PISPX — Inflation Protection Fund
Data updated: 2026-09-25
PISPX — Inflation Protection Fund. Intermediate Treasury / Sovereign Bond · $2.15B AUM · 1.27% expense ratio. Holdings, fees, performance and SEC filings.
PISPX Fund Overview
PISPX — Inflation Protection Fund is a US mutual fund managed by Principal Funds, Inc., categorised as Intermediate Treasury / Sovereign Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Principal Funds, Inc.
- Category: Intermediate Treasury / Sovereign Bond
- Assets under management: $2.15B
- 1-year return: 7.3%
- Ticker: PISPX
- SEC CIK: 0000898745
- SEC series ID: S000006997
- Share class ID: C000019084
PISPX Investment Objective and Strategy
Inflation Protection Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Principal Funds, Inc..
Investment objective
The Fund seeks to provide current income and real (after inflation) total returns.
Principal investment strategy
"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. Inflation-indexed bonds are fixed income securities that are structured to provide protection against inflation. The value of the bond's principal or the interest income paid on the bond is adjusted to track changes in an official inflation measure. The U.S. Treasury uses the Consumer Price Index for Urban Consumers as the inflation measure. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. The Fund also invests in foreign securities, U.S. Treasuries and agency securities. The Fund utilizes derivative strategies, specifically futures, swaps, and options for purposes of managing the risk profile of the Fund.
A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. Under normal circumstances, the Fund maintains an average portfolio duration that is within 20% of the duration of the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (""TIPS"") Index. The Fund is not managed to a particular maturity."
PISPX Holdings
Top 10 holdings of Inflation Protection Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| United States Treasury Inflation Indexed Bonds | 4.05% |
| United States Treasury Inflation Indexed Bonds | 3.93% |
| United States Treasury Inflation Indexed Bonds | 3.84% |
| United States Treasury Inflation Indexed Bonds | 3.70% |
| United States Treasury Inflation Indexed Bonds | 3.54% |
| United States Treasury Inflation Indexed Bonds | 3.44% |
| United States Treasury Inflation Indexed Bonds | 3.37% |
| United States Treasury Inflation Indexed Bonds | 3.31% |
| United States Treasury Inflation Indexed Bonds | 3.30% |
| United States Treasury Inflation Indexed Bonds | 3.23% |
PISPX Portfolio Allocation
Asset-class allocation of Inflation Protection Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 99.3% |
| Cash & Equivalents | 0.4% |
PISPX Performance
Total returns for PISPX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 7.3% |
| 3 years (annualised) | -2.6% |
| 5 years (annualised) | 1.0% |
PISPX Risk Information
Risk metrics for PISPX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 5.2%
PISPX Costs and Fees
PISPX costs about $127 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.27%
- Gross expense ratio: 1.27%
- Portfolio turnover: 155%
- Brokerage commissions: 0.19 bps of average net assets (SEC N-CEN)
PISPX Cashflows
Over the 12 months to 2026-04, Inflation Protection Fund had net outflows of $151.03M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-04 | $28.60M |
| 2026-03 | −$182.18M |
| 2026-02 | $8.71M |
| 2026-01 | −$46.99M |
| 2025-12 | $85.58M |
| 2025-11 | −$54.13M |
PISPX Debt Constituents
Largest debt holdings of Inflation Protection Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| United States Treasury Inflation Indexed Bonds | 4.05% |
| United States Treasury Inflation Indexed Bonds | 3.93% |
| United States Treasury Inflation Indexed Bonds | 3.84% |
| United States Treasury Inflation Indexed Bonds | 3.70% |
| United States Treasury Inflation Indexed Bonds | 3.54% |
| United States Treasury Inflation Indexed Bonds | 3.44% |
| United States Treasury Inflation Indexed Bonds | 3.37% |
| United States Treasury Inflation Indexed Bonds | 3.31% |
| United States Treasury Inflation Indexed Bonds | 3.30% |
| United States Treasury Inflation Indexed Bonds | 3.23% |
PISPX Prospectus and SEC Filings
Official Inflation Protection Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-02-27
- Prospectus (485BPOS) — filed 2025-02-26
- Prospectus (485BPOS) — filed 2024-02-27
- Portfolio holdings (N-PORT) — filed 2026-09-25
- Portfolio holdings (N-PORT) — filed 2026-06-25
- Portfolio holdings (N-PORT) — filed 2026-03-25
- Annual census (N-CEN) — filed 2026-01-14
- Annual census (N-CEN) — filed 2025-01-13
Related Funds
Other Intermediate Treasury / Sovereign Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.