UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSR/A
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-01944 |
Principal Variable Contracts Funds, Inc. |
(Exact name of registrant as specified in charter)
801 Grand Avenue, Des Moines, IA 50309 |
(Address of principal executive offices) (Zip code)
Principal Global Investors, LLC, 801 Grand Avenue, Des Moines, IA 50309 |
(Name and address of agent for service)
��
Registrant’s telephone number, including area code: | 515-235-1719 |
Date of fiscal year end: | December 31, 2022 |
Date of reporting period: | December 31, 2022 |
EXPLANATORY
NOTE
The Registrant is filing this amendment (the “Amendment”) to its Certified Shareholder Report on Form N-CSR filed with the Securities and Exchange Commission on February 24, 2023 (the “Report”). The Registrant’s
, for the fiscal year ended December 31, 2022, is hereby incorporated by reference into and is legally a part of this Form N-CSR/A. The purpose of this Amendment is to replace Item 1 “Report to Stockholders” for the SAM Flexible Income Portfolio with respect to the information under the heading “What contributed to or detracted from Fund performance during the fiscal year?” The original filing inadvertently contained a discussion of a different fund in the referenced section. A secondary purpose of this Amendment is to refile certifications required by Item 13 (a) (2) to clarify that 4 (d) relates to the period covered by the report.
Except as otherwise noted above, the Report was accurate, timely distributed to shareholders and contained all information required to be included in such reports by the Registrant’s registration statement form under the Investment Company Act of 1940, as amended, pursuant to Rule 30e-1(a) thereunder.
This Amendment should be read in conjunction with the Report. Except for the portion of Item 1 noted above, this Amendment does not reflect events occurring after the filing of the Report or modify or update the Report in any way.
ITEM 1 – REPORT TO STOCKHOLDERS
1
SAM
Flexible
Income
Portfolio
Investment
Advisor:
Principal
Global
Investors,
LLC
Average
Annual
Total
Returns*
as
of
December
31,
2022
What
contributed
to
or
detracted
from
Fund
performance
during
the
fiscal
year?
The
investment
seeks
to
provide
a
high
level
of
total
return
(consisting
of
reinvestment
of
income
with
some
capital
appreciation).
The
fund
operates
as
a
fund
of
funds.
It
generally
invests
between
55%
and
95%
of
its
assets
in
fixed-income
funds,
and
less
than
40%
in
any
one
fixed-income
fund.
The
fund
generally
invests
between
5%
and
45%
of
its
assets
in
equity
funds,
and
less
than
30%
in
any
one
equity
fund.
It
generally
invests
less
than
20%
of
its
assets
in
specialty
funds,
and
less
than
20%
in
any
one
specialty
fund.
The
portfolio's
allocation
to
U.S.
short-term
investment
grade
bonds,
which
helped
in
the
risk-off
environment,
was
the
largest
positive
contributor
to
performance
for
the
period.
In
addition,
the
portfolio's
allocation
in
U.S.
large
cap
value
equities,
which
outperformed
their
growth
counterparts,
aided
performance
for
the
period.
Lastly,
the
portfolio's
allocation
to
real
assets
positively
contributed
to
performance
for
the
period.
The
portfolio's
allocation
in
U.S.
large
cap
growth
equities,
which
underperformed
their
value
counterparts,
was
the
largest
detractor
to
performance
for
the
period.
In
addition,
the
portfolio's
allocation
in
U.S.
investment
grade
corporate
bonds,
which
underperformed
core
fixed
income,
hindered
performance
for
the
period.
Lastly,
the
portfolio's
allocation
to
global
real
estate
securities
negatively
contributed
to
performance
for
the
period.
Value
of
a
$10,000
Investment*
December
31,
2012
-
December
31,
2022
1-Year
5-Year
10-Year
Inception
Date
Class
1
Shares
-13.11%
2.04%
3.77%
9/9/97
Class
2
Shares
-13.37%
1.78%
3.50%
11/6/01
^
The
Fund
uses
a
blended
benchmark,
SAM
Flexible
Income
Blended
Index,
which
shows
how
the
Fund’s
performance
compares
to
a
blend
of
indices
with
similar
investment
objectives.
SAM
Flexible
Income
Blended
Index
is
composed
of
75%
Bloomberg
U.S.
Aggregate
Bond
Index,
20%
Russell
3000,
and
5%
MSCI
EAFE
Index
NTR.
Performance
shown
for
the
benchmark
assumes
reinvestment
of
all
dividends
and
distributions.
Indices
are
unmanaged,
and
individuals
cannot
invest
directly
in
an
index.
ITEM 13 – EXHIBITS
(a)(1) Code of Ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as
Exhibit 99.CODE ETH.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto as
Exhibit 99.CERT.
(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940 is attached hereto as
Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Principal Variable Contracts Funds, Inc. |
By | s/ Kamal Bhatia |
Kamal Bhatia, President and CEO
Date | 05/09/2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By | s/ Kamal Bhatia |
Kamal Bhatia, President and CEO
Date | 05/09/2023 |
By | s/ Michael Scholten |
Michael Scholten, Chief Financial Officer
Date | 05/09/2023 |