Principal Inflation Protection Fund
Overview
Performance
As of 12/31/2025
YTD
6.64%
1-year
6.64%
3-year
3.91%
5-year
0.77%
10-year
2.72%
Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted.
Overall Morningstar Rating™
As of 11/30/2025
Fund details
as of
01/07/2026
unless indicated otherwise
Fund ticker
PIPIX
CUSIP
74254T815
Benchmark
Bloomberg U.S. Treasury TIPS Index
NAV
$7.69
Total fund assets
$2.30B
Dividend frequency
Annually
Minimum investment
—
Inception date
12/29/2004
Morningstar category
Inflation-Protected Bond
Investment approach
The investment seeks to provide current income and real (after inflation) total returns.
The fund invests primarily in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities, and U.S. and non-U.S. corporations. Under normal circumstances, the fund maintains an average portfolio duration that is within ±20% of the duration of the Bloomberg U.S. Treasury Inflation Protected Securities (“TIPS”) Index. The fund is not managed to a particular maturity.
Performance & expenses
As of
12/31/2025
| Name | 1 month | 3 month | YTD | 1-year | 3-year | 5-year | 10-year | Since inception | Overall |
|---|---|---|---|---|---|---|---|---|---|
| Total return | -0.49% | -0.12% | 6.64% | 6.64% | 3.91% | 0.77% | 2.72% | 1.92% | — |
| Benchmark performance | — | — | — | — | — | — | — | — | — |
| Morningstar category average | — | — | — | — | — | — | — | — | — |
| Morningstar percentile rankings | — | — | — | 69 | 64 | 63 | 62 | — | — |
| # of funds in category | 151 | 149 | 148 | 148 | 138 | 131 | 107 | — | 138 |
| Morningstar rating | — | — | — | — | — |
30-Day SEC yield
Unsubsidized as of
11/30/2025
4.47%
30-Day SEC yield
Subsidized as of
11/30/2025
4.47%
Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted.
Returns shown for periods of less than one year are not annualized.
Index performance information: no deductions for fees, expenses or taxes. Indices are unmanaged and individuals cannot invest directly in an index.
| Name | 1 month | 3 month | YTD | 1-year | 3-year | 5-year | 10-year | Since inception | Overall |
|---|---|---|---|---|---|---|---|---|---|
| Total return | -0.49% | -0.12% | 6.64% | 6.64% | 3.91% | 0.77% | 2.72% | 1.92% | — |
| Benchmark performance | — | — | — | — | — | — | — | — | — |
| Morningstar category average | — | — | — | — | — | — | — | — | — |
Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted.
Returns shown for periods of less than one year are not annualized.
Index performance information: no deductions for fees, expenses or taxes. Indices are unmanaged and individuals cannot invest directly in an index.
| Data | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total return | 6.64% | 1.66% | 3.49% | -12.08% | 5.35% |
| Morningstar category average Inflation-Protected Bond |
5.59% | 2.05% | 2.82% | -8.98% | — |
Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted.
| Date | Type | Dollar per share |
|---|---|---|
| 12/29/2025 | Income | 0.3607 |
| 12/27/2024 | Income | 0.2565 |
| 12/27/2023 | Income | 0.2788 |
Expense ratio gross
0.39%
Expense ratio net
0.39%
Expense limit expiration date
—
Maximum up-front sales charge
—
Contingent deferred sales charge
—
In situations where the net and gross fund expense figures are different, the investment manager has contractually agreed to limit the investment option's expense. Differences may also be shown due to the investment manager choosing to pay certain expenses that would normally be payable by the fund. The gross fund expense figure does not reflect any waivers or caps on the mutual fund. Performance shown reflects the application of net expenses of the fund.
Ratings
Morningstar ratings
as of 11/30/2025
Holdings
Top 10
as of
11/30/2025
% of Assets
% of Assets
1.
United States Treasury Inflati
4.50%
2.
United States Treasury Inflati
3.95%
3.
United States Treasury Inflati
3.93%
4.
United States Treasury Inflati
3.72%
5.
United States Treasury Inflati
3.48%
6.
United States Treasury Inflati
3.46%
7.
United States Treasury Inflati
3.45%
8.
United States Treasury Inflati
3.38%
9.
United States Treasury Inflati
3.34%
10.
United States Treasury Inflati
3.25%
Portfolio management
Russell Brownback
1 years of experience
Harrison Segall
2 years of experience
Johan Sjogren
2 years of experience