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)

(Overall Rating)1

Inflation-Protected Bond
  (202 funds)

Data as of 12/31/2021

Data as of 12/31/2021

Fund Manager Tenure2

Net Assets3


Data as of 12/31/2021

Data as of 12/31/2021


Daily Price Change


Data as of 01/21/2022

Data as of 01/21/2022

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 US Inflation Protected Strategies and provides managerial support for Treasuries. He is the president and chairman of the U.S. Limited Duration TIPS Index, Inflation Protected Bond, and Limited Duration Inflation Focused Bond Funds; a vice president of the Fixed Income Series, Short-Term Bond Fund, and U.S. Treasury Funds, Inc.; and a member of the Investment Advisory Committees of the U.S. Treasury Long-Term Index, Real Assets, Global Allocation, Short-Term Bond, and Ultra Short-Term Bond Funds and the Limited-Term Bond Portfolio. 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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Investment Objective

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

Yields & Dividends (Investor Class)

30-Day SEC Standardized Yield
with waiver

Data as of 12/31/2021

without waiver

Data as of 12/31/2021

30-Day Annualized Dividend Yield
with waiver

Data as of 01/21/2022

Monthly Dividend

Data as of 12/31/2021

Monthly Dividend

Data as of 01/21/2022

US Mutual Fund vendor indices disclaimers



Data as of 12/31/2021

Benchmark: Bloomberg U.S. TIPS Index

Largest Sector TIPS 92.10% Was (11/30/2021) 89.91%
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Corporate Securities
By 1.75%
Fund 1.75%
Benchmark 0.00%


By -7.90%
Fund 92.10%
Benchmark 100.00%

Data as of 12/31/2021

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

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


Figure applies to all share classes.

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