10/01/2025
165
161
2.75%,
06/01/2024
300
318
3.10%,
09/15/2049
430
452
5.25%,
09/30/2040
51
69
Pacific
Gas
and
Electric
Co
1.37%,
03/10/2023
190
190
2.10%,
08/01/2027
1,160
1,127
2.50%,
02/01/2031
320
300
3.30%,
08/01/2040
160
144
3.50%,
08/01/2050
1,160
1,034
4.20%,
06/01/2041
190
187
PacifiCorp
2.70%,
09/15/2030
1,000
1,050
6.25%,
10/15/2037
92
131
PECO
Energy
Co
2.38%,
09/15/2022
100
102
2.80%,
06/15/2050
425
424
3.90%,
03/01/2048
200
239
PPL
Electric
Utilities
Corp
3.00%,
10/01/2049
80
83
3.95%,
06/01/2047
300
355
Progress
Energy
Inc
7.75%,
03/01/2031
136
194
Public
Service
Co
of
Colorado
1.88%,
06/15/2031
155
154
2.25%,
09/15/2022
500
507
2.70%,
01/15/2051
495
483
3.70%,
06/15/2028
300
338
Public
Service
Electric
and
Gas
Co
2.05%,
08/01/2050
165
142
2.45%,
01/15/2030
160
166
3.00%,
05/15/2027
400
432
3.15%,
01/01/2050
160
170
3.25%,
09/01/2023
400
423
3.65%,
09/01/2042
200
225
Public
Service
Enterprise
Group
Inc
0.80%,
08/15/2025
330
326
Puget
Sound
Energy
Inc
3.25%,
09/15/2049
60
64
5.80%,
03/15/2040
351
491
San
Diego
Gas
&
Electric
Co
1.70%,
10/01/2030
170
164
3.32%,
04/15/2050
155
164
Sempra
Energy
2.90%,
02/01/2023
300
311
3.40%,
02/01/2028
300
330
3.80%,
02/01/2038
300
333
4.00%,
02/01/2048
400
449
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
80
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Sempra
Energy
(continued)
6.00%,
10/15/2039
$
112
$
155
Southern
California
Edison
Co
0.70%,
04/03/2023
385
385
2.25%,
06/01/2030
160
157
2.85%,
08/01/2029
125
130
3.65%,
02/01/2050
315
315
4.00%,
04/01/2047
585
615
5.50%,
03/15/2040
102
128
5.95%,
02/01/2038
617
800
Southern
Co/The
1.75%,
03/15/2028
190
188
3.25%,
07/01/2026
570
619
3.75%,
09/15/2051
(f)
435
438
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.92%
4.00%,
01/15/2051
(f)
170
180
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.73%
Southern
Power
Co
0.90%,
01/15/2026
40
39
5.25%,
07/15/2043
200
244
Southwestern
Electric
Power
Co
3.85%,
02/01/2048
300
330
4.10%,
09/15/2028
400
455
6.20%,
03/15/2040
51
71
Tampa
Electric
Co
3.45%,
03/15/2051
185
203
4.35%,
05/15/2044
200
242
Tucson
Electric
Power
Co
1.50%,
08/01/2030
455
432
3.25%,
05/01/2051
195
202
Union
Electric
Co
2.15%,
03/15/2032
190
190
2.63%,
03/15/2051
165
158
3.50%,
04/15/2024
500
535
Virginia
Electric
and
Power
Co
2.45%,
12/15/2050
90
83
2.75%,
03/15/2023
500
517
2.88%,
07/15/2029
90
97
3.15%,
01/15/2026
30
33
4.20%,
05/15/2045
600
716
4.65%,
08/15/2043
250
317
6.00%,
05/15/2037
77
107
8.88%,
11/15/2038
10
18
WEC
Energy
Group
Inc
0.55%,
09/15/2023
170
170
1.38%,
10/15/2027
165
161
3.55%,
06/15/2025
92
101
Wisconsin
Electric
Power
Co
2.05%,
12/15/2024
65
68
Xcel
Energy
Inc
0.50%,
10/15/2023
85
85
2.60%,
12/01/2029
115
119
$
57,221
Electrical
Components
&
Equipment
-
0
.03
%
Emerson
Electric
Co
0.88%,
10/15/2026
750
738
Electronics
-
0
.13
%
Agilent
Technologies
Inc
2.10%,
06/04/2030
160
158
2.30%,
03/12/2031
195
195
Allegion
US
Holding
Co
Inc
3.55%,
10/01/2027
500
543
Arrow
Electronics
Inc
4.50%,
03/01/2023
200
210
Fortive
Corp
3.15%,
06/15/2026
535
581
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electronics
(continued)
Honeywell
International
Inc
1.35%,
06/01/2025
$
75
$
76
1.95%,
06/01/2030
310
315
2.15%,
08/08/2022
115
117
2.30%,
08/15/2024
365
383
2.50%,
11/01/2026
50
53
2.70%,
08/15/2029
85
91
2.80%,
06/01/2050
160
165
3.81%,
11/21/2047
477
571
Jabil
Inc
1.70%,
04/15/2026
190
192
Tyco
Electronics
Group
SA
7.13%,
10/01/2037
14
22
$
3,672
Environmental
Control
-
0
.06
%
Republic
Services
Inc
1.75%,
02/15/2032
90
86
2.30%,
03/01/2030
340
345
2.50%,
08/15/2024
215
226
2.90%,
07/01/2026
500
535
Waste
Management
Inc
0.75%,
11/15/2025
90
89
2.00%,
06/01/2029
195
197
2.50%,
11/15/2050
180
169
$
1,647
Federal
&
Federally
Sponsored
Credit
-
0
.01
%
Federal
Farm
Credit
Banks
Funding
Corp
0.25%,
02/26/2024
385
384
Finance
-
Mortgage
Loan/Banker
-
1
.25
%
Fannie
Mae
0.25%,
11/27/2023
1,480
1,477
0.50%,
06/17/2025
370
368
0.50%,
11/07/2025
360
356
0.75%,
10/08/2027
500
488
0.88%,
08/05/2030
2,250
2,130
1.38%,
09/06/2022
300
304
2.00%,
10/05/2022
500
511
2.13%,
04/24/2026
3,000
3,178
2.38%,
01/19/2023
500
517
2.50%,
02/05/2024
500
527
2.63%,
09/06/2024
750
801
5.63%,
07/15/2037
200
304
6.63%,
11/15/2030
602
871
7.13%,
01/15/2030
199
291
7.25%,
05/15/2030
280
415
Federal
Home
Loan
Banks
0.13%,
10/21/2022
1,130
1,129
0.13%,
03/17/2023
270
270
0.13%,
06/02/2023
385
384
0.38%,
09/04/2025
170
168
2.13%,
06/09/2023
3,125
3,230
2.50%,
02/13/2024
1,000
1,057
3.25%,
11/16/2028
2,000
2,272
5.50%,
07/15/2036
700
1,030
Freddie
Mac
0.13%,
10/16/2023
345
344
0.25%,
06/26/2023
3,125
3,125
0.25%,
08/24/2023
335
335
0.25%,
09/08/2023
505
505
0.25%,
11/06/2023
550
549
0.25%,
12/04/2023
1,970
1,968
0.38%,
09/23/2025
4,060
3,996
2.75%,
06/19/2023
1,625
1,705
6.25%,
07/15/2032
231
339
6.75%,
03/15/2031
577
848
$
35,792
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
81
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Food
-
0
.31
%
Campbell
Soup
Co
3.95%,
03/15/2025
$
350
$
386
4.15%,
03/15/2028
160
182
Conagra
Brands
Inc
1.38%,
11/01/2027
125
122
3.20%,
01/25/2023
295
305
4.85%,
11/01/2028
205
244
5.30%,
11/01/2038
120
152
5.40%,
11/01/2048
120
161
General
Mills
Inc
2.60%,
10/12/2022
500
513
3.70%,
10/17/2023
300
321
4.00%,
04/17/2025
300
332
Hershey
Co/The
1.70%,
06/01/2030
160
159
3.38%,
08/15/2046
350
389
Kellogg
Co
2.10%,
06/01/2030
160
161
2.65%,
12/01/2023
417
438
3.25%,
04/01/2026
500
547
Koninklijke
Ahold
Delhaize
NV
5.70%,
10/01/2040
30
41
Kroger
Co/The
1.70%,
01/15/2031
190
182
3.70%,
08/01/2027
300
334
3.95%,
01/15/2050
175
199
4.45%,
02/01/2047
55
65
5.15%,
08/01/2043
300
386
5.40%,
07/15/2040
25
33
McCormick
&
Co
Inc/MD
0.90%,
02/15/2026
190
187
1.85%,
02/15/2031
190
183
Mondelez
International
Inc
0.63%,
07/01/2022
165
166
1.50%,
02/04/2031
105
99
2.63%,
09/04/2050
625
582
Sysco
Corp
2.40%,
02/15/2030
135
137
4.50%,
04/01/2046
300
356
4.85%,
10/01/2045
250
311
5.38%,
09/21/2035
500
647
Tyson
Foods
Inc
4.55%,
06/02/2047
520
636
$
8,956
Forest
Products
&
Paper
-
0
.06
%
Celulosa
Arauco
y
Constitucion
SA
4.50%,
08/01/2024
500
539
Georgia-Pacific
LLC
7.75%,
11/15/2029
51
73
8.00%,
01/15/2024
228
270
International
Paper
Co
4.80%,
06/15/2044
300
382
7.30%,
11/15/2039
25
39
Suzano
Austria
GmbH
5.00%,
01/15/2030
300
340
$
1,643
Gas
-
0
.10
%
Atmos
Energy
Corp
1.50%,
01/15/2031
165
157
3.38%,
09/15/2049
165
178
4.13%,
10/15/2044
400
469
CenterPoint
Energy
Resources
Corp
1.75%,
10/01/2030
165
158
Eastern
Energy
Gas
Holdings
LLC
2.50%,
11/15/2024
155
163
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Gas
(continued)
NiSource
Inc
0.95%,
08/15/2025
$
330
$
327
3.49%,
05/15/2027
20
22
3.60%,
05/01/2030
150
166
5.95%,
06/15/2041
402
562
ONE
Gas
Inc
0.85%,
03/11/2023
190
190
Southern
California
Gas
Co
2.55%,
02/01/2030
160
165
Southern
Co
Gas
Capital
Corp
1.75%,
01/15/2031
165
156
Washington
Gas
Light
Co
3.65%,
09/15/2049
95
107
$
2,820
Hand
&
Machine
Tools
-
0
.03
%
Stanley
Black
&
Decker
Inc
2.30%,
03/15/2030
735
762
2.75%,
11/15/2050
175
170
$
932
Healthcare
-
Products
-
0
.25
%
Abbott
Laboratories
1.15%,
01/30/2028
250
245
1.40%,
06/30/2030
330
319
3.75%,
11/30/2026
266
300
4.75%,
11/30/2036
40
51
4.90%,
11/30/2046
500
684
5.30%,
05/27/2040
200
278
Baxter
International
Inc
1.73%,
04/01/2031
175
170
Boston
Scientific
Corp
1.90%,
06/01/2025
160
165
2.65%,
06/01/2030
160
165
3.45%,
03/01/2024
600
641
3.85%,
05/15/2025
270
298
4.70%,
03/01/2049
50
64
7.38%,
01/15/2040
51
81
Danaher
Corp
2.60%,
10/01/2050
165
158
DH
Europe
Finance
II
Sarl
2.05%,
11/15/2022
155
159
2.60%,
11/15/2029
155
162
3.25%,
11/15/2039
155
166
Koninklijke
Philips
NV
5.00%,
03/15/2042
128
171
Medtronic
Inc
4.38%,
03/15/2035
665
827
Stryker
Corp
3.50%,
03/15/2026
500
552
4.10%,
04/01/2043
200
235
4.63%,
03/15/2046
20
26
Thermo
Fisher
Scientific
Inc
2.60%,
10/01/2029
160
168
2.95%,
09/19/2026
530
572
4.13%,
03/25/2025
160
177
Zimmer
Biomet
Holdings
Inc
3.55%,
04/01/2025
350
380
$
7,214
Healthcare
-
Services
-
0
.62
%
Aetna
Inc
2.80%,
06/15/2023
35
36
3.50%,
11/15/2024
300
325
4.13%,
11/15/2042
100
114
6.63%,
06/15/2036
105
153
6.75%,
12/15/2037
112
165
Anthem
Inc
0.45%,
03/15/2023
190
190
1.50%,
03/15/2026
190
192
2.88%,
09/15/2029
120
127
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
82
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
Anthem
Inc
(continued)
2.95%,
12/01/2022
$
300
$
310
3.13%,
05/15/2050
600
609
3.30%,
01/15/2023
325
339
3.60%,
03/15/2051
190
209
3.65%,
12/01/2027
300
336
4.38%,
12/01/2047
300
366
4.63%,
05/15/2042
30
37
4.65%,
01/15/2043
115
143
Ascension
Health
3.95%,
11/15/2046
500
611
Baylor
Scott
&
White
Holdings
3.97%,
11/15/2046
232
279
Children's
Hospital
Medical
Center/Cincinnati
OH
4.27%,
05/15/2044
215
270
CommonSpirit
Health
4.35%,
11/01/2042
200
234
Dignity
Health
3.13%,
11/01/2022
500
517
HCA
Inc
2.38%,
07/15/2031
190
188
3.50%,
07/15/2051
(a)
190
190
4.50%,
02/15/2027
800
904
5.25%,
06/15/2026
750
868
Humana
Inc
3.13%,
08/15/2029
85
92
4.50%,
04/01/2025
160
179
4.95%,
10/01/2044
325
420
Kaiser
Foundation
Hospitals
3.27%,
11/01/2049
230
251
4.15%,
05/01/2047
470
585
Laboratory
Corp
of
America
Holdings
2.30%,
12/01/2024
(a)
310
324
2.95%,
12/01/2029
310
326
4.70%,
02/01/2045
115
138
Mass
General
Brigham
Inc
3.19%,
07/01/2049
315
333
4.12%,
07/01/2055
300
369
Memorial
Sloan-Kettering
Cancer
Center
4.13%,
07/01/2052
200
252
4.20%,
07/01/2055
250
319
Mount
Sinai
Hospitals
Group
Inc
3.98%,
07/01/2048
400
446
Quest
Diagnostics
Inc
2.95%,
06/30/2030
155
165
UnitedHealth
Group
Inc
0.55%,
05/15/2024
195
195
1.25%,
01/15/2026
160
162
2.00%,
05/15/2030
160
161
2.30%,
05/15/2031
195
200
2.38%,
10/15/2022
500
513
2.38%,
08/15/2024
250
263
2.75%,
05/15/2040
160
162
2.88%,
08/15/2029
175
189
2.90%,
05/15/2050
160
162
3.05%,
05/15/2041
195
204
3.25%,
05/15/2051
120
128
3.45%,
01/15/2027
540
599
3.50%,
08/15/2039
200
224
3.70%,
08/15/2049
350
401
4.25%,
06/15/2048
165
205
4.38%,
03/15/2042
750
926
4.45%,
12/15/2048
120
153
4.63%,
07/15/2035
30
38
4.75%,
07/15/2045
700
917
6.50%,
06/15/2037
77
115
$
17,828
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Home
Builders
-
0
.01
%
DR
Horton
Inc
1.40%,
10/15/2027
$
165
$
161
Insurance
-
0
.83
%
Aflac
Inc
1.13%,
03/15/2026
195
195
3.63%,
11/15/2024
230
252
Allied
World
Assurance
Co
Holdings
Ltd
4.35%,
10/29/2025
500
549
Allstate
Corp/The
0.75%,
12/15/2025
160
158
1.45%,
12/15/2030
160
153
3.28%,
12/15/2026
500
552
5.55%,
05/09/2035
200
273
American
International
Group
Inc
3.75%,
07/10/2025
20
22
3.88%,
01/15/2035
750
848
4.20%,
04/01/2028
190
218
4.38%,
01/15/2055
30
36
4.70%,
07/10/2035
750
914
4.80%,
07/10/2045
50
63
Aon
Corp
2.20%,
11/15/2022
660
676
2.80%,
05/15/2030
160
168
Arch
Capital
Finance
LLC
5.03%,
12/15/2046
250
327
Arch
Capital
Group
US
Inc
5.14%,
11/01/2043
375
491
Athene
Holding
Ltd
4.13%,
01/12/2028
500
558
AXA
SA
8.60%,
12/15/2030
38
58
Berkshire
Hathaway
Finance
Corp
1.45%,
10/15/2030
165
161
1.85%,
03/12/2030
80
81
2.50%,
01/15/2051
190
177
2.85%,
10/15/2050
125
125
4.20%,
08/15/2048
285
352
4.25%,
01/15/2049
400
497
4.30%,
05/15/2043
300
374
5.75%,
01/15/2040
115
166
Berkshire
Hathaway
Inc
2.75%,
03/15/2023
30
31
3.13%,
03/15/2026
350
383
4.50%,
02/11/2043
25
32
Chubb
Corp/The
6.50%,
05/15/2038
10
15
Chubb
INA
Holdings
Inc
1.38%,
09/15/2030
335
319
2.88%,
11/03/2022
500
515
3.35%,
05/03/2026
30
33
4.35%,
11/03/2045
25
32
6.70%,
05/15/2036
250
377
CNA
Financial
Corp
2.05%,
08/15/2030
165
162
Equitable
Holdings
Inc
4.35%,
04/20/2028
605
694
Hartford
Financial
Services
Group
Inc/The
3.60%,
08/19/2049
170
186
4.30%,
04/15/2043
250
295
Lincoln
National
Corp
4.00%,
09/01/2023
1,000
1,073
4.35%,
03/01/2048
55
65
7.00%,
06/15/2040
47
72
Loews
Corp
2.63%,
05/15/2023
200
207
4.13%,
05/15/2043
200
238
Manulife
Financial
Corp
5.38%,
03/04/2046
250
351
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
83
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Markel
Corp
3.45%,
05/07/2052
$
250
$
257
Marsh
&
McLennan
Cos
Inc
3.88%,
03/15/2024
500
542
4.38%,
03/15/2029
50
59
4.90%,
03/15/2049
400
546
MetLife
Inc
3.00%,
03/01/2025
300
322
3.60%,
04/10/2024
250
270
4.05%,
03/01/2045
750
893
4.37%,
09/15/2023
235
254
4.60%,
05/13/2046
225
290
4.88%,
11/13/2043
20
26
5.70%,
06/15/2035
164
227
6.40%,
12/15/2066
288
370
3
Month
USD
LIBOR
+
2.21%
Progressive
Corp/The
3.20%,
03/26/2030
160
176
4.35%,
04/25/2044
200
248
Prudential
Financial
Inc
2.10%,
03/10/2030
(a)
160
163
3.50%,
05/15/2024
700
758
3.70%,
10/01/2050
(f)
165
172
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.04%
3.70%,
03/13/2051
630
718
3.91%,
12/07/2047
177
206
5.20%,
03/15/2044
(f)
350
376
3
Month
USD
LIBOR
+
3.04%
5.70%,
12/14/2036
25
34
5.70%,
09/15/2048
(f)
400
469
3
Month
USD
LIBOR
+
2.67%
Reinsurance
Group
of
America
Inc
4.70%,
09/15/2023
200
217
Travelers
Cos
Inc/The
3.05%,
06/08/2051
270
285
4.00%,
05/30/2047
400
486
6.25%,
06/15/2037
12
18
6.75%,
06/20/2036
51
77
Trinity
Acquisition
PLC
4.40%,
03/15/2026
500
565
W
R
Berkley
Corp
4.00%,
05/12/2050
85
97
Willis
North
America
Inc
2.95%,
09/15/2029
55
58
3.60%,
05/15/2024
300
322
3.88%,
09/15/2049
165
185
XLIT
Ltd
5.25%,
12/15/2043
400
553
$
23,763
Internet
-
0
.47
%
Alibaba
Group
Holding
Ltd
2.13%,
02/09/2031
200
197
3.15%,
02/09/2051
300
295
3.40%,
12/06/2027
325
355
3.60%,
11/28/2024
300
326
4.20%,
12/06/2047
575
664
4.40%,
12/06/2057
305
366
Alphabet
Inc
0.80%,
08/15/2027
330
321
1.10%,
08/15/2030
165
156
1.90%,
08/15/2040
165
150
2.00%,
08/15/2026
30
31
2.05%,
08/15/2050
165
146
2.25%,
08/15/2060
165
145
3.38%,
02/25/2024
530
570
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Internet
(continued)
Amazon.com
Inc
0.45%,
05/12/2024
$
365
$
364
1.20%,
06/03/2027
465
464
1.50%,
06/03/2030
465
455
1.65%,
05/12/2028
560
565
2.10%,
05/12/2031
365
371
2.40%,
02/22/2023
370
382
2.50%,
11/29/2022
130
134
2.50%,
06/03/2050
765
723
2.88%,
05/12/2041
365
377
3.10%,
05/12/2051
365
383
3.15%,
08/22/2027
490
541
3.25%,
05/12/2061
385
406
3.80%,
12/05/2024
20
22
3.88%,
08/22/2037
340
405
4.05%,
08/22/2047
30
37
4.80%,
12/05/2034
30
39
4.95%,
12/05/2044
515
697
Baidu
Inc
1.72%,
04/09/2026
200
202
2.38%,
10/09/2030
200
200
3.08%,
04/07/2025
200
211
3.50%,
11/28/2022
500
519
4.13%,
06/30/2025
500
552
eBay
Inc
1.90%,
03/11/2025
160
165
2.60%,
05/10/2031
195
198
3.45%,
08/01/2024
605
650
4.00%,
07/15/2042
100
112
Expedia
Group
Inc
2.95%,
03/15/2031
720
730
$
13,626
Iron
&
Steel
-
0
.08
%
Nucor
Corp
2.00%,
06/01/2025
155
160
4.00%,
08/01/2023
500
533
Steel
Dynamics
Inc
1.65%,
10/15/2027
85
85
2.40%,
06/15/2025
40
42
2.80%,
12/15/2024
500
528
Vale
Overseas
Ltd
6.25%,
08/10/2026
400
481
6.88%,
11/21/2036
317
435
8.25%,
01/17/2034
38
55
$
2,319
Lodging
-
0
.04
%
Las
Vegas
Sands
Corp
3.20%,
08/08/2024
170
179
3.50%,
08/18/2026
85
90
3.90%,
08/08/2029
170
181
Marriott
International
Inc/MD
2.85%,
04/15/2031
195
198
Sands
China
Ltd
4.60%,
08/08/2023
200
212
5.40%,
08/08/2028
200
232
$
1,092
Machinery
-
Construction
&
Mining
-
0
.12
%
Caterpillar
Financial
Services
Corp
0.25%,
03/01/2023
190
190
0.45%,
09/14/2023
735
736
0.45%,
05/17/2024
195
194
0.65%,
07/07/2023
165
166
0.80%,
11/13/2025
180
179
1.10%,
09/14/2027
335
331
1.90%,
09/06/2022
815
830
1.95%,
11/18/2022
265
271
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
84
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Machinery
-
Construction
&
Mining
(continued)
Caterpillar
Inc
2.60%,
04/09/2030
$
150
$
160
3.25%,
09/19/2049
160
177
3.40%,
05/15/2024
30
32
3.80%,
08/15/2042
105
125
6.05%,
08/15/2036
132
190
$
3,581
Machinery
-
Diversified
-
0
.15
%
CNH
Industrial
Capital
LLC
1.45%,
07/15/2026
200
199
1.88%,
01/15/2026
165
168
Deere
&
Co
2.88%,
09/07/2049
165
171
3.10%,
04/15/2030
160
176
3.90%,
06/09/2042
30
37
5.38%,
10/16/2029
500
638
Dover
Corp
5.38%,
03/01/2041
77
100
John
Deere
Capital
Corp
0.25%,
01/17/2023
190
190
0.40%,
10/10/2023
165
165
0.70%,
07/05/2023
510
514
0.70%,
01/15/2026
155
153
1.05%,
06/17/2026
190
190
1.20%,
04/06/2023
120
122
1.50%,
03/06/2028
190
189
2.00%,
06/17/2031
195
197
2.05%,
01/09/2025
160
167
2.80%,
03/06/2023
20
21
2.80%,
07/18/2029
385
415
Otis
Worldwide
Corp
2.06%,
04/05/2025
160
166
2.57%,
02/15/2030
160
166
3.36%,
02/15/2050
160
168
$
4,312
Media
-
0
.97
%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
2.30%,
02/01/2032
145
139
2.80%,
04/01/2031
405
414
3.50%,
06/01/2041
380
383
3.70%,
04/01/2051
405
401
3.85%,
04/01/2061
145
142
3.90%,
06/01/2052
195
199
4.40%,
12/01/2061
95
102
4.46%,
07/23/2022
340
352
4.80%,
03/01/2050
545
626
4.91%,
07/23/2025
900
1,020
5.75%,
04/01/2048
605
770
6.48%,
10/23/2045
435
599
Comcast
Corp
1.50%,
02/15/2031
165
156
2.35%,
01/15/2027
60
63
2.45%,
08/15/2052
165
149
2.65%,
02/01/2030
125
132
2.65%,
08/15/2062
165
151
3.10%,
04/01/2025
160
173
3.15%,
03/01/2026
30
33
3.25%,
11/01/2039
245
261
3.38%,
08/15/2025
525
572
3.40%,
07/15/2046
20
21
3.45%,
02/01/2050
485
523
3.55%,
05/01/2028
125
140
3.70%,
04/15/2024
1,250
1,355
3.75%,
04/01/2040
860
969
3.90%,
03/01/2038
150
173
4.00%,
08/15/2047
30
35
4.00%,
03/01/2048
400
468
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Comcast
Corp
(continued)
4.00%,
11/01/2049
$
20
$
24
4.15%,
10/15/2028
500
579
4.25%,
01/15/2033
120
143
4.60%,
10/15/2038
485
601
4.60%,
08/15/2045
500
628
4.65%,
07/15/2042
1,615
2,027
4.75%,
03/01/2044
45
57
5.65%,
06/15/2035
20
27
6.45%,
03/15/2037
85
123
6.95%,
08/15/2037
274
417
7.05%,
03/15/2033
15
22
Discovery
Communications
LLC
3.63%,
05/15/2030
180
196
3.95%,
06/15/2025
400
439
3.95%,
03/20/2028
500
556
4.00%,
09/15/2055
601
636
Fox
Corp
3.05%,
04/07/2025
40
43
5.48%,
01/25/2039
200
258
5.58%,
01/25/2049
500
675
Grupo
Televisa
SAB
4.63%,
01/30/2026
500
555
NBCUniversal
Media
LLC
4.45%,
01/15/2043
15
18
6.40%,
04/30/2040
251
375
Thomson
Reuters
Corp
5.85%,
04/15/2040
25
35
Time
Warner
Cable
LLC
5.50%,
09/01/2041
340
421
5.88%,
11/15/2040
20
26
6.55%,
05/01/2037
176
240
6.75%,
06/15/2039
77
107
7.30%,
07/01/2038
300
438
Time
Warner
Entertainment
Co
LP
8.38%,
07/15/2033
95
144
TWDC
Enterprises
18
Corp
3.70%,
12/01/2042
100
114
7.00%,
03/01/2032
51
73
ViacomCBS
Inc
3.50%,
01/15/2025
400
430
4.00%,
01/15/2026
515
573
4.20%,
05/19/2032
200
231
4.38%,
03/15/2043
435
503
4.85%,
07/01/2042
200
245
6.88%,
04/30/2036
181
260
7.88%,
07/30/2030
178
254
Walt
Disney
Co/The
1.75%,
08/30/2024
325
336
1.75%,
01/13/2026
635
653
2.00%,
09/01/2029
245
248
2.20%,
01/13/2028
860
891
2.65%,
01/13/2031
395
415
2.75%,
09/01/2049
325
321
3.35%,
03/24/2025
120
131
3.50%,
05/13/2040
160
178
3.60%,
01/13/2051
160
181
3.70%,
03/23/2027
120
134
4.63%,
03/23/2040
240
306
4.75%,
11/15/2046
230
300
4.95%,
10/15/2045
350
472
6.20%,
12/15/2034
154
219
6.40%,
12/15/2035
98
143
$
27,942
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
85
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Metal
Fabrication
&
Hardware
-
0
.02
%
Precision
Castparts
Corp
2.50%,
01/15/2023
$
100
$
103
3.25%,
06/15/2025
25
27
4.38%,
06/15/2045
250
301
$
431
Mining
-
0
.15
%
Barrick
Gold
Corp
5.25%,
04/01/2042
20
26
Barrick
North
America
Finance
LLC
5.75%,
05/01/2043
355
500
Barrick
PD
Australia
Finance
Pty
Ltd
5.95%,
10/15/2039
90
125
BHP
Billiton
Finance
USA
Ltd
4.13%,
02/24/2042
500
604
5.00%,
09/30/2043
270
367
Newmont
Corp
2.25%,
10/01/2030
610
608
4.88%,
03/15/2042
20
25
Rio
Tinto
Alcan
Inc
6.13%,
12/15/2033
77
107
Rio
Tinto
Finance
USA
PLC
4.75%,
03/22/2042
328
427
Southern
Copper
Corp
5.88%,
04/23/2045
350
490
6.75%,
04/16/2040
258
368
Teck
Resources
Ltd
3.90%,
07/15/2030
695
749
$
4,396
Miscellaneous
Manufacturers
-
0
.25
%
3M
Co
1.75%,
02/14/2023
65
67
2.00%,
02/14/2025
130
135
2.38%,
08/26/2029
500
525
3.25%,
08/26/2049
850
928
Eaton
Corp
2.75%,
11/02/2022
100
103
3.10%,
09/15/2027
575
624
4.00%,
11/02/2032
100
117
4.15%,
11/02/2042
50
60
General
Electric
Co
3.45%,
05/01/2027
475
522
3.63%,
05/01/2030
240
268
6.75%,
03/15/2032
896
1,242
Illinois
Tool
Works
Inc
2.65%,
11/15/2026
500
536
3.50%,
03/01/2024
350
375
Parker-Hannifin
Corp
3.50%,
09/15/2022
577
598
Trane
Technologies
Luxembourg
Finance
SA
3.80%,
03/21/2029
600
677
4.65%,
11/01/2044
300
377
$
7,154
Oil
&
Gas
-
1
.12
%
BP
Capital
Markets
America
Inc
1.75%,
08/10/2030
460
449
2.77%,
11/10/2050
625
579
2.94%,
04/06/2023
135
141
2.94%,
06/04/2051
190
182
3.00%,
02/24/2050
160
155
3.06%,
06/17/2041
385
388
3.19%,
04/06/2025
275
296
3.22%,
04/14/2024
420
448
3.54%,
04/06/2027
275
303
3.59%,
04/14/2027
30
33
BP
Capital
Markets
PLC
3.28%,
09/19/2027
175
192
3.72%,
11/28/2028
40
45
3.81%,
02/10/2024
400
433
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Canadian
Natural
Resources
Ltd
2.95%,
01/15/2023
$
30
$
31
3.85%,
06/01/2027
655
721
4.95%,
06/01/2047
20
25
6.25%,
03/15/2038
250
334
Chevron
Corp
1.14%,
05/11/2023
85
86
1.55%,
05/11/2025
85
87
2.00%,
05/11/2027
160
165
2.24%,
05/11/2030
160
165
2.36%,
12/05/2022
325
333
2.95%,
05/16/2026
355
385
2.98%,
05/11/2040
40
42
3.08%,
05/11/2050
160
165
Chevron
USA
Inc
0.43%,
08/11/2023
250
250
0.69%,
08/12/2025
330
327
1.02%,
08/12/2027
165
161
2.34%,
08/12/2050
165
149
3.25%,
10/15/2029
325
360
5.05%,
11/15/2044
25
34
5.25%,
11/15/2043
350
476
6.00%,
03/01/2041
102
149
Conoco
Funding
Co
7.25%,
10/15/2031
200
292
ConocoPhillips
4.30%,
08/15/2028
(g)
300
348
4.88%,
10/01/2047
(g)
120
158
6.50%,
02/01/2039
169
250
ConocoPhillips
Co
4.30%,
11/15/2044
420
505
6.95%,
04/15/2029
202
275
Devon
Energy
Corp
5.00%,
06/15/2045
10
12
5.60%,
07/15/2041
425
525
Diamondback
Energy
Inc
0.90%,
03/24/2023
205
205
2.88%,
12/01/2024
155
164
3.25%,
12/01/2026
155
166
Ecopetrol
SA
5.88%,
09/18/2023
400
432
5.88%,
05/28/2045
550
589
EOG
Resources
Inc
2.63%,
03/15/2023
200
206
4.15%,
01/15/2026
350
394
Equinor
ASA
1.75%,
01/22/2026
160
165
2.45%,
01/17/2023
30
31
2.65%,
01/15/2024
400
421
2.88%,
04/06/2025
145
155
3.00%,
04/06/2027
645
701
3.25%,
11/18/2049
220
234
3.63%,
04/06/2040
145
165
5.10%,
08/17/2040
263
350
Exxon
Mobil
Corp
1.57%,
04/15/2023
230
235
1.90%,
08/16/2022
500
509
2.02%,
08/16/2024
400
416
2.28%,
08/16/2026
500
527
2.44%,
08/16/2029
150
157
2.61%,
10/15/2030
305
321
2.99%,
03/19/2025
305
327
3.00%,
08/16/2039
150
154
3.10%,
08/16/2049
450
458
3.45%,
04/15/2051
805
876
4.23%,
03/19/2040
305
364
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
86
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Hess
Corp
5.60%,
02/15/2041
$
51
$
64
7.13%,
03/15/2033
221
300
7.30%,
08/15/2031
25
34
HollyFrontier
Corp
5.88%,
04/01/2026
475
549
Marathon
Oil
Corp
3.85%,
06/01/2025
505
550
6.60%,
10/01/2037
223
296
Marathon
Petroleum
Corp
3.63%,
09/15/2024
400
430
5.00%,
09/15/2054
200
240
5.13%,
12/15/2026
300
353
Phillips
66
1.30%,
02/15/2026
90
90
2.15%,
12/15/2030
410
403
3.85%,
04/09/2025
490
539
5.88%,
05/01/2042
128
175
Pioneer
Natural
Resources
Co
1.13%,
01/15/2026
190
188
1.90%,
08/15/2030
165
159
2.15%,
01/15/2031
190
186
Shell
International
Finance
BV
0.38%,
09/15/2023
170
170
2.00%,
11/07/2024
155
161
2.38%,
08/21/2022
130
133
2.38%,
04/06/2025
430
452
2.38%,
11/07/2029
155
161
2.50%,
09/12/2026
330
351
2.75%,
04/06/2030
600
640
3.13%,
11/07/2049
155
160
3.25%,
04/06/2050
600
638
3.63%,
08/21/2042
100
113
4.00%,
05/10/2046
245
286
4.38%,
05/11/2045
490
601
4.55%,
08/12/2043
35
44
5.50%,
03/25/2040
25
35
6.38%,
12/15/2038
43
64
Suncor
Energy
Inc
2.80%,
05/15/2023
160
166
3.75%,
03/04/2051
190
206
4.00%,
11/15/2047
90
100
5.95%,
05/15/2035
400
526
6.50%,
06/15/2038
428
606
6.80%,
05/15/2038
12
17
6.85%,
06/01/2039
5
7
TotalEnergies
Capital
International
SA
2.43%,
01/10/2025
85
89
2.83%,
01/10/2030
85
91
2.99%,
06/29/2041
370
377
3.13%,
05/29/2050
510
517
3.39%,
06/29/2060
370
390
3.46%,
07/12/2049
85
92
Valero
Energy
Corp
1.20%,
03/15/2024
170
171
2.85%,
04/15/2025
170
180
3.65%,
03/15/2025
500
545
6.63%,
06/15/2037
234
321
7.50%,
04/15/2032
15
21
$
32,163
Oil
&
Gas
Services
-
0
.06
%
Baker
Hughes
a
GE
Co
LLC
/
Baker
Hughes
Co-
Obligor
Inc
2.77%,
12/15/2022
155
160
3.14%,
11/07/2029
155
167
3.34%,
12/15/2027
165
180
4.08%,
12/15/2047
170
194
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
Services
(continued)
Halliburton
Co
3.80%,
11/15/2025
$
62
$
68
4.50%,
11/15/2041
51
58
4.85%,
11/15/2035
275
324
7.45%,
09/15/2039
10
15
NOV
Inc
3.60%,
12/01/2029
155
162
3.95%,
12/01/2042
200
198
Schlumberger
Investment
SA
2.65%,
06/26/2030
165
173
$
1,699
Packaging
&
Containers
-
0
.04
%
Packaging
Corp
of
America
3.00%,
12/15/2029
310
330
4.05%,
12/15/2049
155
182
WestRock
RKT
LLC
4.00%,
03/01/2023
500
524
WRKCo
Inc
3.00%,
06/15/2033
80
84
$
1,120
Pharmaceuticals
-
1
.65
%
AbbVie
Inc
2.30%,
11/21/2022
310
318
2.60%,
11/21/2024
465
490
2.90%,
11/06/2022
200
207
2.95%,
11/21/2026
310
333
3.20%,
05/14/2026
335
363
3.20%,
11/21/2029
775
842
3.25%,
10/01/2022
180
185
3.75%,
11/14/2023
350
375
3.80%,
03/15/2025
330
361
3.85%,
06/15/2024
445
483
4.05%,
11/21/2039
385
447
4.25%,
11/14/2028
220
255
4.25%,
11/21/2049
620
743
4.30%,
05/14/2036
170
202
4.40%,
11/06/2042
200
243
4.45%,
05/14/2046
280
338
4.50%,
05/14/2035
300
361
4.63%,
10/01/2042
100
123
4.70%,
05/14/2045
330
411
4.75%,
03/15/2045
235
295
4.88%,
11/14/2048
210
270
AmerisourceBergen
Corp
3.40%,
05/15/2024
250
267
Astrazeneca
Finance
LLC
0.70%,
05/28/2024
295
294
1.75%,
05/28/2028
195
195
2.25%,
05/28/2031
190
193
AstraZeneca
PLC
0.30%,
05/26/2023
180
179
0.70%,
04/08/2026
125
122
1.38%,
08/06/2030
165
156
2.13%,
08/06/2050
85
74
3.00%,
05/28/2051
155
160
3.38%,
11/16/2025
905
990
4.00%,
09/18/2042
125
149
4.38%,
11/16/2045
185
230
4.38%,
08/17/2048
90
113
6.45%,
09/15/2037
164
245
Becton
Dickinson
and
Co
1.96%,
02/11/2031
190
185
2.82%,
05/20/2030
160
168
3.36%,
06/06/2024
20
21
3.70%,
06/06/2027
900
1,000
3.73%,
12/15/2024
194
211
4.67%,
06/06/2047
35
44
4.69%,
12/15/2044
196
244
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
87
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Bristol-Myers
Squibb
Co
0.75%,
11/13/2025
$
180
$
178
1.13%,
11/13/2027
315
310
1.45%,
11/13/2030
180
174
2.55%,
11/13/2050
180
172
2.90%,
07/26/2024
389
415
3.25%,
08/15/2022
25
26
3.25%,
02/20/2023
384
401
3.25%,
08/01/2042
300
321
3.40%,
07/26/2029
540
605
3.55%,
08/15/2022
20
21
3.90%,
02/20/2028
185
212
4.13%,
06/15/2039
230
278
4.25%,
10/26/2049
430
543
4.35%,
11/15/2047
150
189
4.55%,
02/20/2048
185
241
5.00%,
08/15/2045
23
31
Cardinal
Health
Inc
3.08%,
06/15/2024
50
53
3.20%,
03/15/2023
200
209
3.41%,
06/15/2027
200
219
4.60%,
03/15/2043
100
116
Cigna
Corp
0.61%,
03/15/2024
90
90
1.25%,
03/15/2026
370
371
2.40%,
03/15/2030
860
877
3.20%,
03/15/2040
160
166
3.40%,
03/15/2051
185
193
3.75%,
07/15/2023
272
290
4.13%,
11/15/2025
270
303
4.38%,
10/15/2028
750
872
4.80%,
08/15/2038
400
498
4.80%,
07/15/2046
25
32
4.90%,
12/15/2048
360
464
6.13%,
11/15/2041
16
23
CVS
Health
Corp
1.30%,
08/21/2027
165
162
1.75%,
08/21/2030
165
159
1.88%,
02/28/2031
185
179
2.63%,
08/15/2024
420
443
2.70%,
08/21/2040
750
727
3.00%,
08/15/2026
375
404
3.25%,
08/15/2029
170
184
3.50%,
07/20/2022
1,000
1,028
3.70%,
03/09/2023
205
216
4.30%,
03/25/2028
564
648
4.78%,
03/25/2038
485
597
5.05%,
03/25/2048
980
1,273
5.13%,
07/20/2045
370
481
5.30%,
12/05/2043
25
33
Eli
Lilly
&
Co
2.25%,
05/15/2050
390
354
2.50%,
09/15/2060
160
145
3.95%,
03/15/2049
400
485
GlaxoSmithKline
Capital
Inc
3.63%,
05/15/2025
600
663
3.88%,
05/15/2028
545
625
5.38%,
04/15/2034
500
674
GlaxoSmithKline
Capital
PLC
0.53%,
10/01/2023
165
166
Johnson
&
Johnson
0.55%,
09/01/2025
370
367
0.95%,
09/01/2027
370
363
1.30%,
09/01/2030
740
718
2.10%,
09/01/2040
370
351
2.25%,
09/01/2050
370
346
2.45%,
03/01/2026
30
32
2.45%,
09/01/2060
370
349
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Johnson
&
Johnson
(continued)
3.50%,
01/15/2048
$
90
$
105
3.63%,
03/03/2037
20
23
3.70%,
03/01/2046
225
268
3.75%,
03/03/2047
30
36
4.95%,
05/15/2033
201
265
McKesson
Corp
0.90%,
12/03/2025
185
182
4.88%,
03/15/2044
150
187
Mead
Johnson
Nutrition
Co
4.60%,
06/01/2044
250
324
Merck
&
Co
Inc
0.75%,
02/24/2026
80
80
1.45%,
06/24/2030
365
355
2.35%,
06/24/2040
285
275
2.75%,
02/10/2025
385
410
2.80%,
05/18/2023
230
241
3.60%,
09/15/2042
100
114
3.70%,
02/10/2045
10
12
3.90%,
03/07/2039
115
136
4.00%,
03/07/2049
170
208
4.15%,
05/18/2043
200
245
Novartis
Capital
Corp
1.75%,
02/14/2025
325
335
2.00%,
02/14/2027
325
338
2.20%,
08/14/2030
160
165
2.75%,
08/14/2050
160
161
3.00%,
11/20/2025
500
542
4.40%,
05/06/2044
350
449
Pfizer
Inc
0.80%,
05/28/2025
445
446
1.70%,
05/28/2030
195
194
2.55%,
05/28/2040
450
453
2.63%,
04/01/2030
160
170
2.70%,
05/28/2050
190
189
3.00%,
06/15/2023
530
557
3.45%,
03/15/2029
210
236
4.00%,
03/15/2049
140
172
4.40%,
05/15/2044
30
39
5.60%,
09/15/2040
380
550
7.20%,
03/15/2039
176
288
Sanofi
3.38%,
06/19/2023
400
423
3.63%,
06/19/2028
400
456
Shire
Acquisitions
Investments
Ireland
DAC
3.20%,
09/23/2026
525
570
Takeda
Pharmaceutical
Co
Ltd
2.05%,
03/31/2030
405
402
3.18%,
07/09/2050
405
409
Utah
Acquisition
Sub
Inc
3.95%,
06/15/2026
595
655
5.25%,
06/15/2046
170
207
Viatris
Inc
2.30%,
06/22/2027
(g)
120
122
2.70%,
06/22/2030
(g)
160
162
3.85%,
06/22/2040
(g)
120
128
4.00%,
06/22/2050
(g)
160
169
Wyeth
LLC
5.95%,
04/01/2037
91
131
6.50%,
02/01/2034
144
210
Zoetis
Inc
2.00%,
05/15/2030
350
348
3.00%,
05/15/2050
175
181
3.25%,
02/01/2023
100
104
3.95%,
09/12/2047
5
6
$
47,383
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
88
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
-
0
.89
%
Boardwalk
Pipelines
LP
3.38%,
02/01/2023
$
200
$
206
Cheniere
Corpus
Christi
Holdings
LLC
3.70%,
11/15/2029
310
339
Columbia
Pipeline
Group
Inc
5.80%,
06/01/2045
250
337
Eastern
Gas
Transmission
&
Storage
Inc
4.80%,
11/01/2043
(g)
300
358
Enable
Midstream
Partners
LP
5.00%,
05/15/2044
500
545
Enbridge
Energy
Partners
LP
7.38%,
10/15/2045
100
157
Enbridge
Inc
2.50%,
01/15/2025
155
162
2.50%,
08/01/2033
390
390
3.13%,
11/15/2029
155
166
3.40%,
08/01/2051
390
391
5.50%,
12/01/2046
30
40
Energy
Transfer
LP
2.90%,
05/15/2025
315
332
3.45%,
01/15/2023
200
207
3.60%,
02/01/2023
15
16
3.75%,
05/15/2030
160
174
4.75%,
01/15/2026
50
56
4.95%,
01/15/2043
200
221
5.15%,
03/15/2045
400
463
5.25%,
04/15/2029
400
472
5.30%,
04/15/2047
15
18
5.35%,
05/15/2045
15
17
5.95%,
10/01/2043
350
437
6.13%,
12/15/2045
525
669
6.25%,
04/15/2049
500
656
6.50%,
02/01/2042
402
522
Enterprise
Products
Operating
LLC
2.80%,
01/31/2030
120
127
3.35%,
03/15/2023
300
312
3.70%,
02/15/2026
525
581
3.70%,
01/31/2051
250
268
3.75%,
02/15/2025
500
545
3.90%,
02/15/2024
250
269
4.25%,
02/15/2048
155
177
4.85%,
08/15/2042
300
367
4.85%,
03/15/2044
430
525
4.90%,
05/15/2046
400
494
6.13%,
10/15/2039
123
173
6.45%,
09/01/2040
177
253
6.88%,
03/01/2033
15
21
Kinder
Morgan
Energy
Partners
LP
3.50%,
09/01/2023
200
211
4.70%,
11/01/2042
200
234
5.00%,
03/01/2043
100
121
5.40%,
09/01/2044
400
502
6.38%,
03/01/2041
128
177
6.50%,
09/01/2039
112
156
6.95%,
01/15/2038
112
160
7.40%,
03/15/2031
177
245
Kinder
Morgan
Inc
2.00%,
02/15/2031
310
298
3.15%,
01/15/2023
500
520
3.25%,
08/01/2050
310
300
3.60%,
02/15/2051
155
158
4.30%,
06/01/2025
55
61
5.05%,
02/15/2046
15
18
5.55%,
06/01/2045
50
65
MPLX
LP
1.75%,
03/01/2026
165
167
4.13%,
03/01/2027
425
475
4.25%,
12/01/2027
400
453
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
MPLX
LP
(continued)
4.50%,
07/15/2023
$
30
$
32
4.50%,
04/15/2038
220
252
4.70%,
04/15/2048
185
215
4.88%,
12/01/2024
30
34
4.90%,
04/15/2058
60
72
5.20%,
03/01/2047
330
406
5.20%,
12/01/2047
200
244
5.50%,
02/15/2049
170
220
ONEOK
Inc
2.20%,
09/15/2025
160
164
2.75%,
09/01/2024
175
184
3.40%,
09/01/2029
100
106
4.45%,
09/01/2049
500
553
ONEOK
Partners
LP
5.00%,
09/15/2023
250
270
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp
2.85%,
01/31/2023
200
205
4.30%,
01/31/2043
200
202
4.50%,
12/15/2026
300
337
4.65%,
10/15/2025
15
17
Sabine
Pass
Liquefaction
LLC
5.00%,
03/15/2027
360
416
5.63%,
03/01/2025
390
446
5.75%,
05/15/2024
300
337
5.88%,
06/30/2026
345
408
Spectra
Energy
Partners
LP
5.95%,
09/25/2043
200
272
Texas
Eastern
Transmission
LP
7.00%,
07/15/2032
100
139
TransCanada
PipeLines
Ltd
4.25%,
05/15/2028
300
345
4.75%,
05/15/2038
300
361
4.88%,
05/15/2048
420
531
5.60%,
03/31/2034
300
378
6.10%,
06/01/2040
25
34
7.25%,
08/15/2038
51
77
Williams
Cos
Inc/The
2.60%,
03/15/2031
1,090
1,104
3.35%,
08/15/2022
15
15
3.75%,
06/15/2027
400
444
3.90%,
01/15/2025
350
383
5.10%,
09/15/2045
180
224
6.30%,
04/15/2040
343
470
$
25,681
Private
Equity
-
0
.01
%
Brookfield
Asset
Management
Inc
4.00%,
01/15/2025
300
328
Regional
Authority
-
0
.37
%
Province
of
Alberta
Canada
1.00%,
05/20/2025
555
559
3.30%,
03/15/2028
850
951
Province
of
British
Columbia
Canada
1.30%,
01/29/2031
185
179
2.00%,
10/23/2022
1,200
1,227
6.50%,
01/15/2026
18
22
Province
of
Manitoba
Canada
3.05%,
05/14/2024
500
534
Province
of
Ontario
Canada
0.63%,
01/21/2026
95
94
1.05%,
04/14/2026
380
381
1.13%,
10/07/2030
325
309
1.75%,
01/24/2023
2,015
2,061
2.00%,
10/02/2029
(a)
400
412
3.20%,
05/16/2024
250
269
3.40%,
10/17/2023
305
326
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
89
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Regional
Authority
(continued)
Province
of
Quebec
Canada
0.60%,
07/23/2025
$
1,145
$
1,134
1.35%,
05/28/2030
760
743
1.50%,
02/11/2025
295
303
2.63%,
02/13/2023
1,000
1,037
7.50%,
09/15/2029
64
92
$
10,633
REITs
-
0
.90
%
Alexandria
Real
Estate
Equities
Inc
1.88%,
02/01/2033
250
236
2.75%,
12/15/2029
80
83
3.00%,
05/18/2051
190
186
3.38%,
08/15/2031
115
126
4.00%,
02/01/2050
85
97
4.90%,
12/15/2030
80
97
American
Campus
Communities
Operating
Partnership
LP
2.85%,
02/01/2030
155
160
3.63%,
11/15/2027
300
326
American
Tower
Corp
0.60%,
01/15/2024
360
360
1.30%,
09/15/2025
80
80
1.60%,
04/15/2026
190
192
1.88%,
10/15/2030
165
159
2.90%,
01/15/2030
160
168
2.95%,
01/15/2051
180
172
3.38%,
10/15/2026
500
545
3.50%,
01/31/2023
530
555
3.70%,
10/15/2049
165
179
AvalonBay
Communities
Inc
2.30%,
03/01/2030
160
164
4.20%,
12/15/2023
400
432
Boston
Properties
LP
2.55%,
04/01/2032
155
156
2.75%,
10/01/2026
550
587
2.90%,
03/15/2030
415
431
Brixmor
Operating
Partnership
LP
3.85%,
02/01/2025
300
326
CC
Holdings
GS
V
LLC
/
Crown
Castle
GS
III
Corp
3.85%,
04/15/2023
20
21
Corporate
Office
Properties
LP
2.75%,
04/15/2031
195
197
Crown
Castle
International
Corp
1.05%,
07/15/2026
380
371
1.35%,
07/15/2025
370
373
2.50%,
07/15/2031
190
191
2.90%,
04/01/2041
190
185
3.10%,
11/15/2029
150
159
3.20%,
09/01/2024
400
427
3.25%,
01/15/2051
370
368
3.30%,
07/01/2030
155
166
4.00%,
11/15/2049
110
122
CubeSmart
LP
2.00%,
02/15/2031
125
121
Digital
Realty
Trust
LP
4.45%,
07/15/2028
250
290
Duke
Realty
LP
1.75%,
07/01/2030
160
153
2.88%,
11/15/2029
75
79
4.00%,
09/15/2028
400
455
Equinix
Inc
1.00%,
09/15/2025
165
164
1.25%,
07/15/2025
160
160
1.80%,
07/15/2027
160
162
2.50%,
05/15/2031
195
198
2.63%,
11/18/2024
155
163
3.20%,
11/18/2029
260
279
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
Equinix
Inc
(continued)
3.40%,
02/15/2052
$
195
$
201
ERP
Operating
LP
2.50%,
02/15/2030
125
129
Essex
Portfolio
LP
1.70%,
03/01/2028
190
187
3.00%,
01/15/2030
170
179
4.00%,
03/01/2029
300
339
4.50%,
03/15/2048
300
364
Federal
Realty
Investment
Trust
1.25%,
02/15/2026
170
169
4.50%,
12/01/2044
250
295
GLP
Capital
LP
/
GLP
Financing
II
Inc
4.00%,
01/15/2030
170
183
5.38%,
04/15/2026
300
345
Healthcare
Trust
of
America
Holdings
LP
2.00%,
03/15/2031
170
164
Healthpeak
Properties
Inc
3.00%,
01/15/2030
150
159
3.40%,
02/01/2025
19
20
6.75%,
02/01/2041
300
443
Kilroy
Realty
LP
2.50%,
11/15/2032
165
163
Kimco
Realty
Corp
2.70%,
10/01/2030
165
170
3.70%,
10/01/2049
330
354
Life
Storage
LP
2.20%,
10/15/2030
85
84
Mid-America
Apartments
LP
1.70%,
02/15/2031
125
119
4.00%,
11/15/2025
500
555
National
Retail
Properties
Inc
4.80%,
10/15/2048
200
249
Office
Properties
Income
Trust
4.00%,
07/15/2022
400
413
Omega
Healthcare
Investors
Inc
4.50%,
01/15/2025
300
328
4.95%,
04/01/2024
750
816
Prologis
LP
1.25%,
10/15/2030
165
155
2.13%,
04/15/2027
145
151
2.25%,
04/15/2030
140
143
3.00%,
04/15/2050
110
112
3.88%,
09/15/2028
250
286
Public
Storage
0.88%,
02/15/2026
145
144
1.85%,
05/01/2028
(a)
380
383
Realty
Income
Corp
0.75%,
03/15/2026
430
421
3.25%,
01/15/2031
165
180
4.65%,
08/01/2023
250
269
Simon
Property
Group
LP
1.75%,
02/01/2028
190
189
2.00%,
09/13/2024
915
948
2.45%,
09/13/2029
140
144
3.25%,
11/30/2026
500
546
3.25%,
09/13/2049
140
141
3.50%,
09/01/2025
165
181
4.25%,
11/30/2046
130
150
6.75%,
02/01/2040
25
37
SL
Green
Operating
Partnership
LP
3.25%,
10/15/2022
300
309
Spirit
Realty
LP
2.10%,
03/15/2028
190
189
UDR
Inc
2.10%,
08/01/2032
565
542
3.20%,
01/15/2030
165
178
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
90
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
Ventas
Realty
LP
3.00%,
01/15/2030
$
200
$
209
3.50%,
04/15/2024
300
321
5.70%,
09/30/2043
300
398
VEREIT
Operating
Partnership
LP
2.20%,
06/15/2028
180
183
3.10%,
12/15/2029
375
400
Welltower
Inc
3.63%,
03/15/2024
600
643
4.13%,
03/15/2029
300
341
Weyerhaeuser
Co
7.38%,
03/15/2032
300
433
WP
Carey
Inc
2.40%,
02/01/2031
85
85
$
25,860
Retail
-
0
.76
%
AutoZone
Inc
1.65%,
01/15/2031
165
157
3.75%,
06/01/2027
250
279
Costco
Wholesale
Corp
1.38%,
06/20/2027
155
156
1.60%,
04/20/2030
155
153
1.75%,
04/20/2032
155
153
2.75%,
05/18/2024
50
53
3.00%,
05/18/2027
150
165
Dollar
General
Corp
4.15%,
11/01/2025
500
560
Dollar
Tree
Inc
4.20%,
05/15/2028
185
211
Home
Depot
Inc/The
0.90%,
03/15/2028
(a)
190
185
2.13%,
09/15/2026
250
263
2.38%,
03/15/2051
190
176
2.70%,
04/01/2023
30
31
2.95%,
06/15/2029
435
475
3.50%,
09/15/2056
305
341
3.75%,
02/15/2024
380
409
3.90%,
06/15/2047
30
36
4.20%,
04/01/2043
520
637
4.25%,
04/01/2046
590
733
4.40%,
03/15/2045
1,020
1,294
5.95%,
04/01/2041
351
512
Kohl's
Corp
5.55%,
07/17/2045
250
299
Lowe's
Cos
Inc
1.30%,
04/15/2028
165
161
1.70%,
10/15/2030
165
158
3.00%,
10/15/2050
50
49
3.10%,
05/03/2027
530
578
3.65%,
04/05/2029
465
520
3.70%,
04/15/2046
40
44
4.00%,
04/15/2025
160
177
4.05%,
05/03/2047
30
35
4.38%,
09/15/2045
500
598
5.00%,
04/15/2040
160
206
McDonald's
Corp
1.45%,
09/01/2025
160
163
2.13%,
03/01/2030
160
162
2.63%,
09/01/2029
415
436
3.38%,
05/26/2025
500
543
3.50%,
07/01/2027
325
360
3.63%,
09/01/2049
115
127
3.70%,
02/15/2042
128
144
4.70%,
12/09/2035
25
31
4.88%,
07/15/2040
9
12
4.88%,
12/09/2045
250
322
6.30%,
10/15/2037
262
375
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
O'Reilly
Automotive
Inc
1.75%,
03/15/2031
$
85
$
82
3.85%,
06/15/2023
300
317
4.35%,
06/01/2028
300
347
Starbucks
Corp
2.00%,
03/12/2027
160
164
3.55%,
08/15/2029
500
559
3.85%,
10/01/2023
530
566
4.45%,
08/15/2049
300
372
Target
Corp
2.35%,
02/15/2030
320
334
2.50%,
04/15/2026
500
537
TJX
Cos
Inc/The
1.15%,
05/15/2028
130
126
1.60%,
05/15/2031
130
125
2.50%,
05/15/2023
500
517
Walgreens
Boots
Alliance
Inc
3.45%,
06/01/2026
148
161
Walmart
Inc
2.35%,
12/15/2022
500
515
2.85%,
07/08/2024
575
614
2.95%,
09/24/2049
245
260
3.05%,
07/08/2026
500
547
3.25%,
07/08/2029
490
548
3.40%,
06/26/2023
530
561
3.70%,
06/26/2028
390
444
3.95%,
06/28/2038
185
223
5.63%,
04/01/2040
38
55
5.63%,
04/15/2041
280
407
7.55%,
02/15/2030
628
934
$
21,794
Semiconductors
-
0
.55
%
Applied
Materials
Inc
1.75%,
06/01/2030
160
158
3.30%,
04/01/2027
35
39
3.90%,
10/01/2025
500
559
4.35%,
04/01/2047
40
51
5.10%,
10/01/2035
250
329
Broadcom
Corp
/
Broadcom
Cayman
Finance
Ltd
3.88%,
01/15/2027
910
1,006
Broadcom
Inc
1.95%,
02/15/2028
(g)
150
150
2.60%,
02/15/2033
(g)
405
396
3.15%,
11/15/2025
140
150
3.42%,
04/15/2033
(g)
460
483
3.47%,
04/15/2034
(g)
350
370
3.50%,
02/15/2041
(g)
200
205
3.75%,
02/15/2051
(g)
50
52
4.15%,
11/15/2030
285
320
4.25%,
04/15/2026
500
560
4.30%,
11/15/2032
185
211
4.75%,
04/15/2029
730
849
Intel
Corp
2.45%,
11/15/2029
310
326
2.60%,
05/19/2026
530
567
2.70%,
12/15/2022
25
26
3.15%,
05/11/2027
540
594
3.25%,
11/15/2049
315
335
3.40%,
03/25/2025
160
175
3.73%,
12/08/2047
240
274
3.75%,
03/25/2027
160
181
4.00%,
12/15/2032
200
241
4.25%,
12/15/2042
200
243
4.60%,
03/25/2040
160
203
4.80%,
10/01/2041
77
99
4.90%,
07/29/2045
25
33
KLA
Corp
4.65%,
11/01/2024
500
558
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
91
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Semiconductors
(continued)
Lam
Research
Corp
1.90%,
06/15/2030
$
155
$
156
2.88%,
06/15/2050
235
236
Marvell
Technology
Inc
2.45%,
04/15/2028
(g)
380
387
4.88%,
06/22/2028
(g)
300
347
Micron
Technology
Inc
2.50%,
04/24/2023
90
93
4.19%,
02/15/2027
115
130
4.66%,
02/15/2030
115
134
NVIDIA
Corp
0.31%,
06/15/2023
385
385
0.58%,
06/14/2024
385
385
1.55%,
06/15/2028
190
189
2.00%,
06/15/2031
385
385
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
2.50%,
05/11/2031
(g)
385
389
3.15%,
05/01/2027
(g)
80
86
3.25%,
05/11/2041
(g)
195
200
QUALCOMM
Inc
1.30%,
05/20/2028
411
402
1.65%,
05/20/2032
340
324
3.25%,
05/20/2027
320
353
4.65%,
05/20/2035
115
146
4.80%,
05/20/2045
425
565
Texas
Instruments
Inc
1.38%,
03/12/2025
160
163
1.75%,
05/04/2030
245
244
4.15%,
05/15/2048
205
260
$
15,702
Software
-
0
.73
%
Activision
Blizzard
Inc
1.35%,
09/15/2030
85
79
2.50%,
09/15/2050
790
709
Adobe
Inc
1.90%,
02/01/2025
315
327
2.30%,
02/01/2030
160
167
Electronic
Arts
Inc
1.85%,
02/15/2031
190
184
Fidelity
National
Information
Services
Inc
0.38%,
03/01/2023
275
275
0.60%,
03/01/2024
90
90
1.65%,
03/01/2028
180
179
3.10%,
03/01/2041
90
92
Fiserv
Inc
3.50%,
10/01/2022
600
619
3.50%,
07/01/2029
310
341
3.80%,
10/01/2023
400
428
3.85%,
06/01/2025
300
330
Intuit
Inc
1.35%,
07/15/2027
165
165
Microsoft
Corp
2.40%,
08/08/2026
55
59
2.53%,
06/01/2050
792
778
2.68%,
06/01/2060
1,209
1,197
2.92%,
03/17/2052
1,885
2,001
3.13%,
11/03/2025
700
764
3.30%,
02/06/2027
200
222
3.45%,
08/08/2036
358
414
3.63%,
12/15/2023
30
32
Oracle
Corp
2.30%,
03/25/2028
385
395
2.40%,
09/15/2023
30
31
2.50%,
10/15/2022
1,070
1,099
2.50%,
04/01/2025
150
158
2.63%,
02/15/2023
390
403
2.65%,
07/15/2026
700
739
2.80%,
04/01/2027
850
901
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
Oracle
Corp
(continued)
2.88%,
03/25/2031
$
385
$
400
2.95%,
04/01/2030
150
158
3.60%,
04/01/2040
150
158
3.60%,
04/01/2050
150
154
3.65%,
03/25/2041
385
408
3.80%,
11/15/2037
250
274
3.90%,
05/15/2035
600
668
3.95%,
03/25/2051
385
420
4.00%,
07/15/2046
780
846
4.10%,
03/25/2061
190
211
4.30%,
07/08/2034
1,015
1,177
4.38%,
05/15/2055
610
702
Roper
Technologies
Inc
1.00%,
09/15/2025
85
85
1.40%,
09/15/2027
165
162
2.35%,
09/15/2024
110
115
2.95%,
09/15/2029
95
102
3.13%,
11/15/2022
750
772
salesforce.com
Inc
1.95%,
07/15/2031
(i)
190
190
2.70%,
07/15/2041
(i)
385
387
2.90%,
07/15/2051
(i)
385
389
ServiceNow
Inc
1.40%,
09/01/2030
165
155
$
21,111
Sovereign
-
1
.67
%
Canada
Government
International
Bond
0.75%,
05/19/2026
390
387
1.63%,
01/22/2025
865
896
Chile
Government
International
Bond
2.45%,
01/31/2031
535
544
2.55%,
01/27/2032
475
485
3.10%,
05/07/2041
200
200
3.13%,
03/27/2025
250
268
3.50%,
04/15/2053
200
210
3.86%,
06/21/2047
300
330
Colombia
Government
International
Bond
2.63%,
03/15/2023
500
511
3.00%,
01/30/2030
315
309
3.13%,
04/15/2031
325
318
3.88%,
02/15/2061
200
179
4.50%,
01/28/2026
700
764
5.20%,
05/15/2049
700
767
5.63%,
02/26/2044
500
566
6.13%,
01/18/2041
200
237
8.13%,
05/21/2024
201
238
10.38%,
01/28/2033
100
149
Export
Development
Canada
1.38%,
02/24/2023
250
255
Export-Import
Bank
of
Korea
0.38%,
02/09/2024
200
199
1.38%,
02/09/2031
200
192
3.00%,
11/01/2022
500
517
3.25%,
11/10/2025
500
546
3.25%,
08/12/2026
500
552
Hungary
Government
International
Bond
5.38%,
03/25/2024
500
564
7.63%,
03/29/2041
250
409
Indonesia
Government
International
Bond
2.85%,
02/14/2030
800
829
3.05%,
03/12/2051
(a)
400
397
3.50%,
01/11/2028
200
218
3.70%,
10/30/2049
200
210
4.20%,
10/15/2050
500
569
4.75%,
02/11/2029
200
235
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
92
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Israel
Government
AID
Bond
5.50%,
09/18/2023
$
25
$
28
5.50%,
04/26/2024
125
142
5.50%,
09/18/2033
12
17
Israel
Government
International
Bond
3.88%,
07/03/2050
200
231
Japan
Bank
for
International
Cooperation
0.38%,
09/15/2023
510
509
0.50%,
04/15/2024
200
200
0.63%,
05/22/2023
200
201
1.25%,
01/21/2031
400
385
1.63%,
10/17/2022
900
915
1.88%,
04/15/2031
200
204
2.00%,
10/17/2029
200
207
2.38%,
04/20/2026
300
318
3.00%,
05/29/2024
1,000
1,069
3.38%,
07/31/2023
1,000
1,060
Korea
International
Bond
1.00%,
09/16/2030
200
190
3.88%,
09/11/2023
250
269
3.88%,
09/20/2048
500
632
Mexico
Government
International
Bond
2.66%,
05/24/2031
400
391
3.25%,
04/16/2030
(a)
200
206
3.60%,
01/30/2025
210
231
3.75%,
01/11/2028
750
816
3.75%,
04/19/2071
400
366
3.77%,
05/24/2061
200
186
3.90%,
04/27/2025
600
665
4.50%,
04/22/2029
1,000
1,130
4.50%,
01/31/2050
800
850
4.60%,
02/10/2048
700
750
4.75%,
03/08/2044
506
558
5.55%,
01/21/2045
300
362
6.05%,
01/11/2040
464
582
Panama
Government
International
Bond
2.25%,
09/29/2032
200
192
3.75%,
03/16/2025
800
869
3.87%,
07/23/2060
340
347
3.88%,
03/17/2028
500
548
4.30%,
04/29/2053
400
443
4.50%,
05/15/2047
200
227
4.50%,
04/16/2050
400
454
6.70%,
01/26/2036
224
304
Peruvian
Government
International
Bond
1.86%,
12/01/2032
1,180
1,096
2.78%,
01/23/2031
145
148
2.78%,
12/01/2060
180
160
3.30%,
03/11/2041
340
343
5.63%,
11/18/2050
528
726
6.55%,
03/14/2037
126
173
7.35%,
07/21/2025
180
221
8.75%,
11/21/2033
192
301
Philippine
Government
International
Bond
2.46%,
05/05/2030
500
519
2.65%,
12/10/2045
400
370
2.95%,
05/05/2045
200
193
3.00%,
02/01/2028
300
323
3.20%,
07/06/2046
(i)
200
200
3.70%,
03/01/2041
200
216
3.70%,
02/02/2042
230
248
5.00%,
01/13/2037
300
377
6.38%,
10/23/2034
210
296
9.50%,
02/02/2030
400
632
10.63%,
03/16/2025
400
543
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Republic
of
Italy
Government
International
Bond
0.88%,
05/06/2024
$
200
$
199
1.25%,
02/17/2026
400
394
2.38%,
10/17/2024
200
208
2.88%,
10/17/2029
500
520
3.88%,
05/06/2051
200
215
5.38%,
06/15/2033
420
529
6.88%,
09/27/2023
512
580
Republic
of
Poland
Government
International
Bond
4.00%,
01/22/2024
575
626
State
of
Israel
2.50%,
01/15/2030
200
209
3.38%,
01/15/2050
800
855
Svensk
Exportkredit
AB
0.38%,
03/11/2024
(a)
200
199
0.50%,
08/26/2025
1,235
1,218
2.88%,
03/14/2023
200
209
Tennessee
Valley
Authority
2.88%,
02/01/2027
250
275
3.50%,
12/15/2042
400
471
4.25%,
09/15/2065
200
281
4.63%,
09/15/2060
300
441
5.25%,
09/15/2039
251
359
5.38%,
04/01/2056
154
249
5.88%,
04/01/2036
600
892
6.75%,
11/01/2025
102
128
Uruguay
Government
International
Bond
4.13%,
11/20/2045
100
118
4.38%,
10/27/2027
390
448
4.98%,
04/20/2055
210
271
5.10%,
06/18/2050
725
949
$
48,032
Supranational
Bank
-
1
.48
%
African
Development
Bank
0.88%,
03/23/2026
345
345
2.13%,
11/16/2022
1,500
1,539
Asian
Development
Bank
0.25%,
07/14/2023
330
329
0.25%,
10/06/2023
490
489
0.38%,
06/11/2024
385
384
0.38%,
09/03/2025
325
320
0.50%,
02/04/2026
400
394
1.00%,
04/14/2026
380
381
1.25%,
06/09/2028
100
100
1.50%,
03/04/2031
385
385
1.75%,
09/13/2022
1,100
1,120
1.75%,
09/19/2029
650
666
2.13%,
03/19/2025
300
316
2.63%,
01/30/2024
1,800
1,901
2.75%,
03/17/2023
400
417
2.75%,
01/19/2028
500
547
5.82%,
06/16/2028
15
19
6.38%,
10/01/2028
51
67
Asian
Infrastructure
Investment
Bank/The
0.25%,
09/29/2023
340
339
2.25%,
05/16/2024
900
945
Council
Of
Europe
Development
Bank
0.38%,
06/10/2024
385
385
1.38%,
02/27/2025
320
327
European
Bank
for
Reconstruction
&
Development
0.25%,
07/10/2023
330
329
0.50%,
11/25/2025
385
379
0.50%,
01/28/2026
380
374
1.63%,
09/27/2024
650
671
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
93
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Supranational
Bank
(continued)
European
Investment
Bank
0.38%,
07/24/2024
$
475
$
473
0.38%,
12/15/2025
340
332
0.38%,
03/26/2026
480
468
0.63%,
10/21/2027
(a)
585
562
1.25%,
02/14/2031
355
346
1.63%,
03/14/2025
315
325
1.63%,
05/13/2031
395
398
1.88%,
02/10/2025
600
626
2.25%,
08/15/2022
750
767
2.25%,
06/24/2024
500
526
2.38%,
05/24/2027
300
322
2.50%,
03/15/2023
600
623
2.63%,
03/15/2024
1,000
1,058
3.25%,
01/29/2024
1,650
1,768
FMS
Wertmanagement
2.75%,
01/30/2024
500
530
Inter-American
Development
Bank
0.25%,
11/15/2023
325
324
0.63%,
09/16/2027
340
328
0.88%,
04/20/2026
850
850
1.13%,
01/13/2031
385
372
1.75%,
03/14/2025
585
607
2.38%,
07/07/2027
500
536
2.50%,
01/18/2023
1,900
1,966
3.00%,
10/04/2023
700
741
3.00%,
02/21/2024
250
267
3.13%,
09/18/2028
500
562
4.38%,
01/24/2044
50
69
International
Bank
for
Reconstruction
&
Development
0.13%,
04/20/2023
190
190
0.25%,
11/24/2023
180
179
0.50%,
10/28/2025
1,630
1,610
0.75%,
11/24/2027
365
355
0.75%,
08/26/2030
735
689
0.88%,
07/15/2026
580
579
1.25%,
02/10/2031
385
376
1.38%,
04/20/2028
380
383
1.63%,
01/15/2025
475
491
1.75%,
10/23/2029
680
699
2.50%,
03/19/2024
800
844
2.50%,
11/25/2024
500
532
2.50%,
07/29/2025
1,700
1,819
2.50%,
11/22/2027
500
541
7.63%,
01/19/2023
1,512
1,684
International
Finance
Corp
0.38%,
07/16/2025
1,080
1,060
Nordic
Investment
Bank
0.38%,
09/11/2025
255
250
0.50%,
01/21/2026
400
393
1.38%,
10/17/2022
200
203
2.25%,
05/21/2024
500
525
$
42,616
Telecommunications
-
1
.39
%
America
Movil
SAB
de
CV
3.13%,
07/16/2022
600
616
4.38%,
04/22/2049
250
307
6.13%,
03/30/2040
102
145
6.38%,
03/01/2035
200
286
AT&T
Inc
0.90%,
03/25/2024
385
386
1.65%,
02/01/2028
330
328
1.70%,
03/25/2026
135
136
2.25%,
02/01/2032
240
236
2.30%,
06/01/2027
465
481
2.63%,
12/01/2022
630
646
2.75%,
06/01/2031
310
322
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
AT&T
Inc
(continued)
2.95%,
07/15/2026
$
20
$
21
3.10%,
02/01/2043
240
235
3.30%,
02/01/2052
480
467
3.50%,
06/01/2041
310
322
3.50%,
09/15/2053
(g)
904
908
3.50%,
02/01/2061
480
474
3.55%,
09/15/2055
(g)
1,898
1,904
3.65%,
06/01/2051
755
784
3.65%,
09/15/2059
(g)
1,057
1,072
3.80%,
02/15/2027
40
45
4.05%,
12/15/2023
500
542
4.10%,
02/15/2028
81
92
4.13%,
02/17/2026
30
34
4.25%,
03/01/2027
530
601
4.30%,
12/15/2042
221
252
4.35%,
03/01/2029
500
579
4.35%,
06/15/2045
260
298
4.50%,
03/09/2048
490
578
4.65%,
06/01/2044
500
589
Bell
Telephone
Co
of
Canada
or
Bell
Canada/The
3.65%,
03/17/2051
190
207
British
Telecommunications
PLC
9.62%,
12/15/2030
577
893
Cisco
Systems
Inc/Delaware
2.20%,
09/20/2023
30
31
2.50%,
09/20/2026
580
622
5.50%,
01/15/2040
600
845
Corning
Inc
4.38%,
11/15/2057
300
357
4.75%,
03/15/2042
102
128
Deutsche
Telekom
International
Finance
BV
8.75%,
06/15/2030
641
961
Juniper
Networks
Inc
2.00%,
12/10/2030
185
177
Motorola
Solutions
Inc
4.00%,
09/01/2024
454
497
Orange
SA
5.38%,
01/13/2042
102
138
Rogers
Communications
Inc
3.00%,
03/15/2023
400
414
3.70%,
11/15/2049
225
240
5.00%,
03/15/2044
500
625
Telefonica
Emisiones
SA
5.21%,
03/08/2047
530
662
7.05%,
06/20/2036
795
1,145
TELUS
Corp
4.60%,
11/16/2048
300
374
T-Mobile
USA
Inc
1.50%,
02/15/2026
320
322
2.05%,
02/15/2028
320
325
2.25%,
11/15/2031
350
345
2.55%,
02/15/2031
490
495
3.00%,
02/15/2041
170
168
3.30%,
02/15/2051
310
309
3.50%,
04/15/2025
150
163
3.75%,
04/15/2027
295
326
3.88%,
04/15/2030
295
330
4.38%,
04/15/2040
150
176
4.50%,
04/15/2050
295
351
Verizon
Communications
Inc
0.75%,
03/22/2024
485
487
0.85%,
11/20/2025
180
178
1.45%,
03/20/2026
385
388
1.50%,
09/18/2030
1,000
955
1.68%,
10/30/2030
1,473
1,406
1.75%,
01/20/2031
360
345
2.10%,
03/22/2028
580
592
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
94
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Verizon
Communications
Inc
(continued)
2.55%,
03/21/2031
$
385
$
394
2.63%,
08/15/2026
25
27
2.65%,
11/20/2040
135
130
2.88%,
11/20/2050
360
342
2.99%,
10/30/2056
562
528
3.00%,
11/20/2060
180
168
3.38%,
02/15/2025
40
43
3.40%,
03/22/2041
385
407
3.55%,
03/22/2051
385
411
3.70%,
03/22/2061
190
204
3.85%,
11/01/2042
275
312
3.88%,
02/08/2029
400
457
4.13%,
03/16/2027
500
569
4.33%,
09/21/2028
500
582
4.40%,
11/01/2034
750
893
4.50%,
08/10/2033
360
430
4.81%,
03/15/2039
1,225
1,552
5.01%,
04/15/2049
53
70
Vodafone
Group
PLC
4.25%,
09/17/2050
165
193
4.38%,
05/30/2028
560
651
5.00%,
05/30/2038
250
315
5.25%,
05/30/2048
400
527
6.15%,
02/27/2037
201
278
6.25%,
11/30/2032
500
671
$
39,817
Toys,
Games
&
Hobbies
-
0
.00
%
Hasbro
Inc
6.35%,
03/15/2040
25
35
Transportation
-
0
.57
%
Burlington
Northern
Santa
Fe
LLC
3.05%,
02/15/2051
1,000
1,041
3.30%,
09/15/2051
200
218
3.40%,
09/01/2024
230
249
3.55%,
02/15/2050
115
130
4.38%,
09/01/2042
545
679
4.45%,
03/15/2043
20
25
4.55%,
09/01/2044
15
19
5.15%,
09/01/2043
350
480
Canadian
National
Railway
Co
2.45%,
05/01/2050
65
58
3.20%,
08/02/2046
400
414
3.65%,
02/03/2048
75
83
Canadian
Pacific
Railway
Co
4.00%,
06/01/2028
300
341
4.80%,
09/15/2035
500
616
CSX
Corp
2.40%,
02/15/2030
65
67
2.60%,
11/01/2026
300
319
3.25%,
06/01/2027
40
44
3.35%,
11/01/2025
500
546
3.35%,
09/15/2049
70
74
3.80%,
03/01/2028
100
113
3.80%,
11/01/2046
30
34
4.25%,
11/01/2066
400
493
4.30%,
03/01/2048
105
127
4.75%,
05/30/2042
277
349
FedEx
Corp
3.10%,
08/05/2029
550
596
3.88%,
08/01/2042
100
111
4.40%,
01/15/2047
405
484
4.55%,
04/01/2046
400
486
4.75%,
11/15/2045
525
655
Kansas
City
Southern
4.70%,
05/01/2048
300
374
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Transportation
(continued)
Norfolk
Southern
Corp
2.30%,
05/15/2031
$
195
$
197
2.55%,
11/01/2029
155
163
3.85%,
01/15/2024
200
214
3.94%,
11/01/2047
398
458
4.15%,
02/28/2048
450
529
4.84%,
10/01/2041
100
128
Ryder
System
Inc
2.50%,
09/01/2024
80
84
2.90%,
12/01/2026
150
161
Union
Pacific
Corp
2.15%,
02/05/2027
230
238
2.38%,
05/20/2031
195
199
2.89%,
04/06/2036
(g)
210
218
3.15%,
03/01/2024
400
427
3.20%,
05/20/2041
195
206
3.55%,
08/15/2039
80
89
3.80%,
10/01/2051
577
660
3.80%,
04/06/2071
(g)
350
388
3.84%,
03/20/2060
575
655
4.16%,
07/15/2022
256
264
United
Parcel
Service
Inc
2.45%,
10/01/2022
10
10
2.50%,
09/01/2029
125
133
3.40%,
09/01/2049
770
856
3.90%,
04/01/2025
665
736
4.88%,
11/15/2040
25
33
5.20%,
04/01/2040
125
170
6.20%,
01/15/2038
23
34
$
16,475
Trucking
&
Leasing
-
0
.01
%
GATX
Corp
1.90%,
06/01/2031
380
362
Water
-
0
.06
%
American
Water
Capital
Corp
2.30%,
06/01/2031
195
198
3.25%,
06/01/2051
195
204
3.75%,
09/01/2047
180
203
4.15%,
06/01/2049
650
789
6.59%,
10/15/2037
5
7
Essential
Utilities
Inc
2.40%,
05/01/2031
190
192
$
1,593
TOTAL
BONDS
$
943,210
MUNICIPAL
BONDS
-
0
.60
%
Principal
Amount
(000's)
Value
(000's)
California
-
0
.19
%
Bay
Area
Toll
Authority
6.26%,
04/01/2049
$
300
$
487
6.92%,
04/01/2040
120
180
California
State
University
2.98%,
11/01/2051
160
164
East
Bay
Municipal
Utility
District
Water
System
Revenue
5.87%,
06/01/2040
60
87
Los
Angeles
Department
of
Water
&
Power
Power
System
Revenue
6.57%,
07/01/2045
150
243
Los
Angeles
Unified
School
District/CA
5.75%,
07/01/2034
80
108
5.76%,
07/01/2029
50
63
6.76%,
07/01/2034
530
761
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
6.55%,
05/15/2048
250
390
San
Diego
County
Water
Authority
6.14%,
05/01/2049
260
393
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
95
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
California
(continued)
Santa
Clara
Valley
Transportation
Authority
5.88%,
04/01/2032
$
25
$
31
State
of
California
3.50%,
04/01/2028
165
186
7.30%,
10/01/2039
375
600
7.35%,
11/01/2039
500
805
7.60%,
11/01/2040
180
314
7.63%,
03/01/2040
280
472
University
of
California
5.77%,
05/15/2043
200
282
$
5,566
District
of
Columbia
-
0
.02
%
District
of
Columbia
Water
&
Sewer
Authority
4.81%,
10/01/2114
450
638
Georgia
-
0
.02
%
Municipal
Electric
Authority
of
Georgia
6.64%,
04/01/2057
147
223
7.06%,
04/01/2057
195
288
$
511
Illinois
-
0
.06
%
Chicago
Transit
Authority
Sales
&
Transfer
Tax
Receipts
Revenue
6.90%,
12/01/2040
200
285
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
6.20%,
12/01/2040
70
97
County
of
Cook
IL
6.23%,
11/15/2034
102
139
State
of
Illinois
4.95%,
06/01/2023
15
16
5.10%,
06/01/2033
1,000
1,176
7.35%,
07/01/2035
70
90
$
1,803
Kansas
-
0
.01
%
State
of
Kansas
Department
of
Transportation
4.60%,
09/01/2035
115
142
Nevada
-
0
.00
%
County
of
Clark
Department
of
Aviation
6.82%,
07/01/2045
25
39
New
Jersey
-
0
.07
%
New
Jersey
Economic
Development
Authority
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
0.00%,
02/15/2023
(e),(j)
51
51
New
Jersey
Economic
Development
Authority
(credit
support
from
National
Public
Finance
Guarantee
Corp
)
7.43%,
02/15/2029
(j)
700
908
New
Jersey
Transportation
Trust
Fund
Authority
5.75%,
12/15/2028
190
226
6.56%,
12/15/2040
210
313
New
Jersey
Turnpike
Authority
7.10%,
01/01/2041
147
235
Rutgers
The
State
University
of
New
Jersey
5.67%,
05/01/2040
130
178
$
1,911
New
York
-
0
.10
%
City
of
New
York
NY
5.52%,
10/01/2037
25
34
Metropolitan
Transportation
Authority
6.81%,
11/15/2040
135
198
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
5.51%,
08/01/2037
250
334
New
York
City
Water
&
Sewer
System
5.72%,
06/15/2042
270
405
5.95%,
06/15/2042
125
191
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
New
York
(continued)
New
York
State
Dormitory
Authority
5.60%,
03/15/2040
$
435
$
588
Port
Authority
of
New
York
&
New
Jersey
4.46%,
10/01/2062
400
525
4.96%,
08/01/2046
300
407
6.04%,
12/01/2029
50
66
$
2,748
Ohio
-
0
.01
%
American
Municipal
Power
Inc
6.27%,
02/15/2050
69
97
Ohio
State
University/The
4.91%,
06/01/2040
125
168
$
265
Pennsylvania
-
0
.02
%
State
Public
School
Building
Authority
5.00%,
09/15/2027
500
597
Texas
-
0
.08
%
City
of
San
Antonio
TX
Electric
&
Gas
Systems
Revenue
5.81%,
02/01/2041
135
193
Dallas
Area
Rapid
Transit
5.02%,
12/01/2048
50
70
Dallas
Convention
Center
Hotel
Development
Corp
7.09%,
01/01/2042
70
98
Dallas
County
Hospital
District
5.62%,
08/15/2044
83
114
Dallas
Independent
School
District
(credit
support
from
Permanent
School
Fund
Guarantee
Program
)
6.45%,
02/15/2035
(j)
50
52
Grand
Parkway
Transportation
Corp
5.18%,
10/01/2042
300
412
State
of
Texas
4.68%,
04/01/2040
100
131
5.52%,
04/01/2039
405
583
Texas
Transportation
Commission
State
Highway
Fund
5.18%,
04/01/2030
625
771
$
2,424
Utah
-
0
.01
%
State
of
Utah
3.54%,
07/01/2025
300
320
Wisconsin
-
0
.01
%
State
of
Wisconsin
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.70%,
05/01/2026
(j)
310
361
TOTAL
MUNICIPAL
BONDS
$
17,325
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
64
.65
%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
2
.08
%
2.00%,
08/01/2029
$
245
$
253
2.00%,
10/01/2031
65
68
2.00%,
03/01/2032
129
134
2.50%,
10/01/2027
87
91
2.50%,
03/01/2028
193
202
2.50%,
06/01/2028
123
129
2.50%,
06/01/2028
273
286
2.50%,
07/01/2028
190
199
2.50%,
10/01/2028
126
131
2.50%,
10/01/2028
93
97
2.50%,
10/01/2029
239
251
2.50%,
12/01/2029
280
294
2.50%,
09/01/2030
484
507
2.50%,
01/01/2031
515
541
2.50%,
01/01/2031
63
66
2.50%,
02/01/2031
57
60
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
96
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
2.50%,
03/01/2031
$
160
$
167
2.50%,
12/01/2031
171
179
2.50%,
12/01/2031
185
194
2.50%,
02/01/2032
218
229
2.50%,
03/01/2032
284
298
2.50%,
11/01/2032
553
579
2.50%,
02/01/2033
139
145
2.50%,
03/01/2033
116
122
2.50%,
03/01/2033
430
450
2.50%,
04/01/2033
171
178
2.50%,
05/01/2033
76
80
2.50%,
06/01/2033
118
124
2.50%,
11/01/2036
101
105
2.50%,
02/01/2043
114
120
2.50%,
03/01/2043
89
93
3.00%,
01/01/2027
73
77
3.00%,
03/01/2027
60
64
3.00%,
05/01/2027
60
63
3.00%,
10/01/2028
201
213
3.00%,
07/01/2029
250
264
3.00%,
08/01/2029
108
114
3.00%,
10/01/2029
64
67
3.00%,
11/01/2029
109
115
3.00%,
07/01/2030
247
261
3.00%,
09/01/2030
328
347
3.00%,
11/01/2030
52
55
3.00%,
11/01/2030
121
128
3.00%,
01/01/2031
116
123
3.00%,
04/01/2031
209
221
3.00%,
02/01/2032
48
51
3.00%,
05/01/2032
82
87
3.00%,
12/01/2032
383
405
3.00%,
12/01/2032
354
374
3.00%,
01/01/2033
532
562
3.00%,
02/01/2033
310
326
3.00%,
03/01/2033
250
267
3.00%,
04/01/2033
148
157
3.00%,
04/01/2033
125
133
3.00%,
06/01/2033
92
98
3.00%,
09/01/2033
127
135
3.00%,
09/01/2033
132
140
3.00%,
12/01/2034
36
38
3.00%,
01/01/2035
24
25
3.00%,
02/01/2035
35
37
3.00%,
05/01/2035
290
306
3.00%,
02/01/2036
67
70
3.00%,
09/01/2036
67
71
3.00%,
02/01/2037
77
81
3.00%,
05/01/2037
99
104
3.00%,
06/01/2037
107
112
3.00%,
07/01/2037
157
164
3.00%,
09/01/2037
34
36
3.00%,
01/01/2043
183
195
3.00%,
01/01/2043
192
203
3.00%,
02/01/2043
857
912
3.00%,
03/01/2043
500
532
3.00%,
04/01/2043
175
186
3.00%,
05/01/2043
175
186
3.00%,
06/01/2043
318
338
3.00%,
07/01/2043
557
593
3.00%,
07/01/2043
312
332
3.00%,
07/01/2043
302
319
3.00%,
07/01/2043
520
551
3.00%,
08/01/2043
69
73
3.00%,
08/01/2043
99
105
3.00%,
08/01/2043
952
1,013
3.00%,
08/01/2043
207
219
3.00%,
09/01/2043
323
343
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
3.00%,
09/01/2043
$
173
$
183
3.00%,
09/01/2043
353
376
3.00%,
10/01/2043
125
133
3.00%,
10/01/2043
324
344
3.00%,
03/01/2045
314
331
3.00%,
04/01/2045
112
118
3.00%,
06/01/2045
412
434
3.00%,
07/01/2045
284
300
3.00%,
07/01/2045
242
255
3.00%,
08/01/2045
467
492
3.00%,
08/01/2045
146
153
3.00%,
08/01/2045
146
154
3.00%,
12/01/2045
653
688
3.00%,
03/01/2046
286
302
3.00%,
03/01/2046
58
61
3.00%,
04/01/2046
397
419
3.00%,
04/01/2046
45
47
3.00%,
05/01/2046
107
113
3.00%,
09/01/2046
475
500
3.00%,
10/01/2046
475
503
3.00%,
11/01/2046
802
843
3.00%,
11/01/2046
79
83
3.00%,
11/01/2046
440
463
3.00%,
11/01/2046
534
566
3.00%,
12/01/2046
583
614
3.00%,
12/01/2046
655
689
3.00%,
01/01/2047
893
944
3.00%,
03/01/2047
859
902
3.00%,
03/01/2048
343
358
3.50%,
10/01/2025
62
66
3.50%,
11/01/2025
87
92
3.50%,
12/01/2026
83
89
3.50%,
01/01/2029
89
95
3.50%,
01/01/2032
68
72
3.50%,
02/01/2032
41
44
3.50%,
03/01/2032
50
53
3.50%,
04/01/2032
50
54
3.50%,
08/01/2032
40
43
3.50%,
09/01/2033
167
179
3.50%,
01/01/2034
44
47
3.50%,
01/01/2035
91
98
3.50%,
02/01/2035
77
83
3.50%,
07/01/2035
109
117
3.50%,
09/01/2035
189
203
3.50%,
04/01/2037
53
56
3.50%,
06/01/2037
109
117
3.50%,
05/01/2041
120
127
3.50%,
02/01/2042
191
206
3.50%,
04/01/2042
70
76
3.50%,
06/01/2042
134
144
3.50%,
07/01/2042
220
237
3.50%,
07/01/2042
170
183
3.50%,
08/01/2042
97
102
3.50%,
08/01/2042
215
232
3.50%,
02/01/2044
391
421
3.50%,
06/01/2044
312
335
3.50%,
09/01/2044
166
178
3.50%,
02/01/2045
189
203
3.50%,
03/01/2045
270
289
3.50%,
06/01/2045
311
333
3.50%,
07/01/2045
516
552
3.50%,
09/01/2045
275
294
3.50%,
10/01/2045
309
331
3.50%,
11/01/2045
515
551
3.50%,
12/01/2045
413
442
3.50%,
12/01/2045
46
49
3.50%,
12/01/2045
325
348
3.50%,
01/01/2046
51
54
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
97
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
3.50%,
01/01/2046
$
144
$
155
3.50%,
03/01/2046
1,332
1,424���
3.50%,
03/01/2046
256
276
3.50%,
04/01/2046
328
350
3.50%,
05/01/2046
352
379
3.50%,
06/01/2046
410
435
3.50%,
08/01/2046
290
310
3.50%,
04/01/2047
419
444
3.50%,
11/01/2047
467
495
3.50%,
11/01/2047
313
331
3.50%,
05/01/2048
57
60
3.50%,
06/01/2048
400
425
3.50%,
06/01/2048
222
236
3.50%,
09/01/2048
115
121
4.00%,
06/01/2025
48
51
4.00%,
07/01/2025
70
74
4.00%,
12/01/2030
22
24
4.00%,
08/01/2031
22
23
4.00%,
10/01/2031
33
36
4.00%,
11/01/2031
10
11
4.00%,
12/01/2031
16
18
4.00%,
11/01/2033
44
48
4.00%,
01/01/2034
78
85
4.00%,
07/01/2035
30
33
4.00%,
03/01/2037
126
137
4.00%,
05/01/2038
53
57
4.00%,
02/01/2041
116
127
4.00%,
06/01/2042
82
89
4.00%,
06/01/2042
68
75
4.00%,
08/01/2043
529
582
4.00%,
01/01/2044
78
86
4.00%,
02/01/2044
215
236
4.00%,
03/01/2044
73
80
4.00%,
04/01/2044
226
246
4.00%,
05/01/2044
58
64
4.00%,
07/01/2044
131
142
4.00%,
07/01/2044
133
145
4.00%,
10/01/2044
160
174
4.00%,
11/01/2044
339
369
4.00%,
12/01/2044
349
380
4.00%,
01/01/2045
99
107
4.00%,
02/01/2045
120
130
4.00%,
04/01/2045
119
130
4.00%,
05/01/2045
70
76
4.00%,
06/01/2045
140
152
4.00%,
07/01/2045
216
234
4.00%,
08/01/2045
53
57
4.00%,
08/01/2045
498
541
4.00%,
08/01/2045
44
47
4.00%,
09/01/2045
88
94
4.00%,
09/01/2045
559
607
4.00%,
10/01/2045
565
613
4.00%,
11/01/2045
344
373
4.00%,
12/01/2045
155
168
4.00%,
03/01/2047
432
467
4.00%,
08/01/2047
509
545
4.00%,
10/01/2047
332
356
4.00%,
12/01/2047
551
590
4.00%,
07/01/2048
339
362
4.00%,
08/01/2048
200
213
4.00%,
09/01/2048
311
333
4.50%,
08/01/2023
24
26
4.50%,
05/01/2024
26
28
4.50%,
02/01/2030
7
8
4.50%,
08/01/2030
5
6
4.50%,
05/01/2031
7
8
4.50%,
06/01/2031
50
54
4.50%,
06/01/2039
77
86
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
4.50%,
10/01/2039
$
56
$
62
4.50%,
10/01/2040
90
100
4.50%,
03/01/2041
173
188
4.50%,
03/01/2041
199
221
4.50%,
09/01/2041
103
111
4.50%,
11/01/2041
147
164
4.50%,
09/01/2043
115
127
4.50%,
11/01/2043
55
61
4.50%,
11/01/2043
101
113
4.50%,
01/01/2044
87
97
4.50%,
01/01/2044
62
68
4.50%,
03/01/2044
99
111
4.50%,
05/01/2044
130
144
4.50%,
07/01/2044
58
65
4.50%,
09/01/2044
56
62
4.50%,
10/01/2045
93
101
4.50%,
02/01/2046
342
373
4.50%,
03/01/2047
68
74
4.50%,
03/01/2047
286
311
4.50%,
04/01/2047
61
66
4.50%,
06/01/2047
137
149
4.50%,
09/01/2047
145
157
4.50%,
11/01/2047
38
41
4.50%,
05/01/2048
126
136
4.50%,
07/01/2048
247
267
4.50%,
11/01/2048
134
144
4.50%,
01/01/2049
500
539
4.50%,
05/01/2049
1,102
1,190
5.00%,
09/01/2023
20
21
5.00%,
04/01/2024
10
11
5.00%,
01/01/2025
40
44
5.00%,
12/01/2027
20
22
5.00%,
02/01/2030
3
3
5.00%,
03/01/2030
2
2
5.00%,
04/01/2034
67
75
5.00%,
06/01/2035
80
92
5.00%,
01/01/2038
140
161
5.00%,
11/01/2038
113
129
5.00%,
12/01/2038
122
140
5.00%,
09/01/2039
190
218
5.00%,
01/01/2040
136
156
5.00%,
05/01/2040
64
72
5.00%,
04/01/2041
71
80
5.00%,
06/01/2041
69
76
5.00%,
11/01/2041
69
76
5.00%,
11/01/2041
67
77
5.50%,
01/01/2028
44
49
5.50%,
04/01/2036
65
74
5.50%,
12/01/2036
75
87
5.50%,
12/01/2036
74
85
5.50%,
03/01/2039
114
133
5.50%,
04/01/2039
69
81
5.50%,
02/01/2040
104
121
5.50%,
06/01/2041
159
185
6.00%,
02/01/2027
5
6
$
59,688
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
18
.86
%
1.50%,
03/01/2036
5,589
5,661
1.50%,
07/01/2036
(k)
10,000
10,120
2.00%,
09/01/2028
90
93
2.00%,
05/01/2030
171
177
2.00%,
04/01/2032
83
86
2.00%,
05/01/2036
4,510
4,670
2.00%,
06/01/2036
3,979
4,112
2.00%,
07/01/2036
(k)
27,300
28,158
2.00%,
04/01/2051
34,771
35,202
2.00%,
04/01/2051
15,923
16,112
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
98
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%,
04/01/2051
$
5,933
$
6,001
2.00%,
04/01/2051
9,824
9,929
2.00%,
04/01/2051
9,866
10,011
2.00%,
05/01/2051
19,886
20,099
2.00%,
06/01/2051
7,785
7,866
2.00%,
07/01/2051
8,745
8,836
2.00%,
08/01/2051
(k)
29,500
29,728
2.50%,
01/01/2028
93
98
2.50%,
07/01/2028
107
112
2.50%,
08/01/2028
117
122
2.50%,
08/01/2028
61
64
2.50%,
09/01/2028
130
136
2.50%,
07/01/2029
38
40
2.50%,
07/01/2029
62
65
2.50%,
07/01/2029
202
210
2.50%,
09/01/2029
141
147
2.50%,
12/01/2029
74
78
2.50%,
01/01/2030
117
123
2.50%,
04/01/2030
141
147
2.50%,
05/01/2030
311
326
2.50%,
06/01/2030
177
185
2.50%,
08/01/2030
77
80
2.50%,
08/01/2030
379
397
2.50%,
01/01/2031
161
169
2.50%,
01/01/2031
168
177
2.50%,
02/01/2031
152
159
2.50%,
02/01/2031
212
222
2.50%,
05/01/2031
89
93
2.50%,
06/01/2031
155
163
2.50%,
11/01/2031
1,540
1,614
2.50%,
12/01/2031
253
265
2.50%,
01/01/2032
548
575
2.50%,
01/01/2032
305
320
2.50%,
02/01/2032
406
425
2.50%,
03/01/2032
154
161
2.50%,
03/01/2032
74
77
2.50%,
11/01/2032
27
28
2.50%,
12/01/2032
80
84
2.50%,
01/01/2033
102
107
2.50%,
02/01/2033
380
397
2.50%,
04/01/2033
767
800
2.50%,
07/01/2033
61
63
2.50%,
10/01/2034
839
877
2.50%,
02/01/2035
2,042
2,134
2.50%,
06/01/2035
2,950
3,083
2.50%,
07/01/2036
(k)
4,500
4,692
2.50%,
10/01/2036
62
64
2.50%,
10/01/2036
27
28
2.50%,
12/01/2036
123
127
2.50%,
07/01/2040
2,464
2,557
2.50%,
01/01/2043
346
361
2.50%,
08/01/2043
95
99
2.50%,
10/01/2043
216
225
2.50%,
12/01/2046
88
91
2.50%,
07/01/2050
5,493
5,711
2.50%,
08/01/2050
2,906
3,022
2.50%,
09/01/2050
6,017
6,239
2.50%,
10/01/2050
4,489
4,656
2.50%,
08/01/2051
(k)
78,000
80,523
3.00%,
11/01/2026
68
72
3.00%,
02/01/2027
122
128
3.00%,
04/01/2027
600
634
3.00%,
08/01/2027
93
98
3.00%,
10/01/2028
257
272
3.00%,
11/01/2028
102
107
3.00%,
02/01/2029
79
83
3.00%,
03/01/2029
100
106
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%,
03/01/2029
$
141
$
149
3.00%,
04/01/2029
118
125
3.00%,
05/01/2029
132
139
3.00%,
06/01/2029
84
89
3.00%,
08/01/2029
65
68
3.00%,
10/01/2029
67
70
3.00%,
10/01/2029
60
64
3.00%,
10/01/2029
60
64
3.00%,
11/01/2029
71
75
3.00%,
01/01/2030
305
323
3.00%,
01/01/2030
124
130
3.00%,
01/01/2030
319
337
3.00%,
03/01/2030
188
199
3.00%,
06/01/2030
151
159
3.00%,
06/01/2030
168
178
3.00%,
09/01/2030
257
272
3.00%,
09/01/2030
67
71
3.00%,
10/01/2030
182
193
3.00%,
02/01/2031
75
79
3.00%,
04/01/2032
804
853
3.00%,
05/01/2032
106
112
3.00%,
08/01/2032
161
171
3.00%,
01/01/2033
30
31
3.00%,
02/01/2033
576
609
3.00%,
02/01/2033
1,644
1,738
3.00%,
08/01/2033
472
501
3.00%,
05/01/2034
138
146
3.00%,
05/01/2034
81
85
3.00%,
08/01/2034
347
370
3.00%,
10/01/2034
34
36
3.00%,
11/01/2034
103
109
3.00%,
12/01/2034
1,458
1,532
3.00%,
02/01/2035
100
105
3.00%,
02/01/2035
109
115
3.00%,
03/01/2035
47
50
3.00%,
04/01/2035
47
50
3.00%,
06/01/2035
122
129
3.00%,
07/01/2035
45
48
3.00%,
11/01/2035
65
69
3.00%,
07/01/2036
99
105
3.00%,
12/01/2036
217
229
3.00%,
12/01/2036
315
331
3.00%,
12/01/2036
155
163
3.00%,
02/01/2037
20
21
3.00%,
02/01/2037
134
141
3.00%,
04/01/2037
66
69
3.00%,
04/01/2037
98
103
3.00%,
07/01/2037
42
44
3.00%,
08/01/2037
64
67
3.00%,
09/01/2037
172
180
3.00%,
06/01/2040
2,131
2,223
3.00%,
04/01/2042
108
114
3.00%,
09/01/2042
58
61
3.00%,
12/01/2042
105
112
3.00%,
02/01/2043
279
297
3.00%,
02/01/2043
347
372
3.00%,
02/01/2043
548
583
3.00%,
04/01/2043
343
363
3.00%,
04/01/2043
152
161
3.00%,
04/01/2043
217
230
3.00%,
04/01/2043
216
229
3.00%,
04/01/2043
294
313
3.00%,
04/01/2043
155
165
3.00%,
04/01/2043
299
318
3.00%,
04/01/2043
616
655
3.00%,
04/01/2043
217
230
3.00%,
05/01/2043
277
293
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
99
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%,
05/01/2043
$
145
$
154
3.00%,
05/01/2043
28
30
3.00%,
05/01/2043
214
227
3.00%,
06/01/2043
203
216
3.00%,
06/01/2043
283
300
3.00%,
06/01/2043
470
497
3.00%,
06/01/2043
503
537
3.00%,
06/01/2043
226
237
3.00%,
07/01/2043
98
104
3.00%,
07/01/2043
160
170
3.00%,
07/01/2043
354
374
3.00%,
08/01/2043
190
202
3.00%,
08/01/2043
340
361
3.00%,
08/01/2043
68
72
3.00%,
08/01/2043
82
86
3.00%,
08/01/2043
509
541
3.00%,
08/01/2043
100
107
3.00%,
09/01/2043
406
432
3.00%,
09/01/2043
208
221
3.00%,
10/01/2043
514
544
3.00%,
10/01/2043
38
39
3.00%,
11/01/2043
181
193
3.00%,
11/01/2043
67
71
3.00%,
11/01/2043
95
101
3.00%,
01/01/2044
91
96
3.00%,
01/01/2045
246
258
3.00%,
05/01/2045
379
399
3.00%,
09/01/2045
53
56
3.00%,
10/01/2045
237
249
3.00%,
11/01/2045
125
132
3.00%,
11/01/2045
55
58
3.00%,
12/01/2045
323
341
3.00%,
01/01/2046
219
231
3.00%,
02/01/2046
344
362
3.00%,
02/01/2046
145
152
3.00%,
02/01/2046
363
383
3.00%,
04/01/2046
71
75
3.00%,
05/01/2046
190
200
3.00%,
05/01/2046
150
158
3.00%,
05/01/2046
55
58
3.00%,
06/01/2046
103
108
3.00%,
08/01/2046
272
285
3.00%,
08/01/2046
155
164
3.00%,
09/01/2046
164
173
3.00%,
09/01/2046
103
108
3.00%,
10/01/2046
96
101
3.00%,
10/01/2046
781
822
3.00%,
11/01/2046
59
62
3.00%,
11/01/2046
348
366
3.00%,
11/01/2046
75
79
3.00%,
11/01/2046
397
417
3.00%,
11/01/2046
567
600
3.00%,
11/01/2046
492
517
3.00%,
12/01/2046
1,095
1,159
3.00%,
12/01/2046
594
625
3.00%,
01/01/2047
282
297
3.00%,
01/01/2047
607
637
3.00%,
02/01/2047
444
467
3.00%,
02/01/2047
115
121
3.00%,
05/01/2047
230
242
3.00%,
10/01/2048
39
41
3.00%,
09/01/2049
3,656
3,822
3.00%,
10/01/2049
6,907
7,238
3.00%,
10/01/2049
1,009
1,055
3.00%,
11/01/2049
545
570
3.00%,
11/01/2049
1,777
1,854
3.00%,
11/01/2049
2,223
2,350
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%,
11/01/2049
$
1,192
$
1,249
3.00%,
12/01/2049
5,705
6,047
3.00%,
03/01/2050
4,580
4,830
3.00%,
03/01/2050
5,591
5,908
3.00%,
06/01/2050
3,924
4,139
3.00%,
07/01/2050
2,296
2,398
3.00%,
07/01/2050
9,955
10,475
3.00%,
10/01/2050
3,277
3,434
3.50%,
10/01/2025
104
111
3.50%,
11/01/2025
58
62
3.50%,
11/01/2025
148
158
3.50%,
01/01/2026
111
119
3.50%,
03/01/2026
124
133
3.50%,
12/01/2026
111
119
3.50%,
02/01/2027
66
71
3.50%,
11/01/2028
112
121
3.50%,
12/01/2028
61
66
3.50%,
03/01/2029
92
99
3.50%,
01/01/2031
5
5
3.50%,
04/01/2031
10
10
3.50%,
02/01/2032
46
49
3.50%,
04/01/2032
42
45
3.50%,
05/01/2032
93
99
3.50%,
06/01/2032
187
200
3.50%,
07/01/2032
62
66
3.50%,
09/01/2032
90
96
3.50%,
12/01/2032
2,149
2,322
3.50%,
09/01/2033
78
83
3.50%,
09/01/2033
47
51
3.50%,
10/01/2033
303
324
3.50%,
10/01/2033
99
107
3.50%,
11/01/2033
103
111
3.50%,
01/01/2034
66
72
3.50%,
06/01/2034
119
129
3.50%,
08/01/2034
30
32
3.50%,
11/01/2034
70
75
3.50%,
02/01/2035
1,286
1,378
3.50%,
12/01/2035
143
153
3.50%,
07/01/2036
149
159
3.50%,
02/01/2037
110
117
3.50%,
03/01/2037
130
138
3.50%,
05/01/2037
24
26
3.50%,
07/01/2037
51
55
3.50%,
10/01/2037
60
64
3.50%,
01/01/2038
165
174
3.50%,
01/01/2041
519
559
3.50%,
03/01/2041
740
796
3.50%,
10/01/2041
67
73
3.50%,
12/01/2041
215
232
3.50%,
12/01/2041
230
248
3.50%,
01/01/2042
78
84
3.50%,
03/01/2042
52
56
3.50%,
03/01/2042
195
210
3.50%,
03/01/2042
70
75
3.50%,
05/01/2042
59
64
3.50%,
05/01/2042
368
397
3.50%,
07/01/2042
96
103
3.50%,
07/01/2042
52
56
3.50%,
10/01/2042
437
473
3.50%,
04/01/2043
134
145
3.50%,
05/01/2043
408
443
3.50%,
05/01/2043
141
152
3.50%,
05/01/2043
315
342
3.50%,
06/01/2043
344
373
3.50%,
07/01/2043
404
435
3.50%,
07/01/2043
182
198
3.50%,
08/01/2043
291
314
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
100
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%,
08/01/2043
$
91
$
98
3.50%,
09/01/2043
102
110
3.50%,
12/01/2043
84
90
3.50%,
01/01/2044
1,115
1,216
3.50%,
02/01/2044
85
92
3.50%,
07/01/2044
588
634
3.50%,
10/01/2044
100
108
3.50%,
10/01/2044
258
276
3.50%,
11/01/2044
259
278
3.50%,
12/01/2044
49
52
3.50%,
12/01/2044
193
206
3.50%,
12/01/2044
255
273
3.50%,
01/01/2045
288
308
3.50%,
04/01/2045
251
269
3.50%,
05/01/2045
105
113
3.50%,
07/01/2045
275
294
3.50%,
07/01/2045
50
53
3.50%,
08/01/2045
265
283
3.50%,
08/01/2045
295
316
3.50%,
09/01/2045
387
414
3.50%,
09/01/2045
138
147
3.50%,
09/01/2045
287
306
3.50%,
11/01/2045
229
245
3.50%,
11/01/2045
122
130
3.50%,
12/01/2045
232
248
3.50%,
12/01/2045
312
334
3.50%,
12/01/2045
433
462
3.50%,
01/01/2046
472
505
3.50%,
01/01/2046
353
377
3.50%,
02/01/2046
85
91
3.50%,
02/01/2046
201
215
3.50%,
03/01/2046
287
306
3.50%,
03/01/2046
321
342
3.50%,
05/01/2046
336
358
3.50%,
06/01/2046
54
57
3.50%,
07/01/2046
311
331
3.50%,
09/01/2046
263
281
3.50%,
11/01/2046
510
546
3.50%,
12/01/2046
316
337
3.50%,
01/01/2047
666
709
3.50%,
02/01/2047
470
498
3.50%,
03/01/2047
56
59
3.50%,
09/01/2047
149
158
3.50%,
11/01/2047
627
664
3.50%,
01/01/2048
574
605
3.50%,
02/01/2048
527
556
3.50%,
02/01/2048
74
79
3.50%,
03/01/2048
381
402
3.50%,
04/01/2048
234
248
3.50%,
10/01/2048
49
52
3.50%,
10/01/2048
48
51
3.50%,
04/01/2049
512
541
3.50%,
06/01/2049
1,053
1,108
3.50%,
06/01/2049
803
846
3.50%,
06/01/2049
687
725
3.50%,
07/01/2049
2,003
2,113
3.50%,
07/01/2049
1,031
1,086
3.50%,
07/01/2049
2,408
2,535
3.50%,
08/01/2049
1,933
2,034
3.50%,
09/01/2049
1,251
1,318
3.50%,
11/01/2049
5,984
6,351
3.50%,
11/01/2049
2,437
2,567
3.50%,
11/01/2049
1,980
2,085
3.50%,
05/01/2050
3,249
3,420
3.50%,
09/01/2050
2,507
2,679
4.00%,
07/01/2025
85
91
4.00%,
04/01/2029
3
3
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
$
8
$
8
4.00%,
12/01/2030
67
72
4.00%,
02/01/2031
22
24
4.00%,
03/01/2031
478
509
4.00%,
07/01/2031
15
16
4.00%,
10/01/2031
60
65
4.00%,
11/01/2031
14
15
4.00%,
12/01/2031
12
13
4.00%,
01/01/2032
17
18
4.00%,
09/01/2033
126
137
4.00%,
01/01/2036
115
124
4.00%,
02/01/2036
80
87
4.00%,
06/01/2036
69
75
4.00%,
01/01/2037
98
107
4.00%,
02/01/2037
228
248
4.00%,
07/01/2038
166
178
4.00%,
02/01/2039
46
49
4.00%,
10/01/2039
78
85
4.00%,
01/01/2041
221
242
4.00%,
02/01/2041
57
62
4.00%,
02/01/2041
163
178
4.00%,
09/01/2041
92
101
4.00%,
02/01/2043
80
87
4.00%,
12/01/2043
79
86
4.00%,
01/01/2044
239
263
4.00%,
06/01/2044
197
215
4.00%,
06/01/2044
118
129
4.00%,
07/01/2044
183
199
4.00%,
07/01/2044
149
163
4.00%,
09/01/2044
87
95
4.00%,
10/01/2044
246
268
4.00%,
10/01/2044
136
149
4.00%,
11/01/2044
155
170
4.00%,
12/01/2044
229
250
4.00%,
12/01/2044
48
53
4.00%,
01/01/2045
49
53
4.00%,
02/01/2045
88
96
4.00%,
02/01/2045
141
155
4.00%,
02/01/2045
205
223
4.00%,
07/01/2045
117
127
4.00%,
07/01/2045
171
186
4.00%,
09/01/2045
215
234
4.00%,
10/01/2045
43
46
4.00%,
10/01/2045
176
191
4.00%,
11/01/2045
281
306
4.00%,
11/01/2045
75
81
4.00%,
12/01/2045
107
117
4.00%,
12/01/2045
69
75
4.00%,
01/01/2046
257
279
4.00%,
02/01/2046
284
308
4.00%,
02/01/2046
60
65
4.00%,
03/01/2046
65
71
4.00%,
03/01/2046
94
101
4.00%,
04/01/2046
134
145
4.00%,
07/01/2046
238
256
4.00%,
04/01/2047
415
447
4.00%,
06/01/2047
304
326
4.00%,
08/01/2047
505
540
4.00%,
08/01/2047
63
68
4.00%,
08/01/2047
235
252
4.00%,
08/01/2047
381
407
4.00%,
09/01/2047
446
478
4.00%,
11/01/2047
856
918
4.00%,
01/01/2048
701
753
4.00%,
02/01/2048
319
341
4.00%,
03/01/2048
5,716
6,145
4.00%,
03/01/2048
156
166
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
101
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%,
05/01/2048
$
1,172
$
1,258
4.00%,
06/01/2048
249
266
4.00%,
06/01/2048
669
714
4.00%,
07/01/2048
196
209
4.00%,
08/01/2048
92
98
4.00%,
08/01/2048
86
92
4.00%,
09/01/2048
299
319
4.00%,
09/01/2048
385
410
4.00%,
01/01/2049
3,338
3,616
4.00%,
01/01/2049
1,967
2,112
4.00%,
03/01/2049
275
294
4.00%,
04/01/2049
391
417
4.00%,
04/01/2049
543
579
4.00%,
07/01/2049
1,806
1,925
4.00%,
08/01/2049
1,384
1,473
4.00%,
10/01/2049
569
614
4.00%,
10/01/2049
1,133
1,212
4.00%,
11/01/2049
987
1,053
4.00%,
04/01/2050
3,253
3,516
4.50%,
07/01/2029
1
1
4.50%,
02/01/2030
6
7
4.50%,
04/01/2030
2
2
4.50%,
08/01/2030
45
49
4.50%,
09/01/2030
37
40
4.50%,
01/01/2031
8
8
4.50%,
04/01/2031
4
5
4.50%,
05/01/2031
7
8
4.50%,
07/01/2031
31
33
4.50%,
08/01/2031
17
18
4.50%,
02/01/2035
76
84
4.50%,
08/01/2040
52
58
4.50%,
08/01/2040
131
146
4.50%,
06/01/2041
67
74
4.50%,
09/01/2041
129
144
4.50%,
09/01/2043
65
72
4.50%,
10/01/2043
116
128
4.50%,
01/01/2044
255
281
4.50%,
01/01/2044
382
425
4.50%,
02/01/2044
166
184
4.50%,
03/01/2044
96
104
4.50%,
03/01/2044
95
106
4.50%,
05/01/2044
70
77
4.50%,
05/01/2044
82
90
4.50%,
05/01/2044
316
351
4.50%,
06/01/2044
155
171
4.50%,
08/01/2044
126
140
4.50%,
08/01/2044
133
147
4.50%,
12/01/2044
274
305
4.50%,
04/01/2046
126
137
4.50%,
08/01/2046
105
114
4.50%,
01/01/2047
95
104
4.50%,
02/01/2047
66
72
4.50%,
02/01/2047
154
167
4.50%,
03/01/2047
121
132
4.50%,
10/01/2047
127
138
4.50%,
11/01/2047
228
247
4.50%,
02/01/2048
177
191
4.50%,
04/01/2048
505
548
4.50%,
05/01/2048
310
335
4.50%,
07/01/2048
3,906
4,231
4.50%,
08/01/2048
96
103
4.50%,
08/01/2048
62
67
4.50%,
10/01/2048
471
508
4.50%,
10/01/2048
924
995
4.50%,
12/01/2048
2,076
2,252
4.50%,
03/01/2049
3,720
4,008
4.50%,
04/01/2049
411
441
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%,
05/01/2049
$
2,930
$
3,180
4.50%,
07/01/2049
554
598
4.50%,
07/01/2049
1,132
1,219
4.50%,
09/01/2049
749
807
4.50%,
09/01/2049
4,501
4,850
5.00%,
07/01/2024
2
2
5.00%,
04/01/2029
5
6
5.00%,
09/01/2029
68
75
5.00%,
03/01/2030
8
9
5.00%,
08/01/2030
10
12
5.00%,
07/01/2035
89
102
5.00%,
04/01/2037
172
194
5.00%,
01/01/2039
193
217
5.00%,
07/01/2039
80
91
5.00%,
07/01/2039
87
99
5.00%,
02/01/2041
159
181
5.00%,
02/01/2041
93
105
5.00%,
05/01/2042
216
247
5.00%,
03/01/2044
136
152
5.00%,
03/01/2044
118
131
5.00%,
05/01/2044
71
79
5.00%,
11/01/2044
140
156
5.00%,
04/01/2048
193
212
5.00%,
09/01/2048
1,105
1,213
5.00%,
05/01/2049
104
114
5.00%,
06/01/2049
737
810
5.00%,
07/01/2049
401
442
5.00%,
08/01/2049
483
531
5.50%,
01/01/2023
1
1
5.50%,
07/01/2023
1
2
5.50%,
08/01/2023
12
14
5.50%,
10/01/2023
17
19
5.50%,
11/01/2023
22
25
5.50%,
02/01/2026
28
31
5.50%,
03/01/2027
29
32
5.50%,
06/01/2028
3
3
5.50%,
09/01/2028
1
1
5.50%,
01/01/2029
13
14
5.50%,
01/01/2029
2
2
5.50%,
12/01/2029
8
9
5.50%,
11/01/2035
138
160
5.50%,
12/01/2036
68
79
5.50%,
03/01/2037
96
111
5.50%,
08/01/2037
71
82
5.50%,
08/01/2037
93
108
5.50%,
08/01/2037
76
88
5.50%,
05/01/2038
134
155
5.50%,
06/01/2038
65
76
6.00%,
05/01/2041
126
149
6.50%,
01/01/2038
71
82
$
542,187
Government
National
Mortgage
Association
(GNMA)
-
5
.85
%
2.00%,
07/01/2051
29,500
30,044
2.50%,
03/20/2028
58
61
2.50%,
07/20/2028
60
63
2.50%,
03/20/2031
68
71
2.50%,
05/20/2032
91
95
2.50%,
07/20/2043
126
132
2.50%,
06/20/2045
74
77
2.50%,
12/20/2046
162
169
2.50%,
01/20/2047
245
255
2.50%,
07/01/2051
38,500
39,841
3.00%,
07/20/2030
119
125
3.00%,
01/20/2031
74
78
3.00%,
07/20/2032
93
97
3.00%,
01/20/2033
42
44
3.00%,
09/20/2042
777
827
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
102
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
3.00%,
10/15/2042
$
193
$
203
3.00%,
12/20/2042
220
235
3.00%,
01/20/2043
307
328
3.00%,
03/20/2043
411
437
3.00%,
03/20/2043
151
161
3.00%,
04/20/2043
534
568
3.00%,
06/15/2043
180
191
3.00%,
06/20/2043
117
124
3.00%,
07/15/2043
72
76
3.00%,
08/15/2043
102
107
3.00%,
08/15/2043
131
138
3.00%,
08/20/2043
55
59
3.00%,
09/20/2043
213
226
3.00%,
10/20/2043
112
119
3.00%,
11/20/2043
83
89
3.00%,
03/20/2044
169
180
3.00%,
08/20/2044
634
675
3.00%,
11/15/2044
242
260
3.00%,
11/20/2044
217
231
3.00%,
12/20/2044
223
236
3.00%,
02/15/2045
191
206
3.00%,
05/20/2045
202
214
3.00%,
07/15/2045
92
96
3.00%,
07/20/2045
1,559
1,653
3.00%,
08/15/2045
177
190
3.00%,
08/20/2045
478
506
3.00%,
10/20/2045
431
456
3.00%,
11/20/2045
251
266
3.00%,
12/20/2045
349
370
3.00%,
01/20/2046
89
94
3.00%,
02/20/2046
118
125
3.00%,
03/20/2046
577
610
3.00%,
04/20/2046
379
399
3.00%,
05/20/2046
342
362
3.00%,
06/20/2046
521
551
3.00%,
07/20/2046
1,574
1,661
3.00%,
08/20/2046
1,076
1,134
3.00%,
09/20/2046
637
672
3.00%,
10/20/2046
417
438
3.00%,
11/20/2046
253
270
3.00%,
11/20/2046
633
669
3.00%,
12/20/2046
765
807
3.00%,
01/20/2047
506
533
3.00%,
07/20/2047
24
26
3.00%,
10/20/2047
547
575
3.00%,
11/20/2047
261
275
3.00%,
12/20/2047
840
887
3.00%,
01/20/2048
364
383
3.00%,
02/20/2048
391
409
3.00%,
03/20/2048
369
386
3.00%,
11/20/2049
14,672
15,301
3.50%,
09/20/2028
80
86
3.50%,
04/20/2042
523
561
3.50%,
05/20/2042
547
586
3.50%,
06/20/2042
153
164
3.50%,
07/20/2042
612
657
3.50%,
10/20/2042
373
400
3.50%,
01/15/2043
138
147
3.50%,
01/20/2043
198
212
3.50%,
02/20/2043
608
652
3.50%,
03/20/2043
568
610
3.50%,
03/20/2043
267
287
3.50%,
04/15/2043
64
69
3.50%,
04/20/2043
548
588
3.50%,
04/20/2043
388
417
3.50%,
07/20/2043
662
710
3.50%,
08/15/2043
54
58
3.50%,
08/20/2043
517
554
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
3.50%,
09/20/2043
$
340
$
366
3.50%,
07/20/2044
391
418
3.50%,
08/20/2044
414
442
3.50%,
09/20/2044
155
166
3.50%,
10/20/2044
164
176
3.50%,
11/20/2044
178
191
3.50%,
12/20/2044
197
211
3.50%,
02/20/2045
195
209
3.50%,
05/20/2045
263
281
3.50%,
06/20/2045
55
58
3.50%,
07/20/2045
396
424
3.50%,
08/20/2045
182
193
3.50%,
09/20/2045
97
103
3.50%,
10/20/2045
720
767
3.50%,
11/20/2045
589
629
3.50%,
12/20/2045
375
401
3.50%,
01/20/2046
935
996
3.50%,
02/20/2046
51
55
3.50%,
03/20/2046
4,859
5,178
3.50%,
04/20/2046
379
403
3.50%,
05/20/2046
520
554
3.50%,
06/20/2046
2,296
2,443
3.50%,
07/15/2046
50
53
3.50%,
07/20/2046
274
292
3.50%,
08/20/2046
1,216
1,295
3.50%,
09/20/2046
506
538
3.50%,
10/20/2046
605
645
3.50%,
11/20/2046
460
489
3.50%,
12/20/2046
497
529
3.50%,
01/20/2047
507
540
3.50%,
02/20/2047
297
316
3.50%,
03/20/2047
406
430
3.50%,
04/20/2047
974
1,026
3.50%,
05/20/2047
291
309
3.50%,
06/20/2047
454
481
3.50%,
07/20/2047
833
883
3.50%,
08/20/2047
1,323
1,402
3.50%,
09/20/2047
98
104
3.50%,
10/20/2047
330
351
3.50%,
11/20/2047
432
458
3.50%,
12/20/2047
494
523
3.50%,
01/20/2048
705
746
3.50%,
02/20/2048
109
116
3.50%,
07/20/2048
216
229
4.00%,
08/15/2040
49
54
4.00%,
12/20/2040
24
26
4.00%,
08/15/2041
38
42
4.00%,
11/15/2041
67
75
4.00%,
03/15/2042
43
46
4.00%,
03/20/2042
109
120
4.00%,
04/20/2042
95
104
4.00%,
05/15/2042
95
101
4.00%,
10/20/2043
54
58
4.00%,
11/20/2043
126
137
4.00%,
02/20/2044
302
328
4.00%,
03/15/2044
100
110
4.00%,
05/20/2044
196
214
4.00%,
06/20/2044
146
158
4.00%,
07/20/2044
591
646
4.00%,
08/20/2044
419
458
4.00%,
09/20/2044
381
416
4.00%,
10/20/2044
506
552
4.00%,
11/20/2044
225
245
4.00%,
12/20/2044
408
444
4.00%,
01/20/2045
338
369
4.00%,
04/20/2045
215
234
4.00%,
05/15/2045
92
102
4.00%,
07/20/2045
84
91
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
103
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
4.00%,
08/20/2045
$
221
$
238
4.00%,
09/20/2045
314
339
4.00%,
10/20/2045
167
180
4.00%,
11/20/2045
61
66
4.00%,
12/15/2045
66
72
4.00%,
12/20/2045
153
166
4.00%,
01/20/2046
96
104
4.00%,
02/20/2046
140
152
4.00%,
04/20/2046
232
252
4.00%,
05/20/2046
115
124
4.00%,
07/20/2046
248
268
4.00%,
01/20/2047
497
535
4.00%,
02/20/2047
392
421
4.00%,
03/20/2047
364
390
4.00%,
05/20/2047
487
522
4.00%,
06/20/2047
492
527
4.00%,
07/20/2047
1,243
1,326
4.00%,
08/20/2047
58
62
4.00%,
09/20/2047
3,817
4,070
4.00%,
10/20/2047
286
306
4.50%,
02/15/2039
97
109
4.50%,
05/15/2039
66
75
4.50%,
11/15/2039
206
240
4.50%,
04/15/2040
196
221
4.50%,
01/20/2041
29
32
4.50%,
02/20/2041
28
31
4.50%,
03/20/2041
22
24
4.50%,
07/15/2041
73
82
4.50%,
05/20/2043
97
107
4.50%,
06/20/2043
99
109
4.50%,
10/20/2043
86
95
4.50%,
11/20/2043
278
307
4.50%,
03/20/2044
393
435
4.50%,
04/20/2044
17
19
4.50%,
05/20/2044
281
311
4.50%,
07/20/2044
149
165
4.50%,
12/20/2044
62
68
4.50%,
02/20/2045
165
183
4.50%,
03/20/2045
70
77
4.50%,
04/20/2045
85
94
4.50%,
06/20/2046
87
96
4.50%,
12/20/2046
263
291
4.50%,
02/20/2047
164
179
4.50%,
04/20/2047
118
128
4.50%,
06/15/2047
149
165
4.50%,
08/20/2047
248
268
4.50%,
10/20/2047
122
132
4.50%,
02/20/2048
2,090
2,228
4.50%,
05/20/2048
1,506
1,605
4.50%,
08/20/2048
377
405
4.50%,
10/20/2048
233
249
4.50%,
11/20/2048
356
381
4.50%,
12/20/2048
101
108
5.00%,
07/15/2035
63
71
5.00%,
04/15/2041
224
258
5.00%,
08/20/2041
61
69
5.00%,
04/20/2042
47
54
5.00%,
12/20/2042
153
173
5.00%,
07/20/2043
86
97
5.00%,
02/20/2044
88
100
5.00%,
03/20/2044
57
65
5.00%,
12/20/2045
78
88
5.00%,
03/20/2048
87
95
5.00%,
06/20/2048
1,732
1,868
5.00%,
10/20/2048
123
133
5.50%,
01/15/2040
69
81
5.50%,
06/20/2040
34
38
5.50%,
01/20/2041
137
161
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
5.50%,
10/20/2042
$
61
$
71
5.50%,
09/20/2043
67
78
6.00%,
04/15/2035
8
9
$
168,101
U.S.
Treasury
-
37
.86
%
0.13%,
07/31/2022
14,470
14,471
0.13%,
08/31/2022
3,650
3,650
0.13%,
09/30/2022
2,320
2,320
0.13%,
10/31/2022
3,100
3,099
0.13%,
11/30/2022
7,125
7,120
0.13%,
01/31/2023
4,370
4,366
0.13%,
04/30/2023
5,465
5,455
0.13%,
05/15/2023
11,175
11,154
0.13%,
08/15/2023
4,985
4,970
0.13%,
09/15/2023
4,650
4,633
0.13%,
10/15/2023
16,710
16,638
0.25%,
04/15/2023
8,470
8,475
0.25%,
06/15/2023
4,000
4,000
0.25%,
05/31/2025
2,360
2,320
0.25%,
06/30/2025
7,025
6,900
0.25%,
07/31/2025
16,325
16,016
0.25%,
08/31/2025
470
461
0.25%,
09/30/2025
12,000
11,747
0.25%,
10/31/2025
2,345
2,293
0.38%,
04/30/2025
8,100
8,013
0.38%,
11/30/2025
4,675
4,591
0.38%,
01/31/2026
10,575
10,363
0.38%,
07/31/2027
1,435
1,375
0.38%,
09/30/2027
3,705
3,539
0.50%,
03/15/2023
1,725
1,734
0.50%,
03/31/2025
4,250
4,229
0.50%,
02/28/2026
3,990
3,930
0.50%,
04/30/2027
4,440
4,306
0.50%,
05/31/2027
3,290
3,185
0.50%,
06/30/2027
2,265
2,191
0.50%,
08/31/2027
5,260
5,072
0.50%,
10/31/2027
3,810
3,663
0.63%,
03/31/2027
5,975
5,846
0.63%,
11/30/2027
2,250
2,178
0.63%,
12/31/2027
9,865
9,537
0.63%,
05/15/2030
6,235
5,828
0.63%,
08/15/2030
15,650
14,580
0.75%,
03/31/2026
8,220
8,183
0.75%,
01/31/2028
11,495
11,191
0.88%,
11/15/2030
8,185
7,783
1.13%,
02/28/2025
8,950
9,114
1.13%,
02/28/2027
2,670
2,689
1.13%,
02/29/2028
6,795
6,775
1.13%,
02/15/2031
15,070
14,630
1.13%,
05/15/2040
3,760
3,246
1.13%,
08/15/2040
1,470
1,265
1.25%,
07/31/2023
5,000
5,102
1.25%,
08/31/2024
7,600
7,779
1.25%,
03/31/2028
7,125
7,153
1.25%,
04/30/2028
2,000
2,006
1.25%,
05/31/2028
3,000
3,007
1.25%,
05/15/2050
6,700
5,471
1.38%,
10/15/2022
7,645
7,766
1.38%,
06/30/2023
4,050
4,141
1.38%,
08/31/2023
13,785
14,111
1.38%,
09/30/2023
4,430
4,537
1.38%,
08/31/2026
3,400
3,481
1.38%,
11/15/2040
11,535
10,362
1.38%,
08/15/2050
5,330
4,493
1.50%,
08/15/2022
850
863
1.50%,
02/28/2023
2,995
3,059
1.50%,
03/31/2023
3,340
3,414
1.50%,
09/30/2024
5,950
6,138
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
104
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
1.50%,
10/31/2024
$
1,000
$
1,032
1.50%,
11/30/2024
7,880
8,131
1.50%,
08/15/2026
15,150
15,600
1.50%,
02/15/2030
5,660
5,716
1.63%,
08/15/2022
1,990
2,024
1.63%,
08/31/2022
10,885
11,073
1.63%,
11/15/2022
2,790
2,846
1.63%,
12/15/2022
4,385
4,478
1.63%,
04/30/2023
3,000
3,076
1.63%,
10/31/2023
3,160
3,256
1.63%,
02/15/2026
3,315
3,436
1.63%,
05/15/2026
3,345
3,467
1.63%,
09/30/2026
1,265
1,311
1.63%,
11/30/2026
1,500
1,553
1.63%,
08/15/2029
3,750
3,835
1.63%,
05/15/2031
5,000
5,077
1.63%,
11/15/2050
6,755
6,067
1.75%,
07/15/2022
10,800
10,984
1.75%,
09/30/2022
1,640
1,673
1.75%,
01/31/2023
2,560
2,623
1.75%,
05/15/2023
15,112
15,537
1.75%,
06/30/2024
3,970
4,123
1.75%,
12/31/2024
5,620
5,848
1.75%,
11/15/2029
9,045
9,336
1.88%,
07/31/2022
3,640
3,709
1.88%,
08/31/2022
3,810
3,887
1.88%,
08/31/2024
4,000
4,173
1.88%,
07/31/2026
7,400
7,763
1.88%,
02/15/2041
2,120
2,075
1.88%,
02/15/2051
7,680
7,330
2.00%,
07/31/2022
3,331
3,399
2.00%,
10/31/2022
4,050
4,150
2.00%,
11/30/2022
3,615
3,708
2.00%,
02/15/2023
4,597
4,731
2.00%,
04/30/2024
4,035
4,214
2.00%,
05/31/2024
6,765
7,070
2.00%,
06/30/2024
5,195
5,433
2.00%,
02/15/2025
8,570
8,998
2.00%,
08/15/2025
4,850
5,104
2.00%,
11/15/2026
13,300
14,036
2.00%,
02/15/2050
4,900
4,814
2.13%,
12/31/2022
6,600
6,792
2.13%,
03/31/2024
3,525
3,690
2.13%,
07/31/2024
5,580
5,861
2.13%,
09/30/2024
4,770
5,017
2.13%,
11/30/2024
4,460
4,698
2.13%,
05/15/2025
8,950
9,450
2.13%,
05/31/2026
2,000
2,121
2.25%,
12/31/2023
3,655
3,827
2.25%,
01/31/2024
1,475
1,546
2.25%,
04/30/2024
4,850
5,099
2.25%,
10/31/2024
3,336
3,525
2.25%,
11/15/2024
8,963
9,475
2.25%,
12/31/2024
3,000
3,175
2.25%,
11/15/2025
2,500
2,660
2.25%,
03/31/2026
5,000
5,329
2.25%,
02/15/2027
8,160
8,721
2.25%,
08/15/2027
5,535
5,919
2.25%,
11/15/2027
9,840
10,526
2.25%,
08/15/2046
4,700
4,860
2.25%,
08/15/2049
6,380
6,609
2.38%,
01/31/2023
4,235
4,381
2.38%,
02/29/2024
4,635
4,879
2.38%,
08/15/2024
4,595
4,865
2.38%,
04/30/2026
5,000
5,361
2.38%,
05/15/2027
8,780
9,452
2.38%,
05/15/2029
8,350
9,010
2.38%,
11/15/2049
5,505
5,862
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
2.38%,
05/15/2051
$
1,385
$
1,479
2.50%,
03/31/2023
4,560
4,742
2.50%,
08/15/2023
13,632
14,273
2.50%,
01/31/2024
4,530
4,779
2.50%,
05/15/2024
3,066
3,248
2.50%,
01/31/2025
3,300
3,524
2.50%,
02/15/2045
5,035
5,448
2.50%,
02/15/2046
2,925
3,169
2.50%,
05/15/2046
4,425
4,794
2.63%,
06/30/2023
4,360
4,566
2.63%,
03/31/2025
1,805
1,939
2.63%,
12/31/2025
5,000
5,405
2.63%,
02/15/2029
11,995
13,153
2.75%,
04/30/2023
4,205
4,398
2.75%,
08/31/2023
3,000
3,160
2.75%,
11/15/2023
5,656
5,981
2.75%,
02/15/2024
5,336
5,667
2.75%,
02/28/2025
9,505
10,243
2.75%,
06/30/2025
1,280
1,384
2.75%,
08/31/2025
5,225
5,660
2.75%,
02/15/2028
9,145
10,076
2.75%,
08/15/2042
1,591
1,793
2.75%,
11/15/2042
2,610
2,939
2.75%,
08/15/2047
4,550
5,176
2.75%,
11/15/2047
5,740
6,534
2.88%,
10/31/2023
3,000
3,178
2.88%,
11/30/2023
2,935
3,115
2.88%,
04/30/2025
2,475
2,684
2.88%,
05/31/2025
4,120
4,473
2.88%,
07/31/2025
2,000
2,174
2.88%,
11/30/2025
3,435
3,748
2.88%,
05/15/2028
4,400
4,888
2.88%,
08/15/2028
5,140
5,716
2.88%,
05/15/2043
5,703
6,559
2.88%,
08/15/2045
4,255
4,919
2.88%,
11/15/2046
850
987
2.88%,
05/15/2049
5,720
6,698
3.00%,
09/30/2025
820
898
3.00%,
10/31/2025
4,500
4,930
3.00%,
05/15/2042
1,200
1,405
3.00%,
11/15/2044
4,995
5,880
3.00%,
05/15/2045
4,260
5,024
3.00%,
11/15/2045
3,500
4,138
3.00%,
02/15/2047
5,075
6,029
3.00%,
05/15/2047
3,400
4,043
3.00%,
02/15/2048
6,075
7,242
3.00%,
08/15/2048
2,745
3,277
3.00%,
02/15/2049
4,115
4,927
3.13%,
11/15/2028
4,855
5,492
3.13%,
11/15/2041
1,700
2,026
3.13%,
02/15/2042
805
960
3.13%,
02/15/2043
4,020
4,803
3.13%,
08/15/2044
4,060
4,872
3.13%,
05/15/2048
4,020
4,903
3.38%,
05/15/2044
3,425
4,271
3.38%,
11/15/2048
6,575
8,395
3.50%,
02/15/2039
1,170
1,464
3.63%,
08/15/2043
3,570
4,598
3.75%,
11/15/2043
1,165
1,529
3.88%,
08/15/2040
1,669
2,195
4.25%,
11/15/2040
1,135
1,566
4.38%,
11/15/2039
2,970
4,132
4.38%,
05/15/2040
1,489
2,080
4.38%,
05/15/2041
1,660
2,332
4.50%,
02/15/2036
4,490
6,164
4.50%,
05/15/2038
710
992
4.50%,
08/15/2039
1,235
1,741
4.63%,
02/15/2040
1,100
1,579
Schedule
of
Investments
Bond
Market
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
105
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
4.75%,
02/15/2037
$
2,290
$
3,251
4.75%,
02/15/2041
2,628
3,853
5.25%,
11/15/2028
2,415
3,100
5.25%,
02/15/2029
2,000
2,579
5.38%,
02/15/2031
3,616
4,917
6.00%,
02/15/2026
2,000
2,472
6.13%,
11/15/2027
2,225
2,916
6.13%,
08/15/2029
1,000
1,375
6.25%,
05/15/2030
1,500
2,117
6.38%,
08/15/2027
1,830
2,408
6.88%,
08/15/2025
1,000
1,251
$
1,088,208
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
1,858,184
Total
Investments
$
3,119,088
Other
Assets
and
Liabilities
- (8.52)%
(
244,795
)
TOTAL
NET
ASSETS
-
100.00%
$
2,874,293
(a)
Security
or
a
portion
of
the
security
was
on
loan. At
the
end
of
the
period,
the
value
of
these
securities
totaled
$20,327
or
0.71%
of
net
assets.
(b)
Current
yield
shown
is
as
of
period
end.
(c)
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
$20,768
or
0.72%
of
net
assets.
(d)
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.
(e)
Non-income
producing
security
(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
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
$10,150
or
0.35%
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)
Security
purchased
on
a
when-issued
basis.
(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.
Portfolio
Summary (unaudited)
Sector
Percent
Government
42
.64
%
Mortgage
Securities
28
.24
%
Money
Market
Funds
9
.49
%
Financial
8
.62
%
Consumer,
Non-cyclical
4
.53
%
Communications
2
.87
%
Industrial
2
.20
%
Utilities
2
.15
%
Energy
2
.07
%
Technology
1
.96
%
Consumer,
Cyclical
1
.35
%
Investment
Companies
0
.96
%
Basic
Materials
0
.70
%
Revenue
Bonds
0
.35
%
General
Obligation
Unlimited
0
.21
%
Asset
Backed
Securities
0
.14
%
Insured
0
.04
%
General
Obligation
Limited
0
.00
%
Other
Assets
and
Liabilities
(
8
.52
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
233,150
$
864,363
$
830,109
$
267,404
$
233,150
$
864,363
$
830,109
$
267,404
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Core
Plus
Bond
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
106
INVESTMENT
COMPANIES
-
15.55%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
5.43%
iShares
iBoxx
High
Yield
Corporate
Bond
ETF
(a)
60,000
$
5,282
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
(a)
72,100
7,928
$
13,210
Money
Market
Funds
-
10.12%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(b),(c)
3,737,302
3,737
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(b),(c),(d),(e)
20,878,544
20,879
$
24,616
TOTAL
INVESTMENT
COMPANIES
$
37,826
COMMON
STOCKS
-
0.11%
Shares
Held
Value
(000's)
Oil
&
Gas
-
0.11%
EP
Energy
Corp
(e)
2,695
$
264
TOTAL
COMMON
STOCKS
$
264
BONDS
-
61.16%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0.40%
Omnicom
Group
Inc
2.60%,
08/01/2031
$
950
$
966
Aerospace
&
Defense
-
2.00%
Boeing
Co/The
1.95%,
02/01/2024
1,620
1,659
2.20%,
02/04/2026
635
641
2.80%,
03/01/2024
300
313
3.10%,
05/01/2026
190
201
3.75%,
02/01/2050
400
413
4.88%,
05/01/2025
380
426
Raytheon
Technologies
Corp
4.45%,
11/16/2038
115
139
4.50%,
06/01/2042
205
255
5.40%,
05/01/2035
130
171
SSL
Robotics
LLC
9.75%,
12/31/2023
(f)
38
42
TransDigm
Inc
4.88%,
05/01/2029
(f)
60
61
6.25%,
03/15/2026
(f)
80
84
7.50%,
03/15/2027
156
166
8.00%,
12/15/2025
(f)
80
86
Triumph
Group
Inc
8.88%,
06/01/2024
(f)
186
207
$
4,864
Agriculture
-
0.16%
BAT
Capital
Corp
4.54%,
08/15/2047
120
128
Reynolds
American
Inc
5.70%,
08/15/2035
165
199
5.85%,
08/15/2045
45
55
$
382
Airlines
-
0.71%
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd
5.75%,
04/20/2029
(f)
25
27
Delta
Air
Lines
Inc
/
SkyMiles
IP
Ltd
4.50%,
10/20/2025
(f)
992
1,066
Hawaiian
Brand
Intellectual
Property
Ltd
/
HawaiianMiles
Loyalty
Ltd
5.75%,
01/20/2026
(f)
240
258
Southwest
Airlines
Co
4.75%,
05/04/2023
85
91
5.25%,
05/04/2025
255
291
$
1,733
Automobile
Asset
Backed
Securities
-
2.56%
AmeriCredit
Automobile
Receivables
Trust
2020-1
0.43%,
03/20/2023
361
361
1.00
x
1
Month
USD
LIBOR
+
0.35%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Asset
Backed
Securities
(continued)
AmeriCredit
Automobile
Receivables
Trust
2020-3
0.42%,
03/18/2024
$
206
$
206
AmeriCredit
Automobile
Receivables
Trust
2021-1
0.28%,
06/18/2024
350
350
CarMax
Auto
Owner
Trust
2020-3
0.32%,
06/15/2023
254
254
1.00
x
1
Month
USD
LIBOR
+
0.25%
Drive
Auto
Receivables
Trust
2020-2
0.60%,
07/17/2023
49
49
1.00
x
1
Month
USD
LIBOR
+
0.53%
Ford
Credit
Auto
Lease
Trust
2020-B
0.33%,
12/15/2022
401
402
1.00
x
1
Month
USD
LIBOR
+
0.26%
0.50%,
12/15/2022
217
217
GM
Financial
Consumer
Automobile
Receivables
Trust
2020-3
0.35%,
07/17/2023
485
485
Hyundai
Auto
Receivables
Trust
2020-B
0.38%,
03/15/2023
505
506
Mercedes-Benz
Auto
Lease
Trust
2020-B
0.31%,
02/15/2023
604
604
Santander
Drive
Auto
Receivables
Trust
2020-2
0.42%,
05/15/2023
66
66
1.00
x
1
Month
USD
LIBOR
+
0.35%
Santander
Drive
Auto
Receivables
Trust
2020-3
0.46%,
09/15/2023
379
380
Santander
Drive
Auto
Receivables
Trust
2020-4
0.42%,
09/15/2023
175
175
Santander
Drive
Auto
Receivables
Trust
2021-1
0.29%,
11/15/2023
525
526
Santander
Drive
Auto
Receivables
Trust
2021-2
0.28%,
04/15/2024
600
600
Tesla
Auto
Lease
Trust
2019-A
2.13%,
04/20/2022
(f)
332
333
World
Omni
Auto
Receivables
Trust
2020-C
0.35%,
12/15/2023
709
709
$
6,223
Automobile
Manufacturers
-
1.92%
BMW
US
Capital
LLC
3.80%,
04/06/2023
(f)
305
323
3.90%,
04/09/2025
(f)
550
606
Ford
Motor
Co
9.00%,
04/22/2025
150
185
9.63%,
04/22/2030
25
36
Ford
Motor
Credit
Co
LLC
3.35%,
11/01/2022
290
297
3.38%,
11/13/2025
520
539
4.25%,
09/20/2022
450
465
General
Motors
Co
4.88%,
10/02/2023
665
724
6.25%,
10/02/2043
120
166
6.60%,
04/01/2036
275
377
General
Motors
Financial
Co
Inc
1.25%,
01/08/2026
375
373
1.70%,
08/18/2023
135
138
3.45%,
01/14/2022
365
370
Navistar
International
Corp
6.63%,
11/01/2025
(f)
53
55
9.50%,
05/01/2025
(f)
25
27
$
4,681
Automobile
Parts
&
Equipment
-
0.10%
Tenneco
Inc
7.88%,
01/15/2029
(f)
225
254
Schedule
of
Investments
Core
Plus
Bond
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
107
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
-
8.78%
Banco
Mercantil
del
Norte
SA/Grand
Cayman
8.38%,
10/14/2030
(f),(g),(h),(i)
$
200
$
242
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
7.76%
Bank
of
America
Corp
2.68%,
06/19/2041
(h)
680
660
Secured
Overnight
Financing
Rate
+
1.93%
2.69%,
04/22/2032
(h)
735
756
Secured
Overnight
Financing
Rate
+
1.32%
2.83%,
10/24/2051
(h)
232
226
Secured
Overnight
Financing
Rate
+
1.88%
2.88%,
10/22/2030
(h)
305
321
3
Month
USD
LIBOR
+
1.19%
3.19%,
07/23/2030
(h)
165
178
3
Month
USD
LIBOR
+
1.18%
4.20%,
08/26/2024
220
241
4.30%,
01/28/2025
(g),(h)
175
181
3
Month
USD
LIBOR
+
2.66%
Barclays
PLC
2.85%,
05/07/2026
(h)
600
634
Secured
Overnight
Financing
Rate
+
2.71%
7.75%,
09/15/2023
(g),(h),(i)
400
439
USD
Swap
Semi-Annual
5
Year
+
4.84%
BNP
Paribas
SA
2.22%,
06/09/2026
(f),(h)
400
412
Secured
Overnight
Financing
Rate
+
2.07%
CIT
Group
Inc
5.00%,
08/15/2022
120
125
Citigroup
Inc
3.11%,
04/08/2026
(h)
495
530
Secured
Overnight
Financing
Rate
+
2.84%
Credit
Suisse
AG/New
York
NY
2.95%,
04/09/2025
665
712
Credit
Suisse
Group
AG
2.19%,
06/05/2026
(f),(h)
500
512
Secured
Overnight
Financing
Rate
+
2.04%
5.25%,
02/11/2027
(f),(g),(h),(i)
205
217
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.89%
Danske
Bank
A/S
3.00%,
09/20/2022
(f),(h)
1,000
1,005
3
Month
USD
LIBOR
+
1.25%
DBS
Group
Holdings
Ltd
4.52%,
12/11/2028
(f),(h)
315
340
USD
Swap
Rate
NY
5
Year
+
1.59%
Deutsche
Bank
AG
6.00%,
10/30/2025
(g),(h),(i)
240
254
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.52%
Deutsche
Bank
AG/New
York
NY
2.22%,
09/18/2024
(h)
725
745
Secured
Overnight
Financing
Rate
+
2.16%
Goldman
Sachs
Group
Inc/The
3.85%,
01/26/2027
160
176
6.75%,
10/01/2037
300
437
HSBC
Holdings
PLC
2.80%,
05/24/2032
(h)
365
375
Secured
Overnight
Financing
Rate
+
1.19%
4.25%,
03/14/2024
435
471
JPMorgan
Chase
&
Co
2.08%,
04/22/2026
(h)
335
346
Secured
Overnight
Financing
Rate
+
1.85%
3.33%,
04/22/2052
(h)
560
598
Secured
Overnight
Financing
Rate
+
1.58%
3.96%,
11/15/2048
(h)
20
23
3
Month
USD
LIBOR
+
1.38%
4.95%,
06/01/2045
340
450
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Lloyds
Banking
Group
PLC
3.87%,
07/09/2025
(h)
$
850
$
921
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.50%
Morgan
Stanley
0.86%,
10/21/2025
(h)
600
600
Secured
Overnight
Financing
Rate
+
0.75%
0.99%,
12/10/2026
(h)
1,861
1,832
Secured
Overnight
Financing
Rate
+
0.72%
3.62%,
04/01/2031
(h)
170
190
Secured
Overnight
Financing
Rate
+
3.12%
4.35%,
09/08/2026
800
906
5.00%,
11/24/2025
330
380
6.38%,
07/24/2042
120
184
Popular
Inc
6.13%,
09/14/2023
65
70
Santander
UK
Group
Holdings
PLC
1.09%,
03/15/2025
(h)
345
346
Secured
Overnight
Financing
Rate
+
0.79%
2.90%,
03/15/2032
(h)
450
464
Secured
Overnight
Financing
Rate
+
1.48%
Standard
Chartered
PLC
2.68%,
06/29/2032
(f),(h)
700
702
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.20%
2.82%,
01/30/2026
(f),(h)
535
562
3
Month
USD
LIBOR
+
1.21%
6.00%,
07/26/2025
(f),(g),(h),(i)
215
236
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.66%
UniCredit
SpA
1.98%,
06/03/2027
(f),(h)
750
747
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.20%
Wells
Fargo
&
Co
3.75%,
01/24/2024
330
355
4.40%,
06/14/2046
170
205
Westpac
Banking
Corp
4.11%,
07/24/2034
(h)
85
93
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
4.42%,
07/24/2039
815
964
$
21,363
Beverages
-
0.54%
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
3.65%,
02/01/2026
115
127
4.90%,
02/01/2046
455
576
Anheuser-Busch
InBev
Worldwide
Inc
4.38%,
04/15/2038
190
227
5.45%,
01/23/2039
225
297
Central
American
Bottling
Corp
5.75%,
01/31/2027
(f)
95
99
$
1,326
Building
Materials
-
0.78%
Carrier
Global
Corp
2.24%,
02/15/2025
45
47
Cemex
SAB
de
CV
3.88%,
07/11/2031
(f)
325
330
5.20%,
09/17/2030
(f)
200
220
Masco
Corp
1.50%,
02/15/2028
575
562
Patrick
Industries
Inc
4.75%,
05/01/2029
(f)
160
159
7.50%,
10/15/2027
(f)
150
162
SRM
Escrow
Issuer
LLC
6.00%,
11/01/2028
(f)
320
339
Schedule
of
Investments
Core
Plus
Bond
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
108
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Building
Materials
(continued)
Summit
Materials
LLC
/
Summit
Materials
Finance
Corp
5.25%,
01/15/2029
(f)
$
70
$
74
$
1,893
Chemicals
-
0.91%
Braskem
Netherlands
Finance
BV
4.50%,
01/31/2030
(f)
200
208
CF
Industries
Inc
4.95%,
06/01/2043
126
149
5.15%,
03/15/2034
133
161
DuPont
de
Nemours
Inc
5.32%,
11/15/2038
165
218
5.42%,
11/15/2048
105
146
EI
du
Pont
de
Nemours
and
Co
1.70%,
07/15/2025
120
123
Element
Solutions
Inc
3.88%,
09/01/2028
(f)
326
333
LYB
International
Finance
III
LLC
2.88%,
05/01/2025
250
265
Orbia
Advance
Corp
SAB
de
CV
2.88%,
05/11/2031
(f)
350
352
SABIC
Capital
II
BV
4.00%,
10/10/2023
(f)
200
215
Tronox
Inc
6.50%,
05/01/2025
(f)
50
53
$
2,223
Commercial
Mortgage
Backed
Securities
-
1.98%
Benchmark
2019-B15
Mortgage
Trust
3.56%,
12/15/2072
250
269
Benchmark
2021-B25
Mortgage
Trust
2.58%,
04/15/2054
150
157
Citigroup
Commercial
Mortgage
Trust
2015-GC27
3.57%,
02/10/2048
900
952
Citigroup
Commercial
Mortgage
Trust
2016-GC37
3.58%,
04/10/2049
350
368
GS
Mortgage
Securities
Trust
2011-GC5
0.63%,
08/10/2044
(f),(j),(k)
1,918
—
GS
Mortgage
Securities
Trust
2013-GC16
1.19%,
11/10/2046
(j),(k)
1,833
36
GS
Mortgage
Securities
Trust
2014-GC26
1.11%,
11/10/2047
(j),(k)
4,069
108
GS
Mortgage
Securities
Trust
2015-GC34
3.51%,
10/10/2048
375
408
GS
Mortgage
Securities
Trust
2020-GSA2
2.01%,
12/12/2053
350
349
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2011-C5
5.61%,
08/15/2046
(f),(k)
350
350
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2012-LC9
1.63%,
12/15/2047
(j),(k)
1,706
28
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2016-JP3
3.14%,
08/15/2049
500
526
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C24
4.55%,
11/15/2047
(k)
500
488
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2012-C5
1.54%,
08/15/2045
(f),(j),(k)
2,949
26
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2014-C14
1.16%,
02/15/2047
(j),(k)
4,123
84
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2014-C16
1.14%,
06/15/2047
(j),(k)
$
3,251
$
71
MSBAM
Commercial
Mortgage
Securities
Trust
2012-CKSV
1.17%,
10/15/2030
(f),(j),(k)
3,442
29
UBS-Barclays
Commercial
Mortgage
Trust
2012-C4
1.74%,
12/10/2045
(f),(j),(k)
1,118
15
3.32%,
12/10/2045
(f)
500
515
WFRBS
Commercial
Mortgage
Trust
2013-C12
1.26%,
03/15/2048
(f),(j),(k)
1,795
26
$
4,805
Commercial
Services
-
0.29%
DP
World
PLC
6.85%,
07/02/2037
100
135
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
3.38%,
08/31/2027
(f)
104
101
6.25%,
01/15/2028
(f)
142
151
United
Rentals
North
America
Inc
3.88%,
02/15/2031
145
148
4.88%,
01/15/2028
169
179
$
714
Computers
-
0.19%
Dell
International
LLC
/
EMC
Corp
5.45%,
06/15/2023
250
271
NCR
Corp
5.13%,
04/15/2029
(f)
185
191
$
462
Consumer
Products
-
0.03%
Kronos
Acquisition
Holdings
Inc
/
KIK
Custom
Products
Inc
5.00%,
12/31/2026
(f)
75
76
Credit
Card
Asset
Backed
Securities
-
0.53%
Barclays
Dryrock
Issuance
Trust
0.40%,
07/15/2024
1,300
1,301
1.00
x
1
Month
USD
LIBOR
+
0.33%
Diversified
Financial
Services
-
2.25%
AerCap
Holdings
NV
5.88%,
10/10/2079
(h)
150
156
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.54%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.15%,
02/15/2024
1,000
1,050
4.50%,
09/15/2023
705
756
Air
Lease
Corp
1.88%,
08/15/2026
465
465
2.88%,
01/15/2026
625
657
3.38%,
07/01/2025
370
397
Ally
Financial
Inc
4.63%,
03/30/2025
270
302
5.80%,
05/01/2025
445
517
Credit
Acceptance
Corp
5.13%,
12/31/2024
(f)
30
31
6.63%,
03/15/2026
336
354
Global
Aircraft
Leasing
Co
Ltd
6.50%,
PIK
7.25%;
09/15/2024
(f),(k),(l)
242
243
ILFC
E-Capital
Trust
II
3.91%,
12/21/2065
(f),(k)
100
85
OneMain
Finance
Corp
5.63%,
03/15/2023
75
80
6.63%,
01/15/2028
122
140
6.88%,
03/15/2025
199
225
8.88%,
06/01/2025
5
6
$
5,464
Schedule
of
Investments
Core
Plus
Bond
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
109
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
-
3.05%
Avangrid
Inc
3.20%,
04/15/2025
$
490
$
526
Centrais
Eletricas
Brasileiras
SA
3.63%,
02/04/2025
(f)
200
206
CMS
Energy
Corp
3.00%,
05/15/2026
75
80
4.70%,
03/31/2043
120
146
Colbun
SA
3.15%,
03/06/2030
(f)
200
204
Commonwealth
Edison
Co
4.00%,
03/01/2049
225
270
Dominion
Energy
Inc
3.90%,
10/01/2025
100
111
4.25%,
06/01/2028
85
98
DTE
Electric
Co
3.95%,
03/01/2049
60
73
DTE
Energy
Co
1.05%,
06/01/2025
65
65
3.40%,
06/15/2029
280
306
Enel
Chile
SA
4.88%,
06/12/2028
280
323
Engie
Energia
Chile
SA
3.40%,
01/28/2030
(f)
200
205
Entergy
Corp
1.90%,
06/15/2028
424
423
Exelon
Corp
3.50%,
06/01/2022
215
220
Georgia
Power
Co
3.25%,
03/15/2051
566
570
NextEra
Energy
Capital
Holdings
Inc
2.75%,
11/01/2029
145
153
3.50%,
04/01/2029
300
331
NextEra
Energy
Operating
Partners
LP
4.25%,
07/15/2024
(f)
30
32
NRG
Energy
Inc
7.25%,
05/15/2026
85
88
Oryx
Funding
Ltd
5.80%,
02/03/2031
200
211
Pacific
Gas
and
Electric
Co
1.75%,
06/16/2022
735
735
4.20%,
06/01/2041
185
182
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
3.88%,
07/17/2029
(f)
200
212
PPL
Electric
Utilities
Corp
3.95%,
06/01/2047
85
100
4.75%,
07/15/2043
90
117
Public
Service
Co
of
Colorado
1.88%,
06/15/2031
600
597
Southern
California
Edison
Co
4.20%,
03/01/2029
125
141
4.88%,
03/01/2049
150
177
Tucson
Electric
Power
Co
4.85%,
12/01/2048
25
32
Virginia
Electric
and
Power
Co
3.80%,
04/01/2028
180
203
4.60%,
12/01/2048
60
77
Vistra
Operations
Co
LLC
4.38%,
05/01/2029
(f)
195
196
$
7,410
Electrical
Components
&
Equipment
-
0.14%
WESCO
Distribution
Inc
7.13%,
06/15/2025
(f)
90
97
7.25%,
06/15/2028
(f)
213
237
$
334
Electronics
-
0.13%
Imola
Merger
Corp
4.75%,
05/15/2029
(f)
90
93
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electronics
(continued)
Sensata
Technologies
BV
5.00%,
10/01/2025
(f)
$
145
$
161
Sensata
Technologies
Inc
4.38%,
02/15/2030
(f)
51
54
$
308
Energy
-
Alternate
Sources
-
0.08%
Inversiones
Latin
America
Power
Ltda
5.13%,
06/15/2033
(f)
200
198
Engineering
&
Construction
-
0.27%
Global
Infrastructure
Solutions
Inc
5.63%,
06/01/2029
(f)
185
192
MasTec
Inc
4.50%,
08/15/2028
(f)
238
251
Mexico
City
Airport
Trust
4.25%,
10/31/2026
(f)
200
217
$
660
Entertainment
-
0.36%
Boyne
USA
Inc
4.75%,
05/15/2029
(f)
165
171
Caesars
Entertainment
Inc
6.25%,
07/01/2025
(f)
369
391
Scientific
Games
International
Inc
5.00%,
10/15/2025
(f)
245
253
8.63%,
07/01/2025
(f)
55
60
$
875
Environmental
Control
-
0.06%
Madison
IAQ
LLC
4.13%,
06/30/2028
(f)
155
157
Food
-
1.53%
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC
4.63%,
01/15/2027
(f)
217
227
5.88%,
02/15/2028
(f)
178
192
Cencosud
SA
4.38%,
07/17/2027
(f)
200
219
Fresh
Market
Inc/The
9.75%,
05/01/2023
(f)
125
128
Gruma
SAB
de
CV
4.88%,
12/01/2024
(f)
350
389
Ingles
Markets
Inc
5.75%,
06/15/2023
59
59
JBS
Finance
Luxembourg
Sarl
3.63%,
01/15/2032
(f)
450
450
JBS
USA
Food
Co
7.00%,
01/15/2026
(f)
200
212
Kraft
Heinz
Foods
Co
3.75%,
04/01/2030
32
35
4.25%,
03/01/2031
170
193
4.38%,
06/01/2046
146
165
MARB
BondCo
PLC
3.95%,
01/29/2031
200
193
Minerva
Luxembourg
SA
4.38%,
03/18/2031
(a),(f)
200
199
Pilgrim's
Pride
Corp
4.25%,
04/15/2031
(f)
250
259
Post
Holdings
Inc
4.50%,
09/15/2031
(f)
285
285
4.63%,
04/15/2030
(f)
32
33
Sigma
Alimentos
SA
de
CV
4.13%,
05/02/2026
(f)
250
272
Want
Want
China
Finance
Ltd
2.88%,
04/27/2022
200
202
$
3,712
Forest
Products
&
Paper
-
0.10%
Mercer
International
Inc
5.13%,
02/01/2029
(f)
155
159
Schedule
of
Investments
Core
Plus
Bond
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
110
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Forest
Products
&
Paper
(continued)
Suzano
Austria
GmbH
3.75%,
01/15/2031
$
75
$
79
$
238
Healthcare
-
Products
-
0.26%
Boston
Scientific
Corp
3.45%,
03/01/2024
290
310
4.55%,
03/01/2039
260
317
$
627
Healthcare
-
Services
-
0.94%
Centene
Corp
3.00%,
10/15/2030
121
124
3.38%,
02/15/2030
107
112
4.25%,
12/15/2027
259
273
CHS/Community
Health
Systems
Inc
5.63%,
03/15/2027
(f)
15
16
8.00%,
03/15/2026
(f)
80
86
8.00%,
12/15/2027
(f)
190
212
HCA
Inc
3.50%,
09/01/2030
294
313
3.50%,
07/15/2051
(a)
550
550
5.88%,
05/01/2023
150
163
Legacy
LifePoint
Health
LLC
6.75%,
04/15/2025
(f)
305
325
Tenet
Healthcare
Corp
4.63%,
09/01/2024
(f)
80
82
7.50%,
04/01/2025
(f)
25
27
$
2,283
Home
Builders
-
0.52%
Beazer
Homes
USA
Inc
6.75%,
03/15/2025
105
108
Empire
Communities
Corp
7.00%,
12/15/2025
(f)
185
194
Forestar
Group
Inc
3.85%,
05/15/2026
(f)
65
65
5.00%,
03/01/2028
(f)
190
197
KB
Home
7.63%,
05/15/2023
55
60
Lennar
Corp
4.75%,
05/30/2025
100
112
4.88%,
12/15/2023
80
87
LGI
Homes
Inc
4.00%,
07/15/2029
(f)
130
131
6.88%,
07/15/2026
(f)
187
194
Picasso
Finance
Sub
Inc
6.13%,
06/15/2025
(f)
122
129
$
1,277
Home
Equity
Asset
Backed
Securities
-
0.08%
Saxon
Asset
Securities
Trust
2004-1
1.79%,
03/25/2035
113
79
1.00
x
1
Month
USD
LIBOR
+
1.70%
Specialty
Underwriting
&
Residential
Finance
Trust
Series
2004-BC1
0.86%,
02/25/2035
118
116
1.00
x
1
Month
USD
LIBOR
+
0.77%
$
195
Home
Furnishings
-
0.04%
WASH
Multifamily
Acquisition
Inc
5.75%,
04/15/2026
(f)
95
99
Insurance
-
2.11%
Acrisure
LLC
/
Acrisure
Finance
Inc
4.25%,
02/15/2029
(f)
105
104
7.00%,
11/15/2025
(f)
85
87
AIA
Group
Ltd
3.20%,
09/16/2040
(f)
1,400
1,444
American
International
Group
Inc
3.90%,
04/01/2026
70
78
4.50%,
07/16/2044
280
340
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Arch
Capital
Finance
LLC
4.01%,
12/15/2026
$
125
$
141
Arch
Capital
Group
Ltd
3.64%,
06/30/2050
375
403
Arthur
J
Gallagher
&
Co
3.50%,
05/20/2051
275
288
Athene
Holding
Ltd
3.95%,
05/25/2051
325
348
Berkshire
Hathaway
Finance
Corp
1.45%,
10/15/2030
955
932
Markel
Corp
3.35%,
09/17/2029
265
291
4.30%,
11/01/2047
95
111
XLIT
Ltd
4.45%,
03/31/2025
495
555
$
5,122
Internet
-
1.88%
Alibaba
Group
Holding
Ltd
2.13%,
02/09/2031
200
197
2.70%,
02/09/2041
475
454
Alphabet
Inc
1.90%,
08/15/2040
395
359
2.05%,
08/15/2050
405
357
Amazon.com
Inc
2.70%,
06/03/2060
400
383
B2W
Digital
Lux
Sarl
4.38%,
12/20/2030
(f)
200
200
Baidu
Inc
4.38%,
05/14/2024
200
218
eBay
Inc
3.65%,
05/10/2051
1,115
1,183
Expedia
Group
Inc
3.60%,
12/15/2023
210
223
Netflix
Inc
4.38%,
11/15/2026
462
525
4.88%,
06/15/2030
(f)
85
101
NortonLifeLock
Inc
3.95%,
06/15/2022
65
66
Tencent
Holdings
Ltd
3.98%,
04/11/2029
(f)
275
307
$
4,573
Investment
Companies
-
0.10%
Compass
Group
Diversified
Holdings
LLC
5.25%,
04/15/2029
(f)
180
187
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
4.75%,
09/15/2024
50
52
$
239
Iron
&
Steel
-
0.91%
Cleveland-Cliffs
Inc
6.75%,
03/15/2026
(f)
265
286
CSN
Inova
Ventures
6.75%,
01/28/2028
(f)
200
221
CSN
Resources
SA
4.63%,
06/10/2031
(f)
385
393
Nucor
Corp
2.00%,
06/01/2025
90
93
Steel
Dynamics
Inc
2.40%,
06/15/2025
145
151
2.80%,
12/15/2024
700
739
Vale
Overseas
Ltd
3.75%,
07/08/2030
320
341
$
2,224
Leisure
Products
&
Services
-
0.23%
Life
Time
Inc
5.75%,
01/15/2026
(f)
305
316
Schedule
of
Investments
Core
Plus
Bond
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
111
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Leisure
Products
&
Services
(continued)
NCL
Corp
Ltd
3.63%,
12/15/2024
(f)
$
40
$
39
10.25%,
02/01/2026
(f)
100
116
12.25%,
05/15/2024
(f)
75
90
$
561
Lodging
-
0.50%
Hilton
Domestic
Operating
Co
Inc
5.38%,
05/01/2025
(f)
10
10
5.75%,
05/01/2028
(f)
227
246
Marriott
International
Inc/MD
2.85%,
04/15/2031
565
574
3.60%,
04/15/2024
300
320
MGM
Resorts
International
6.00%,
03/15/2023
60
64
$
1,214
Machinery
-
Diversified
-
0.13%
Maxim
Crane
Works
Holdings
Capital
LLC
10.13%,
08/01/2024
(f)
149
154
Westinghouse
Air
Brake
Technologies
Corp
3.20%,
06/15/2025
150
159
$
313
Media
-
2.79%
AMC
Networks
Inc
4.75%,
08/01/2025
223
229
Cable
Onda
SA
4.50%,
01/30/2030
200
211
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.50%,
08/15/2030
(f)
255
266
4.75%,
03/01/2030
(f)
234
247
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3.50%,
06/01/2041
375
378
3.70%,
04/01/2051
185
183
3.90%,
06/01/2052
370
377
4.46%,
07/23/2022
320
331
4.80%,
03/01/2050
135
155
4.91%,
07/23/2025
620
702
6.48%,
10/23/2045
120
165
Comcast
Corp
4.60%,
10/15/2038
280
347
6.45%,
03/15/2037
200
290
CSC
Holdings
LLC
6.50%,
02/01/2029
(f)
208
230
6.75%,
11/15/2021
40
41
DISH
DBS
Corp
5.88%,
11/15/2024
133
143
7.38%,
07/01/2028
182
196
Fox
Corp
5.48%,
01/25/2039
95
123
5.58%,
01/25/2049
90
121
LCPR
Senior
Secured
Financing
DAC
5.13%,
07/15/2029
(f)
225
233
Sirius
XM
Radio
Inc
4.00%,
07/15/2028
(f)
260
268
Time
Warner
Cable
LLC
4.00%,
09/01/2021
225
225
5.88%,
11/15/2040
135
175
6.55%,
05/01/2037
100
136
UPC
Holding
BV
5.50%,
01/15/2028
(f)
300
314
ViacomCBS
Inc
4.75%,
05/15/2025
100
113
Walt
Disney
Co/The
2.65%,
01/13/2031
30
31
3.50%,
05/13/2040
260
290
5.40%,
10/01/2043
80
112
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Ziggo
BV
5.50%,
01/15/2027
(f)
$
150
$
156
$
6,788
Mining
-
0.58%
First
Quantum
Minerals
Ltd
7.25%,
04/01/2023
(f)
200
204
Freeport-McMoRan
Inc
4.25%,
03/01/2030
70
75
4.63%,
08/01/2030
42
46
Glencore
Funding
LLC
3.00%,
10/27/2022
(f)
400
411
Hudbay
Minerals
Inc
4.50%,
04/01/2026
(f)
80
80
6.13%,
04/01/2029
(f)
30
32
IAMGOLD
Corp
5.75%,
10/15/2028
(f)
242
252
Novelis
Corp
4.75%,
01/30/2030
(f)
234
246
5.88%,
09/30/2026
(f)
60
62
$
1,408
Mortgage
Backed
Securities
-
1.84%
Fannie
Mae
REMIC
Trust
2005-W2
0.29%,
05/25/2035
17
17
1.00
x
1
Month
USD
LIBOR
+
0.20%
Fannie
Mae
REMICS
2.25%,
07/25/2040
43
44
3.00%,
04/25/2022
(j)
30
—
3.00%,
04/25/2027
(j)
120
7
3.00%,
09/25/2050
(j)
1,233
192
3.50%,
11/25/2027
(j)
86
6
3.50%,
07/25/2028
(j)
167
9
3.50%,
03/25/2031
(j)
127
3
6.01%,
02/25/2043
(j)
200
38
(1.00)
x
1
Month
USD
LIBOR
+
6.10%
6.01%,
09/25/2046
(j)
206
41
(1.00)
x
1
Month
USD
LIBOR
+
6.10%
6.41%,
03/25/2022
(j)
1
—
(1.00)
x
1
Month
USD
LIBOR
+
6.50%
Freddie
Mac
REMICS
0.52%,
05/15/2049
1,501
1,507
1.00
x
1
Month
USD
LIBOR
+
0.45%
3.00%,
03/15/2026
(j)
38
—
3.00%,
05/15/2027
(j)
87
5
3.00%,
10/15/2027
(j)
59
4
Ginnie
Mae
2.00%,
12/20/2050
(j)
1,070
123
2.50%,
10/20/2050
(j)
682
84
2.50%,
12/20/2050
(j)
1,252
180
3.00%,
07/20/2050
(j)
406
48
3.00%,
10/20/2050
(j)
1,216
165
3.00%,
11/20/2050
(j)
810
97
3.00%,
11/20/2050
(j)
1,416
176
3.00%,
11/20/2050
(j)
1,593
208
3.50%,
10/20/2049
(j)
630
80
5.41%,
05/20/2042
(j)
738
129
(1.00)
x
1
Month
USD
LIBOR
+
5.50%
6.01%,
11/20/2041
(j)
204
47
(1.00)
x
1
Month
USD
LIBOR
+
6.10%
6.01%,
06/20/2046
(j)
476
106
(1.00)
x
1
Month
USD
LIBOR
+
6.10%
6.05%,
12/20/2043
(j)
235
51
(1.00)
x
1
Month
USD
LIBOR
+
6.14%
6.11%,
08/20/2047
(j)
1,293
301
(1.00)
x
1
Month
USD
LIBOR
+
6.20%
6.56%,
02/20/2042
(j)
132
34
(1.00)
x
1
Month
USD
LIBOR
+
6.65%
Schedule
of
Investments
Core
Plus
Bond
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
112
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Ginnie
Mae
(continued)
6.99%,
04/20/2041
(j)
$
867
$
180
(1.10)
x
1
Month
USD
LIBOR
+
7.10%
HomeBanc
Mortgage
Trust
2005-5
0.77%,
01/25/2036
144
143
1.00
x
1
Month
USD
LIBOR
+
0.68%
JP
Morgan
Mortgage
Trust
2016-2
2.69%,
06/25/2046
(f),(k)
209
208
Sequoia
Mortgage
Trust
2016-3
3.50%,
11/25/2046
(f),(k)
193
194
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Series
2006-AR1
Trust
0.59%,
02/25/2036
57
49
1.00
x
1
Month
USD
LIBOR
+
0.50%
$
4,476
Office
&
Business
Equipment
-
0.03%
Xerox
Corp
4.38%,
03/15/2023
60
63
Oil
&
Gas
-
3.45%
Aethon
United
BR
LP
/
Aethon
United
Finance
Corp
8.25%,
02/15/2026
(f)
425
460
Antero
Resources
Corp
5.00%,
03/01/2025
60
62
7.63%,
02/01/2029
(f)
245
272
Ascent
Resources
Utica
Holdings
LLC
/
ARU
Finance
Corp
7.00%,
11/01/2026
(f)
315
330
Chesapeake
Oil
Op/Fin
Escrow
Shares
0.00%,
11/15/2019
(e),(m)
90
—
Continental
Resources
Inc/OK
3.80%,
06/01/2024
605
640
CrownRock
LP
/
CrownRock
Finance
Inc
5.00%,
05/01/2029
(f)
100
105
5.63%,
10/15/2025
(f)
240
249
Devon
Energy
Corp
5.25%,
09/15/2024
(f)
55
61
Ecopetrol
SA
6.88%,
04/29/2030
300
362
Endeavor
Energy
Resources
LP
/
EER
Finance
Inc
5.50%,
01/30/2026
(f)
60
62
Leviathan
Bond
Ltd
5.75%,
06/30/2023
(f)
175
183
Marathon
Oil
Corp
4.40%,
07/15/2027
175
198
6.60%,
10/01/2037
225
299
MEG
Energy
Corp
5.88%,
02/01/2029
(f)
30
31
6.50%,
01/15/2025
(f)
152
157
7.13%,
02/01/2027
(f)
60
64
Oasis
Petroleum
Inc
6.38%,
06/01/2026
(f)
295
308
Occidental
Petroleum
Corp
2.90%,
08/15/2024
164
168
3.40%,
04/15/2026
182
186
4.40%,
04/15/2046
118
113
5.55%,
03/15/2026
85
94
5.88%,
09/01/2025
425
473
6.13%,
01/01/2031
40
47
6.63%,
09/01/2030
41
49
Petrobras
Global
Finance
BV
5.09%,
01/15/2030
200
218
5.50%,
06/10/2051
275
275
5.60%,
01/03/2031
380
426
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Petroleos
Mexicanos
4.50%,
01/23/2026
$
175
$
177
6.50%,
01/23/2029
440
452
6.84%,
01/23/2030
105
108
6.95%,
01/28/2060
225
199
Qatar
Petroleum
2.25%,
07/12/2031
(f),(n)
200
198
Saudi
Arabian
Oil
Co
1.63%,
11/24/2025
(f)
250
252
Shelf
Drilling
Holdings
Ltd
8.88%,
11/15/2024
(f)
30
31
Sinopec
Group
Overseas
Development
2017
Ltd
2.50%,
09/13/2022
(f)
325
332
Southwestern
Energy
Co
7.75%,
10/01/2027
187
203
Valero
Energy
Corp
2.85%,
04/15/2025
525
557
$
8,401
Other
Asset
Backed
Securities
-
1.16%
Dell
Equipment
Finance
Trust
2020-2
0.47%,
10/24/2022
(f)
806
807
Dell
Equipment
Finance
Trust
2021-1
0.33%,
05/22/2026
(f)
855
856
John
Deere
Owner
Trust
2020-B
0.41%,
03/15/2023
248
248
Verizon
Owner
Trust
2018-A
3.23%,
04/20/2023
250
252
Volvo
Financial
Equipment
LLC
0.37%,
04/17/2023
(f)
652
653
$
2,816
Packaging
&
Containers
-
0.34%
Ardagh
Packaging
Finance
PLC
/
Ardagh
Holdings
USA
Inc
5.25%,
08/15/2027
(f)
240
245
CANPACK
SA
/
Eastern
PA
Land
Investment
Holding
LLC
3.13%,
11/01/2025
(f)
200
204
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp
VI
4.75%,
02/01/2026
65
67
Crown
Cork
&
Seal
Co
Inc
7.38%,
12/15/2026
254
311
$
827
Pharmaceuticals
-
2.11%
AbbVie
Inc
3.75%,
11/14/2023
675
724
Bausch
Health
Americas
Inc
8.50%,
01/31/2027
(f)
85
92
Becton
Dickinson
and
Co
2.89%,
06/06/2022
158
162
3.36%,
06/06/2024
200
214
3.70%,
06/06/2027
450
500
Bristol-Myers
Squibb
Co
4.13%,
06/15/2039
240
290
Cigna
Corp
3.40%,
03/15/2051
330
345
4.38%,
10/15/2028
345
401
4.90%,
12/15/2048
35
45
CVS
Health
Corp
4.30%,
03/25/2028
79
91
4.88%,
07/20/2035
190
231
5.05%,
03/25/2048
785
1,020
Jazz
Securities
DAC
4.38%,
01/15/2029
(f)
95
99
Viatris
Inc
1.65%,
06/22/2025
(f)
75
76
Schedule
of
Investments
Core
Plus
Bond
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
113
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Zoetis
Inc
3.25%,
02/01/2023
$
240
$
249
4.45%,
08/20/2048
345
439
4.70%,
02/01/2043
120
154
$
5,132
Pipelines
-
2.82%
Abu
Dhabi
Crude
Oil
Pipeline
LLC
3.65%,
11/02/2029
(a),(f)
200
222
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp
5.38%,
06/15/2029
(f)
155
162
5.75%,
03/01/2027
(f)
155
161
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp
5.63%,
05/01/2027
(f)
374
384
DT
Midstream
Inc
4.13%,
06/15/2029
(f)
170
173
Enbridge
Inc
3.40%,
08/01/2051
600
601
Energy
Transfer
LP
3.75%,
05/15/2030
505
549
4.50%,
04/15/2024
390
425
5.15%,
03/15/2045
600
694
EnLink
Midstream
LLC
5.63%,
01/15/2028
(f)
310
327
Enterprise
Products
Operating
LLC
3.95%,
01/31/2060
80
89
4.20%,
01/31/2050
505
582
5.38%,
02/15/2078
(h)
250
260
3
Month
USD
LIBOR
+
2.57%
EQM
Midstream
Partners
LP
6.00%,
07/01/2025
(f)
80
87
Galaxy
Pipeline
Assets
Bidco
Ltd
1.75%,
09/30/2027
(f)
225
227
Kinder
Morgan
Inc
3.60%,
02/15/2051
375
382
NuStar
Logistics
LP
5.75%,
10/01/2025
55
60
Sabine
Pass
Liquefaction
LLC
5.00%,
03/15/2027
175
202
5.75%,
05/15/2024
375
421
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp
5.88%,
04/15/2026
101
106
6.50%,
07/15/2027
135
146
Williams
Cos
Inc/The
4.55%,
06/24/2024
550
606
$
6,866
REITs
-
0.93%
American
Tower
Corp
1.30%,
09/15/2025
185
185
Cibanco
SA
Ibm
/
PLA
Administradora
Industrial
S
de
RL
de
CV
4.96%,
07/18/2029
(f)
200
221
Crown
Castle
International
Corp
2.90%,
04/01/2041
375
365
CyrusOne
LP
/
CyrusOne
Finance
Corp
2.90%,
11/15/2024
295
312
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
3.75%,
09/15/2030
(f)
160
156
6.00%,
04/15/2025
(f)
171
180
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp
4.75%,
06/15/2029
(f)
220
220
RLJ
Lodging
Trust
LP
3.75%,
07/01/2026
(f)
245
248
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
VICI
Properties
LP
/
VICI
Note
Co
Inc
3.50%,
02/15/2025
(f)
$
55
$
56
4.13%,
08/15/2030
(f)
242
249
XHR
LP
4.88%,
06/01/2029
(f)
75
77
$
2,269
Retail
-
0.42%
Ambience
Merger
Sub
Inc
4.88%,
07/15/2028
(f),(n)
130
130
Falabella
SA
3.75%,
04/30/2023
(f)
200
208
Gap
Inc/The
8.38%,
05/15/2023
(f)
61
69
IRB
Holding
Corp
7.00%,
06/15/2025
(f)
15
16
L
Brands
Inc
5.25%,
02/01/2028
65
73
6.63%,
10/01/2030
(f)
114
132
9.38%,
07/01/2025
(f)
91
118
LSF9
Atlantis
Holdings
LLC
/
Victra
Finance
Corp
7.75%,
02/15/2026
(f)
230
239
Macy's
Retail
Holdings
LLC
2.88%,
02/15/2023
32
32
$
1,017
Semiconductors
-
0.86%
Applied
Materials
Inc
1.75%,
06/01/2030
440
435
Broadcom
Inc
3.15%,
11/15/2025
63
68
3.42%,
04/15/2033
(f)
732
769
NVIDIA
Corp
3.50%,
04/01/2050
150
169
NXP
BV
/
NXP
Funding
LLC
4.63%,
06/01/2023
(f)
400
430
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
2.70%,
05/01/2025
(f)
60
63
3.15%,
05/01/2027
(f)
60
64
Skyworks
Solutions
Inc
1.80%,
06/01/2026
85
86
$
2,084
Software
-
1.37%
Activision
Blizzard
Inc
2.50%,
09/15/2050
510
458
3.40%,
09/15/2026
100
110
Adobe
Inc
2.30%,
02/01/2030
575
599
Fiserv
Inc
4.40%,
07/01/2049
190
229
Open
Text
Corp
3.88%,
02/15/2028
(f)
130
132
5.88%,
06/01/2026
(f)
114
118
Oracle
Corp
2.50%,
04/01/2025
255
268
2.80%,
04/01/2027
240
254
2.95%,
05/15/2025
100
107
3.95%,
03/25/2051
230
251
salesforce.com
Inc
3.05%,
07/15/2061
(n)
539
546
3.70%,
04/11/2028
230
262
$
3,334
Sovereign
-
2.34%
Brazilian
Government
International
Bond
3.88%,
06/12/2030
225
227
CoBank
ACB
6.25%,
10/01/2026
(g),(h)
115
128
3
Month
USD
LIBOR
+
4.66%
Schedule
of
Investments
Core
Plus
Bond
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
114
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Colombia
Government
International
Bond
3.13%,
04/15/2031
$
200
$
196
Dominican
Republic
International
Bond
4.88%,
09/23/2032
(f)
400
412
5.30%,
01/21/2041
(f)
200
199
Egypt
Government
International
Bond
5.25%,
10/06/2025
(f)
400
422
El
Salvador
Government
International
Bond
5.88%,
01/30/2025
110
101
Ghana
Government
International
Bond
7.75%,
04/07/2029
(f)
200
204
Guatemala
Government
Bond
4.50%,
05/03/2026
200
219
Indonesia
Government
International
Bond
5.38%,
10/17/2023
(f)
300
333
Istanbul
Metropolitan
Municipality
6.38%,
12/09/2025
(f)
200
199
Mexico
Government
International
Bond
4.75%,
03/08/2044
200
221
5.00%,
04/27/2051
200
227
Panama
Government
International
Bond
3.88%,
03/17/2028
200
219
Qatar
Government
International
Bond
4.63%,
06/02/2046
200
248
Russian
Foreign
Bond
-
Eurobond
5.10%,
03/28/2035
(f)
400
476
Saudi
Government
International
Bond
4.00%,
04/17/2025
(f)
275
304
4.50%,
10/26/2046
450
527
Turkey
Government
International
Bond
6.38%,
10/14/2025
250
262
Ukraine
Government
International
Bond
7.25%,
03/15/2033
(f)
200
208
9.75%,
11/01/2028
(f)
200
238
Uruguay
Government
International
Bond
5.10%,
06/18/2050
100
131
$
5,701
Student
Loan
Asset
Backed
Securities
-
0.16%
SMB
Private
Education
Loan
Trust
2020-A
0.40%,
03/15/2027
(f)
392
392
1.00
x
1
Month
USD
LIBOR
+
0.30%
Telecommunications
-
2.36%
AT&T
Inc
2.55%,
12/01/2033
(f)
199
197
3.10%,
02/01/2043
150
147
3.50%,
06/01/2041
215
223
3.50%,
09/15/2053
(f)
954
959
4.05%,
12/15/2023
290
314
Axtel
SAB
de
CV
6.38%,
11/14/2024
200
207
CommScope
Inc
8.25%,
03/01/2027
(f)
283
303
Embarq
Corp
8.00%,
06/01/2036
152
172
Lumen
Technologies
Inc
4.00%,
02/15/2027
(f)
10
10
Ooredoo
International
Finance
Ltd
3.88%,
01/31/2028
250
281
Sprint
Communications
Inc
6.00%,
11/15/2022
75
79
Sprint
Corp
7.63%,
03/01/2026
121
148
7.88%,
09/15/2023
75
85
T-Mobile
USA
Inc
3.50%,
04/15/2025
315
341
4.00%,
04/15/2022
125
127
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
VEON
Holdings
BV
3.38%,
11/25/2027
(f)
$
400
$
402
Verizon
Communications
Inc
2.88%,
11/20/2050
470
447
3.55%,
03/22/2051
940
1,004
VTR
Comunicaciones
SpA
5.13%,
01/15/2028
(f)
200
209
Zayo
Group
Holdings
Inc
4.00%,
03/01/2027
(f)
74
74
$
5,729
Transportation
-
0.03%
Eletson
Holdings
Inc
/
Eletson
Finance
US
LLC
/
Agathonissos
Finance
LLC
0.00%,
01/15/2022
(e),(m)
121
17
Navios
South
American
Logistics
Inc
/
Navios
Logistics
Finance
US
Inc
10.75%,
07/01/2025
(f)
46
51
$
68
Trucking
&
Leasing
-
0.02%
DAE
Funding
LLC
4.50%,
08/01/2022
(f)
45
45
TOTAL
BONDS
$
148,765
SENIOR
FLOATING
RATE
INTERESTS
-
1.58%
Principal
Amount
(000's)
Value
(000's)
Airlines
-
0.19%
American
Airlines
Inc
5.50%,
03/10/2028
(o)
$
225
$
235
1
Month
USD
LIBOR
+
4.75%
United
Airlines
Inc
4.51%,
04/14/2028
(o)
224
227
1
Month
USD
LIBOR
+
3.75%
$
462
Automobile
Manufacturers
-
0.11%
Navistar
Inc
3.60%,
11/06/2024
(o)
259
259
3
Month
USD
LIBOR
+
3.00%
Commercial
Services
-
0.11%
Garda
World
Security
Corp
4.35%,
10/30/2026
(o)
255
256
1
Month
USD
LIBOR
+
4.25%
Consumer
Products
-
0.09%
Kronos
Acquisition
Holdings
Inc
4.25%,
12/22/2026
(o)
224
223
1
Month
USD
LIBOR
+
3.75%
Diversified
Financial
Services
-
0.19%
Russell
Investments
US
Institutional
Holdco
Inc
4.50%,
06/02/2025
(o)
463
460
1
Month
USD
LIBOR
+
3.00%
Electronics
-
0.02%
Ingram
Micro
Inc
0.00%,
03/30/2028
(o),(p)
40
40
1
Month
USD
LIBOR
+
3.50%
Entertainment
-
0.16%
CCM
Merger
Inc
4.58%,
10/29/2025
(o)
152
152
1
Month
USD
LIBOR
+
3.75%
Enterprise
Development
Authority/The
5.00%,
02/18/2028
(o)
193
193
1
Month
USD
LIBOR
+
4.25%
Lions
Gate
Capital
Holdings
LLC
2.35%,
03/24/2025
(o)
49
48
3
Month
USD
LIBOR
+
2.00%
$
393
Food
-
0.02%
Bellring
Brands
LLC
4.75%,
10/21/2024
(o)
49
49
1
Month
USD
LIBOR
+
4.00%
Schedule
of
Investments
Core
Plus
Bond
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
115
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
-
0.18%
Acrisure
LLC
3.60%,
02/15/2027
(o)
$
144
$
142
1
Month
USD
LIBOR
+
3.50%
AssuredPartners
Inc
5.50%,
02/13/2027
(o)
129
129
1
Month
USD
LIBOR
+
4.50%
Asurion
LLC
3.10%,
11/03/2023
(o)
60
59
1
Month
USD
LIBOR
+
7.25%
5.35%,
01/29/2028
(o)
100
101
1
Month
USD
LIBOR
+
5.25%
$
431
Lodging
-
0.03%
Golden
Nugget
LLC
3.25%,
10/04/2023
(o)
62
61
1
Month
USD
LIBOR
+
2.50%
Media
-
0.02%
CSC
Holdings
LLC
2.57%,
04/15/2027
(o)
49
49
1
Month
USD
LIBOR
+
2.50%
Oil
&
Gas
-
0.01%
Ascent
Resources
Utica
Holdings
LLC
10.00%,
11/01/2025
(o)
20
22
1
Month
USD
LIBOR
+
9.00%
Pharmaceuticals
-
0.19%
Bausch
Health
Americas
Inc
3.10%,
05/19/2025
(o)
300
298
3
Month
USD
LIBOR
+
7.50%
Endo
Luxembourg
Finance
Co
I
Sarl
5.75%,
03/27/2028
(o)
27
26
1
Month
USD
LIBOR
+
5.00%
Jazz
Financing
Lux
Sarl
4.00%,
04/21/2028
(o)
150
150
1
Month
USD
LIBOR
+
3.50%
$
474
Retail
-
0.19%
Ambience
Merger
Sub
Inc
0.00%,
06/24/2028
(o),(p)
115
115
1
Month
USD
LIBOR
+
4.25%
IRB
Holding
Corp
3.75%,
02/05/2025
(o)
185
184
1
Month
USD
LIBOR
+
2.75%
4.25%,
11/19/2027
(o)
175
175
1
Month
USD
LIBOR
+
3.25%
$
474
Telecommunications
-
0.07%
Zayo
Group
Holdings
Inc
3.10%,
03/09/2027
(o)
180
178
1
Month
USD
LIBOR
+
3.00%
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
3,831
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
32.16%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
2.02%
2.00%,
02/01/2037
$
7
$
7
1.00
x
12
Month
USD
LIBOR
+
1.63%
3.00%,
10/01/2042
33
36
3.00%,
11/01/2042
200
213
3.00%,
11/01/2042
35
37
3.00%,
03/01/2043
950
1,021
3.00%,
12/01/2046
77
81
3.50%,
10/01/2041
23
25
3.50%,
04/01/2042
30
33
3.50%,
04/01/2042
67
72
3.50%,
04/01/2045
32
35
3.50%,
10/01/2045
553
600
3.50%,
03/01/2048
82
89
4.00%,
02/01/2045
12
13
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
4.00%,
02/01/2046
$
48
$
52
4.00%,
02/01/2046
198
216
4.00%,
06/01/2046
37
40
4.00%,
04/01/2047
211
229
4.00%,
11/01/2047
281
303
4.50%,
07/01/2024
6
6
4.50%,
10/01/2041
21
23
4.50%,
12/01/2043
604
675
4.50%,
03/01/2046
199
223
5.00%,
06/01/2031
55
61
5.00%,
10/01/2035
20
23
5.00%,
06/01/2041
553
631
6.00%,
06/01/2032
15
18
6.00%,
10/01/2032
8
10
6.00%,
01/01/2038
39
47
6.50%,
03/01/2029
2
2
6.50%,
05/01/2029
3
3
6.50%,
04/01/2031
1
2
6.50%,
02/01/2032
3
3
6.50%,
05/01/2032
3
3
6.50%,
04/01/2035
5
6
7.00%,
12/01/2029
6
6
7.00%,
06/01/2030
3
3
7.00%,
12/01/2030
1
1
7.00%,
01/01/2031
1
1
7.00%,
12/01/2031
27
28
7.50%,
04/01/2030
1
1
7.50%,
03/01/2031
6
7
8.00%,
09/01/2030
29
30
$
4,915
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
14.14%
2.00%,
07/01/2036
(q)
2,450
2,527
2.00%,
02/01/2051
4,539
4,606
2.00%,
03/01/2051
1,667
1,696
2.00%,
03/01/2051
1,458
1,479
2.50%,
06/01/2035
1,527
1,596
2.50%,
08/01/2035
1,691
1,783
2.50%,
07/01/2036
(q)
700
730
2.50%,
08/01/2050
1,952
2,031
2.50%,
08/01/2051
(q)
3,810
3,933
3.00%,
03/01/2034
179
189
3.00%,
03/01/2042
51
54
3.00%,
03/01/2042
48
51
3.00%,
05/01/2042
28
29
3.00%,
06/01/2042
48
51
3.00%,
06/01/2042
23
24
3.00%,
05/01/2043
122
130
3.00%,
07/01/2050
766
806
3.50%,
04/01/2030
225
242
3.50%,
05/01/2034
935
1,020
3.50%,
08/01/2034
199
212
3.50%,
12/01/2040
40
44
3.50%,
01/01/2041
23
25
3.50%,
12/01/2041
10
11
3.50%,
03/01/2042
20
21
3.50%,
04/01/2042
46
50
3.50%,
11/01/2042
784
861
3.50%,
02/01/2043
33
36
3.50%,
07/01/2043
569
620
3.50%,
01/01/2044
177
193
3.50%,
11/01/2044
975
1,054
3.50%,
03/01/2045
34
37
3.50%,
06/01/2045
67
72
3.50%,
11/01/2045
37
40
3.50%,
05/01/2046
25
27
3.50%,
10/01/2047
1,083
1,181
3.50%,
11/01/2047
447
485
Schedule
of
Investments
Core
Plus
Bond
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
116
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%,
03/01/2048
$
672
$
728
4.00%,
03/01/2034
256
280
4.00%,
09/01/2040
51
55
4.00%,
05/01/2041
114
125
4.00%,
10/01/2041
17
18
4.00%,
10/01/2041
30
32
4.00%,
11/01/2041
25
27
4.00%,
04/01/2042
18
20
4.00%,
11/01/2043
20
22
4.00%,
11/01/2043
69
77
4.00%,
02/01/2044
75
83
4.00%,
06/01/2044
170
186
4.00%,
09/01/2044
15
16
4.00%,
09/01/2045
69
76
4.00%,
12/01/2045
350
379
4.00%,
08/01/2046
50
54
4.00%,
01/01/2047
31
33
4.00%,
11/01/2047
1,094
1,185
4.00%,
05/01/2048
72
77
4.00%,
10/01/2048
222
240
4.00%,
01/01/2049
117
126
4.50%,
07/01/2025
17
18
4.50%,
08/01/2040
28
32
4.50%,
11/01/2040
482
537
4.50%,
12/01/2040
21
24
4.50%,
08/01/2041
20
22
4.50%,
09/01/2041
159
178
4.50%,
05/01/2044
20
22
4.50%,
12/01/2044
49
54
4.50%,
06/01/2046
22
24
4.50%,
05/01/2047
44
48
4.50%,
05/01/2047
15
16
4.50%,
05/01/2049
162
175
5.00%,
10/01/2041
107
120
5.00%,
06/01/2048
253
284
5.50%,
12/01/2022
3
3
5.50%,
07/01/2033
177
205
5.50%,
04/01/2035
21
24
5.50%,
08/01/2036
337
391
5.50%,
02/01/2037
3
3
5.50%,
05/01/2040
24
28
6.00%,
05/01/2031
1
2
6.00%,
07/01/2035
102
120
6.00%,
02/01/2037
24
27
6.00%,
02/01/2038
36
43
6.50%,
03/01/2032
2
2
6.50%,
07/01/2037
13
14
6.50%,
07/01/2037
28
33
6.50%,
02/01/2038
25
29
6.50%,
03/01/2038
4
4
6.50%,
09/01/2038
99
117
$
34,384
Government
National
Mortgage
Association
(GNMA)
-
4.32%
2.00%,
07/01/2051
1,200
1,222
2.50%,
07/01/2051
3,150
3,260
3.00%,
02/15/2043
219
233
3.00%,
07/20/2044
271
288
3.00%,
01/20/2046
189
200
3.00%,
07/20/2046
296
312
3.00%,
12/20/2046
831
877
3.50%,
04/20/2046
143
155
3.50%,
10/20/2046
208
222
3.50%,
07/20/2047
713
766
4.00%,
02/15/2042
72
80
4.00%,
06/20/2046
34
36
4.00%,
01/20/2048
1,148
1,242
4.50%,
09/15/2039
419
482
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
4.50%,
11/15/2040
$
66
$
75
4.50%,
06/20/2048
9
9
5.00%,
02/15/2034
143
165
5.00%,
10/15/2034
51
59
5.00%,
10/20/2039
24
28
5.00%,
07/20/2040
12
13
5.00%,
02/15/2042
61
71
5.50%,
12/20/2033
71
82
5.50%,
05/20/2035
8
9
5.50%,
12/20/2048
254
280
6.00%,
01/20/2029
12
14
6.00%,
07/20/2029
2
2
6.00%,
12/15/2033
20
23
6.00%,
12/20/2036
39
46
6.50%,
03/20/2028
2
2
6.50%,
05/20/2029
2
2
6.50%,
12/15/2032
211
239
7.00%,
03/15/2031
1
1
7.50%,
05/15/2029
12
12
8.00%,
12/15/2030
4
5
$
10,512
U.S.
Treasury
-
7.45%
0.38%,
01/31/2026
700
686
1.63%,
08/15/2029
1,100
1,125
1.75%,
04/30/2022
2,500
2,535
2.25%,
11/15/2027
1,000
1,070
3.00%,
05/15/2045
1,140
1,344
3.00%,
11/15/2045
(r)
2,750
3,251
3.13%,
05/15/2048
3,210
3,915
3.75%,
11/15/2043
1,650
2,166
4.75%,
02/15/2037
1,435
2,037
$
18,129
U.S.
Treasury
Bill
-
4.23%
0.05%,
12/23/2021
(s)
10,300
10,297
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
78,237
Total
Investments
$
268,923
Other
Assets
and
Liabilities
- (10.56)%
(25,675)
TOTAL
NET
ASSETS
-
100.00%
$
243,248
(a)
Security
or
a
portion
of
the
security
was
on
loan. At
the
end
of
the
period,
the
value
of
these
securities
totaled
$14,040
or
5.77%
of
net
assets.
(b)
Current
yield
shown
is
as
of
period
end.
(c)
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
$14,347
or
5.90%
of
net
assets.
(d)
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.
(e)
Non-income
producing
security
(f)
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
$46,261
or
19.02%
of
net
assets.
(g)
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.
(h)
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.
(i)
Security
is
a
contingent
convertible
security,
("CoCo").
CoCo's
are
hybrid
debt
securities
that
may
convert
to
equity
or
have
their
principal
written
down
upon
occurrence
of
certain
"triggers".
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,388
or
0.57%
of
net
assets.
(j)
Security
is
an
Interest
Only
Strip.
Schedule
of
Investments
Core
Plus
Bond
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
117
(k)
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.
(l)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(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)
Security
purchased
on
a
when-issued
basis.
(o)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
(p)
This
Senior
Floating
Rate
Note
will
settle
after
June
30,
2021,
at
which
time
the
interest
rate
will
be
determined.
(q)
Security
was
purchased
in
a
"to-be-announced"
("TBA")
transaction.
(r)
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
$260
or
0.11%
of
net
assets.
(s)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
Portfolio
Summary (unaudited)
Sector
Percent
Mortgage
Securities
24.30%
Financial
14.54%
Government
14.02%
Money
Market
Funds
10.12%
Communications
7.52%
Energy
6.47%
Consumer,
Non-cyclical
6.27%
Consumer,
Cyclical
5.48%
Investment
Companies
5.43%
Asset
Backed
Securities
4.49%
Industrial
3.92%
Utilities
3.05%
Basic
Materials
2.50%
Technology
2.45%
Other
Assets
and
Liabilities
(
10.56)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
10,172
$
164,381
$
153,674
$
20,879
$
10,172
$
164,381
$
153,674
$
20,879
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
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
10
Year
Note;
September
2021
Short
121
$
16,033
$
(87)
US
2
Year
Note;
September
2021
Long
5
1,102
(2)
US
5
Year
Note;
September
2021
Short
118
14,565
34
US
Long
Bond;
September
2021
Long
21
3,376
48
Total
$
(7)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
Diversified
Balanced
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
118
INVESTMENT
COMPANIES
-
100
.02
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
14
.93
%
International
Equity
Index
Fund
(a)
5,846,621
$
70,802
MidCap
S&P
400
Index
Fund
(a)
1,632,172
40,902
SmallCap
S&P
600
Index
Fund
(a)
1,228,511
40,799
$
152,503
Principal
Variable
Contracts
Funds,
Inc. Class
1
-
85
.09
%
Bond
Market
Index
Account
(a)
46,174,979
508,848
LargeCap
S&P
500
Index
Account
(a)
14,256,100
359,967
$
868,815
TOTAL
INVESTMENT
COMPANIES
$
1,021,318
BONDS
-
0
.00
%
Principal
Amount
(000's)
Value
(000's)
Oil
&
Gas
-
0
.00
%
Chesapeake
Oil
Op/Fin
Escrow
Shares
0.00%,
11/15/2019
(b),(c)
$
5
$
—
TOTAL
BONDS
$
—
Total
Investments
$
1,021,318
Other
Assets
and
Liabilities
- (0.02)%
(
253
)
TOTAL
NET
ASSETS
-
100.00%
$
1,021,065
(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)
Non-income
producing
security
(c)
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.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
49
.84
%
Domestic
Equity
Funds
43
.25
%
International
Equity
Funds
6
.93
%
Energy
0
.00
%
Other
Assets
and
Liabilities
(
0
.02
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Bond
Market
Index
Account
$
505,059
$
46,594
$
34,117
$
508,848
International
Equity
Index
Fund
72,147
1,528
8,985
70,802
LargeCap
S&P
500
Index
Account
358,328
2,096
51,329
359,967
MidCap
S&P
400
Index
Fund
43,453
1,471
10,944
40,902
SmallCap
S&P
600
Index
Fund
41,548
523
10,191
40,799
$
1,020,535
$
52,212
$
115,566
$
1,021,318
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Bond
Market
Index
Account
$
—
$
(
69
)
$
—
$
(
8,619
)
International
Equity
Index
Fund
—
564
—
5,548
LargeCap
S&P
500
Index
Account
—
26,284
—
24,588
MidCap
S&P
400
Index
Fund
—
2,679
—
4,243
SmallCap
S&P
600
Index
Fund
—
4,391
—
4,528
$
—
$
33,849
$
—
$
30,288
Amounts
in
thousands.
Schedule
of
Investments
Diversified
Balanced
Managed
Volatility
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
119
INVESTMENT
COMPANIES
-
100
.03
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
14
.94
%
International
Equity
Index
Fund
(a)
1,074,559
$
13,013
MidCap
S&P
400
Index
Fund
(a)
299,972
7,517
SmallCap
S&P
600
Index
Fund
(a)
225,786
7,499
$
28,029
Principal
Variable
Contracts
Funds,
Inc. Class
1
-
85
.09
%
Bond
Market
Index
Account
(a)
8,486,425
93,520
LargeCap
S&P
500
Managed
Volatility
Index
Account
(a)
3,440,001
66,117
$
159,637
TOTAL
INVESTMENT
COMPANIES
$
187,666
Total
Investments
$
187,666
Other
Assets
and
Liabilities
- (0.03)%
(
54
)
TOTAL
NET
ASSETS
-
100.00%
$
187,612
(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.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
49
.85
%
Domestic
Equity
Funds
43
.25
%
International
Equity
Funds
6
.93
%
Other
Assets
and
Liabilities
(
0
.03
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Bond
Market
Index
Account
$
91,710
$
10,289
$
6,904
$
93,520
International
Equity
Index
Fund
13,099
576
1,773
13,013
LargeCap
S&P
500
Managed
Volatility
Index
Account
64,965
1,978
9,289
66,117
MidCap
S&P
400
Index
Fund
7,885
438
2,062
7,517
SmallCap
S&P
600
Index
Fund
7,543
267
1,931
7,499
$
185,202
$
13,548
$
21,959
$
187,666
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Bond
Market
Index
Account
$
—
$
(
21
)
$
—
$
(
1,554
)
International
Equity
Index
Fund
—
105
—
1,006
LargeCap
S&P
500
Managed
Volatility
Index
Account
—
2,691
—
5,772
MidCap
S&P
400
Index
Fund
—
227
—
1,029
SmallCap
S&P
600
Index
Fund
—
298
—
1,322
$
—
$
3,300
$
—
$
7,575
Amounts
in
thousands.
Schedule
of
Investments
Diversified
Balanced
Volatility
Control
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
120
INVESTMENT
COMPANIES
-
100
.06
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
20
.13
%
iShares
Core
S&P
500
ETF
98,466
$
42,332
Money
Market
Funds
-
0
.04
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
76,981
77
Principal
Funds,
Inc.
Class
R-6
-
14
.94
%
International
Equity
Index
Fund
(a)
1,204,296
14,584
MidCap
S&P
400
Index
Fund
(a)
336,183
8,425
SmallCap
S&P
600
Index
Fund
(a)
253,044
8,403
$
31,412
Principal
Variable
Contracts
Funds,
Inc. Class
1
-
64
.95
%
Bond
Market
Index
Account
(a)
9,511,432
104,816
LargeCap
S&P
500
Index
Account
(a)
1,258,378
31,774
$
136,590
TOTAL
INVESTMENT
COMPANIES
$
210,411
Total
Investments
$
210,411
Other
Assets
and
Liabilities
- (0.06)%
(
128
)
TOTAL
NET
ASSETS
-
100.00%
$
210,283
(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)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
49
.84
%
Domestic
Equity
Funds
23
.12
%
Investment
Companies
20
.13
%
International
Equity
Funds
6
.93
%
Money
Market
Funds
0
.04
%
Other
Assets
and
Liabilities
(
0
.06
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Bond
Market
Index
Account
$
91,650
$
16,436
$
1,760
$
104,816
International
Equity
Index
Fund
12,904
1,488
960
14,584
LargeCap
S&P
500
Index
Account
27,748
2,681
2,837
31,774
MidCap
S&P
400
Index
Fund
7,812
856
1,524
8,425
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
16
42,336
42,275
77
SmallCap
S&P
600
Index
Fund
7,467
857
1,572
8,403
$
147,597
$
64,654
$
50,928
$
168,079
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Bond
Market
Index
Account
$
—
$
—
$
—
$
(
1,510
)
International
Equity
Index
Fund
—
14
—
1,138
LargeCap
S&P
500
Index
Account
—
99
—
4,083
MidCap
S&P
400
Index
Fund
—
44
—
1,237
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
—
—
—
—
SmallCap
S&P
600
Index
Fund
—
38
—
1,613
$
—
$
195
$
—
$
6,561
Amounts
in
thousands.
Schedule
of
Investments
Diversified
Growth
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
121
INVESTMENT
COMPANIES
-
100
.03
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
19
.89
%
International
Equity
Index
Fund
(a)
32,475,336
$
393,276
MidCap
S&P
400
Index
Fund
(a)
7,932,698
198,793
SmallCap
S&P
600
Index
Fund
(a)
5,970,785
198,290
$
790,359
Principal
Variable
Contracts
Funds,
Inc. Class
1
-
80
.14
%
Bond
Market
Index
Account
(a)
125,677,371
1,384,965
LargeCap
S&P
500
Index
Account
(a)
71,267,262
1,799,499
$
3,184,464
TOTAL
INVESTMENT
COMPANIES
$
3,974,823
Total
Investments
$
3,974,823
Other
Assets
and
Liabilities
- (0.03)%
(
998
)
TOTAL
NET
ASSETS
-
100.00%
$
3,973,825
(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.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
55
.28
%
Fixed
Income
Funds
34
.85
%
International
Equity
Funds
9
.90
%
Other
Assets
and
Liabilities
(
0
.03
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Bond
Market
Index
Account
$
1,331,210
$
154,746
$
78,197
$
1,384,965
International
Equity
Index
Fund
388,104
8,228
36,206
393,276
LargeCap
S&P
500
Index
Account
1,734,766
5,680
190,485
1,799,499
MidCap
S&P
400
Index
Fund
204,469
6,829
45,245
198,793
SmallCap
S&P
600
Index
Fund
195,539
2,164
41,625
198,290
$
3,854,088
$
177,647
$
391,758
$
3,974,823
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Bond
Market
Index
Account
$
—
$
(
224
)
$
—
$
(
22,570
)
International
Equity
Index
Fund
—
688
—
32,462
LargeCap
S&P
500
Index
Account
—
72,016
—
177,522
MidCap
S&P
400
Index
Fund
—
7,740
—
25,000
SmallCap
S&P
600
Index
Fund
—
10,879
—
31,333
$
—
$
91,099
$
—
$
243,747
Amounts
in
thousands.
Schedule
of
Investments
Diversified
Growth
Managed
Volatility
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
122
INVESTMENT
COMPANIES
-
100
.03
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
19
.90
%
International
Equity
Index
Fund
(a)
3,224,533
$
39,049
MidCap
S&P
400
Index
Fund
(a)
787,642
19,738
SmallCap
S&P
600
Index
Fund
(a)
592,847
19,689
$
78,476
Principal
Variable
Contracts
Funds,
Inc. Class
1
-
80
.13
%
Bond
Market
Index
Account
(a)
12,478,420
137,512
LargeCap
S&P
500
Managed
Volatility
Index
Account
(a)
9,290,567
178,565
$
316,077
TOTAL
INVESTMENT
COMPANIES
$
394,553
Total
Investments
$
394,553
Other
Assets
and
Liabilities
- (0.03)%
(
106
)
TOTAL
NET
ASSETS
-
100.00%
$
394,447
(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.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
55
.27
%
Fixed
Income
Funds
34
.86
%
International
Equity
Funds
9
.90
%
Other
Assets
and
Liabilities
(
0
.03
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Bond
Market
Index
Account
$
130,772
$
16,749
$
7,777
$
137,512
International
Equity
Index
Fund
38,125
1,392
3,754
39,049
LargeCap
S&P
500
Managed
Volatility
Index
Account
170,159
3,476
17,689
178,565
MidCap
S&P
400
Index
Fund
20,086
969
4,550
19,738
SmallCap
S&P
600
Index
Fund
19,208
515
4,194
19,689
$
378,350
$
23,101
$
37,964
$
394,553
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Bond
Market
Index
Account
$
—
$
(
8
)
$
—
$
(
2,224
)
International
Equity
Index
Fund
—
197
—
3,089
LargeCap
S&P
500
Managed
Volatility
Index
Account
—
5,260
—
17,359
MidCap
S&P
400
Index
Fund
—
476
—
2,757
SmallCap
S&P
600
Index
Fund
—
628
—
3,532
$
—
$
6,553
$
—
$
24,513
Amounts
in
thousands.
Schedule
of
Investments
Diversified
Growth
Volatility
Control
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
123
INVESTMENT
COMPANIES
-
100
.17
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
20
.17
%
iShares
Core
S&P
500
ETF
538,417
$
231,476
Money
Market
Funds
-
0
.08
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
953,927
954
Principal
Funds,
Inc.
Class
R-6
-
19
.90
%
International
Equity
Index
Fund
(a)
9,379,636
113,588
MidCap
S&P
400
Index
Fund
(a)
2,291,150
57,416
SmallCap
S&P
600
Index
Fund
(a)
1,724,541
57,272
$
228,276
Principal
Variable
Contracts
Funds,
Inc. Class
1
-
60
.02
%
Bond
Market
Index
Account
(a)
36,299,559
400,021
LargeCap
S&P
500
Index
Account
(a)
11,434,750
288,727
$
688,748
TOTAL
INVESTMENT
COMPANIES
$
1,149,454
Total
Investments
$
1,149,454
Other
Assets
and
Liabilities
- (0.17)%
(
1,936
)
TOTAL
NET
ASSETS
-
100.00%
$
1,147,518
(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)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
35
.16
%
Fixed
Income
Funds
34
.86
%
Investment
Companies
20
.17
%
International
Equity
Funds
9
.90
%
Money
Market
Funds
0
.08
%
Other
Assets
and
Liabilities
(
0
.17
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Bond
Market
Index
Account
$
345,450
$
64,104
$
3,855
$
400,021
International
Equity
Index
Fund
99,275
10,015
4,582
113,588
LargeCap
S&P
500
Index
Account
249,036
19,562
17,630
288,727
MidCap
S&P
400
Index
Fund
52,573
5,114
8,914
57,416
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
111
291,616
290,773
954
SmallCap
S&P
600
Index
Fund
50,260
5,132
9,280
57,272
$
796,705
$
395,543
$
335,034
$
917,978
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Bond
Market
Index
Account
$
—
$
—
$
—
$
(
5,678
)
International
Equity
Index
Fund
—
47
—
8,833
LargeCap
S&P
500
Index
Account
—
406
—
37,353
MidCap
S&P
400
Index
Fund
—
220
—
8,423
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
—
—
—
—
SmallCap
S&P
600
Index
Fund
—
163
—
10,997
$
—
$
836
$
—
$
59,928
Amounts
in
thousands.
Schedule
of
Investments
Diversified
Income
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
124
INVESTMENT
COMPANIES
-
100
.03
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
9
.97
%
International
Equity
Index
Fund
(a)
1,077,133
$
13,044
MidCap
S&P
400
Index
Fund
(a)
394,624
9,889
SmallCap
S&P
600
Index
Fund
(a)
297,039
9,865
$
32,798
Principal
Variable
Contracts
Funds,
Inc. Class
1
-
90
.06
%
Bond
Market
Index
Account
(a)
19,352,079
213,259
LargeCap
S&P
500
Index
Account
(a)
3,282,481
82,883
$
296,142
TOTAL
INVESTMENT
COMPANIES
$
328,940
Total
Investments
$
328,940
Other
Assets
and
Liabilities
- (0.03)%
(
89
)
TOTAL
NET
ASSETS
-
100.00%
$
328,851
(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.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
64
.85
%
Domestic
Equity
Funds
31
.22
%
International
Equity
Funds
3
.96
%
Other
Assets
and
Liabilities
(
0
.03
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Bond
Market
Index
Account
$
208,836
$
27,247
$
19,136
$
213,259
International
Equity
Index
Fund
13,109
1,063
2,256
13,044
LargeCap
S&P
500
Index
Account
81,405
5,550
15,796
82,883
MidCap
S&P
400
Index
Fund
10,363
951
3,102
9,889
SmallCap
S&P
600
Index
Fund
9,910
727
2,928
9,865
$
323,623
$
35,538
$
43,218
$
328,940
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Bond
Market
Index
Account
$
—
$
(
8
)
$
—
$
(
3,680
)
International
Equity
Index
Fund
—
94
—
1,034
LargeCap
S&P
500
Index
Account
—
2,837
—
8,887
MidCap
S&P
400
Index
Fund
—
385
—
1,292
SmallCap
S&P
600
Index
Fund
—
565
—
1,591
$
—
$
3,873
$
—
$
9,124
Amounts
in
thousands.
Schedule
of
Investments
Diversified
International
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
125
INVESTMENT
COMPANIES
-
3
.08
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
3
.08
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(a),(b)
1,549,077
$
1,549
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c),(d)
7,856,003
7,856
$
9,405
TOTAL
INVESTMENT
COMPANIES
$
9,405
COMMON
STOCKS
-
99
.01
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
0
.34
%
CAE
Inc
(d)
33,500
$
1,032
Airlines
-
0
.25
%
Copa
Holdings
SA
(d)
10,055
757
Apparel
-
1
.41
%
LVMH
Moet
Hennessy
Louis
Vuitton
SE
5,495
4,323
Automobile
Manufacturers
-
5
.19
%
Bayerische
Motoren
Werke
AG
20,507
2,174
Eicher
Motors
Ltd
(d)
21,195
763
Ferrari
NV
3,607
745
Honda
Motor
Co
Ltd
54,100
1,740
Kia
Corp
27,208
2,168
Maruti
Suzuki
India
Ltd
10,869
1,100
Toyota
Motor
Corp
59,200
5,175
Volvo
AB
-
B
Shares
(e)
83,517
2,013
$
15,878
Automobile
Parts
&
Equipment
-
1
.10
%
Toyota
Industries
Corp
38,800
3,355
Banks
-
9
.74
%
Bank
Leumi
Le-Israel
BM
(d)
151,631
1,152
Bank
Rakyat
Indonesia
Persero
Tbk
PT
6,205,700
1,687
BNP
Paribas
SA
39,641
2,488
Canadian
Imperial
Bank
of
Commerce
11,200
1,275
DBS
Group
Holdings
Ltd
116,500
2,592
DNB
ASA
63,897
1,393
Grupo
Financiero
Banorte
SAB
de
CV
174,759
1,125
HDFC
Bank
Ltd
ADR
(d)
15,362
1,123
ICICI
Bank
Ltd
ADR
(d)
113,540
1,942
Intesa
Sanpaolo
SpA
987,096
2,731
Kotak
Mahindra
Bank
Ltd
(d)
27,147
624
Lloyds
Banking
Group
PLC
3,063,730
1,982
Mediobanca
Banca
di
Credito
Finanziario
SpA
(d)
210,904
2,468
OTP
Bank
Nyrt
(d)
13,993
753
PT
Bank
Central
Asia
Tbk
402,100
836
TCS
Group
Holding
PLC
20,913
1,831
Toronto-Dominion
Bank/The
30,400
2,130
United
Overseas
Bank
Ltd
85,600
1,648
$
29,780
Beverages
-
1
.22
%
Carlsberg
AS
12,943
2,415
Heineken
NV
10,771
1,308
$
3,723
Biotechnology
-
0
.85
%
CSL
Ltd
7,905
1,691
Genmab
A/S
(d)
2,199
901
$
2,592
Building
Materials
-
4
.97
%
Beijing
Oriental
Yuhong
Waterproof
Technology
Co
Ltd
184,100
1,574
China
Lesso
Group
Holdings
Ltd
725,000
1,790
Cie
de
Saint-Gobain
48,534
3,203
CRH
PLC
78,851
3,988
HeidelbergCement
AG
30,534
2,622
Holcim
Ltd
(d)
21,083
1,267
Voltas
Ltd
55,058
758
$
15,202
Chemicals
-
1
.86
%
Akzo
Nobel
NV
12,574
1,557
Evonik
Industries
AG
36,905
1,239
Koninklijke
DSM
NV
5,473
1,023
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Chemicals
(continued)
Shin-Etsu
Chemical
Co
Ltd
11,200
$
1,873
$
5,692
Commercial
Services
-
1
.36
%
Adecco
Group
AG
20,716
1,410
Amadeus
IT
Group
SA
(d)
14,747
1,040
TechnoPro
Holdings
Inc
36,900
872
Worldline
SA/France
(d),(f)
8,997
843
$
4,165
Computers
-
3
.56
%
Capgemini
SE
14,727
2,832
Infosys
Ltd
132,990
2,814
LG
Corp
9,859
897
Logitech
International
SA
27,266
3,311
Nomura
Research
Institute
Ltd
31,400
1,037
$
10,891
Consumer
Products
-
0
.53
%
Hindustan
Unilever
Ltd
48,705
1,621
Distribution
&
Wholesale
-
2
.17
%
Bunzl
PLC
32,066
1,061
Ferguson
PLC
15,604
2,171
ITOCHU
Corp
74,400
2,147
Pop
Mart
International
Group
Ltd
(d),(f)
126,400
1,253
$
6,632
Diversified
Financial
Services
-
1
.60
%
Banca
Generali
SpA
(d)
19,236
822
Housing
Development
Finance
Corp
Ltd
47,168
1,574
KB
Financial
Group
Inc
27,651
1,372
SBI
Holdings
Inc/Japan
24,800
586
Tisco
Financial
Group
PCL
197,300
545
$
4,899
Electric
-
2
.14
%
Enel
SpA
275,893
2,564
Iberdrola
SA
210,949
2,572
Northland
Power
Inc
41,200
1,406
$
6,542
Electrical
Components
&
Equipment
-
0
.59
%
Delta
Electronics
Inc
165,000
1,793
Electronics
-
0
.96
%
Hoya
Corp
22,196
2,936
Energy
-
Alternate
Sources
-
0
.59
%
Vestas
Wind
Systems
A/S
45,889
1,793
Engineering
&
Construction
-
0
.64
%
Vinci
SA
18,411
1,968
Entertainment
-
0
.31
%
Flutter
Entertainment
PLC
(d)
5,313
963
Food
-
3
.12
%
Dino
Polska
SA
(d),(f)
10,310
757
Nestle
India
Ltd
4,455
1,058
Nestle
SA
45,334
5,651
Seven
&
i
Holdings
Co
Ltd
43,400
2,079
$
9,545
Hand
&
Machine
Tools
-
0
.57
%
Techtronic
Industries
Co
Ltd
100,000
1,743
Healthcare
-
Products
-
1
.12
%
Alcon
Inc
26,275
1,843
GN
Store
Nord
AS
8,486
742
Sartorius
Stedim
Biotech
1,759
832
$
3,417
Healthcare
-
Services
-
1
.85
%
Fresenius
SE
&
Co
KGaA
19,718
1,029
ICON
PLC
(d),(e)
9,965
2,060
Lonza
Group
AG
3,604
2,555
$
5,644
Schedule
of
Investments
Diversified
International
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
126
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Home
Builders
-
1
.35
%
Daiwa
House
Industry
Co
Ltd
25,300
$
761
Persimmon
PLC
41,988
1,720
Taylor
Wimpey
PLC
755,038
1,661
$
4,142
Home
Furnishings
-
2
.52
%
Haier
Smart
Home
Co
Ltd
(d)
313,600
1,094
Howden
Joinery
Group
PLC
125,145
1,415
JS
Global
Lifestyle
Co
Ltd
(f)
266,000
749
Midea
Group
Co
Ltd
57,299
631
Sony
Group
Corp
39,300
3,811
$
7,700
Insurance
-
4
.83
%
AIA
Group
Ltd
349,200
4,332
Allianz
SE
8,138
2,031
AXA
SA
82,575
2,097
Brookfield
Asset
Management
Reinsurance
Partners
Ltd
(d)
570
30
Fairfax
Financial
Holdings
Ltd
2,400
1,052
ICICI
Lombard
General
Insurance
Co
Ltd
(f)
41,844
883
Legal
&
General
Group
PLC
304,960
1,088
Prudential
PLC
97,074
1,847
Sampo
Oyj
30,292
1,393
$
14,753
Internet
-
3
.22
%
NCSoft
Corp
1,123
817
Shopify
Inc
(d)
1,790
2,615
Tencent
Holdings
Ltd
74,493
5,609
Trip.com
Group
Ltd
(d)
22,250
791
$
9,832
Iron
&
Steel
-
0
.65
%
Vale
SA
87,300
1,984
Leisure
Products
&
Services
-
0
.41
%
Shimano
Inc
5,300
1,261
Machinery
-
Construction
&
Mining
-
0
.58
%
Siemens
Energy
AG
(d)
58,815
1,772
Machinery
-
Diversified
-
2
.33
%
Daifuku
Co
Ltd
9,000
817
Ebara
Corp
44,100
2,172
GEA
Group
AG
22,573
915
Keyence
Corp
4,000
2,014
Omron
Corp
15,300
1,211
$
7,129
Mining
-
2
.69
%
Anglo
American
PLC
50,375
2,005
Antofagasta
PLC
81,847
1,627
Franco-Nevada
Corp
10,283
1,492
Rio
Tinto
Ltd
32,678
3,098
$
8,222
Miscellaneous
Manufacturers
-
1
.69
%
JSR
Corp
27,900
848
Pidilite
Industries
Ltd
30,656
889
Siemens
AG
14,947
2,373
Trelleborg
AB
45,821
1,065
$
5,175
Oil
&
Gas
-
3
.92
%
BP
PLC
501,590
2,200
LUKOIL
PJSC
ADR
18,208
1,690
Lundin
Energy
AB
(e)
24,894
882
Neste
Oyj
45,187
2,772
Parkland
Corp/Canada
20,600
666
Reliance
Industries
Ltd
63,309
1,800
Suncor
Energy
Inc
82,100
1,966
$
11,976
Pharmaceuticals
-
4
.29
%
AstraZeneca
PLC
33,123
3,979
Novo
Nordisk
A/S
42,381
3,548
Roche
Holding
AG
14,804
5,579
$
13,106
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pipelines
-
0
.29
%
Pembina
Pipeline
Corp
(e)
27,700
$
880
Private
Equity
-
3
.01
%
3i
Group
PLC
207,814
3,372
Brookfield
Asset
Management
Inc
82,769
4,223
Intermediate
Capital
Group
PLC
54,440
1,601
$
9,196
Real
Estate
-
1
.41
%
A-Living
Smart
City
Services
Co
Ltd
(f)
291,750
1,448
Shimao
Services
Holdings
Ltd
(f)
308,000
1,062
Sun
Hung
Kai
Properties
Ltd
85,000
1,263
Tokyo
Tatemono
Co
Ltd
37,900
541
$
4,314
REITs
-
0
.18
%
Keppel
DC
REIT
296,700
550
Retail
-
3
.39
%
Alimentation
Couche-Tard
Inc
37,546
1,380
Home
Product
Center
PCL
1,333,500
600
JD
Sports
Fashion
PLC
158,679
2,019
Li
Ning
Co
Ltd
194,500
2,373
Magazine
Luiza
SA
172,800
735
Pan
Pacific
International
Holdings
Corp
44,700
929
Wal-Mart
de
Mexico
SAB
de
CV
709,722
2,318
$
10,354
Semiconductors
-
8
.62
%
Advantest
Corp
16,700
1,499
ASM
International
NV
3,600
1,187
ASML
Holding
NV
9,181
6,338
MediaTek
Inc
54,000
1,862
Samsung
Electronics
Co
Ltd
103,620
7,418
Taiwan
Semiconductor
Manufacturing
Co
Ltd
373,140
8,037
$
26,341
Software
-
0
.91
%
Capcom
Co
Ltd
32,000
935
DeNA
Co
Ltd
28,400
605
Mixi
Inc
20,000
528
NetEase
Inc
31,700
729
$
2,797
Telecommunications
-
2
.09
%
Deutsche
Telekom
AG
60,757
1,285
Nice
Ltd
ADR
(d)
2,724
674
Nippon
Telegraph
&
Telephone
Corp
74,700
1,953
SoftBank
Group
Corp
35,700
2,490
$
6,402
Toys,
Games
&
Hobbies
-
1
.21
%
Nintendo
Co
Ltd
6,400
3,704
Transportation
-
1
.38
%
Canadian
National
Railway
Co
21,128
2,229
Deutsche
Post
AG
29,453
2,006
$
4,235
TOTAL
COMMON
STOCKS
$
302,711
Total
Investments
$
312,116
Other
Assets
and
Liabilities
- (2.09)%
(
6,385
)
TOTAL
NET
ASSETS
-
100.00%
$
305,731
(a)
Current
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
$5,949
or
1.95%
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
$5,508
or
1.80%
of
net
assets.
Schedule
of
Investments
Diversified
International
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
127
(f)
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
$6,995
or
2.29%
of
net
assets.
Portfolio
Summary (unaudited)
Location
Percent
Japan
15
.64
%
United
Kingdom
9
.20
%
Canada
7
.33
%
Switzerland
7
.08
%
France
6
.08
%
China
6
.01
%
Germany
5
.70
%
India
5
.53
%
Korea,
Republic
Of
4
.15
%
Taiwan
3
.83
%
Netherlands
3
.73
%
Denmark
3
.08
%
United
States
3
.08
%
Italy
3
.05
%
Hong
Kong
2
.64
%
Ireland
2
.28
%
Singapore
1
.57
%
Australia
1
.56
%
Finland
1
.37
%
Sweden
1
.30
%
Spain
1
.18
%
Mexico
1
.13
%
Brazil
0
.89
%
Indonesia
0
.82
%
Israel
0
.60
%
Cyprus
0
.60
%
Russian
Federation
0
.55
%
Chile
0
.53
%
Norway
0
.45
%
Thailand
0
.38
%
Poland
0
.25
%
Hungary
0
.25
%
Panama
0
.25
%
Other
Assets
and
Liabilities
(
2
.09
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
1,712
$
76,341
$
70,197
$
7,856
$
1,712
$
76,341
$
70,197
$
7,856
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Equity
Income
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
128
INVESTMENT
COMPANIES
-
2
.02
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2
.02
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(a),(b)
3,048,890
$
3,049
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(c),(d)
11,572,037
11,572
$
14,621
TOTAL
INVESTMENT
COMPANIES
$
14,621
COMMON
STOCKS
-
97
.92
%
Shares
Held
Value
(000's)
Apparel
-
1
.93
%
NIKE
Inc
90,776
$
14,024
Automobile
Manufacturers
-
2
.31
%
PACCAR
Inc
187,873
16,768
Automobile
Parts
&
Equipment
-
2
.48
%
Magna
International
Inc
193,933
17,966
Banks
-
9
.53
%
Bank
of
America
Corp
166,375
6,860
First
Republic
Bank/CA
88,452
16,555
JPMorgan
Chase
&
Co
119,924
18,653
Morgan
Stanley
126,896
11,635
PNC
Financial
Services
Group
Inc/The
80,661
15,387
$
69,090
Beverages
-
1
.82
%
Coca-Cola
Co/The
244,078
13,207
Biotechnology
-
1
.83
%
Corteva
Inc
299,228
13,271
Chemicals
-
2
.67
%
Air
Products
and
Chemicals
Inc
35,231
10,135
PPG
Industries
Inc
54,167
9,196
$
19,331
Computers
-
1
.71
%
Apple
Inc
90,726
12,426
Diversified
Financial
Services
-
5
.30
%
BlackRock
Inc
26,123
22,857
Discover
Financial
Services
131,619
15,569
$
38,426
Electric
-
4
.92
%
Eversource
Energy
82,953
6,656
NextEra
Energy
Inc
140,589
10,303
Sempra
Energy
31,765
4,208
WEC
Energy
Group
Inc
81,173
7,220
Xcel
Energy
Inc
111,206
7,326
$
35,713
Electronics
-
0
.93
%
Honeywell
International
Inc
30,725
6,740
Food
-
3
.06
%
Hormel
Foods
Corp
271,221
12,951
Tyson
Foods
Inc
125,115
9,228
$
22,179
Healthcare
-
Products
-
4
.61
%
Abbott
Laboratories
150,615
17,461
Medtronic
PLC
128,680
15,973
$
33,434
Insurance
-
3
.64
%
Chubb
Ltd
67,745
10,768
Fidelity
National
Financial
Inc
209,915
9,123
Swiss
Re
AG
ADR
(e)
289,659
6,546
$
26,437
Machinery
-
Construction
&
Mining
-
0
.50
%
Caterpillar
Inc
16,603
3,613
Machinery
-
Diversified
-
2
.31
%
Deere
&
Co
47,412
16,723
Media
-
2
.00
%
Cable
One
Inc
3,792
7,253
Comcast
Corp
-
Class
A
126,779
7,229
$
14,482
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Miscellaneous
Manufacturers
-
4
.31
%
Parker-Hannifin
Corp
61,517
$
18,892
Trane
Technologies
PLC
67,237
12,381
$
31,273
Oil
&
Gas
-
4
.03
%
Chevron
Corp
85,397
8,945
EOG
Resources
Inc
125,820
10,498
Marathon
Petroleum
Corp
161,415
9,753
$
29,196
Pharmaceuticals
-
8
.57
%
Becton
Dickinson
and
Co
52,200
12,695
Merck
&
Co
Inc
188,482
14,658
Novartis
AG
ADR
107,237
9,784
Organon
&
Co
(d)
17,968
544
Pfizer
Inc
198,115
7,758
Roche
Holding
AG
ADR
356,069
16,732
$
62,171
Pipelines
-
1
.20
%
Enterprise
Products
Partners
LP
359,673
8,679
Private
Equity
-
2
.94
%
KKR
&
Co
Inc
359,880
21,319
REITs
-
4
.27
%
Alexandria
Real
Estate
Equities
Inc
63,131
11,486
Digital
Realty
Trust
Inc
80,529
12,116
Realty
Income
Corp
110,248
7,358
$
30,960
Retail
-
3
.83
%
Costco
Wholesale
Corp
29,145
11,532
Starbucks
Corp
85,324
9,540
Target
Corp
27,875
6,738
$
27,810
Semiconductors
-
3
.96
%
Microchip
Technology
Inc
95,024
14,229
Taiwan
Semiconductor
Manufacturing
Co
Ltd
ADR
120,729
14,507
$
28,736
Software
-
4
.95
%
Activision
Blizzard
Inc
99,828
9,528
Fidelity
National
Information
Services
Inc
60,676
8,596
Microsoft
Corp
38,801
10,511
SAP
SE
ADR
51,652
7,255
$
35,890
Telecommunications
-
4
.68
%
BCE
Inc
(e)
350,302
17,277
Verizon
Communications
Inc
297,186
16,651
$
33,928
Toys,
Games
&
Hobbies
-
1
.01
%
Hasbro
Inc
77,498
7,325
Transportation
-
2
.62
%
Expeditors
International
of
Washington
Inc
58,923
7,459
Union
Pacific
Corp
52,525
11,552
$
19,011
TOTAL
COMMON
STOCKS
$
710,128
Total
Investments
$
724,749
Other
Assets
and
Liabilities
- 0.06%
468
TOTAL
NET
ASSETS
-
100.00%
$
725,217
(a)
Current
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
$3,049
or
0.42%
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
Schedule
of
Investments
Equity
Income
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
129
(e)
Security
or
a
portion
of
the
security
was
on
loan. At
the
end
of
the
period,
the
value
of
these
securities
totaled
$2,989
or
0.41%
of
net
assets.
Portfolio
Summary (unaudited)
Sector
Percent
Financial
25
.68
%
Consumer,
Non-cyclical
19
.89
%
Consumer,
Cyclical
11
.56
%
Industrial
10
.67
%
Technology
10
.62
%
Communications
6
.68
%
Energy
5
.23
%
Utilities
4
.92
%
Basic
Materials
2
.67
%
Money
Market
Funds
2
.02
%
Other
Assets
and
Liabilities
0
.06
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
15,730
$
145,136
$
149,294
$
11,572
$
15,730
$
145,136
$
149,294
$
11,572
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Government
&
High
Quality
Bond
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
130
INVESTMENT
COMPANIES
-
10.10%
Shares
Held
Value
(000's)
Money
Market
Funds
-
10.10%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
19,110,762
$
19,111
TOTAL
INVESTMENT
COMPANIES
$
19,111
BONDS
-
19.67%
Principal
Amount
(000's)
Value
(000's)
Automobile
Asset
Backed
Securities
-
7.34%
AmeriCredit
Automobile
Receivables
Trust
2020-3
0.42%,
03/18/2024
$
932
$
932
AmeriCredit
Automobile
Receivables
Trust
2021-1
0.28%,
06/18/2024
1,595
1,596
BMW
Vehicle
Lease
Trust
2021-1
0.20%,
03/27/2023
1,000
1,000
Carmax
Auto
Owner
Trust
2021-1
0.22%,
02/15/2024
1,315
1,316
Ford
Credit
Auto
Owner
Trust
2020-C
0.25%,
09/15/2023
1,204
1,205
Hyundai
Auto
Lease
Securitization
Trust
2021-A
0.25%,
04/17/2023
(d)
810
811
Santander
Consumer
Auto
Receivables
Trust
2021-A
0.23%,
11/15/2023
(d)
806
806
Santander
Drive
Auto
Receivables
Trust
2020-4
0.42%,
09/15/2023
792
793
Santander
Drive
Auto
Receivables
Trust
2021-1
0.29%,
11/15/2023
1,261
1,261
Santander
Drive
Auto
Receivables
Trust
2021-2
0.28%,
04/15/2024
1,000
1,000
Santander
Retail
Auto
Lease
Trust
2017-A
0.53%,
01/22/2024
(d)
1,535
1,534
Santander
Retail
Auto
Lease
Trust
2020-B
0.42%,
11/20/2023
(d)
1,631
1,633
$
13,887
Commercial
Mortgage
Backed
Securities
-
2.58%
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2.37%,
05/25/2022
1,096
1,112
Ginnie
Mae
0.28%,
02/16/2055
(e),(f)
12,266
70
0.54%,
04/16/2047
(e),(f)
7,209
137
0.55%,
11/16/2052
(e),(f)
7,608
147
0.56%,
03/16/2060
(e),(f)
2,776
141
0.61%,
09/16/2053
(e),(f)
5,345
101
2.60%,
05/16/2059
427
441
2.60%,
03/16/2060
715
739
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2011-C5
5.61%,
08/15/2046
(d),(f)
2,000
2,004
$
4,892
Credit
Card
Asset
Backed
Securities
-
0.97%
Barclays
Dryrock
Issuance
Trust
0.40%,
07/15/2024
1,830
1,831
1.00
x
1
Month
USD
LIBOR
+
0.33%
Mortgage
Backed
Securities
-
8.27%
EverBank
Mortgage
Loan
Trust
18-1
3.50%,
02/25/2048
(d),(f)
207
210
Fannie
Mae
Grantor
Trust
2005-T1
0.44%,
05/25/2035
147
148
1.00
x
1
Month
USD
LIBOR
+
0.35%
Fannie
Mae
Interest
Strip
3.50%,
12/25/2043
(e),(f)
936
114
Fannie
Mae
REMICS
1.70%,
06/25/2045
(e)
2,365
129
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.00%
3.00%,
10/25/2040
(e)
1,330
44
3.00%,
04/25/2042
297
302
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Fannie
Mae
REMICS
(continued)
3.00%,
05/25/2048
$
122
$
127
3.00%,
01/25/2051
(e)
2,620
355
3.50%,
01/25/2040
(e)
585
19
4.00%,
12/25/2039
(e)
236
5
4.50%,
04/25/2045
(e)
1,908
324
7.00%,
04/25/2032
76
89
Freddie
Mac
REMICS
1.50%,
04/15/2028
561
571
1.89%,
05/15/2038
(e)
2,015
98
1.00
x
12
Month
Treasury
Average
Index
+
0.00%
3.00%,
11/15/2030
(e)
465
7
3.00%,
11/15/2035
950
977
3.00%,
10/15/2041
280
285
3.00%,
04/15/2046
161
174
3.50%,
03/15/2029
265
266
3.50%,
08/15/2040
(e)
779
34
3.50%,
09/15/2043
83
83
Ginnie
Mae
2.00%,
12/20/2050
(e)
4,574
524
2.50%,
10/20/2050
(e)
3,053
375
2.50%,
12/20/2050
(e)
1,923
255
2.50%,
01/20/2051
(e)
4,449
564
3.00%,
07/20/2050
(e)
1,819
215
3.00%,
08/20/2050
(e)
3,425
401
3.00%,
09/20/2050
(e)
3,145
373
3.00%,
09/20/2050
(e)
3,642
472
3.00%,
10/20/2050
(e)
2,254
246
3.00%,
11/20/2050
(e)
4,540
564
3.00%,
11/20/2050
(e)
2,869
344
3.00%,
12/20/2050
(e)
1,764
204
3.00%,
01/20/2051
(e)
3,354
406
3.50%,
10/20/2044
(e)
3,589
348
3.50%,
10/20/2049
(e)
2,925
370
4.00%,
02/20/2044
(e)
1,773
139
4.00%,
04/20/2044
(e)
977
81
4.00%,
01/20/2046
(e)
850
67
6.01%,
06/20/2046
(e)
476
106
(1.00)
x
1
Month
USD
LIBOR
+
6.10%
6.05%,
12/20/2043
(e)
1,060
232
(1.00)
x
1
Month
USD
LIBOR
+
6.14%
JP
Morgan
Mortgage
Trust
2016-4
3.50%,
10/25/2046
(d),(f)
248
253
JP
Morgan
Mortgage
Trust
2017-3
3.79%,
08/25/2047
(d),(f)
539
555
JP
Morgan
Mortgage
Trust
2018-8
4.00%,
01/25/2049
(d),(f)
149
150
JP
Morgan
Mortgage
Trust
2019-9
3.50%,
05/25/2050
(d),(f)
791
793
New
Residential
Mortgage
Loan
Trust
2014-1
5.00%,
01/25/2054
(d),(f)
1,203
1,295
New
Residential
Mortgage
Loan
Trust
2015-2
5.49%,
08/25/2055
(d),(f)
961
1,036
Sequoia
Mortgage
Trust
2013-2
3.65%,
02/25/2043
(f)
336
343
Sequoia
Mortgage
Trust
2017-3
3.77%,
04/25/2047
(d),(f)
448
459
Sequoia
Mortgage
Trust
2018-5
3.50%,
05/25/2048
(d),(f)
110
112
$
15,643
Other
Asset
Backed
Securities
-
0.51%
Chase
Funding
Trust
Series
2004-1
0.55%,
12/25/2033
84
81
1.00
x
1
Month
USD
LIBOR
+
0.46%
Schedule
of
Investments
Government
&
High
Quality
Bond
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
131
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
Towd
Point
Mortgage
Trust
4.25%,
10/25/2053
(d),(f)
$
550
$
582
Verizon
Owner
Trust
2018-A
3.23%,
04/20/2023
306
308
$
971
TOTAL
BONDS
$
37,224
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
99.45%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
7.34%
2.00%,
10/01/2031
$
426
$
441
2.48%,
09/01/2032
7
7
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.23%
2.50%,
02/01/2028
363
381
3.00%,
02/01/2027
126
133
3.00%,
01/01/2031
347
368
3.00%,
01/01/2033
654
699
3.00%,
03/01/2037
244
256
3.00%,
08/01/2042
388
410
3.00%,
10/01/2042
334
355
3.00%,
10/01/2042
682
726
3.00%,
05/01/2043
473
505
3.00%,
10/01/2046
594
639
3.50%,
02/01/2032
634
676
3.50%,
04/01/2042
849
918
3.50%,
05/01/2042
386
418
3.50%,
07/01/2042
1,320
1,431
3.50%,
02/01/2044
524
566
4.00%,
07/01/2042
567
632
4.00%,
01/01/2043
630
693
4.00%,
06/01/2043
679
742
4.00%,
10/01/2045
791
881
4.50%,
11/01/2043
564
634
5.00%,
10/01/2025
56
61
5.00%,
02/01/2033
92
104
5.00%,
06/01/2033
112
124
5.00%,
01/01/2034
302
345
5.00%,
07/01/2035
62
71
5.00%,
07/01/2035
6
7
5.00%,
07/01/2035
14
16
5.00%,
10/01/2035
25
28
5.50%,
03/01/2033
68
78
5.50%,
04/01/2038
3
3
5.50%,
05/01/2038
16
18
6.00%,
12/01/2023
1
1
6.00%,
05/01/2031
8
10
6.00%,
12/01/2031
8
9
6.00%,
11/01/2033
30
34
6.00%,
09/01/2034
32
38
6.00%,
02/01/2035
19
22
6.00%,
10/01/2036
31
36
6.00%,
03/01/2037
29
34
6.00%,
01/01/2038
55
65
6.00%,
01/01/2038
7
8
6.00%,
04/01/2038
19
21
6.50%,
12/01/2021
1
1
6.50%,
04/01/2022
1
1
6.50%,
05/01/2023
3
3
6.50%,
04/01/2024
1
1
6.50%,
04/01/2026
1
1
6.50%,
05/01/2026
2
2
6.50%,
05/01/2026
1
1
6.50%,
01/01/2028
2
2
6.50%,
03/01/2028
1
2
6.50%,
10/01/2028
9
10
6.50%,
11/01/2028
2
3
6.50%,
12/01/2028
5
5
6.50%,
03/01/2029
2
2
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
6.50%,
07/01/2031
$
17
$
19
6.50%,
08/01/2031
4
5
6.50%,
10/01/2031
7
8
6.50%,
10/01/2031
5
6
6.50%,
12/01/2031
8
9
6.50%,
02/01/2032
8
10
6.50%,
05/01/2032
21
24
6.50%,
04/01/2035
4
5
7.00%,
12/01/2023
1
1
7.00%,
01/01/2024
1
1
7.00%,
09/01/2027
2
2
7.00%,
01/01/2028
15
17
7.00%,
04/01/2028
10
11
7.00%,
05/01/2028
1
2
7.00%,
10/01/2031
4
4
7.00%,
10/01/2031
8
10
7.00%,
04/01/2032
30
36
7.50%,
10/01/2030
5
7
7.50%,
02/01/2031
1
1
7.50%,
02/01/2031
6
7
8.00%,
10/01/2030
12
15
8.50%,
07/01/2029
14
15
$
13,893
Federal
National
Mortgage
Association
(FNMA)
-
0.52%
2.02%,
12/01/2032
10
10
1.00
x
12
Month
USD
LIBOR
+
1.64%
2.08%,
12/01/2033
43
44
1.00
x
12
Month
USD
LIBOR
+
1.69%
3.00%,
04/01/2043
652
699
5.50%,
05/01/2033
12
13
6.00%,
05/01/2037
126
140
6.50%,
08/01/2025
12
12
6.50%,
11/01/2032
12
13
7.00%,
08/01/2028
10
11
7.00%,
12/01/2028
8
9
8.00%,
05/01/2027
4
4
8.50%,
10/01/2027
20
20
$
975
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
53.97%
2.00%,
02/01/2032
275
285
2.00%,
11/01/2035
1,863
1,928
2.00%,
11/01/2035
1,337
1,385
2.00%,
07/01/2036
(g)
5,750
5,931
2.00%,
10/01/2050
967
978
2.00%,
03/01/2051
2,242
2,276
2.00%,
05/01/2051
5,222
5,282
2.00%,
08/01/2051
(g)
600
605
2.50%,
06/01/2027
571
599
2.50%,
08/01/2028
445
468
2.50%,
12/01/2031
565
595
2.50%,
09/01/2032
378
400
2.50%,
08/01/2035
1,691
1,783
2.50%,
10/01/2035
1,822
1,909
2.50%,
04/01/2050
1,445
1,496
2.50%,
06/01/2050
1,490
1,545
2.50%,
08/01/2050
3,632
3,778
2.50%,
08/01/2051
(g)
23,785
24,554
3.00%,
05/01/2029
505
536
3.00%,
08/01/2031
1,004
1,070
3.00%,
12/01/2034
771
810
3.00%,
10/01/2036
439
468
3.00%,
10/01/2042
1,041
1,115
3.00%,
10/01/2046
728
774
3.00%,
08/01/2049
370
387
3.00%,
10/01/2049
945
988
3.00%,
12/01/2049
858
897
3.00%,
01/01/2050
1,331
1,393
Schedule
of
Investments
Government
&
High
Quality
Bond
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
132
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%,
02/01/2050
$
1,191
$
1,245
3.00%,
07/01/2050
1,650
1,723
3.00%,
08/01/2050
1,282
1,339
3.00%,
09/01/2050
1,647
1,732
3.50%,
08/01/2031
509
553
3.50%,
02/01/2033
791
863
3.50%,
09/01/2033
1,107
1,204
3.50%,
06/01/2039
336
360
3.50%,
11/01/2042
849
925
3.50%,
12/01/2042
995
1,089
3.50%,
02/01/2043
365
401
3.50%,
03/01/2045
430
470
3.50%,
03/01/2045
806
867
3.50%,
09/01/2045
577
629
3.50%,
03/01/2047
714
784
3.50%,
11/01/2048
1,529
1,675
3.50%,
03/01/2050
2,351
2,507
4.00%,
01/01/2034
312
340
4.00%,
10/01/2037
470
506
4.00%,
02/01/2041
878
977
4.00%,
02/01/2042
561
624
4.00%,
10/01/2043
195
213
4.00%,
08/01/2044
375
418
4.00%,
10/01/2044
1,083
1,192
4.00%,
11/01/2044
366
408
4.00%,
08/01/2045
568
633
4.00%,
08/01/2046
1,032
1,132
4.00%,
07/01/2047
781
870
4.00%,
10/01/2047
636
705
4.50%,
08/01/2039
1,035
1,164
4.50%,
03/01/2042
280
314
4.50%,
09/01/2043
1,084
1,218
4.50%,
10/01/2043
629
706
4.50%,
11/01/2043
687
772
4.50%,
09/01/2045
469
523
4.50%,
10/01/2045
651
732
4.50%,
11/01/2045
913
1,018
4.50%,
08/01/2048
551
612
4.50%,
12/01/2048
733
811
5.00%,
05/01/2033
743
848
5.00%,
04/01/2035
66
75
5.00%,
04/01/2035
81
93
5.00%,
07/01/2035
3
4
5.00%,
02/01/2038
272
311
5.00%,
02/01/2040
862
996
5.00%,
07/01/2041
680
778
5.50%,
05/01/2024
1
1
5.50%,
06/01/2033
40
46
5.50%,
02/01/2037
3
3
5.50%,
03/01/2038
62
72
6.00%,
06/01/2022
1
2
6.00%,
11/01/2028
10
12
6.00%,
12/01/2031
4
5
6.00%,
01/01/2033
33
39
6.00%,
07/01/2037
79
93
6.00%,
11/01/2037
3
3
6.00%,
12/01/2037
7
8
6.00%,
03/01/2038
44
52
6.50%,
05/01/2024
3
3
6.50%,
09/01/2024
3
3
6.50%,
07/01/2025
7
8
6.50%,
02/01/2026
2
2
6.50%,
05/01/2026
2
2
6.50%,
06/01/2026
1
1
6.50%,
07/01/2028
7
8
6.50%,
03/01/2029
4
4
6.50%,
04/01/2029
4
4
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)
6.50%,
06/01/2031
$
9
$
10
6.50%,
01/01/2032
3
4
6.50%,
04/01/2032
2
3
6.50%,
08/01/2032
7
8
6.50%,
02/01/2033
8
9
6.50%,
12/01/2036
17
19
6.50%,
07/01/2037
10
11
6.50%,
07/01/2037
21
25
6.50%,
02/01/2038
19
23
7.00%,
10/01/2029
7
8
7.00%,
05/01/2031
3
3
7.00%,
11/01/2031
15
17
8.00%,
06/01/2030
1
1
$
102,106
Government
National
Mortgage
Association
(GNMA)
-
21.17%
2.00%,
07/01/2051
7,200
7,333
2.50%,
07/01/2051
13,500
13,970
3.00%,
11/15/2042
504
540
3.00%,
12/15/2042
1,063
1,120
3.00%,
02/15/2043
1,052
1,124
3.00%,
05/15/2043
1,253
1,336
3.00%,
07/20/2045
768
814
3.00%,
07/20/2046
425
449
3.00%,
08/20/2046
931
982
3.00%,
09/20/2046
1,150
1,213
3.00%,
12/20/2046
569
600
3.00%,
02/20/2047
700
735
3.00%,
08/20/2047
448
471
3.50%,
01/15/2043
826
893
3.50%,
05/15/2043
861
931
3.50%,
06/20/2043
550
597
3.50%,
04/20/2045
426
458
3.50%,
06/20/2046
67
72
3.50%,
02/20/2047
632
685
3.50%,
05/20/2047
673
748
3.50%,
11/20/2047
495
548
4.00%,
08/15/2041
607
673
4.00%,
07/20/2047
556
620
4.00%,
01/20/2048
1,942
2,100
4.50%,
07/15/2040
334
378
5.00%,
09/15/2033
3
4
5.00%,
02/15/2034
185
214
5.00%,
09/15/2039
23
26
5.50%,
11/15/2033
20
22
5.50%,
05/20/2035
78
91
6.00%,
04/20/2026
2
2
6.00%,
05/20/2026
2
2
6.00%,
03/20/2028
2
2
6.00%,
06/20/2028
9
11
6.00%,
07/20/2028
5
5
6.00%,
02/20/2029
4
5
6.00%,
03/20/2029
9
10
6.00%,
07/20/2029
9
10
6.00%,
07/20/2033
77
91
6.50%,
12/20/2025
4
4
6.50%,
02/20/2026
3
3
6.50%,
03/20/2031
7
8
6.50%,
04/20/2031
7
8
7.00%,
01/15/2028
1
1
7.00%,
01/15/2028
1
1
7.00%,
01/15/2028
3
3
7.00%,
01/15/2028
1
2
7.00%,
01/15/2028
1
1
7.00%,
03/15/2028
46
48
7.00%,
01/15/2029
9
10
7.00%,
03/15/2029
3
3
7.00%,
05/15/2031
5
6
Schedule
of
Investments
Government
&
High
Quality
Bond
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
133
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
7.00%,
09/15/2031
$
21
$
25
7.00%,
06/15/2032
45
49
7.50%,
09/15/2023
1
1
7.50%,
10/15/2023
1
1
7.50%,
11/15/2023
1
1
8.00%,
07/15/2026
1
1
8.00%,
08/15/2026
1
1
8.00%,
01/15/2027
1
1
$
40,063
U.S.
Treasury
-
2.71%
2.13%,
12/31/2022
2,400
2,470
4.50%,
02/15/2036
1,000
1,373
5.25%,
11/15/2028
1,000
1,283
$
5,126
U.S.
Treasury
Bill
-
13.74%
0.02%,
11/12/2021
(h)
6,000
5,999
0.04%,
10/14/2021
(h)
10,500
10,498
0.04%,
11/26/2021
(h)
9,500
9,498
$
25,995
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
188,158
Total
Investments
$
244,493
Other
Assets
and
Liabilities
- (29.22)%
(55,293)
TOTAL
NET
ASSETS
-
100.00%
$
189,200
(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)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
(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
$12,233
or
6.47%
of
net
assets.
(e)
Security
is
an
Interest
Only
Strip.
(f)
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.
(g)
Security
was
purchased
in
a
"to-be-announced"
("TBA")
transaction.
(h)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
Portfolio
Summary (unaudited)
Sector
Percent
Mortgage
Securities
93.85%
Government
16.45%
Money
Market
Funds
10.10%
Asset
Backed
Securities
8.82%
Other
Assets
and
Liabilities
(29.22)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
17,351
$
68,161
$
66,401
$
19,111
$
17,351
$
68,161
$
66,401
$
19,111
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
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
10
Year
Note;
September
2021
Long
93
$
12,323
$
53
US
5
Year
Note;
September
2021
Short
44
5,431
13
Total
$
66
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
International
Emerging
Markets
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
134
INVESTMENT
COMPANIES
-
1
.12
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.12
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
1,143,587
$
1,144
TOTAL
INVESTMENT
COMPANIES
$
1,144
COMMON
STOCKS
-
98
.79
%
Shares
Held
Value
(000's)
Agriculture
-
0
.40
%
SLC
Agricola
SA
39,400
$
404
Airlines
-
0
.28
%
Copa
Holdings
SA
(b)
3,737
281
Automobile
Manufacturers
-
3
.85
%
Ashok
Leyland
Ltd
421,535
697
Eicher
Motors
Ltd
(b)
18,026
648
Hyundai
Motor
Co
4,756
1,012
Kia
Corp
13,203
1,052
Maruti
Suzuki
India
Ltd
5,063
513
$
3,922
Automobile
Parts
&
Equipment
-
0
.86
%
Fuyao
Glass
Industry
Group
Co
Ltd
(d)
54,400
383
Weichai
Power
Co
Ltd
221,000
491
$
874
Banks
-
8
.21
%
Bank
Rakyat
Indonesia
Persero
Tbk
PT
1,494,200
406
China
Merchants
Bank
Co
Ltd
100,500
856
Grupo
Financiero
Banorte
SAB
de
CV
128,300
826
HDFC
Bank
Ltd
38,587
780
ICICI
Bank
Ltd
(b)
127,871
1,089
Kotak
Mahindra
Bank
Ltd
(b)
13,972
321
OTP
Bank
Nyrt
(b)
9,350
503
PT
Bank
Central
Asia
Tbk
282,300
587
Regional
SAB
de
CV
105,000
622
Sberbank
of
Russia
PJSC
ADR
84,349
1,402
TCS
Group
Holding
PLC
11,048
967
$
8,359
Beverages
-
1
.90
%
Arca
Continental
SAB
de
CV
60,000
347
Kweichow
Moutai
Co
Ltd
2,900
921
Tsingtao
Brewery
Co
Ltd
62,000
667
$
1,935
Building
Materials
-
2
.94
%
Amber
Enterprises
India
Ltd
(b)
12,920
510
Beijing
Oriental
Yuhong
Waterproof
Technology
Co
Ltd
97,471
833
China
Lesso
Group
Holdings
Ltd
374,000
923
China
Resources
Cement
Holdings
Ltd
204,000
194
Voltas
Ltd
38,526
531
$
2,991
Chemicals
-
1
.04
%
Asian
Paints
Ltd
17,213
694
Navin
Fluorine
International
Ltd
7,208
364
$
1,058
Commercial
Services
-
1
.69
%
China
New
Higher
Education
Group
Ltd
(d)
387,000
265
NICE
Information
Service
Co
Ltd
24,308
542
Vamos
Locacao
de
Caminhoes
Maquinas
e
Equipamentos
SA
(b)
80,400
917
$
1,724
Computers
-
1
.89
%
Infosys
Ltd
71,304
1,508
LG
Corp
4,602
419
$
1,927
Consumer
Products
-
0
.65
%
Hindustan
Unilever
Ltd
19,888
662
Cosmetics
&
Personal
Care
-
0
.30
%
Colgate-Palmolive
India
Ltd
13,510
307
Distribution
&
Wholesale
-
0
.48
%
Pop
Mart
International
Group
Ltd
(b),(d)
48,900
485
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
-
3
.48
%
CreditAccess
Grameen
Ltd
(b)
29,925
$
303
Fubon
Financial
Holding
Co
Ltd
289,000
766
Housing
Development
Finance
Corp
Ltd
38,832
1,296
KB
Financial
Group
Inc
15,523
770
Tisco
Financial
Group
PCL
145,400
402
$
3,537
Electrical
Components
&
Equipment
-
1
.56
%
Delta
Electronics
Inc
81,000
880
Frencken
Group
Ltd
505,200
704
$
1,584
Energy
-
Alternate
Sources
-
0
.63
%
Sao
Martinho
SA
88,782
643
Engineering
&
Construction
-
0
.89
%
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
(b)
50,600
542
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
19,665
362
$
904
Food
-
3
.06
%
Bid
Corp
Ltd
(b)
23,720
514
Dino
Polska
SA
(b),(d)
9,141
672
JBS
SA
44,100
259
Nestle
India
Ltd
1,609
382
Tingyi
Cayman
Islands
Holding
Corp
364,000
727
Want
Want
China
Holdings
Ltd
787,000
557
$
3,111
Gas
-
1
.75
%
China
Resources
Gas
Group
Ltd
102,000
611
ENN
Energy
Holdings
Ltd
61,500
1,169
$
1,780
Healthcare
-
Products
-
0
.69
%
Osstem
Implant
Co
Ltd
6,924
699
Healthcare
-
Services
-
1
.94
%
Notre
Dame
Intermedica
Participacoes
SA
24,000
411
Pharmaron
Beijing
Co
Ltd
(d)
44,800
1,193
Rede
D'Or
Sao
Luiz
SA
(d)
26,571
370
$
1,974
Holding
Companies
-
Diversified
-
0
.49
%
Swire
Pacific
Ltd
73,000
495
Home
Furnishings
-
1
.38
%
Haier
Smart
Home
Co
Ltd
(b)
197,200
688
JS
Global
Lifestyle
Co
Ltd
(d)
112,500
317
Midea
Group
Co
Ltd
36,500
402
$
1,407
Insurance
-
3
.99
%
AIA
Group
Ltd
63,000
781
ICICI
Lombard
General
Insurance
Co
Ltd
(d)
19,228
406
ICICI
Prudential
Life
Insurance
Co
Ltd
(d)
36,205
299
Odontoprev
SA
150,500
396
PICC
Property
&
Casualty
Co
Ltd
660,000
577
Ping
An
Insurance
Group
Co
of
China
Ltd
111,500
1,090
Qualitas
Controladora
SAB
de
CV
109,500
513
$
4,062
Internet
-
15
.08
%
Alibaba
Group
Holding
Ltd
(b)
164,192
4,655
Meituan
(b),(d)
51,600
2,129
MercadoLibre
Inc
(b)
303
472
My
EG
Services
Bhd
687,800
295
NCSoft
Corp
834
607
Sea
Ltd
ADR
(b)
2,520
692
Tencent
Holdings
Ltd
77,300
5,820
Trip.com
Group
Ltd
ADR
(b)
19,040
675
$
15,345
Iron
&
Steel
-
2
.85
%
Hunan
Valin
Steel
Co
Ltd
268,996
274
Kumba
Iron
Ore
Ltd
11,874
531
Severstal
PAO
39,553
851
Vale
SA
54,600
1,241
$
2,897
Schedule
of
Investments
International
Emerging
Markets
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
135
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Lodging
-
0
.40
%
Galaxy
Entertainment
Group
Ltd
(b)
51,000
$
408
Metal
Fabrication
&
Hardware
-
0
.83
%
APL
Apollo
Tubes
Ltd
(b)
16,997
373
Astral
Ltd
17,769
476
$
849
Mining
-
1
.94
%
Anglo
American
PLC
16,432
654
Impala
Platinum
Holdings
Ltd
41,281
679
Polymetal
International
PLC
15,272
329
Polyus
PJSC
3,270
316
$
1,978
Miscellaneous
Manufacturers
-
2
.13
%
Elite
Material
Co
Ltd
42,000
328
Escorts
Ltd
12,027
198
Lens
Technology
Co
Ltd
57,300
260
Pidilite
Industries
Ltd
16,031
465
Sunny
Optical
Technology
Group
Co
Ltd
29,200
922
$
2,173
Oil
&
Gas
-
4
.41
%
LUKOIL
PJSC
ADR
12,024
1,116
Petrobras
Distribuidora
SA
114,800
615
Petroleo
Brasileiro
SA
133,900
818
Reliance
Industries
Ltd
68,127
1,937
$
4,486
Packaging
&
Containers
-
0
.26
%
Shandong
Pharmaceutical
Glass
Co
Ltd
49,700
261
Pharmaceuticals
-
0
.30
%
China
Grand
Pharmaceutical
and
Healthcare
Holdings
Ltd
326,000
305
Pipelines
-
0
.59
%
Gaztransport
Et
Technigaz
SA
7,406
599
Real
Estate
-
1
.59
%
A-Living
Smart
City
Services
Co
Ltd
(d)
141,750
704
Shimao
Services
Holdings
Ltd
(d)
265,245
914
$
1,618
Retail
-
4
.94
%
Ace
Hardware
Indonesia
Tbk
PT
3,450,700
298
China
Meidong
Auto
Holdings
Ltd
74,000
403
China
Yongda
Automobiles
Services
Holdings
Ltd
228,500
409
Home
Product
Center
PCL
1,223,300
550
Li
Ning
Co
Ltd
71,000
866
Lojas
Renner
SA
57,388
513
Magazine
Luiza
SA
163,600
696
Via
Varejo
S/A
(b)
121,392
385
Wal-Mart
de
Mexico
SAB
de
CV
279,100
912
$
5,032
Semiconductors
-
17
.78
%
ASE
Technology
Holding
Co
Ltd
121,000
485
ASPEED
Technology
Inc
3,000
216
eMemory
Technology
Inc
(b)
5,500
264
Keystone
Microtech
Corp
25,000
327
MediaTek
Inc
45,000
1,552
Novatek
Microelectronics
Corp
19,400
347
Parade
Technologies
Ltd
5,000
248
Realtek
Semiconductor
Corp
30,000
543
Samsung
Electronics
Co
Ltd
76,779
5,496
SK
Hynix
Inc
12,420
1,402
Taiwan
Semiconductor
Manufacturing
Co
Ltd
335,164
7,219
$
18,099
Shipbuilding
-
0
.20
%
Yangzijiang
Shipbuilding
Holdings
Ltd
189,200
199
Software
-
0
.95
%
NetEase
Inc
41,900
963
Telecommunications
-
0
.19
%
RichWave
Technology
Corp
(b)
11,000
191
TOTAL
COMMON
STOCKS
$
100,528
PREFERRED
STOCKS
-
0
.25
%
Shares
Held
Value
(000's)
Semiconductors
-
0
.25
%
Samsung
Electronics
Co
Ltd
1424.00%
3,931
$
257
TOTAL
PREFERRED
STOCKS
$
257
Total
Investments
$
101,929
Other
Assets
and
Liabilities
- (0.16)%
(
163
)
TOTAL
NET
ASSETS
-
100.00%
$
101,766
(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)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
(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
$8,137
or
8.00%
of
net
assets.
Portfolio
Summary (unaudited)
Location
Percent
China
31
.15
%
India
14
.49
%
Taiwan
12
.89
%
Korea,
Republic
Of
12
.04
%
Brazil
7
.53
%
Mexico
4
.05
%
Russian
Federation
3
.63
%
Hong
Kong
3
.06
%
South
Africa
1
.70
%
United
States
1
.36
%
Indonesia
1
.27
%
Cyprus
1
.27
%
Malaysia
0
.98
%
Thailand
0
.94
%
Singapore
0
.68
%
Poland
0
.66
%
United
Kingdom
0
.64
%
France
0
.59
%
Hungary
0
.49
%
Argentina
0
.46
%
Panama
0
.28
%
Other
Assets
and
Liabilities
(
0
.16
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
International
Emerging
Markets
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
136
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
805
$
11,214
$
10,875
$
1,144
$
805
$
11,214
$
10,875
$
1,144
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—
$
—
$
—
$
��
$
—
$
—
$
—
$
—
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
LargeCap
Growth
Account
I
June
30,
2021
(unaudited)
See
accompanying
notes.
137
INVESTMENT
COMPANIES
-
1
.25
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.19
%
iShares
Russell
1000
Growth
ETF
4,700
$
1,276
Money
Market
Funds
-
1
.06
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(a),(b)
1,112,241
1,112
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(c),(d)
6,067,929
6,068
$
7,180
TOTAL
INVESTMENT
COMPANIES
$
8,456
CONVERTIBLE
PREFERRED
STOCKS
-
1
.92
%
Shares
Held
Value
(000's)
Automobile
Manufacturers
-
1
.77
%
Rivian
Automotive
Series
D
0.00%
(d),(e),(f)
61,168
$
4,286
Rivian
Automotive
Series
E
0.00%
(d),(e),(f)
90,527
6,342
Rivian
Automotive
Series
F
0.00%
(d),(e),(f)
16,672
1,168
Waymo
LLC
Series
A-2
0.00%
(d),(e),(f)
2,489
228
$
12,024
Chemicals
-
0
.03
%
Sila
Nano
Series
F
0.00%
(d),(e),(f)
4,929
203
Software
-
0
.08
%
Magic
Leap
Inc
-
Series
C
0.00%
(d),(e),(f)
5,653
3
Magic
Leap
Inc
-
Series
D
0.00%
(d),(e),(f)
1,903
1
Nuro
-
Series
C
0.00%
(d),(e),(f)
17,442
228
Rappi
Inc
-
Series
E
0.00%
(d),(e),(f)
5,133
307
$
539
Telecommunications
-
0
.04
%
Aurora
Innovation
0.00%
(d),(e),(f)
12,920
254
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
13,020
COMMON
STOCKS
-
97
.09
%
Shares
Held
Value
(000's)
Advertising
-
0
.02
%
Trade
Desk
Inc/The
(d)
1,372
$
106
Aerospace
&
Defense
-
1
.13
%
HEICO
Corp
47
7
HEICO
Corp
-
Class
A
82
10
Howmet
Aerospace
Inc
(d)
92
3
L3Harris
Technologies
Inc
33,872
7,321
Lockheed
Martin
Corp
695
263
Northrop
Grumman
Corp
43
16
Spirit
AeroSystems
Holdings
Inc
97
5
TransDigm
Group
Inc
(d)
47
30
$
7,655
Agriculture
-
0
.02
%
Altria
Group
Inc
3,301
157
Darling
Ingredients
Inc
(d)
27
2
$
159
Airlines
-
0
.01
%
Delta
Air
Lines
Inc
(d)
2,047
89
Apparel
-
0
.38
%
Columbia
Sportswear
Co
7
1
Deckers
Outdoor
Corp
(d)
12
4
Hanesbrands
Inc
664
12
NIKE
Inc
16,127
2,492
Skechers
USA
Inc
(d)
47
2
Tapestry
Inc
(d)
89
4
VF
Corp
667
55
$
2,570
Automobile
Manufacturers
-
0
.25
%
Tesla
Inc
(d)
2,488
1,691
TuSimple
Holdings
Inc
(d),(g)
13
1
$
1,692
Automobile
Parts
&
Equipment
-
0
.58
%
Allison
Transmission
Holdings
Inc
264
10
Aptiv
PLC
(d)
25,063
3,943
QuantumScape
Corp
(d)
265
8
$
3,961
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
-
0
.01
%
Citizens
Financial
Group
Inc
240
$
11
Goldman
Sachs
Group
Inc/The
58
22
Synovus
Financial
Corp
34
1
Western
Alliance
Bancorp
169
16
$
50
Beverages
-
1
.16
%
Boston
Beer
Co
Inc/The
(d)
29
29
Brown-Forman
Corp
-
A
Shares
73
5
Brown-Forman
Corp
-
B
Shares
89,146
6,681
Coca-Cola
Co/The
8,790
476
Monster
Beverage
Corp
(d)
1,105
101
PepsiCo
Inc
3,677
545
$
7,837
Biotechnology
-
0
.78
%
Acceleron
Pharma
Inc
(d)
168
21
Alnylam
Pharmaceuticals
Inc
(d)
375
64
Amgen
Inc
1,517
370
Certara
Inc
(d)
63
2
CureVac
NV
(d)
170
12
Exact
Sciences
Corp
(d)
505
63
Exelixis
Inc
(d)
848
15
Guardant
Health
Inc
(d)
287
36
Horizon
Therapeutics
Plc
(d)
131
12
Illumina
Inc
(d)
468
221
Incyte
Corp
(d)
15,871
1,336
Ionis
Pharmaceuticals
Inc
(d)
413
16
Iovance
Biotherapeutics
Inc
(d)
142
4
Maravai
LifeSciences
Holdings
Inc
(d)
241
10
Mirati
Therapeutics
Inc
(d)
104
17
Moderna
Inc
(d)
1,084
255
Novavax
Inc
(d)
236
50
Regeneron
Pharmaceuticals
Inc
(d)
35
19
Royalty
Pharma
PLC
616
25
Seagen
Inc
(d)
382
60
Ultragenyx
Pharmaceutical
Inc
(d)
153
15
Vertex
Pharmaceuticals
Inc
(d)
13,082
2,638
$
5,261
Building
Materials
-
0
.02
%
Armstrong
World
Industries
Inc
73
8
AZEK
Co
Inc/The
(d)
191
8
Carrier
Global
Corp
1,303
63
Fortune
Brands
Home
&
Security
Inc
112
11
Louisiana-Pacific
Corp
23
2
Trex
Co
Inc
(d)
374
38
$
130
Chemicals
-
1
.45
%
Axalta
Coating
Systems
Ltd
(d)
118
4
Celanese
Corp
131
20
Chemours
Co/The
271
9
Diversey
Holdings
Ltd
(d)
126
2
Dow
Inc
172
11
Ecolab
Inc
702
145
FMC
Corp
104
11
LyondellBasell
Industries
NV
103
11
Olin
Corp
34
2
PPG
Industries
Inc
320
54
RPM
International
Inc
239
21
Sherwin-Williams
Co/The
35,041
9,547
W
R
Grace
&
Co
180
12
Westlake
Chemical
Corp
21
2
$
9,851
Commercial
Services
-
6
.42
%
Affirm
Holdings
Inc
(d),(g)
1,093
74
Automatic
Data
Processing
Inc
1,254
249
Avalara
Inc
(d)
271
44
Booz
Allen
Hamilton
Holding
Corp
440
38
Bright
Horizons
Family
Solutions
Inc
(d)
155
23
Chegg
Inc
(d)
342
28
Cintas
Corp
24,565
9,384
Schedule
of
Investments
LargeCap
Growth
Account
I
June
30,
2021
(unaudited)
See
accompanying
notes.
138
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
CoStar
Group
Inc
(d)
21,990
$
1,821
Equifax
Inc
149
36
Euronet
Worldwide
Inc
(d)
114
15
FleetCor
Technologies
Inc
(d)
60
15
Gartner
Inc
(d)
269
65
Global
Payments
Inc
45,835
8,596
H&R
Block
Inc
468
11
MarketAxess
Holdings
Inc
1,260
584
Moody's
Corp
494
179
Morningstar
Inc
67
17
Paylocity
Holding
Corp
(d)
122
23
PayPal
Holdings
Inc
(d)
67,739
19,745
Robert
Half
International
Inc
308
27
Rollins
Inc
674
23
S&P
Global
Inc
4,983
2,045
Sabre
Corp
(d)
1,016
13
Shift4
Payments
Inc
(d)
137
13
Square
Inc
(d)
1,252
305
StoneCo
Ltd
(d)
657
44
TransUnion
419
46
United
Rentals
Inc
(d)
80
26
Verisk
Analytics
Inc
324
57
WEX
Inc
(d)
95
18
$
43,564
Computers
-
3
.43
%
Accenture
PLC
-
Class
A
1,640
483
Apple
Inc
138,642
18,989
Crowdstrike
Holdings
Inc
(d)
513
129
Dell
Technologies
Inc
(d)
428
43
EPAM
Systems
Inc
(d)
173
88
Fortinet
Inc
(d)
14,072
3,352
Genpact
Ltd
30
1
Globant
SA
(d)
122
27
HP
Inc
1,386
42
McAfee
Corp
113
3
NCR
Corp
(d)
138
6
NetApp
Inc
472
39
Pure
Storage
Inc
(d)
799
16
Zscaler
Inc
(d)
247
53
$
23,271
Consumer
Products
-
0
.02
%
Avery
Dennison
Corp
140
29
Church
&
Dwight
Co
Inc
42
4
Clorox
Co/The
322
58
Kimberly-Clark
Corp
543
73
$
164
Cosmetics
&
Personal
Care
-
1
.47
%
Colgate-Palmolive
Co
1,418
115
Estee
Lauder
Cos
Inc/The
31,080
9,886
$
10,001
Distribution
&
Wholesale
-
0
.05
%
Copart
Inc
(d)
666
88
Fastenal
Co
1,630
85
IAA
Inc
(d)
431
24
Leslie's
Inc
(d)
309
8
Pool
Corp
126
58
SiteOne
Landscape
Supply
Inc
(d)
73
12
WW
Grainger
Inc
123
54
$
329
Diversified
Financial
Services
-
4
.15
%
American
Express
Co
1,329
220
Ameriprise
Financial
Inc
208
52
Apollo
Global
Management
Inc
571
36
Charles
Schwab
Corp/The
18,888
1,375
Credit
Acceptance
Corp
(d)
2
1
Discover
Financial
Services
536
63
LPL
Financial
Holdings
Inc
254
34
Mastercard
Inc
36,890
13,468
Raymond
James
Financial
Inc
20
3
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
(continued)
Rocket
Cos
Inc
(g)
433
$
8
Synchrony
Financial
347
17
T
Rowe
Price
Group
Inc
238
47
Upstart
Holdings
Inc
(d),(g)
39
5
UWM
Holdings
Corp
(g)
65
1
Visa
Inc
51,783
12,108
Western
Union
Co/The
324
7
XP
Inc
(d)
15,969
695
$
28,140
Electric
-
0
.09
%
Brookfield
Renewable
Corp
102
4
NextEra
Energy
Inc
7,746
568
NRG
Energy
Inc
353
14
$
586
Electrical
Components
&
Equipment
-
0
.02
%
Generac
Holdings
Inc
(d)
196
82
Universal
Display
Corp
136
30
$
112
Electronics
-
0
.09
%
Agilent
Technologies
Inc
873
129
Allegion
plc
218
30
Amphenol
Corp
1,330
91
Coherent
Inc
(d)
70
18
Honeywell
International
Inc
481
106
Jabil
Inc
367
21
Keysight
Technologies
Inc
(d)
260
40
Mettler-Toledo
International
Inc
(d)
73
101
Vontier
Corp
292
10
Waters
Corp
(d)
182
63
$
609
Energy
-
Alternate
Sources
-
0
.02
%
Enphase
Energy
Inc
(d)
422
77
Plug
Power
Inc
(d)
1,603
55
$
132
Engineering
&
Construction
-
0
.00
%
frontdoor
Inc
(d)
187
10
TopBuild
Corp
(d)
87
17
$
27
Entertainment
-
0
.40
%
Caesars
Entertainment
Inc
(d)
396
41
Churchill
Downs
Inc
118
23
DraftKings
Inc
(d)
26,415
1,378
Live
Nation
Entertainment
Inc
(d)
14,045
1,231
Madison
Square
Garden
Sports
Corp
(d)
23
4
Penn
National
Gaming
Inc
(d)
31
2
Six
Flags
Entertainment
Corp
(d)
94
4
Vail
Resorts
Inc
(d)
127
40
$
2,723
Environmental
Control
-
0
.00
%
Waste
Management
Inc
215
30
Food
-
0
.04
%
Beyond
Meat
Inc
(d)
160
25
Hershey
Co/The
402
70
Kellogg
Co
358
23
Lamb
Weston
Holdings
Inc
138
11
Pilgrim's
Pride
Corp
(d)
61
1
Sysco
Corp
1,561
122
$
252
Hand
&
Machine
Tools
-
0
.00
%
Lincoln
Electric
Holdings
Inc
183
24
MSA
Safety
Inc
31
5
$
29
Healthcare
-
Products
-
7
.83
%
10X
Genomics
Inc
(d)
267
52
Abbott
Laboratories
2,784
323
ABIOMED
Inc
(d)
143
45
Adaptive
Biotechnologies
Corp
(d)
310
13
Align
Technology
Inc
(d)
253
155
Schedule
of
Investments
LargeCap
Growth
Account
I
June
30,
2021
(unaudited)
See
accompanying
notes.
139
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
(continued)
Avantor
Inc
(d)
71,164
$
2,527
Bio-Techne
Corp
123
55
Bruker
Corp
327
25
Danaher
Corp
19,491
5,230
Edwards
Lifesciences
Corp
(d)
91,372
9,463
Globus
Medical
Inc
(d)
12
1
IDEXX
Laboratories
Inc
(d)
272
172
Insulet
Corp
(d)
211
58
Intuitive
Surgical
Inc
(d)
19,940
18,338
Masimo
Corp
(d)
117
28
Natera
Inc
(d)
233
26
Novocure
Ltd
(d)
328
73
Penumbra
Inc
(d),(g)
108
30
Repligen
Corp
(d)
166
33
ResMed
Inc
415
102
STERIS
PLC
44
9
Stryker
Corp
21,576
5,604
Tandem
Diabetes
Care
Inc
(d)
183
18
Teleflex
Inc
27
11
Thermo
Fisher
Scientific
Inc
21,063
10,625
West
Pharmaceutical
Services
Inc
236
85
$
53,101
Healthcare
-
Services
-
2
.10
%
agilon
health
Inc
(d)
150
6
Amedisys
Inc
(d)
91
22
Anthem
Inc
3,482
1,329
Catalent
Inc
(d)
122
13
Centene
Corp
(d)
20,665
1,507
Charles
River
Laboratories
International
Inc
(d)
149
55
Chemed
Corp
14
7
DaVita
Inc
(d)
157
19
Encompass
Health
Corp
179
14
HCA
Healthcare
Inc
14,472
2,992
Humana
Inc
5,322
2,356
IQVIA
Holdings
Inc
(d)
301
73
Molina
Healthcare
Inc
(d)
29
7
Oak
Street
Health
Inc
(d)
300
18
PPD
Inc
(d)
210
10
Sotera
Health
Co
(d)
250
6
Syneos
Health
Inc
(d)
42
4
UnitedHealth
Group
Inc
14,526
5,817
$
14,255
Home
Builders
-
0
.02
%
DR
Horton
Inc
440
40
NVR
Inc
(d)
7
35
PulteGroup
Inc
244
13
Thor
Industries
Inc
69
8
Toll
Brothers
Inc
145
8
$
104
Home
Furnishings
-
0
.00
%
Tempur
Sealy
International
Inc
582
23
Housewares
-
0
.00
%
Scotts
Miracle-Gro
Co/The
131
25
Insurance
-
0
.03
%
Alleghany
Corp
(d)
4
3
Aon
PLC
423
101
Arch
Capital
Group
Ltd
(d)
297
12
Brown
&
Brown
Inc
47
3
Erie
Indemnity
Co
55
11
Everest
Re
Group
Ltd
28
7
GoHealth
Inc
(d)
131
1
Lemonade
Inc
(d),(g)
12
1
Lincoln
National
Corp
85
5
Markel
Corp
(d)
7
8
Marsh
&
McLennan
Cos
Inc
193
27
RenaissanceRe
Holdings
Ltd
69
10
$
189
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Internet
-
27
.54
%
Airbnb
Inc
(d)
7,180
$
1,100
Alibaba
Group
Holding
Ltd
ADR
(d)
19,706
4,469
Alphabet
Inc
-
A
Shares
(d)
8,883
21,691
Alphabet
Inc
-
C
Shares
(d)
9,679
24,259
Amazon.com
Inc
(d)
12,353
42,496
Anaplan
Inc
(d)
449
24
Booking
Holdings
Inc
(d)
1,361
2,978
CDW
Corp/DE
449
78
Chewy
Inc
(d)
86,914
6,928
Coupang
Inc
(d),(g)
18,022
754
DoorDash
Inc
-
Class
A
(d),(g)
3,042
542
eBay
Inc
2,183
153
Etsy
Inc
(d)
405
83
Expedia
Group
Inc
(d)
452
74
Facebook
Inc
(d)
61,686
21,449
Farfetch
Ltd
(d)
23,777
1,197
FireEye
Inc
(d)
219
4
GoDaddy
Inc
(d)
55
5
IAC/InterActiveCorp
(d)
10,871
1,676
Lyft
Inc
(d)
898
54
Match
Group
Inc
(d)
77,788
12,543
Netflix
Inc
(d)
11,088
5,857
NortonLifeLock
Inc
467
13
Okta
Inc
(d)
397
97
Opendoor
Technologies
Inc
(d),(g)
223
4
Palo
Alto
Networks
Inc
(d)
306
114
Pinterest
Inc
(d)
86,142
6,800
Proofpoint
Inc
(d)
182
32
Roku
Inc
(d)
369
170
Sea
Ltd
ADR
(d)
3,413
937
Shopify
Inc
(d)
7,949
11,614
Snap
Inc
Class
A
(d)
118,008
8,041
Spotify
Technology
SA
(d)
12,993
3,581
Tencent
Holdings
Ltd
ADR
72,682
5,473
TripAdvisor
Inc
(d)
193
8
Twitter
Inc
(d)
262
18
Uber
Technologies
Inc
(d)
4,428
222
Vimeo
Inc
(d)
23,098
1,132
Wayfair
Inc
(d)
134
42
Wix.com
Ltd
(d)
170
49
Zendesk
Inc
(d)
378
55
Zillow
Group
Inc
-
A
Shares
(d)
190
23
Zillow
Group
Inc
-
C
Shares
(d)
525
64
$
186,903
Iron
&
Steel
-
0
.00
%
Steel
Dynamics
Inc
120
7
Leisure
Products
&
Services
-
0
.03
%
Brunswick
Corp/DE
31
3
Peloton
Interactive
Inc
(d)
845
105
Planet
Fitness
Inc
(d)
183
14
Polaris
Inc
128
18
Virgin
Galactic
Holdings
Inc
(d)
423
19
YETI
Holdings
Inc
(d)
273
25
$
184
Lodging
-
0
.05
%
Boyd
Gaming
Corp
(d)
55
4
Choice
Hotels
International
Inc
111
13
Hilton
Worldwide
Holdings
Inc
(d)
588
71
Las
Vegas
Sands
Corp
(d)
1,059
56
Marriott
International
Inc/MD
(d)
871
119
Travel
+
Leisure
Co
180
11
Wyndham
Hotels
&
Resorts
Inc
185
13
Wynn
Resorts
Ltd
(d)
338
41
$
328
Machinery
-
Construction
&
Mining
-
0
.05
%
BWX
Technologies
Inc
229
13
Caterpillar
Inc
1,514
329
Vertiv
Holdings
Co
900
25
$
367
Schedule
of
Investments
LargeCap
Growth
Account
I
June
30,
2021
(unaudited)
See
accompanying
notes.
140
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Machinery
-
Diversified
-
1
.48
%
AGCO
Corp
19
$
3
Cognex
Corp
547
46
Deere
&
Co
903
319
Graco
Inc
333
25
IDEX
Corp
32,303
7,108
Ingersoll
Rand
Inc
(d)
49,461
2,414
Middleby
Corp/The
(d)
53
9
Nordson
Corp
32
7
Rockwell
Automation
Inc
225
64
Toro
Co/The
325
36
Xylem
Inc/NY
377
45
$
10,076
Media
-
0
.06
%
Altice
USA
Inc
(d)
480
17
Cable
One
Inc
10
19
Charter
Communications
Inc
(d)
400
289
FactSet
Research
Systems
Inc
105
35
Nexstar
Media
Group
Inc
9
1
Walt
Disney
Co/The
(d)
296
52
World
Wrestling
Entertainment
Inc
124
7
$
420
Metal
Fabrication
&
Hardware
-
0
.00
%
Advanced
Drainage
Systems
Inc
180
21
Mining
-
0
.01
%
Freeport-McMoRan
Inc
1,374
51
Southern
Copper
Corp
245
16
$
67
Miscellaneous
Manufacturers
-
0
.06
%
3M
Co
271
54
Axon
Enterprise
Inc
(d)
204
36
Carlisle
Cos
Inc
62
12
Donaldson
Co
Inc
49
3
Illinois
Tool
Works
Inc
904
202
Parker-Hannifin
Corp
68
21
Trane
Technologies
PLC
372
68
$
396
Office
&
Business
Equipment
-
0
.01
%
Zebra
Technologies
Corp
(d)
170
90
Oil
&
Gas
-
0
.02
%
Cabot
Oil
&
Gas
Corp
149
2
Cimarex
Energy
Co
64
5
Continental
Resources
Inc/OK
21
1
Diamondback
Energy
Inc
274
26
EOG
Resources
Inc
222
18
Hess
Corp
60
5
Occidental
Petroleum
Corp
343
11
Pioneer
Natural
Resources
Co
308
50
Texas
Pacific
Land
Corp
18
29
$
147
Oil
&
Gas
Services
-
0
.00
%
Halliburton
Co
150
4
Packaging
&
Containers
-
0
.01
%
Ball
Corp
305
25
Crown
Holdings
Inc
47
5
Graphic
Packaging
Holding
Co
254
5
Sealed
Air
Corp
263
15
$
50
Pharmaceuticals
-
4
.23
%
AbbVie
Inc
5,665
638
Becton
Dickinson
and
Co
7,614
1,852
Cardinal
Health
Inc
550
31
Cigna
Corp
25,474
6,039
Dexcom
Inc
(d)
23,034
9,835
Eli
Lilly
&
Co
2,148
493
Herbalife
Nutrition
Ltd
(d)
56
3
McKesson
Corp
74
14
Neurocrine
Biosciences
Inc
(d)
296
29
Sarepta
Therapeutics
Inc
(d)
240
19
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pharmaceuticals
(continued)
Zoetis
Inc
52,355
$
9,757
$
28,710
Pipelines
-
0
.01
%
Cheniere
Energy
Inc
(d)
754
66
New
Fortress
Energy
Inc
84
3
$
69
Private
Equity
-
0
.04
%
Ares
Management
Corp
387
25
Blackstone
Group
Inc/The
2,183
212
$
237
Real
Estate
-
0
.00
%
CBRE
Group
Inc
(d)
56
5
REITs
-
1
.55
%
American
Tower
Corp
1,448
391
Brookfield
Property
REIT
Inc
103
2
CoreSite
Realty
Corp
106
14
Crown
Castle
International
Corp
1,381
269
Equinix
Inc
204
164
Equity
LifeStyle
Properties
Inc
293
22
Extra
Space
Storage
Inc
38
6
Iron
Mountain
Inc
645
27
Lamar
Advertising
Co
241
25
Public
Storage
369
111
SBA
Communications
Corp
29,293
9,336
Simon
Property
Group
Inc
908
119
$
10,486
Retail
-
4
.64
%
AutoZone
Inc
(d)
16
24
Best
Buy
Co
Inc
184
21
Burlington
Stores
Inc
(d)
200
64
CarMax
Inc
(d)
43
6
Carvana
Co
(d)
8,436
2,547
Chipotle
Mexican
Grill
Inc
(d)
1,219
1,890
Costco
Wholesale
Corp
17,386
6,879
Darden
Restaurants
Inc
282
41
Dollar
General
Corp
15,853
3,430
Domino's
Pizza
Inc
85
40
Five
Below
Inc
(d)
177
34
Floor
&
Decor
Holdings
Inc
(d)
325
34
Freshpet
Inc
(d)
130
21
GameStop
Corp
(d),(g)
189
40
Home
Depot
Inc/The
3,448
1,100
L
Brands
Inc
435
31
Lithia
Motors
Inc
8
3
Lowe's
Cos
Inc
2,302
447
Lululemon
Athletica
Inc
(d)
22,926
8,367
McDonald's
Corp
426
98
Nordstrom
Inc
(d)
298
11
O'Reilly
Automotive
Inc
(d)
68
38
Petco
Health
&
Wellness
Co
Inc
(d)
23
1
RH
(d)
54
37
Ross
Stores
Inc
42,141
5,225
Starbucks
Corp
3,778
422
Target
Corp
714
173
TJX
Cos
Inc/The
3,866
261
Tractor
Supply
Co
369
69
Ulta
Beauty
Inc
(d)
172
59
Vroom
Inc
(d),(g)
93
4
Wendy's
Co/The
560
13
Williams-Sonoma
Inc
182
29
Yum
China
Holdings
Inc
105
7
Yum!
Brands
Inc
77
9
$
31,475
Savings
&
Loans
-
0
.00
%
Sterling
Bancorp/DE
48
1
Schedule
of
Investments
LargeCap
Growth
Account
I
June
30,
2021
(unaudited)
See
accompanying
notes.
141
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
-
3
.33
%
Advanced
Micro
Devices
Inc
(d)
22,052
$
2,071
Allegro
MicroSystems
Inc
(d)
164
5
Analog
Devices
Inc
173
30
Applied
Materials
Inc
2,936
418
ASML
Holding
NV
-
NY
Reg
Shares
7,729
5,340
Broadcom
Inc
1,280
610
Brooks
Automation
Inc
193
18
Entegris
Inc
431
53
IPG
Photonics
Corp
(d)
9
2
KLA
Corp
492
160
Lam
Research
Corp
457
297
Maxim
Integrated
Products
Inc
812
86
Microchip
Technology
Inc
673
101
Micron
Technology
Inc
(d)
495
42
MKS
Instruments
Inc
149
27
Monolithic
Power
Systems
Inc
143
53
NVIDIA
Corp
1,919
1,535
NXP
Semiconductors
NV
51,566
10,608
ON
Semiconductor
Corp
(d)
733
28
QUALCOMM
Inc
3,618
517
Skyworks
Solutions
Inc
249
48
Teradyne
Inc
533
71
Texas
Instruments
Inc
1,836
353
Xilinx
Inc
788
114
$
22,587
Software
-
21
.70
%
Adobe
Inc
(d)
20,205
11,833
Alteryx
Inc
(d)
188
16
ANSYS
Inc
(d)
117
41
Aspen
Technology
Inc
(d)
217
30
Atlassian
Corp
PLC
(d)
424
109
Autodesk
Inc
(d)
36,827
10,750
Bentley
Systems
Inc
431
28
Bill.com
Holdings
Inc
(d)
240
44
Broadridge
Financial
Solutions
Inc
337
54
C3.ai
Inc
(d),(g)
16
1
Cadence
Design
Systems
Inc
(d)
881
121
CDK
Global
Inc
58
3
Citrix
Systems
Inc
141
17
Cloudflare
Inc
(d)
759
80
Coupa
Software
Inc
(d)
234
61
Datadog
Inc
(d)
725
75
DocuSign
Inc
(d)
611
171
DoubleVerify
Holdings
Inc
(d)
48
2
Dropbox
Inc
-
A
Shares
(d)
976
30
Duck
Creek
Technologies
Inc
(d)
52
2
Dynatrace
Inc
(d)
555
32
Elastic
NV
(d)
215
31
Electronic
Arts
Inc
61,894
8,902
Everbridge
Inc
(d)
117
16
Fair
Isaac
Corp
(d)
90
45
Fidelity
National
Information
Services
Inc
10,274
1,456
Fiserv
Inc
(d)
131
14
Five9
Inc
(d)
213
39
HubSpot
Inc
(d)
142
83
Intuit
Inc
42,972
21,063
Jack
Henry
&
Associates
Inc
62
10
Jamf
Holding
Corp
(d)
143
5
Manhattan
Associates
Inc
(d)
109
16
Medallia
Inc
(d)
182
6
Microsoft
Corp
165,769
44,906
MongoDB
Inc
(d)
4,698
1,699
MSCI
Inc
183
98
nCino
Inc
(d)
150
9
New
Relic
Inc
(d)
175
12
Nuance
Communications
Inc
(d)
346
19
Nutanix
Inc
(d)
610
23
Oracle
Corp
5,203
405
Palantir
Technologies
Inc
(d)
5,204
137
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Paychex
Inc
899
$
96
Paycom
Software
Inc
(d)
161
59
Pegasystems
Inc
122
17
Playtika
Holding
Corp
(d)
243
6
PTC
Inc
(d)
337
48
RingCentral
Inc
(d)
256
74
Roper
Technologies
Inc
16,523
7,769
salesforce.com
Inc
(d)
23,517
5,745
ServiceNow
Inc
(d)
23,128
12,710
Skillz
Inc
(d)
943
20
Slack
Technologies
Inc
(d)
1,588
70
Smartsheet
Inc
(d)
384
28
Snowflake
Inc
-
Class
A
(d)
1,721
416
Splunk
Inc
(d)
18,279
2,643
Stripe
Inc
-
Class
B
(d),(e),(f)
5,754
231
Synopsys
Inc
(d)
8,966
2,472
Take-Two
Interactive
Software
Inc
(d)
73
13
Teradata
Corp
(d)
297
15
Twilio
Inc
(d)
146
58
Tyler
Technologies
Inc
(d)
112
51
UIPATH
Inc
-
Class
A
(d),(f)
22,262
1,512
Unity
Software
Inc
(d)
471
52
Veeva
Systems
Inc
(d)
24,162
7,513
VMware
Inc
(d),(g)
96
15
Workday
Inc
(d)
3,912
934
Zoom
Video
Communications
Inc
(d)
5,687
2,201
Zynga
Inc
(d)
1,523
16
$
147,278
Telecommunications
-
0
.02
%
Arista
Networks
Inc
(d)
172
62
CommScope
Holding
Co
Inc
(d)
642
13
Corning
Inc
824
34
Switch
Inc
367
8
Ubiquiti
Inc
(g)
19
6
$
123
Toys,
Games
&
Hobbies
-
0
.00
%
Mattel
Inc
(d)
1,116
22
Transportation
-
0
.26
%
CH
Robinson
Worldwide
Inc
83
8
Expeditors
International
of
Washington
Inc
392
50
FedEx
Corp
341
102
JB
Hunt
Transport
Services
Inc
239
39
Kansas
City
Southern
77
22
Landstar
System
Inc
105
17
Norfolk
Southern
Corp
2,505
665
Old
Dominion
Freight
Line
Inc
301
76
Union
Pacific
Corp
1,346
296
United
Parcel
Service
Inc
2,320
482
XPO
Logistics
Inc
(d)
253
35
$
1,792
TOTAL
COMMON
STOCKS
$
658,872
Total
Investments
$
680,348
Other
Assets
and
Liabilities
- (0.26)%
(
1,756
)
TOTAL
NET
ASSETS
-
100.00%
$
678,592
(a)
Current
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
$1,112
or
0.16%
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.
Schedule
of
Investments
LargeCap
Growth
Account
I
June
30,
2021
(unaudited)
See
accompanying
notes.
142
(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
$1,075
or
0.16%
of
net
assets.
Portfolio
Summary (unaudited)
Sector
Percent
Technology
28
.55
%
Communications
27
.68
%
Consumer,
Non-cyclical
24
.07
%
Consumer,
Cyclical
8
.18
%
Financial
5
.78
%
Industrial
3
.12
%
Basic
Materials
1
.49
%
Money
Market
Funds
1
.06
%
Investment
Companies
0
.19
%
Utilities
0
.09
%
Energy
0
.05
%
Other
Assets
and
Liabilities
(
0
.26
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
6,012
$
67,472
$
67,416
$
6,068
$
6,012
$
67,472
$
67,416
$
6,068
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Aurora
Innovation
0.00%
03/01/2019
$
119
$
254
0.04%
Magic
Leap
Inc
-
Series
C
0.00%
01/20/2016
130
3
0.00%
Magic
Leap
Inc
-
Series
D
0.00%
10/12/2017
51
1
0.00%
Nuro
-
Series
C
0.00%
10/30/2020
228
228
0.03%
Rappi
Inc
-
Series
E
0.00%
09/08/2020
307
307
0.05%
Rivian
Automotive
Series
D
0.00%
12/23/2019
657
4,286
0.63%
Rivian
Automotive
Series
E
0.00%
07/10/2020
1,402
6,342
0.94%
Rivian
Automotive
Series
F
0.00%
01/19/2021
615
1,168
0.17%
Sila
Nano
Series
F
0.00%
01/07/2021
203
203
0.03%
Stripe
Inc
-
Class
B
12/17/2019
90
231
0.03%
UIPATH
Inc
-
Class
A
04/21/2021
507
1,512
0.22%
Waymo
LLC
Series
A-2
0.00%
05/08/2020
214
228
0.03%
Total
$
14,763
2.17%
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
S&P
500
Emini;
September
2021
Long
6
$
1,287
$
17
Total
$
17
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
LargeCap
S&P
500
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
143
INVESTMENT
COMPANIES
-
0
.66
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.21
%
iShares
Core
S&P
500
ETF
15,016
$
6,456
Money
Market
Funds
-
0
.45
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
14,151,309
14,151
TOTAL
INVESTMENT
COMPANIES
$
20,607
COMMON
STOCKS
-
99
.53
%
Shares
Held
Value
(000's)
Advertising
-
0
.08
%
Interpublic
Group
of
Cos
Inc/The
33,573
$
1,091
Omnicom
Group
Inc
18,356
1,468
$
2,559
Aerospace
&
Defense
-
1
.54
%
Boeing
Co/The
(b)
46,917
11,240
General
Dynamics
Corp
19,538
3,678
Howmet
Aerospace
Inc
(b)
33,361
1,150
L3Harris
Technologies
Inc
17,495
3,782
Lockheed
Martin
Corp
20,875
7,898
Northrop
Grumman
Corp
12,776
4,643
Raytheon
Technologies
Corp
129,310
11,031
Teledyne
Technologies
Inc
(b)
3,963
1,660
TransDigm
Group
Inc
(b)
4,684
3,032
$
48,114
Agriculture
-
0
.76
%
Altria
Group
Inc
157,948
7,531
Archer-Daniels-Midland
Co
47,683
2,890
Philip
Morris
International
Inc
133,016
13,183
$
23,604
Airlines
-
0
.27
%
Alaska
Air
Group
Inc
(b)
10,624
641
American
Airlines
Group
Inc
(b)
54,740
1,161
Delta
Air
Lines
Inc
(b)
54,592
2,362
Southwest
Airlines
Co
(b)
50,472
2,679
United
Airlines
Holdings
Inc
(b)
27,616
1,444
$
8,287
Apparel
-
0
.72
%
Hanesbrands
Inc
29,795
556
NIKE
Inc
108,813
16,811
PVH
Corp
(b)
6,082
654
Ralph
Lauren
Corp
4,118
485
Tapestry
Inc
(b)
23,799
1,035
Under
Armour
Inc
-
Class
A
(b)
16,098
340
Under
Armour
Inc
-
Class
C
(b)
16,770
311
VF
Corp
27,444
2,252
$
22,444
Automobile
Manufacturers
-
1
.98
%
Cummins
Inc
12,479
3,042
Ford
Motor
Co
(b)
334,629
4,973
General
Motors
Co
(b)
108,953
6,447
PACCAR
Inc
29,628
2,644
Tesla
Inc
(b)
65,774
44,707
$
61,813
Automobile
Parts
&
Equipment
-
0
.15
%
Aptiv
PLC
(b)
23,083
3,632
BorgWarner
Inc
20,470
993
$
4,625
Banks
-
5
.25
%
Bank
of
America
Corp
643,608
26,536
Bank
of
New
York
Mellon
Corp/The
68,857
3,528
Citigroup
Inc
176,418
12,482
Citizens
Financial
Group
Inc
36,351
1,667
Comerica
Inc
11,915
850
Fifth
Third
Bancorp
60,083
2,297
First
Republic
Bank/CA
15,020
2,811
Goldman
Sachs
Group
Inc/The
29,037
11,020
Huntington
Bancshares
Inc/OH
125,928
1,797
JPMorgan
Chase
&
Co
258,359
40,185
KeyCorp
82,831
1,711
M&T
Bank
Corp
10,980
1,596
Morgan
Stanley
127,038
11,648
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Northern
Trust
Corp
17,764
$
2,054
PNC
Financial
Services
Group
Inc/The
36,260
6,917
Regions
Financial
Corp
82,042
1,656
State
Street
Corp
29,683
2,442
SVB
Financial
Group
(b)
4,635
2,579
Truist
Financial
Corp
114,780
6,370
US
Bancorp
115,699
6,591
Wells
Fargo
&
Co
352,789
15,978
Zions
Bancorp
NA
13,983
739
$
163,454
Beverages
-
1
.40
%
Brown-Forman
Corp
-
B
Shares
15,589
1,168
Coca-Cola
Co/The
331,191
17,921
Constellation
Brands
Inc
14,424
3,374
Molson
Coors
Beverage
Co
(b)
16,075
863
Monster
Beverage
Corp
(b)
31,577
2,884
PepsiCo
Inc
117,918
17,472
$
43,682
Biotechnology
-
1
.54
%
Alexion
Pharmaceuticals
Inc
(b)
18,863
3,465
Amgen
Inc
49,038
11,953
Biogen
Inc
(b)
12,850
4,450
Bio-Rad
Laboratories
Inc
(b)
1,839
1,185
Corteva
Inc
62,911
2,790
Gilead
Sciences
Inc
107,042
7,371
Illumina
Inc
(b)
12,460
5,896
Incyte
Corp
(b)
15,954
1,342
Regeneron
Pharmaceuticals
Inc
(b)
8,936
4,991
Vertex
Pharmaceuticals
Inc
(b)
22,095
4,455
$
47,898
Building
Materials
-
0
.44
%
Carrier
Global
Corp
69,716
3,388
Fortune
Brands
Home
&
Security
Inc
11,815
1,177
Johnson
Controls
International
plc
61,171
4,198
Martin
Marietta
Materials
Inc
5,323
1,873
Masco
Corp
21,661
1,276
Vulcan
Materials
Co
11,322
1,971
$
13,883
Chemicals
-
1
.68
%
Air
Products
and
Chemicals
Inc
18,888
5,434
Albemarle
Corp
9,961
1,678
Celanese
Corp
9,613
1,458
CF
Industries
Holdings
Inc
18,308
942
Dow
Inc
63,753
4,034
DuPont
de
Nemours
Inc
45,418
3,516
Eastman
Chemical
Co
11,651
1,360
Ecolab
Inc
21,231
4,373
FMC
Corp
11,001
1,190
International
Flavors
&
Fragrances
Inc
21,244
3,174
Linde
PLC
44,400
12,836
LyondellBasell
Industries
NV
21,972
2,260
Mosaic
Co/The
29,496
941
PPG
Industries
Inc
20,235
3,435
Sherwin-Williams
Co/The
20,429
5,566
$
52,197
Commercial
Services
-
2
.45
%
Automatic
Data
Processing
Inc
36,318
7,213
Cintas
Corp
7,531
2,877
Equifax
Inc
10,387
2,488
FleetCor
Technologies
Inc
(b)
7,113
1,821
Gartner
Inc
(b)
7,347
1,779
Global
Payments
Inc
25,195
4,725
IHS
Markit
Ltd
31,972
3,602
MarketAxess
Holdings
Inc
3,241
1,503
Moody's
Corp
13,740
4,979
Nielsen
Holdings
PLC
30,596
755
PayPal
Holdings
Inc
(b)
100,259
29,223
Quanta
Services
Inc
11,892
1,077
Robert
Half
International
Inc
9,627
857
Schedule
of
Investments
LargeCap
S&P
500
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
144
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
Rollins
Inc
18,900
$
646
S&P
Global
Inc
20,560
8,439
United
Rentals
Inc
(b)
6,177
1,971
Verisk
Analytics
Inc
13,835
2,417
$
76,372
Computers
-
7
.32
%
Accenture
PLC
-
Class
A
54,250
15,992
Apple
Inc
1,338,795
183,361
Cognizant
Technology
Solutions
Corp
45,015
3,118
DXC
Technology
Co
(b)
21,747
847
Fortinet
Inc
(b)
11,569
2,756
Hewlett
Packard
Enterprise
Co
111,457
1,625
HP
Inc
102,525
3,095
International
Business
Machines
Corp
76,259
11,179
Leidos
Holdings
Inc
11,347
1,147
NetApp
Inc
18,998
1,554
Seagate
Technology
Holdings
PLC
16,996
1,495
Western
Digital
Corp
(b)
26,154
1,861
$
228,030
Consumer
Products
-
0
.29
%
Avery
Dennison
Corp
7,084
1,489
Church
&
Dwight
Co
Inc
20,931
1,784
Clorox
Co/The
10,615
1,910
Kimberly-Clark
Corp
28,800
3,853
$
9,036
Cosmetics
&
Personal
Care
-
1
.30
%
Colgate-Palmolive
Co
72,203
5,874
Estee
Lauder
Cos
Inc/The
19,791
6,295
Procter
&
Gamble
Co/The
(d)
208,952
28,194
$
40,363
Distribution
&
Wholesale
-
0
.30
%
Copart
Inc
(b)
17,768
2,342
Fastenal
Co
49,018
2,549
LKQ
Corp
(b)
23,727
1,168
Pool
Corp
3,426
1,572
WW
Grainger
Inc
3,736
1,636
$
9,267
Diversified
Financial
Services
-
4
.06
%
American
Express
Co
55,535
9,176
Ameriprise
Financial
Inc
9,893
2,462
BlackRock
Inc
12,106
10,593
Capital
One
Financial
Corp
38,535
5,961
Cboe
Global
Markets
Inc
9,106
1,084
Charles
Schwab
Corp/The
128,008
9,320
CME
Group
Inc
30,647
6,518
Discover
Financial
Services
26,023
3,078
Franklin
Resources
Inc
23,244
744
Intercontinental
Exchange
Inc
48,030
5,701
Invesco
Ltd
32,294
863
Mastercard
Inc
74,662
27,258
Nasdaq
Inc
9,804
1,724
Raymond
James
Financial
Inc
10,439
1,356
Synchrony
Financial
46,165
2,240
T
Rowe
Price
Group
Inc
19,363
3,833
Visa
Inc
144,392
33,762
Western
Union
Co/The
34,930
802
$
126,475
Electric
-
2
.30
%
AES
Corp/The
56,865
1,483
Alliant
Energy
Corp
21,348
1,190
Ameren
Corp
21,810
1,746
American
Electric
Power
Co
Inc
42,652
3,608
CenterPoint
Energy
Inc
49,543
1,215
CMS
Energy
Corp
24,704
1,460
Consolidated
Edison
Inc
29,258
2,098
Dominion
Energy
Inc
68,834
5,064
DTE
Energy
Co
16,534
2,143
Duke
Energy
Corp
65,650
6,481
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
(continued)
Edison
International
32,383
$
1,872
Entergy
Corp
17,125
1,707
Evergy
Inc
19,567
1,183
Eversource
Energy
29,313
2,352
Exelon
Corp
83,399
3,695
FirstEnergy
Corp
46,420
1,727
NextEra
Energy
Inc
167,403
12,267
NRG
Energy
Inc
20,889
842
Pinnacle
West
Capital
Corp
9,622
789
PPL
Corp
65,668
1,837
Public
Service
Enterprise
Group
Inc
43,108
2,575
Sempra
Energy
26,890
3,562
Southern
Co/The
90,351
5,467
WEC
Energy
Group
Inc
26,921
2,395
Xcel
Energy
Inc
45,934
3,026
$
71,784
Electrical
Components
&
Equipment
-
0
.31
%
AMETEK
Inc
19,708
2,631
Emerson
Electric
Co
51,182
4,926
Generac
Holdings
Inc
(b)
5,373
2,230
$
9,787
Electronics
-
1
.21
%
Agilent
Technologies
Inc
25,900
3,828
Allegion
plc
7,680
1,070
Amphenol
Corp
51,006
3,489
Fortive
Corp
28,892
2,015
Garmin
Ltd
12,791
1,850
Honeywell
International
Inc
59,278
13,003
Keysight
Technologies
Inc
(b)
15,725
2,428
Mettler-Toledo
International
Inc
(b)
1,986
2,751
TE
Connectivity
Ltd
28,185
3,811
Trimble
Inc
(b)
21,419
1,753
Waters
Corp
(b)
5,266
1,820
$
37,818
Energy
-
Alternate
Sources
-
0
.07
%
Enphase
Energy
Inc
(b)
11,581
2,127
Engineering
&
Construction
-
0
.05
%
Jacobs
Engineering
Group
Inc
11,113
1,483
Entertainment
-
0
.12
%
Caesars
Entertainment
Inc
(b)
17,811
1,848
Live
Nation
Entertainment
Inc
(b)
12,330
1,080
Penn
National
Gaming
Inc
(b)
12,677
970
$
3,898
Environmental
Control
-
0
.24
%
Pentair
PLC
14,184
957
Republic
Services
Inc
17,970
1,977
Waste
Management
Inc
33,147
4,644
$
7,578
Food
-
1
.02
%
Campbell
Soup
Co
17,326
790
Conagra
Brands
Inc
40,964
1,490
General
Mills
Inc
52,061
3,172
Hershey
Co/The
12,493
2,176
Hormel
Foods
Corp
24,057
1,149
J
M
Smucker
Co/The
9,352
1,212
Kellogg
Co
21,506
1,383
Kraft
Heinz
Co/The
55,327
2,256
Kroger
Co/The
64,618
2,475
Lamb
Weston
Holdings
Inc
12,484
1,007
McCormick
&
Co
Inc/MD
21,251
1,877
Mondelez
International
Inc
119,890
7,486
Sysco
Corp
43,662
3,395
Tyson
Foods
Inc
25,158
1,856
$
31,724
Forest
Products
&
Paper
-
0
.07
%
International
Paper
Co
33,435
2,050
Schedule
of
Investments
LargeCap
S&P
500
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
145
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Gas
-
0
.06
%
Atmos
Energy
Corp
11,152
$
1,072
NiSource
Inc
33,474
820
$
1,892
Hand
&
Machine
Tools
-
0
.12
%
Snap-on
Inc
4,616
1,031
Stanley
Black
&
Decker
Inc
13,783
2,826
$
3,857
Healthcare
-
Products
-
3
.91
%
Abbott
Laboratories
151,646
17,580
ABIOMED
Inc
(b)
3,865
1,206
Align
Technology
Inc
(b)
6,146
3,755
Baxter
International
Inc
42,919
3,455
Boston
Scientific
Corp
(b)
121,270
5,186
Cooper
Cos
Inc/The
4,203
1,666
Danaher
Corp
54,179
14,539
DENTSPLY
SIRONA
Inc
18,634
1,179
Edwards
Lifesciences
Corp
(b)
53,056
5,495
Henry
Schein
Inc
(b)
12,009
891
Hologic
Inc
(b)
21,870
1,459
IDEXX
Laboratories
Inc
(b)
7,279
4,597
Intuitive
Surgical
Inc
(b)
10,106
9,294
Medtronic
PLC
114,828
14,254
PerkinElmer
Inc
9,566
1,477
ResMed
Inc
12,419
3,062
STERIS
PLC
8,333
1,719
Stryker
Corp
27,974
7,266
Teleflex
Inc
3,988
1,602
Thermo
Fisher
Scientific
Inc
33,544
16,922
West
Pharmaceutical
Services
Inc
6,301
2,263
Zimmer
Biomet
Holdings
Inc
17,793
2,861
$
121,728
Healthcare
-
Services
-
2
.12
%
Anthem
Inc
20,896
7,978
Catalent
Inc
(b)
14,538
1,572
Centene
Corp
(b)
49,734
3,627
Charles
River
Laboratories
International
Inc
(b)
4,288
1,586
DaVita
Inc
(b)
5,983
721
HCA
Healthcare
Inc
22,432
4,638
Humana
Inc
11,010
4,874
IQVIA
Holdings
Inc
(b)
16,357
3,964
Laboratory
Corp
of
America
Holdings
(b)
8,333
2,299
Quest
Diagnostics
Inc
11,150
1,471
UnitedHealth
Group
Inc
80,544
32,253
Universal
Health
Services
Inc
6,654
974
$
65,957
Home
Builders
-
0
.24
%
DR
Horton
Inc
27,999
2,531
Lennar
Corp
-
A
Shares
23,535
2,338
NVR
Inc
(b)
292
1,452
PulteGroup
Inc
22,574
1,232
$
7,553
Home
Furnishings
-
0
.06
%
Leggett
&
Platt
Inc
11,371
589
Whirlpool
Corp
5,345
1,165
$
1,754
Housewares
-
0
.03
%
Newell
Brands
Inc
32,305
887
Insurance
-
3
.29
%
Aflac
Inc
53,949
2,895
Allstate
Corp/The
25,549
3,333
American
International
Group
Inc
73,241
3,486
Aon
PLC
19,258
4,598
Arthur
J
Gallagher
&
Co
17,486
2,449
Assurant
Inc
5,169
807
Berkshire
Hathaway
Inc
-
Class
B
(b)
161,764
44,957
Chubb
Ltd
38,379
6,100
Cincinnati
Financial
Corp
12,786
1,491
Everest
Re
Group
Ltd
3,421
862
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Globe
Life
Inc
8,092
$
771
Hartford
Financial
Services
Group
Inc/The
30,485
1,889
Lincoln
National
Corp
15,274
960
Loews
Corp
19,094
1,044
Marsh
&
McLennan
Cos
Inc
43,401
6,106
MetLife
Inc
63,509
3,801
Principal
Financial
Group
Inc
21,592
1,364
Progressive
Corp/The
49,941
4,905
Prudential
Financial
Inc
33,628
3,446
Travelers
Cos
Inc/The
21,466
3,214
Unum
Group
17,431
495
W
R
Berkley
Corp
11,959
890
Willis
Towers
Watson
PLC
11,007
2,532
$
102,395
Internet
-
11
.79
%
Alphabet
Inc
-
A
Shares
(b)
25,667
62,673
Alphabet
Inc
-
C
Shares
(b)
24,303
60,911
Amazon.com
Inc
(b)
36,586
125,861
Booking
Holdings
Inc
(b)
3,503
7,665
CDW
Corp/DE
11,967
2,090
eBay
Inc
55,236
3,878
Etsy
Inc
(b)
10,847
2,233
Expedia
Group
Inc
(b)
12,072
1,976
F5
Networks
Inc
(b)
5,088
950
Facebook
Inc
(b)
204,497
71,106
Netflix
Inc
(b)
37,843
19,989
NortonLifeLock
Inc
49,498
1,347
Twitter
Inc
(b)
68,117
4,687
VeriSign
Inc
(b)
8,459
1,926
$
367,292
Iron
&
Steel
-
0
.08
%
Nucor
Corp
25,539
2,450
Leisure
Products
&
Services
-
0
.14
%
Carnival
Corp
(b)
68,132
1,796
Norwegian
Cruise
Line
Holdings
Ltd
(b)
31,572
929
Royal
Caribbean
Cruises
Ltd
(b)
18,685
1,593
$
4,318
Lodging
-
0
.32
%
Hilton
Worldwide
Holdings
Inc
(b)
23,772
2,867
Las
Vegas
Sands
Corp
(b)
28,036
1,477
Marriott
International
Inc/MD
(b)
22,789
3,111
MGM
Resorts
International
34,750
1,482
Wynn
Resorts
Ltd
(b)
8,982
1,099
$
10,036
Machinery
-
Construction
&
Mining
-
0
.33
%
Caterpillar
Inc
46,752
10,175
Machinery
-
Diversified
-
0
.74
%
Deere
&
Co
26,624
9,391
Dover
Corp
12,283
1,850
IDEX
Corp
6,480
1,426
Ingersoll
Rand
Inc
(b)
31,861
1,555
Otis
Worldwide
Corp
34,430
2,815
Rockwell
Automation
Inc
9,906
2,833
Westinghouse
Air
Brake
Technologies
Corp
15,162
1,248
Xylem
Inc/NY
15,367
1,843
$
22,961
Media
-
2
.09
%
Charter
Communications
Inc
(b)
11,755
8,481
Comcast
Corp
-
Class
A
391,304
22,312
Discovery
Inc
-
A
Shares
(b)
14,394
442
Discovery
Inc
-
C
Shares
(b)
25,641
743
DISH
Network
Corp
(b)
21,205
886
Fox
Corp
-
A
Shares
27,905
1,036
Fox
Corp
-
B
Shares
12,971
457
News
Corp
-
A
Shares
33,386
860
News
Corp
-
B
Shares
10,393
253
ViacomCBS
Inc
-
Class
B
51,685
2,336
Schedule
of
Investments
LargeCap
S&P
500
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
146
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Media
(continued)
Walt
Disney
Co/The
(b)
155,070
$
27,257
$
65,063
Mining
-
0
.29
%
Freeport-McMoRan
Inc
125,078
4,641
Newmont
Corp
68,376
4,334
$
8,975
Miscellaneous
Manufacturers
-
1
.27
%
3M
Co
49,473
9,827
A
O
Smith
Corp
11,478
827
Eaton
Corp
PLC
34,010
5,040
General
Electric
Co
749,235
10,085
Illinois
Tool
Works
Inc
24,535
5,485
Parker-Hannifin
Corp
11,014
3,382
Textron
Inc
19,265
1,325
Trane
Technologies
PLC
20,410
3,758
$
39,729
Office
&
Business
Equipment
-
0
.08
%
Zebra
Technologies
Corp
(b)
4,567
2,418
Oil
&
Gas
-
2
.35
%
APA
Corp
32,258
698
Cabot
Oil
&
Gas
Corp
34,110
596
Chevron
Corp
164,955
17,277
ConocoPhillips
115,171
7,014
Devon
Energy
Corp
50,838
1,484
Diamondback
Energy
Inc
15,447
1,450
EOG
Resources
Inc
49,809
4,156
Exxon
Mobil
Corp
361,321
22,792
Hess
Corp
23,427
2,046
Marathon
Oil
Corp
67,259
916
Marathon
Petroleum
Corp
55,702
3,366
Occidental
Petroleum
Corp
71,698
2,242
Phillips
66
37,370
3,207
Pioneer
Natural
Resources
Co
19,779
3,214
Valero
Energy
Corp
34,886
2,724
$
73,182
Oil
&
Gas
Services
-
0
.24
%
Baker
Hughes
Co
62,084
1,420
Halliburton
Co
75,935
1,755
NOV
Inc
(b)
33,340
511
Schlumberger
NV
119,343
3,820
$
7,506
Packaging
&
Containers
-
0
.22
%
Amcor
PLC
131,589
1,508
Ball
Corp
28,015
2,270
Packaging
Corp
of
America
8,107
1,098
Sealed
Air
Corp
12,973
768
Westrock
Co
22,712
1,209
$
6,853
Pharmaceuticals
-
5
.12
%
AbbVie
Inc
150,742
16,980
AmerisourceBergen
Corp
12,622
1,445
Becton
Dickinson
and
Co
24,820
6,036
Bristol-Myers
Squibb
Co
190,661
12,740
Cardinal
Health
Inc
24,765
1,414
Cigna
Corp
29,288
6,943
CVS
Health
Corp
112,365
9,376
Dexcom
Inc
(b)
8,253
3,524
Eli
Lilly
&
Co
67,935
15,592
Johnson
&
Johnson
224,753
37,026
McKesson
Corp
13,501
2,582
Merck
&
Co
Inc
216,105
16,806
Organon
&
Co
(b)
21,595
653
Perrigo
Co
PLC
11,398
523
Pfizer
Inc
477,749
18,709
Viatris
Inc
103,155
1,474
Zoetis
Inc
40,520
7,551
$
159,374
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pipelines
-
0
.25
%
Kinder
Morgan
Inc
166,217
$
3,030
ONEOK
Inc
38,025
2,116
Williams
Cos
Inc/The
103,676
2,752
$
7,898
Real
Estate
-
0
.08
%
CBRE
Group
Inc
(b)
28,647
2,456
REITs
-
2
.48
%
Alexandria
Real
Estate
Equities
Inc
11,707
2,130
American
Tower
Corp
38,807
10,483
AvalonBay
Communities
Inc
11,914
2,486
Boston
Properties
Inc
12,121
1,389
Crown
Castle
International
Corp
36,886
7,196
Digital
Realty
Trust
Inc
24,032
3,616
Duke
Realty
Corp
32,003
1,515
Equinix
Inc
7,645
6,136
Equity
Residential
29,366
2,261
Essex
Property
Trust
Inc
5,547
1,664
Extra
Space
Storage
Inc
11,413
1,870
Federal
Realty
Investment
Trust
6,038
708
Healthpeak
Properties
Inc
45,996
1,531
Host
Hotels
&
Resorts
Inc
(b)
60,262
1,030
Iron
Mountain
Inc
24,642
1,043
Kimco
Realty
Corp
36,994
771
Mid-America
Apartment
Communities
Inc
9,771
1,646
Prologis
Inc
63,137
7,547
Public
Storage
12,992
3,907
Realty
Income
Corp
31,883
2,128
Regency
Centers
Corp
13,482
864
SBA
Communications
Corp
9,332
2,974
Simon
Property
Group
Inc
28,039
3,659
UDR
Inc
25,334
1,241
Ventas
Inc
32,017
1,828
Vornado
Realty
Trust
13,399
625
Welltower
Inc
35,634
2,961
Weyerhaeuser
Co
63,943
2,201
$
77,410
Retail
-
5
.03
%
Advance
Auto
Parts
Inc
5,585
1,146
AutoZone
Inc
(b)
1,846
2,755
Best
Buy
Co
Inc
19,027
2,188
CarMax
Inc
(b)
13,924
1,798
Chipotle
Mexican
Grill
Inc
(b)
2,402
3,724
Costco
Wholesale
Corp
37,729
14,928
Darden
Restaurants
Inc
11,167
1,630
Dollar
General
Corp
20,161
4,363
Dollar
Tree
Inc
(b)
19,798
1,970
Domino's
Pizza
Inc
3,313
1,546
Gap
Inc/The
17,724
596
Genuine
Parts
Co
12,330
1,559
Home
Depot
Inc/The
90,748
28,939
L
Brands
Inc
19,994
1,441
Lowe's
Cos
Inc
60,333
11,703
McDonald's
Corp
63,683
14,710
O'Reilly
Automotive
Inc
(b)
5,954
3,371
Ross
Stores
Inc
30,435
3,774
Starbucks
Corp
100,564
11,244
Target
Corp
42,225
10,208
TJX
Cos
Inc/The
102,928
6,939
Tractor
Supply
Co
9,837
1,830
Ulta
Beauty
Inc
(b)
4,674
1,616
Walgreens
Boots
Alliance
Inc
61,232
3,221
Walmart
Inc
117,188
16,526
Yum!
Brands
Inc
25,427
2,925
$
156,650
Savings
&
Loans
-
0
.02
%
People's
United
Financial
Inc
36,497
626
Schedule
of
Investments
LargeCap
S&P
500
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
147
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
-
5
.66
%
Advanced
Micro
Devices
Inc
(b)
103,698
$
9,740
Analog
Devices
Inc
31,478
5,419
Applied
Materials
Inc
78,319
11,153
Broadcom
Inc
34,847
16,616
Intel
Corp
344,634
19,348
IPG
Photonics
Corp
(b)
3,063
646
KLA
Corp
13,083
4,242
Lam
Research
Corp
12,173
7,921
Maxim
Integrated
Products
Inc
22,904
2,413
Microchip
Technology
Inc
23,345
3,496
Micron
Technology
Inc
(b)
95,709
8,133
Monolithic
Power
Systems
Inc
3,670
1,370
NVIDIA
Corp
53,171
42,542
NXP
Semiconductors
NV
23,536
4,842
Qorvo
Inc
(b)
9,609
1,880
QUALCOMM
Inc
96,273
13,760
Skyworks
Solutions
Inc
14,090
2,702
Teradyne
Inc
14,192
1,901
Texas
Instruments
Inc
78,820
15,157
Xilinx
Inc
20,981
3,035
$
176,316
Shipbuilding
-
0
.02
%
Huntington
Ingalls
Industries
Inc
3,433
724
Software
-
10
.03
%
Activision
Blizzard
Inc
66,316
6,329
Adobe
Inc
(b)
40,796
23,892
Akamai
Technologies
Inc
(b)
13,910
1,622
ANSYS
Inc
(b)
7,438
2,581
Autodesk
Inc
(b)
18,777
5,481
Broadridge
Financial
Solutions
Inc
9,911
1,601
Cadence
Design
Systems
Inc
(b)
23,751
3,250
Cerner
Corp
25,718
2,010
Citrix
Systems
Inc
10,597
1,243
Electronic
Arts
Inc
24,427
3,513
Fidelity
National
Information
Services
Inc
52,926
7,498
Fiserv
Inc
(b)
50,832
5,433
Intuit
Inc
23,322
11,432
Jack
Henry
&
Associates
Inc
6,340
1,037
Microsoft
Corp
642,801
174,135
MSCI
Inc
7,035
3,750
Oracle
Corp
155,045
12,069
Paychex
Inc
27,372
2,937
Paycom
Software
Inc
(b)
4,192
1,524
PTC
Inc
(b)
8,975
1,268
Roper
Technologies
Inc
8,981
4,223
salesforce.com
Inc
(b)
79,031
19,305
ServiceNow
Inc
(b)
16,851
9,260
Synopsys
Inc
(b)
13,020
3,591
Take-Two
Interactive
Software
Inc
(b)
9,870
1,747
Tyler
Technologies
Inc
(b)
3,476
1,572
$
312,303
Telecommunications
-
2
.35
%
Arista
Networks
Inc
(b)
4,689
1,699
AT&T
Inc
609,380
17,538
Cisco
Systems
Inc/Delaware
359,673
19,062
Corning
Inc
66,121
2,704
Juniper
Networks
Inc
27,971
765
Lumen
Technologies
Inc
84,901
1,154
Motorola
Solutions
Inc
14,480
3,140
T-Mobile
US
Inc
(b)
50,015
7,244
Verizon
Communications
Inc
353,344
19,798
$
73,104
Textiles
-
0
.03
%
Mohawk
Industries
Inc
(b)
4,998
961
Toys,
Games
&
Hobbies
-
0
.03
%
Hasbro
Inc
10,919
1,032
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Transportation
-
1
.66
%
CH
Robinson
Worldwide
Inc
11,352
$
1,063
CSX
Corp
193,929
6,221
Expeditors
International
of
Washington
Inc
14,415
1,825
FedEx
Corp
20,834
6,215
JB
Hunt
Transport
Services
Inc
7,124
1,161
Kansas
City
Southern
7,760
2,199
Norfolk
Southern
Corp
21,358
5,669
Old
Dominion
Freight
Line
Inc
8,116
2,060
Union
Pacific
Corp
56,698
12,469
United
Parcel
Service
Inc
61,733
12,839
$
51,721
Water
-
0
.08
%
American
Water
Works
Co
Inc
15,487
2,387
TOTAL
COMMON
STOCKS
$
3,100,295
Total
Investments
$
3,120,902
Other
Assets
and
Liabilities
- (0.19)%
(
5,963
)
TOTAL
NET
ASSETS
-
100.00%
$
3,114,939
(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)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
(d)
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
$1,666
or
0.05%
of
net
assets.
Portfolio
Summary (unaudited)
Sector
Percent
Technology
23
.09
%
Consumer,
Non-cyclical
19
.91
%
Communications
16
.31
%
Financial
15
.18
%
Consumer,
Cyclical
9
.42
%
Industrial
8
.15
%
Energy
2
.91
%
Utilities
2
.44
%
Basic
Materials
2
.12
%
Money
Market
Funds
0
.45
%
Investment
Companies
0
.21
%
Other
Assets
and
Liabilities
(
0
.19
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
LargeCap
S&P
500
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
148
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
49,065
$
203,816
$
238,730
$
14,151
$
49,065
$
203,816
$
238,730
$
14,151
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
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
2021
Long
66
$
14,152
$
174
Total
$
174
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
LargeCap
S&P
500
Managed
Volatility
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
149
INVESTMENT
COMPANIES
-
6
.55
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.14
%
iShares
Core
S&P
500
ETF
816
$
351
Money
Market
Funds
-
6
.41
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
15,672,236
15,672
TOTAL
INVESTMENT
COMPANIES
$
16,023
COMMON
STOCKS
-
93
.58
%
Shares
Held
Value
(000's)
Advertising
-
0
.08
%
Interpublic
Group
of
Cos
Inc/The
2,479
$
81
Omnicom
Group
Inc
1,355
108
$
189
Aerospace
&
Defense
-
1
.45
%
Boeing
Co/The
(b)
3,464
830
General
Dynamics
Corp
1,444
272
Howmet
Aerospace
Inc
(b)
2,463
85
L3Harris
Technologies
Inc
1,292
279
Lockheed
Martin
Corp
1,543
584
Northrop
Grumman
Corp
944
343
Raytheon
Technologies
Corp
9,551
815
Teledyne
Technologies
Inc
(b)
292
122
TransDigm
Group
Inc
(b)
346
224
$
3,554
Agriculture
-
0
.71
%
Altria
Group
Inc
11,666
556
Archer-Daniels-Midland
Co
3,521
213
Philip
Morris
International
Inc
9,823
974
$
1,743
Airlines
-
0
.25
%
Alaska
Air
Group
Inc
(b)
784
47
American
Airlines
Group
Inc
(b)
4,042
86
Delta
Air
Lines
Inc
(b)
4,031
174
Southwest
Airlines
Co
(b)
3,726
198
United
Airlines
Holdings
Inc
(b)
2,038
107
$
612
Apparel
-
0
.68
%
Hanesbrands
Inc
2,195
41
NIKE
Inc
8,035
1,241
PVH
Corp
(b)
448
48
Ralph
Lauren
Corp
303
36
Tapestry
Inc
(b)
1,757
77
Under
Armour
Inc
-
Class
A
(b)
1,186
25
Under
Armour
Inc
-
Class
C
(b)
1,237
23
VF
Corp
2,025
166
$
1,657
Automobile
Manufacturers
-
1
.87
%
Cummins
Inc
922
225
Ford
Motor
Co
(b)
24,714
367
General
Motors
Co
(b)
8,046
476
PACCAR
Inc
2,187
195
Tesla
Inc
(b)
4,857
3,302
$
4,565
Automobile
Parts
&
Equipment
-
0
.14
%
Aptiv
PLC
(b)
1,703
268
BorgWarner
Inc
1,510
73
$
341
Banks
-
4
.93
%
Bank
of
America
Corp
47,535
1,960
Bank
of
New
York
Mellon
Corp/The
5,085
260
Citigroup
Inc
13,030
922
Citizens
Financial
Group
Inc
2,684
123
Comerica
Inc
879
63
Fifth
Third
Bancorp
4,438
170
First
Republic
Bank/CA
1,108
207
Goldman
Sachs
Group
Inc/The
2,145
814
Huntington
Bancshares
Inc/OH
9,299
133
JPMorgan
Chase
&
Co
19,082
2,968
KeyCorp
6,117
126
M&T
Bank
Corp
810
118
Morgan
Stanley
9,383
860
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Northern
Trust
Corp
1,311
$
152
PNC
Financial
Services
Group
Inc/The
2,677
511
Regions
Financial
Corp
6,058
122
State
Street
Corp
2,193
180
SVB
Financial
Group
(b)
342
190
Truist
Financial
Corp
8,478
471
US
Bancorp
8,546
487
Wells
Fargo
&
Co
26,055
1,180
Zions
Bancorp
NA
1,033
55
$
12,072
Beverages
-
1
.32
%
Brown-Forman
Corp
-
B
Shares
1,150
86
Coca-Cola
Co/The
24,460
1,324
Constellation
Brands
Inc
1,065
249
Molson
Coors
Beverage
Co
(b)
1,186
64
Monster
Beverage
Corp
(b)
2,331
213
PepsiCo
Inc
8,708
1,290
$
3,226
Biotechnology
-
1
.45
%
Alexion
Pharmaceuticals
Inc
(b)
1,392
256
Amgen
Inc
3,623
883
Biogen
Inc
(b)
950
329
Bio-Rad
Laboratories
Inc
(b)
137
88
Corteva
Inc
4,647
206
Gilead
Sciences
Inc
7,906
545
Illumina
Inc
(b)
920
435
Incyte
Corp
(b)
1,177
99
Regeneron
Pharmaceuticals
Inc
(b)
660
369
Vertex
Pharmaceuticals
Inc
(b)
1,633
329
$
3,539
Building
Materials
-
0
.42
%
Carrier
Global
Corp
5,148
250
Fortune
Brands
Home
&
Security
Inc
872
87
Johnson
Controls
International
plc
4,519
310
Martin
Marietta
Materials
Inc
393
138
Masco
Corp
1,601
94
Vulcan
Materials
Co
835
146
$
1,025
Chemicals
-
1
.57
%
Air
Products
and
Chemicals
Inc
1,395
401
Albemarle
Corp
735
124
Celanese
Corp
710
108
CF
Industries
Holdings
Inc
1,352
69
Dow
Inc
4,708
298
DuPont
de
Nemours
Inc
3,355
260
Eastman
Chemical
Co
859
100
Ecolab
Inc
1,567
323
FMC
Corp
812
88
International
Flavors
&
Fragrances
Inc
1,568
234
Linde
PLC
3,280
948
LyondellBasell
Industries
NV
1,622
167
Mosaic
Co/The
2,177
69
PPG
Industries
Inc
1,494
254
Sherwin-Williams
Co/The
1,508
411
$
3,854
Commercial
Services
-
2
.30
%
Automatic
Data
Processing
Inc
2,684
533
Cintas
Corp
557
213
Equifax
Inc
766
183
FleetCor
Technologies
Inc
(b)
525
134
Gartner
Inc
(b)
543
132
Global
Payments
Inc
1,860
349
IHS
Markit
Ltd
2,360
266
MarketAxess
Holdings
Inc
240
111
Moody's
Corp
1,015
368
Nielsen
Holdings
PLC
2,259
56
PayPal
Holdings
Inc
(b)
7,404
2,158
Quanta
Services
Inc
877
79
Robert
Half
International
Inc
711
63
Schedule
of
Investments
LargeCap
S&P
500
Managed
Volatility
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
150
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
Rollins
Inc
1,393
$
48
S&P
Global
Inc
1,518
623
United
Rentals
Inc
(b)
456
145
Verisk
Analytics
Inc
1,022
179
$
5,640
Computers
-
6
.88
%
Accenture
PLC
-
Class
A
4,005
1,181
Apple
Inc
98,881
13,543
Cognizant
Technology
Solutions
Corp
3,325
230
DXC
Technology
Co
(b)
1,605
63
Fortinet
Inc
(b)
853
203
Hewlett
Packard
Enterprise
Co
8,231
120
HP
Inc
7,573
229
International
Business
Machines
Corp
5,631
825
Leidos
Holdings
Inc
839
85
NetApp
Inc
1,402
115
Seagate
Technology
Holdings
PLC
1,256
110
Western
Digital
Corp
(b)
1,931
137
$
16,841
Consumer
Products
-
0
.27
%
Avery
Dennison
Corp
522
110
Church
&
Dwight
Co
Inc
1,545
132
Clorox
Co/The
784
141
Kimberly-Clark
Corp
2,126
284
$
667
Cosmetics
&
Personal
Care
-
1
.22
%
Colgate-Palmolive
Co
5,333
434
Estee
Lauder
Cos
Inc/The
1,461
465
Procter
&
Gamble
Co/The
15,433
2,082
$
2,981
Distribution
&
Wholesale
-
0
.28
%
Copart
Inc
(b)
1,312
173
Fastenal
Co
3,620
188
LKQ
Corp
(b)
1,755
86
Pool
Corp
254
117
WW
Grainger
Inc
277
121
$
685
Diversified
Financial
Services
-
3
.82
%
American
Express
Co
4,102
678
Ameriprise
Financial
Inc
731
182
BlackRock
Inc
895
783
Capital
One
Financial
Corp
2,847
440
Cboe
Global
Markets
Inc
672
80
Charles
Schwab
Corp/The
9,453
688
CME
Group
Inc
2,262
481
Discover
Financial
Services
1,923
228
Franklin
Resources
Inc
1,716
55
Intercontinental
Exchange
Inc
3,546
421
Invesco
Ltd
2,384
64
Mastercard
Inc
5,516
2,014
Nasdaq
Inc
724
127
Raymond
James
Financial
Inc
770
100
Synchrony
Financial
3,410
165
T
Rowe
Price
Group
Inc
1,431
283
Visa
Inc
10,665
2,494
Western
Union
Co/The
2,581
59
$
9,342
Electric
-
2
.17
%
AES
Corp/The
4,203
109
Alliant
Energy
Corp
1,576
88
Ameren
Corp
1,610
129
American
Electric
Power
Co
Inc
3,149
266
CenterPoint
Energy
Inc
3,658
90
CMS
Energy
Corp
1,824
108
Consolidated
Edison
Inc
2,160
155
Dominion
Energy
Inc
5,083
374
DTE
Energy
Co
1,221
158
Duke
Energy
Corp
4,848
479
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
(continued)
Edison
International
2,391
$
138
Entergy
Corp
1,264
126
Evergy
Inc
1,444
87
Eversource
Energy
2,164
174
Exelon
Corp
6,159
273
FirstEnergy
Corp
3,428
127
NextEra
Energy
Inc
12,362
906
NRG
Energy
Inc
1,542
62
Pinnacle
West
Capital
Corp
708
58
PPL
Corp
4,849
136
Public
Service
Enterprise
Group
Inc
3,183
190
Sempra
Energy
1,985
263
Southern
Co/The
6,672
404
WEC
Energy
Group
Inc
1,987
177
Xcel
Energy
Inc
3,391
223
$
5,300
Electrical
Components
&
Equipment
-
0
.30
%
AMETEK
Inc
1,455
194
Emerson
Electric
Co
3,779
364
Generac
Holdings
Inc
(b)
397
165
$
723
Electronics
-
1
.14
%
Agilent
Technologies
Inc
1,914
283
Allegion
plc
567
79
Amphenol
Corp
3,768
258
Fortive
Corp
2,133
149
Garmin
Ltd
943
136
Honeywell
International
Inc
4,377
960
Keysight
Technologies
Inc
(b)
1,162
180
Mettler-Toledo
International
Inc
(b)
147
204
TE
Connectivity
Ltd
2,081
281
Trimble
Inc
(b)
1,581
129
Waters
Corp
(b)
390
135
$
2,794
Energy
-
Alternate
Sources
-
0
.06
%
Enphase
Energy
Inc
(b)
854
157
Engineering
&
Construction
-
0
.04
%
Jacobs
Engineering
Group
Inc
820
109
Entertainment
-
0
.12
%
Caesars
Entertainment
Inc
(b)
1,315
136
Live
Nation
Entertainment
Inc
(b)
909
80
Penn
National
Gaming
Inc
(b)
936
72
$
288
Environmental
Control
-
0
.23
%
Pentair
PLC
1,046
71
Republic
Services
Inc
1,326
146
Waste
Management
Inc
2,449
343
$
560
Food
-
0
.96
%
Campbell
Soup
Co
1,276
58
Conagra
Brands
Inc
3,026
110
General
Mills
Inc
3,846
234
Hershey
Co/The
922
161
Hormel
Foods
Corp
1,776
85
J
M
Smucker
Co/The
690
89
Kellogg
Co
1,589
102
Kraft
Heinz
Co/The
4,085
167
Kroger
Co/The
4,773
183
Lamb
Weston
Holdings
Inc
921
74
McCormick
&
Co
Inc/MD
1,568
138
Mondelez
International
Inc
8,855
553
Sysco
Corp
3,224
251
Tyson
Foods
Inc
1,857
137
$
2,342
Forest
Products
&
Paper
-
0
.06
%
International
Paper
Co
2,470
151
Schedule
of
Investments
LargeCap
S&P
500
Managed
Volatility
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
151
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Gas
-
0
.06
%
Atmos
Energy
Corp
823
$
79
NiSource
Inc
2,471
61
$
140
Hand
&
Machine
Tools
-
0
.12
%
Snap-on
Inc
340
76
Stanley
Black
&
Decker
Inc
1,017
209
$
285
Healthcare
-
Products
-
3
.67
%
Abbott
Laboratories
11,199
1,298
ABIOMED
Inc
(b)
286
89
Align
Technology
Inc
(b)
454
277
Baxter
International
Inc
3,170
255
Boston
Scientific
Corp
(b)
8,955
383
Cooper
Cos
Inc/The
311
123
Danaher
Corp
4,001
1,074
DENTSPLY
SIRONA
Inc
1,376
87
Edwards
Lifesciences
Corp
(b)
3,919
406
Henry
Schein
Inc
(b)
887
66
Hologic
Inc
(b)
1,616
108
IDEXX
Laboratories
Inc
(b)
538
340
Intuitive
Surgical
Inc
(b)
747
687
Medtronic
PLC
8,481
1,053
PerkinElmer
Inc
706
109
ResMed
Inc
916
226
STERIS
PLC
614
127
Stryker
Corp
2,065
536
Teleflex
Inc
295
119
Thermo
Fisher
Scientific
Inc
2,478
1,250
West
Pharmaceutical
Services
Inc
467
168
Zimmer
Biomet
Holdings
Inc
1,314
211
$
8,992
Healthcare
-
Services
-
1
.99
%
Anthem
Inc
1,544
589
Catalent
Inc
(b)
1,073
116
Centene
Corp
(b)
3,673
268
Charles
River
Laboratories
International
Inc
(b)
317
117
DaVita
Inc
(b)
442
53
HCA
Healthcare
Inc
1,657
343
Humana
Inc
813
360
IQVIA
Holdings
Inc
(b)
1,207
292
Laboratory
Corp
of
America
Holdings
(b)
614
169
Quest
Diagnostics
Inc
823
109
UnitedHealth
Group
Inc
5,950
2,383
Universal
Health
Services
Inc
490
72
$
4,871
Home
Builders
-
0
.23
%
DR
Horton
Inc
2,069
187
Lennar
Corp
-
A
Shares
1,738
173
NVR
Inc
(b)
22
109
PulteGroup
Inc
1,668
91
$
560
Home
Furnishings
-
0
.05
%
Leggett
&
Platt
Inc
839
43
Whirlpool
Corp
394
86
$
129
Housewares
-
0
.03
%
Newell
Brands
Inc
2,385
66
Insurance
-
3
.09
%
Aflac
Inc
3,985
214
Allstate
Corp/The
1,887
246
American
International
Group
Inc
5,410
257
Aon
PLC
1,421
339
Arthur
J
Gallagher
&
Co
1,290
181
Assurant
Inc
380
59
Berkshire
Hathaway
Inc
-
Class
B
(b)
11,948
3,321
Chubb
Ltd
2,833
450
Cincinnati
Financial
Corp
943
110
Everest
Re
Group
Ltd
252
63
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Globe
Life
Inc
598
$
57
Hartford
Financial
Services
Group
Inc/The
2,250
139
Lincoln
National
Corp
1,129
71
Loews
Corp
1,411
77
Marsh
&
McLennan
Cos
Inc
3,204
451
MetLife
Inc
4,691
281
Principal
Financial
Group
Inc
1,596
101
Progressive
Corp/The
3,687
362
Prudential
Financial
Inc
2,485
255
Travelers
Cos
Inc/The
1,586
237
Unum
Group
1,286
37
W
R
Berkley
Corp
883
66
Willis
Towers
Watson
PLC
812
187
$
7,561
Internet
-
11
.09
%
Alphabet
Inc
-
A
Shares
(b)
1,896
4,630
Alphabet
Inc
-
C
Shares
(b)
1,795
4,499
Amazon.com
Inc
(b)
2,702
9,295
Booking
Holdings
Inc
(b)
259
567
CDW
Corp/DE
884
154
eBay
Inc
4,079
286
Etsy
Inc
(b)
800
165
Expedia
Group
Inc
(b)
891
146
F5
Networks
Inc
(b)
376
70
Facebook
Inc
(b)
15,105
5,252
Netflix
Inc
(b)
2,795
1,476
NortonLifeLock
Inc
3,657
100
Twitter
Inc
(b)
5,030
346
VeriSign
Inc
(b)
624
142
$
27,128
Iron
&
Steel
-
0
.07
%
Nucor
Corp
1,885
181
Leisure
Products
&
Services
-
0
.13
%
Carnival
Corp
(b)
5,031
133
Norwegian
Cruise
Line
Holdings
Ltd
(b)
2,331
68
Royal
Caribbean
Cruises
Ltd
(b)
1,379
118
$
319
Lodging
-
0
.30
%
Hilton
Worldwide
Holdings
Inc
(b)
1,754
212
Las
Vegas
Sands
Corp
(b)
2,070
109
Marriott
International
Inc/MD
(b)
1,682
230
MGM
Resorts
International
2,567
109
Wynn
Resorts
Ltd
(b)
662
81
$
741
Machinery
-
Construction
&
Mining
-
0
.31
%
Caterpillar
Inc
3,452
751
Machinery
-
Diversified
-
0
.69
%
Deere
&
Co
1,968
694
Dover
Corp
906
137
IDEX
Corp
477
105
Ingersoll
Rand
Inc
(b)
2,353
115
Otis
Worldwide
Corp
2,543
208
Rockwell
Automation
Inc
731
209
Westinghouse
Air
Brake
Technologies
Corp
1,119
92
Xylem
Inc/NY
1,134
136
$
1,696
Media
-
1
.96
%
Charter
Communications
Inc
(b)
869
627
Comcast
Corp
-
Class
A
28,899
1,648
Discovery
Inc
-
A
Shares
(b)
1,062
33
Discovery
Inc
-
C
Shares
(b)
1,892
55
DISH
Network
Corp
(b)
1,565
65
Fox
Corp
-
A
Shares
2,062
76
Fox
Corp
-
B
Shares
959
34
News
Corp
-
A
Shares
2,465
63
News
Corp
-
B
Shares
765
19
ViacomCBS
Inc
-
Class
B
3,816
172
Schedule
of
Investments
LargeCap
S&P
500
Managed
Volatility
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
152
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Media
(continued)
Walt
Disney
Co/The
(b)
11,451
$
2,013
$
4,805
Mining
-
0
.27
%
Freeport-McMoRan
Inc
9,236
343
Newmont
Corp
5,049
320
$
663
Miscellaneous
Manufacturers
-
1
.20
%
3M
Co
3,653
726
A
O
Smith
Corp
848
61
Eaton
Corp
PLC
2,511
372
General
Electric
Co
55,336
745
Illinois
Tool
Works
Inc
1,813
405
Parker-Hannifin
Corp
813
250
Textron
Inc
1,423
98
Trane
Technologies
PLC
1,507
277
$
2,934
Office
&
Business
Equipment
-
0
.07
%
Zebra
Technologies
Corp
(b)
338
179
Oil
&
Gas
-
2
.21
%
APA
Corp
2,382
51
Cabot
Oil
&
Gas
Corp
2,518
44
Chevron
Corp
12,182
1,276
ConocoPhillips
8,507
518
Devon
Energy
Corp
3,754
110
Diamondback
Energy
Inc
1,140
107
EOG
Resources
Inc
3,677
307
Exxon
Mobil
Corp
(d)
26,685
1,683
Hess
Corp
1,729
151
Marathon
Oil
Corp
4,965
68
Marathon
Petroleum
Corp
4,113
248
Occidental
Petroleum
Corp
5,294
166
Phillips
66
2,759
237
Pioneer
Natural
Resources
Co
1,460
237
Valero
Energy
Corp
2,576
201
$
5,404
Oil
&
Gas
Services
-
0
.23
%
Baker
Hughes
Co
4,586
105
Halliburton
Co
5,607
129
NOV
Inc
(b)
2,461
38
Schlumberger
NV
8,813
282
$
554
Packaging
&
Containers
-
0
.21
%
Amcor
PLC
9,719
111
Ball
Corp
2,068
168
Packaging
Corp
of
America
598
81
Sealed
Air
Corp
959
57
Westrock
Co
1,677
89
$
506
Pharmaceuticals
-
4
.81
%
AbbVie
Inc
11,132
1,254
AmerisourceBergen
Corp
932
107
Becton
Dickinson
and
Co
1,833
446
Bristol-Myers
Squibb
Co
14,082
941
Cardinal
Health
Inc
1,830
104
Cigna
Corp
2,164
513
CVS
Health
Corp
8,297
692
Dexcom
Inc
(b)
610
260
Eli
Lilly
&
Co
5,016
1,151
Johnson
&
Johnson
16,599
2,734
McKesson
Corp
997
191
Merck
&
Co
Inc
15,960
1,241
Organon
&
Co
(b)
1,592
48
Perrigo
Co
PLC
841
39
Pfizer
Inc
35,284
1,382
Viatris
Inc
7,618
109
Zoetis
Inc
2,992
558
$
11,770
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pipelines
-
0
.24
%
Kinder
Morgan
Inc
12,275
$
224
ONEOK
Inc
2,807
156
Williams
Cos
Inc/The
7,656
203
$
583
Real
Estate
-
0
.07
%
CBRE
Group
Inc
(b)
2,115
181
REITs
-
2
.34
%
Alexandria
Real
Estate
Equities
Inc
864
157
American
Tower
Corp
2,865
774
AvalonBay
Communities
Inc
879
183
Boston
Properties
Inc
895
103
Crown
Castle
International
Corp
2,724
531
Digital
Realty
Trust
Inc
1,774
267
Duke
Realty
Corp
2,362
112
Equinix
Inc
565
453
Equity
Residential
2,167
167
Essex
Property
Trust
Inc
410
123
Extra
Space
Storage
Inc
842
138
Federal
Realty
Investment
Trust
445
52
Healthpeak
Properties
Inc
3,396
113
Host
Hotels
&
Resorts
Inc
(b)
4,450
76
Iron
Mountain
Inc
1,819
77
Kimco
Realty
Corp
2,732
57
Mid-America
Apartment
Communities
Inc
720
121
Prologis
Inc
4,662
557
Public
Storage
959
288
Realty
Income
Corp
2,354
157
Regency
Centers
Corp
994
64
SBA
Communications
Corp
690
220
Simon
Property
Group
Inc
2,070
270
UDR
Inc
1,870
92
Ventas
Inc
2,363
135
Vornado
Realty
Trust
988
46
Welltower
Inc
2,631
219
Weyerhaeuser
Co
4,721
163
$
5,715
Retail
-
4
.73
%
Advance
Auto
Parts
Inc
412
85
AutoZone
Inc
(b)
137
204
Best
Buy
Co
Inc
1,406
162
CarMax
Inc
(b)
1,028
133
Chipotle
Mexican
Grill
Inc
(b)
178
276
Costco
Wholesale
Corp
2,786
1,102
Darden
Restaurants
Inc
824
120
Dollar
General
Corp
1,490
322
Dollar
Tree
Inc
(b)
1,463
146
Domino's
Pizza
Inc
245
114
Gap
Inc/The
1,308
44
Genuine
Parts
Co
909
115
Home
Depot
Inc/The
6,704
2,138
L
Brands
Inc
1,476
106
Lowe's
Cos
Inc
4,457
865
McDonald's
Corp
4,703
1,086
O'Reilly
Automotive
Inc
(b)
441
250
Ross
Stores
Inc
2,247
279
Starbucks
Corp
7,426
830
Target
Corp
3,119
754
TJX
Cos
Inc/The
7,601
512
Tractor
Supply
Co
726
135
Ulta
Beauty
Inc
(b)
346
120
Walgreens
Boots
Alliance
Inc
4,522
238
Walmart
Inc
8,656
1,221
Yum!
Brands
Inc
1,879
216
$
11,573
Savings
&
Loans
-
0
.02
%
People's
United
Financial
Inc
2,694
46
Schedule
of
Investments
LargeCap
S&P
500
Managed
Volatility
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
153
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
-
5
.32
%
Advanced
Micro
Devices
Inc
(b)
7,658
$
719
Analog
Devices
Inc
2,324
400
Applied
Materials
Inc
5,784
824
Broadcom
Inc
2,574
1,227
Intel
Corp
25,454
1,429
IPG
Photonics
Corp
(b)
226
48
KLA
Corp
967
313
Lam
Research
Corp
900
586
Maxim
Integrated
Products
Inc
1,691
178
Microchip
Technology
Inc
1,723
258
Micron
Technology
Inc
(b)
7,067
601
Monolithic
Power
Systems
Inc
271
101
NVIDIA
Corp
3,927
3,142
NXP
Semiconductors
NV
1,740
358
Qorvo
Inc
(b)
709
139
QUALCOMM
Inc
7,112
1,017
Skyworks
Solutions
Inc
1,039
199
Teradyne
Inc
1,047
140
Texas
Instruments
Inc
5,820
1,119
Xilinx
Inc
1,549
224
$
13,022
Shipbuilding
-
0
.02
%
Huntington
Ingalls
Industries
Inc
252
53
Software
-
9
.43
%
Activision
Blizzard
Inc
4,897
467
Adobe
Inc
(b)
3,014
1,765
Akamai
Technologies
Inc
(b)
1,027
120
ANSYS
Inc
(b)
550
191
Autodesk
Inc
(b)
1,386
405
Broadridge
Financial
Solutions
Inc
731
118
Cadence
Design
Systems
Inc
(b)
1,754
240
Cerner
Corp
1,900
148
Citrix
Systems
Inc
782
92
Electronic
Arts
Inc
1,805
260
Fidelity
National
Information
Services
Inc
3,909
554
Fiserv
Inc
(b)
3,753
401
Intuit
Inc
1,723
844
Jack
Henry
&
Associates
Inc
469
77
Microsoft
Corp
(d)
47,475
12,861
MSCI
Inc
520
277
Oracle
Corp
11,451
891
Paychex
Inc
2,021
217
Paycom
Software
Inc
(b)
311
113
PTC
Inc
(b)
661
93
Roper
Technologies
Inc
663
312
salesforce.com
Inc
(b)
5,836
1,425
ServiceNow
Inc
(b)
1,244
684
Synopsys
Inc
(b)
960
265
Take-Two
Interactive
Software
Inc
(b)
728
129
Tyler
Technologies
Inc
(b)
257
116
$
23,065
Telecommunications
-
2
.21
%
Arista
Networks
Inc
(b)
346
125
AT&T
Inc
45,006
1,295
Cisco
Systems
Inc/Delaware
26,566
1,408
Corning
Inc
4,883
200
Juniper
Networks
Inc
2,065
57
Lumen
Technologies
Inc
6,269
85
Motorola
Solutions
Inc
1,069
232
T-Mobile
US
Inc
(b)
3,693
535
Verizon
Communications
Inc
26,096
1,462
$
5,399
Textiles
-
0
.03
%
Mohawk
Industries
Inc
(b)
369
71
Toys,
Games
&
Hobbies
-
0
.03
%
Hasbro
Inc
805
76
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Transportation
-
1
.56
%
CH
Robinson
Worldwide
Inc
840
$
79
CSX
Corp
14,325
459
Expeditors
International
of
Washington
Inc
1,065
135
FedEx
Corp
1,539
459
JB
Hunt
Transport
Services
Inc
525
86
Kansas
City
Southern
573
162
Norfolk
Southern
Corp
1,577
419
Old
Dominion
Freight
Line
Inc
600
152
Union
Pacific
Corp
4,189
921
United
Parcel
Service
Inc
4,559
948
$
3,820
Water
-
0
.07
%
American
Water
Works
Co
Inc
1,143
176
TOTAL
COMMON
STOCKS
$
228,972
TOTAL
PURCHASED
OPTIONS
-
0.18%
$
427
Total
Investments
$
245,422
Other
Assets
and
Liabilities
- (0.31)%
(
752
)
TOTAL
NET
ASSETS
-
100.00%
$
244,670
(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)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
(d)
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
$2,105
or
0.86%
of
net
assets.
Portfolio
Summary (unaudited)
Sector
Percent
Technology
21
.70
%
Consumer,
Non-cyclical
18
.70
%
Communications
15
.34
%
Financial
14
.27
%
Consumer,
Cyclical
8
.87
%
Industrial
7
.69
%
Money
Market
Funds
6
.41
%
Energy
2
.74
%
Utilities
2
.30
%
Basic
Materials
1
.97
%
Purchased
Options
0
.18
%
Investment
Companies
0
.14
%
Other
Assets
and
Liabilities
(
0
.31
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
LargeCap
S&P
500
Managed
Volatility
Index
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
154
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
15,820
$
34,641
$
34,789
$
15,672
$
15,820
$
34,641
$
34,789
$
15,672
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
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)
Call
-
S&P
500
Index
N/A
100
$
10
$
4,300
.00
07/19/2021
$
101
$
310
$
209
Put
-
S&P
500
Index
N/A
200
20
$
4,080
.00
07/19/2021
849
117
(
732
)
Total
$
950
$
427
$
(
523
)
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
S&P
500
Index
N/A
100
$
10
$
4,320
.00
07/19/2021
$
(
66
)
$
(
208
)
$
(
142
)
Put
-
S&P
500
Index
N/A
200
20
$
4,040
.00
07/19/2021
(
701
)
(
93
)
608
Total
$
(
767
)
$
(
301
)
$
466
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
2021
Long
18
$
3,860
$
35
Total
$
35
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
MidCap
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
155
INVESTMENT
COMPANIES
-
0
.08
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.08
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
539,645
$
540
TOTAL
INVESTMENT
COMPANIES
$
540
COMMON
STOCKS
-
100
.01
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
5
.69
%
HEICO
Corp
-
Class
A
78,270
$
9,719
TransDigm
Group
Inc
(b)
44,340
28,701
$
38,420
Banks
-
0
.86
%
First
Republic
Bank/CA
31,063
5,814
Beverages
-
0
.38
%
Brown-Forman
Corp
-
B
Shares
34,617
2,594
Building
Materials
-
4
.16
%
Martin
Marietta
Materials
Inc
22,376
7,872
Summit
Materials
Inc
(b)
121,003
4,217
Vulcan
Materials
Co
92,145
16,040
$
28,129
Chemicals
-
0
.56
%
Air
Products
and
Chemicals
Inc
13,217
3,802
Commercial
Services
-
10
.35
%
Bright
Horizons
Family
Solutions
Inc
(b)
23,898
3,516
CoStar
Group
Inc
(b)
281,279
23,296
Everarc
Holdings
Ltd
-
Warrants
(b)
97,671
22
Gartner
Inc
(b)
32,762
7,935
IHS
Markit
Ltd
36,081
4,065
Moody's
Corp
18,899
6,848
S&P
Global
Inc
7,052
2,894
Square
Inc
(b)
18,710
4,561
TransUnion
88,187
9,684
Verisk
Analytics
Inc
40,709
7,113
$
69,934
Distribution
&
Wholesale
-
4
.46
%
Copart
Inc
(b)
154,101
20,315
Fastenal
Co
188,564
9,805
$
30,120
Diversified
Financial
Services
-
1
.38
%
Credit
Acceptance
Corp
(b)
20,569
9,341
Electric
-
2
.35
%
Brookfield
Infrastructure
Partners
LP
223,274
12,403
Brookfield
Renewable
Partners
LP
89,419
3,449
$
15,852
Electronics
-
1
.96
%
Agilent
Technologies
Inc
20,998
3,104
Mettler-Toledo
International
Inc
(b)
7,347
10,178
$
13,282
Entertainment
-
3
.68
%
Live
Nation
Entertainment
Inc
(b)
155,583
13,628
Vail
Resorts
Inc
(b)
35,525
11,244
$
24,872
Healthcare
-
Products
-
1
.52
%
IDEXX
Laboratories
Inc
(b)
16,295
10,291
Holding
Companies
-
Diversified
-
0
.17
%
Everarc
Holdings
Ltd
(b)
92,882
1,162
Home
Builders
-
2
.57
%
Lennar
Corp
-
A
Shares
75,807
7,531
Lennar
Corp
-
B
Shares
1,086
89
NVR
Inc
(b)
1,960
9,748
$
17,368
Insurance
-
7
.14
%
Aon
PLC
16,167
3,860
Arch
Capital
Group
Ltd
(b)
235,526
9,171
Brookfield
Asset
Management
Reinsurance
Partners
Ltd
(b)
4,250
221
Brown
&
Brown
Inc
169,364
9,000
Fidelity
National
Financial
Inc
115,117
5,003
Markel
Corp
(b)
13,101
15,547
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Progressive
Corp/The
55,237
$
5,425
$
48,227
Internet
-
4
.41
%
VeriSign
Inc
(b)
56,236
12,804
Wix.com
Ltd
(b)
58,519
16,987
$
29,791
Lodging
-
3
.25
%
Hilton
Worldwide
Holdings
Inc
(b)
145,462
17,546
Hyatt
Hotels
Corp
(b)
56,600
4,394
$
21,940
Machinery
-
Diversified
-
0
.50
%
Cognex
Corp
15,754
1,324
Colfax
Corp
(b)
44,635
2,045
$
3,369
Media
-
4
.13
%
Liberty
Broadband
Corp
-
A
Shares
(b)
19,743
3,320
Liberty
Broadband
Corp
-
C
Shares
(b)
102,920
17,873
Liberty
Media
Corp-Liberty
Formula
One
-
A
Shares
(b)
14,733
628
Liberty
Media
Corp-Liberty
Formula
One
-
C
Shares
(b)
124,868
6,020
Liberty
Media
Corp-Liberty
SiriusXM
-
C
Shares
(b)
1,377
64
$
27,905
Private
Equity
-
8
.65
%
Ares
Management
Corp
32,796
2,086
Brookfield
Asset
Management
Inc
616,280
31,418
KKR
&
Co
Inc
319,386
18,920
Onex
Corp
83,055
6,017
$
58,441
Real
Estate
-
2
.62
%
CBRE
Group
Inc
(b)
110,893
9,507
Howard
Hughes
Corp/The
(b)
56,244
5,481
Kennedy-Wilson
Holdings
Inc
135,370
2,690
$
17,678
REITs
-
2
.72
%
SBA
Communications
Corp
57,700
18,389
Retail
-
10
.70
%
Cannae
Holdings
Inc
(b)
36,607
1,241
CarMax
Inc
(b)
179,174
23,140
Dollar
General
Corp
29,137
6,305
Domino's
Pizza
Inc
23,943
11,169
O'Reilly
Automotive
Inc
(b)
31,460
17,813
Restaurant
Brands
International
Inc
130,035
8,380
Ross
Stores
Inc
34,391
4,265
$
72,313
Semiconductors
-
1
.65
%
Microchip
Technology
Inc
74,289
11,124
Software
-
14
.15
%
ANSYS
Inc
(b)
31,708
11,005
Autodesk
Inc
(b)
65,646
19,162
Black
Knight
Inc
(b)
190,754
14,875
Guidewire
Software
Inc
(b)
102,728
11,579
HubSpot
Inc
(b)
3,975
2,316
MSCI
Inc
12,707
6,774
Qualtrics
International
Inc
(b)
7,496
287
Roper
Technologies
Inc
30,281
14,238
Tyler
Technologies
Inc
(b)
34,012
15,386
$
95,622
TOTAL
COMMON
STOCKS
$
675,780
Total
Investments
$
676,320
Other
Assets
and
Liabilities
- (0.09)%
(
626
)
TOTAL
NET
ASSETS
-
100.00%
$
675,694
Schedule
of
Investments
MidCap
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
156
(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)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary (unaudited)
Sector
Percent
Consumer,
Cyclical
24
.66
%
Financial
23
.37
%
Technology
15
.80
%
Industrial
12
.31
%
Consumer,
Non-cyclical
12
.25
%
Communications
8
.54
%
Utilities
2
.35
%
Basic
Materials
0
.56
%
Diversified
0
.17
%
Money
Market
Funds
0
.08
%
Other
Assets
and
Liabilities
(
0
.09
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
1,607
$
31,217
$
32,284
$
540
$
1,607
$
31,217
$
32,284
$
540
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Principal
Capital
Appreciation
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
157
INVESTMENT
COMPANIES
-
1
.87
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.87
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
3,379,552
$
3,380
TOTAL
INVESTMENT
COMPANIES
$
3,380
COMMON
STOCKS
-
98
.68
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
0
.19
%
Teledyne
Technologies
Inc
(b)
822
$
344
Apparel
-
2
.01
%
Deckers
Outdoor
Corp
(b)
6,822
2,620
NIKE
Inc
6,523
1,008
$
3,628
Automobile
Manufacturers
-
1
.15
%
PACCAR
Inc
23,370
2,086
Banks
-
4
.01
%
JPMorgan
Chase
&
Co
30,428
4,733
PNC
Financial
Services
Group
Inc/The
13,186
2,515
$
7,248
Beverages
-
1
.63
%
Keurig
Dr
Pepper
Inc
57,698
2,033
PepsiCo
Inc
6,165
914
$
2,947
Chemicals
-
1
.48
%
Air
Products
and
Chemicals
Inc
3,975
1,144
FMC
Corp
14,177
1,534
$
2,678
Commercial
Services
-
1
.07
%
PayPal
Holdings
Inc
(b)
6,609
1,926
Computers
-
4
.53
%
Apple
Inc
59,844
8,196
Consumer
Products
-
0
.98
%
Church
&
Dwight
Co
Inc
20,748
1,768
Diversified
Financial
Services
-
6
.56
%
Ameriprise
Financial
Inc
5,517
1,373
BlackRock
Inc
1,969
1,723
Charles
Schwab
Corp/The
45,180
3,290
Discover
Financial
Services
13,584
1,607
Nasdaq
Inc
9,921
1,744
Visa
Inc
9,129
2,134
$
11,871
Electric
-
2
.32
%
NextEra
Energy
Inc
37,894
2,777
Xcel
Energy
Inc
21,528
1,418
$
4,195
Electronics
-
1
.28
%
Honeywell
International
Inc
10,548
2,314
Environmental
Control
-
0
.95
%
Republic
Services
Inc
15,674
1,724
Food
-
0
.53
%
McCormick
&
Co
Inc/MD
10,926
965
Healthcare
-
Products
-
4
.86
%
Abbott
Laboratories
30,573
3,544
Edwards
Lifesciences
Corp
(b)
11,955
1,238
Medtronic
PLC
10,670
1,325
Thermo
Fisher
Scientific
Inc
5,323
2,685
$
8,792
Healthcare
-
Services
-
2
.01
%
UnitedHealth
Group
Inc
7,366
2,950
Universal
Health
Services
Inc
4,696
687
$
3,637
Insurance
-
2
.29
%
Chubb
Ltd
2,137
340
Fidelity
National
Financial
Inc
8,376
364
Marsh
&
McLennan
Cos
Inc
14,619
2,056
Progressive
Corp/The
14,142
1,389
$
4,149
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Internet
-
10
.82
%
Alphabet
Inc
-
A
Shares
(b)
2,845
$
6,947
Amazon.com
Inc
(b)
1,980
6,811
Facebook
Inc
(b)
14,014
4,873
Netflix
Inc
(b)
1,766
933
$
19,564
Machinery
-
Construction
&
Mining
-
0
.95
%
Epiroc
AB
-
A
Shares
75,182
1,711
Machinery
-
Diversified
-
1
.13
%
Deere
&
Co
5,801
2,046
Media
-
2
.24
%
Comcast
Corp
-
Class
A
46,675
2,661
Nexstar
Media
Group
Inc
5,820
861
Walt
Disney
Co/The
(b)
3,063
538
$
4,060
Oil
&
Gas
-
3
.26
%
Chevron
Corp
49,330
5,167
Valero
Energy
Corp
9,337
729
$
5,896
Packaging
&
Containers
-
0
.88
%
Ball
Corp
19,720
1,598
Pharmaceuticals
-
6
.17
%
Becton
Dickinson
and
Co
1,850
450
Bristol-Myers
Squibb
Co
24,606
1,644
Dexcom
Inc
(b)
1,355
578
Eli
Lilly
&
Co
8,712
1,999
Johnson
&
Johnson
12,994
2,141
Merck
&
Co
Inc
33,067
2,572
Pfizer
Inc
18,332
718
Roche
Holding
AG
ADR
22,536
1,059
$
11,161
REITs
-
3
.39
%
Alexandria
Real
Estate
Equities
Inc
8,777
1,597
American
Tower
Corp
5,333
1,441
Extra
Space
Storage
Inc
10,912
1,788
Prologis
Inc
10,931
1,306
$
6,132
Retail
-
8
.40
%
Costco
Wholesale
Corp
10,169
4,024
Home
Depot
Inc/The
5,884
1,876
Lululemon
Athletica
Inc
(b)
4,299
1,569
O'Reilly
Automotive
Inc
(b)
2,592
1,468
Starbucks
Corp
13,611
1,522
Target
Corp
10,198
2,465
Tractor
Supply
Co
12,244
2,278
$
15,202
Semiconductors
-
5
.78
%
Broadcom
Inc
5,970
2,847
Lam
Research
Corp
3,927
2,555
Microchip
Technology
Inc
9,693
1,451
NVIDIA
Corp
2,417
1,934
Taiwan
Semiconductor
Manufacturing
Co
Ltd
ADR
13,852
1,665
$
10,452
Software
-
13
.22
%
Adobe
Inc
(b)
7,630
4,468
Black
Knight
Inc
(b)
10,811
843
Fair
Isaac
Corp
(b)
4,279
2,151
Fidelity
National
Information
Services
Inc
3,258
462
Microsoft
Corp
39,232
10,628
Roper
Technologies
Inc
2,721
1,279
salesforce.com
Inc
(b)
9,659
2,359
ServiceNow
Inc
(b)
3,140
1,726
$
23,916
Telecommunications
-
2
.11
%
T-Mobile
US
Inc
(b)
22,526
3,263
Verizon
Communications
Inc
10,017
561
$
3,824
Schedule
of
Investments
Principal
Capital
Appreciation
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
158
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Transportation
-
2
.48
%
Expeditors
International
of
Washington
Inc
17,535
$
2,220
Union
Pacific
Corp
10,315
2,269
$
4,489
TOTAL
COMMON
STOCKS
$
178,519
Total
Investments
$
181,899
Other
Assets
and
Liabilities
- (0.55)%
(
999
)
TOTAL
NET
ASSETS
-
100.00%
$
180,900
(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)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary (unaudited)
Sector
Percent
Technology
23
.53
%
Consumer,
Non-cyclical
17
.25
%
Financial
16
.25
%
Communications
15
.17
%
Consumer,
Cyclical
11
.56
%
Industrial
7
.86
%
Energy
3
.26
%
Utilities
2
.32
%
Money
Market
Funds
1
.87
%
Basic
Materials
1
.48
%
Other
Assets
and
Liabilities
(
0
.55
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
1,887
$
14,931
$
13,438
$
3,380
$
1,887
$
14,931
$
13,438
$
3,380
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Principal
LifeTime
2010
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
159
INVESTMENT
COMPANIES
-
100
.02
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
58
.05
%
Blue
Chip
Fund
(a)
33,562
$
1,372
Core
Fixed
Income
Fund
(a)
1,295,309
13,018
Diversified
International
Fund
(a)
116,918
1,888
Diversified
Real
Asset
Fund
(a)
47,873
637
International
Small
Company
Fund
(a)
30,215
393
LargeCap
Growth
Fund
I
(a)
56,792
1,327
MidCap
Fund
(a),(b)
15,321
626
MidCap
Value
Fund
I
(a)
35,426
650
Origin
Emerging
Markets
Fund
(a)
37,921
558
SmallCap
Growth
Fund
I
(a)
16,230
321
SmallCap
Value
Fund
II
(a)
24,717
350
$
21,140
Principal
Funds,
Inc.
Institutional
Class
-
41
.97
%
Equity
Income
Fund
(a)
31,731
1,271
High
Income
Fund
(a)
263,368
2,489
Inflation
Protection
Fund
(a)
166,700
1,602
LargeCap
S&P
500
Index
Fund
(a)
32,724
812
LargeCap
Value
Fund
III
(a)
64,445
1,294
Overseas
Fund
(a)
106,482
1,212
Short-Term
Income
Fund
(a)
532,609
6,604
$
15,284
TOTAL
INVESTMENT
COMPANIES
$
36,424
Total
Investments
$
36,424
Other
Assets
and
Liabilities
- (0.02)%
(
7
)
TOTAL
NET
ASSETS
-
100.00%
$
36,417
(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.
(b)
Non-income
producing
security
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
70
.30
%
Domestic
Equity
Funds
22
.03
%
International
Equity
Funds
5
.94
%
Specialty
Funds
1
.75
%
Other
Assets
and
Liabilities
(
0
.02
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Principal
LifeTime
2010
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
160
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
1,224
$
61
$
112
$
1,372
Core
Fixed
Income
Fund
13,544
1,257
1,426
13,018
Diversified
International
Fund
1,780
113
145
1,888
Diversified
Real
Asset
Fund
756
61
246
637
Equity
Income
Fund
977
237
82
1,271
High
Income
Fund
2,149
553
231
2,489
Inflation
Protection
Fund
1,469
265
156
1,602
International
Small
Company
Fund
377
22
41
393
LargeCap
Growth
Fund
I
1,172
68
82
1,327
LargeCap
S&P
500
Index
Fund
1,571
58
963
812
LargeCap
Value
Fund
III
899
303
82
1,294
MidCap
Fund
641
43
131
626
MidCap
Value
Fund
I
544
42
56
650
Origin
Emerging
Markets
Fund
464
97
40
558
Overseas
Fund
1,167
62
149
1,212
Short-Term
Income
Fund
6,460
918
734
6,604
SmallCap
Growth
Fund
I
396
16
122
321
SmallCap
Value
Fund
II
240
64
22
350
$
35,830
$
4,240
$
4,820
$
36,424
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
—
$
2
$
—
$
197
Core
Fixed
Income
Fund
147
—
—
(
357
)
Diversified
International
Fund
—
(
1
)
—
141
Diversified
Real
Asset
Fund
—
22
—
44
Equity
Income
Fund
10
1
—
138
High
Income
Fund
62
—
—
18
Inflation
Protection
Fund
—
—
—
24
International
Small
Company
Fund
—
1
—
34
LargeCap
Growth
Fund
I
—
1
—
168
LargeCap
S&P
500
Index
Fund
—
367
—
(
221
)
LargeCap
Value
Fund
III
—
2
—
172
MidCap
Fund
—
27
—
46
MidCap
Value
Fund
I
—
2
—
118
Origin
Emerging
Markets
Fund
—
—
—
37
Overseas
Fund
—
6
—
126
Short-Term
Income
Fund
36
—
—
(
40
)
SmallCap
Growth
Fund
I
—
43
—
(
12
)
SmallCap
Value
Fund
II
—
1
—
67
$
255
$
474
$
—
$
700
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2020
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
161
INVESTMENT
COMPANIES
-
100
.00
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
61
.86
%
Blue
Chip
Fund
(a)
274,806
$
11,231
Core
Fixed
Income
Fund
(a)
5,798,761
58,277
Diversified
International
Fund
(a)
969,325
15,655
Diversified
Real
Asset
Fund
(a)
221,992
2,952
International
Small
Company
Fund
(a)
256,957
3,346
LargeCap
Growth
Fund
I
(a)
465,703
10,879
MidCap
Fund
(a),(b)
125,302
5,121
MidCap
Value
Fund
I
(a)
289,563
5,311
Origin
Emerging
Markets
Fund
(a)
317,018
4,666
SmallCap
Growth
Fund
I
(a)
132,701
2,629
SmallCap
Value
Fund
II
(a)
202,379
2,866
$
122,933
Principal
Funds,
Inc.
Institutional
Class
-
38
.14
%
Equity
Income
Fund
(a)
260,374
10,431
High
Income
Fund
(a)
1,081,965
10,225
Inflation
Protection
Fund
(a)
782,448
7,519
LargeCap
S&P
500
Index
Fund
(a)
307,190
7,624
LargeCap
Value
Fund
III
(a)
529,595
10,634
Overseas
Fund
(a)
888,156
10,107
Short-Term
Income
Fund
(a)
1,553,291
19,261
$
75,801
TOTAL
INVESTMENT
COMPANIES
$
198,734
Total
Investments
$
198,734
Other
Assets
and
Liabilities
- 0.00%
(
8
)
TOTAL
NET
ASSETS
-
100.00%
$
198,726
(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)
Non-income
producing
security
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
55
.82
%
Domestic
Equity
Funds
33
.57
%
International
Equity
Funds
9
.12
%
Specialty
Funds
1
.49
%
Other
Assets
and
Liabilities
0
.00
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Principal
LifeTime
2020
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
162
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
10,043
$
328
$
781
$
11,231
Core
Fixed
Income
Fund
59,928
5,244
5,303
58,277
Diversified
International
Fund
15,180
588
1,302
15,655
Diversified
Real
Asset
Fund
3,710
200
1,274
2,952
Equity
Income
Fund
9,123
765
639
10,431
High
Income
Fund
8,232
2,764
841
10,225
Inflation
Protection
Fund
7,353
719
670
7,519
International
Small
Company
Fund
3,253
120
321
3,346
LargeCap
Growth
Fund
I
10,160
328
1,001
10,879
LargeCap
S&P
500
Index
Fund
10,401
328
4,311
7,624
LargeCap
Value
Fund
III
9,070
710
639
10,634
MidCap
Fund
5,260
224
971
5,121
MidCap
Value
Fund
I
4,403
365
436
5,311
Origin
Emerging
Markets
Fund
4,230
520
421
4,666
Overseas
Fund
9,910
348
1,255
10,107
Short-Term
Income
Fund
18,623
2,574
1,820
19,261
SmallCap
Growth
Fund
I
3,298
88
1,017
2,629
SmallCap
Value
Fund
II
1,996
478
170
2,866
$
194,173
$
16,691
$
23,172
$
198,734
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
—
$
21
$
—
$
1,620
Core
Fixed
Income
Fund
657
—
—
(
1,592
)
Diversified
International
Fund
—
(
9
)
—
1,198
Diversified
Real
Asset
Fund
—
61
—
255
Equity
Income
Fund
82
14
—
1,168
High
Income
Fund
253
—
—
70
Inflation
Protection
Fund
—
1
—
116
International
Small
Company
Fund
—
10
—
284
LargeCap
Growth
Fund
I
—
—
—
1,392
LargeCap
S&P
500
Index
Fund
—
1,373
—
(
167
)
LargeCap
Value
Fund
III
—
25
—
1,468
MidCap
Fund
—
270
—
338
MidCap
Value
Fund
I
—
12
—
967
Origin
Emerging
Markets
Fund
—
13
—
324
Overseas
Fund
—
32
—
1,072
Short-Term
Income
Fund
105
—
—
(
116
)
SmallCap
Growth
Fund
I
—
408
—
(
148
)
SmallCap
Value
Fund
II
—
9
—
553
$
1,097
$
2,240
$
—
$
8,802
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2030
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
163
INVESTMENT
COMPANIES
-
100
.00
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
67
.29
%
Blue
Chip
Fund
(a)
469,060
$
19,171
Core
Fixed
Income
Fund
(a)
6,121,175
61,518
Diversified
International
Fund
(a)
1,650,110
26,649
Diversified
Real
Asset
Fund
(a)
298,971
3,976
International
Small
Company
Fund
(a)
436,486
5,683
LargeCap
Growth
Fund
I
(a)
796,516
18,607
MidCap
Fund
(a),(b)
218,150
8,916
MidCap
Value
Fund
I
(a)
500,895
9,186
Origin
Emerging
Markets
Fund
(a)
538,977
7,934
SmallCap
Growth
Fund
I
(a)
227,081
4,498
SmallCap
Value
Fund
II
(a)
345,202
4,888
$
171,026
Principal
Funds,
Inc.
Institutional
Class
-
32
.71
%
Equity
Income
Fund
(a)
444,774
17,818
High
Income
Fund
(a)
1,151,783
10,884
Inflation
Protection
Fund
(a)
541,078
5,200
LargeCap
S&P
500
Index
Fund
(a)
551,365
13,685
LargeCap
Value
Fund
III
(a)
903,488
18,142
Overseas
Fund
(a)
1,530,272
17,414
$
83,143
TOTAL
INVESTMENT
COMPANIES
$
254,169
Total
Investments
$
254,169
Other
Assets
and
Liabilities
- 0.00%
(
8
)
TOTAL
NET
ASSETS
-
100.00%
$
254,161
(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)
Non-income
producing
security
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
45
.20
%
Fixed
Income
Funds
41
.02
%
International
Equity
Funds
12
.21
%
Specialty
Funds
1
.57
%
Other
Assets
and
Liabilities
0
.00
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
15,380
$
2,090
$
1,037
$
19,171
Core
Fixed
Income
Fund
58,315
10,061
5,438
61,518
Diversified
International
Fund
24,768
2,449
2,529
26,649
Diversified
Real
Asset
Fund
4,522
589
1,522
3,976
Equity
Income
Fund
14,164
2,790
1,037
17,818
High
Income
Fund
7,210
4,412
814
10,884
Inflation
Protection
Fund
4,648
917
447
5,200
International
Small
Company
Fund
5,302
495
590
5,683
LargeCap
Growth
Fund
I
15,863
1,454
1,037
18,607
LargeCap
S&P
500
Index
Fund
17,346
1,331
7,030
13,685
LargeCap
Value
Fund
III
14,424
2,346
1,038
18,142
MidCap
Fund
8,165
943
1,198
8,916
MidCap
Value
Fund
I
7,078
1,245
709
9,186
Origin
Emerging
Markets
Fund
6,700
1,195
510
7,934
Overseas
Fund
16,041
1,439
1,821
17,414
SmallCap
Growth
Fund
I
5,030
377
1,318
4,498
SmallCap
Value
Fund
II
3,341
917
287
4,888
$
228,297
$
35,050
$
28,362
$
254,169
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
—
$
3
$
—
$
2,735
Core
Fixed
Income
Fund
644
(
2
)
—
(
1,418
)
Diversified
International
Fund
—
(
40
)
—
2,001
Diversified
Real
Asset
Fund
—
67
—
320
Equity
Income
Fund
137
9
—
1,892
High
Income
Fund
246
—
—
76
Inflation
Protection
Fund
—
—
—
82
International
Small
Company
Fund
—
(
3
)
—
479
LargeCap
Growth
Fund
I
—
8
—
2,319
LargeCap
S&P
500
Index
Fund
—
1,725
—
313
LargeCap
Value
Fund
III
—
(
1
)
—
2,411
MidCap
Fund
—
225
—
781
MidCap
Value
Fund
I
—
(
1
)
—
1,573
Origin
Emerging
Markets
Fund
—
25
—
524
Overseas
Fund
—
(
2
)
—
1,757
SmallCap
Growth
Fund
I
—
321
—
88
SmallCap
Value
Fund
II
—
4
—
913
$
1,027
$
2,338
$
—
$
16,846
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2040
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
164
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
61
.20
%
Blue
Chip
Fund
(a)
266,379
$
10,887
Core
Fixed
Income
Fund
(a)
1,776,772
17,856
Diversified
International
Fund
(a)
980,055
15,828
International
Small
Company
Fund
(a)
268,582
3,497
LargeCap
Growth
Fund
I
(a)
451,986
10,558
MidCap
Value
Fund
I
(a)
287,965
5,281
Origin
Emerging
Markets
Fund
(a)
323,490
4,762
Real
Estate
Securities
Fund
(a)
91,776
2,855
SmallCap
Growth
Fund
I
(a)
128,444
2,545
SmallCap
Value
Fund
II
(a)
196,829
2,787
$
76,856
Principal
Funds,
Inc.
Institutional
Class
-
38
.81
%
Equity
Income
Fund
(a)
252,283
10,106
High
Income
Fund
(a)
422,141
3,989
LargeCap
S&P
500
Index
Fund
(a)
365,629
9,075
LargeCap
Value
Fund
III
(a)
512,776
10,297
MidCap
Growth
Fund
III
(a)
294,922
4,910
Overseas
Fund
(a)
910,428
10,361
$
48,738
TOTAL
INVESTMENT
COMPANIES
$
125,594
Total
Investments
$
125,594
Other
Assets
and
Liabilities
- (0.01)%
(
7
)
TOTAL
NET
ASSETS
-
100.00%
$
125,587
(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.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
55
.19
%
Fixed
Income
Funds
30
.00
%
International
Equity
Funds
14
.82
%
Other
Assets
and
Liabilities
(
0
.01
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
9,081
$
1,052
$
815
$
10,887
Core
Fixed
Income
Fund
15,788
4,035
1,530
17,856
Diversified
International
Fund
13,964
1,920
1,195
15,828
Equity
Income
Fund
7,582
2,029
589
10,106
High
Income
Fund
2,817
1,427
286
3,989
International
Small
Company
Fund
3,076
400
272
3,497
LargeCap
Growth
Fund
I
9,255
1,052
1,082
10,558
LargeCap
S&P
500
Index
Fund
9,461
1,037
2,691
9,075
LargeCap
Value
Fund
III
7,624
1,884
587
10,297
MidCap
Growth
Fund
III
4,995
711
1,198
4,910
MidCap
Value
Fund
I
3,635
1,136
399
5,281
Origin
Emerging
Markets
Fund
3,951
833
345
4,762
Overseas
Fund
9,057
1,117
862
10,361
Real
Estate
Securities
Fund
2,215
394
207
2,855
SmallCap
Growth
Fund
I
2,751
289
718
2,545
SmallCap
Value
Fund
II
1,891
524
162
2,787
$
107,143
$
19,840
$
12,938
$
125,594
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
—
$
14
$
—
$
1,555
Core
Fixed
Income
Fund
191
2
—
(
439
)
Diversified
International
Fund
—
(
2
)
—
1,141
Equity
Income
Fund
79
10
—
1,074
High
Income
Fund
91
—
—
31
International
Small
Company
Fund
—
1
—
292
LargeCap
Growth
Fund
I
—
17
—
1,316
LargeCap
S&P
500
Index
Fund
—
417
—
851
LargeCap
Value
Fund
III
—
13
—
1,363
MidCap
Growth
Fund
III
—
126
—
276
MidCap
Value
Fund
I
—
7
—
902
Origin
Emerging
Markets
Fund
—
5
—
318
Overseas
Fund
—
(
1
)
—
1,050
Real
Estate
Securities
Fund
18
1
—
452
SmallCap
Growth
Fund
I
—
118
—
105
SmallCap
Value
Fund
II
—
—
—
534
$
379
$
728
$
—
$
10,821
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2050
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
165
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
58
.58
%
Blue
Chip
Fund
(a)
149,112
$
6,094
Core
Fixed
Income
Fund
(a)
476,296
4,787
Diversified
International
Fund
(a)
556,016
8,980
International
Small
Company
Fund
(a)
149,556
1,947
LargeCap
Growth
Fund
I
(a)
253,473
5,921
MidCap
Value
Fund
I
(a)
165,227
3,030
Origin
Emerging
Markets
Fund
(a)
179,748
2,646
Real
Estate
Securities
Fund
(a)
46,781
1,455
SmallCap
Growth
Fund
I
(a)
72,780
1,442
SmallCap
Value
Fund
II
(a)
110,138
1,560
$
37,862
Principal
Funds,
Inc.
Institutional
Class
-
41
.43
%
Equity
Income
Fund
(a)
141,433
5,666
High
Income
Fund
(a)
144,776
1,368
LargeCap
S&P
500
Index
Fund
(a)
215,628
5,352
LargeCap
Value
Fund
III
(a)
286,847
5,760
MidCap
Growth
Fund
III
(a)
171,116
2,849
Overseas
Fund
(a)
507,771
5,778
$
26,773
TOTAL
INVESTMENT
COMPANIES
$
64,635
Total
Investments
$
64,635
Other
Assets
and
Liabilities
- (0.01)%
(
8
)
TOTAL
NET
ASSETS
-
100.00%
$
64,627
(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.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
60
.54
%
Fixed
Income
Funds
23
.43
%
International
Equity
Funds
16
.04
%
Other
Assets
and
Liabilities
(
0
.01
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
4,765
$
887
$
402
$
6,094
Core
Fixed
Income
Fund
3,603
1,541
260
4,787
Diversified
International
Fund
7,184
1,574
375
8,980
Equity
Income
Fund
3,913
1,389
205
5,666
High
Income
Fund
749
669
60
1,368
International
Small
Company
Fund
1,566
333
102
1,947
LargeCap
Growth
Fund
I
4,854
887
540
5,921
LargeCap
S&P
500
Index
Fund
4,728
870
928
5,352
LargeCap
Value
Fund
III
3,933
1,314
203
5,760
MidCap
Growth
Fund
III
2,579
604
555
2,849
MidCap
Value
Fund
I
1,881
817
139
3,030
Origin
Emerging
Markets
Fund
1,971
644
127
2,646
Overseas
Fund
4,659
976
399
5,778
Real
Estate
Securities
Fund
1,003
299
64
1,455
SmallCap
Growth
Fund
I
1,434
249
360
1,442
SmallCap
Value
Fund
II
963
378
56
1,560
$
49,785
$
13,431
$
4,775
$
64,635
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
—
$
1
$
—
$
843
Core
Fixed
Income
Fund
47
—
—
(
97
)
Diversified
International
Fund
—
(
1
)
—
598
Equity
Income
Fund
42
2
—
567
High
Income
Fund
29
—
—
10
International
Small
Company
Fund
—
—
—
150
LargeCap
Growth
Fund
I
—
9
—
711
LargeCap
S&P
500
Index
Fund
—
85
—
597
LargeCap
Value
Fund
III
—
1
—
715
MidCap
Growth
Fund
III
—
87
—
134
MidCap
Value
Fund
I
—
—
—
471
Origin
Emerging
Markets
Fund
—
3
—
155
Overseas
Fund
—
1
—
541
Real
Estate
Securities
Fund
9
1
—
216
SmallCap
Growth
Fund
I
—
72
—
47
SmallCap
Value
Fund
II
—
—
—
275
$
127
$
261
$
—
$
5,933
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2060
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
166
INVESTMENT
COMPANIES
-
100
.05
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
57
.28
%
Blue
Chip
Fund
(a)
36,600
$
1,496
Core
Fixed
Income
Fund
(a)
52,441
527
Diversified
International
Fund
(a)
138,225
2,232
International
Small
Company
Fund
(a)
37,333
486
LargeCap
Growth
Fund
I
(a)
62,162
1,452
MidCap
Value
Fund
I
(a)
40,749
747
Origin
Emerging
Markets
Fund
(a)
44,804
659
Real
Estate
Securities
Fund
(a)
10,978
342
SmallCap
Growth
Fund
I
(a)
17,798
353
SmallCap
Value
Fund
II
(a)
27,089
384
$
8,678
Principal
Funds,
Inc.
Institutional
Class
-
42
.77
%
Equity
Income
Fund
(a)
34,692
1,390
High
Income
Fund
(a)
18,212
172
LargeCap
S&P
500
Index
Fund
(a)
55,531
1,378
LargeCap
Value
Fund
III
(a)
70,397
1,414
MidCap
Growth
Fund
III
(a)
42,088
701
Overseas
Fund
(a)
125,258
1,425
$
6,480
TOTAL
INVESTMENT
COMPANIES
$
15,158
Total
Investments
$
15,158
Other
Assets
and
Liabilities
- (0.05)%
(
7
)
TOTAL
NET
ASSETS
-
100.00%
$
15,151
(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.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
63
.73
%
Fixed
Income
Funds
19
.35
%
International
Equity
Funds
16
.97
%
Other
Assets
and
Liabilities
(
0
.05
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
1,126
$
286
$
128
$
1,496
Core
Fixed
Income
Fund
436
199
97
527
Diversified
International
Fund
1,737
509
164
2,232
Equity
Income
Fund
941
417
111
1,390
High
Income
Fund
121
74
23
172
International
Small
Company
Fund
382
109
43
486
LargeCap
Growth
Fund
I
1,157
286
169
1,452
LargeCap
S&P
500
Index
Fund
1,129
282
210
1,378
LargeCap
Value
Fund
III
955
388
110
1,414
MidCap
Growth
Fund
III
615
199
168
701
MidCap
Value
Fund
I
452
251
76
747
Origin
Emerging
Markets
Fund
486
189
56
659
Overseas
Fund
1,134
321
166
1,425
Real
Estate
Securities
Fund
229
93
32
342
SmallCap
Growth
Fund
I
340
82
97
353
SmallCap
Value
Fund
II
234
112
31
384
$
11,474
$
3,797
$
1,681
$
15,158
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
—
$
—
$
—
$
212
Core
Fixed
Income
Fund
5
—
—
(
11
)
Diversified
International
Fund
—
—
—
150
Equity
Income
Fund
11
1
—
142
High
Income
Fund
4
—
—
—
International
Small
Company
Fund
—
—
—
38
LargeCap
Growth
Fund
I
—
2
—
176
LargeCap
S&P
500
Index
Fund
—
2
—
175
LargeCap
Value
Fund
III
—
1
—
180
MidCap
Growth
Fund
III
—
11
—
44
MidCap
Value
Fund
I
—
1
—
119
Origin
Emerging
Markets
Fund
—
—
—
40
Overseas
Fund
—
—
—
136
Real
Estate
Securities
Fund
2
—
—
52
SmallCap
Growth
Fund
I
—
13
—
15
SmallCap
Value
Fund
II
—
—
—
69
$
22
$
31
$
—
$
1,537
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
Strategic
Income
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
167
INVESTMENT
COMPANIES
-
100
.03
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
57
.21
%
Blue
Chip
Fund
(a)
21,952
$
897
Core
Fixed
Income
Fund
(a)
1,227,763
12,339
Diversified
International
Fund
(a)
76,727
1,239
Diversified
Real
Asset
Fund
(a)
46,113
613
International
Small
Company
Fund
(a)
20,857
272
LargeCap
Growth
Fund
I
(a)
37,213
869
MidCap
Fund
(a),(b)
10,012
409
MidCap
Value
Fund
I
(a)
23,085
424
Origin
Emerging
Markets
Fund
(a)
25,602
377
SmallCap
Growth
Fund
I
(a)
10,619
210
SmallCap
Value
Fund
II
(a)
16,148
229
$
17,878
Principal
Funds,
Inc.
Institutional
Class
-
42
.82
%
Equity
Income
Fund
(a)
20,727
830
High
Income
Fund
(a)
249,911
2,362
Inflation
Protection
Fund
(a)
153,113
1,471
LargeCap
S&P
500
Index
Fund
(a)
22,020
547
LargeCap
Value
Fund
III
(a)
42,111
846
Overseas
Fund
(a)
72,878
829
Short-Term
Income
Fund
(a)
523,689
6,494
$
13,379
TOTAL
INVESTMENT
COMPANIES
$
31,257
Total
Investments
$
31,257
Other
Assets
and
Liabilities
- (0.03)%
(
8
)
TOTAL
NET
ASSETS
-
100.00%
$
31,249
(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)
Non-income
producing
security
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
76
.50
%
Domestic
Equity
Funds
16
.84
%
International
Equity
Funds
4
.73
%
Specialty
Funds
1
.96
%
Other
Assets
and
Liabilities
(
0
.03
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Principal
LifeTime
Strategic
Income
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
168
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
859
$
46
$
138
$
897
Core
Fixed
Income
Fund
12,597
1,504
1,427
12,339
Diversified
International
Fund
1,159
82
94
1,239
Diversified
Real
Asset
Fund
763
61
274
613
Equity
Income
Fund
686
113
61
830
High
Income
Fund
2,139
449
243
2,362
Inflation
Protection
Fund
1,388
218
158
1,471
International
Small
Company
Fund
255
17
24
272
LargeCap
Growth
Fund
I
844
46
133
869
LargeCap
S&P
500
Index
Fund
973
44
564
547
LargeCap
Value
Fund
III
650
140
59
846
MidCap
Fund
438
32
109
409
MidCap
Value
Fund
I
353
34
40
424
Origin
Emerging
Markets
Fund
309
72
28
377
Overseas
Fund
773
49
81
829
Short-Term
Income
Fund
6,408
835
709
6,494
SmallCap
Growth
Fund
I
266
12
90
210
SmallCap
Value
Fund
II
170
28
14
229
$
31,030
$
3,782
$
4,246
$
31,257
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
—
$
28
$
—
$
102
Core
Fixed
Income
Fund
139
—
—
(
335
)
Diversified
International
Fund
—
—
—
92
Diversified
Real
Asset
Fund
—
12
—
51
Equity
Income
Fund
6
1
—
91
High
Income
Fund
59
—
—
17
Inflation
Protection
Fund
—
—
—
23
International
Small
Company
Fund
—
1
—
23
LargeCap
Growth
Fund
I
—
(
1
)
—
113
LargeCap
S&P
500
Index
Fund
—
196
—
(
102
)
LargeCap
Value
Fund
III
—
1
—
114
MidCap
Fund
—
35
—
13
MidCap
Value
Fund
I
—
1
—
76
Origin
Emerging
Markets
Fund
—
—
—
24
Overseas
Fund
—
2
—
86
Short-Term
Income
Fund
36
—
—
(
40
)
SmallCap
Growth
Fund
I
—
26
—
(
4
)
SmallCap
Value
Fund
II
—
—
—
45
$
240
$
302
$
—
$
389
Amounts
in
thousands.
Schedule
of
Investments
Real
Estate
Securities
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
169
INVESTMENT
COMPANIES
-
0
.46
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.46
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
742,857
$
743
TOTAL
INVESTMENT
COMPANIES
$
743
COMMON
STOCKS
-
99
.35
%
Shares
Held
Value
(000's)
Entertainment
-
1
.41
%
Marriott
Vacations
Worldwide
Corp
(b)
14,215
$
2,264
Home
Builders
-
1
.00
%
DR
Horton
Inc
17,755
1,605
Lodging
-
1
.23
%
Choice
Hotels
International
Inc
4,295
510
Travel
+
Leisure
Co
24,891
1,480
$
1,990
REITs
-
95
.71
%
Agree
Realty
Corp
39,877
2,811
Alexandria
Real
Estate
Equities
Inc
31,404
5,714
American
Assets
Trust
Inc
44,579
1,662
American
Campus
Communities
Inc
8,678
405
American
Homes
4
Rent
164,624
6,396
American
Tower
Corp
19,270
5,206
Apartment
Income
REIT
Corp
71,695
3,400
Apple
Hospitality
REIT
Inc
100,740
1,537
AvalonBay
Communities
Inc
39,390
8,220
Brandywine
Realty
Trust
46,635
639
Broadstone
Net
Lease
Inc
99,959
2,340
CoreSite
Realty
Corp
14,723
1,982
Cousins
Properties
Inc
81,059
2,981
CubeSmart
58,285
2,700
CyrusOne
Inc
11,315
809
DiamondRock
Hospitality
Co
(b)
64,855
629
Digital
Realty
Trust
Inc
10,188
1,533
Equinix
Inc
15,047
12,077
Equity
LifeStyle
Properties
Inc
42,952
3,192
Equity
Residential
369
28
Essex
Property
Trust
Inc
23,041
6,913
Extra
Space
Storage
Inc
36,585
5,993
First
Industrial
Realty
Trust
Inc
65,768
3,435
Healthcare
Realty
Trust
Inc
35,880
1,084
Healthcare
Trust
of
America
Inc
145,931
3,896
Invitation
Homes
Inc
233,760
8,717
Kilroy
Realty
Corp
48,952
3,409
MGM
Growth
Properties
LLC
48,084
1,761
Park
Hotels
&
Resorts
Inc
(b)
57,305
1,181
Prologis
Inc
94,160
11,255
PS
Business
Parks
Inc
15,186
2,249
Public
Storage
6,196
1,863
Regency
Centers
Corp
42,790
2,742
Rexford
Industrial
Realty
Inc
44,583
2,539
Sabra
Health
Care
REIT
Inc
121,967
2,220
Saul
Centers
Inc
15,747
716
Simon
Property
Group
Inc
15,566
2,031
STORE
Capital
Corp
103,178
3,561
Sun
Communities
Inc
36,781
6,304
Terreno
Realty
Corp
42,110
2,717
Ventas
Inc
21,225
1,212
VICI
Properties
Inc
106,004
3,288
Welltower
Inc
115,510
9,599
Weyerhaeuser
Co
38,214
1,315
$
154,261
TOTAL
COMMON
STOCKS
$
160,120
Total
Investments
$
160,863
Other
Assets
and
Liabilities
- 0.19%
306
TOTAL
NET
ASSETS
-
100.00%
$
161,169
(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)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary (unaudited)
Sector
Percent
Financial
95
.71
%
Consumer,
Cyclical
3
.64
%
Money
Market
Funds
0
.46
%
Other
Assets
and
Liabilities
0
.19
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Real
Estate
Securities
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
170
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
59
$
11,022
$
10,338
$
743
$
59
$
11,022
$
10,338
$
743
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Amounts
in
thousands.
Schedule
of
Investments
SAM
Balanced
Portfolio
June
30,
2021
(unaudited)
See
accompanying
notes.
171
INVESTMENT
COMPANIES
-
100
.02
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.29
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
2,140,377
$
2,140
Principal
Exchange-Traded
Funds
-
20
.68
%
Principal
Investment
Grade
Corporate
Active
ETF
(a)
382,000
10,234
Principal
U.S.
Mega-Cap
ETF
(a)
1,938,807
76,969
Principal
U.S.
Small-Cap
Multi-Factor
ETF
(a)
1,425,600
66,889
$
154,092
Principal
Funds,
Inc.
Class
R-6
-
55
.33
%
Blue
Chip
Fund
(a)
1,947,506
79,595
Core
Fixed
Income
Fund
(a)
7,350,189
73,869
Diversified
International
Fund
(a)
1,407,191
22,726
Diversified
Real
Asset
Fund
(a)
2,877,817
38,275
Edge
MidCap
Fund
(a)
947,692
17,400
Global
Real
Estate
Securities
Fund
(a)
2,700,123
30,349
High
Yield
Fund
(a)
2,233,848
16,419
International
Small
Company
Fund
(a)
872,044
11,354
LargeCap
Growth
Fund
I
(a)
1,431,413
33,438
Origin
Emerging
Markets
Fund
(a)
3,805,599
56,018
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
3,117,082
32,854
$
412,297
Principal
Funds,
Inc.
Institutional
Class
-
12
.82
%
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
(a)
2,256,279
23,894
LargeCap
Value
Fund
III
(a)
1,899,404
38,140
Overseas
Fund
(a)
640,838
7,293
Short-Term
Income
Fund
(a)
2,113,584
26,208
$
95,535
Principal
Variable
Contracts
Funds,
Inc. Class
1
-
10
.90
%
Equity
Income
Account
(a)
1,885,523
61,186
Government
&
High
Quality
Bond
Account
(a)
2,055,134
20,099
$
81,285
TOTAL
INVESTMENT
COMPANIES
$
745,349
Total
Investments
$
745,349
Other
Assets
and
Liabilities
- (0.02)%
(
176
)
TOTAL
NET
ASSETS
-
100.00%
$
745,173
(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)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
50
.15
%
Fixed
Income
Funds
30
.35
%
International
Equity
Funds
14
.09
%
Specialty
Funds
5
.14
%
Money
Market
Funds
0
.29
%
Other
Assets
and
Liabilities
(
0
.02
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
SAM
Balanced
Portfolio
June
30,
2021
(unaudited)
See
accompanying
notes.
172
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
70,225
$
6,140
$
8,898
$
79,595
Core
Fixed
Income
Fund
84,871
2,471
11,195
73,869
Diversified
International
Fund
64,787
948
47,143
22,726
Diversified
Real
Asset
Fund
9,845
28,470
2,223
38,275
Edge
MidCap
Fund
34,948
464
22,130
17,400
Equity
Income
Account
107,769
1,276
60,498
61,186
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
—
23,694
—
23,894
Global
Diversified
Income
Fund
6,937
92
7,110
—
Global
Real
Estate
Securities
Fund
26,032
1,600
954
30,349
Government
&
High
Quality
Bond
Account
34,073
348
14,168
20,099
High
Yield
Fund
15,572
1,235
636
16,419
Inflation
Protection
Fund
10,838
82
10,799
—
International
Small
Company
Fund
8,395
4,238
2,224
11,354
LargeCap
Growth
Fund
I
—
30,590
—
33,438
LargeCap
Value
Fund
III
—
36,990
—
38,140
Origin
Emerging
Markets
Fund
29,074
24,540
636
56,018
Overseas
Fund
—
7,130
—
7,293
Principal
Active
Global
Dividend
Income
ETF
9,190
—
9,316
—
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
935
35,400
34,195
2,140
Principal
Investment
Grade
Corporate
Active
ETF
—
10,037
—
10,234
Principal
U.S.
Mega-Cap
ETF
73,605
—
4,903
76,969
Principal
U.S.
Small-Cap
Multi-Factor
ETF
35,683
19,405
—
66,889
Short-Term
Income
Fund
43,322
314
17,152
26,208
Spectrum
Preferred
and
Capital
Securities
Income
Fund
36,446
1,516
5,299
32,854
$
702,547
$
236,980
$
259,479
$
745,349
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
—
$
947
$
—
$
11,181
Core
Fixed
Income
Fund
867
(
199
)
—
(
2,079
)
Diversified
International
Fund
—
11,681
—
(
7,547
)
Diversified
Real
Asset
Fund
—
131
—
2,052
Edge
MidCap
Fund
—
5,953
—
(
1,835
)
Equity
Income
Account
—
29,534
—
(
16,895
)
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
162
—
—
200
Global
Diversified
Income
Fund
64
581
—
(
500
)
Global
Real
Estate
Securities
Fund
—
22
—
3,649
Government
&
High
Quality
Bond
Account
—
70
—
(
224
)
High
Yield
Fund
401
1
—
247
Inflation
Protection
Fund
—
923
—
(
1,044
)
International
Small
Company
Fund
—
250
—
695
LargeCap
Growth
Fund
I
—
—
—
2,848
LargeCap
Value
Fund
III
—
—
—
1,150
Origin
Emerging
Markets
Fund
—
6
—
3,034
Overseas
Fund
—
—
—
163
Principal
Active
Global
Dividend
Income
ETF
—
2,042
—
(
1,916
)
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
—
—
—
—
Principal
Investment
Grade
Corporate
Active
ETF
42
—
—
197
Principal
U.S.
Mega-Cap
ETF
303
1,015
—
7,252
Principal
U.S.
Small-Cap
Multi-Factor
ETF
122
—
—
11,801
Short-Term
Income
Fund
198
291
—
(
567
)
Spectrum
Preferred
and
Capital
Securities
Income
Fund
704
65
—
126
$
2,863
$
53,313
$
—
$
11,988
Amounts
in
thousands.
Schedule
of
Investments
SAM
Conservative
Balanced
Portfolio
June
30,
2021
(unaudited)
See
accompanying
notes.
173
INVESTMENT
COMPANIES
-
100.03%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0.41%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
840,175
$
840
Principal
Exchange-Traded
Funds
-
15.67%
Principal
Investment
Grade
Corporate
Active
ETF
(a)
178,000
4,769
Principal
U.S.
Mega-Cap
ETF
(a)
376,230
14,936
Principal
U.S.
Small-Cap
Multi-Factor
ETF
(a)
262,200
12,302
$
32,007
Principal
Funds,
Inc.
Class
R-6
-
58.71%
Blue
Chip
Fund
(a)
373,866���
15,280
Core
Fixed
Income
Fund
(a)
3,403,329
34,203
Diversified
International
Fund
(a)
153,984
2,487
Diversified
Real
Asset
Fund
(a)
794,637
10,569
Edge
MidCap
Fund
(a)
174,238
3,199
Global
Real
Estate
Securities
Fund
(a)
912,498
10,257
High
Yield
Fund
(a)
1,088,772
8,002
International
Small
Company
Fund
(a)
190,347
2,478
LargeCap
Growth
Fund
I
(a)
284,049
6,635
Origin
Emerging
Markets
Fund
(a)
710,657
10,461
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
1,549,495
16,332
$
119,903
Principal
Funds,
Inc.
Institutional
Class
-
15.47%
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
(a)
1,162,535
12,312
LargeCap
Value
Fund
III
(a)
256,086
5,142
Overseas
Fund
(a)
134,896
1,535
Short-Term
Income
Fund
(a)
1,015,886
12,597
$
31,586
Principal
Variable
Contracts
Funds,
Inc. Class
1
-
9.77%
Equity
Income
Account
(a)
327,852
10,639
Government
&
High
Quality
Bond
Account
(a)
951,048
9,301
$
19,940
TOTAL
INVESTMENT
COMPANIES
$
204,276
Total
Investments
$
204,276
Other
Assets
and
Liabilities
- (0.03)%
(53)
TOTAL
NET
ASSETS
-
100.00%
$
204,223
(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)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
48.99%
Domestic
Equity
Funds
33.36%
International
Equity
Funds
12.10%
Specialty
Funds
5.17%
Money
Market
Funds
0.41%
Other
Assets
and
Liabilities
(0.03)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
SAM
Conservative
Balanced
Portfolio
June
30,
2021
(unaudited)
See
accompanying
notes.
174
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
13,273
$
1,443
$
1,747
$
15,280
Core
Fixed
Income
Fund
36,765
2,823
4,416
34,203
Diversified
International
Fund
12,225
584
11,079
2,487
Diversified
Real
Asset
Fund
2,947
7,573
541
10,569
Edge
MidCap
Fund
6,338
464
4,372
3,199
Equity
Income
Account
21,471
1,484
14,823
10,639
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
—
12,213
—
12,312
Global
Diversified
Income
Fund
3,339
30
3,405
—
Global
Real
Estate
Securities
Fund
8,971
557
542
10,257
Government
&
High
Quality
Bond
Account
15,208
928
6,763
9,301
High
Yield
Fund
6,750
1,536
406
8,002
Inflation
Protection
Fund
3,207
56
3,228
—
International
Small
Company
Fund
1,583
843
136
2,478
LargeCap
Growth
Fund
I
—
6,070
—
6,635
LargeCap
Value
Fund
III
—
5,000
30
5,142
Origin
Emerging
Markets
Fund
5,075
5,104
271
10,461
Overseas
Fund
—
1,500
—
1,535
Principal
Active
Global
Dividend
Income
ETF
1,582
—
1,602
—
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
251
9,921
9,332
840
Principal
Investment
Grade
Corporate
Active
ETF
—
4,677
—
4,769
Principal
U.S.
Mega-Cap
ETF
13,619
—
232
14,936
Principal
U.S.
Small-Cap
Multi-Factor
ETF
6,375
3,785
—
12,302
Short-Term
Income
Fund
19,865
1,022
8,161
12,597
Spectrum
Preferred
and
Capital
Securities
Income
Fund
15,685
1,348
812
16,332
$
194,529
$
68,961
$
71,898
$
204,276
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
—
$
95
$
—
$
2,216
Core
Fixed
Income
Fund
396
(120)
—
(849)
Diversified
International
Fund
—
2,906
—
(2,149)
Diversified
Real
Asset
Fund
—
21
—
569
Edge
MidCap
Fund
—
1,189
—
(420)
Equity
Income
Account
—
5,134
—
(2,627)
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
83
—
—
99
Global
Diversified
Income
Fund
30
106
—
(70)
Global
Real
Estate
Securities
Fund
—
12
—
1,259
Government
&
High
Quality
Bond
Account
—
(101)
—
29
High
Yield
Fund
187
—
—
122
Inflation
Protection
Fund
—
312
—
(347)
International
Small
Company
Fund
—
3
—
185
LargeCap
Growth
Fund
I
—
—
—
565
LargeCap
Value
Fund
III
—
—
—
172
Origin
Emerging
Markets
Fund
—
(3)
—
556
Overseas
Fund
—
—
—
35
Principal
Active
Global
Dividend
Income
ETF
—
350
—
(330)
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
—
—
—
—
Principal
Investment
Grade
Corporate
Active
ETF
20
—
—
92
Principal
U.S.
Mega-Cap
ETF
56
20
—
1,529
Principal
U.S.
Small-Cap
Multi-Factor
ETF
22
—
—
2,142
Short-Term
Income
Fund
94
114
—
(243)
Spectrum
Preferred
and
Capital
Securities
Income
Fund
330
(1)
—
112
$
1,218
$
10,037
$
—
$
2,647
Amounts
in
thousands.
Schedule
of
Investments
SAM
Conservative
Growth
Portfolio
June
30,
2021
(unaudited)
See
accompanying
notes.
175
INVESTMENT
COMPANIES
-
100
.03
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.16
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
693,923
$
694
Principal
Exchange-Traded
Funds
-
25
.95
%
Principal
Investment
Grade
Corporate
Active
ETF
(a)
71,000
1,902
Principal
U.S.
Mega-Cap
ETF
(a)
1,471,311
58,410
Principal
U.S.
Small-Cap
Multi-Factor
ETF
(a)
1,072,400
50,317
$
110,629
Principal
Funds,
Inc.
Class
R-6
-
52
.45
%
Blue
Chip
Fund
(a)
1,488,386
60,830
Core
Fixed
Income
Fund
(a)
1,211,771
12,178
Diversified
International
Fund
(a)
1,089,687
17,599
Diversified
Real
Asset
Fund
(a)
1,633,231
21,722
Edge
MidCap
Fund
(a)
776,959
14,265
Global
Real
Estate
Securities
Fund
(a)
1,324,111
14,883
High
Yield
Fund
(a)
285,895
2,101
International
Small
Company
Fund
(a)
651,862
8,487
LargeCap
Growth
Fund
I
(a)
1,048,946
24,503
Origin
Emerging
Markets
Fund
(a)
2,843,929
41,863
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
488,761
5,152
$
223,583
Principal
Funds,
Inc.
Institutional
Class
-
9
.34
%
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
(a)
393,275
4,165
LargeCap
Value
Fund
III
(a)
1,331,215
26,731
Overseas
Fund
(a)
541,956
6,167
Short-Term
Income
Fund
(a)
222,008
2,753
$
39,816
Principal
Variable
Contracts
Funds,
Inc. Class
1
-
12
.13
%
Equity
Income
Account
(a)
1,494,934
48,511
Government
&
High
Quality
Bond
Account
(a)
323,997
3,169
$
51,680
TOTAL
INVESTMENT
COMPANIES
$
426,402
Total
Investments
$
426,402
Other
Assets
and
Liabilities
- (0.03)%
(
124
)
TOTAL
NET
ASSETS
-
100.00%
$
426,278
(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)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
66
.52
%
International
Equity
Funds
16
.75
%
Fixed
Income
Funds
11
.51
%
Specialty
Funds
5
.09
%
Money
Market
Funds
0
.16
%
Other
Assets
and
Liabilities
(
0
.03
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
SAM
Conservative
Growth
Portfolio
June
30,
2021
(unaudited)
See
accompanying
notes.
176
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
51,403
$
4,320
$
3,903
$
60,830
Core
Fixed
Income
Fund
18,675
523
6,472
12,178
Diversified
International
Fund
49,312
1,210
36,086
17,599
Diversified
Real
Asset
Fund
5,956
15,721
1,210
21,722
Edge
MidCap
Fund
26,819
999
16,758
14,265
Equity
Income
Account
73,667
2,569
36,635
48,511
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
—
4,130
—
4,165
Global
Real
Estate
Securities
Fund
11,374
2,488
673
14,883
Government
&
High
Quality
Bond
Account
7,819
143
4,760
3,169
High
Yield
Fund
3,777
74
1,782
2,101
Inflation
Protection
Fund
5,877
—
5,811
—
International
Small
Company
Fund
6,294
2,570
1,077
8,487
LargeCap
Growth
Fund
I
—
22,420
—
24,503
LargeCap
Value
Fund
III
—
25,930
—
26,731
Origin
Emerging
Markets
Fund
19,783
20,324
403
41,863
Overseas
Fund
—
6,030
—
6,167
Principal
Active
Global
Dividend
Income
ETF
6,010
—
6,094
—
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
649
20,262
20,217
694
Principal
Investment
Grade
Corporate
Active
ETF
—
1,866
—
1,902
Principal
U.S.
Mega-Cap
ETF
52,601
—
193
58,410
Principal
U.S.
Small-Cap
Multi-Factor
ETF
25,597
16,086
—
50,317
Short-Term
Income
Fund
9,958
109
7,250
2,753
Spectrum
Preferred
and
Capital
Securities
Income
Fund
8,731
353
3,939
5,152
$
384,302
$
148,127
$
153,263
$
426,402
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
—
$
235
$
—
$
8,775
Core
Fixed
Income
Fund
166
(
38
)
—
(
510
)
Diversified
International
Fund
—
8,900
—
(
5,737
)
Diversified
Real
Asset
Fund
—
42
—
1,213
Edge
MidCap
Fund
—
3,627
—
(
422
)
Equity
Income
Account
—
6,395
—
2,515
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
28
—
—
35
Global
Real
Estate
Securities
Fund
—
4
—
1,690
Government
&
High
Quality
Bond
Account
—
78
—
(
111
)
High
Yield
Fund
74
46
—
(
14
)
Inflation
Protection
Fund
—
5
—
(
71
)
International
Small
Company
Fund
—
94
—
606
LargeCap
Growth
Fund
I
—
—
—
2,083
LargeCap
Value
Fund
III
—
—
—
801
Origin
Emerging
Markets
Fund
—
(
5
)
—
2,164
Overseas
Fund
—
—
—
137
Principal
Active
Global
Dividend
Income
ETF
—
1,337
—
(
1,253
)
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
—
—
—
—
Principal
Investment
Grade
Corporate
Active
ETF
8
—
—
36
Principal
U.S.
Mega-Cap
ETF
217
17
—
5,985
Principal
U.S.
Small-Cap
Multi-Factor
ETF
89
—
—
8,634
Short-Term
Income
Fund
38
140
—
(
204
)
Spectrum
Preferred
and
Capital
Securities
Income
Fund
139
74
—
(
67
)
$
759
$
20,951
$
—
$
26,285
Amounts
in
thousands.
Schedule
of
Investments
SAM
Flexible
Income
Portfolio
June
30,
2021
(unaudited)
See
accompanying
notes.
177
INVESTMENT
COMPANIES
-
100
.03
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.30
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
567,347
$
567
Principal
Exchange-Traded
Funds
-
24
.03
%
Principal
Active
Income
ETF
(a)
288,058
12,036
Principal
Investment
Grade
Corporate
Active
ETF
(a)
724,298
19,404
Principal
U.S.
Mega-Cap
ETF
(a)
205,407
8,155
Principal
U.S.
Small-Cap
Multi-Factor
ETF
(a)
120,000
5,630
$
45,225
Principal
Funds,
Inc.
Class
R-6
-
50
.32
%
Blue
Chip
Fund
(a)
250,747
10,248
Core
Fixed
Income
Fund
(a)
3,158,123
31,739
Diversified
International
Fund
(a)
289,771
4,680
Diversified
Real
Asset
Fund
(a)
981,449
13,053
Global
Real
Estate
Securities
Fund
(a)
1,053,957
11,847
High
Yield
Fund
(a)
350,245
2,574
Origin
Emerging
Markets
Fund
(a)
194,053
2,857
Small-MidCap
Dividend
Income
Fund
(a)
101,909
1,715
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
1,516,261
15,981
$
94,694
Principal
Funds,
Inc.
Institutional
Class
-
12
.75
%
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
(a)
570,921
6,046
LargeCap
Value
Fund
III
(a)
162,376
3,261
Short-Term
Income
Fund
(a)
1,184,043
14,682
$
23,989
Principal
Variable
Contracts
Funds,
Inc. Class
1
-
12
.63
%
Equity
Income
Account
(a)
159,899
5,189
Government
&
High
Quality
Bond
Account
(a)
1,900,047
18,582
$
23,771
TOTAL
INVESTMENT
COMPANIES
$
188,246
Total
Investments
$
188,246
Other
Assets
and
Liabilities
- (0.03)%
(
50
)
TOTAL
NET
ASSETS
-
100.00%
$
188,196
(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)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Fixed
Income
Funds
66
.80
%
Domestic
Equity
Funds
18
.18
%
International
Equity
Funds
7
.81
%
Specialty
Funds
6
.94
%
Money
Market
Funds
0
.30
%
Other
Assets
and
Liabilities
(
0
.03
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
SAM
Flexible
Income
Portfolio
June
30,
2021
(unaudited)
See
accompanying
notes.
178
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
7,637
$
1,573
$
357
$
10,248
Core
Fixed
Income
Fund
19,176
15,628
2,698
31,739
Diversified
International
Fund
9,697
352
6,026
4,680
Diversified
Real
Asset
Fund
—
12,530
—
13,053
Edge
MidCap
Fund
2,368
59
2,657
—
Equity
Income
Account
15,609
774
12,893
5,189
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
—
5,997
—
6,046
Global
Real
Estate
Securities
Fund
6,226
5,351
833
11,847
Government
&
High
Quality
Bond
Account
25,806
1,618
8,720
18,582
High
Yield
Fund
5,376
479
3,321
2,574
Inflation
Protection
Fund
11,519
451
11,837
—
LargeCap
Value
Fund
III
—
3,150
—
3,261
Origin
Emerging
Markets
Fund
—
2,770
—
2,857
Principal
Active
Income
ETF
12,230
—
817
12,036
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
559
3,438
3,430
567
Principal
Investment
Grade
Corporate
Active
ETF
19,414
421
—
19,404
Principal
U.S.
Mega-Cap
ETF
7,319
—
—
8,155
Principal
U.S.
Small-Cap
Multi-Factor
ETF
3,785
714
—
5,630
Short-Term
Income
Fund
22,584
881
8,636
14,682
Small-MidCap
Dividend
Income
Fund
—
1,743
147
1,715
Spectrum
Preferred
and
Capital
Securities
Income
Fund
14,891
1,933
954
15,981
$
184,196
$
59,862
$
63,326
$
188,246
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
—
$
(
1
)
$
—
$
1,396
Core
Fixed
Income
Fund
282
19
—
(
386
)
Diversified
International
Fund
—
1,103
—
(
446
)
Diversified
Real
Asset
Fund
—
—
—
523
Edge
MidCap
Fund
—
675
—
(
445
)
Equity
Income
Account
—
6,503
—
(
4,804
)
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
41
—
—
49
Global
Real
Estate
Securities
Fund
—
33
—
1,070
Government
&
High
Quality
Bond
Account
—
(
163
)
—
41
High
Yield
Fund
98
278
—
(
238
)
Inflation
Protection
Fund
—
920
—
(
1,053
)
LargeCap
Value
Fund
III
—
—
—
111
Origin
Emerging
Markets
Fund
—
—
—
87
Principal
Active
Income
ETF
194
34
—
589
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
—
—
—
—
Principal
Investment
Grade
Corporate
Active
ETF
215
—
—
(
431
)
Principal
U.S.
Mega-Cap
ETF
30
—
—
836
Principal
U.S.
Small-Cap
Multi-Factor
ETF
12
—
—
1,131
Short-Term
Income
Fund
107
102
—
(
249
)
Small-MidCap
Dividend
Income
Fund
2
6
—
113
Spectrum
Preferred
and
Capital
Securities
Income
Fund
319
(
2
)
—
113
$
1,300
$
9,507
$
—
$
(
1,993
)
Amounts
in
thousands.
Schedule
of
Investments
SAM
Strategic
Growth
Portfolio
June
30,
2021
(unaudited)
See
accompanying
notes.
179
INVESTMENT
COMPANIES
-
100
.03
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.17
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
675,117
$
675
Principal
Exchange-Traded
Funds
-
24
.56
%
Principal
U.S.
Mega-Cap
ETF
(a)
1,161,000
46,091
Principal
U.S.
Small-Cap
Multi-Factor
ETF
(a)
1,118,100
52,461
$
98,552
Principal
Funds,
Inc.
Class
R-6
-
52
.73
%
Blue
Chip
Fund
(a)
1,391,198
56,858
Diversified
International
Fund
(a)
1,561,459
25,218
Diversified
Real
Asset
Fund
(a)
1,544,142
20,537
Edge
MidCap
Fund
(a)
755,893
13,878
Global
Real
Estate
Securities
Fund
(a)
335,776
3,774
International
Small
Company
Fund
(a)
785,024
10,221
LargeCap
Growth
Fund
I
(a)
2,279,765
53,255
Origin
Emerging
Markets
Fund
(a)
1,890,193
27,824
$
211,565
Principal
Funds,
Inc.
Institutional
Class
-
10
.84
%
LargeCap
Value
Fund
III
(a)
1,406,792
28,249
Overseas
Fund
(a)
1,341,379
15,265
$
43,514
Principal
Variable
Contracts
Funds,
Inc. Class
1
-
11
.73
%
Equity
Income
Account
(a)
1,450,513
47,069
TOTAL
INVESTMENT
COMPANIES
$
401,375
Total
Investments
$
401,375
Other
Assets
and
Liabilities
- (0.03)%
(
121
)
TOTAL
NET
ASSETS
-
100.00%
$
401,254
(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)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary (unaudited)
Fund
Type
Percent
Domestic
Equity
Funds
74
.23
%
International
Equity
Funds
14
.22
%
Fixed
Income
Funds
6
.29
%
Specialty
Funds
5
.12
%
Money
Market
Funds
0
.17
%
Other
Assets
and
Liabilities
(
0
.03
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
49,500
$
905
$
1,811
$
56,858
Diversified
International
Fund
68,142
835
47,814
25,218
Diversified
Real
Asset
Fund
—
19,690
—
20,537
Edge
MidCap
Fund
28,530
1,114
19,163
13,878
Equity
Income
Account
65,724
2,030
28,387
47,069
Global
Real
Estate
Securities
Fund
3,321
690
680
3,774
International
Small
Company
Fund
6,854
3,610
1,020
10,221
LargeCap
Growth
Fund
I
30,989
17,084
793
53,255
LargeCap
Value
Fund
III
16,752
9,107
565
28,249
Origin
Emerging
Markets
Fund
18,290
8,366
566
27,824
Overseas
Fund
—
14,930
—
15,265
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
480
18,155
17,960
675
Principal
U.S.
Mega-Cap
ETF
39,585
1,928
—
46,091
Principal
U.S.
Small-Cap
Multi-Factor
ETF
27,296
16,462
—
52,461
$
355,463
$
114,906
$
118,759
$
401,375
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Blue
Chip
Fund
$
—
$
69
$
—
$
8,195
Diversified
International
Fund
—
10,671
—
(
6,616
)
Diversified
Real
Asset
Fund
—
—
—
847
Edge
MidCap
Fund
—
3,863
—
(
466
)
Equity
Income
Account
—
4,441
—
3,261
Global
Real
Estate
Securities
Fund
—
101
—
342
International
Small
Company
Fund
—
86
—
691
LargeCap
Growth
Fund
I
—
(
10
)
—
5,985
LargeCap
Value
Fund
III
—
3
—
2,952
Origin
Emerging
Markets
Fund
—
(
5
)
—
1,739
Overseas
Fund
—
—
—
335
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
—
—
—
—
Principal
U.S.
Mega-Cap
ETF
162
—
—
4,578
Principal
U.S.
Small-Cap
Multi-Factor
ETF
86
—
—
8,703
$
248
$
19,219
$
—
$
30,546
Amounts
in
thousands.
Schedule
of
Investments
Short-Term
Income
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
180
INVESTMENT
COMPANIES
-
2
.48
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2
.48
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(a),(b)
538,940
$
539
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(c),(d)
3,163,774
3,164
$
3,703
TOTAL
INVESTMENT
COMPANIES
$
3,703
BONDS
-
88
.17
%
Principal
Amount
(000's)
Value
(000's)
Aerospace
&
Defense
-
0
.18
%
Raytheon
Technologies
Corp
3.20%,
03/15/2024
$
250
$
266
Agriculture
-
0
.58
%
Bunge
Ltd
Finance
Corp
1.63%,
08/17/2025
100
101
4.35%,
03/15/2024
250
272
Cargill
Inc
0.75%,
02/02/2026
(e)
300
296
1.38%,
07/23/2023
(e)
200
204
$
873
Airlines
-
0
.49
%
Alaska
Airlines
2020-1
Class
A
Pass
Through
Trust
4.80%,
02/15/2029
(e)
264
292
American
Airlines
2013-2
Class
A
Pass
Through
Trust
4.95%,
07/15/2024
215
218
Delta
Air
Lines
Inc
/
SkyMiles
IP
Ltd
4.50%,
10/20/2025
(e)
210
226
$
736
Automobile
Asset
Backed
Securities
-
8
.76
%
Americredit
Automobile
Receivables
Trust
2018-2
3.15%,
03/20/2023
14
14
Americredit
Automobile
Receivables
Trust
2019-1
2.97%,
11/20/2023
84
84
Americredit
Automobile
Receivables
Trust
2019-2
2.28%,
01/18/2024
258
260
AmeriCredit
Automobile
Receivables
Trust
2020-1
1.10%,
03/20/2023
14
15
AmeriCredit
Automobile
Receivables
Trust
2020-2
0.60%,
12/18/2023
119
119
AmeriCredit
Automobile
Receivables
Trust
2020-3
0.42%,
03/18/2024
327
327
AmeriCredit
Automobile
Receivables
Trust
2021-1
0.28%,
06/18/2024
500
500
Carmax
Auto
Owner
Trust
2021-1
0.22%,
02/15/2024
350
350
CarMax
Auto
Owner
Trust
2021-2
0.27%,
06/17/2024
200
200
CPS
Auto
Receivables
Trust
2020-A
2.09%,
05/15/2023
(e)
15
15
CPS
Auto
Receivables
Trust
2020-B
1.15%,
07/17/2023
(e)
36
36
CPS
Auto
Receivables
Trust
2020-C
0.63%,
03/15/2024
(e)
200
200
CPS
Auto
Receivables
Trust
2021-A
0.35%,
01/16/2024
(e)
171
171
0.61%,
02/18/2025
(e)
125
125
CPS
Auto
Receivables
Trust
2021-B
0.37%,
03/17/2025
(e)
273
273
Ford
Credit
Auto
Owner
Trust
2017-REV1
2.62%,
08/15/2028
(e)
500
508
Ford
Credit
Auto
Owner
Trust
2018-REV2
3.47%,
01/15/2030
(e)
400
425
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Asset
Backed
Securities
(continued)
Ford
Credit
Auto
Owner
Trust
2019-REV1
3.52%,
07/15/2030
(e)
$
300
$
322
Ford
Credit
Auto
Owner
Trust
2020-REV1
2.04%,
08/15/2031
(e)
250
260
Ford
Credit
Auto
Owner
Trust
2020-REV2
1.06%,
04/15/2033
(e)
750
749
Ford
Credit
Auto
Owner
Trust
2021-REV1
1.37%,
10/17/2033
(e)
250
252
GM
Financial
Consumer
Automobile
Receivables
Trust
2021-1
0.23%,
11/16/2023
222
222
OneMain
Direct
Auto
Receivables
Trust
2018-1
3.43%,
12/16/2024
(e)
136
137
OneMain
Direct
Auto
Receivables
Trust
2019-1
3.63%,
09/14/2027
(e)
750
808
Santander
Drive
Auto
Receivables
Trust
2020-2
0.62%,
05/15/2023
20
20
Santander
Drive
Auto
Receivables
Trust
2020-3
0.46%,
09/15/2023
228
228
Santander
Drive
Auto
Receivables
Trust
2020-4
0.42%,
09/15/2023
278
278
Santander
Drive
Auto
Receivables
Trust
2021-1
0.29%,
11/15/2023
252
252
0.32%,
09/16/2024
250
250
Santander
Drive
Auto
Receivables
Trust
2021-2
0.28%,
04/15/2024
1,000
1,000
Toyota
Auto
Loan
Extended
Note
Trust
2019-1
2.56%,
11/25/2031
(e)
250
264
Toyota
Auto
Loan
Extended
Note
Trust
2020-1
1.35%,
05/25/2033
(e)
200
203
Toyota
Auto
Loan
Extended
Note
Trust
2021-1
1.07%,
02/27/2034
(e)
500
500
Westlake
Automobile
Receivables
Trust
2019-3
2.15%,
02/15/2023
(e)
36
36
Westlake
Automobile
Receivables
Trust
2020-3
0.56%,
05/15/2024
(e)
1,212
1,214
Westlake
Automobile
Receivables
Trust
2021-1
0.39%,
10/15/2024
(e)
400
400
0.64%,
03/16/2026
(e)
250
250
Westlake
Automobile
Receivables
Trust
2021-2
0.32%,
04/15/2025
(e)
1,000
1,000
World
Omni
Auto
Receivables
Trust
2021-A
0.17%,
02/15/2024
650
650
World
Omni
Select
Auto
Trust
2019-A
2.06%,
08/15/2023
17
17
World
Omni
Select
Auto
Trust
2020-A
0.47%,
06/17/2024
143
143
$
13,077
Automobile
Floor
Plan
Asset
Backed
Securities
-
0
.27
%
Volvo
Financial
Equipment
Master
Owner
Trust
0.59%,
07/17/2023
(e)
400
400
1.00
x
1
Month
USD
LIBOR
+
0.52%
Automobile
Manufacturers
-
0
.27
%
Toyota
Motor
Credit
Corp
2.60%,
01/11/2022
400
405
Banks
-
19
.74
%
Bank
of
America
Corp
0.98%,
09/25/2025
(f)
500
500
Secured
Overnight
Financing
Rate
+
0.91%
1.20%,
10/24/2026
(f)
400
396
Secured
Overnight
Financing
Rate
+
1.01%
1.32%,
06/19/2026
(f)
600
601
Secured
Overnight
Financing
Rate
+
1.15%
1.35%,
01/20/2023
350
352
3
Month
USD
LIBOR
+
1.16%
2.50%,
10/21/2022
500
503
Schedule
of
Investments
Short-Term
Income
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
181
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
America
Corp
(continued)
3.00%,
12/20/2023
(f)
$
430
$
446
3
Month
USD
LIBOR
+
0.79%
4.20%,
08/26/2024
750
822
Bank
of
Montreal
0.95%,
01/22/2027
(f)
300
295
Secured
Overnight
Financing
Rate
+
0.60%
Bank
of
New
York
Mellon
Corp/The
1.24%,
10/30/2023
500
506
3
Month
USD
LIBOR
+
1.05%
2.10%,
10/24/2024
250
262
BNP
Paribas
SA
3.50%,
03/01/2023
(e)
250
262
Capital
One
NA
1.34%,
01/30/2023
600
603
3
Month
USD
LIBOR
+
1.15%
Citigroup
Inc
0.78%,
10/30/2024
(f)
400
401
Secured
Overnight
Financing
Rate
+
0.69%
1.12%,
01/28/2027
(f)
400
394
Secured
Overnight
Financing
Rate
+
0.77%
1.14%,
04/25/2022
200
201
3
Month
USD
LIBOR
+
0.96%
1.56%,
09/01/2023
500
507
3
Month
USD
LIBOR
+
1.43%
3.50%,
05/15/2023
250
264
4.00%,
08/05/2024
274
298
4.04%,
06/01/2024
(f)
250
266
3
Month
USD
LIBOR
+
1.02%
Credit
Suisse
AG/New
York
NY
2.10%,
11/12/2021
250
252
Credit
Suisse
Group
AG
4.21%,
06/12/2024
(e),(f)
500
533
3
Month
USD
LIBOR
+
1.24%
Deutsche
Bank
AG/New
York
NY
0.90%,
05/28/2024
175
174
Fifth
Third
Bancorp
2.60%,
06/15/2022
800
817
3.65%,
01/25/2024
200
214
4.30%,
01/16/2024
400
433
First
Republic
Bank/CA
1.91%,
02/12/2024
(f)
250
255
Secured
Overnight
Financing
Rate
+
0.62%
Goldman
Sachs
Group
Inc/The
0.48%,
01/27/2023
300
300
0.56%,
11/17/2023
500
500
Secured
Overnight
Financing
Rate
+
0.54%
0.83%,
12/09/2026
300
299
Secured
Overnight
Financing
Rate
+
0.79%
3.20%,
02/23/2023
300
313
HSBC
Holdings
PLC
2.63%,
11/07/2025
(f)
200
210
Secured
Overnight
Financing
Rate
+
1.40%
3.95%,
05/18/2024
(f)
250
266
3
Month
USD
LIBOR
+
0.99%
Huntington
Bancshares
Inc/OH
2.63%,
08/06/2024
200
211
ING
Groep
NV
3.15%,
03/29/2022
450
460
JPMorgan
Chase
&
Co
1.04%,
02/04/2027
(f)
200
197
Secured
Overnight
Financing
Rate
+
0.70%
1.05%,
11/19/2026
(f)
400
395
Secured
Overnight
Financing
Rate
+
0.80%
1.08%,
04/25/2023
1,000
1,007
3
Month
USD
LIBOR
+
0.90%
1.41%,
10/24/2023
500
507
3
Month
USD
LIBOR
+
1.23%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
JPMorgan
Chase
&
Co
(continued)
1.51%,
06/01/2024
(f)
$
300
$
306
Secured
Overnight
Financing
Rate
+
1.46%
KeyBank
NA/Cleveland
OH
0.36%,
01/03/2024
500
501
Secured
Overnight
Financing
Rate
+
0.34%
1.25%,
03/10/2023
300
304
2.40%,
06/09/2022
400
408
3.30%,
02/01/2022
250
255
Morgan
Stanley
0.53%,
01/25/2024
(f)
250
250
Secured
Overnight
Financing
Rate
+
0.46%
0.72%,
01/20/2023
368
369
Secured
Overnight
Financing
Rate
+
0.70%
1.58%,
10/24/2023
1,400
1,423
3
Month
USD
LIBOR
+
1.40%
1.59%,
05/04/2027
(f)
250
252
Secured
Overnight
Financing
Rate
+
0.88%
4.10%,
05/22/2023
300
319
MUFG
Union
Bank
NA
2.10%,
12/09/2022
250
256
Natwest
Group
PLC
4.27%,
03/22/2025
(f)
250
271
3
Month
USD
LIBOR
+
1.76%
NatWest
Markets
PLC
0.80%,
08/12/2024
(e)
200
199
PNC
Bank
NA
0.68%,
07/27/2022
400
402
3
Month
USD
LIBOR
+
0.50%
2.70%,
11/01/2022
600
618
PNC
Financial
Services
Group
Inc/The
3.90%,
04/29/2024
150
163
Royal
Bank
of
Canada
0.88%,
01/20/2026
300
296
Societe
Generale
SA
2.63%,
01/22/2025
(e)
300
313
State
Street
Corp
2.35%,
11/01/2025
(f)
200
210
Secured
Overnight
Financing
Rate
+
0.94%
3.10%,
05/15/2023
688
723
Toronto-Dominion
Bank/The
0.30%,
06/02/2023
300
300
0.75%,
01/06/2026
(g)
300
296
Truist
Bank
0.77%,
08/02/2022
250
250
3
Month
USD
LIBOR
+
0.59%
2.45%,
08/01/2022
700
715
2.63%,
01/15/2022
600
607
Truist
Financial
Corp
1.27%,
03/02/2027
(f)
175
175
Secured
Overnight
Financing
Rate
+
0.61%
UBS
AG/London
1.75%,
04/21/2022
(e)
250
253
UBS
Group
AG
1.01%,
07/30/2024
(e),(f)
250
252
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.83%
3.49%,
05/23/2023
(e)
300
308
US
Bancorp
3.60%,
09/11/2024
600
654
US
Bank
NA/Cincinnati
OH
1.95%,
01/09/2023
250
256
2.65%,
05/23/2022
300
306
Wells
Fargo
&
Co
1.65%,
06/02/2024
(f)
400
409
Secured
Overnight
Financing
Rate
+
1.60%
2.16%,
02/11/2026
(f)
200
208
3
Month
USD
LIBOR
+
0.75%
Schedule
of
Investments
Short-Term
Income
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
182
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Wells
Fargo
&
Co
(continued)
2.19%,
04/30/2026
(f)
$
400
$
415
Secured
Overnight
Financing
Rate
+
2.00%
3.07%,
01/24/2023
1,000
1,016
$
29,480
Beverages
-
0
.56
%
Anheuser-Busch
InBev
Finance
Inc
3.65%,
02/01/2026
300
329
Diageo
Capital
PLC
1.38%,
09/29/2025
200
203
Keurig
Dr
Pepper
Inc
0.75%,
03/15/2024
300
300
$
832
Biotechnology
-
1
.53
%
Amgen
Inc
2.65%,
05/11/2022
400
407
Biogen
Inc
3.63%,
09/15/2022
359
373
Gilead
Sciences
Inc
0.75%,
09/29/2023
1,500
1,502
$
2,282
Building
Materials
-
0
.23
%
Martin
Marietta
Materials
Inc
4.25%,
07/02/2024
309
337
Chemicals
-
0
.97
%
Air
Liquide
Finance
SA
1.75%,
09/27/2021
(e)
250
250
Celanese
US
Holdings
LLC
3.50%,
05/08/2024
200
214
Chevron
Phillips
Chemical
Co
LLC
/
Chevron
Phillips
Chemical
Co
LP
3.30%,
05/01/2023
(e)
200
210
DuPont
de
Nemours
Inc
4.21%,
11/15/2023
250
271
Westlake
Chemical
Corp
3.60%,
07/15/2022
200
205
3.60%,
08/15/2026
268
292
$
1,442
Commercial
Mortgage
Backed
Securities
-
3
.43
%
BX
Commercial
Mortgage
Trust
2021-VINO
0.73%,
05/15/2038
(e)
200
200
1.00
x
1
Month
USD
LIBOR
+
0.65%
BX
Trust
0.77%,
06/15/2038
(e)
300
300
1.00
x
1
Month
USD
LIBOR
+
0.67%
Cold
Storage
Trust
2020-ICE5
0.97%,
11/15/2037
(e)
590
593
1.00
x
1
Month
USD
LIBOR
+
0.90%
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
0.44%,
12/25/2025
297
295
0.52%,
06/25/2025
241
239
0.52%,
11/25/2026
298
295
0.53%,
01/25/2025
194
194
0.57%,
05/25/2026
121
120
FRESB
2020-SB79
Mortgage
Trust
0.80%,
07/25/2040
(h)
479
478
FRESB
2020-SB81Mortgage
Trust
0.72%,
10/25/2040
(h)
149
148
FRESB
2021-SB82
Mortgage
Trust
0.67%,
11/25/2025
(h)
299
297
FRESB
2021-SB83
Mortgage
Trust
0.63%,
01/25/2026
(h)
249
247
Ginnie
Mae
0.28%,
02/16/2055
(h),(i)
3,029
17
0.33%,
10/16/2054
(h),(i)
2,074
37
0.36%,
01/16/2054
(h),(i)
1,750
23
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
Ginnie
Mae
(continued)
0.37%,
09/16/2055
(h),(i)
$
1,670
$
30
0.55%,
01/16/2055
(h),(i)
3,530
50
0.88%,
06/16/2045
(h),(i)
502
14
1.26%,
12/16/2036
(h),(i)
358
10
GS
Mortgage
Securities
Trust
2017-GS6
1.95%,
05/10/2050
162
163
MHC
Commercial
Mortgage
Trust
2021-MHC
0.87%,
04/15/2038
(e)
700
700
1.00
x
1
Month
USD
LIBOR
+
0.80%
MHC
Trust
2021-MHC2
0.92%,
05/15/2023
(e)
400
401
1.00
x
1
Month
USD
LIBOR
+
0.85%
TPGI
Trust
2021-DGWD
0.80%,
06/15/2026
(e)
275
275
1.00
x
1
Month
USD
LIBOR
+
0.70%
$
5,126
Commercial
Services
-
0
.27
%
PayPal
Holdings
Inc
1.35%,
06/01/2023
400
407
Computers
-
1
.27
%
Apple
Inc
0.70%,
02/08/2026
300
297
1.13%,
05/11/2025
900
910
3.25%,
02/23/2026
139
153
Dell
International
LLC
/
EMC
Corp
5.45%,
06/15/2023
200
217
Hewlett
Packard
Enterprise
Co
4.45%,
10/02/2023
300
324
$
1,901
Credit
Card
Asset
Backed
Securities
-
0
.88
%
BA
Credit
Card
Trust
0.34%,
05/15/2026
500
498
1.74%,
01/15/2025
800
814
$
1,312
Diversified
Financial
Services
-
0
.58
%
American
Express
Co
2.75%,
05/20/2022
200
204
3.70%,
11/05/2021
150
152
Capital
One
Bank
USA
NA
2.01%,
01/27/2023
(f)
250
252
Secured
Overnight
Financing
Rate
+
0.62%
Capital
One
Financial
Corp
3.90%,
01/29/2024
242
261
$
869
Electric
-
6
.97
%
AES
Corp/The
1.38%,
01/15/2026
(e)
250
247
Alabama
Power
Co
2.45%,
03/30/2022
250
254
Alliant
Energy
Finance
LLC
1.40%,
03/15/2026
(e)
150
148
3.75%,
06/15/2023
(e)
900
953
American
Electric
Power
Co
Inc
0.66%,
11/01/2023
300
300
3
Month
USD
LIBOR
+
0.48%
Black
Hills
Corp
4.25%,
11/30/2023
750
806
Dominion
Energy
Inc
0.65%,
09/15/2023
350
350
3
Month
USD
LIBOR
+
0.53%
2.72%,
08/15/2021
(h)
200
201
3.07%,
08/15/2024
(h)
200
212
DTE
Energy
Co
1.05%,
06/01/2025
100
100
2.25%,
11/01/2022
250
256
2.53%,
10/01/2024
300
316
Schedule
of
Investments
Short-Term
Income
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
183
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
DTE
Energy
Co
(continued)
2.60%,
06/15/2022
$
200
$
204
Duke
Energy
Corp
0.90%,
09/15/2025
250
247
Duke
Energy
Florida
LLC
3.10%,
08/15/2021
250
250
Entergy
Louisiana
LLC
0.62%,
11/17/2023
300
300
Evergy
Inc
2.45%,
09/15/2024
200
209
Exelon
Corp
3.50%,
06/01/2022
500
513
Florida
Power
&
Light
Co
0.27%,
05/10/2023
200
200
Secured
Overnight
Financing
Rate
+
0.25%
Fortis
Inc/Canada
3.06%,
10/04/2026
413
443
NextEra
Energy
Capital
Holdings
Inc
0.42%,
02/22/2023
200
200
3
Month
USD
LIBOR
+
0.27%
2.40%,
09/01/2021
500
502
2.90%,
04/01/2022
150
153
3.15%,
04/01/2024
150
159
Public
Service
Enterprise
Group
Inc
0.80%,
08/15/2025
400
396
2.88%,
06/15/2024
100
106
San
Diego
Gas
&
Electric
Co
1.91%,
02/01/2022
29
29
Southern
California
Edison
Co
1.85%,
02/01/2022
59
59
Southwestern
Electric
Power
Co
1.65%,
03/15/2026
400
405
Tucson
Electric
Power
Co
3.05%,
03/15/2025
100
107
Vistra
Operations
Co
LLC
3.70%,
01/30/2027
(e)
500
534
WEC
Energy
Group
Inc
0.55%,
09/15/2023
750
750
Xcel
Energy
Inc
0.50%,
10/15/2023
500
500
$
10,409
Electrical
Components
&
Equipment
-
0
.20
%
Emerson
Electric
Co
0.88%,
10/15/2026
300
295
Electronics
-
0
.57
%
Honeywell
International
Inc
0.48%,
08/19/2022
250
250
1.85%,
11/01/2021
400
402
2.15%,
08/08/2022
200
204
$
856
Environmental
Control
-
0
.20
%
Republic
Services
Inc
2.50%,
08/15/2024
100
105
Waste
Management
Inc
0.75%,
11/15/2025
200
198
$
303
Food
-
0
.90
%
Mars
Inc
0.88%,
07/16/2026
(e)
500
490
Nestle
Holdings
Inc
0.38%,
01/15/2024
(e)
850
846
$
1,336
Forest
Products
&
Paper
-
0
.27
%
Georgia-Pacific
LLC
1.75%,
09/30/2025
(e)
400
410
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Gas
-
0
.27
%
NiSource
Inc
0.95%,
08/15/2025
$
400
$
397
Healthcare
-
Services
-
1
.00
%
Centene
Corp
4.25%,
12/15/2027
462
487
5.38%,
08/15/2026
(e)
236
247
HCA
Inc
5.25%,
06/15/2026
662
766
$
1,500
Home
Builders
-
0
.14
%
DR
Horton
Inc
2.50%,
10/15/2024
200
210
Home
Furnishings
-
0
.31
%
Panasonic
Corp
2.54%,
07/19/2022
(e)
200
204
2.68%,
07/19/2024
(e)
250
263
$
467
Insurance
-
4
.91
%
Allstate
Corp/The
0.78%,
03/29/2023
250
252
3
Month
USD
LIBOR
+
0.63%
3.15%,
06/15/2023
150
158
Five
Corners
Funding
Trust
4.42%,
11/15/2023
(e)
750
818
Guardian
Life
Global
Funding
0.88%,
12/10/2025
(e)
500
495
1.10%,
06/23/2025
(e)
550
552
MassMutual
Global
Funding
II
0.85%,
06/09/2023
(e)
500
505
2.75%,
06/22/2024
(e)
500
530
Metropolitan
Life
Global
Funding
I
0.40%,
01/07/2024
(e)
300
299
0.90%,
06/08/2023
(e)
350
353
1.95%,
09/15/2021
(e)
470
472
3.60%,
01/11/2024
(e)
600
645
New
York
Life
Global
Funding
0.65%,
06/10/2022
(e)
1,000
1,004
3
Month
USD
LIBOR
+
0.52%
2.00%,
01/22/2025
(e)
200
207
2.30%,
06/10/2022
(e)
238
243
Northwestern
Mutual
Global
Funding
0.80%,
01/14/2026
(e)
500
492
Prudential
Financial
Inc
1.50%,
03/10/2026
300
304
$
7,329
Internet
-
0
.34
%
eBay
Inc
1.40%,
05/10/2026
500
502
Iron
&
Steel
-
0
.17
%
Nucor
Corp
2.00%,
06/01/2025
250
259
Machinery
-
Construction
&
Mining
-
0
.38
%
Caterpillar
Financial
Services
Corp
0.90%,
03/02/2026
250
250
2.55%,
11/29/2022
300
310
$
560
Machinery
-
Diversified
-
0
.47
%
John
Deere
Capital
Corp
0.70%,
01/15/2026
300
297
1.20%,
04/06/2023
150
152
Otis
Worldwide
Corp
0.64%,
04/05/2023
250
250
3
Month
USD
LIBOR
+
0.45%
$
699
Schedule
of
Investments
Short-Term
Income
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
184
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
-
1
.31
%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
4.91%,
07/23/2025
$
292
$
331
Discovery
Communications
LLC
4.90%,
03/11/2026
502
572
Sky
Ltd
3.13%,
11/26/2022
(e)
130
135
ViacomCBS
Inc
4.75%,
05/15/2025
450
509
Walt
Disney
Co/The
1.75%,
01/13/2026
400
411
$
1,958
Mining
-
0
.48
%
Anglo
American
Capital
PLC
5.38%,
04/01/2025
(e),(g)
400
456
Glencore
Funding
LLC
1.63%,
09/01/2025
(e)
250
253
$
709
Miscellaneous
Manufacturers
-
0
.20
%
Siemens
Financieringsmaatschappij
NV
0.46%,
03/11/2024
(e)
300
302
Secured
Overnight
Financing
Rate
+
0.43%
Mortgage
Backed
Securities
-
2
.50
%
Chase
Home
Lending
Mortgage
Trust
2019-1
3.50%,
03/25/2050
(e),(h)
15
15
CHL
Mortgage
Pass-Through
Trust
2003-46
2.59%,
01/19/2034
(h)
12
12
Credit
Suisse
First
Boston
Mortgage
Securities
Corp
5.00%,
09/25/2019
1
1
GS
Mortage-Backed
Securities
Trust
2020-PJ1
3.50%,
05/25/2050
(e),(h)
10
10
GS
Mortgage-Backed
Securities
Corp
Trust
2020-PJ3
3.00%,
10/25/2050
(e),(h)
37
37
GS
Mortgage-Backed
Securities
Corp
Trust
2021-PJ3
2.50%,
08/25/2051
(e),(h)
146
150
JP
Morgan
Mortgage
Trust
2004-A3
2.11%,
07/25/2034
(h)
11
10
JP
Morgan
Mortgage
Trust
2004-S1
5.00%,
09/25/2034
19
20
JP
Morgan
Mortgage
Trust
2020-5
3.00%,
12/25/2050
(e),(h)
30
30
JP
Morgan
Mortgage
Trust
2021-1
2.50%,
06/25/2051
(e),(h)
540
555
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2020-1
2.50%,
12/25/2050
(e),(h)
223
229
PHH
Mortgage
Trust
Series
2008-CIM1
2.34%,
06/25/2038
34
33
1.00
x
1
Month
USD
LIBOR
+
2.25%
PSMC
2020-1
Trust
3.50%,
01/25/2050
(e),(h)
31
31
PSMC
2020-2
Trust
3.00%,
05/25/2050
(e),(h)
30
30
Sequoia
Mortgage
Trust
2.50%,
06/25/2051
(e),(h)
697
713
Sequoia
Mortgage
Trust
2017-1
3.50%,
02/25/2047
(e),(h)
50
50
Sequoia
Mortgage
Trust
2017-2
3.50%,
02/25/2047
(e),(h)
17
17
Sequoia
Mortgage
Trust
2020-1
3.50%,
02/25/2050
(e),(h)
15
15
Sequoia
Mortgage
Trust
2020-4
2.50%,
11/25/2050
(e),(h)
267
275
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Sequoia
Mortgage
Trust
2021-3
2.50%,
05/25/2051
(e),(h)
$
492
$
503
Wells
Fargo
Mortgage
Backed
Securities
2018-1
3.50%,
07/25/2047
(e),(h)
6
6
Wells
Fargo
Mortgage
Backed
Securities
2019-4
Trust
3.50%,
09/25/2049
(e),(h)
15
15
Wells
Fargo
Mortgage
Backed
Securities
2020-1
Trust
3.00%,
12/25/2049
(e),(h)
86
87
Wells
Fargo
Mortgage
Backed
Securities
2020-2
Trust
3.00%,
12/25/2049
(e),(h)
147
148
Wells
Fargo
Mortgage
Backed
Securities
2020-3
Trust
3.00%,
06/25/2050
(e),(h)
57
57
Wells
Fargo
Mortgage
Backed
Securities
2020-4
Trust
3.00%,
07/25/2050
(e),(h)
421
429
Wells
Fargo
Mortgage
Backed
Securities
2020-5
Trust
2.50%,
09/25/2050
(e),(h)
160
162
Wells
Fargo
Mortgage
Backed
Securities
2021-1
Trust
2.50%,
12/25/2050
(e),(h)
95
97
$
3,737
Oil
&
Gas
-
2
.16
%
BP
Capital
Markets
PLC
3.81%,
02/10/2024
500
541
Chevron
USA
Inc
0.43%,
08/11/2023
300
300
0.69%,
08/12/2025
400
397
Cimarex
Energy
Co
4.38%,
06/01/2024
250
272
Exxon
Mobil
Corp
1.57%,
04/15/2023
150
153
2.99%,
03/19/2025
200
215
Marathon
Petroleum
Corp
4.50%,
05/01/2023
200
213
Phillips
66
0.78%,
02/15/2024
250
250
3
Month
USD
LIBOR
+
0.62%
3.85%,
04/09/2025
150
165
Shell
International
Finance
BV
2.38%,
08/21/2022
300
307
Suncor
Energy
Inc
2.80%,
05/15/2023
300
312
3.10%,
05/15/2025
100
107
$
3,232
Oil
&
Gas
Services
-
0
.28
%
Baker
Hughes
a
GE
Co
LLC
/
Baker
Hughes
Co-
Obligor
Inc
2.77%,
12/15/2022
190
197
Schlumberger
Holdings
Corp
3.75%,
05/01/2024
(e)
200
215
$
412
Other
Asset
Backed
Securities
-
6
.76
%
CCG
Receivables
Trust
2.80%,
09/14/2026
(e)
147
149
CCG
Receivables
Trust
2018-2
3.09%,
12/15/2025
(e)
36
37
CCG
Receivables
Trust
2019-2
2.11%,
03/15/2027
(e)
197
199
CCG
Receivables
Trust
2020-1
0.54%,
12/14/2027
(e)
264
264
CCG
Receivables
Trust
2021-1
0.30%,
06/14/2027
(e)
600
599
Schedule
of
Investments
Short-Term
Income
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
185
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
CF
Hippolyta
LLC
1.53%,
03/15/2061
(e)
$
500
$
503
Drug
Royalty
III
LP
1
2.74%,
04/15/2027
(e)
12
12
1.00
x
3
Month
USD
LIBOR
+
2.50%
4.27%,
10/15/2031
(e)
138
142
GreatAmerica
Leasing
Receivables
Funding
LLC
Series
2021-1
0.27%,
06/15/2023
(e)
250
250
HPEFS
Equipment
Trust
2021-1
0.27%,
03/20/2031
(e)
475
475
MMAF
Equipment
Finance
LLC
2020-A
0.74%,
04/09/2024
(e)
436
437
MMAF
Equipment
Finance
LLC
2020-B
0.38%,
08/14/2023
(e)
400
400
MMAF
Equipment
Finance
LLC
2021-A
0.30%,
04/15/2024
(e)
400
400
MVW
2021-1W
LLC
1.14%,
01/22/2041
(e)
98
98
MVW
Owner
Trust
2016-1
2.25%,
12/20/2033
(e)
80
81
MVW
Owner
Trust
2018-1
3.45%,
01/21/2036
(e)
171
177
PFS
Financing
Corp
0.71%,
04/15/2026
(e)
250
250
0.93%,
08/15/2024
(e)
500
502
0.97%,
02/15/2026
(e)
350
352
2.23%,
10/15/2024
(e)
750
767
2.86%,
04/15/2024
(e)
250
255
Verizon
Owner
Trust
2018-A
3.23%,
04/20/2023
164
165
Verizon
Owner
Trust
2019-A
2.93%,
09/20/2023
336
341
Verizon
Owner
Trust
2019-B
2.33%,
12/20/2023
500
506
Verizon
Owner
Trust
2019-C
1.94%,
04/22/2024
500
507
Verizon
Owner
Trust
2020-A
1.85%,
07/22/2024
300
305
Verizon
Owner
Trust
2020-B
0.47%,
02/20/2025
500
501
Verizon
Owner
Trust
2020-C
0.41%,
04/21/2025
500
501
Volvo
Financial
Equipment
LLC
0.37%,
04/17/2023
(e)
547
548
Volvo
Financial
Equipment
LLC
Series
2018-1
2.76%,
10/17/2022
(e)
62
62
Volvo
Financial
Equipment
LLC
Series
2019-1
3.00%,
03/15/2023
(e)
150
151
Volvo
Financial
Equipment
LLC
Series
2019-2
2.02%,
08/15/2022
(e)
39
39
VSE
2018-A
VOI
Mortgage
LLC
3.56%,
02/20/2036
(e)
108
113
$
10,088
Packaging
&
Containers
-
0
.33
%
Graphic
Packaging
International
LLC
0.82%,
04/15/2024
(e)
300
298
1.51%,
04/15/2026
(e)
200
199
$
497
Pharmaceuticals
-
2
.57
%
AbbVie
Inc
2.15%,
11/19/2021
600
604
AstraZeneca
PLC
0.70%,
04/08/2026
500
487
Bayer
US
Finance
II
LLC
3.88%,
12/15/2023
(e)
200
214
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Bristol-Myers
Squibb
Co
0.54%,
11/13/2023
$
300
$
300
0.75%,
11/13/2025
300
297
2.90%,
07/26/2024
150
160
Cigna
Corp
0.61%,
03/15/2024
150
150
1.25%,
03/15/2026
300
301
CVS
Health
Corp
2.63%,
08/15/2024
250
264
GlaxoSmithKline
Capital
PLC
0.53%,
10/01/2023
500
502
Novartis
Capital
Corp
1.75%,
02/14/2025
300
309
Pfizer
Inc
2.80%,
03/11/2022
250
255
$
3,843
Pipelines
-
1
.81
%
Buckeye
Partners
LP
4.15%,
07/01/2023
400
413
Enterprise
Products
Operating
LLC
3.50%,
02/01/2022
400
408
Florida
Gas
Transmission
Co
LLC
3.88%,
07/15/2022
(e)
250
256
Kinder
Morgan
Inc
1.46%,
01/15/2023
500
507
3
Month
USD
LIBOR
+
1.28%
ONEOK
Partners
LP
5.00%,
09/15/2023
575
621
Southeast
Supply
Header
LLC
4.25%,
06/15/2024
(e)
200
201
TransCanada
PipeLines
Ltd
2.37%,
05/15/2067
327
291
3
Month
USD
LIBOR
+
2.21%
$
2,697
REITs
-
2
.66
%
American
Tower
Corp
2.40%,
03/15/2025
200
209
American
Tower
Trust
#1
3.07%,
03/15/2048
(e)
1,225
1,231
Crown
Castle
International
Corp
1.35%,
07/15/2025
250
252
CubeSmart
LP
4.00%,
11/15/2025
65
71
4.38%,
12/15/2023
292
315
Omega
Healthcare
Investors
Inc
4.50%,
01/15/2025
269
294
4.95%,
04/01/2024
250
272
Public
Storage
0.88%,
02/15/2026
250
248
SBA
Tower
Trust
1.63%,
11/15/2026
(e)
500
500
1.88%,
07/15/2050
(e)
125
127
2.84%,
01/15/2050
(e)
225
236
Ventas
Realty
LP
3.50%,
04/15/2024
198
212
$
3,967
Semiconductors
-
0
.79
%
Broadcom
Inc
4.70%,
04/15/2025
200
226
Microchip
Technology
Inc
4.33%,
06/01/2023
200
213
Micron
Technology
Inc
2.50%,
04/24/2023
300
310
NXP
BV
/
NXP
Funding
LLC
4.63%,
06/01/2023
(e)
200
215
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
2.70%,
05/01/2025
(e)
200
211
$
1,175
Schedule
of
Investments
Short-Term
Income
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
186
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
-
0
.89
%
Fidelity
National
Information
Services
Inc
0.38%,
03/01/2023
$
525
$
524
Intuit
Inc
0.65%,
07/15/2023
200
201
Oracle
Corp
1.65%,
03/25/2026
300
304
Roper
Technologies
Inc
1.00%,
09/15/2025
300
299
$
1,328
Student
Loan
Asset
Backed
Securities
-
4
.77
%
Commonbond
Student
Loan
Trust
2018-BGS
3.56%,
09/25/2045
(e)
125
129
Commonbond
Student
Loan
Trust
2018-C-GS
3.87%,
02/25/2046
(e)
154
159
Commonbond
Student
Loan
Trust
2019-A-GS
2.54%,
01/25/2047
(e)
248
254
Commonbond
Student
Loan
Trust
2020-A-GS
1.98%,
08/25/2050
(e)
117
118
Commonbond
Student
Loan
Trust
2021-A-GS
1.20%,
03/25/2052
(e)
451
450
EDvestinU
Private
Education
Loan
Issue
No
3
LLC
1.80%,
11/25/2045
(e)
237
238
Keycorp
Student
Loan
Trust
2000-b
0.49%,
07/25/2029
145
144
1.00
x
3
Month
USD
LIBOR
+
0.31%
KeyCorp
Student
Loan
Trust
2003-A
0.71%,
01/25/2037
363
363
1.00
x
3
Month
USD
LIBOR
+
0.53%
Laurel
Road
Prime
Student
Loan
Trust
2019-A
2.34%,
10/25/2048
(e)
26
26
Laurel
Road
Prime
Student
Loan
Trust
2020-A
0.72%,
11/25/2050
(e)
5
5
Navient
Private
Education
Refi
Loan
Trust
2019-A
3.42%,
01/15/2043
(e)
60
62
Navient
Private
Education
Refi
Loan
Trust
2019-G
2.40%,
10/15/2068
(e)
176
179
Navient
Private
Education
Refi
Loan
Trust
2020-A
0.42%,
11/15/2068
(e)
34
34
1.00
x
1
Month
USD
LIBOR
+
0.35%
Navient
Private
Education
Refi
Loan
Trust
2020-D
1.69%,
05/15/2069
(e)
265
268
Navient
Private
Education
Refi
Loan
Trust
2020-F
1.22%,
07/15/2069
(e)
273
275
Navient
Private
Education
Refi
Loan
Trust
2020-G
1.17%,
09/16/2069
(e)
310
312
Navient
Private
Education
Refi
Loan
Trust
2020-H
1.31%,
01/15/2069
(e)
223
225
Navient
Private
Education
Refi
Loan
Trust
2021-A
0.84%,
05/15/2069
(e)
212
211
Navient
Private
Education
Refi
Loan
Trust
2021-B
0.94%,
07/15/2069
(e)
414
414
Navient
Private
Education
Refi
Loan
Trust
2021-c
1.06%,
10/15/2069
(e)
225
226
Nelnet
Student
Loan
Trust
2021-A
1.36%,
04/20/2062
(e)
1,000
1,000
SLM
Private
Credit
Student
Loan
Trust
2004-A
0.52%,
06/15/2033
77
76
1.00
x
3
Month
USD
LIBOR
+
0.40%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Student
Loan
Asset
Backed
Securities
(continued)
SLM
Private
Credit
Student
Loan
Trust
2004-B
0.45%,
03/15/2024
$
160
$
160
1.00
x
3
Month
USD
LIBOR
+
0.33%
SLM
Private
Credit
Student
Loan
Trust
2006-A
0.41%,
06/15/2039
530
515
1.00
x
3
Month
USD
LIBOR
+
0.29%
SLM
Private
Credit
Student
Loan
Trust
2006-B
0.32%,
12/15/2039
211
206
1.00
x
3
Month
USD
LIBOR
+
0.20%
SMB
Private
Education
Loan
Trust
2020-A
0.40%,
03/15/2027
(e)
78
78
1.00
x
1
Month
USD
LIBOR
+
0.30%
SMB
Private
Education
Loan
Trust
2021-A
0.60%,
01/15/2053
(e)
77
77
1.00
x
1
Month
USD
LIBOR
+
0.50%
1.07%,
01/15/2053
(e)
279
275
SMB
Private
Education
Loan
Trust
2021-B
1.31%,
07/17/2051
(e)
650
647
$
7,126
Telecommunications
-
3
.27
%
AT&T
Inc
1.04%,
02/15/2023
250
253
3
Month
USD
LIBOR
+
0.89%
1.70%,
03/25/2026
600
606
Crown
Castle
Towers
LLC
3.22%,
05/15/2022
(e)
502
503
3.66%,
05/15/2045
(e)
100
107
4.24%,
07/15/2048
(e)
290
327
NTT
Finance
Corp
0.37%,
03/03/2023
(e)
200
200
0.58%,
03/01/2024
(e)
400
399
Sprint
Spectrum
Co
LLC
/
Sprint
Spectrum
Co
II
LLC
/
Sprint
Spectrum
Co
III
LLC
3.36%,
03/20/2023
(e)
47
47
4.74%,
03/20/2025
(e)
1,078
1,157
5.15%,
03/20/2028
(e)
500
575
Verizon
Communications
Inc
0.75%,
03/22/2024
400
402
0.84%,
03/20/2026
300
306
Secured
Overnight
Financing
Rate
+
0.79%
$
4,882
Transportation
-
0
.14
%
Ryder
System
Inc
3.75%,
06/09/2023
200
212
Trucking
&
Leasing
-
0
.14
%
Penske
Truck
Leasing
Co
Lp
/
PTL
Finance
Corp
3.45%,
07/01/2024
(e)
200
214
TOTAL
BONDS
$
131,656
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
8
.29
%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
0
.00
%
2.42%,
09/01/2035
$
6
$
7
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.25%
Federal
National
Mortgage
Association
(FNMA)
-
0
.03
%
1.76%,
04/01/2033
12
12
1.00
x
6
Month
USD
LIBOR
+
1.51%
2.02%,
12/01/2032
3
3
1.00
x
12
Month
USD
LIBOR
+
1.64%
2.13%,
01/01/2035
4
4
1.00
x
12
Month
USD
LIBOR
+
1.75%
2.25%,
08/01/2034
5
5
1.00
x
12
Month
USD
LIBOR
+
1.63%
2.29%,
02/01/2037
13
13
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.10%
Schedule
of
Investments
Short-Term
Income
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
187
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)
(continued)
2.31%,
02/01/2035
$
2
$
2
1.00
x
6
Month
USD
LIBOR
+
2.06%
2.41%,
11/01/2032
1
1
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.29%
2.41%,
07/01/2034
7
7
1.00
x
12
Month
USD
LIBOR
+
1.63%
2.50%,
12/01/2033
1
1
1.00
x
6
Month
USD
LIBOR
+
2.25%
8.00%,
05/01/2027
3
3
$
51
U.S.
Treasury
-
3
.97
%
0.13%,
01/31/2023
1,300
1,299
0.13%,
10/15/2023
250
249
0.25%,
03/15/2024
1,400
1,394
1.13%,
02/28/2022
600
604
1.25%,
08/31/2024
500
512
1.75%,
11/30/2021
600
604
2.75%,
07/31/2023
1,200
1,262
$
5,924
U.S.
Treasury
Bill
-
4
.29
%
0.01%,
09/16/2021
(j)
1,000
1,000
0.02%,
09/02/2021
(j)
500
500
0.02%,
09/09/2021
(j)
700
700
0.02%,
10/28/2021
(j)
600
600
0.03%,
09/23/2021
(j)
600
600
0.03%,
09/30/2021
(j)
1,000
999
0.04%,
07/01/2021
(j)
1,000
1,000
0.04%,
12/09/2021
(j)
500
500
0.05%,
10/14/2021
(j)
500
500
$
6,399
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
12,381
Total
Investments
$
147,740
Other
Assets
and
Liabilities
- 1.06%
1,585
TOTAL
NET
ASSETS
-
100.00%
$
149,325
(a)
Current
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
$539
or
0.36%
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
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
$50,735
or
33.98%
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
or
a
portion
of
the
security
was
on
loan. At
the
end
of
the
period,
the
value
of
these
securities
totaled
$521
or
0.35%
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)
Security
is
an
Interest
Only
Strip.
(j)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
Portfolio
Summary (unaudited)
Sector
Percent
Financial
27
.89
%
Asset
Backed
Securities
21
.44
%
Government
8
.26
%
Consumer,
Non-cyclical
7
.41
%
Utilities
7
.24
%
Mortgage
Securities
5
.96
%
Communications
4
.92
%
Energy
4
.25
%
Industrial
3
.04
%
Technology
2
.95
%
Money
Market
Funds
2
.48
%
Basic
Materials
1
.89
%
Consumer,
Cyclical
1
.21
%
Other
Assets
and
Liabilities
1
.06
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
2,196
$
45,322
$
44,354
$
3,164
$
2,196
$
45,322
$
44,354
$
3,164
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
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
5
Year
Note;
September
2021
Short
42
$
5,184
$
18
Total
$
18
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
SmallCap
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
188
INVESTMENT
COMPANIES
-
4
.18
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
4
.18
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(a),(b)
1,421,894
$
1,422
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c),(d)
8,384,642
8,385
$
9,807
TOTAL
INVESTMENT
COMPANIES
$
9,807
COMMON
STOCKS
-
98
.69
%
Shares
Held
Value
(000's)
Agriculture
-
1
.80
%
Darling
Ingredients
Inc
(d)
51,700
$
3,490
Vital
Farms
Inc
(d)
37,000
738
$
4,228
Airlines
-
0
.38
%
Sun
Country
Airlines
Holdings
Inc
(d)
24,300
899
Automobile
Parts
&
Equipment
-
0
.98
%
Modine
Manufacturing
Co
(d)
57,600
956
Visteon
Corp
(d)
11,100
1,342
$
2,298
Banks
-
6
.02
%
Ameris
Bancorp
44,500
2,253
BancFirst
Corp
11,200
699
First
Foundation
Inc
32,600
734
First
Horizon
Corp
148,756
2,570
First
Interstate
BancSystem
Inc
42,500
1,778
First
Merchants
Corp
32,300
1,346
Independent
Bank
Corp/MI
22,100
480
Lakeland
Bancorp
Inc
26,200
458
United
Community
Banks
Inc/GA
77,720
2,488
WesBanco
Inc
37,100
1,322
$
14,128
Biotechnology
-
5
.91
%
Acceleron
Pharma
Inc
(d)
9,900
1,242
ADC
Therapeutics
SA
(d)
14,600
355
Allogene
Therapeutics
Inc
(d)
13,900
362
Bluebird
Bio
Inc
(d)
21,600
691
Cellectis
SA
ADR
(d)
33,200
514
Denali
Therapeutics
Inc
(d)
27,200
2,134
Design
Therapeutics
Inc
(d),(e)
16,500
328
Horizon
Therapeutics
Plc
(d)
26,600
2,491
Immunocore
Holdings
PLC
ADR
(d)
8,700
340
Insmed
Inc
(d)
37,600
1,070
Iovance
Biotherapeutics
Inc
(d)
28,000
729
MacroGenics
Inc
(d)
29,400
790
Magenta
Therapeutics
Inc
(d)
60,200
589
Olink
Holding
AB
ADR
(d)
16,000
551
Precision
BioSciences
Inc
(d)
60,800
761
Seagen
Inc
(d)
5,900
931
$
13,878
Building
Materials
-
1
.51
%
Builders
FirstSource
Inc
(d)
41,600
1,775
Masonite
International
Corp
(d)
15,800
1,766
$
3,541
Chemicals
-
2
.21
%
Atotech
Ltd
(d)
88,500
2,259
Diversey
Holdings
Ltd
(d)
127,500
2,284
Koppers
Holdings
Inc
(d)
19,600
634
$
5,177
Commercial
Services
-
4
.61
%
ABM
Industries
Inc
24,400
1,082
AMN
Healthcare
Services
Inc
(d)
19,900
1,930
BrightView
Holdings
Inc
(d)
58,000
935
Coursera
Inc
(d)
13,500
534
Custom
Truck
One
Source
Inc
(d),(e)
60,100
572
First
Advantage
Corp
(d)
44,700
890
Heidrick
&
Struggles
International
Inc
18,200
811
Huron
Consulting
Group
Inc
(d)
26,300
1,293
ICF
International
Inc
10,600
931
Legalzoom.com
Inc
(d)
4,044
153
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
Medifast
Inc
6,000
$
1,698
$
10,829
Computers
-
1
.57
%
ExlService
Holdings
Inc
(d)
18,100
1,923
KnowBe4
Inc
(d),(e)
56,633
1,771
$
3,694
Consumer
Products
-
0
.54
%
Central
Garden
&
Pet
Co
-
A
Shares
(d)
26,120
1,262
Cosmetics
&
Personal
Care
-
1
.15
%
Beauty
Health
Co/The
(d),(e)
37,900
637
Beauty
Health
Co/The
-
Warrants
(d)
30,033
192
Honest
Co
Inc/The
(d)
115,900
1,876
$
2,705
Distribution
&
Wholesale
-
0
.85
%
ThredUp
Inc
(d),(e)
37,357
1,086
Titan
Machinery
Inc
(d)
29,500
913
$
1,999
Diversified
Financial
Services
-
5
.16
%
Encore
Capital
Group
Inc
(d)
39,800
1,886
Flywire
Corp
(d)
28,600
1,051
Focus
Financial
Partners
Inc
(d)
43,900
2,129
Janus
Henderson
Group
PLC
37,200
1,444
Lazard
Ltd
16,800
760
Piper
Sandler
Cos
17,750
2,300
Stifel
Financial
Corp
39,100
2,536
$
12,106
Electric
-
1
.91
%
Brookfield
Renewable
Corp
64,300
2,697
Portland
General
Electric
Co
38,800
1,788
$
4,485
Electrical
Components
&
Equipment
-
1
.47
%
EnerSys
29,100
2,844
nLight
Inc
(d)
16,490
598
$
3,442
Electronics
-
3
.67
%
Advanced
Energy
Industries
Inc
22,000
2,480
Atkore
Inc
(d)
37,000
2,627
SYNNEX
Corp
14,500
1,765
Vishay
Intertechnology
Inc
77,700
1,752
$
8,624
Energy
-
Alternate
Sources
-
0
.29
%
Array
Technologies
Inc
(d)
43,300
675
Engineering
&
Construction
-
1
.89
%
Dycom
Industries
Inc
(d)
29,300
2,184
MYR
Group
Inc
(d)
14,700
1,336
Tutor
Perini
Corp
(d)
66,186
917
$
4,437
Entertainment
-
3
.30
%
Caesars
Entertainment
Inc
(d)
36,400
3,777
Golden
Entertainment
Inc
(d)
45,700
2,047
Vail
Resorts
Inc
(d)
6,100
1,931
$
7,755
Food
-
0
.84
%
Performance
Food
Group
Co
(d)
40,518
1,965
Gas
-
0
.68
%
Southwest
Gas
Holdings
Inc
24,000
1,588
Healthcare
-
Products
-
3
.66
%
Adaptive
Biotechnologies
Corp
(d)
22,100
903
Castle
Biosciences
Inc
(d)
16,800
1,232
Natera
Inc
(d)
24,900
2,827
Nevro
Corp
(d)
12,000
1,989
STAAR
Surgical
Co
(d)
10,700
1,632
$
8,583
Healthcare
-
Services
-
4
.39
%
Accolade
Inc
(d)
14,842
806
Addus
HomeCare
Corp
(d)
19,200
1,675
Amedisys
Inc
(d)
2,600
637
Schedule
of
Investments
SmallCap
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
189
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Services
(continued)
Aveanna
Healthcare
Holdings
Inc
(d)
60,100
$
743
LifeStance
Health
Group
Inc
(d),(e)
92,200
2,569
Syneos
Health
Inc
(d)
31,200
2,792
Teladoc
Health
Inc
(d)
6,500
1,081
$
10,303
Holding
Companies
-
Diversified
-
1
.34
%
Ajax
I
(d),(e)
66,700
665
Ajax
I
-
Class
A
Warrants
(d)
21,550
40
GS
Acquisition
Holdings
Corp
II
(d)
86,800
903
GS
Acquisition
Holdings
Corp
II
-
Class
A
Warrants
(d)
45,150
99
Vesper
Healthcare
Acquisition
Corp
-
PIPE
(d),(f)
85,000
1,428
$
3,135
Home
Builders
-
1
.08
%
Taylor
Morrison
Home
Corp
(d)
95,900
2,534
Home
Furnishings
-
0
.48
%
Purple
Innovation
Inc
(d)
42,434
1,121
Insurance
-
1
.66
%
CNO
Financial
Group
Inc
54,000
1,276
Hanover
Insurance
Group
Inc/The
16,500
2,238
Reinsurance
Group
of
America
Inc
3,300
376
$
3,890
Internet
-
1
.78
%
Eventbrite
Inc
(d)
80,700
1,533
Revolve
Group
Inc
(d)
38,500
2,653
$
4,186
Iron
&
Steel
-
0
.93
%
Cleveland-Cliffs
Inc
(d)
100,800
2,173
Leisure
Products
&
Services
-
0
.83
%
Lindblad
Expeditions
Holdings
Inc
(d)
41,900
671
Planet
Fitness
Inc
(d)
17,000
1,279
$
1,950
Machinery
-
Diversified
-
1
.38
%
Columbus
McKinnon
Corp/NY
33,200
1,601
Gates
Industrial
Corp
PLC
(d)
90,251
1,631
$
3,232
Media
-
0
.53
%
World
Wrestling
Entertainment
Inc
21,400
1,239
Metal
Fabrication
&
Hardware
-
1
.62
%
Rexnord
Corp
58,000
2,902
Xometry
Inc
(d)
10,329
903
$
3,805
Mining
-
0
.75
%
Alcoa
Corp
(d)
29,120
1,073
Piedmont
Lithium
Inc
(d)
8,700
680
$
1,753
Miscellaneous
Manufacturers
-
0
.89
%
Hillenbrand
Inc
47,200
2,081
Office
Furnishings
-
0
.29
%
HNI
Corp
15,600
686
Oil
&
Gas
-
0
.97
%
PDC
Energy
Inc
15,700
719
Pioneer
Natural
Resources
Co
9,553
1,552
$
2,271
Oil
&
Gas
Services
-
0
.92
%
Bristow
Group
Inc
(d)
22,200
569
ChampionX
Corp
(d)
61,843
1,586
$
2,155
Packaging
&
Containers
-
0
.41
%
Graphic
Packaging
Holding
Co
53,600
972
Pharmaceuticals
-
1
.63
%
Collegium
Pharmaceutical
Inc
(d)
38,700
915
Dexcom
Inc
(d)
2,000
854
PMV
Pharmaceuticals
Inc
(d)
23,800
813
Revance
Therapeutics
Inc
(d)
42,000
1,245
$
3,827
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
-
5
.63
%
Agree
Realty
Corp
39,400
$
2,777
Cousins
Properties
Inc
64,401
2,369
First
Industrial
Realty
Trust
Inc
47,400
2,476
Ladder
Capital
Corp
80,800
933
Pebblebrook
Hotel
Trust
105,920
2,494
Rexford
Industrial
Realty
Inc
37,900
2,158
$
13,207
Retail
-
5
.72
%
Bed
Bath
&
Beyond
Inc
(d)
11,900
396
BJ's
Wholesale
Club
Holdings
Inc
(d)
33,100
1,575
Bloomin'
Brands
Inc
(d)
27,900
757
Brinker
International
Inc
(d)
19,400
1,200
Caleres
Inc
100,800
2,751
Petco
Health
&
Wellness
Co
Inc
(d),(e)
53,050
1,189
Rush
Enterprises
Inc
-
Class
A
13,600
588
Ruth's
Hospitality
Group
Inc
(d)
42,260
973
Sally
Beauty
Holdings
Inc
(d)
76,200
1,682
Vroom
Inc
(d)
39,400
1,649
World
Fuel
Services
Corp
21,200
673
$
13,433
Savings
&
Loans
-
1
.86
%
Meridian
Bancorp
Inc
17,100
350
Provident
Financial
Services
Inc
49,000
1,122
Sterling
Bancorp/DE
116,800
2,895
$
4,367
Semiconductors
-
3
.07
%
Allegro
MicroSystems
Inc
(d)
79,800
2,210
Entegris
Inc
20,300
2,496
SiTime
Corp
(d)
19,800
2,507
$
7,213
Software
-
8
.97
%
Aspen
Technology
Inc
(d)
9,000
1,238
Bentley
Systems
Inc
12,170
788
BigCommerce
Holdings
Inc
(d)
7,400
480
Clear
Secure
Inc
(d)
13,158
526
Concentrix
Corp
(d)
14,500
2,331
DigitalOcean
Holdings
Inc
(d)
34,100
1,896
DoubleVerify
Holdings
Inc
(d)
17,856
756
Doximity
Inc
(d)
10,620
618
Duck
Creek
Technologies
Inc
(d)
11,300
492
Jamf
Holding
Corp
(d)
22,600
759
Manhattan
Associates
Inc
(d)
17,900
2,593
Olo
Inc
(d)
5,700
213
ON24
Inc
(d)
14,700
521
Paymentus
Holdings
Inc
(d)
31,400
1,115
Privia
Health
Group
Inc
(d)
43,700
1,939
SentinelOne
Inc
(d)
10,800
459
Signify
Health
Inc
(d)
27,100
825
Sprout
Social
Inc
(d)
39,200
3,505
$
21,054
Telecommunications
-
0
.18
%
Switch
Inc
19,800
418
Transportation
-
0
.98
%
Atlas
Air
Worldwide
Holdings
Inc
(d)
12,575
856
Hub
Group
Inc
(d)
21,700
1,432
$
2,288
TOTAL
COMMON
STOCKS
$
231,591
Total
Investments
$
241,398
Other
Assets
and
Liabilities
- (2.87)%
(
6,723
)
TOTAL
NET
ASSETS
-
100.00%
$
234,675
Schedule
of
Investments
SmallCap
Account
June
30,
2021
(unaudited)
See
accompanying
notes.
190
(a)
Current
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
$5,472
or
2.33%
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
$5,103
or
2.17%
of
net
assets.
(f)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
Portfolio
Summary (unaudited)
Sector
Percent
Consumer,
Non-cyclical
24
.53
%
Financial
20
.33
%
Consumer,
Cyclical
13
.91
%
Industrial
13
.82
%
Technology
13
.61
%
Money
Market
Funds
4
.18
%
Basic
Materials
3
.89
%
Utilities
2
.59
%
Communications
2
.49
%
Energy
2
.18
%
Diversified
1
.34
%
Other
Assets
and
Liabilities
(
2
.87
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
December
31,
2020
Purchases
Sales
June
30,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
1,177
$
82,500
$
75,292
$
8,385
$
1,177
$
82,500
$
75,292
$
8,385
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Vesper
Healthcare
Acquisition
Corp
-
PIPE
12/08/2020
$
850
$
1,428
0.61%
Total
$
1,428
0.61%
Amounts
in
thousands.
Glossary
to
the
Schedule
of
Investments
June
30,
2021
(unaudited)
See
accompanying
notes.
191
Currency
Abbreviations
USD/$
United
States
Dollar
See
accompanying
notes.
192
Financial
Highlights
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
December
31
(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
BLUE
CHIP
ACCOUNT
Class
3
shares
2021(c)
$
10.34
(
$
0.03)
$
1.75
$
1.72
$
–
$
–
$
–
$
12.06
2020(g)
10.00
–
0.34
0.34
–
–
–
10.34
BOND
MARKET
INDEX
ACCOUNT
Class
1
shares
2021(c)
11.21
0.09
(
0.28)
(
0.19)
–
–
–
11.02
2020
10.72
0.23
0.55
0.78
(
0.29)
–
(
0.29)
11.21
2019
10.15
0.28
0.58
0.86
(
0.29)
–
(
0.29)
10.72
2018
10.39
0.26
(
0.28)
(
0.02)
(
0.22)
–
(
0.22)
10.15
2017
10.25
0.22
0.11
0.33
(
0.19)
–
(
0.19)
10.39
2016
10.20
0.19
0.05
0.24
(
0.19)
–
(
0.19)
10.25
CORE
PLUS
BOND
ACCOUNT
Class
1
shares
2021(c)
12.15
0.13
(
0.21)
(
0.08)
–
–
–
12.07
2020
11.50
0.23
0.86
1.09
(
0.44)
–
(
0.44)
12.15
2019
10.81
0.34
0.72
1.06
(
0.37)
���
(
0.37)
11.50
2018
11.35
0.36
(
0.52)
(
0.16)
(
0.38)
–
(
0.38)
10.81
2017
11.15
0.35
0.18
0.53
(
0.33)
–
(
0.33)
11.35
2016
11.05
0.32
0.14
0.46
(
0.36)
–
(
0.36)
11.15
DIVERSIFIED
BALANCED
ACCOUNT
Class
1
shares
2021(c)
17.58
–
1.13
1.13
–
–
–
18.71
2020
16.52
0.36
1.70
2.06
(
0.40)
(
0.60)
(
1.00)
17.58
2019
14.87
0.36
2.34
2.70
(
0.35)
(
0.70)
(
1.05)
16.52
2018
15.98
0.31
(
0.78)
(
0.47)
(
0.43)
(
0.21)
(
0.64)
14.87
2017(h)
15.36
0.45
0.65
1.10
(
0.26)
(
0.22)
(
0.48)
15.98
Class
2
shares
2021(c)
17.61
(
0.03)
1.14
1.11
–
–
–
18.72
2020
16.55
0.32
1.70
2.02
(
0.36)
(
0.60)
(
0.96)
17.61
2019
14.88
0.32
2.36
2.68
(
0.31)
(
0.70)
(
1.01)
16.55
2018
15.99
0.27
(
0.78)
(
0.51)
(
0.39)
(
0.21)
(
0.60)
14.88
2017
14.76
0.35
1.32
1.67
(
0.22)
(
0.22)
(
0.44)
15.99
2016
14.11
0.22
0.75
0.97
(
0.18)
(
0.14)
(
0.32)
14.76
Class
3
shares
2021(c)
17.58
(
0.04)
1.13
1.09
–
–
–
18.67
2020(g)
17.32
0.05
0.21
0.26
–
–
–
17.58
See
accompanying
notes.
193
Financial
Highlights
(Continued)
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
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
16.63
%
(d)
$
6,538
1.05
%
(e),(f)
–
%
(0.57)
%
(e)
23.0
%
(e)
3.40
(d)
5,170
1.05
(e),(f)
–
(0.66)
(e)
54.6
(e)
(1.69)
(d)
2,874,293
0.14
(e)
–
1.60
(e)
143.1
(e)
7.29
2,735,259
0.14
–
2.04
104.0
8.47
2,539,460
0.15
(f)
–
2.60
93.6
(0.19)
2,213,355
0.15
(f)
–
2.52
123.1
3.27
2,448,068
0.23
(f)
–
2.10
108.9
2.29
2,184,608
0.25
–
1.86
118.5
(0.66)
(d)
243,248
0.47
(e)
–
2.15
(e)
169.8
(e)
9.55
255,956
0.47
–
1.92
210.3
9.81
252,874
0.47
–
2.99
152.4
(1.41)
280,760
0.47
–
3.27
127.5
4.81
293,662
0.46
–
3.08
123.5
4.09
292,436
0.46
–
2.79
155.1
6.43
(d)
41,721
0.05
(e)
–
(0.05)
(e)
10.3
(e)
12.96
40,515
0.05
–
2.18
23.6
18.43
40,694
0.05
–
2.25
16.9
(3.14)
36,763
0.05
–
1.95
15.7
7.27
(d)
42,702
0.05
(e)
–
4.27
(e)
13.9
(e)
6.30
(d)
979,333
0.30
(e)
–
(0.30)
(e)
10.3
(e)
12.63
979,751
0.30
–
1.95
23.6
18.23
988,264
0.30
(i)
0.30
(j)
1.96
16.9
(3.40)
968,449
0.30
(i)
0.30
(j)
1.69
15.7
11.43
1,131,373
0.30
(i)
0.30
(j)
2.27
13.9
6.90
1,099,647
0.30
(i)
0.30
(j)
1.51
14.1
6.20
(d)
11
0.45
(e)
–
(0.42)
(e)
10.3
(e)
1.50
(d)
10
0.45
(e)
–
4.11
(e)
23.6
(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)
Six
months
ended
June
30,
2021.
(d)
Total
return
amounts
have
not
been
annualized.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit.
(g)
Period
from
December
9,
2020
date
operations
commenced,
through
December
31,
2020.
(h)
Period
from
May
1,
2017
date
operations
commenced,
through
December
31,
2017.
(i)
Reflects
Manager's
voluntary
expense
limit.
(j)
Excludes
expense
reimbursement
from
Manager.
See
accompanying
notes.
194
Financial
Highlights
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
December
31
(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
MANAGED
VOLATILITY
ACCOUNT
Class
2
shares
2021(c)
$
13.65
(
$
0.02)
$
0.82
$
0.80
$
–
$
–
$
–
$
14.45
2020
12.91
0.24
1.26
1.50
(
0.25)
(
0.51)
(
0.76)
13.65
2019
11.34
0.23
1.74
1.97
(
0.21)
(
0.19)
(
0.40)
12.91
2018
12.25
0.19
(
0.55)
(
0.36)
(
0.46)
(
0.09)
(
0.55)
11.34
2017
11.27
0.43
0.78
1.21
(
0.15)
(
0.08)
(
0.23)
12.25
2016
10.72
0.16
0.53
0.69
(
0.08)
(
0.06)
(
0.14)
11.27
Class
3
shares
2021(c)
13.65
(
0.03)
0.82
0.79
–
–
–
14.44
2020(g)
13.46
0.04
0.15
0.19
–
–
–
13.65
DIVERSIFIED
BALANCED
VOLATILITY
CONTROL
ACCOUNT
Class
2
shares
2021(c)
12.40
(
0.01)
0.72
0.71
–
–
–
13.11
2020
11.71
0.20
0.81
1.01
(
0.18)
(
0.14)
(
0.32)
12.40
2019
10.31
0.28
1.30
1.58
(
0.09)
(
0.09)
(
0.18)
11.71
2018
10.80
0.20
(
0.58)
(
0.38)
(
0.08)
(
0.03)
(
0.11)
10.31
2017(i)
10.00
0.27
0.53
0.80
–
–
–
10.80
Class
3
shares
2021(c)
12.40
(
0.02)
0.73
0.71
–
–
–
13.11
2020(g)
12.22
0.04
0.14
0.18
–
–
–
12.40
DIVERSIFIED
GROWTH
ACCOUNT
Class
2
shares
2021(c)
20.15
(
0.03)
1.80
1.77
–
–
–
21.92
2020
18.69
0.35
2.12
2.47
(
0.37)
(
0.64)
(
1.01)
20.15
2019
16.29
0.34
3.06
3.40
(
0.33)
(
0.67)
(
1.00)
18.69
2018
17.66
0.30
(
1.03)
(
0.73)
(
0.45)
(
0.19)
(
0.64)
16.29
2017
15.93
0.43
1.79
2.22
(
0.23)
(
0.26)
(
0.49)
17.66
2016
15.08
0.24
0.98
1.22
(
0.19)
(
0.18)
(
0.37)
15.93
Class
3
shares
2021(c)
20.15
(
0.05)
1.80
1.75
–
–
–
21.90
2020(g)
19.80
0.07
0.28
0.35
–���
–
–
20.15
See
accompanying
notes.
195
Financial
Highlights
(Continued)
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
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
5.86
%
(d)
$
187,601
0.30
%
(e),(f)
–
%
(0.31)
%
(e)
14.6
%
(e)
12.03
185,139
0.31
(f)
–
1.84
25.0
17.48
176,235
0.31
(f)
–
1.90
21.3
(3.20)
162,166
0.31
(f)
–
1.59
16.2
10.90
181,005
0.31
(f)
–
3.65
13.6
6.42
168,756
0.31
(f)
–
1.48
13.6
5.79
(d)
11
0.45
(e)
–
(0.42)
(e)
14.6
(e)
1.41
(d)
10
0.46
(e)
–
4.31
(e)
25.0
(e)
5.73
(d)
210,272
0.38
(e)
–
(0.12)
(e)
52.2
(e)
8.82
184,469
0.38
(f)
–
1.73
83.5
15.47
145,371
0.38
(f)
–
2.47
33.1
(3.71)
(h)
66,983
0.38
(f)
–
1.90
99.6
8.10
(d),(h)
36,522
0.39
(e),(f)
–
3.36
(e)
8.0
(e)
5.73
(d)
11
0.53
(e)
–
(0.24)
(e)
52.2
(e)
1.47
(d)
10
0.53
(e)
–
5.62
(e)
83.5
(e)
8.78
(d)
3,973,814
0.30
(e)
–
(0.30)
(e)
9.1
(e)
13.76
3,853,082
0.30
–
1.89
23.0
21.20
3,772,145
0.30
(j)
0.30
(k)
1.89
16.0
(4.51)
(h)
3,488,312
0.30
(j)
0.30
(k)
1.69
15.5
14.21
(h)
3,945,713
0.30
(j)
0.30
(k)
2.52
10.9
8.14
3,588,901
0.30
(j)
0.30
(k)
1.53
11.1
8.68
(d)
11
0.45
(e)
–
(0.45)
(e)
9.1
(e)
1.77
(d)
10
0.45
(e)
–
5.91
(e)
23.0
(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)
Six
months
ended
June
30,
2021.
(d)
Total
return
amounts
have
not
been
annualized.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit.
(g)
Period
from
December
9,
2020
date
operations
commenced,
through
December
31,
2020.
(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)
Period
from
March
30,
2017
date
operations
commenced,
through
December
31,
2017.
(j)
Reflects
Manager's
voluntary
expense
limit.
(k)
Excludes
expense
reimbursement
from
Manager.
See
accompanying
notes.
196
Financial
Highlights
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
December
31
(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
MANAGED
VOLATILITY
ACCOUNT
Class
2
shares
2021(c)
$
14.33
(
$
0.02)
$
1.20
$
1.18
$
–
$
–
$
–
$
15.51
2020
13.53
0.23
1.46
1.69
(
0.25)
(
0.64)
(
0.89)
14.33
2019
11.61
0.23
2.09
2.32
(
0.20)
(
0.20)
(
0.40)
13.53
2018
12.72
0.19
(
0.66)
(
0.47)
(
0.54)
(
0.10)
(
0.64)
11.61
2017
11.46
0.52
0.99
1.51
(
0.15)
(
0.10)
(
0.25)
12.72
2016
10.79
0.16
0.66
0.82
(
0.07)
(
0.08)
(
0.15)
11.46
Class
3
shares
2021(c)
14.33
(
0.03)
1.19
1.16
–
–
–
15.49
2020(g)
14.09
0.05
0.19
0.24
–
–
–
14.33
DIVERSIFIED
GROWTH
VOLATILITY
CONTROL
ACCOUNT
Class
2
shares
2021(c)
12.68
(
0.01)
1.03
1.02
–
–
–
13.70
2020
12.00
0.19
0.86
1.05
(
0.18)
(
0.19)
(
0.37)
12.68
2019
10.37
0.26
1.55
1.81
(
0.10)
(
0.08)
(
0.18)
12.00
2018
10.97
0.21
(
0.71)
(
0.50)
(
0.07)
(
0.03)
(
0.10)
10.37
2017(h)
10.00
0.30
0.67
0.97
–
–
–
10.97
Class
3
shares
2021(c)
12.68
(
0.02)
1.04
1.02
–
–
–
13.70
2020(g)
12.47
0.05
0.16
0.21
–
–
–
12.68
DIVERSIFIED
INCOME
ACCOUNT
Class
2
shares
2021(c)
14.82
(
0.02)
0.60
0.58
–
–
–
15.40
2020
13.82
0.30
1.23
1.53
(
0.28)
(
0.25)
(
0.53)
14.82
2019
12.46
0.29
1.58
1.87
(
0.22)
(
0.29)
(
0.51)
13.82
2018
13.12
0.22
(
0.51)
(
0.29)
(
0.28)
(
0.09)
(
0.37)
12.46
2017
12.34
0.26
0.82
1.08
(
0.18)
(
0.12)
(
0.30)
13.12
2016
11.87
0.19
0.47
0.66
(
0.12)
(
0.07)
(
0.19)
12.34
Class
3
shares
2021(c)
14.82
(
0.03)
0.60
0.57
–
–
–
15.39
2020(g)
14.65
0.02
0.15
0.17
–
–
–
14.82
See
accompanying
notes.
197
Financial
Highlights
(Continued)
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
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
8.23
%
(d)
$
394,436
0.30
%
(e)
–
%
(0.30)
%
(e)
12.0
%
(e)
13.06
378,238
0.30
(f)
–
1.74
22.3
20.18
353,687
0.31
(f)
–
1.80
18.8
(4.07)
325,228
0.30
(f)
–
1.53
16.3
13.34
355,062
0.30
(f)
–
4.30
12.5
7.56
313,672
0.30
(f)
–
1.49
11.7
8.09
(d)
11
0.45
(e)
–
(0.42)
(e)
12.0
(e)
1.70
(d)
10
0.45
(e)
–
5.91
(e)
22.3
(e)
8.04
(d)
1,147,507
0.37
(e)
–
(0.12)
(e)
62.8
(e)
8.98
995,575
0.37
–
1.63
85.9
17.57
765,417
0.37
(f)
–
2.32
36.2
(4.60)
384,706
0.37
(f)
–
1.96
103.6
9.70
(d)
171,769
0.38
(e),(f)
–
3.80
(e)
0.9
(e)
8.04
(d)
11
0.52
(e)
–
(0.27)
(e)
62.8
(e)
1.68
(d)
10
0.52
(e)
–
7.20
(e)
85.9
(e)
3.91
(d)
328,840
0.30
(e)
,(i)
0.30
(e),(j)
(0.30)
(e)
21.7
(e)
11.27
323,525
0.30
(i)
0.30
(j)
2.10
31.2
15.16
279,888
0.31
(i)
0.31
(j)
2.16
25.6
(2.38)
241,331
0.30
(i)
0.30
(j)
1.72
22.8
8.81
268,135
0.30
(i)
0.30
(j)
2.06
21.2
5.56
254,001
0.30
(i)
0.30
(j)
1.56
19
.3
3.85
(d)
11
0.45
(e)
–
(0.43)
(e)
21.7
(e)
1.16
(d)
10
0.45
(e)
–
2.69
(e)
31.2
(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)
Six
months
ended
June
30,
2021.
(d)
Total
return
amounts
have
not
been
annualized.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit.
(g)
Period
from
December
9,
2020
date
operations
commenced,
through
December
31,
2020.
(h)
Period
from
March
30,
2017
date
operations
commenced,
through
December
31,
2017.
(i)
Reflects
Manager's
voluntary
expense
limit.
(j)
Excludes
expense
reimbursement
from
Manager.
See
accompanying
notes.
198
Financial
Highlights
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
December
31
(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
1
shares
2021(c)
$
17
.77
$
0
.17
$
1
.28
$
1
.45
$
–
$
–
$
–
$
19
.22
2020
15
.71
0
.18
2
.29
2
.47
(
0
.41
)
–
(
0
.41
)
17
.77
2019
13
.72
0
.28
2
.75
3
.03
(
0
.26
)
(
0
.78
)
(
1
.04
)
15
.71
2018
17
.01
0
.31
(
3
.25
)
(
2
.94
)
(
0
.35
)
–
(
0
.35
)
13
.72
2017
13
.42
0
.21
3
.67
3
.88
(
0
.29
)
–
(
0
.29
)
17
.01
2016
13
.68
0
.24
(
0
.18
)
0
.06
(
0
.32
)
–
(
0
.32
)
13
.42
EQUITY
INCOME
ACCOUNT
Class
1
shares
2021(c)
28
.54
0
.28
3
.63
3
.91
–
–
–
32
.45
2020
28
.19
0
.55
1
.08
1
.63
(
0
.52
)
(
0
.76
)
(
1
.28
)
28
.54
2019
22
.86
0
.56
6
.00
6
.56
(
0
.51
)
(
0
.72
)
(
1
.23
)
28
.19
2018
26
.08
0
.64
(
1
.72
)
(
1
.08
)
(
0
.52
)
(
1
.62
)
(
2
.14
)
22
.86
2017
23
.20
0
.56
4
.14
4
.70
(
0
.58
)
(
1
.24
)
(
1
.82
)
26
.08
2016
21
.67
0
.57
2
.77
3
.34
(
0
.64
)
(
1
.17
)
(
1
.81
)
23
.20
Class
2
shares
2021(c)
28
.26
0
.24
3
.59
3
.83
–
–
–
32
.09
2020
27
.93
0
.48
1
.06
1
.54
(
0
.45
)
(
0
.76
)
(
1
.21
)
28
.26
2019
22
.66
0
.49
5
.95
6
.44
(
0
.45
)
(
0
.72
)
(
1
.17
)
27
.93
2018
25
.87
0
.57
(
1
.70
)
(
1
.13
)
(
0
.46
)
(
1
.62
)
(
2
.08
)
22
.66
2017
23
.03
0
.49
4
.11
4
.60
(
0
.52
)
(
1
.24
)
(
1
.76
)
25
.87
2016
21
.52
0
.51
2
.75
3
.26
(
0
.58
)
(
1
.17
)
(
1
.75
)
23
.03
Class
3
shares
2021(c)
28
.53
0
.23
3
.61
3
.84
–
–
–
32
.37
2020(f)
27
.94
0
.03
0
.56
0
.59
–
–
–
28
.53
GOVERNMENT
&
HIGH
QUALITY
BOND
ACCOUNT
Class
1
shares
2021(c)
9
.83
0
.03
(
0
.08
)
(
0
.05
)
–
–
–
9
.78
2020
9
.81
0
.12
0
.16
0
.28
(
0
.26
)
–
(
0
.26
)
9
.83
2019
9
.47
0
.22
0
.39
0
.61
(
0
.27
)
–
(
0
.27
)
9
.81
2018
9
.76
0
.23
(
0
.15
)
0
.08
(
0
.37
)
–
(
0
.37
)
9
.47
2017
9
.98
0
.31
(
0
.12
)
0
.19
(
0
.41
)
–
(
0
.41
)
9
.76
2016
10
.16
0
.33
(
0
.14
)
0
.19
(
0
.37
)
–
(
0
.37
)
9
.98
INTERNATIONAL
EMERGING
MARKETS
ACCOUNT
Class
1
shares
2021(c)
19
.94
0
.10
1
.99
2
.09
–
–
–
22
.03
2020
17
.13
0
.12
3
.10
3
.22
(
0
.41
)
–
(
0
.41
)
19
.94
2019
15
.12
0
.40
2
.20
2
.60
(
0
.15
)
(
0
.44
)
(
0
.59
)
17
.13
2018
19
.40
0
.19
(
4
.25
)
(
4
.06
)
(
0
.22
)
–
(
0
.22
)
15
.12
2017
13
.94
0
.15
5
.53
5
.68
(
0
.22
)
–
(
0
.22
)
19
.40
2016
12
.88
0
.14
1
.08
1
.22
(
0
.16
)
–
(
0
.16
)
13
.94
See
accompanying
notes.
199
Financial
Highlights
(Continued)
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
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
8
.16
%
(d)
$
305,731
0
.89
%
(e)
1
.79
%
(e)
40
.9
%
(e)
16
.16
291,726
0
.92
1
.19
47
.1
22
.69
266,768
0
.93
1
.86
43
.7
(
17
.54
)
233,612
0
.91
1
.91
59
.3
29
.06
292,975
0
.91
1
.37
42
.8
0
.36
243,997
0
.91
1
.77
56
.8
13
.70
(d)
681,402
0
.47
(e)
1
.86
(e)
7
.8
(e)
6
.43
755,882
0
.48
2
.18
21
.0
29
.09
741,311
0
.47
2
.16
17
.9
(
5
.01
)
636,177
0
.49
2
.47
13
.2
21
.08
572,629
0
.50
2
.26
15
.9
15
.72
525,829
0
.50
2
.54
17
.1
13
.55
(d)
43,782
0
.72
(e)
1
.61
(e)
7
.8
(e)
6
.15
33,951
0
.73
1
.93
21
.0
28
.78
31,874
0
.72
1
.91
17
.9
(
5
.24
)
25,207
0
.74
2
.23
13
.2
20
.77
27,469
0
.75
2
.00
15
.9
15
.43
24,197
0
.75
2
.29
17
.1
13
.46
(d)
33
0
.87
(e)
1
.49
(e)
7
.8
(e)
2
.11
(d)
10
0
.88
(e)
1
.88
(e)
21
.0
(e)
(
0
.51
)
(d)
189,200
0
.50
(e)
0
.58
(e)
372
.9
(e)
2
.87
227,996
0
.51
1
.22
124
.6
6
.45
241,332
0
.51
2
.26
22
.5
0
.91
219,612
0
.51
2
.43
17
.4
1
.88
241,839
0
.51
3
.09
24
.3
1
.80
247,620
0
.51
3
.25
25
.8
10
.48
(d)
101,766
1
.18
(e)
,(g)
0
.95
(e)
35
.2
(e)
19
.23
93,839
1
.21
(g)
,(h)
0
.71
57
.6
17
.60
89,729
1
.20
(g)
2
.46
112
.5
(
21
.02
)
83,366
1
.35
(g)
1
.05
121
.8
40
.84
114,735
1
.35
(g)
0
.91
98
.6
9
.40
(i)
85,677
1
.40
(g)
1
.07
115
.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,
2021.
(d)
Total
return
amounts
have
not
been
annualized.
(e)
Computed
on
an
annualized
basis.
(f)
Period
from
December
9,
2020
date
operations
commenced,
through
December
31,
2020.
(g)
Reflects
Manager's
contractual
expense
limit.
(h)
Includes
.01%
of
expenses
associated
with
the
reclaim
of
foreign
taxes
paid.
The
expense
is
not
subject
to
the
Manager's
contractual
expense
limit.
(i)
During
2016,
the
Account
experienced
a
significant
one-time
gain
of
approximately
$0.07/share
as
the
result
of
a
settlement
in
a
litigation
proceeding.
If
such
gain
had
not
been
recognized,
the
total
return
amounts
expressed
herein
would
have
been
lower.
See
accompanying
notes.
200
Financial
Highlights
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
December
31
(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
1
shares
2021(c)
$
48
.46
(
$
0
.06
)
$
7
.07
$
7
.01
$
–
$
–
$
–
$
55
.47
2020
37
.64
(
0
.06
)
13
.36
13
.30
(
0
.01
)
(
2
.47
)
(
2
.48
)
48
.46
2019
30
.10
0
.01
10
.27
10
.28
(
0
.02
)
(
2
.72
)
(
2
.74
)
37
.64
2018
31
.18
0
.03
1
.41
1
.44
(
0
.01
)
(
2
.51
)
(
2
.52
)
30
.10
2017
24
.55
0
.01
8
.13
8
.14
(
0
.01
)
(
1
.50
)
(
1
.51
)
31
.18
2016
26
.33
0
.01
0
.34
0
.35
–
(
2
.13
)
(
2
.13
)
24
.55
LARGECAP
S&P
500
INDEX
ACCOUNT
Class
1
shares
2021(c)
21
.94
0
.14
3
.17
3
.31
–
–
–
25
.25
2020
20
.19
0
.31
3
.12
3
.43
(
0
.37
)
(
1
.31
)
(
1
.68
)
21
.94
2019
16
.39
0
.34
4
.66
5
.00
(
0
.37
)
(
0
.83
)
(
1
.20
)
20
.19
2018
18
.06
0
.36
(
1
.06
)
(
0
.70
)
(
0
.32
)
(
0
.65
)
(
0
.97
)
16
.39
2017
15
.44
0
.29
2
.97
3
.26
(
0
.29
)
(
0
.35
)
(
0
.64
)
18
.06
2016
14
.41
0
.29
1
.36
1
.65
(
0
.25
)
(
0
.37
)
(
0
.62
)
15
.44
Class
2
shares
2021(c)
21
.65
0
.11
3
.13
3
.24
–
–
–
24
.89
2020
19
.97
0
.26
3
.07
3
.33
(
0
.34
)
(
1
.31
)
(
1
.65
)
21
.65
2019
16
.24
0
.29
4
.62
4
.91
(
0
.35
)
(
0
.83
)
(
1
.18
)
19
.97
2018
17
.95
0
.32
(
1
.07
)
(
0
.75
)
(
0
.31
)
(
0
.65
)
(
0
.96
)
16
.24
2017
15
.38
0
.25
2
.95
3
.20
(
0
.28
)
(
0
.35
)
(
0
.63
)
17
.95
2016
14
.39
0
.26
1
.35
1
.61
(
0
.25
)
(
0
.37
)
(
0
.62
)
15
.38
LARGECAP
S&P
500
MANAGED
VOLATILITY
INDEX
ACCOUNT
Class
1
shares
2021(c)
16
.90
0
.08
2
.24
2
.32
–
–
–
19
.22
2020
15
.06
0
.20
2
.24
2
.44
(
0
.25
)
(
0
.35
)
(
0
.60
)
16
.90
2019
12
.74
0
.23
3
.36
3
.59
(
0
.24
)
(
1
.03
)
(
1
.27
)
15
.06
2018
13
.42
0
.23
(
0
.71
)
(
0
.48
)
(
0
.20
)
–
(
0
.20
)
12
.74
2017
12
.15
0
.18
2
.11
2
.29
(
0
.18
)
(
0
.84
)
(
1
.02
)
13
.42
2016
11
.27
0
.19
0
.96
1
.15
(
0
.12
)
(
0
.15
)
(
0
.27
)
12
.15
See
accompanying
notes.
201
Financial
Highlights
(Continued)
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
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
14
.47
%
(d)
$
678,592
0
.67
%
(e)
,(f)
(
0
.25
)
%
(e)
21
.4
%
(e)
36
.20
612,357
0
.69
(f)
(
0
.14
)
42
.2
34
.92
502,653
0
.71
(f)
0
.03
30
.4
3
.60
296,139
0
.74
(f)
0
.08
36
.9
33
.71
302,147
0
.75
(f)
0
.03
36
.2
1
.26
244,058
0
.76
(f)
0
.04
36
.8
15
.09
(d)
3,076,503
0
.25
(e)
1
.20
(e)
2
.3
(e)
18
.08
2,892,842
0
.25
1
.60
11
.1
31
.10
2,693,344
0
.25
1
.80
3
.5
(
4
.58
)
2,378,088
0
.25
1
.94
8
.7
21
.49
2,563,986
0
.25
1
.71
3
.0
11
.59
2,262,283
0
.25
1
.96
6
.4
14
.97
(d)
38,436
0
.50
(e)
0
.94
(e)
2
.3
(e)
17
.77
27,801
0
.50
1
.35
11
.1
30
.82
15,834
0
.50
1
.56
3
.5
(
4
.90
)
7,081
0
.50
1
.77
8
.7
21
.20
3,234
0
.50
1
.46
3
.0
11
.30
766
0
.50
1
.74
6
.4
13
.73
(d)
244,670
0
.46
(e)
0
.92
(e)
2
.4
(e)
16
.67
235,112
0
.46
1
.31
8
.9
28
.92
217,779
0
.47
1
.59
3
.8
(
3
.73
)
205,655
0
.46
1
.64
11
.2
19
.55
222,026
0
.46
(f)
1
.40
3
.0
10
.33
198,548
0
.46
(f)
1
.63
4
.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,
2021.
(d)
Total
return
amounts
have
not
been
annualized.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit.
See
accompanying
notes.
202
Financial
Highlights
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
December
31
(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
1
shares
2021(c)
$
63
.69
$
0
.02
$
8
.39
$
8
.41
$
–
$
–
$
–
$
72
.10
2020
59
.93
0
.08
9
.93
10
.01
(
0
.44
)
(
5
.81
)
(
6
.25
)
63
.69
2019
48
.53
0
.43
19
.93
20
.36
(
0
.17
)
(
8
.79
)
(
8
.96
)
59
.93
2018
59
.42
0
.17
(
2
.93
)
(
2
.76
)
(
0
.17
)
(
7
.96
)
(
8
.13
)
48
.53
2017
50
.96
0
.19
12
.48
12
.67
(
0
.32
)
(
3
.89
)
(
4
.21
)
59
.42
2016
55
.24
0
.33
5
.30
5
.63
(
0
.24
)
(
9
.67
)
(
9
.91
)
50
.96
Class
2
shares
2021(c)
63
.08
(
0
.07
)
8
.30
8
.23
–
–
–
71
.31
2020
59
.42
(
0
.07
)
9
.84
9
.77
(
0
.30
)
(
5
.81
)
(
6
.11
)
63
.08
2019
48
.19
0
.28
19
.77
20
.05
(
0
.03
)
(
8
.79
)
(
8
.82
)
59
.42
2018
59
.05
0
.02
(
2
.89
)
(
2
.87
)
(
0
.03
)
(
7
.96
)
(
7
.99
)
48
.19
2017
50
.69
0
.05
12
.39
12
.44
(
0
.19
)
(
3
.89
)
(
4
.08
)
59
.05
2016
54
.97
0
.20
5
.27
5
.47
(
0
.08
)
(
9
.67
)
(
9
.75
)
50
.69
PRINCIPAL
CAPITAL
APPRECIATION
ACCOUNT
Class
1
shares
2021(c)
34
.30
0
.15
4
.72
4
.87
–
–
–
39
.17
2020
30
.72
0
.31
5
.21
5
.52
(
0
.41
)
(
1
.53
)
(
1
.94
)
34
.30
2019
25
.86
0
.38
7
.77
8
.15
(
0
.50
)
(
2
.79
)
(
3
.29
)
30
.72
2018
28
.54
0
.44
(
1
.19
)
(
0
.75
)
(
0
.34
)
(
1
.59
)
(
1
.93
)
25
.86
2017
23
.94
0
.28
4
.66
4
.94
(
0
.34
)
–
(
0
.34
)
28
.54
2016
22
.35
0
.30
1
.73
2
.03
(
0
.26
)
(
0
.18
)
(
0
.44
)
23
.94
Class
2
shares
2021(c)
33
.81
0
.10
4
.66
4
.76
–
–
–
38
.57
2020
30
.32
0
.24
5
.13
5
.37
(
0
.35
)
(
1
.53
)
(
1
.88
)
33
.81
2019
25
.58
0
.30
7
.67
7
.97
(
0
.44
)
(
2
.79
)
(
3
.23
)
30
.32
2018
28
.25
0
.37
(
1
.17
)
(
0
.80
)
(
0
.28
)
(
1
.59
)
(
1
.87
)
25
.58
2017
23
.71
0
.22
4
.60
4
.82
(
0
.28
)
–
(
0
.28
)
28
.25
2016
22
.14
0
.24
1
.72
1
.96
(
0
.21
)
(
0
.18
)
(
0
.39
)
23
.71
PRINCIPAL
LIFETIME
2010
ACCOUNT
Class
1
shares
2021(c)
13
.59
0
.10
0
.45
0
.55
–
–
–
14
.14
2020
12
.75
0
.25
1
.17
1
.42
(
0
.33
)
(
0
.25
)
(
0
.58
)
13
.59
2019
12
.18
0
.32
1
.37
1
.69
(
0
.39
)
(
0
.73
)
(
1
.12
)
12
.75
2018
13
.41
0
.32
(
0
.80
)
(
0
.48
)
(
0
.41
)
(
0
.34
)
(
0
.75
)
12
.18
2017
12
.48
0
.34
1
.07
1
.41
(
0
.29
)
(
0
.19
)
(
0
.48
)
13
.41
2016
12
.18
0
.27
0
.37
0
.64
(
0
.27
)
(
0
.07
)
(
0
.34
)
12
.48
See
accompanying
notes.
203
Financial
Highlights
(Continued)
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
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
13
.20
%
(d)
$
644,877
0
.53
%
(e)
0
.05
%
(e)
15
.6
%
(e)
18
.33
(f)
604,094
0
.54
0
.14
12
.2
43
.10
(f)
587,854
0
.55
0
.72
10
.5
(
6
.55
)
474,365
0
.54
0
.29
24
.6
25
.51
575,104
0
.54
0
.34
13
.4
10
.37
576,634
0
.54
0
.62
13
.6
13
.05
(d)
30,817
0
.78
(e)
(
0
.20
)
(e)
15
.6
(e)
18
.07
25,643
0
.79
(
0
.12
)
12
.2
42
.72
(f)
20,808
0
.80
0
.48
10
.5
(
6
.79
)
(f)
15,710
0
.79
0
.04
24
.6
25
.19
(f)
17,792
0
.79
0
.09
13
.4
10
.11
14,985
0
.79
0
.38
13
.6
14
.20
(d)
155,726
0
.63
(e)
0
.83
(e)
29
.0
(e)
18
.72
147,026
0
.63
1
.03
36
.5
32
.49
143,227
0
.64
1
.27
29
.5
(
3
.41
)
128,547
0
.63
1
.52
44
.9
20
.75
154,472
0
.63
1
.07
28
.5
9
.11
147,193
0
.63
1
.31
33
.7
14
.08
(d)
25,174
0
.88
(e)
0
.58
(e)
29
.0
(e)
18
.44
18,688
0
.88
0
.79
36
.5
32
.10
13,536
0
.89
1
.03
29
.5
(
3
.64
)
(f)
8,757
0
.88
1
.28
44
.9
20
.46
(f)
8,526
0
.88
0
.83
28
.5
8
.85
7,420
0
.88
1
.06
33
.7
4
.05
(d)
36,417
0
.02
(e)
1
.40
(e)
23
.6
(e)
11
.40
35,824
0
.02
1
.94
71
.6
14
.10
31,499
0
.04
2
.51
60
.8
(
3
.87
)
31,890
0
.02
2
.43
29
.0
11
.42
41,836
0
.01
2
.57
21
.7
5
.25
42,641
0
.02
2
.16
28
.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,
2021.
(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.
See
accompanying
notes.
204
Financial
Highlights
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
December
31
(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
1
shares
2021(c)
$
14
.99
$
0
.09
$
0
.86
$
0
.95
$
–
$
–
$
–
$
15
.94
2020
13
.90
0
.25
1
.49
1
.74
(
0
.38
)
(
0
.27
)
(
0
.65
)
14
.99
2019
12
.60
0
.34
1
.90
2
.24
(
0
.34
)
(
0
.60
)
(
0
.94
)
13
.90
2018
14
.11
0
.33
(
1
.04
)
(
0
.71
)
(
0
.38
)
(
0
.42
)
(
0
.80
)
12
.60
2017
12
.66
0
.36
1
.52
1
.88
(
0
.27
)
(
0
.16
)
(
0
.43
)
14
.11
2016
12
.64
0
.26
0
.47
0
.73
(
0
.25
)
(
0
.46
)
(
0
.71
)
12
.66
PRINCIPAL
LIFETIME
2030
ACCOUNT
Class
1
shares
2021(c)
14
.51
0
.07
1
.21
1
.28
–
–
–
15
.79
2020
13
.12
0
.23
1
.67
1
.90
(
0
.28
)
(
0
.23
)
(
0
.51
)
14
.51
2019
11
.58
0
.32
2
.18
2
.50
(
0
.27
)
(
0
.69
)
(
0
.96
)
13
.12
2018
13
.17
0
.29
(
1
.15
)
(
0
.86
)
(
0
.32
)
(
0
.41
)
(
0
.73
)
11
.58
2017
11
.45
0
.34
1
.73
2
.07
(
0
.20
)
(
0
.15
)
(
0
.35
)
13
.17
2016
11
.45
0
.22
0
.45
0
.67
(
0
.19
)
(
0
.48
)
(
0
.67
)
11
.45
PRINCIPAL
LIFETIME
2040
ACCOUNT
Class
1
shares
2021(c)
18
.09
0
.06
1
.87
1
.93
–
–
–
20
.02
2020
16
.22
0
.29
2
.23
2
.52
(
0
.32
)
(
0
.33
)
(
0
.65
)
18
.09
2019
13
.94
0
.37
3
.01
3
.38
(
0
.30
)
(
0
.80
)
(
1
.10
)
16
.22
2018
15
.97
0
.34
(
1
.50
)
(
1
.16
)
(
0
.33
)
(
0
.54
)
(
0
.87
)
13
.94
2017
13
.52
0
.36
2
.41
2
.77
(
0
.20
)
(
0
.12
)
(
0
.32
)
15
.97
2016
13
.53
0
.22
0
.51
0
.73
(
0
.20
)
(
0
.54
)
(
0
.74
)
13
.52
PRINCIPAL
LIFETIME
2050
ACCOUNT
Class
1
shares
2021(c)
17
.47
0
.04
2
.04
2
.08
–
–
–
19
.55
2020
15
.59
0
.27
2
.24
2
.51
(
0
.28
)
(
0
.35
)
(
0
.63
)
17
.47
2019
13
.37
0
.32
3
.12
3
.44
(
0
.29
)
(
0
.93
)
(
1
.22
)
15
.59
2018
15
.62
0
.31
(
1
.53
)
(
1
.22
)
(
0
.33
)
(
0
.70
)
(
1
.03
)
13
.37
2017
13
.06
0
.32
2
.55
2
.87
(
0
.19
)
(
0
.12
)
(
0
.31
)
15
.62
2016
13
.07
0
.21
0
.52
0
.73
(
0
.18
)
(
0
.56
)
(
0
.74
)
13
.06
See
accompanying
notes.
205
Financial
Highlights
(Continued)
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
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
6
.34
%
(d)
$
198,726
0
.00
%
(e)
1
.12
%
(e)
17
.0
%
(e)
12
.89
194,167
0
.01
1
.81
53
.4
18
.12
190,475
0
.01
2
.47
52
.7
(
5
.40
)
172,173
0
.01
2
.37
28
.7
15
.00
197,935
0
.00
2
.64
23
.6
5
.76
186,646
0
.01
2
.03
17
.7
8
.82
(d)
254,161
0
.00
(e)
0
.87
(e)
24
.1
(e)
14
.89
228,291
0
.01
1
.77
52
.3
22
.01
182,172
0
.01
2
.47
35
.8
(
7
.06
)
140,617
0
.01
2
.21
28
.6
18
.26
152,469
0
.01
2
.77
31
.0
5
.87
123,825
0
.01
1
.89
22
.4
10
.67
(d)
125,587
0
.01
(e)
0
.64
(e)
22
.1
(e)
16
.11
107,137
0
.01
1
.82
38
.9
24
.74
85,405
0
.02
2
.36
28
.8
(
7
.85
)
62,741
0
.01
2
.17
14
.5
20
.68
63,759
0
.01
2
.43
28
.3
5
.45
49,980
0
.02
1
.68
30
.4
11
.91
(d)
64,627
0
.01
(e)
0
.44
(e)
16
.8
(e)
16
.68
49,779
0
.02
1
.75
32
.8
26
.39
38,881
0
.04
2
.11
24
.9
(
8
.64
)
30,354
0
.02
2
.03
22
.6
22
.14
31,610
0
.02
2
.23
36
.5
5
.58
26,674
0
.03
1
.64
33
.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,
2021.
(d)
Total
return
amounts
have
not
been
annualized.
(e)
Computed
on
an
annualized
basis.
See
accompanying
notes.
206
Financial
Highlights
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
December
31
(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
1
shares
2021(c)
$
16
.49
$
0
.02
$
2
.05
$
2
.07
$
–
$
–
$
–
$
18
.56
2020
14
.68
0
.25
2
.10
2
.35
(
0
.22
)
(
0
.32
)
(
0
.54
)
16
.49
2019
12
.32
0
.30
2
.99
3
.29
(
0
.20
)
(
0
.73
)
(
0
.93
)
14
.68
2018
14
.38
0
.25
(
1
.47
)
(
1
.22
)
(
0
.31
)
(
0
.53
)
(
0
.84
)
12
.32
2017
11
.88
0
.40
2
.29
2
.69
(
0
.12
)
(
0
.07
)
(
0
.19
)
14
.38
2016
11
.75
0
.18
0
.46
0
.64
(
0
.13
)
(
0
.38
)
(
0
.51
)
11
.88
PRINCIPAL
LIFETIME
STRATEGIC
INCOME
ACCOUNT
Class
1
shares
2021(c)
12
.84
0
.10
0
.29
0
.39
–
–
–
13
.23
2020
11
.92
0
.25
0
.96
1
.21
(
0
.28
)
(
0
.01
)
(
0
.29
)
12
.84
2019
11
.30
0
.33
1
.06
1
.39
(
0
.29
)
(
0
.48
)
(
0
.77
)
11
.92
2018
12
.11
0
.31
(
0
.66
)
(
0
.35
)
(
0
.33
)
(
0
.13
)
(
0
.46
)
11
.30
2017
11
.40
0
.30
0
.69
0
.99
(
0
.28
)
–
(
0
.28
)
12
.11
2016
11
.15
0
.26
0
.27
0
.53
(
0
.28
)
–
(
0
.28
)
11
.40
REAL
ESTATE
SECURITIES
ACCOUNT
Class
1
shares
2021(c)
19
.11
0
.12
3
.76
3
.88
–
–
–
22
.99
2020
21
.50
0
.36
(
1
.21
)
(
0
.85
)
(
0
.39
)
(
1
.15
)
(
1
.54
)
19
.11
2019
17
.86
0
.34
5
.18
5
.52
(
0
.40
)
(
1
.48
)
(
1
.88
)
21
.50
2018
20
.62
0
.37
(
1
.09
)
(
0
.72
)
(
0
.37
)
(
1
.67
)
(
2
.04
)
17
.86
2017
21
.30
0
.25
1
.62
1
.87
(
0
.39
)
(
2
.16
)
(
2
.55
)
20
.62
2016
22
.20
0
.31
1
.09
1
.40
(
0
.32
)
(
1
.98
)
(
2
.30
)
21
.30
Class
2
shares
2021(c)
19
.16
0
.10
3
.75
3
.85
–
–
–
23
.01
2020
21
.56
0
.34
(
1
.24
)
(
0
.90
)
(
0
.35
)
(
1
.15
)
(
1
.50
)
19
.16
2019
17
.92
0
.30
5
.18
5
.48
(
0
.36
)
(
1
.48
)
(
1
.84
)
21
.56
2018
20
.70
0
.34
(
1
.12
)
(
0
.78
)
(
0
.33
)
(
1
.67
)
(
2
.00
)
17
.92
2017
21
.36
0
.19
1
.64
1
.83
(
0
.33
)
(
2
.16
)
(
2
.49
)
20
.70
2016
22
.29
0
.28
1
.06
1
.34
(
0
.29
)
(
1
.98
)
(
2
.27
)
21
.36
See
accompanying
notes.
207
Financial
Highlights
(Continued)
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
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
12
.55
%
(d)
$
15,151
0
.04
%
(e)
,(f)
0
.28
%
(e)
25
.1
%
(e)
16
.58
11,468
0
.07
(f)
1
.73
58
.8
27
.24
8,131
0
.10
(f)
2
.15
38
.6
(
9
.25
)
4,649
0
.10
(f)
1
.71
84
.9
22
.74
5,712
0
.10
(f)
2
.98
33
.1
5
.52
2,644
0
.10
(f)
1
.55
43
.1
3
.04
(d)
31,249
0
.02
(e)
1
.54
(e)
24
.5
(e)
10
.30
31,025
0
.03
2
.07
68
.6
12
.46
26,279
0
.06
2
.79
69
.0
(
3
.00
)
20,664
0
.03
2
.61
31
.2
8
.76
24,630
0
.02
2
.56
20
.0
4
.77
24,741
0
.03
2
.29
28
.5
20
.30
(d)
152,359
0
.82
(e)
1
.16
(e)
24
.6
(e)
(
3
.42
)
129,617
0
.83
1
.89
35
.4
31
.26
155,569
0
.88
(f)
1
.62
19
.3
(
4
.21
)
133,429
0
.89
1
.89
17
.3
9
.19
154,615
0
.89
1
.19
19
.6
5
.85
158,760
0
.89
1
.38
31
.3
20
.09
(d)
8,810
1
.07
(e)
0
.92
(e)
24
.6
(e)
(
3
.65
)
6,965
1
.08
1
.80
35
.4
30
.94
6,361
1
.13
(f)
1
.43
19
.3
(
4
.47
)
3,493
1
.14
1
.73
17
.3
8
.94
2,830
1
.14
0
.89
19
.6
5
.53
4,215
1
.14
1
.26
31
.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,
2021.
(d)
Total
return
amounts
have
not
been
annualized.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit.
See
accompanying
notes.
208
Financial
Highlights
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
December
31
(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
1
shares
2021(c)
$
16
.51
$
0
.05
$
1
.56
$
1
.61
$
–
$
–
$
–
$
18
.12
2020
15
.67
0
.26
1
.43
1
.69
(
0
.35
)
(
0
.50
)
(
0
.85
)
16
.51
2019
13
.90
0
.31
2
.43
2
.74
(
0
.40
)
(
0
.57
)
(
0
.97
)
15
.67
2018
15
.89
0
.36
(
1
.07
)
(
0
.71
)
(
0
.50
)
(
0
.78
)
(
1
.28
)
13
.90
2017
14
.44
0
.45
1
.71
2
.16
(
0
.34
)
(
0
.37
)
(
0
.71
)
15
.89
2016
14
.69
0
.30
0
.70
1
.00
(
0
.32
)
(
0
.93
)
(
1
.25
)
14
.44
Class
2
shares
2021(c)
16
.29
0
.03
1
.53
1
.56
–
–
–
17
.85
2020
15
.48
0
.23
1
.39
1
.62
(
0
.31
)
(
0
.50
)
(
0
.81
)
16
.29
2019
13
.74
0
.28
2
.39
2
.67
(
0
.36
)
(
0
.57
)
(
0
.93
)
15
.48
2018
15
.72
0
.32
(
1
.06
)
(
0
.74
)
(
0
.46
)
(
0
.78
)
(
1
.24
)
13
.74
2017
14
.30
0
.42
1
.67
2
.09
(
0
.30
)
(
0
.37
)
(
0
.67
)
15
.72
2016
14
.55
0
.27
0
.69
0
.96
(
0
.28
)
(
0
.93
)
(
1
.21
)
14
.30
SAM
CONSERVATIVE
BALANCED
PORTFOLIO
Class
1
shares
2021(c)
12
.80
0
.06
0
.84
0
.90
–
–
–
13
.70
2020
12
.19
0
.24
0
.89
1
.13
(
0
.29
)
(
0
.23
)
(
0
.52
)
12
.80
2019
11
.05
0
.28
1
.45
1
.73
(
0
.35
)
(
0
.24
)
(
0
.59
)
12
.19
2018
12
.33
0
.34
(
0
.73
)
(
0
.39
)
(
0
.42
)
(
0
.47
)
(
0
.89
)
11
.05
2017
11
.50
0
.38
0
.92
1
.30
(
0
.34
)
(
0
.13
)
(
0
.47
)
12
.33
2016
11
.52
0
.31
0
.42
0
.73
(
0
.30
)
(
0
.45
)
(
0
.75
)
11
.50
Class
2
shares
2021(c)
12
.61
0
.05
0
.82
0
.87
–
–
–
13
.48
2020
12
.03
0
.22
0
.86
1
.08
(
0
.27
)
(
0
.23
)
(
0
.50
)
12
.61
2019
10
.91
0
.25
1
.43
1
.68
(
0
.32
)
(
0
.24
)
(
0
.56
)
12
.03
2018
12
.19
0
.31
(
0
.73
)
(
0
.42
)
(
0
.39
)
(
0
.47
)
(
0
.86
)
10
.91
2017
11
.38
0
.36
0
.89
1
.25
(
0
.31
)
(
0
.13
)
(
0
.44
)
12
.19
2016
11
.41
0
.27
0
.42
0
.69
(
0
.27
)
(
0
.45
)
(
0
.72
)
11
.38
SAM
CONSERVATIVE
GROWTH
PORTFOLIO
Class
1
shares
2021(c)
21
.75
0
.02
2
.69
2
.71
–
–
–
24
.46
2020
19
.94
0
.28
2
.22
2
.50
(
0
.37
)
(
0
.32
)
(
0
.69
)
21
.75
2019
17
.16
0
.36
3
.68
4
.04
(
0
.36
)
(
0
.90
)
(
1
.26
)
19
.94
2018
19
.86
0
.35
(
1
.51
)
(
1
.16
)
(
0
.56
)
(
0
.98
)
(
1
.54
)
17
.16
2017
17
.22
0
.54
2
.82
3
.36
(
0
.30
)
(
0
.42
)
(
0
.72
)
19
.86
2016
17
.22
0
.30
0
.90
1
.20
(
0
.26
)
(
0
.94
)
(
1
.20
)
17
.22
Class
2
shares
2021(c)
21
.40
(
0
.01
)
2
.64
2
.63
–
–
–
24
.03
2020
19
.63
0
.24
2
.17
2
.41
(
0
.32
)
(
0
.32
)
(
0
.64
)
21
.40
2019
16
.92
0
.32
3
.61
3
.93
(
0
.32
)
(
0
.90
)
(
1
.22
)
19
.63
2018
19
.60
0
.31
(
1
.50
)
(
1
.19
)
(
0
.51
)
(
0
.98
)
(
1
.49
)
16
.92
2017
17
.01
0
.49
2
.78
3
.27
(
0
.26
)
(
0
.42
)
(
0
.68
)
19
.60
2016
17
.02
0
.25
0
.89
1
.14
(
0
.21
)
(
0
.94
)
(
1
.15
)
17
.01
See
accompanying
notes.
209
Financial
Highlights
(Continued)
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
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
9
.75
%
(d)
$
598,724
0
.23
%
(e)
0
.57
%
(e)
56
.2
%
(e)
11
.28
568,806
0
.23
1
.74
18
.9
20
.01
574,960
0
.24
(f)
2
.06
23
.0
(
5
.04
)
561,162
0
.23
(f)
2
.29
18
.2
15
.21
678,409
0
.23
2
.92
27
.4
6
.82
672,562
0
.23
2
.07
16
.5
9
.58
(d)
146,449
0
.48
(e)
0
.32
(e)
56
.2
(e)
10
.96
134,181
0
.48
1
.56
18
.9
19
.74
123,870
0
.49
(f)
1
.89
23
.0
(
5
.25
)
104,051
0
.48
(f)
2
.10
18
.2
14
.88
110,129
0
.48
2
.77
27
.4
6
.62
97,047
0
.48
1
.88
16
.5
7
.03
(d)
171,761
0
.23
(e)
0
.99
(e)
59
.3
(e)
9
.60
164,411
0
.24
2
.03
23
.4
15
.88
164,095
0
.24
(f)
2
.32
30
.8
(
3
.49
)
154,297
0
.22
(f)
2
.79
19
.5
11
.46
178,523
0
.23
3
.16
26
.3
6
.37
183,830
0
.23
2
.64
19
.8
6
.90
(d)
32,462
0
.48
(e)
0
.74
(e)
59
.3
(e)
9
.25
30,178
0
.49
1
.85
23
.4
15
.66
25,380
0
.49
(f)
2
.15
30
.8
(
3
.75
)
20,449
0
.47
(f)
2
.59
19
.5
11
.14
20,541
0
.48
3
.06
26
.3
6
.08
17,477
0
.48
2
.39
19
.8
12
.46
(d)
244,035
0
.23
(e)
0
.15
(e)
63
.6
(e)
12
.95
226,009
0
.23
1
.46
20
.7
24
.06
213,346
0
.24
(f)
1
.89
16
.2
(
6
.62
)
189,654
0
.23
(f)
1
.81
27
.0
19
.78
220,054
0
.23
2
.88
35
.1
7
.00
194,284
0
.23
1
.73
25
.5
12
.29
(d)
182,243
0
.48
(e)
(
0
.10
)
(e)
63
.6
(e)
12
.68
158,606
0
.48
1
.28
20
.7
23
.68
143,501
0
.49
(f)
1
.68
16
.2
(
6
.82
)
118,307
0
.48
(f)
1
.60
27
.0
19
.46
127,079
0
.48
2
.68
35
.1
6
.76
108,247
0
.48
1
.49
25
.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,
2021.
(d)
Total
return
amounts
have
not
been
annualized.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit.
See
accompanying
notes.
210
Financial
Highlights
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
December
31
(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
1
shares
2021(c)
$
12
.81
$
0
.08
$
0
.52
$
0
.60
$
–
$
–
$
–
$
13
.41
2020
12
.58
0
.31
0
.57
0
.88
(
0
.36
)
(
0
.29
)
(
0
.65
)
12
.81
2019
11
.86
0
.33
1
.22
1
.55
(
0
.46
)
(
0
.37��
)
(
0
.83
)
12
.58
2018
12
.95
0
.40
(
0
.63
)
(
0
.23
)
(
0
.53
)
(
0
.33
)
(
0
.86
)
11
.86
2017
12
.45
0
.47
0
.56
1
.03
(
0
.44
)
(
0
.09
)
(
0
.53
)
12
.95
2016
12
.27
0
.42
0
.44
0
.86
(
0
.43
)
(
0
.25
)
(
0
.68
)
12
.45
Class
2
shares
2021(c)
12
.66
0
.06
0
.52
0
.58
–
–
–
13
.24
2020
12
.44
0
.28
0
.56
0
.84
(
0
.33
)
(
0
.29
)
(
0
.62
)
12
.66
2019
11
.74
0
.31
1
.19
1
.50
(
0
.43
)
(
0
.37
)
(
0
.80
)
12
.44
2018
12
.83
0
.38
(
0
.63
)
(
0
.25
)
(
0
.51
)
(
0
.33
)
(
0
.84
)
11
.74
2017
12
.34
0
.45
0
.54
0
.99
(
0
.41
)
(
0
.09
)
(
0
.50
)
12
.83
2016
12
.17
0
.38
0
.44
0
.82
(
0
.40
)
(
0
.25
)
(
0
.65
)
12
.34
SAM
STRATEGIC
GROWTH
PORTFOLIO
Class
1
shares
2021(c)
24
.17
(
0
.01
)
3
.41
3
.40
–
–
–
27
.57
2020
21
.85
0
.26
2
.96
3
.22
(
0
.38
)
(
0
.52
)
(
0
.90
)
24
.17
2019
18
.36
0
.39
4
.54
4
.93
(
0
.33
)
(
1
.11
)
(
1
.44
)
21
.85
2018
21
.72
0
.33
(
2
.01
)
(
1
.68
)
(
0
.52
)
(
1
.16
)
(
1
.68
)
18
.36
2017
18
.54
0
.51
3
.54
4
.05
(
0
.30
)
(
0
.57
)
(
0
.87
)
21
.72
2016
18
.70
0
.30
0
.85
1
.15
(
0
.28
)
(
1
.03
)
(
1
.31
)
18
.54
Class
2
shares
2021(c)
23
.80
(
0
.04
)
3
.35
3
.31
–
–
–
27
.11
2020
21
.53
0
.22
2
.91
3
.13
(
0
.34
)
(
0
.52
)
(
0
.86
)
23
.80
2019
18
.11
0
.34
4
.47
4
.81
(
0
.28
)
(
1
.11
)
(
1
.39
)
21
.53
2018
21
.46
0
.28
(
2
.00
)
(
1
.72
)
(
0
.47
)
(
1
.16
)
(
1
.63
)
18
.11
2017
18
.33
0
.47
3
.48
3
.95
(
0
.25
)
(
0
.57
)
(
0
.82
)
21
.46
2016
18
.50
0
.26
0
.83
1
.09
(
0
.23
)
(
1
.03
)
(
1
.26
)
18
.33
SHORT-TERM
INCOME
ACCOUNT
Class
1
shares
2021(c)
2
.60
0
.01
(
0
.01
)
–
–
–
–
2
.60
2020
2
.57
0
.04
0
.05
0
.09
(
0
.06
)
–
(
0
.06
)
2
.60
2019
2
.52
0
.06
0
.06
0
.12
(
0
.07
)
–
(
0
.07
)
2
.57
2018
2
.55
0
.06
(
0
.03
)
0
.03
(
0
.06
)
–
(
0
.06
)
2
.52
2017
2
.54
0
.05
0
.01
0
.06
(
0
.05
)
–
(
0
.05
)
2
.55
2016
2
.54
0
.05
–
0
.05
(
0
.05
)
–
(
0
.05
)
2
.54
SMALLCAP
ACCOUNT
Class
1
shares
2021(c)
17
.26
0
.02
3
.49
3
.51
–
–
–
20
.77
2020
15
.33
0
.03
3
.03
3
.06
(
0
.07
)
(
1
.06
)
(
1
.13
)
17
.26
2019
14
.30
0
.08
3
.67
3
.75
(
0
.06
)
(
2
.66
)
(
2
.72
)
15
.33
2018
17
.10
0
.03
(
1
.62
)
(
1
.59
)
(
0
.06
)
(
1
.15
)
(
1
.21
)
14
.30
2017
15
.21
0
.06
1
.89
1
.95
(
0
.06
)
–
(
0
.06
)
17
.10
2016
13
.55
0
.15
2
.15
2
.30
(
0
.04
)
(
0
.60
)
(
0
.64
)
15
.21
Class
2
shares
2021(c)
17
.17
–
3
.47
3
.47
–
–
–
20
.64
2020
15
.26
–
3
.01
3
.01
(
0
.04
)
(
1
.06
)
(
1
.10
)
17
.17
2019
14
.24
0
.04
3
.66
3
.70
(
0
.02
)
(
2
.66
)
(
2
.68
)
15
.26
2018
17
.04
(
0
.01
)
(
1
.62
)
(
1
.63
)
(
0
.02
)
(
1
.15
)
(
1
.17
)
14
.24
2017
15
.17
0
.02
1
.87
1
.89
(
0
.02
)
–
(
0
.02
)
17
.04
2016
13
.52
0
.11
2
.15
2
.26
(
0
.01
)
(
0
.60
)
(
0
.61
)
15
.17
See
accompanying
notes.
211
Financial
Highlights
(Continued)
Principal
Variable
Contracts
Funds,
Inc.
(unaudited)
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
4
.68
%
(d)
$
150,175
0
.23
%
(e)
1
.18
%
(e)
61
.0
%
(e)
7
.27
149,396
0
.24
2
.51
38
.6
13
.25
157,922
0
.24
2
.65
37
.4
(
1
.97
)
157,019
0
.23
3
.19
19
.9
8
.41
194,742
0
.23
3
.69
29
.3
7
.04
196,393
0
.23
3
.32
17
.1
4
.58
(d)
38,021
0
.48
(e)
0
.93
(e)
61
.0
(e)
7
.03
34,866
0
.49
2
.31
38
.6
12
.97
30,663
0
.49
2
.46
37
.4
(
2
.20
)
25,656
0
.48
3
.07
19
.9
8
.13
23,003
0
.48
3
.57
29
.3
6
.73
20,085
0
.48
3
.06
17
.1
14
.07
(d)
210,954
0
.23
(e)
(
0
.10
)
(e)
51
.6
(e)
15
.40
187,904
0
.23
1
.24
22
.3
27
.44
169,489
0
.24
(f)
1
.89
20
.3
(
8
.60
)
140,247
0
.23
(f)
1
.56
37
.8
22
.22
163,861
0
.23
2
.50
37
.7
6
.15
145,083
0
.23
1
.61
23
.4
13
.91
(d)
190,300
0
.48
(e)
(
0
.35
)
(e)
51
.6
(e)
15
.13
167,706
0
.48
1
.09
22
.3
27
.13
145,924
0
.49
(f)
1
.67
20
.3
(
8
.87
)
114,902
0
.48
(f)
1
.34
37
.8
21
.95
126,632
0
.48
2
.33
37
.7
5
.90
103,870
0
.48
1
.41
23
.4
0
.00
(d)
149,325
0
.46
(e)
1
.13
(e)
54
.7
(e)
3
.36
157,019
0
.51
(f)
1
.61
73
.7
4
.70
130,852
0
.51
(f)
2
.31
54
.2
1
.02
149,075
0
.50
(f)
2
.19
49
.9
2
.39
158,446
0
.50
(f)
2
.01
67
.3
2
.14
170,538
0
.50
(f)
1
.91
48
.6
19
.99
(d)
,(g)
224,544
0
.82
(e)
0
.20
(e)
48
.6
(e)
22
.20
195,848
0
.84
0
.24
38
.8
27
.40
184,434
0
.84
0
.53
34
.7
(
10
.89
)
163,243
0
.83
0
.20
45
.0
12
.87
208,669
0
.83
0
.37
64
.1
17
.39
209,911
0
.83
1
.08
57
.1
19
.92
(d)
,(g)
10,131
1
.07
(e)
(
0
.05
)
(e)
48
.6
(e)
21
.87
8,414
1
.09
(
0
.01
)
38
.8
27
.12
6,829
1
.09
0
.28
34
.7
(
11
.17
)
(g)
4,874
1
.08
(
0
.05
)
45
.0
12
.57
(g)
5,371
1
.08
0
.12
64
.1
17
.15
4,938
1
.08
0
.80
57
.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,
2021.
(d)
Total
return
amounts
have
not
been
annualized.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit.
(g)
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.
Shareholder
Expense
Example
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
212
As
a
shareholder
of
Principal
Variable
Contracts
Funds,
Inc.
you
incur
ongoing
costs,
including
management
fees;
distribution
fees;
and
other
fund
expenses.
This
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
Principal
Variable
Contracts
Funds,
Inc.
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
In
addition
to
the
expenses
the
Accounts
bear
directly,
each
of
the
Accounts
may
indirectly
bear
its
pro
rata
share
of
the
expenses
incurred
by
the
investment
companies
in
which
the
Accounts
invest.
These
expenses
are
not
included
in
the
Account’s
annualized
expense
ratio
used
to
calculate
the
expenses
paid
in
this
example.
If
they
were,
the
expenses
paid
would
be
higher.
Expenses
shown
below
and
on
the
following
pages
do
not
account
for
fees,
expenses
and
charges
of
any
variable
insurance
contract
or
retirement
plan.
If
these
fees
had
been
reflected,
expenses
would
have
been
higher.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
(
January
1,
2021
to
June
30,
2021
),
unless
otherwise
noted.
Actual
Expenses
The
first
line
of
the
table
below
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
line,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
line
under
the
heading
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
second
line
of
the
table
below
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
account’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
account’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
Principal
Variable
Contracts
Funds,
Inc.
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
cost
of
owning
different
funds.
Beginning
Account
Value
January
1,
2021
Ending
Account
Value
June
30,
2021
Expenses
Paid
During
Period
January
1,
2021
to
June
30,
2021
(a)
Annualized
Expense
Ratio
Blue
Chip
Account
Class
3
Actual
$
1,000.00
$
1,166.34
$
5.64
1.05
%
Hypothetical
1,000.00
1,019.59
5.26
1.05
Bond
Market
Index
Account
Class
1
Actual
1,000.00
983.05
0.69
0.14
Hypothetical
1,000.00
1,024.10
0.70
0.14
Core
Plus
Bond
Account
Class
1
Actual
1,000.00
993.42
2.32
0.47
Hypothetical
1,000.00
1,022.46
2.36
0.47
Diversified
Balanced
Account
Class
1
Actual
1,000.00
1,064.28
0.26
0.05
Hypothetical
1,000.00
1,024.55
0.25
0.05
Diversified
Balanced
Account
Class
2
Actual
1,000.00
1,063.03
1.53
0.30
Hypothetical
1,000.00
1,023.31
1.51
0.30
Diversified
Balanced
Account
Class
3
Actual
1,000.00
1,062.00
2.30
0.45
Hypothetical
1,000.00
1,022.56
2.26
0.45
Diversified
Balanced
Managed
Volatility
Account
Class
2
Actual
1,000.00
1,058.61
1.53
0.30
Hypothetical
1,000.00
1,023.31
1.51
0.30
Diversified
Balanced
Managed
Volatility
Account
Class
3
Actual
1,000.00
1,057.88
2.30
0.45
Hypothetical
1,000.00
1,022.56
2.26
0.45
Shareholder
Expense
Example
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
213
Beginning
Account
Value
January
1,
2021
Ending
Account
Value
June
30,
2021
Expenses
Paid
During
Period
January
1,
2021
to
June
30,
2021
(a)
Annualized
Expense
Ratio
Diversified
Balanced
Volatility
Control
Account
Class
2
Actual
$
1,000.00
$
1,057.26
$
1.94
0.38
%
Hypothetical
1,000.00
1,022.91
1.91
0.38
Diversified
Balanced
Volatility
Control
Account
Class
3
Actual
1,000.00
1,057.26
2.70
0.53
Hypothetical
1,000.00
1,022.17
2.66
0.53
Diversified
Growth
Account
Class
2
Actual
1,000.00
1,087.84
1.55
0.30
Hypothetical
1,000.00
1,023.31
1.51
0.30
Diversified
Growth
Account
Class
3
Actual
1,000.00
1,086.85
2.33
0.45
Hypothetical
1,000.00
1,022.56
2.26
0.45
Diversified
Growth
Managed
Volatility
Account
Class
2
Actual
1,000.00
1,082.34
1.55
0.30
Hypothetical
1,000.00
1,023.31
1.51
0.30
Diversified
Growth
Managed
Volatility
Account
Class
3
Actual
1,000.00
1,080.95
2.32
0.45
Hypothetical
1,000.00
1,022.56
2.26
0.45
Diversified
Growth
Volatility
Control
Account
Class
2
Actual
1,000.00
1,080.44
1.91
0.37
Hypothetical
1,000.00
1,022.96
1.86
0.37
Diversified
Growth
Volatility
Control
Account
Class
3
Actual
1,000.00
1,080.44
2.68
0.52
Hypothetical
1,000.00
1,022.22
2.61
0.52
Diversified
Income
Account
Class
2
Actual
1,000.00
1,039.14
1.52
0.30
Hypothetical
1,000.00
1,023.31
1.51
0.30
Diversified
Income
Account
Class
3
Actual
1,000.00
1,038.46
2.27
0.45
Hypothetical
1,000.00
1,022.56
2.26
0.45
Diversified
International
Account
Class
1
Actual
1,000.00
1,081.60
4.59
0.89
Hypothetical
1,000.00
1,020.38
4.46
0.89
Equity
Income
Account
Class
1
Actual
1,000.00
1,137.00
2.49
0.47
Hypothetical
1,000.00
1,022.46
2.36
0.47
Equity
Income
Account
Class
2
Actual
1,000.00
1,135.53
3.81
0.72
Hypothetical
1,000.00
1,021.22
3.61
0.72
Equity
Income
Account
Class
3
Actual
1,000.00
1,134.60
4.60
0.87
Hypothetical
1,000.00
1,020.48
4.36
0.87
Government
&
High
Quality
Bond
Account
Class
1
Actual
1,000.00
994.91
2.47
0.50
Hypothetical
1,000.00
1,022.32
2.51
0.50
International
Emerging
Markets
Account
Class
1
Actual
1,000.00
1,104.81
6.16
1.18
Hypothetical
1,000.00
1,018.94
5.91
1.18
LargeCap
Growth
Account
I
Class
1
Actual
1,000.00
1,144.66
3.56
0.67
Hypothetical
1,000.00
1,021.47
3.36
0.67
LargeCap
S&P
500
Index
Account
Class
1
Actual
1,000.00
1,150.87
1.33
0.25
Hypothetical
1,000.00
1,023.55
1.25
0.25
Shareholder
Expense
Example
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
214
Beginning
Account
Value
January
1,
2021
Ending
Account
Value
June
30,
2021
Expenses
Paid
During
Period
January
1,
2021
to
June
30,
2021
(a)
Annualized
Expense
Ratio
LargeCap
S&P
500
Index
Account
Class
2
Actual
$
1,000.00
$
1,149.65
$
2.66
0.50
%
Hypothetical
1,000.00
1,022.32
2.51
0.50
LargeCap
S&P
500
Managed
Volatility
Index
Account
Class
1
Actual
1,000.00
1,137.28
2.44
0.46
Hypothetical
1,000.00
1,022.51
2.31
0.46
MidCap
Account
Class
1
Actual
1,000.00
1,132.05
2.80
0.53
Hypothetical
1,000.00
1,022.17
2.66
0.53
MidCap
Account
Class
2
Actual
1,000.00
1,130.47
4.12
0.78
Hypothetical
1,000.00
1,020.93
3.91
0.78
Principal
Capital
Appreciation
Account
Class
1
Actual
1,000.00
1,141.98
3.35
0.63
Hypothetical
1,000.00
1,021.67
3.16
0.63
Principal
Capital
Appreciation
Account
Class
2
Actual
1,000.00
1,140.79
4.67
0.88
Hypothetical
1,000.00
1,020.43
4.41
0.88
Principal
LifeTime
2010
Account
Class
1
Actual
1,000.00
1,040.47
0.10
0.02
Hypothetical
1,000.00
1,024.70
0.10
0.02
Principal
LifeTime
2020
Account
Class
1
Actual
1,000.00
1,063.38
0.00
0.00
Hypothetical
1,000.00
1,024.79
0.00
0.00
Principal
LifeTime
2030
Account
Class
1
Actual
1,000.00
1,088.22
0.00
0.00
Hypothetical
1,000.00
1,024.79
0.00
0.00
Principal
LifeTime
2040
Account
Class
1
Actual
1,000.00
1,106.69
0.05
0.01
Hypothetical
1,000.00
1,024.74
0.05
0.01
Principal
LifeTime
2050
Account
Class
1
Actual
1,000.00
1,119.06
0.05
0.01
Hypothetical
1,000.00
1,024.74
0.05
0.01
Principal
LifeTime
2060
Account
Class
1
Actual
1,000.00
1,125.53
0.21
0.04
Hypothetical
1,000.00
1,024.60
0.20
0.04
Principal
LifeTime
Strategic
Income
Account
Class
1
Actual
1,000.00
1,030.37
0.10
0.02
Hypothetical
1,000.00
1,024.70
0.10
0.02
Real
Estate
Securities
Account
Class
1
Actual
1,000.00
1,203.04
4.48
0.82
Hypothetical
1,000.00
1,020.73
4.11
0.82
Real
Estate
Securities
Account
Class
2
Actual
1,000.00
1,200.94
5.84
1.07
Hypothetical
1,000.00
1,019.49
5.36
1.07
SAM
Balanced
Portfolio
Class
1
Actual
1,000.00
1,097.52
1.20
0.23
Hypothetical
1,000.00
1,023.65
1.15
0.23
SAM
Balanced
Portfolio
Class
2
Actual
1,000.00
1,095.76
2.49
0.48
Hypothetical
1,000.00
1,022.41
2.41
0.48
Shareholder
Expense
Example
Principal
Variable
Contracts
Funds,
Inc.
June
30,
2021
(unaudited)
215
Beginning
Account
Value
January
1,
2021
Ending
Account
Value
June
30,
2021
Expenses
Paid
During
Period
January
1,
2021
to
June
30,
2021
(a)
Annualized
Expense
Ratio
SAM
Conservative
Balanced
Portfolio
Class
1
Actual
$
1,000.00
$
1,070.31
$
1.18
0.23
%
Hypothetical
1,000.00
1,023.65
1.15
0.23
SAM
Conservative
Balanced
Portfolio
Class
2
Actual
1,000.00
1,068.99
2.46
0.48
Hypothetical
1,000.00
1,022.41
2.41
0.48
SAM
Conservative
Growth
Portfolio
Class
1
Actual
1,000.00
1,124.60
1.21
0.23
Hypothetical
1,000.00
1,023.65
1.15
0.23
SAM
Conservative
Growth
Portfolio
Class
2
Actual
1,000.00
1,122.90
2.53
0.48
Hypothetical
1,000.00
1,022.41
2.41
0.48
SAM
Flexible
Income
Portfolio
Class
1
Actual
1,000.00
1,046.84
1.17
0.23
Hypothetical
1,000.00
1,023.65
1.15
0.23
SAM
Flexible
Income
Portfolio
Class
2
Actual
1,000.00
1,045.81
2.43
0.48
Hypothetical
1,000.00
1,022.41
2.41
0.48
SAM
Strategic
Growth
Portfolio
Class
1
Actual
1,000.00
1,140.67
1.22
0.23
Hypothetical
1,000.00
1,023.65
1.15
0.23
SAM
Strategic
Growth
Portfolio
Class
2
Actual
1,000.00
1,139.08
2.55
0.48
Hypothetical
1,000.00
1,022.41
2.41
0.48
Short-Term
Income
Account
Class
1
Actual
1,000.00
1,000.00
2.28
0.46
Hypothetical
1,000.00
1,022.51
2.31
0.46
SmallCap
Account
Class
1
Actual
1,000.00
1,199.88
4.47
0.82
Hypothetical
1,000.00
1,020.73
4.11
0.82
SmallCap
Account
Class
2
Actual
1,000.00
1,199.18
5.83
1.07
Hypothetical
1,000.00
1,019.49
5.36
1.07
(a)
Expenses
are
equal
to
a
fund's
annualized
expense
ratio
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
216
FUND
DIRECTORS
AND
OFFICERS
Under
Maryland
law,
a
Board
of
Directors
oversees
the
Fund.
The
Directors
have
financial
or
other
relevant
experience
and
meet
several
times
during
the
year
to
review
contracts,
Fund
activities
and
the
quality
of
services
provided
to
the
Fund.
Each
director
also
has
the
same
position
with
Principal
Funds,
Inc.,
Principal
Exchange-Traded
Funds,
and
Principal
Diversified
Select
Real
Asset
Fund
which
are
also
sponsored
by
Principal
Life
Insurance
Company.
Each
director
generally
holds
office
for
an
indefinite
term
until
the
director
reaches
age
72
(unless
such
mandatory
retirement
age
is
waived
by
the
Board).
Directors
considered
to
be
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
shown
below
are
considered
to
be
interested
because
of
an
affiliation
with
the
Manager
and
Principal
Life
Insurance
Company.
The
following
directors
are
considered
not
to
be
“interested
persons”
as
defined
in
the
1940
Act.
Name,
Position
Held
with
the
Fund,
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Director
Other
Directorships
Held
by
Director
During
Past
5
Years
Elizabeth
Ballantine
Director
since
2004
Chair,
Nominating
and
Governance
Committee
1948
Principal,
EBA
Associates
126
Durango
Herald,
Inc.;
McClatchy
Newspapers,
Inc.
Leroy
T.
Barnes,
Jr.
Director
since
2012
Member,
Audit
Committee
Member,
Nominating
and
Governance
Committee
1951
Retired
126
McClatchy
Newspapers,
Inc.;
Frontier
Communications,
Inc.;
formerly,
Herbalife
Ltd.
Craig
Damos
Lead
Independent
Director
since
2020
Director
since
2008
Member,
Nominating
and
Governance
Committee
Member,
Executive
Committee
1954
President,
C.P.
Damos
Consulting
LLC
126
None
Fritz
S.
Hirsch
Director
since
2005
Member,
Operations
Committee
Chair,
15(c)
Committee
1951
Interim
CEO,
MAM
USA:
February
2020
to
October
2020
126
MAM
USA
Victor
Hymes
Director
since
2020
Member,
Audit
Committee
1957
Founder
and
Managing
Member
of
Legato
Capital
Management,
LLC
126
Formerly,
Montgomery
Street
Income
Securities
Inc.
John
D.
Kenney
Director
since
2020
Member,
Operations
Committee
Member,
15(c)
Committee
1965
Formerly,
Legg
Mason
Global
Asset
Management
126
Formerly:
Legg
Mason
Investment
Management
Affiliates:
Brandywine
Global;
Clarion
Partners;
ClearBridge
Investments;
Entrust
Global;
Legg
Mason
Poland;
Martin
Currie
Investment
Management;
Permal
Group
(merged
into
Entrust);
QS
Investors;
RARE
Infrastructure;
Royce
and
Associates;
and
Western
Asset
Management
Padelford
(“Padel”)
L.
Lattimer
Director
since
2020
Member,
Operations
Committee
Member,
15(c)
Committee
1961
TBA
Management
Consulting
LLC
126
None
Karen
(“Karrie”)
McMillan
Director
since
2014
Chair,
Operations
Committee
1961
Founder/Owner,
Tyche
Consulting
LLC
Formerly,
Managing
Director,
Patomak
Global
Partners,
LLC
126
None
217
The
following
directors
are
considered
to
be
“interested
persons”
as
defined
in
the
1940
Act,
because
of
an
affiliation
with
the
Manager
and
Principal
Life
Insurance
Company.
Correspondence
intended
for
each
Director
who
is
other
than
an
Interested
Director
may
be
sent
to
655
9th
Street,
Des
Moines,
IA
50392.
Name,
Position
Held
with
the
Fund,
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Director
Other
Directorships
Held
by
Director
During
Past
5
Years
Elizabeth
A.
Nickels
Director
since
2015
Chair,
Audit
Committee
Member,
Nominating
and
Governance
Committee
1962
Retired
126
SpartanNash;
Formerly:
Charlotte
Russe;
Follet
Corporation;
PetSmart;
Spectrum
Health
Systems
Mary
M.
(“Meg”)
VanDeWeghe
Director
since
2018
Member,
Audit
Committee
Member,
15(c)
Committee
1959
CEO
and
President,
Forte
Consulting,
Inc.
126
Helmerich
&
Payne;
Formerly:
B/E
Aerospace;
Brown
Advisory;
Denbury
Resources
Inc.;
Nalco
(and
its
successor
Ecolab);
and
WP
Carey
Name,
Position
Held
with
the
Fund,
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Director
Other
Directorships
Held
by
Director
During
Past
5
Years
Timothy
M.
Dunbar
Chair
and
Director
since
2019
Chair,
Executive
Committee
1957
President-Principal
Global
Asset
Management
(“PGAM”),
Principal
Global
Investors,
LLC
(“PGI”)
since
2018
Director,
PGI
(2018-2020)
Division
President,
Principal
Financial
Services,
Inc.
(“PFSI)
and
Principal
Life
Insurance
Company
(“PLIC”)
(2020–2021)
Executive
Vice
President
and
Chief
Investment
Officer,
PFSI
and
PLIC
(2014-2018)
President
–
PGAM,
PFSI
and
PLIC
(2018-2020)
Director,
Post
Advisory
Group,
LLC
(“Post”)
(2018-
2020)
Chair
and
Executive
Vice
President,
RobustWealth,
Inc.
(2018-2020)
126
None
Patrick
G.
Halter
Member,
Executive
Committee
Director
since
2017
1959
Chair,
PGI
since
2018
Chief
Executive
Officer
and
President,
PGI
since
2018
Chief
Operating
Officer,
PGI
(2017-2018)
Director,
PGI
(2003-2018)
Director,
Origin
Asset
Management
LLP
(2018-
2019)
President,
PGAM,
PFSI,
and
PLIC
since
2020
Director,
Post
since
2017
Chair,
Principal
Real
Estate
Investors,
LLC
(“PREI”)
since
2004
President
and
Chief
Executive
Officer,
PGI,
PREI
since
2018
Chief
Executive
Officer,
PREI
(2005-2018)
Chair,
Spectrum
Asset
Management,
Inc.
(“Spectrum”)
since
2017
126
None
218
The
following
table
presents
officers
of
the
Funds.
Name,
Position
Held
with
the
Fund,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Kamal
Bhatia
President
and
Chief
Executive
Officer
Des
Moines,
IA
50392
1972
Director,
PGI
since
2019
President-Principal
Funds,
PGI
since
2019
Principal
Executive
Officer,
OPC
Private
Capital
(2017-2019)
Senior
Vice
President,
OppenheimerFunds
(2011-
2019)
Director,
Principal
Funds
Distributor,
Inc.
(“PFD”)
since
2019
Senior
Executive
Director
and
Chief
Operating
Officer,
PFSI
and
PLIC
since
2020
President,
PFSI
and
PLIC
(2019-2020)
Director,
Post
since
2020
Director,
PREI
since
2020
Chair
and
Executive
Vice
President,
(Principal
Shareholder
Services,
Inc.
(“PSS’)
since
2019
Randy
D.
Bolin
Assistant
Tax
Counsel
Des
Moines,
IA
50392
1961
Vice
President
and
Associate
General
Counsel,
PGI
since
2016
Vice
President
and
Associate
General
Counsel,
PFSI
since
2013
Vice
President
and
Associate
General
Counsel,
PLIC
since
2013
Beth
Graff
Vice
President
and
Assistant
Controller
Des
Moines,
IA
50392
1968
Director
–
Fund
Accounting
since
2016
Gina
L.
Graham
Treasurer
Des
Moines,
IA
50392
1965
Vice
President
and
Treasurer,
PGI
since
2016
Vice
President
and
Treasurer,
PFD
since
2016
Vice
President
and
Treasurer,
PFSI
since
2016
Vice
President
and
Treasurer,
PLIC
since
2016
Vice
President
and
Treasurer,
PREI
since
2017
Vice
President
and
Treasurer,
Principal
Securities,
Inc.
(“PSI”)
since
2016
Vice
President
and
Treasurer,
PSS
since
2016
Vice
President
and
Treasurer,
RobustWealth,
Inc.
since
2018
Megan
Hoffman
Vice
President
and
Controller
Des
Moines,
IA
50392
1979
Director
–
Accounting,
PLIC
since
2020
Assistant
Director
–
Accounting,
PLIC
(2017-2020)
Prior
thereto,
Senior
Accounting
Analyst,
PLIC
Laura
B.
Latham
Assistant
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1986
Counsel,
PGI
since
2018
Counsel,
PLIC
since
2018
Prior
thereto,
Attorney
in
Private
Practice
Diane
K.
Nelson
AML
Officer
Des
Moines,
IA
50392
1965
Chief
Compliance
Officer/AML
Officer,
PSS
since
2015
Tara
Parks
Vice
President
and
Assistant
Controller
Des
Moines,
IA
50392
1983
Director
–
Accounting,
PLIC
since
2019
Tax
Manager
–
ALPS
Fund
Services
(2011-2019)
Sara
L.
Reece
Vice
President
and
Chief
Operating
Officer
Des
Moines,
IA
50392
1975
Vice
President
and
Controller
(2016-2021)
Managing
Director
–
Global
Funds
Ops,
PLIC
since
2021
Managing
Director
–
Financial
Analysis/
Planning,
PLIC
(2021)
Director
-
Accounting,
PLIC
(2015-2021)
219
Name,
Position
Held
with
the
Fund,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Teri
R.
Root
Chief
Compliance
Officer
Des
Moines,
IA
50392
1979
Chief
Compliance
Officer
–
Funds,
PGI
since
2018
Interim
Chief
Compliance
Officer
(2018)
Deputy
Chief
Compliance
Officer,
PGI
(2015-2018)
Vice
President
and
Chief
Compliance
Officer,
PMC
(2015–2017)
Vice
President,
PSS
since
2015
Michael
Scholten
Chief
Financial
Officer
Secretary
Des
Moines,
IA
50392
1979
Chief
Financial
Officer,
PFD
since
2016
Assistant
Vice
President
and
Actuary,
PLIC
since
2021
Chief
Financial
Officer
–
Funds/Platforms,
PLIC
since
2015
Chief
Financial
Officer,
PSS
since
2015
Britney
L.
Schnathorst
Assistant
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1981
Counsel,
PGI
since
2018
Counsel,
PLIC
since
2013
Adam
U.
Shaikh
Assistant
Counsel
Des
Moines,
IA
50392
1972
Assistant
General
Counsel,
PGI
since
2018
Counsel,
PGI
(2017-2018)
Counsel,
PLIC
since
2006
Counsel,
PMC
(2007-2017)
John
L.
Sullivan
Assistant
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1970
Counsel,
PGI
since
2020
Counsel,
PLIC
since
2019
Prior
thereto,
Attorney
in
Private
Practice
Dan
L.
Westholm
Assistant
Treasurer
Des
Moines,
IA
50392
1966
Assistant
Vice
President
and
Treasurer,
PGI
since
2013
Assistant
Vice
President-Treasury,
PFD
since
2013
Assistant
Vice
President-Treasury,
PLIC
since
2014
Assistant
Vice
President-Treasury,
PSI
since
2013
Assistant
Vice
President-Treasury,
PSS
since
2013
Beth
C.
Wilson
Vice
President
and
Secretary
Des
Moines,
IA
50392
1956
Director
and
Secretary
–
Funds,
PLIC
since
2007
Clint
L.
Woods
Vice
President,
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1961
Of
Counsel
(2017-2018)
Vice
President
(2016-2017)
Counsel
(2015-2017)
Vice
President,
Associate
General
Counsel
and
Secretary,
PGI
since
2020
Vice
President,
Associate
General
Counsel,
Governance
Officer,
and
Assistant
Corporate
Secretary,
PGI
(2018-2020)
Vice
President,
Associate
General
Counsel
and
Assistant
Corporate
Secretary,
PFD
since
2019
Vice
President,
Associate
General
Counsel,
Governance
Officer
and
Assistant
Corporate
Secretary,
PFSI
since
2019
Vice
President,
Associate
General
Counsel,
Governance
Officer
and
Assistant
Corporate
Secretary,
PLIC
since
2015
Secretary,
Post
since
2020
Vice
President,
Associate
General
Counsel,
Governance
Officer
and
Secretary,
PREI
since
2020
Vice
President,
Associate
General
Counsel,
Governance
Officer
and
Assistant
Corporate
Secretary,
PREI
(2020)
Vice
President,
Associate
General
Counsel
and
Assistant
Corporate
Secretary,
PSI
since
2019
Vice
President,
Associate
General
Counsel
and
Assistant
Corporate
Secretary,
PSS
since
2019
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary,
RobustWealth,
Inc.
since
2019
Secretary,
Spectrum
since
2020
220
The
15(c)
Committee’s
primary
purpose
is
to
assist
the
Board
in
performing
the
annual
review
of
the
Fund’s
advisory
and
sub-advisory
agreements
pursuant
to
Section
15(c)
of
the
1940
Act.
The
Committee
responsibilities
include
requesting
and
reviewing
materials.
The
Audit
Committee’s
primary
purpose
is
to
assist
the
Board
in
fulfilling
certain
of
its
responsibilities.
The
Audit
Committee
serves
as
an
independent
and
objective
party
to
monitor
the
Fund
Complex’s
accounting
policies,
financial
reporting
and
internal
control
system,
as
well
as
the
work
of
the
independent
registered
public
accountants.
The
Audit
Committee
assists
Board
oversight
of
1)
the
integrity
of
the
Fund
Complex’s
financial
statements;
2)
the
Fund
Complex’s
compliance
with
certain
legal
and
regulatory
requirements;
3)
the
independent
registered
public
accountants’
qualifications
and
independence;
and
4)
the
performance
of
the
Fund
Complex’s
independent
registered
public
accountants.
The
Audit
Committee
also
provides
an
open
avenue
of
communication
among
the
independent
registered
public
accountants,
the
Manager’s
internal
auditors,
Fund
Complex
management,
and
the
Board.
The
Executive
Committee’s
primary
purpose
is
to
exercise
certain
powers
of
the
Board
when
the
Board
is
not
in
session.
When
the
Board
is
not
in
session,
the
Committee
may
exercise
all
powers
of
the
Board
in
the
management
of
the
business
of
the
Fund
Complex
except
the
power
to
1)
authorize
dividends
or
distributions
on
stock;
2)
issue
stock,
except
as
permitted
by
law;
3)
recommend
to
the
stockholders
any
action
which
requires
stockholder
approval;
4)
amend
the
bylaws;
or
5)
approve
any
merger
or
share
exchange
which
does
not
require
stockholder
approval.
The
Nominating
and
Governance
Committee’s
primary
purpose
is
to
oversee
the
structure
and
efficiency
of
the
Board
and
the
committees
established
by
the
Board.
The
Committee
responsibilities
include
evaluating
Board
membership
and
functions,
committee
membership
and
functions,
insurance
coverage,
and
legal
matters.
The
nominating
functions
of
the
Committee
include
selecting
and
nominating
all
candidates
who
are
not
“interested
persons”
of
the
Fund
Complex
for
election
to
the
Board.
Generally,
the
Committee
requests
director
nominee
suggestions
from
the
committee
members
and
management.
In
addition,
the
Committee
will
consider
Director
candidates
recommended
by
shareholders
of
the
Fund
Complex.
Recommendations
should
be
submitted
in
writing
to
Principal
Funds,
Inc.
at
711
High
Street,
Des
Moines,
IA
50392.
When
evaluating
a
person
as
a
potential
nominee
to
serve
as
an
Independent
Director,
the
Committee
will
generally
consider,
among
other
factors:
age;
education;
relevant
business
experience;
geographical
factors;
whether
the
person
is
“independent”
and
otherwise
qualified
under
applicable
laws
and
regulations
to
serve
as
a
director;
and
whether
the
person
is
willing
to
serve,
and
willing
and
able
to
commit
the
time
necessary
for
attendance
at
meetings
and
the
performance
of
the
duties
of
an
independent
director.
The
Committee
also
meets
personally
with
the
nominees
and
conducts
a
reference
check.
The
final
decision
is
based
on
a
combination
of
factors,
including
the
strengths
and
the
experience
an
individual
may
bring
to
the
Board.
The
Committee
believes
the
Board
generally
benefits
from
diversity
of
background,
experience
and
views
among
its
members,
and
considers
these
factors
in
evaluating
the
composition
of
the
Board.
The
Board
does
not
use
regularly
the
services
of
any
professional
search
firms
to
identify
or
evaluate
or
assist
in
identifying
or
evaluating
potential
candidates
or
nominees.
The
Operations
Committee’s
primary
purpose
is
to
oversee
the
provision
of
administrative
and
distribution
services
to
the
Funds
Complex,
communications
with
the
Fund
Complex’s
shareholders,
and
review
and
oversight
of
the
Fund
Complex’s
operations.
Additional
information
about
the
Fund
is
available
in
the
Prospectus
dated
May
1,
2021
and
as
supplemented,
and
the
Statement
of
Additional
Information
dated
May
1,
2021
and
as
supplemented.
These
documents
may
be
obtained
free
of
charge
by
writing
Principal
Funds,
Inc.,
P.O.
Box
8024,
Boston,
MA
02266-8024
or
telephoning
1-800-222-5852.
The
prospectus
may
be
viewed
at
www.PrincipalFunds.
com/prospectuses-pvc.
Name,
Position
Held
with
the
Fund,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Jared
A.
Yepsen
Assistant
Tax
Counsel
Des
Moines,
IA
50392
1981
Counsel,
PGI
(2017-2019)
Counsel,
PLIC
since
2015
221
PROXY
VOTING
POLICIES
A
description
of
the
policies
and
procedures
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
the
results
of
the
proxy
votes
for
the
most
recent
twelve
months
ended
June
30
may
be
obtained
free
of
charge
by
telephoning
1-800-222-5852,
or
on
the
SEC
website
at
www.sec.gov.
SCHEDULES
OF
INVESTMENTS
The
Fund
files
complete
schedules
of
investments
with
the
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
Fund’s
Form
N-PORT
reports
are available
on the
Commission’s
website
at
www.
sec.gov.
STATEMENT
REGARDING
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
The
Board
of
Directors
of
Principal
Funds,
Inc.
(the
“Board”)
met
on
March
9,
2021
to
review
the
liquidity
risk
management
program
(the
“Program”)
applicable
to
all
series
of
the
Principal
Variable
Contracts
Funds
Inc.
(each
a
“Fund”),
pursuant
to
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”)
for
the
period
from
January
1,
2020
through
December
31,
2020
(the
“Reporting
Period”).
At
the
meeting,
the
committee
designated
by
the
Board
to
administer
the
Program,
the
Liquidity
Risk
Management
Committee
(the
“Committee”),
addressed
the
operation,
adequacy
and
effectiveness
of
the
Program,
the
operation
of
each
Fund’s
highly
liquid
investment
minimum,
where
applicable,
and
any
material
changes
made
to
the
Program
during
the
Reporting
Period.
The
Committee
noted
key
factors
it
considered
when
assessing,
managing
and
reviewing
each
Fund’s
liquidity
risk.
Such
factors
included
each
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions,
including
(a)
whether
the
Fund’s
investment
strategy
is
appropriate
for
an
open-end
fund,
(b)
the
extent
to
which
the
strategy
involves
a
relatively
concentrated
portfolio
or
large
positions
in
particular
issuers,
and
(c)
the
use
of
borrowings
for
investment
purposes
and
use
of
leveraged
derivatives
and
financial
commitment
obligations;
short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions;
holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements
and
other
funding
sources;
and
each
Fund’s
shareholder
ownership
concentration.
There
were
no
material
changes
to
the
Program
during
the
Reporting
Period.
The
Committee
concluded,
based
on
the
operation
of
the
functions
as
described
in
the
Report
that
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
principalfunds.com
This
report
must
be
preceded
or
accompanied
by
a
current
prospectus
for
the
Principal
Variable
Contracts
Funds,
Inc.
Principal,
Principal
and
symbol
design,
and
Principal
Financial
Group
are
trademarks
and
service
marks
of
Principal
Financial
Services,
Inc.,
a
member
of
the
Principal
Financial
Group.
©
2021
Principal
Financial
Services,
Inc.
|
MM1291-26
|
06/2021
|
1692832
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 – SCHEDULE OF INVESTMENTS
Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.
ITEM 7 – DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 8 – PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 9 – PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
Not applicable.
ITEM 10 – SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 11 – CONTROLS AND PROCEDURES
(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing).
(b) There have been no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12 – DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 13 – EXHIBITS
(a)(1) Code of Ethics - 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
.
(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 are attached hereto as
Exhibit 99.906CERT
.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Principal Variable Contracts Funds, Inc. |
By | /s/ Kamal Bhatia |
Kamal Bhatia, President and CEO
Date | 8/20/2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By | /s/ Kamal Bhatia |
Kamal Bhatia, President and CEO
Date | 8/20/2021 |
By | /s/ Michael Scholten |
Michael Scholten, Chief Financial Officer
Date | 8/20/2021 |