PRINCIPAL VARIABLE CONTRACTS FUND INC
24F-2NT, 2000-03-13
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                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 24F-2
                        Annual Notice of Securities Sold
                             Pursuant to Rule 24f-2

       1     Name and Address of Issuer:
             Principal Variable Contracts Fund, Inc.
             The Principal Financial Group
             Des Moines, IA  50392-0200

       2     The name of each series or class of securities  for which this Form
             is filed (If the Form is being  filed for all series and classes of
             securities  of the issues,  check the box but do not list series or
             classes):
             ----------------
                    X
             ----------------

       3     Investment Company Act File Number:                    811-01944
             Securities Act File Number:                            02-35570

     4a   Last day of fiscal year for which this notice if filed:  December  31,
          1999

     4b   Check this box if this Form is being  filed late  (i.e.,  more than 90
          calendar  days  after  the  end of the  issuer's  fiscal  year).  (See
          Instruction A.2)
             ----------------
                   N/A
             ----------------
          Note:  If the Form is being filed late,  interest  must be paid on the
          registration fee due.

     4c   Check box if this is the last  time the  issuer  will be  filing  this
          Form.
             ----------------
                   N/A
             ----------------

       5     Calculation of registration fee:

          (i)  Aggregate sale price of securities sold during the fiscal year in
               reliance on rule 24f-2:                                        $0

          (ii) Aggregate  price of shares  redeemed  or  repurchased  during the
               fiscal year:                                                    0

          (iii)Aggregate  price of shares  redeemed  or  repurchased  during any
               prior  fiscal year ending no earlier  than  October 11, 1995 that
               were not previously used to reduce  registration  fees payable to
               the Commission:                                                 0

          (iv) Total available  redemption credits [Add items 5(ii) and 5(iii)]:
                                                                               0


          (v)  Net Sales - If Item 5(i) is  greater  than Item  5(iv)  [subtract
               Item 5(iv) from Item 5(i)]:                                     0

         -----------------------------------------------------------------------

          (vi) Redemption  credits  available for use in future years -- if Item
               5(i) is less than  Item  5(iv)  [subtract  Item  5(iv)  from Item
               5(i)]"                                                        N/A

         -----------------------------------------------------------------------

          (vii)Multiplier  for  determining  registration  fee (See  Instruction
               c.9):                                                    0.000264

          (viii) Registration fee due [Multiply Item 5(v) by Item 5(vii)] (enter
               "0" if no fee is due):                                       0.00
                                                               =================

       6     Prepaid Shares
             If the response to Item 5(i) was  determined by deducting an amount
             of securities that were registered under the Securities Act of 1933
             pursuant  to rule  24e-2 as in  effect  before  [effective  date of
             rescisision  of rule 24e-2],  then report the amount of  securities
             (number of shares or other units) deducted here:  ____________.  If
             there is a number  of shares or other  units  that were  registered
             pursuant  to rule 24e-2  remaining  unsold at the end of the fiscal
             year for which this form is filed that are available for use by the
             issuer  in  future  fiscal  years,  then  state  the  number  here:
             ____________.

     7    Interest  due-if  this Form is being filed more than 90 days after the
          end of the issuer's fiscal year (see Instruction D):
                                                            +                  0
                                                               -----------------

     8    Total of the amount of the  registration fee due plus any interest due
          [line 5(viii) plus line 7]:

                                                                            0.00
                                                               =================

       9     Date the  registration fee and any interest payment was sent to the
             Commission's lockbox depository:

             ----------------
                   N/A
             ----------------

             Method of Delivery:

             ----------------
                   N/A       Wire Transfer
             ----------------
             ----------------
                   N/A       Mail or other means
             ----------------


                                    Signature

             This  report  has been  signed  below by the  following  persons on
             behalf  of  the  issuer  and  in the  capacities  and on the  dates
             indicated:



             Principal Variable Contracts Fund, Inc.



             By              /s/A. S. Filean
                             ---------------------------------------
                             ---------------------------------------
                             A.S. Filean, Vice President
                             and Secretary


             Date:           13th day of March, 2000



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