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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Brookfield Corp</name>
        <lei>C6J3FGIWG6MBDGTE8F80</lei>
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          <isin value="CA11271J1075"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Brookfield Renewable Corp</name>
        <lei>894500N9AWD5I1YNP231</lei>
        <title>Brookfield Renewable Corp</title>
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          <isin value="CA11285B1085"/>
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        <balance>54157.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Brookfield Asset Management Ltd</name>
        <lei>549300CZ84WPNJZKY093</lei>
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          <isin value="CA1130041058"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Brown &amp; Brown Inc</name>
        <lei>549300PC8KTJ71XKFY89</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CBRE Group Inc</name>
        <lei>52990016II9MJ2OSWA10</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CCC Intelligent Solutions Holdings Inc</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Constellation Software Inc/Canada</name>
        <lei>549300B6PYHMCTDWQV29</lei>
        <title>Constellation Software Inc/Canada</title>
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          <isin value="CA21037X1006"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Copart Inc</name>
        <lei>549300KVYX3JWMYEHU61</lei>
        <title>Copart Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CoStar Group Inc</name>
        <lei>984500Q1D53D08E2E698</lei>
        <title>CoStar Group Inc</title>
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          <isin value="US22160N1090"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Domino's Pizza Inc</name>
        <lei>25490005ZWM1IF9UXU57</lei>
        <title>Domino's Pizza Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Eagle Materials Inc</name>
        <lei>529900KRXRGXL61SG039</lei>
        <title>Eagle Materials Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Entegris Inc</name>
        <lei>IYX6OWO7BT5DKO3BYG52</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fair Isaac Corp</name>
        <lei>RI6HET5SJUEY30V1PS26</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fastenal Co</name>
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        <title>Fastenal Co</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Floor &amp; Decor Holdings Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Arthur J Gallagher &amp; Co</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Graco Inc</name>
        <lei>4T5VJ4S81BRT6Q7GGT78</lei>
        <title>Graco Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Guidewire Software Inc</name>
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        <title>Guidewire Software Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>HEICO Corp - Class A</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Jack Henry &amp; Associates Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Hilton Worldwide Holdings Inc</name>
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        <title>Hilton Worldwide Holdings Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Hyatt Hotels Corp</name>
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        <title>Hyatt Hotels Corp</title>
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        <fairValLevel>1</fairValLevel>
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        <name>IDEXX Laboratories Inc</name>
        <lei>OGMTXK0LUU1HKV2P0J84</lei>
        <title>IDEXX Laboratories Inc</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>KKR &amp; Co Inc</name>
        <lei>54930013V5I303TF9571</lei>
        <title>KKR &amp; Co Inc</title>
        <cusip>48251W104</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>LPL Financial Holdings Inc</name>
        <lei>549300XROQ4Y8G2L7682</lei>
        <title>LPL Financial Holdings Inc</title>
        <cusip>50212V100</cusip>
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        <balance>1988698.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Lennar Corp - A Shares</name>
        <lei>529900G61XVRLX5TJX09</lei>
        <title>Lennar Corp - A Shares</title>
        <cusip>526057104</cusip>
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          <isin value="US5260571048"/>
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        <balance>2192284.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Lennar Corp - B Shares</name>
        <lei>529900G61XVRLX5TJX09</lei>
        <title>Lennar Corp - B Shares</title>
        <cusip>526057302</cusip>
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          <isin value="US5260573028"/>
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        <balance>38354.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Liberty Live Holdings Inc - A Shares</name>
        <lei>N/A</lei>
        <title>Liberty Live Holdings Inc - A Shares</title>
        <cusip>530909100</cusip>
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          <isin value="US5309091008"/>
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        <balance>328587.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Liberty Live Holdings Inc - C Shares</name>
        <lei>N/A</lei>
        <title>Liberty Live Holdings Inc - C Shares</title>
        <cusip>530909308</cusip>
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          <isin value="US5309093087"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Liberty Media Corp-Liberty Formula One - C Shares</name>
        <lei>N/A</lei>
        <title>Liberty Media Corp-Liberty Formula One - C Shares</title>
        <cusip>531229755</cusip>
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          <isin value="US5312297550"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Liberty Media Corp-Liberty Formula One - A Shares</name>
        <lei>N/A</lei>
        <title>Liberty Media Corp-Liberty Formula One - A Shares</title>
        <cusip>531229771</cusip>
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          <isin value="US5312297717"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Live Nation Entertainment Inc</name>
        <lei>5493007B9BM9ZXJINO78</lei>
        <title>Live Nation Entertainment Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lumine Group Inc</name>
        <lei>984500E3C44B9D44M738</lei>
        <title>Lumine Group Inc</title>
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          <isin value="CA55027C1068"/>
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        <balance>359888.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MSCI Inc</name>
        <lei>549300HTIN2PD78UB763</lei>
        <title>MSCI Inc</title>
        <cusip>55354G100</cusip>
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          <isin value="US55354G1004"/>
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        <balance>878231.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Markel Group Inc</name>
        <lei>549300SCNO12JLWIK605</lei>
        <title>Markel Group Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Martin Marietta Materials Inc</name>
        <lei>5299005MZ4WZECVATV08</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mettler-Toledo International Inc</name>
        <lei>5493000BD5GJNUDIUG10</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Millrose Properties Inc</name>
        <lei>N/A</lei>
        <title>Millrose Properties Inc</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Moody's Corp</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>NVR Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>O'Reilly Automotive Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Old Dominion Freight Line Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Perimeter Solutions Inc</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Principal Funds, Inc - Government Money Market Fund - Class R-6</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Procore Technologies Inc</name>
        <lei>5493005PTWY0RHYRAH22</lei>
        <title>Procore Technologies Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Roper Technologies Inc</name>
        <lei>54930003T4SXCIWVXY35</lei>
        <title>Roper Technologies Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Ross Stores Inc</name>
        <lei>549300ENZFLPGRDFZQ60</lei>
        <title>Ross Stores Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ryan Specialty Holdings Inc</name>
        <lei>N/A</lei>
        <title>Ryan Specialty Holdings Inc</title>
        <cusip>78351F107</cusip>
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        <valUSD>108440536.92000100</valUSD>
        <pctVal>0.430492931804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Seaport Entertainment Group Inc</name>
        <lei>2549006G3SN205YAST27</lei>
        <title>Seaport Entertainment Group Inc</title>
        <cusip>812215200</cusip>
        <identifiers>
          <isin value="US8122152007"/>
        </identifiers>
        <balance>16686.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>371930.94000000</valUSD>
        <pctVal>0.001476510955</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sherwin-Williams Co/The</name>
        <lei>Z15BMIOX8DDH0X2OBP21</lei>
        <title>Sherwin-Williams Co/The</title>
        <cusip>824348106</cusip>
        <identifiers>
          <isin value="US8243481061"/>
        </identifiers>
        <balance>277349.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>89198211.89000000</valUSD>
        <pctVal>0.354103740527</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sunbelt Rentals Holdings Inc</name>
        <lei>529900W4BQDNMAOSRA49</lei>
        <title>Sunbelt Rentals Holdings Inc</title>
        <cusip>866966104</cusip>
        <identifiers>
          <isin value="US8669661048"/>
        </identifiers>
        <balance>3875870.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>296620331.10000100</valUSD>
        <pctVal>1.177538949868</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Toast Inc</name>
        <lei>549300TN1PZNLCD4I551</lei>
        <title>Toast Inc</title>
        <cusip>888787108</cusip>
        <identifiers>
          <isin value="US8887871080"/>
        </identifiers>
        <balance>6308060.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>179905871.20000100</valUSD>
        <pctVal>0.714199764602</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Topicus.com Inc</name>
        <lei>N/A</lei>
        <title>Topicus.com Inc</title>
        <cusip>89072T102</cusip>
        <identifiers>
          <isin value="CA89072T1021"/>
        </identifiers>
        <balance>769746.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>53512741.92000000</valUSD>
        <pctVal>0.212437689929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TransDigm Group Inc</name>
        <lei>N/A</lei>
        <title>TransDigm Group Inc</title>
        <cusip>893641100</cusip>
        <identifiers>
          <isin value="US8936411003"/>
        </identifiers>
        <balance>1065888.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1236408762.24000000</valUSD>
        <pctVal>4.908360361195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tyler Technologies Inc</name>
        <lei>25490040SMU4Z8LBCW70</lei>
        <title>Tyler Technologies Inc</title>
        <cusip>902252105</cusip>
        <identifiers>
          <isin value="US9022521051"/>
        </identifiers>
        <balance>1382501.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>471626391.14000100</valUSD>
        <pctVal>1.872287187104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Veeva Systems Inc</name>
        <lei>549300YZEXPDB92M2F02</lei>
        <title>Veeva Systems Inc</title>
        <cusip>922475108</cusip>
        <identifiers>
          <isin value="US9224751084"/>
        </identifiers>
        <balance>2919015.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>455278769.55000100</valUSD>
        <pctVal>1.807389541388</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Veralto Corp</name>
        <lei>635400FJE6GSOJUSNY27</lei>
        <title>Veralto Corp</title>
        <cusip>92338C103</cusip>
        <identifiers>
          <isin value="US92338C1036"/>
        </identifiers>
        <balance>586485.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>51727977.00000000</valUSD>
        <pctVal>0.205352436528</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Verisk Analytics Inc</name>
        <lei>549300I1YSWNIRKBWP67</lei>
        <title>Verisk Analytics Inc</title>
        <cusip>92345Y106</cusip>
        <identifiers>
          <isin value="US92345Y1064"/>
        </identifiers>
        <balance>898846.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>165828098.54000100</valUSD>
        <pctVal>0.658313084235</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vulcan Materials Co</name>
        <lei>549300Q8LSNHAVWBNI21</lei>
        <title>Vulcan Materials Co</title>
        <cusip>929160109</cusip>
        <identifiers>
          <isin value="US9291601097"/>
        </identifiers>
        <balance>4277996.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1290842513.04000000</valUSD>
        <pctVal>5.124454320489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Waste Connections Inc</name>
        <lei>549300HDLRTPBQU69P29</lei>
        <title>Waste Connections Inc</title>
        <cusip>94106B101</cusip>
        <identifiers>
          <isin value="CA94106B1013"/>
        </identifiers>
        <balance>771907.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>127148521.04000100</valUSD>
        <pctVal>0.504760868506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Waters Corp</name>
        <lei>5T547R1474YC9HOD8Q74</lei>
        <title>Waters Corp</title>
        <cusip>941848103</cusip>
        <identifiers>
          <isin value="US9418481035"/>
        </identifiers>
        <balance>664100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>205359643.00000100</valUSD>
        <pctVal>0.815247483093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Liquidity FedFund - Institutional Class</name>
        <lei>N/A</lei>
        <title>BlackRock Liquidity FedFund - Institutional Class</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TFDXX"/>
        </identifiers>
        <balance>277991.90000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>277991.90000000</valUSD>
        <pctVal>0.001103586826</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="277991.90000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Constellation Software Inc/Canada - Warrants</name>
        <lei>549300B6PYHMCTDWQV29</lei>
        <title>Constellation Software Inc/Canada - Warrants</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA21037X1345"/>
        </identifiers>
        <balance>143533.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Arch Capital Group Ltd</name>
        <lei>549300AYR4P8AFKDCE43</lei>
        <title>Arch Capital Group Ltd</title>
        <cusip>G0450A105</cusip>
        <identifiers>
          <isin value="BMG0450A1053"/>
        </identifiers>
        <balance>2014084.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>190250374.64000100</valUSD>
        <pctVal>0.755265916988</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brookfield Infrastructure Partners LP</name>
        <lei>549300WEH5R2OODI7Y90</lei>
        <title>Brookfield Infrastructure Partners LP</title>
        <cusip>G16252101</cusip>
        <identifiers>
          <isin value="BMG162521014"/>
        </identifiers>
        <balance>18753581.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>672315878.85000100</valUSD>
        <pctVal>2.668994842750</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brookfield Renewable Partners LP</name>
        <lei>VA8DFMRI2GY8Y7V79H93</lei>
        <title>Brookfield Renewable Partners LP</title>
        <cusip>G16258108</cusip>
        <identifiers>
          <isin value="BMG162581083"/>
        </identifiers>
        <balance>6959552.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>230430766.72000100</valUSD>
        <pctVal>0.914776145163</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brookfield Wealth Solutions Ltd</name>
        <lei>9845004583U3B8E06924</lei>
        <title>Brookfield Wealth Solutions Ltd</title>
        <cusip>G17434104</cusip>
        <identifiers>
          <isin value="BMG174341047"/>
        </identifiers>
        <balance>232785.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10505587.05000000</valUSD>
        <pctVal>0.041705630550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2872479.37000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Cash and cash equivalents includes USD and only foreign currencies considered highly liquid." noteItem="B.2.f"/>
      <explntrNote note="Returns shown in Item B.5.a have been calculated without deducting any applicable sales loads or redemption fees" noteItem="B.5.a"/>
      <explntrNote note="It is a policy to obtain additional collateral from, or return excess collateral to, the borrower by the end of the next business day following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than that required under the lending contract." noteItem="C.12.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Principal Funds, Inc</ncom:nameOfApplicant>
      <ncom:signature>Megan Hoffmann</ncom:signature>
      <ncom:signerName>/s/ Megan Hoffmann</ncom:signerName>
      <ncom:title>Vice President and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
