Brookfield Infrastructure Partners L.P. ownership update: Principal Global Investors, LLC reports beneficial ownership of 26,979,188 Limited Partnership Units, representing 5.8% of the class. The filing also discloses that the Principal MidCap Fund (a series of Principal Funds, Inc.) held 23,174,375 units, or 5.0%, as of March 31, 2026.
The statement is an amendment (No. 4) on Schedule 13G/A and is filed jointly by Principal Global Investors, LLC and Principal Funds, Inc., with signatures from compliance and legal officers dated May 11, 2026.
Positive
None.
Negative
None.
Insights
Large passive holdings reported by Principal entities; position sizes and shared voting/dispositive power disclosed.
The filing lists 26,979,188 units (5.8%) under shared voting and dispositive power for Principal Global Investors, LLC, and 23,174,375 units (5.0%) for Principal MidCap Fund as of March 31, 2026. These figures reflect institutional stakes above the 5% reporting threshold.
Cash‑flow treatment and any plans to trade are not stated; subsequent filings would disclose material changes to these holdings.
""Amendment No. 4" and header identifying the form type"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
Limited Partnership Unitsfinancial
""Title of class of securities: Limited Partnership Units""
Limited partnership units are ownership shares in a partnership where most investors act as passive partners with liability limited to what they invested. They represent a right to a portion of the partnership's income and capital, while day-to-day control is handled by an active manager; think of it like owning a condo unit in a building run by a management company. Investors care because the units determine how much income they receive and how exposed they are to business risks.
Beneficially ownedregulatory
""Amount beneficially owned: 26,979,188""
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Joint Filing Agreementlegal
""Joint Filing Agreement, which is filed with this as Exhibit 99.1""
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
Brookfield Infrastructure Partners L.P.
(Name of Issuer)
Limited Partnership Units
(Title of Class of Securities)
G16252101
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
G16252101
1
Names of Reporting Persons
PRINCIPAL GLOBAL INVESTORS, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
26,979,188.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
26,979,188.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
26,979,188.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.8 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
G16252101
1
Names of Reporting Persons
PRINCIPAL FUNDS, INC.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
MARYLAND
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
23,174,375.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
23,174,375.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
23,174,375.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5 %
12
Type of Reporting Person (See Instructions)
IV
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Brookfield Infrastructure Partners L.P.
(b)
Address of issuer's principal executive offices:
73 FRONT STREET, HAMILTON, BERMUDA
HM12
Item 2.
(a)
Name of person filing:
PRINCIPAL GLOBAL INVESTORS, LLC
PRINCIPAL FUNDS, INC.
(b)
Address or principal business office or, if none, residence:
PRINCIPAL GLOBAL INVESTORS
711 HIGH STREET
DES MOINES, Iowa
50392-0300
PRINCIPAL FUNDS, INC.
711 HIGH STREET
DES MOINES, Iowa
50392-0300
(c)
Citizenship:
PRINCIPAL GLOBAL INVESTORS, LLC - DELAWARE
PRINCIPAL FUNDS, INC. - MARYLAND
(d)
Title of class of securities:
Limited Partnership Units
(e)
CUSIP No.:
G16252101
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
26,979,188
(b)
Percent of class:
5.8 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
PRINCIPAL GLOBAL INVESTORS, LLC - 0
PRINCIPAL FUNDS, INC. - 0
(ii) Shared power to vote or to direct the vote:
PRINCIPAL GLOBAL INVESTORS, LLC - 26,979,188
PRINCIPAL FUNDS, INC. - 23,174,375
(iii) Sole power to dispose or to direct the disposition of:
PRINCIPAL GLOBAL INVESTORS, LLC - 0
PRINCIPAL FUNDS, INC. - 0
(iv) Shared power to dispose or to direct the disposition of:
PRINCIPAL GLOBAL INVESTORS, LLC - 26,979,188
PRINCIPAL FUNDS, INC. - 23,174,375
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
As of March 31, 2026, the Principal MidCap Fund, a series to the Principal Funds, Inc., had ownership of 23,174,375 shares representing 5.0%.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
PRINCIPAL GLOBAL INVESTORS, LLC
Signature:
/s/ J. Markham Penrod
Name/Title:
J. Markham Penrod, Chief Compliance Officer - North America, Principal Asset Management
Date:
05/11/2026
PRINCIPAL FUNDS, INC.
Signature:
/s/ John L. Sullivan
Name/Title:
John L. Sullivan, Counsel and Assistant Secretary
Date:
05/11/2026
Exhibit Information
This statement is filed by Principal Global Investors, LLC ("PGI") and Principal Funds, Inc. - Principal MidCap Fund ("PFI MidCap Fund") jointly pursuant to a Joint Filing Agreement, which is filed with this Schedule 13G as Exhibit 99.1.
What stake does Principal Global Investors report in Brookfield Infrastructure (BIP)?
Principal Global Investors reports beneficial ownership of 26,979,188 Limited Partnership Units, representing 5.8% of the class as disclosed in this amendment.
How much does the Principal MidCap Fund hold in BIP?
The Principal MidCap Fund held 23,174,375 units, equal to 5.0% of the class as of March 31, 2026, per the filing's ownership table.
Who filed the Schedule 13G/A amendment for BIP?
The statement was filed jointly by Principal Global Investors, LLC and Principal Funds, Inc. and includes a Joint Filing Agreement as Exhibit 99.1.
What voting and disposition powers are reported by Principal entities?
The filing shows 0 sole voting/dispositive power and shared voting and dispositive power of 26,979,188 (PGI) and 23,174,375 (Principal MidCap Fund).
What is the effective date for the ownership figures in the filing?
The ownership counts for the Principal MidCap Fund are reported as of March 31, 2026; the filing signatures are dated May 11, 2026.
