Inflation Protected Bond Fund

Invests at least 80% in inflation-protected bonds, with emphasis on bonds issued by the U.S. Treasury but similar bonds issued by U.S. government agencies and corporations may also be purchased.

Deflationary conditions could cause the fund’s principal and income to decrease in value. Yield and share price will vary with interest rate changes. If interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term. An investment in the fund is not insured or guaranteed by the U.S. government.

Morningstar (Category)

Morningstar
(Overall Rating)1

Inflation-Protected Bond
  (200 funds)

Data as of 04/30/2021

Data as of 04/30/2021

Fund Manager Tenure2

Net Assets3
(USD)

1yr
$554.8m

Data as of 04/30/2021

Data as of 04/30/2021

Price
(USD)

Daily Price Change

$13.20
$-0.04

Data as of 05/12/2021

Data as of 05/12/2021

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Mike Sewell, CFA
Mike Sewell, CFA, Portfolio Manager

Mike Sewell is a portfolio manager in the Fixed Income Division. He is the lead manager for the U.S. Limited Duration TIPS Index Fund and the US Inflation Protected Bond and US Short-Term Inflation Focused Bond Strategies and provides managerial support for Treasuries. He is the president and chairman of the U.S. Limited Duration TIPS Index Fund, an executive vice president and a cochairman of the Investment Advisory Committees of the Inflation Protected Bond and Limited Duration Inflation Focused Bond Funds, a vice president of the U.S. Treasury Funds, Inc., and a member of the Investment Advisory Committees of the U.S. Treasury Intermediate and U.S. Treasury Long-Term Funds. He also is a member of the Global Interest Rate and Currency Strategy team. Mike is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

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Strategy

Investment Objective

The fund seeks to provide inflation protection and income by investing primarily in inflation-protected debt securities.

Morningstar Fixed Income Style

High / Extensive

Data as of 04/30/2021

The Morningstar Style Box™, a proprietary Morningstar data point, is a 9-square grid that provides a graphical representation of the "investment style" of stocks and mutual funds. See disclaimer at bottom of page for more information.

Morningstar Rating

Period Rating Funds In Category (Inflation-Protected Bond)
Overall 200
3 Years 200
5 Years 175
10 Years 122

The Morningstar Rating™ for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

Yields & Dividends (Investor Class)

30-Day SEC Standardized Yield
with waiver
3.82%

Data as of 04/30/2021

without waiver
3.65%

Data as of 04/30/2021

30-Day Annualized Dividend Yield
with waiver
0.00%

Data as of 05/12/2021

Monthly Dividend
(USD)
N/A
Monthly Dividend
Rate
0.00%

Data as of 05/12/2021

Average Annual Total Returns (Investor Class)

1 YR
7.77%
Benchmark
7.54%
Value
0.23% 0.44%

Data as of 03/31/2021

3 YR
5.78%
Benchmark
5.68%
Value
0.10% 0.10%

Data as of 03/31/2021

5 YR
3.74%
Benchmark
3.86%
Value
-0.12% -0.12%

Data as of 03/31/2021

10 YR
3.14%
Benchmark
3.44%
Value
-0.30% -0.30%

Data as of 03/31/2021

Benchmark: Bloomberg Barclays U.S. TIPS Index

Fund Inception: 10/31/2002

Expense Ratio

Gross
0.57%
Net
0.40%
Limitation Type
Contractual
expires 09/30/2021

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

Investors should note that short term returns greater than 40% are highly unusual and unlikely to be sustained.

The 30-day dividend yield represents the average daily dividends for the 30-day period, annualized and divided by the net asset values per share at the end of the period; it is available the first quarter after the fund's inception. The SEC standardized yield is computed under an SEC standardized formula and reflects an estimated yield to maturity (assuming all portfolio securities are held to maturity); it is available the first month after the fund's inception.

The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement.  If a fund has an active contractual expense limitation, the expiration date is shown below the gross and net expense ratio values above.  Expense ratios are as of the most recent prospectus.

Current Year Performance (Investor Class)

Daily YTD
0.69%
Benchmark
0.61%
Value
0.08%

Data as of 05/12/2021

Monthly YTD
0.00%
Benchmark
-0.09%
Value
0.09%

Data as of 04/30/2021

One Month
1.31%
Benchmark
1.40%
Value
-0.09%

Data as of 04/30/2021

Three Months
-0.30%
Benchmark
-0.42%
Value
0.12%

Data as of 04/30/2021

Benchmark: Bloomberg Barclays U.S. TIPS Index

Fund Inception: 10/31/2002

Asset Allocation

Net Assets
(USD)
$554.8m

Data as of 04/30/2021

Largest US Bonds 98.14% $544.5m
Other View complete

Holdings

Total
Holdings
136

Data as of 03/31/2021

Largest Holding U.S. Treasury Inflation Indexed Bonds 10.39% Was (12/31/2020) 0.06%
Other View complete
Top 10 Issuers 90.93% View the latest

Quality

N/A

Maturity

Weighted Average

7.95 Years

Duration

Weighted Average

6.68 Years

Top

US Treasury
93.46%
Was (03/31/2021) 88.00%

Top

3-5 Years
30.52%
Was (03/31/2021) 30.52%

Top

3-5 Years
50.06%
Was (03/31/2021) 2.45%

Over

BBB
By 2.27%
Fund 2.27%
Benchmark 0.00%

Over

3-5 Years
By 3.00%
Fund 30.52%
Benchmark 27.53%

Over

3-5 Years
By 22.53%
Fund 50.06%
Benchmark 27.53%

Under

US Treasury
By -6.54%
Fund 93.46%
Benchmark 100.00%

Under

5-7 Years
By -6.51%
Fund 7.90%
Benchmark 14.41%

Under

1-3 Years
By -14.31%
Fund 6.38%
Benchmark 20.69%

Data as of 04/30/2021

Benchmark: Bloomberg Barclays U.S. TIPS Index

Sectors

Total
Sectors
8

Data as of 04/30/2021

Benchmark: Bloomberg Barclays U.S. TIPS Index

Largest Sector TIPS 93.46% Was (03/31/2021) 88.00%
Other View complete

Over

MBS
By 1.75%
Fund 1.75%
Benchmark 0.00%

Under

TIPS
By -6.54%
Fund 93.46%
Benchmark 100.00%

Data as of 04/30/2021

Team (As of )

Mike Sewell, CFA

Mike Sewell, CFA
Portfolio Manager

Mike Sewell is a portfolio manager in the Fixed Income Division. He is the lead manager for the U.S. Limited Duration TIPS Index Fund and the US Inflation Protected Bond and US Short-Term Inflation Focused Bond Strategies and provides managerial support for Treasuries. He is the president and chairman of the U.S. Limited Duration TIPS Index Fund, an executive vice president and a cochairman of the Investment Advisory Committees of the Inflation Protected Bond and Limited Duration Inflation Focused Bond Funds, a vice president of the U.S. Treasury Funds, Inc., and a member of the Investment Advisory Committees of the U.S. Treasury Intermediate and U.S. Treasury Long-Term Funds. He also is a member of the Global Interest Rate and Currency Strategy team. Mike is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Fund manager
    since 2020
  • Years at
    T. Rowe Price 16
  • Years investment
    experience 14
Jeffrey S.  DeVack, CFA

Jeffrey S. DeVack, CFA
Portfolio Specialist

Jeff DeVack is a portfolio specialist in the Fixed Income Division. He is a member of the Investment Grade Bond team covering multiple strategies and working closely with clients, consultants, and prospects. Jeff is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Years at
    T. Rowe Price 10
  • Years investment
    experience 21

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

How to Invest

View platform information
Share Class Min Initial Investment (USD) Min Subsequent Investment (USD) 12b-1 Fee Expense Ratio
Gross Net Limitation Type Limitation Expiration Date
Investor Class
Cusip 77958D101
$2,500 $100 0.00% 0.57% 0.40% Contractual 09/30/2021
I Class
Cusip 77958D200
$1,000,000* N/A 0.00% 0.47% 0.22% Contractual
09/30/2021

* Minimum initial investment $1,000,000. Minimum is generally waived for intermediaries, certain retirement plans, and certain institutional client accounts.

1

© 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

2

Number of years managing the fund.  In the case of co-portfolio management, the longer tenure is displayed.

3

Figure applies to all share classes.

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